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Yesterday, 2:37 PM
- Many tech stocks are seeing 6%+ losses as investors flee to safety yet again. The Nasdaq is down 3.4%, and the S&P 2.7%.
- As was the case on Friday following Tableau and LinkedIn's disappointing guidance, a slew of enterprise tech stocks are seeing big losses, with cloud software and security tech names well-represented on the casualty list.
- Also: Solar stocks are having another brutal day (TAN -6.7%) as energy stocks get routed amid fears Chesapeake Energy is close to bankruptcy. WTI crude oil is once more near $30/barrel.
- Enterprise software decliners: Adobe (ADBE -9.6%), Paylocity (PCTY -19.1%), Salesforce (CRM -9.9%), Workday (WDAY -12%), Guidewire (GWRE -12.5%), ServiceNow (NOW -11.5%), Zendesk (ZEN -13.8%), Paycom (PAYC -13.4%), Marin Software (MRIN -10.3%), Castlight (CSLT -8.4%), Cornerstone OnDemand (CSOD -12.1%), Atlassian (TEAM -13.2%), inContact (SAAS -9.6%), and Bazaarvoice (BV -14.5%).
- Enterprise security decliners: Palo Alto Networks (PANW -12.2%), FireEye (FEYE -9.8%), CyberArk (CYBR -11.5%), Proofpoint (PFPT -12.7%), Qualys (QLYS -8.9%), Imperva (IMPV -9.7%), Rapid7 (RPD -9.4%), and Barracuda (CUDA -8.4%).
- Solar decliners: SunEdison (SUNE -11.3%), SunPower (SPWR -8.8%), JinkoSolar (JKS -7.6%), SolarEdge (SEDG -7.9%), Yingli (YGE -7.1%), TerraForm Power (TERP -10.7%), and TerraForm Global (GLBL -9.2%).
- Other major decliners: Micron (MU -9.1%), Western Digital (WDC -10.5%), Arista (ANET -10.9%), Universal Display (OLED -10.6%), Rackspace (RAX -11.3%), Fitbit (FIT -8.7%), Nimble Storage (NMBL -11.3%), Sierra Wireless (SWIR -9.9%), Rocket Fuel (FUEL -9.8%), Knowles (KN -9%), Mitel (MITL -8.9%), and Alarm.com (ALRM -8.9%).
- Previously covered: Yelp, Cognizant, Tableau, Globant, Ambarella, European tech stocks
Fri, Jan. 29, 12:39 PM
- Coherent (COHR +20.5%) missed FQ1 sales estimates (while beating on EPS) and guided on its earnings call (transcript) for FQ2 revenue of $195M-$200M, below a $208.7M consensus.
- However, the industrial laser maker also reported FQ1 bookings totaled $273M, up 32.9% Q/Q and 68% Y/Y, and good for a 1.43 book-to-bill. Moreover, a fresh bookings record is forecast for FQ2, and orders are expected to remain strong in the second half of FY16.
- CEO John Ambroseo attributed the numbers to strong OLED manufacturing-related orders for Coherent's Linebeam systems. "The first wave of orders for large format Linebeam systems to be used in OLED production accounted for the bookings increase. The second wave has already arrived in the current quarter with an order well in excess of $150 million. There are a significant number of orders pending for the balance of the second quarter and for the remainder of fiscal 2016 ... We can tell you that deliveries begin in the June quarter and run through calendar 2017."
- The disclosure comes shortly after LG Display announced new investments to ramp OLED TV panel production, and amid reports Apple plans to use OLEDs in future iPhones (one report indicated a 2018 ETA).
- OLED materials/IP provider Universal Display (OLED +8.6%) is up strongly. Coherent peers Rofin-Sinar (RSTI +4.3%), IPG Photonics (IPGP +2.6%), and Newport (NEWP +3.5%) are also doing well. The Nasdaq is up 1.5%.
- Coherent's FQ1 results, earnings release
Fri, Jan. 15, 2:53 PM
- In Wall Street's latest bloodletting, the Nasdaq is down 3.1% and the S&P 2.4%. The decline comes amid tumbling energy prices (crude is below $30/barrel), soft macro data, and disappointing earnings reports from the likes of Intel and Citigroup.
- Tech companies seeing outsized losses amid the carnage include chipmakers NXP (NXPI -8.1%), Qorvo (QRVO -8.9%), InvenSense (INVN -3.7%), IDT (IDTI -6.4%), Sigma Designs (SIGM -6.5%), and Knowles (KN -6.6%), as well as solar plays Trina (TSL -9.3%), ReneSola (SOL -11.5%), JinkoSolar (JKS -10.7%), Enphase (ENPH -8.5%), and Canadian Solar (CSIQ -8.4%).
- Also off sharply: Action camera leader GoPro (GPRO -8.7%), 3D printer maker 3D Systems (DDD -7.5%), daily deals leader Groupon (GRPN -6.4%), server interconnect provider Mellanox (MLNX -8.5%), OLED materials/IP provider Universal Display (OLED -10.3%), Latin American online marketplace MercadoLibre (MELI -7.2%), data management software firm Varonis (VRNS -8.3%), ad tech firm Rocket Fuel (FUEL -7.1%), Chinese online retailers Vipshop (VIPS -6.9%) and Jumei (JMEI -12.7%), and home automation system provider Control4 (CTRL -7.8%).
