Seeking Alpha
  • Today - Friday, October 31, 2014

  • 10:53 AM
    • Net income of $39.5M, or adjusted EPS of $0.56 vs. $37.8M, or adjusted EPS of $0.49 in the same quarter a year ago.
    • Revenue by segment: Industrial +12%; Infrastructure +13%.
    • The company has reduced its EPS guidance for fiscal 2015 to a range of $2.80-$3.00, compared with its previous expectation of $2.90-$3.20, due to lower expected sales growth.
    • FQ1 results
    | Comment!
  • 10:51 AM
    • La Quinta Holdings (NYSE:LQ) files a 20M common shelf registration statement with the SEC on the behalf of certain shareholders.
    • The company won't receive any proceeds from the stock sale.
    • SEC Form S-1
    | Comment!
  • 10:48 AM
    • It was "pipeline theater at its finest" when TransCanada (NYSE:TRP) officially filed its Energy East application to the National Energy Board yesterday - 30K pages in 68 binders in 11 boxes, with panels of top executives in Toronto and Quebec City to explain the benefits - Financial Post's Claudia Cattaneo writes.
    • The company pulled out all the stops "but that’s what it takes these days to get a pipeline approved [in] a social license obsessed world."
    • The 4,600 km pipeline would carry 1.1M bbl/day of crude from Alberta and Saskatchewan to refineries in Quebec and New Brunswick, and reduce Canada’s dependence on the U.S. oil market by enabling exports to Europe and the Far East.
    | Comment!
  • 10:46 AM
    • There was little reaction to the company's Q3 about inline earnings results yesterday, but Medical Properties Trust (MPW +2.7%) is gaining in today's session as JMP Securities - looking like it's a believer in MPW's $1B+ in recent deals - upgrades to Market Outperform.
    | Comment!
  • 10:44 AM
    • Ellie Mae (NYSE:ELLI) beat Q3 estimates and guided for Q4 revenue of $41M-$42M, above a $39.5M consensus. But EPS guidance of $0.15-$0.18 is well below a $0.29 consensus.
    • On its CC (transcript), the mortgage origination software provider noted it's investing heavily to grow its sales to enterprise lenders. Expenses related to the acquisition of mortgage information provider AllRegs are also expected to ding EPS, as is a higher tax rate.
    • Active users of ELLI's Encompass mortgage origination platform rose 11% Y/Y in Q3 to 104.1K, and revenue per active Encompass user grew 17% to $419. Industry origination volumes are expected to be down 15% Q/Q and 20% Y/Y in Q4.
    • Q3 results, PR
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  • 10:38 AM
    | 1 Comment
  • 10:38 AM
    • Royal Bank of Scotland (RBS +4.8%) is the latest to do so, today announcing the setting aside of $640M for potential settlements in the currency-rigging investigations.
    • In total, seven major U.S. and European banks have boosted their legal reserves by $6.5B in October. Last night, Citigroup (C +0.4%was forced to cut its Q3 earnings by $600M amid "rapidly-evolving" probes.
    • UBS has put aside the most of any single bank this month - $1.9B. Next in line is Deutsche Bank (DB +0.7%) with $1.1B, and JPMorgan (JPM +1.3%) with $1B. None of the lenders disclosed exactly how much was specifically for foreign exchange, and none have yet been formally accused of wrongdoing.
    • Barclays (BCS +5.6%) reserved $800M for FX-related settlements, and Credit Suisse (CS +0.5%) $400M.
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, IAI, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ
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  • 10:26 AM
    • American Capital (ACAS +1.5%) closes on a $500M senior secured revolver provided by Deutsche Bank. The facility matures in two years and currently bears an interest rate of Libor plus 1.6%.
    • The line gives American Capital more capacity to invest in senior secured floating rate loans. "Appropriately levered," says CFO John Erickson, "[these] can enhance our NOI."
    • Source: Press Release
    | Comment!
  • 10:23 AM
    • Anheuser-Busch InBev (BUD -0.7%) reports an increase in profit during Q3 as higher prices offset some volume slips in the U.S, Europe and Asia.
    • Sales volume was off 2.6% in the U.S., while a cold spell in China led to a 4.9% volume dip in the region.
    • Market share in the U.S. fell 30 bps vs. the -65 bp slide in Q2.
    • No problems in Brazil, where A-B's market share rose 100 bps to 69% with the World Cup traffic a factor.
    | Comment!
  • 10:23 AM
    • Walter Energy (WLT -2.2%) opens sharply lower as BB&T downgrades shares to Underweight from Hold, believing WLT will run out of cash in the next 12 months and that the best alternative is to restructure with some cash on the balance sheet to exit as a stronger company.
    • BB&T says WLT needs a met coal price of ~$170/metric ton vs. the current $109.50spot price, making a restructuring "the only right choice."
