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Geospace Technologies Corporation (GEOS)

- NASDAQ
  • Tue, May 19, 3:00 PM
    • WTI crude oil is down $2.13 to $58.11/barrel on worries about high Saudi production and weak global demand. Seismic exploration hardware/service providers Ion Geophysical (IO -4%), Geospace (GEOS -1.6%) and CGG (CGG -5.8%) have followed crude lower.
    • Geospace and CGG have rallied over the last 6 weeks as oil prices rebounded. Ion, which hasn't been so lucky, rose last Friday in response to an insider buy.
    | 7 Comments
  • Wed, Apr. 15, 2:48 PM
    • Geospace (NASDAQ:GEOS) is adding to its recent gains as WTI crude rises 5.1% to $56.02/barrel. Seismic hardware peer Ion Geophysical (NYSE:IO) is also rallying.
    • Geospace, clobbered in 2014 and early 2015, is now up 38% from an April 1 close of $15.84. Ion is up 12% from a Friday close of $2.17.
    | Comment!
  • Tue, Apr. 14, 3:08 PM
    • Very few tech companies are posting major losses, and a larger number are posting big gains. The Nasdaq is down 0.3%.
    • Notable gainers include several Chinese names: Online auto plays Bitauto (BITA +7.4%) and Autohome (ATHM +3.9%), online video platform Youku (YOKU +8.2%), and mobile game publisher Sky-mobi (MOBI +10.1%).
    • Others include home automation hardware/software provider Control4 (CTRL +3.9%), oil/gas seismic hardware provider Geospace (GEOS +5.1%), and Indian site owner Rediff (REDF +12.6%).
    • Youku, which has been on a roller-coaster ride, is near its highest levels seen the company posted mixed Q4 results and disclosed an SEC inquiry on March 19. Beaten-down Geospace could be benefiting from a fresh rally in oil prices; WTI crude is at $53.27/barrel.
    • Previously covered: Lending Club, Alcatel-Lucent, 58.com, InvenSense, TowerJazz, Tangoe, optical networking firms
    • Notable decliners: Skyworks/Qorvo, Nokia, Sanmina, Web.com
    | Comment!
  • Tue, Apr. 7, 3:18 PM
    • Today's notable tech gainers include privileged account protection software leader CyberArk (CYBR +7.5%), seismic hardware provider Geospace (GEOS +10.5%), M2M hardware/4G router provider Novatel (MIFI +8.4%), Chinese auto site Autohome (ATHM +5.5%), cloud revenue management software provider ServiceSource (SREV +5.4%), and unstructured data management software vendor Varonis (VRNS +4.9%). The Nasdaq is up 0.3%.
    • There are fewer major decliners. Notable ones include RF chipmaker Qorvo (QRVO -3.5%), contract manufacturer Sanmina (SANM -3.4%), and IP licensing firm Worlds (OTCQB:WDDD -10.7%).
    • Volatile CyberArk has risen to its highest levels since early March, two week before a lockup expired. Geospace, buoyed by rising oil prices, is up 22% over the last two days. ServiceSource's gains follow the naming of a new CFO.
    • Qorvo's decline come in spite of a target hike (to $95 from $87) by Brean; the firm argues growing Chinese phone exports and rising RF chip content are offsetting domestic Chinese softness for Qorvo and peers.
    • Previously covered: Twitter, FireEye, DragonWave, Axcelis, IGT, Marketo, 500.com, InPhi, Demandware, Splunk, Informatica
    | Comment!
  • Mon, Apr. 6, 2:05 PM
    • After closing on Thursday barely a dollar above a 52-week low of $14.95, volatile Geospace (NASDAQ:GEOS) has shot higher today as oil prices post a near-6% gain. Volume (123K shares vs. a 3-month daily average of 286K) has been fairly light.
