Seeking Alpha
  • Today - Thursday, April 17, 2014

  • 9:02 AM
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  • 9:00 AM
     
    • S&P +0.16%.
    • 10-yr -0.08%.
    • Euro +0.23% vs. dollar.
    • Crude +0.19% to $103.96.
    • Gold -0.15% to $1301.6.
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  • 8:59 AM
    • Layne Christensen (LAYN) files to delay its 10-K report, saying business has been adversely affected by the continuing global mining exploration slowdown and harsh weather conditions in much of the U.S.; as a result, it would not have been in compliance with the minimum EBITDA covenant in its prior credit agreement.
    • Says 10-K will reflect a substantial increase in net loss for the year ended Jan. 31, 2014 vs. the same period in 2013.
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  • 8:58 AM
    • Q1 NI of $556M increased $4M (+0.7%) compared to Q1'13. NI ex-items was $652M up 8% from last year's $601M.
    • Total revenue for the quarter was $3.95B. Revenue ex-Gambro was $3.55B (+3%). Bioscience revenue was $1.61B (+5%). Medical Products revenue was $2.34B (+22%).
    • Q2 guidance calls for sales growth of 12% - 13% excluding foreign currency risk and EPS ex-items of $1.18 - $1.22.
    • 2014 guidance includes revenue growth of 9% - 10% ex foreign currency risk and EPS ex-items of $5.05 - $5.25.
    • (BAX)
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  • 8:58 AM
    • Ford (F) plans to bring its Lincoln brand to China in an effort to tap into the growing demand in the region for luxury models.
    • The automaker plans to sell five different models in China by 2016.
    • What to watch: Not all automobile industry analysts are sold on the relatively unknown Lincoln brand resonating quickly with Chinese buyers. Differentiating from tough competition in the segment and a need to localize the Lincoln network quickly will be two hurdles that Ford will need to clear.
    | 1 Comment
  • 8:56 AM
    • Net income available to common shareholders of $309M or $0.36 per share vs. $413M or $0.46 per share a year ago, with litigation reserve charges of $51M this quarter vs. $9M a year ago.
    • Net interest income of $898M up 1% from a year ago with net interest margin of 3.22% up one basis point. Noninterest income of $564M down from $703M a year ago thanks to last year's $137M benefit from the value of the Vantiv warrant.
    • Noninterest expense of $950M falls from $989M despite continued high litigation costs.
    • Q1 net charge-offs of $168M (0.76% of loans and leases) up from $133M (0.67%) one year ago; $60M of Q1 charge-offs related to three loans. Q1 provision expense of $69M vs. $62M a year ago.
    • Tier 1 common ratio of 9.51%. Tangible book value per share of $13.40 up 6% Y/Y.
    • CC at 9:30 ET
    • Press release, Q1 results
    • FITB no trades premarket
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  • 8:51 AM
    • Knoll (KNL): Q1 EPS of $0.18 beats by $0.05.
    • Revenue of $229.3M (+14.3% Y/Y) beats by $10.1M.
    • Press Release
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  • 8:49 AM
    • DuPont's (DD) -0.7% premarket as Q1 earnings plummet by more than half from the year-ago quarter after losing the one-time boost from the sale of its coating business.
    • DuPont estimates adverse winter weather reduced Q1 EPS by $0.07 due to increased operating costs and lost sales.
    • Sales in DD's agricultural business fell 6% to $4.39B, as volume growth in the Americas was constrained by the harsh weather as well as shifts in the timing and planted area.
    • However, volumes increased in the company's industrial segments and margins improved in almost all of them.
    • Reaffirms guidance for FY 2014, sees EPS of $4.20-$4.45 vs. $3.88 last year and $4.32 analyst consensus, based on anticipated growth in global industrial market demand.
    | 1 Comment
  • 8:39 AM
    • Aiming to capture a chunk of Janssen Pharmaceuticals' (JNJ) ORTHO EVRA (Norelgestromin/Ethinyl Estradiol Transdermal System 150/35 mcg/day) $150M U.S. sales, Mylan (MYL) launches its generic equivalent XULANE.
    • The product is indicated for the prevention of pregnancy in women who use a transdermal patch as a method of contraception.
    • According to IMS Health, Mylan has 300 ANDAs pending FDA approval representing $104.5B in branded sales. 42 are first-to-file submissions representing over $25B in branded sales.
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  • 8:34 AM
    • Wheeler Real Estate Investment Trust (WHLR) declares $0.035/share monthly dividend, in line with previous.
    • Forward yield 9.44%
    • Payable May 31; for shareholders of record April 30; ex-div April 25.
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  • 8:33 AM
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  • 8:31 AM
    • Syntel (SYNT): Q1 EPS of $1.39 beats by $0.14.
    • Revenue of $219.52M (+16.1% Y/Y) beats by $0.82M.
    • Press Release
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  • 8:30 AM
     
