Seeking Alpha
  • Today - Wednesday, August 20, 2014

  • 9:04 AM
    • Profits fell for Madison Square Garden (NASDAQ:MSG) in FQ4 as higher costs took a toll.
    • Segment revenue growth: MSG Media flat at $176.4M; MSG Entertainment +62% to $56.5M; MSG Sports +11% to $156.8M.
    • AOCF -12% Y/Y to $312.8M.
    | Comment!
  • 9:03 AM
    • Star Bulk Carriers (NASDAQ:SBLK): Q2 EPS of $0.10 beats by $0.05.
    • Revenue of $24.74M (+42.3% Y/Y) misses by $0.3M.
    • Press Release
    | Comment!
  • 9:03 AM
    • Raven (NASDAQ:RAVN): Q2 EPS of $0.21 misses by $0.05.
    • Revenue of $94.5M (+1.2% Y/Y) misses by $4.97M.
    • Press Release
    | Comment!
  • 9:03 AM
    • Pernix Therapeutics Holdings (NASDAQ:PTX) finalizes its acquisition of the U.S. commercial rights to GlaxoSmithKline's (NYSE:GSK) Treximet (sumatriptan/naproxen sodium). Pernix has expanded its sales force to 100 to support the marketing of the product which it plans to launch next month.
    • Under the terms of the deal, Pernix paid GSK an upfront payment of $250M, an additional payment of $17M upon the resolution of the recent supply constraint and royalty payments of 18% of sales (minimum: $4M/qtr). GSK assigned the product development and commercialization agreement (PDC Agreement) between GSK and Pozen (NASDAQ:POZN) to Pernix.
    • Updated 2014 guidance: revenue: $110M - 120M; non-GAAP EBITDA: $22M - 24M.
    • 2015 guidance: revenue: ~$230M; non-GAAP EBITDA: ~$95M.
    | Comment!
  • 9:00 AM
     
    • S&P -0.08%.
    • 10-yr -0.07%.
    • Euro -0.27% vs. dollar.
    • Crude +0.37% to $93.20.
    • Gold +0.01% to $1,296.80.
    | Comment!
  • 9:00 AM
    • Eaton Vance (NYSE:EV): FQ3 EPS of $0.63 beats by $0.01.
    • Revenue of $367.59M (+3.8% Y/Y) beats by $2.08M.
    • Press Release
    | Comment!
  • 8:55 AM
    • GasLog (NYSE:GLOG) +3% premarket after reporting in-line Q2 earnings, better than expected Q2 revenues, and a strong outlook for coming years.
    • GLOG says it estimates contracted charter revenues to rise from $145.4M for FY 2013 to $424.2M for FY 2017 based on contracts in effect as of June 30, 2014 for the eight LNG carriers delivered in 2010, 2013 and through June 30, six LNG carriers acquired from a subsidiary of BG Group and four LNG carriers on order for which time charters have been secured.
    • GLOG says it has 15 vessels on the water vs. eight at the end of Q1; of the 15, 14 are on multi-year charters.
    • Sees the medium to long-term outlook for LNG shipping as very positive, and anticipates significant opportunities as the expected ramp-up of new liquefaction capacity around the world is projected to outstrip the number of ships currently on order.
    | Comment!
  • 8:48 AM
    • Coca-Cola Amatil (OTCPK:CCLAY) is facing a serious profit squeeze in Indonesia with currency swings and higher costs significant factors.
    • The company is also spending heavily in the nation in an effort to boost the Coke brand.
    • YTD earnings from Amatil's Indonesia and Papua New Guinea division are off 80% YTD.
    • Coca-Cola (NYSE:KO) has a 29% stake in the Australian soft drinks concern.
    | Comment!
  • 8:46 AM
    • Vestas Wind (OTCPK:VWDRY) reports Q2 net profit of €94M ($125M), compared to a loss of €62M in the same period last year, bringing the wind turbine maker halfway to its first annual profit since 2010.
    • Q2 EBIT rose to €104M from €12M a year ago; operating margin before special items rose to 7.8% from 1% a year earlier, and Vestas expects EBIT margin to reach at least 6% for the year, up a percentage point from previous guidance.
    • Q2 revenue totaled €1.34B, up 13% Y/Y from €1.185B; free cash flow was -€21M, which was expected because of a payment to the offshore wind business it divested.
    • Orders in the quarter gained 18% to 1,932 MW; shipments increased 27% to 1,457 MW.
    • Reiterates FY 2014 forecasts for revenue of at least €6B and a minimum of €300M of free cash flow.
    | Comment!
  • 8:42 AM
    • Hasco Medical (OTCPK:HASCQ1 results: Revenues: $20.7M (+38.0%); Operating Expenses: $4.6M (+23.6%); Net Income: $194.3K (+197.8%); EPS: $0.00 (unch); Quick Assets: $0.9M (+504.8%).
    • 2014 Guidance: revenues: $75M - 85M; gross margin: 21 - 23%; net income: positive.
    | Comment!
  • 8:41 AM
    • International Game Technology (NYSE:IGT) declares $0.11/share quarterly dividend, in line with prior.
    • Forward yield 2.63%
    • Payable Oct. 3; for shareholders of record Sept. 18; ex-div Sept. 16.
    | Comment!