    • Cowen cuts its price target to $3.50 from $5.50, saying better than expected Q3 results show WLT is managing reasonably well through the downturn but a met coal recovery is likely to be drawn out (Briefing.com).
    | Comment!
  • 10:22 AM
    • Net income of $185.8M, or $0.52 per diluted share, vs. $171.4M, or $0.47 per diluted share, for the comparable 2013 period.
    • Revenue by segment: Residential +0.6%; Commercial +4%; Industrial +8.9%.
    • The company updated its full year adjusted diluted EPS guidance to a range of $1.93-$1.94.
    • Preliminary outlook for 2015: Diluted EPS is expected to be between $2.02-$2.06, representing mid- to high-single digit growth compared to the company's estimate of 2014 performance.
    • Q3 results
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  • 10:21 AM
    • Q3 adjusted FFO of $42.8M or $0.28 per share vs. $35.1M and $0.25 one year ago.
    • Same-store metrics: Revenue up 7.7% Y/Y, operating expenses up 1.1%, NOI up 10.8%.
    • Full-year adjusted FFO guidance of $1.06-$1.07 vs. $1.03-$1.06 previously. Full-year acquisition target is lifted to $570M from $250M-$300M previously (YTD has purchased $293.5M).
    • Conference call at 11 ET
    • Previously: CubeSmart beats by $0.01, beats on revenue
    • CUBE +3.5%
    | Comment!
  • 10:15 AM
    • Q3 core FFO per share of $2.11 is up 9.9% from a year ago.
    • Same-store (1,982 of them) operating metrics: Rental income up 5.6% Y/Y, Operating costs up 0.8%, NOI up 7.3%, gross margin of 73% up 180 basis points. Square foot occupancy of 94.7% up 30 bps, realized annual rental income per occupied square foot of $15.25 up 5.3%, per available square foot of $14.44 up 5.6%.
    • Previously: Public Storage beats by $0.05, misses on revenue
    • PSA +1.7%
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  • 10:14 AM
    • Brazilian paper Folha de S. Paulo reports America Movil (AMX +1.6%), Telefonica's (TEF +1.2%) Vivo (VIV +4.9%), and Oi (OIBR +12.3%) have agreed in principle to pay R$31.5B ($13.1B) to acquire and break up TIM Participacoes (TSU +8.6%), Telecom Italia's (TI +2.9%) Brazilian unit.
    • The paper adds a formal offer will be made to TI shareholders. TI chairman Giuseppe Recchi says his firm hasn't yet received an offer. TIM's market cap is currently at $12.5B.
    • AMX would reportedly keep 40% of TIM, Telefonica 32%, and Oi 28%. Rumors of a joint bid have been around for weeks, as Brazilian carriers dealing with slowing growth and price wars bet consolidation will improve their fortunes.
    • Markets are responding well to the report. Oi merger partner Portugal Telecom (PT +8.9%), whose main asset is a stake in the combined company, is also rallying.
    | Comment!
  • 10:14 AM
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  • 10:13 AM
    • Jaguar Land Rover (NYSE:TTM) says a $750M engine plant in England is now functioning.
    • The plant will mark a departure for the company as it will make engines for Jaguar and Land Rover models on its own for the first since the brands were purchased from Ford.
    • The facility in Wolverhampton will have the capacity to produce 300K engines a year.
    | Comment!
  • 10:12 AM
    • XL Group plc (NYSE:XL) declares $0.16/share quarterly dividend, in line with previous.
    • Forward yield 1.90%
    • Payable Dec. 31; for shareholders of record Dec. 15; ex-div Dec. 11.
    | Comment!
  • 10:07 AM
    • Compass Point pulls the plug on its Buy recommendation on Armour Residential (ARR -0.5%) following the Q3 earnings report this week.
    • Most metrics were soft, with core income failing to cover the dividend, book value falling, and net interest spread narrowing amid climbing prepayments.
    • The current price of $3.95 is a 13.8% discount to Sept. 30 book value.
    • Previously: Rising prepayments ding Armour Residential
    | 1 Comment
  • 10:07 AM
    • Net earnings from continuing operations of $183M, or $1.15 per diluted share vs. $173M, or $1.05 per diluted share in the same quarter a year ago.
    • Consolidated backlog at the end of the quarter rose to $42.3B, up 5% Q/Q and up 16% from $36.5B a year ago.
    • $100M was committed to share repurchases during the quarter.
    • The company is narrowing its 2014 guidance for EPS from continuing operations to a range of $4.10-$4.30 per diluted share, from the previous range of $4.10-$4.45 per diluted share.
    • For 2015, the company is establishing its initial EPS guidance at a range of $4.50-$5.00 per diluted share.
    • Q3 results
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  • 10:05 AM
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