Seeking Alpha
  • Today - Wednesday, October 22, 2014

  • 6:04 PM
    • While YELP doesn't provide an explanation in its earnings release for its soft Q4 guidance (revenue expected to be $3M-$4M below consensus), its traffic data arguably helps explain the shortfall.
    • Average monthly unique visitors rose 19% Y/Y in Q3 to 139M, a slowdown in growth from Q2's 27% and Q1's 30%. Moreover, monthly uniques only rose by 1M Q/Q. Mobile monthly uniques rose 46% Y/Y to 73M, after growing 51% in Q2.
    • Active local business accounts (a concern going in) were fairly healthy: They rose 51% Y/Y to 86.2K, after growing 55% in Q2. Accounts rose by 7.3K Q/Q. Cumulative reviews rose 41% to 67M; 44% growth was seen in Q2.
    • GAAP sales/marketing spend rose 60% Y/Y to $54.5M (53% of revenue), a pickup in growth from Q2's 55%. Total costs/expenses rose 55% to $97.9M.
    • In spite of the light revenue guidance, Yelp has upped its full-year adjusted EBITDA guidance to $69.5M-$70.5M from $67M-$69M.
    • Q3 results/guidance, PR
    | 1 Comment
  • 5:39 PM
    | Comment!
  • 5:38 PM
    • Infinera (NASDAQ:INFN) guided on its Q3 CC for Q4 revenue of $175M-$185M, above a $160.4M consensus.
    • The outlook serves as a breath of fresh for the telecom equipment industry, given its recent issues. Infinera bulls have argued for some time the company's strong 100G optical exposure would allow it to outperform.
    • Rival Ciena (NYSE:CIEN) is ticking higher in response.
    • Infinera's Q3 results, PR
    | 1 Comment
  • 5:30 PM
    • Lightly-traded nano cap Alcobra (NASDAQ:ADHD) slumps 13% AH on higher-than-average volume in response to a presentation of results from a Phase 2b clinical trial evaluating Metadoxine (vitamin B6 and L-PGA) for the treatment of attention deficit/hyperactivity disorder given by Dr. Lenard Adler at the American Academy of Child & Adolescent Psychiatry Meeting in San Diego.
    • On Slide 26, the graph shows that Metadoxine failed to demonstrate statistically significant efficacy compared to placebo at week six (p=0.136). This was the study's primary endpoint.
    | Comment!
  • 5:16 PM
    • WidePoint (NYSEMKT:WYY) hasn't yet disclosed how large the offering will be, or its pricing.
    • The IT services firm had $4.1M in cash at the end of June, and a similar amount of debt.
  • 5:15 PM
    • The Cheesecake Factory (NASDAQ:CAKE) reports comparable-restaurant sale rose 2.1% at its Cheesecake Factory brand and fell off 2.0% for the Grand Lux chain during FQ3.
    • Cost of sales ratio +90 bps to 24.9%.
    • Restaurant count +2 to 184.
    • CAKE -3.9% AH.
    | 1 Comment
  • 5:08 PM
    • Air Methods (NASDAQ:AIRM) -19.4% AH lowers its Q3 outlook, now seeing Q3 EPS of $0.83-$0.87 vs $1.07 analyst consensus estimate; while community-based patient transports during Q3 rose 7% Y/Y, patients transported for community bases in operation greater than one year fell 3%.
    • AIRM says quarterly fluctuations in flight volumes and net reimbursement per transport are not unusual, but having both factors reflecting weakness in a Q3 is less typical.
    | Comment!
  • 5:04 PM
    • Though it beat FQ1 EPS estimates and posted in-line revenue, Lam Research (NASDAQ:LRCX) is guiding for FQ2 revenue of $1.23B (+/- $50M) and EPS of $1.12 (+/- $0.07), unfavorable to a consensus of $1.25B and $1.16. Shipments are expected to total $1.24B (+/- $50M).
    • Gross margin rose 140 bps Y/Y in FQ1 to 43.9%, and op. margin 420 bps to 14.6%. A GM of 45.5% (+/- 1%) is expected in seasonally strong FQ2.
    • Shipment growth by geography: U.S. (inc. Intel) +25%, Korea (inc. Samsung/SK Hynix) +16%, Taiwan (inc. TSMC) +21%, Japan +11%, China +8%, SE Asia +11%, Europe +8%.
    • FQ1 results, PR
    | Comment!
  • 4:41 PM
    • O'Reilly Automotive (NASDAQ:ORLY): Q3 EPS of $2.06 beats by $0.11.
    • Revenue of $1.88B (+8.7% Y/Y) beats by $30M.
    • Shares +1.23%.
    • Press Release
    | Comment!
  • 4:41 PM
    • Mellanox (NASDAQ:MLNX) expects Q4 revenue of $133M-$137M, above a $129.3M consensus.
