Seeking Alpha
  • Today - Wednesday, October 22, 2014

  • 8:12 AM
    • Norfolk Southern (NYSE:NSC) reports railway operating revenue rose 7% Y/Y to $3.0B in Q3.
    • The intermodal, automotive, and metals/construction commodity groups all saw double-digit sales growth over the period.
    • Railway operating expense ratio -290 bps to 67.0%.
    | Comment!
  • 8:10 AM
    • Dow Chemical (NYSE:DOW) +3.2% premarket after reporting a 44% Y/Y rise in Q3 earnings, which also beat analyst expectations.
    • Performance plastics, Dow’s biggest revenue driver, posted an 8.5% sales gain to $3.92B, performance materials sales rose 8% to $3.57B, and feedstocks and energy segment sales gained 2% to $2.4B.
    • Sales rose in all geographic areas; sales in developed geographies gained 4%, led by North America, where sales rose 7%.
    • EBITDA rose 24% to $2.3B, while adjusted EBITDA margin widened more than 240 bps to 15.9%.
    | Comment!
  • 8:07 AM
    • A new report from Advanced Automotive Batteries dissects Tesla Motors (NASDAQ:TSLA) and its gigafactory battery project.
    • It's quickly noted that most major automakers are designing EVs around government mandates instead of looking to be transformative.
    • The research firm forecasts Tesla and Panasonic (OTCPK:PCRFY) will strike a deal which will stage in Panasonic's investments through 5- to 10-GWh plant capacity additions at a time.
    • Cost reduction benefits from the gigafactory are expected to kick in after 2018.
    • Tesla's annual unit sales could topple 200K by 2020 if demand in China is strong.
    • Extracts from Tesla battery report (.pdf)
    | Comment!
  • 8:06 AM
    • Gentex (NASDAQ:GNTX): Q3 EPS of $0.49 beats by $0.02.
    • Revenue of $350.9M (+21.6% Y/Y) beats by $12.1M.
    • Press Release
    | Comment!
  • 8:06 AM
    • Q3 core operating net income of $7.7M or $0.01 per share vs. $14.4M and $0.13 in Q2.
    • Net interest income of $64.4M vs. $62.4M, with growth in earning assets of 5% offset by NIM slipping seven basis points to 2.91%.
    • Core noninterest income of $95.6M vs. $92.5M, with loan fees and charges up 22% thanks to a 20% boost in loan originations.
    • Core noninterest expense of $140.8M vs. $128.5M, thanks to a big jump in the fair value of DOJ liability, litigation reserves, and the establishment of a reserve for unfunded loan commitments.
    • CEO DiNello: "We took significant action during the quarter to reduce risk. First, we settled with the CFPB for claims arising out of loss mitigation practices and default servicing operations dating back to 2011. We also recognized additional expense related to certain government insured loans. Adjusting for these items, we would have achieved a modest profit in a difficult mortgage market."
    • Conference call at 11 ET
    • Previously: Flagstar misses by $0.10, beats on revenue
    • FBC flat premarket
    | Comment!
  • 8:06 AM
    • Unifirst (NYSE:UNF): FQ4 EPS of $1.43 beats by $0.12.
    • Revenue of $352M (-0.2% Y/Y) beats by $9.17M.
    • Press Release
    | Comment!
  • 8:05 AM
    • Net income of $1.4B, or $1.86 per share vs. $1.2B, or $1.51 per share in the same quarter a year ago. Core earnings, which exclude some pension and other costs, rose to $2.14 per share from $1.80.
    • Revenues by segment: Commercial Airplanes +15%; Military Aircraft +3%; Network & Space Systems -9%; Global Services & Support -1%.
    • The company repurchased 8M shares during the quarter for $1B, leaving $5.8B remaining under the current repurchase authorization expected to be completed over approximately the next one to two years.
    • Total backlog at quarter-end was a record $490B, up from $440B at the beginning of the quarter, and included net orders for the quarter of $73B.
    • The company updated its core earnings outlook for 2014 to $8.10-$8.30 per share from a prior $7.90-$8.10.
    • Q3 results
    | Comment!
  • 8:05 AM
    • Amphenol (NYSE:APH): Q3 EPS of $0.58 beats by $0.01.
    • Revenue of $1.36B (+18.3% Y/Y) beats by $20M.
    • Press Release
    | Comment!
  • 8:04 AM
    • Norfolk Southern (NYSE:NSC): Q3 EPS of $1.79 misses by $0.04.
    • Revenue of $3.02B (+7.1% Y/Y) misses by $50M.
    • Shares -2% PM.
    • Press Release
    | Comment!
  • 8:02 AM
    • Ryder (NYSE:R): Q3 EPS of $1.63 in-line.
    • Revenue of $1.68B (+3.1% Y/Y) misses by $40M.
    • Press Release
    | Comment!
  • 8:02 AM
    • Hudson City Bancorp (NASDAQ:HCBK): Q3 EPS of $0.07 beats by $0.01.
    • Revenue of $128.8M (-15.7% Y/Y) beats by $15.67M.
    • Press Release
    | Comment!
  • 8:00 AM
     
