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MARKET CURRENTS

  • 4:55 PM Occidental Petroleum (OXY) may consider selling its overseas assets or splitting into three separate companies to fund a stock buyback and improve its share price, CEO Steve Chazen reportedly told UBS analysts this week. "Chazen's commentary clearly implied that any restructuring strategy would likely focus on larger-scale restructurings with potential to 'move the needle' in terms of valuation," UBS writes. Comment! [Energy]
  • 4:48 PM More on Marvell (MRVL) 2014 FQ1 earnings: FQ2 revenue guidance of $770M-$810M, non-GAAP gross margin of 51.5%-53.5%, non-GAAP operating expenses of $305M-$325M, non-GAAP EPS of $0.17-$0.21. Consensus revenue is $763M, EPS is $0.18. Company puts earnings beat on better than normal seasonal demand and share gains in storage and networking end markets. "We expect growth to be driven by increased traction in areas such as mobile handsets, tablets, connectivity, and SSDs." CC at 4:45 ET. Shares +7.2% AH. (PR) Comment! [Tech, Earnings, On the Move]
  • 4:47 PM More on Nordson (NDSN): FQ2 comes in short of the mark despite a 21% rise in total sales. Organic sales volume grew in all three operating units and every region, with strong margin performance in every segment; Adhesive Dispensing Systems +1%, Advanced Technology Systems +14%, Industrial Coating Systems +13%. Backlog totalled approximately $200M, +3% Y/Y. Looking forward the company sees Q3 EPS of $1.00 - 1.09, below the consensus of $1.15, on revenue of $404M - $419M, also below the consensus call for sales of $429.9M. Shares -3.6% AH. Comment! [Earnings, On the Move]
  • 4:41 PM Bunge Limited (BG) declares $0.30/share quarterly dividend, 11.11% increase from prior dividend of $0.27. Forward yield 1.68%. For shareholders of record August 20. Payable September 3. Ex-div date August 16. (PR) Comment! [Dividends]
  • 4:39 PM More on Sears Holdings' (SHLD) Q1 results: Domestic comparable store sales fell 3.6%, comprised of decreases of 4.6% at Kmart and 2.4% at Sears U.S., blamed on weather related declines in lawn and garden; excluding that category, comp store sales would have gained 0.3%. Online business rose 20% Y/Y. Says it may put its service agreement business up for sale to raise cash. Shares -13% AH. 3 Comments [Consumer, Earnings, On the Move]
  • 4:38 PM More on Pandora (P) 2014 FQ1 earnings: FQ2 revenue guidance of $155M-$160M, EPS of a loss of $0.02 to profit of $0.01 vs. consensus of $149.7M and $0.01 profit. FY14 revenue guidance of $615M-$635M, EPS of a loss of $0.02 to profit of $0.08 vs. consensus of $616.7M and $0.01 profit. FQ1 non-GAAP mobile revenue of $86.7M up 101% Y/Y vs. mobile listener growth of just 47% (improved monetization). Total listen hours of 4.18B up 35%. Share of total U.S. radio listening is 7.33%, up from 5.86% a year ago. CC at 5 ET. Shares +8.5% AH. (PR) Comment! [Earnings, Tech, On the Move]
  • 4:36 PM The Home Depot (HD) declares $0.39/share quarterly dividend, in line with previous. Forward yield 1.98%. For shareholders of record June 6. Payable June 20. Ex-div date June 4. (PR) Comment! [Dividends]
  • 4:33 PM Nordson (NDSN): FQ2 EPS of $0.84. Revenue of $382.1M (+21% Y/Y) misses by $0.46M. (PR) Comment! [Earnings, Breaking News]
  • 4:32 PM The Cato Corporation (CATO) declares $0.05/share quarterly dividend.Forward yield 0.80%. For shareholders of record June 10. Payable June 24 . Ex-div date June 6. (PR) Comment! [Dividends]
  • 4:27 PM More on Salesforce.com (CRM) 2014 FQ1 earnings: FQ2 revenue guidance of $931M-$936M and EPS of $0.11-$0.12 vs. consensus of $935M and $0.12. Deferred revenue balance of $1.73B up 30% Y/Y. Unbilled deferred revenue balance - business contracted but not yet billed - of $3.6B up 33% Y/Y. CC at 5 ET. Shares -5.9% AH. (PR) 1 Comment [Earnings, Tech, On the Move]
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