  • 8:40 AM
    • The 187K square foot cold storage facility and dry warehouse located in Arlington, IL is 100% leased through 2019 to a specialty food importer and distributor. Year 1 NOI should be about $1.5M with annual rent escalations built into the lease. The initial cap rate is 8.1%, and the annualized straight-line cap rate is 8.4%.
    • GPT's purchase was an all-cash deal.
    • Source: Press Release
    | 1 Comment
  • 8:38 AM
    • Fusion Telecom (NASDAQ:FSNN): Q2 EPS of -$0.42.
    • Revenue of $23.1M (+62.7% Y/Y).
    • Press Release
    | Comment!
  • 8:38 AM
    • Argus boosts its price target on Home Depot (NYSE:HD) to $100 after the retailer showed sparkling comp growth in Q2.
    • The investment firm has shares rated as a Buy.
    • The Home Depot $100 PT club now has Argus and Barclays as members.
    | Comment!
  • 8:35 AM
    • Germany today raised just over €4B of two-year money, with the notes priced to yield 0.00%. Demand was strong, totaling nearly €8.3B.
    • The sale comes amid geopolitical risk and the slowdown in the European economy, bringing forth the possibility of further stimulus from the ECB.
    • This isn't the first time two-year borrowing costs have fallen so far. Amid the debt crisis two years ago, investors paid Germany to lend it money, accepting a negative 0.06% yield at an auction.
    • The euro is down 0.25% to $1.3288, it lowest level in about a year.
    • ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
    | Comment!
  • 8:31 AM
    • Shares of American Eagle Outfitters (NYSE:AEO) pop after the company tops earnings estimates with its Q2 report and avoids some of the worst-case scenarios pinned on the retailer.
    • Comparable-store sales fell 7% during the period.
    • Gross profit rate -40 bps to 33.4%.
    • SG&A expense ratio +110 bps to 26.7%.
    • Inventory -15% to $393M.
    • Guidance: Q3 EPS of $0.17-$0.19 vs. $0.18 consensus. Comp sales are expected to fall at a mid single-digit rate.
    • AEO +10.8% premarket.
    | Comment!
  • 8:29 AM
    • Bristol-Myers Squibb (NYSE:BMY) and Celgene (NASDAQ:CELG) collaborate in a Phase 1 clinical trial to evaluate the safety, tolerability and preliminary efficacy of a combination regimen of Bristol-Myers' Opdivo (nivolumab) and Celgene's Abraxane (paclitaxel) as a treatment for HER-2 negative metastatic breast cancer, pancreatic cancer and non-small cell lung cancer (NSCLC).
    • Opdivo is a cancer immunotherapeutic that uses the body's own immune system to fight cancer while Abraxane works by interfering with cancer cells' ability to divide. The trial will explore if the combination of the two agents leads to an enhanced anti-tumor response.
    • The clinical trial is slated to begin in Q4 and will be run by Celgene. HER-2 negative breast cancer patients will be treated with Abraxane and Opdivo, pacreatic cancer patients will be treated with the combination plus gemcitabine and NSCLC patients will be treated with the combination plus carboplatin.
    | 1 Comment
  • 8:27 AM
    • Northrop Grumman (NYSE:NOC), Scaled Composites and Virgin Galactic are developing a preliminary design and flight demonstration plan for DARPA's (Defense Advanced Research Projects Agency's) experimental spaceplane XS-1 program.
    • In addition to its reusable boosters which will afford low-cost launches, the XS-1 will serve as a test-bed for new generation hypersonic aircraft.
    • Northrop Grumman is defining its concept for XS-1 under a 13-month, phase one contract valued at $3.9M.
    | Comment!
  • 8:24 AM
    • Target (NYSE:TGT) reports U.S. comparable-store sales were flat in Q2 on a 1.3% drop in transactions.
    • Comp sales fell 11.4% in Canada on a sharp decline in average transaction amount.
    • Gross margin rate -100 bps to 30.4% for the U.S. segment.
    • Gross margin rate -1320 bps to 18.4% for the Canadian segment.
    • U.S. REDcard penetration +210 bps to 20.8%.
    • Guidance: FY14 EPS slashed to $3.10-$3.30 vs. $3.60-$3.90 prior and $3.49 consensus.
    • TGT -1.7% premarket
    | Comment!
  • 8:15 AM
    • JA Solar (NASDAQ:JASO) -6.1% premarket after Q2 earnings and revenues come in short of Wall Street expectations, even as shipments soared.
    • On a Y/Y basis, results were much improved: Excluding special items, earnings swung from a year-ago loss, and revenue surged 53% to 2.4B yuan ($390.5M).
    • Total shipments during Q2 jumped 47% Y/Y to 681.8 MW, while shipments of modules surged 76% to 445.8 MW; JASO says it expects total cell and module shipments of 730-760 MW in Q3.
    • Gross margin was 15.2%, vs. 8.1% in the year-ago quarter and 16.7% in Q1 2014.
    • Raises FY 2014 shipment guidance, now expecting to ship 2.9-3.1 GW, vs. prior guidance of 2.7-2.9 GW.
    • CEO Baofang Jin expects sustained growth and profitability in H2 "due to accelerating activity in China, and continued favorable product and geographic mix."
    | Comment!
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