    • S&P -0.13%.
    • 10-yr +0.2%.
    • Euro -0.1% vs. dollar.
    • Crude +0.35% to $82.78.
    • Gold -0.26% to $1,248.50.
    | Comment!
  • 7:57 AM
    • GlaxoSmithKline (NYSE:GSK): Q3 EPS of 27.9p
    • Revenue of £5.65B (-3% Y/Y).
    • Q3 dividend maintained at 19p.
    • Shares +2% PM.
    • Press Release (.pdf)
    | 1 Comment
  • 7:55 AM
    • Biogen Idec (NASDAQ:BIIB) Q3 results ($M): Total Revenues: 2,511.4 (+37.4%); Net Product Revenues: 2,117.4 (+45.7%); Joint Business: 290.7 (-4.1%); Royalty: 67.1 (+24.0%); Corporate Partner: 36.3 (+114.9%); COGS: 302.6 (+28.9%); R&D Expense: 417.2 (+1.7%); SG&A Expense: 570.4 (+40.6%); Net Income: 856.9 (+75.7%); EPS: 3.62 (+76.6%); Quick Assets: 1,861.3 (+178.4%).
    • Gross Profit: 2,208.8 (+38.6%); COGS: 12.1% (-6.2%); Gross Margin: 87.9% (+0.9%); Operating Profit: 1,221.2 (+57.1%); Operating Earnings Yield: 48.6% (+14.3%); Net Earnings Yield: 34.1% (+27.9%).
    • Product Sales: Tecfidera: 787.1 (+98.0%); Avonex: 741.8 (+1.1%); Tysabri: 501.2 (+25.0%); Alprolix: 25.3; Eloctate: 21.6; Fampyra: 20.4 (+22.1%).
    • 2014 Guidance: Revenue growth: 38 - 41% (unch); R&D Expense: 20 - 21% of sales (unch); SG&A Expense: 22 - 23% of sales (unch); CAPEX: ~$300M (unch); GAAP EPS: $12.00 - 12.10 from $11.26 - 11.46; non-GAAP EPS: $13.45 - 13.55 from $12.90 - 13.10.
    • Shares off 3% premarket on light volume.
    | 2 Comments
  • 7:53 AM
    • Royal Dutch Shell (RDS.A, RDS.B) says it found a gas field under a layer of salt in deep water off the coast of Gabon, in a discovery which could help confirm hopes that parts of west Africa's geology are similar to Brazil's.
    • The Leopard-1 well encountered a substantial gas column, with ~200 meters net gas pay in a pre-salt reservoir, and Shell now plans an appraisal program to further determine resource volumes.
    • Shell is the operator of the well with a 75% interest, while Cnooc (NYSE:CEO) owns the remaining 25%.
    | Comment!
  • 7:53 AM
    • Thermo Fisher (TMO +3.4%) Q3 results: Revenues: $4,171.4M (+30.7%);  Life Sciences: $1,071.9M (+541.1%), Analytical Instruments: $786.5M (+2.8%), Specialty Diagostics: $811.8M (+6.9%), Laboratory Products & Services: $1,628.7 (+2.1%); COGS: $2127M (+18.9%); R&D Expense: $175.2M (+82.7%); SG&A: $976.6M (+36.9%); Operating Income: $640.3M (+63.3%); Net Income: $471.6M (+48.5%); EPS: $1.17 (+36.0%); Quick Assets: $534.3M (-89.9%); CF Ops: $1,665.9M (+29.9%).
    • 2014 Guidance: Revenues: $16.74B - $16.82B from $16.86B - 16.98B; EPS: $6.87 - $6.95 from $6.85 - $6.97.
    | Comment!
  • 7:52 AM
    • Anchor is the largest bank headquartered in Wisconsin, and has 54 locations. It raised $10M, selling 400K shares at $26 each, the midpoint of its expected range.
    • It will trade on the Nasdaq under the symbol ABCW.
    | Comment!
  • 7:48 AM
    • Union First Market Bankshares (NASDAQ:UBSH): Q3 EPS of $0.35 misses by $0.08.
    • Revenue of $81.22M (+72.6% Y/Y) misses by $1.19M.
    • Press Release
    | Comment!
  • 7:48 AM
     
    • China Auto Logistics has been notified by the Nasdaq that it's not in compliance with listing qualifications.
    • The stock has traded with a market cap below $5M for 30 business days.
    • The company has 180 days to regain compliance and avoid being delisted by the exchange.
    | Comment!
  • 7:48 AM
    • Q3 GAAP earnings of $120.3M or $0.27 per share vs. $114.2M and $0.26 one year ago.
    • Multi-family loans held for investment of $22.9B up an annualized 13.9% through the year's first nine months.
    • Net interest income of $289M vs. $294M one year ago, with NIM of 2.69% down 35 basis points.
    • Noninterest income of $41.3M vs. $50.7M one year ago, thanks to an FDIC indemnification expense this quarter vs. indemnification income last year. Mortgage banking income of $16.6M up slightly from a year ago.
    • Noninterest expense of $145.2M vs. $150.3M a year ago.
    • Conference call at 8:30 ET
    • Previously: New York Community Bancorp beats by $0.03, beats on revenue
    • NYCB no trades premarket
    | Comment!
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