    • The seismic processing hardware provider's shares plunged in February following an FQ1 miss. With industry demand having nosedived, the FY15 revenue growth consensus is at -63%; the FY16 consensus is at +29.2%.
    | 1 Comment
  • Mon, Mar. 16, 3:19 PM
    • Though the Nasdaq is up 1.1%, major tech decliners are roughly on par with major gainers today.
    • Notable gainers include telecom equipment vendor Ciena (CIEN +3.9%), data center owner CyrusOne (CONE +4.6%), optical component maker NeoPhotonics (NPTN +6.1%), software outsourcing firm Luxoft (LXFT +7.7%), supply chain software vendor Manhattan Associates (MANH +4.2%), and Chinese game developer NetEase (NTES +3.7%).
    • Notable decliners include leading Chinese online video platform Youku (YOKU -4%), 4G router/M2M module maker Novatel (MIFI -5.5%), security hardware/software vendor KEYW Holding (KEYW -5.3%), Chinese online retailer LightInTheBox (LITB -8.7%), Chinese online real estate plays E-House (EJ -4.7%) and Leju (LEJU -5.3%), seismic tech provider Geospace (GEOS -7.5%), and U.S. solar installer Vivint (VSLR -4.3%).
    • CyrusOne, Luxoft, and Manhattan Associates are making new 52-week highs. Geospace's decline comes as crude oil falls to fresh 6-year lows. The Chinese decliners are failing to get a boost from pro-stimulus remarks from premier Li Keqiang (they've lifted many other Chinese names).
    • Previously covered: Xilinx, Neonode, MoSys, Superconductor Technologies, Himax, Alibaba, Avago, Qorvo, King Digital, iDreamSky, MicroVision
    | 1 Comment
  • Tue, Mar. 3, 3:07 PM
    • With the Nasdaq down 0.6%, the number of tech companies posting outsized declines easily surpasses the number posting significant gains.
    • Chinese firms are well-represented on the ranks of notable decliners. In addition to Alibaba, the list includes CDN owner ChinaCache (CCIH -4.6%), mobile app developer Cheetah Mobile (CMCM -9.8%), solar module vendor Yingli (YGE -4%), polysilicon provider Daqo (DQ -5.1%), real estate sites SouFun (SFUN -4.5%) and Leju (LEJU -4.3%), and data center owner 21Vianet (VNET -2.9%).
    • Other decliners include chip equipment giant Applied Materials (AMAT -4.2%), seismic tech provider Geospace (GEOS -4.9%), VoIP infrastructure hardware/software firm Sonus (SONS -4.7%), IT services firm WidePoint (WYY -3.7%), auto site TrueCar (TRUE -7.4%), and online grocery coupon provider Coupons.com (COUP -5.2%).
    • SouFun fell hard yesterday following news 58.com is buying real estate site Anjuke. Many Chinese tech firms sold off last Friday as the yuan made 3-year lows against the dollar.
    • Previously covered: Seagate/Western Digital, Micron, Overstock
    • Notable gainers: Veeva, Gogo, Vringo, Finjan, Aviat
    | 3 Comments
  • Thu, Feb. 5, 10:06 AM
    • "Commensurate with current seismic industry weakness, our first quarter of fiscal year 2015 faced significant market challenges," says Geospace (NASDAQ:GEOS) CEO Rick Wheeler. An 80% Y/Y drop in exploration-focused traditional and wireless and seismic products took a toll, as did a lack of permanent reservoir monitoring system contracts ($28M was recognized from a Statoil contract a year ago).
    • A mix shift towards low-margin products also hurt EPS, as did rental fleet depreciation and low factory productivity. Geospace expects "seismic product gross profit margins to be under significant stress throughout fiscal year 2015 due to expected lower manufacturing activity," and is cutting its FY15 capex budget for its Pinemont facility to $1M-$5M from $15M. The budget for other property and equipment has been cut to $5M-$7M from $10M.
    • Cableless OBX ocean bottom nodal products remain a strong point: Over 2,800 OBX stations were rented in FQ1, and over 1,600 are expected to be rented in FQ2.
