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  • Today - Tuesday, October 21, 2014

  • 5:57 AM
    • ARM Holding's (NASDAQ:ARMH) Q4 guidance is "underwhelming," SocGen says, given previous expectations of a strong H2.
    • The drop in value per new license sold implies that most of ARM's larger deals have been completed, firm says.
    • Any positive aura from Apple's iPhone strength is "more than offset" by ARM's weakness in the broader smartphone market.
    • SocGen maintains Sell rating with implied 18% downside.
    • Shares -3.7% in London.
    | Comment!
  • Monday, October 20, 2014

  • 5:44 PM
    • Rhino Resource Partners (NYSE:RNO) -36.9% AH after announcing a Q3 distribution of $0.05/unit, far lower than the previous quarter's distribution of $0.445/unit.
    • RNO says the reduced distribution is the result of prolonged weakness in the coal markets, which has continued to adversely affect its cash flow.
    • RNO says it will redouble its cost cutting efforts, including reducing overhead to reflect market realities and the company's smaller size.
  • 5:38 PM
    | Comment!
  • 5:34 PM
    • Cadence (NASDAQ:CDNS) expects Q4 revenue of $417M-$427M and EPS of $0.26-$0.28, below a consensus of $427.4M and $0.29.
    • Q3 product/maintenance revenue +10% Y/Y to $374.1M; services revenue +9% to $400.5M.
    • Excluding restructuring charges, opex rose 5% Y/Y to $346.4M. R&D spend +8% to $148.7M, and equal to 37% of revenue.
    • Q3 results, PR
    | Comment!
  • 5:34 PM
    • Kaiser Aluminum (NASDAQ:KALU) resumes trading after a halt, -7% AH after Q3 earnings fell 36% Y/Y and missed analyst estimates by a wide mark, citing unanticipated problems at its Spokane, Wash., facility that hurt shipments in the quarter.
    • Because of the disappointing Q3 results, KALU now anticipates 2014 adjuste EBITDA will fall slightly below 2012 and 2013 levels; EPS and revenues were $3.82 and 1.36B respectively in 2012, and were $3.65 and $1.3B in 2013.
    • Analyst consensus expectations for 2014 EPS and revenues are $3.78 and $1.36B, respectively.
    | Comment!
  • 5:32 PM
    • Helix Energy Solutions Group (NYSE:HLX): Q3 EPS of $0.71 beats by $0.21.
    • Revenue of $340.84M (+54.8% Y/Y) beats by $41.34M.
    • Shares +4.3% AH.
    • Press Release
    | Comment!
  • 5:21 PM
    • iPhone suppliers are trading higher after Apple beat FQ4 estimates and issued FQ1 guidance that was mostly above consensus. FQ4 iPhone sales of 39.3M were better than expected, and iPad sales of 12.3M worse than expected.
    • Cirrus Logic (NASDAQ:CRUS) +1.4% AH. Avago (NASDAQ:AVGO) +1.2%. Skyworks (NASDAQ:SWKS) +1.2%. RF Micro (NASDAQ:RFMD) +2.4%. NXP (NASDAQ:NXPI) +2%.
  • 5:20 PM
    • Trinity Industries (NYSE:TRN) -2.4% AH after plummeting 12.3% during regular trading after the company confirms a federal jury in Texas awarded $175M to a whistleblower in a trial over the safety of thousands of highway guardrail end caps on U.S. roads (earlier).
    • The whistleblower accused TRN of redesigning its ET-Plus guardrail end piece in 2005 in a way that made them unsafe; at least a dozen accidents - some fatal - have been reported for vehicles that run off the road and collide with the guardrail end caps that, instead of cushioning the impact, malfunction and spear the vehicle.
    • TRN says it believes "the decision cannot and will not withstand legal scrutiny."
  • 5:13 PM
    • Celanese (NYSE:CE): Q3 EPS of $1.61 beats by $0.17.
    • Revenue of $1.77B (+7.9% Y/Y) beats by $40M.
    • Shares +3.2% AH.
    • Press Release
  • 5:00 PM
    • Apple (NASDAQ:AAPL) had an FQ4 gross margin of 38%, +100 bps Y/Y and at the high end of a 37%-38% guidance range. FQ1 GM guidance is at 37.5%-38.5%.
    • Product line performance: iPhone revenue (56% of total revenue) +21% Y/Y to $23.7B, after growing 9% in FQ3; units +16%. iPad revenue -14% to $5.3B, after falling 8% in FQ3; units -13%. Mac revenue +18% to $6.6B, after rising 13% in FQ3; units +21%.
    • iTunes/software/services revenue +8% to $4.6B. Accessories +13% to $1.5B. iPods -28% to $410M.
    • Regional performance: Excluding retail, Americas revenue +17% to $16.2B (stronger than in recent quarters); Europe +19% to $9.5B (likewise); Greater China +1% to $5.8B; Japan +5% to $3.5B. Rest of Asia-Pac -3% to $1.9B. Retail +15% to $5.1B.
