Today - Tuesday, May 5, 2015
- Along with its Q1 results, ChannelAdvisor (NYSE:ECOM) has announced co-founder Scott Wingo is stepping down as CEO, albeit while remaining chairman. COO David Spitz is the e-commerce service provider's new CEO.
- ChannelAdvisor closed AH trading up 9.8% to $11.00 in the wake of its Q1 beat, guidance, and CEO announcement. Q2 revenue guidance is light $21.4M-$21.8M vs. a $23.2M consensus - but full-year sales guidance of $94M-$97M is in-line with a $95.9M consensus. With shares down over 75% from early-2014 levels, the full-year outlook has been well-received.
- Q1 results, earnings release, CC transcript
Monday, May 4, 2015
- The FCC has ruled to give Pandora Media (P +3.2%) the foreign-ownership waiver it needs to complete a $600K purchase for South Dakota radio station KXMZ-FM -- and thus lower its royalty bills.
- The waiver means Pandora can exceed the 25% foreign-ownership threshold that would otherwise prevent the sale. The FCC said it would "serve the public interest to permit a widely dispersed group of shareholders to hold aggregate foreign ownership in Pandora Media in excess of the 25 percent benchmark."
- Performance-right organizations were opposed to the move; Pandora pays ASCAP 1.85% of revenue and BMI 1.75%, which would have meant $33M last year.
- Previously: Bloomberg: FCC to pave way for Pandora to buy radio station (Apr. 27 2015)
- Jarden (NYSE:JAH) is on the move after hours, +5.2%, as Bill Ackman sings its praises at the Ira Sohn conference.
- Ackman says the company is "perpetually undervalued" because of the "incredible" track record of founder and Chairman Martin Franklin.
- He's reportedly styling Jarden -- a global consumer product firm -- as a mini-Berkshire.
- Previously: Jarden higher after posting satisfying Q1 results (Apr. 23 2015)
- EarthLink Holdings (NASDAQ:ELNK) has jumped 16.9% after hours following a strong beat on top and bottom lines for Q1.
- A net loss of $10.5M was significantly narrower than the prior year's loss of $26.5M, and EPS of -$0.10 beat expected earnings by $0.08/share. Adjusted EBITDA of $61.1M (up 22.4%) easily beat an expected $51.3M.
- Revenues beat expectations but declined yet again, both in business services ($226.3M, down 3.3%) and in consumer services ($56.1M, down 11.4%).
- Capex was $17.5M, down 25%. Unlevered free cash flow was $43.6M, up 64.5%.
- Conference call tomorrow at 8:30 a.m. ET.
- Press release
5:16 PM| Comment!
- Freightcar America (NASDAQ:RAIL) -10.7% AH after posting big misses on Q1 earnings and revenues, cites a series of production line changeovers and inefficiencies primarily at its Shoals facility.
- RAIL says it is aggressively addressing its production inefficiencies, while continuing the production line expansion at Shoals; for the full year, RAIL says it still anticipates deliveries of 9K-10K railcars.
- RAIL delivered 1,059 railcars in Q1 vs. 753 in the year-ago quarter but far below the 2,360 railcars delivered in Q4 2014.
- Shares resume trading after a halt.
- Chuy's Holdings (NASDAQ:CHUY) reports comparable-restaurant sales rose 1.9% in Q1.
- Traffic was down 1.4% during the period, offset by a 3.3% increase in average check.
- Operating costs ratio -100 bps to 80.9% as lower food costs contributed.
- 2015 guidance: EPS Of $0.76-$0.79 vs. $0.76 consensus.
- Previously: Chuy's beats by $0.03, misses on revenue
- CHUY +8.6% after hours.
- Shares of The Brink's Company (NYSE:BCO) are higher in after-hours trading after Starboard Value discloses it holds a 8.2% position.
- The activist investor didn't accompany the filing with any suggestions for the company which it hasn't been shy about doing in the past in the retail sector.