    • Initial Jobless Claims: +2K to 304K vs. 312K consensus, 302K prior revised.(300K Prior).
    • Continuing claims -11K to 2.74M.
    | 2 Comments
  • 8:30 AM
    • AutoNation (AN) reports retail same-store sales were up 4% in Q1 on strong demand for new vehicles.
    • The company's premium luxury segment was its most profitable, adding $69M to its bottom line.
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  • 8:28 AM
    • Schlumberger (SLB) +0.3% premarket as Q1 earnings rose 26% Y/Y despite a harsher than usual weather in North America and Russia that dented demand for its drilling, well completion and other services.
    • Revenue jumped 19% from the Middle East and Asia, rose 12% from North America, edged up less than 1% from Europe/CIS/Africa, and fell 7% from Latin America.
    • SLB predicts a rise in spending among clients of more than 6% this year, evenly split between the international and North American markets and driven by the independent and national oil companies.
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  • 8:27 AM
    • "Better than headlines suggest," says Baird's Ben Kallo of Google's (GOOG) earnings results last night. Reiterating his Outperform rating and $675 price target, Kallo says the results are largely inline with expectations, and the company remains on track to leverage multiple long-term growth opportunities.
    • "Our view on Google remains positive given the solid growth in the Websites business and multiple drivers that we expect to keep revenue growth near 20%," says Needham's Kerry Rice. Drivers include: "1) the push to bring brand advertising dollars to search and display, which we expect to become an important revenue driver over the next 18-24 months, and we note that an earlier ramp could drive upside. 2) The Android ecosystem puts Google as a preeminent mobile player. 3) We expect a modest but gradual improvement in CPCs. 4) Network revenue growth, while sluggish, should have a stronger H2."
    • Calling Q1 a "small bump," Piper's Gene Munster says Google remains on track for steady growth in its core business as it invests in other products. "We continue to view Google as the best long term large cap story in our coverage space."
    • Shares -1.5% premarket
    • Previous earnings coverage
    | 3 Comments
  • 8:25 AM
    • In a 28-2 vote, the Vermont Senate passes a bill that will require packaged food makers to label their products that contain genetically modified organisms ((GMOs)). If the State House of Representatives approves the Senates' changes to the version it passed before sending it the upper chamber, then the law will take effect July 1, 2016.
    • Vermont will be the first U.S. state to institute such mandatory labeling.
    • Predictably, food manufacturers oppose the bill saying GMOs are ubiquitous on grocery store shelves. The most popular GMO crops are corn, soybeans and canola which are found in almost every kind of packaged food. They say that GMOs are safe and the law, if enacted, will add unnecessary costs and complications for farmers and the food industry.
    • Consumer groups believe more safety testing needs to be done by independent researchers.
    • Vermont's bill would make it illegal to label a food product containing GMOs as "natural" or "all natural".
    • (MON) (PG)
    • ETFs: PBJ
    | 2 Comments
  • 8:20 AM
    • Chipotle (CMG) expects to open 180 to 195 new restaurants in 2014.
    • The company says it sees high single digit comparable restaurant sales growth for the year. The wild card in the mix is if Chipotle were to raise prices which could take that estimate higher.
    • Previous: Traffic up, margins down at Chipotle.
    • CMG +1.0% premarket
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  • 8:15 AM
    • Baker Hughes (BHI+3.9% premarket after reporting a 23% Y/Y gain in Q1 earnings and a nearly 10% jump in revenue, in results that beat expectations.
    • The North American segment, BHI's largest geographic business by revenue, posted a 6.6% gain in revenue to $2.78B, a 24% improvement in the Middle East and Asia Pacific region, and a 17% advance in the Europe, Africa and Russia Caspian segment; Latin America revenue shrank 10%.
    • North America margins improved by 200 bps despite a drop in well count caused by severe winter weather in the Rockies and northeast U.S.
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  • 8:14 AM
    • PPG Industries (PPG): Q1 EPS of $1.98 beats by $0.11.
    • Revenue of $3.63B (+9.0% Y/Y) in-line.
    • Press Release
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