    • Q3 results beat estimates on the back of strong InfiniBand hardware demand for HPC deployments (boosted by Intel's Grantley Xeon CPU launch), as well as higher Ethernet product sales. Mellanox expects rising shipments of 40G Ethernet adapters (carrying higher ASPs than 10G adapters) to Web/cloud clients to provide a Q4 lift.
    • Gross margin rose 110 bps Y/Y to 70.2%. GAAP opex rose 13.5% Y/Y to $82.3M. GM is expected to be in a 69%-70% range in Q4.
    • MLNX +2.7% AH. Q3 results, PR.
    | Comment!
  • 4:32 PM
    • AT&T (NYSE:T) now expects full-year revenue to grow 3%-4% Y/Y, down from prior guidance of 5% but in-line with a 3.4% consensus.
    • Wireless service revenue was down 0.2% Y/Y in Q3, an improvement from Q2's 1.4% drop but below Verizon's 4.8% growth. With equipment sales rising 44.3% thanks to strong Next smartphone upgrade plan adoption, wireless op. margin fell 180 bps to 24.6%.
    • Wireless postpaid net adds totaled 785K, up from 363K a year ago (aided by tablet adds) but down from Q2's 1.03M; the postpaid base is at 75.1M.
    • 140K prepaid subs were lost; 405K were lost in Q2, and 192K added a year ago. The prepaid base is at 11.2M. "Connected device" net adds totaled 1.275M, with 500K coming from cars; the connected device base is at 18.5M.
    • Thanks to strong uptake for Mobile Share Value plans, phone-only postpaid ARPU fell 8% Y/Y. Postpaid churn fell 8 bps to 0.99%; total churn rose 5 bps to 1.36%.
    • Wireline revenue (44% of total revenue) fell 0.4% Y/Y, and segment op. margin fell 180 bps to 8.8%. A 10.5% Y/Y drop in voice connections to 26.2M caused the decline.
    • U-verse revenue rose 23.8% Y/Y, driving a 3% increase in residential wireline revenue. U-verse broadband and TV net adds respectively totaled 601K and 216K.
    • $221M was spent on buybacks, up from Q2's $159M but well below some recent quarters. Free cash flow was $3.5B, above net income of $3B.
    • T -1.8% AH. Q3 results, PR.
    | Comment!
  • 4:20 PM
    • Open Text (NASDAQ:OTEX): FQ1 EPS of $0.97 beats by $0.11.
    • Revenue of $453.78M (+39.9% Y/Y) misses by $5.14M.
    • Shares +1.11% AH.
    • Press Release
    | Comment!
  • 4:18 PM
    • Fortinet (NASDAQ:FTNT): Q3 EPS of $0.12 beats by $0.01.
    • Revenue of $193.35M (+25.0% Y/Y) beats by $8.46M.
    • Shares +4.5% AH.
    • Press Release
    | Comment!
  • 4:16 PM
    • Marketo (NASDAQ:MKTO): Q3 EPS of -$0.14 beats by $0.11.
    • Revenue of $39.28M (+54.0% Y/Y) beats by $1.83M.
    • Shares +2.84% AH.
    • Press Release
    | Comment!
  • 4:13 PM
    • 8X8 (NASDAQ:EGHT): FQ2 EPS of $0.05 beats by $0.02.
    • Revenue of $39.59M (+28.5% Y/Y) beats by $0.09M.
    • Shares +1.8%.
    • Press Release
    | Comment!
  • 4:11 PM
    • Mellanox Technologies (NASDAQ:MLNX): Q3 EPS of $0.38 beats by $0.12.
    • Revenue of $120.7M (+16.0% Y/Y) beats by $4.57M.
    • Shares +4.4% AH.
    • Press Release
    | Comment!
  • 4:10 PM
    • Yelp (NYSE:YELP): Q3 GAAP EPS of $0.05 beats by $0.02.
    • Revenue of $102.5M (+67% Y/Y) beats by $3.5M.
    • Expects Q4 revenue of $107M-$108M, below a $111M consensus.
    • Shares -12.1% AH.
    • Press Release
    | 1 Comment
  • 4:10 PM
    • ServiceNow (NYSE:NOW): Q3 EPS of $0.03 beats by $0.02.
    • Revenue of $178.71M (+60.6% Y/Y) beats by $4.28M.
    • Shares +2.55% AH.
    • Press Release
    | Comment!
  • 4:07 PM
    • Tractor Supply (NASDAQ:TSCO): Q3 EPS of $0.55 beats by $0.05.
    • Revenue of $1.36B (+12.4% Y/Y) beats by $40M.
    • Shares +8%.
    • Press Release
    | Comment!
  • 3:53 PM
    • Coeur Mining (CDE -14.1%) plunges after BMO Capital downgrades shares to Underperform from Market Perform and slashes its stock target price to $4 from $9.50, pointing out signs of "strained" valuation.
    • The downgrade comes as BMO describes its view that silver will continue to underperform gold over the next 12 months, and that silver miners "will need to look increasingly toward grade as a mechanism to reduce unit costs at the expense of reserve life."
    | Comment!
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