    • Helping margins: iPhone ASP rose to $603 from $561 in FQ3 and $596 in FQ2. iPad ASP fell to $432 from $443 in FQ3 and $465 in FQ2. Mac ASP fell to $1,200 from $1,255 in FQ3 and $1,334 in FQ2.
    • GAAP R&D spend +44% Y/Y to $1.69B. SG&A spend +18% to $3.16B.
    • $17B was spent on buybacks in FQ4, and $45B over the whole of FY14. Apple ended the quarter with over $155B in cash/investments, and over $35B in long-term debt and commercial paper.
    • AAPL +1.2% AH. CC at 5PM ET. FQ4 results, PR.
  • 4:35 PM
    • Texas Instruments (NASDAQ:TXN) expects Q4 revenue of $3.13B-$3.39B vs. $3.25B consensus. Expects EPS of $0.64-$0.74 vs. $0.63 consensus.
    • Shares +3.02% AH.
    • Previous: Texas Instruments' Q3 results
  • 4:34 PM
    • Apple (NASDAQ:AAPL): FQ4 EPS of $1.42 beats by $0.11.
    • Revenue of $42.12B (+12.4% Y/Y) beats by $2.27B.
    • 39.3M iPhones (above expectations), 12.3M iPads (below expectations), 5.5M Macs (above expectations).
    • Expects FQ1 revenue of $63.5B-$66.5B, mostly above a $63.52B consensus.
    • Shares +0.5% AH.
    • Press Release
  • 4:32 PM
    • Texas Instruments (NASDAQ:TXN): Q3 EPS of $0.76 beats by $0.01.
    • Revenue of $3.5B (+8.0% Y/Y) beats by $40M.
    • Shares +2.57%AH.
    • Press Release
    | Comment!
  • 4:29 PM
    • Parke Bancorp (NASDAQ:PKBK): Q2 EPS of $0.44 beats by $0.13.
    • Revenue of $11.9M (+30.3% Y/Y) beats by $2.9M.
    • Shares +1.6%.
    • Press Release
    | Comment!
  • 4:13 PM
    • Illumina (NASDAQ:ILMN): Q3 EPS of $0.77 beats by $0.21.
    • Revenue of $480.63M (+34.7% Y/Y) beats by $29.43M.
    • Shares +7.98%.
    • Press Release
    | Comment!
  • 4:08 PM
    • Chipotle (NYSE:CMG) reports comparable-restaurant sales rose 19.8% in Q3.
    • Restaurant-level operating margin +200 bps to 28.8% as sales leverage overrode higher beef and avocados pricing.
    • The company notes the quarter included a full month of higher menu prices.
    • Food costs ratio +70 bps to 34.3%.
    • Store count +43 to 1,724.
    • 2014 guidance: The outlook is for a mid-teens comparable-restaurant sales growth mark. 180 to 195 new restaurant openings anticipated.
    • 2015 guidance: The company expects a low to mid-single digit comp as it starts lapping the quarters with price hikes. 190 to 205 new restaurants are forecast to be opened.
    • CMG -2.2% AH.
    | Comment!
  • 4:08 PM
    • Werner (NASDAQ:WERN): Q3 EPS of $0.36 in-line.
    • Revenue of $551.96M (+7.9% Y/Y) beats by $9.01M.
    • Shares +16.48%.
    • Press Release
    | Comment!
  • 4:04 PM
    • Though Starboard Value has called on Yahoo to merge with AOL (AOL +3.1%), there are "no explicit talks about a deal with Yahoo," says CEO Tim Armstrong. As it is, Re/code has reported more than once Marissa Mayer isn't a fan of an AOL/Yahoo deal.
    • Armstrong also declares the online ad market is going to see a major shakeup, with future solutions for marketers either completely programmatic (automated) or custom-made. "Everything in the middle is going to die."
    • AOL has been betting big on programmatic growth; the company claims over 1/3 of its ad sales now come from programmatic offerings. Last month, AOL expanded its partnership with ad giant Publicis to cover programmatic video and linear TV ads.
    | Comment!
  • 3:50 PM
    • Lemelson Capital says it has taken a 2% stake in Geospace (NASDAQ:GEOS). Tthe firm notes shares trade only a little above tangible book value, and argues they have a "fair value" of $78 (nearly 3x Friday's close).
    • Earlier this year, Lemelson urged chip equipment maker Kulicke & Soffa to do a buyback; Kulicke announced one 4 months later.
    • Seismic equipment peer Ion Geophysical (NYSE:IO) is also having a good day. Both Geospace and Ion sold off on Friday after Cowen downgraded the former.
  • 3:45 PM
    • Trinity Industries (TRN -9.1%) sinks on a Bloomberg report that it lost a trial related to a $1B highway guardrail lawsuit, in which TRN allegedly defrauded the U.S. government of $175M.
    • In today's closing arguments, TRN was accused of deliberately withholding information from the government about cost-saving changes to its highway guardrail system that transformed one of its products into a potentially lethal highway hazard, wrongly passing off the product as eligible for federal funding.
    • In July, TRN said it did not believe a loss in the case was probable or that a range of reasonably possible losses exists; no accrual or range of loss had been included.
    | 1 Comment
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