- SEC Form 13D
- BCO +1.3% AH
- InvenSense (NYSE:INVN) has slipped 5.5% in late trading after posting in-line earnings results for its fourth quarter, and revenue that was up 68% Y/Y but down 14% sequentially.
- Adjusted EPS of $0.12 was in-line; a break-even GAAP result was $0.02 better than expected.
- Gross margin was 43% in GAAP terms. Excluding stock-based compensation/taxes and amortization, gross margin was 46%.
- Net cash from operations was $51.8M, compared to -$23.1M a year ago. Combined with investing/financing activities, net increase in cash and equivalents was $20.6M to bring its total to $85.64M.
- Conference call at 4:30 p.m. ET.
- Press release
- Thinly-traded small cap Applied Genetic Technologies (AGTC -15.5%) slumps on on more than 2x normal volume, albeit on turnover of only 200K shares. Certain gene therapy companies are under pressure today in response to a study that showed the benefits of therapy waned after three years.
- Previously: Spark Therapeutics off 11% premarket on data showing benefits of gene therapy fail to persist (May 4)
- Acknowledging receipt of HC2's (HCHC +0.5%) proposed acquisition deal, MCG Capital (MCGC +2.9%) says it will review the offer, but for now continues to stand behind its agreement with PennanPark Floating Rate Capital (PFLT -0.1%) to sell itself to that company for $4.75 per share in cash.
- Source: Press Release
- Previously: Falcone's HC2 goes over the top for MCG Capital (May 4)
- "Kosmos (KOS -3.9%) is off to a good start in 2015," CEO Andrew Inglis said after KOS issues its Q1 earnings report, but investors disagree, sending shares lower as a Q1 loss of $0.18 came in worse than expected amid lower oil costs and higher exploration expenses, and revenues were nearly chopped in half from the year-ago quarter.
- One piece of good news: KOS says in its earnings conference call that it believes its recent Tortue gas find off Mauritania may be “the largest gas discovery offshore West Africa,” with up to 12T cf of gross resources.
- A fresh report from the Macao Gaming Inspection and Coordination Bureau indicates gaming revenue fell off 39% in April to 19.17B patacas ($2.41B).
- The drop was within the range forecast by analysts of a -38% to -40% decline.
- Shares of Macau stocks are higher today after the worst-case scenario for April was avoided and following steep losses last week after Wynn Resorts slashed its dividend.
- Gainers: Wynn Macau (OTCPK:WYNMF, OTCPK:WYNMY) +3.4%, Wynn Resorts (NASDAQ:WYNN) +3.8%, Galaxy Entertainment (OTCPK:GXYEF) +2.9%, Melco Crown (NASDAQ:MPEL) +0.7%, Las Vegas Sands (NYSE:LVS) +1.6%, Sands China (OTCPK:SCHYY, OTCPK:SCHYF) +5.5%, SJM Holdings (OTCPK:SJMHF) +6.4%.
- Micro cap CytRx (CYTR +25.9%) jumps on a 6x surge in volume in response to its announcement of interim results from two ongoing Phase 1b trials assessing the combinations of aldoxorubicin with either gemcitabine or ifosfamide in cancer patients. The combinations have been well tolerated and impressive tumor responses have been observed in patients with osteosarcoma (bone cancer) and a variety of soft tissue sarcomas.
- The company's aldoxorubicin candidate is a conjugate of the chemo agent and an acid-sensitive linker. This formulation reduces its toxicity and improves its efficacy.
1:08 PM| 3 Comments
- McDermott (MDR +4.5%) powers higher after securing a significantly enlarged workscope under an amendment to its existing contract for fabrication and modification work on the offshore Hout field in the neutral zone between Saudi Arabia and Kuwait.
- The scope includes engineering, procurement, construction and installation for a new platform and two bridges, including significant modifications at the existing complex.
- MDR expects work on the brownfield project to be executed through Q2 2017 and says it is included in its Q1 2015 backlog.
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