    • FQ1 gross margin was slightly negative thanks to a $21K gross loss (compares with a $47.1M gross profit a year ago). GAAP operating expenses fell 14% Y/Y to $9.9M.
    • Shares have made new 52-week lows in morning trading.
    • FQ1 results, PR
    | Comment!
  • Mon, Feb. 2, 1:48 PM
    • Seismic data tech providers Geospace (GEOS +8.4%) and Ion Geophysical (IO +5.8%) are posting big gains on a day that has seen many of the company's oil/gas industry clients rally in the wake of an oil price bounce.
    • Geospace and Ion both saw their shares plunge in 2014. Geospace reports on Wednesday.
    | Comment!
  • Dec. 19, 2014, 2:52 PM
    • Geospace (NASDAQ:GEOS) is one of the Nasdaq's biggest gainers on options expiration day.
    • 2M shares (16% of the float) were shorted as of Nov. 28. With Geospace down 72% YTD going into today amid a major slowdown in seismic exploration work, many of those shorts likely have huge profits.
    | 2 Comments
  • Nov. 21, 2014, 3:52 PM
    • Geospace Technologies (GEOS -10.2%) is downgraded to Neutral from Buy at Dougherty, which also removed its price target, as the firm sees a difficult year ahead amid weakness in the seismic market.
    • GEOS' Q4 results missed estimates due to disappointing product demand and gross margins, and industry commentary suggests the seismic market will continue weak into or perhaps through 2016, with the exception of ocean bottom seismic, the firm says.
    • GEOS shares could remain under pressure with continued quarterly losses in the near term, the firm writes but adds that the $25.28/share tangible book value provides a rough floor.
    | 3 Comments
  • Nov. 21, 2014, 12:46 PM
    | 1 Comment
  • Nov. 20, 2014, 6:20 PM
    • "Demand for product sales has fallen in direct association with reduced capital spending by our customers due to diminished seismic exploration activities across most sectors of the industry," says Geospace (NASDAQ:GEOS) in its FQ4 report. "To the extent that oil and gas companies continue to reduce exploration spending to find new energy, we expect the demand for these products to remain soft."
    • FQ4 product revenue -70% Y/Y to $19.4M, thanks in large part to $38.7M drop in reservoir product revenue (the result of a major deal with Statoil concluding). Rental equipment revenue rose 167% to $6.1M.
    • Gross margin fell to 23.1% from 43.6% a year ago. GAAP opex fell 11% to $9.4M.
    • Fellow seismic equipment provider Ion Geophysical (NYSE:IO) could follow Geospace lower.
    • FQ4 results, PR
    | 1 Comment
  • Oct. 20, 2014, 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.
    | 4 Comments
  • Oct. 17, 2014, 11:23 AM
    • Citing oil industry trends and a belief seismic product sales will remain weak, Cowen has downgraded Geospace (NASDAQ:GEOS) to Market Perform, and cut its target by $30 to $40.
    • Fellow oil/gas seismic equipment provider Ion Geophysical (IO -0.7%) is ticking lower on a day the Nasdaq is up 1.6%. Both Geospace and Ion have had rough years.
    | Comment!
  • Mar. 21, 2014, 4:00 PM
    • Geospace (GEOS -15.2%) client Seafloor Geophysical (SGS) has informed the company part of a prior capital commitment has been withdrawn, and that it's seeking new investors. (8-K)
    • As a result, Geospace may have to postpone delivery of a $29.4M order for 2.3K units of its deep-water OBX seafloor recorder beyond its June quarter (FQ3). Geospace isn't able to estimate when delivery will now take place.
    | 9 Comments
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Company Description
Geospace Technologies Corp is engaged in designing and manufacturing of instruments and equipment used in the oil and gas industry for acquiring seismic data to locate, characterize and monitor hydrocarbon producing reservoirs.