- GoPro is down 22% since issuing a Q4 warning on Wednesday afternoon. Trina has been downgraded to Neutral by Goldman. IDT and Mellanox could be affected by the weaker-than-expected Q4 sales reported for Intel's server CPU division (DCG).
- Previously covered: Chip equipment makers, Yandex/Qiwi, Intel, Textura, PC industry firms, Rackspace, CommVault, Ericsson
- Wednesday's notable decliners
Tue, Jan. 5, 6:04 PM
- HP (NYSE:HPQ) has used CES week to announce a version of its Spectree x360 notebook that sports a 15.5" 4K touchscreen. The system, which will start at $1,149, also has an optional Intel Iris GPU and comes with four front-firing speakers. (PR)
- Meanwhile, the existing 13.3" x360 is getting an optional OLED screen, making it among the first notebooks to support one. Lenovo is also showing off an OLED notebook at CES - OLED materials/IP provider Universal Display (NASDAQ:OLED) has to be pleased.
- Also unveiled by HP: 1) A 12.1" version of HP's low-cost Pavilion x2 tablet/notebook convertible that sports a 1080p display, and will start at $500; the current x2 has a 10.1" display and goes for $250. 2) New notebooks for HP's business-focused EliteBook line: The EliteBook Folio G1, which has an optional 4K display and is declared by HP to be the thinnest/lightest notebook it has ever created, and the EliteBook 1040 and 800 G3. The 1040 G3 is deemed "the world's thinnest 14" business-class notebook."
- IDC estimates HP's PC unit share rose 110 bps Y/Y in Q3 to 19.6% (#2 behind Lenovo), in spite of a 5.5% drop in shipments to 13.9M. The company's October quarter PC revenue fell 14% Y/Y to $7.7B. Desktop sales fell 17%, and notebook sales a relatively modest 5%.
Dec. 30, 2015, 10:02 AM
- Korea's Electronic Times reports Samsung (OTC:SSNLF) and LG Display (LPL -0.6%) are close to final deals with Apple (NASDAQ:AAPL) to supply OLED displays for iPhones.
- It adds the companies plan to spend a combined KRW15T ($12.8B) in capex over the next 2-3 years to expand their OLED capacity, and that (in-line with past deals with suppliers) Apple will likely provide some funding to help the companies with their investments. Samsung will likely get bigger order volumes than LG.
- The report follows one from Japan's Nikkei a month ago stating Apple will launch iPhones featuring OLEDs in 2018, and that the company will work with suppliers "over the next year or so" to see if it can obtain enough displays and eliminate technical issues such as performance degradation.
- OLED IP/materials supplier Universal Display (OLED +5.1%) is rallying once more, after having previously done so on the Nikkei report. Shares are within $3 of a 52-week high of $57.93, and up 99% YTD.
Dec. 15, 2015, 10:49 AM
- TheStreetSweeper, no stranger to providing downbeat commentary on Universal Display (NASDAQ:OLED), argues today the company's "fundamental" OLED patent is due to expire in 2017, with other patents set to expire in the following years. Universal has filed for dozens of patents since the '90s at the USPTO and other patent agencies.
- TheStreetSweeper also notes Universal's 2011 OLED material supply deal with Samsung expires in 2017 - Samsung has been buying from both Universal and subsidiary Cheil Industries - that Samsung has considerable OLED IP of its own, and that the SEC launched a 2014 inquiry into Universal's revenue recognition practices.
- The firm, meanwhile, is skeptical of recent reports Apple is planning to use OLEDs in future iPhones, and highlights a JPMorgan report suggesting Apple is more likely to use OLEDs in niche products. Bloomberg just reported (in a story about a Taiwanese Apple display R&D facility) Apple (NASDAQ:AAPL) is "keen to move to [OLEDs]," while continuing to develop more advanced LCDs.
- Universal has sold off on a morning the Nasdaq is up 1.1%.
Dec. 2, 2015, 2:10 PM
- Universal Display (NASDAQ:OLED) has surged to new 52-week highs after CFO Sidney Rosenblatt presented this morning in London (webcast) at the Nasdaq 33rd Investor Program.
- Shares are up over 15% since the Nikkei reported last week Apple plans to use OLED iPhone displays starting in 2018. Cowen followed up by reporting Apple is seeking 2018 OLED capacity commitments.
Nov. 27, 2015, 10:26 AM
- A piece in the Nikkei Asian Review says Apple "plans to introduce organic light-emitting diode displays for iPhones starting in 2018," though no sources are cited.
- Cowen's Robert Stone - who has Outperform ratings on both Universal Display (OLED +6.1%) and LG Display (LPL +1.1%) - expects Apple to eventually adopt an AMOLED display, subject to establishing sufficient capacity. "Capacity commitments are apparently being sought for 2018, by which time we expect the technology of choice is likely to be on flexible substrate."
- In the meantime, he says, look for AMOLED's (both rigid and flexible) to continue taking market share from LCD displays with other smartphone OEMs in China and elsewhere.
- Source: Barron's
Nov. 25, 2015, 3:09 PM
- Japan's Nikkei reports Apple (AAPL -0.5%) will launch iPhones sporting OLED displays starting in 2018. To date, the company has exclusively used LCDs for its retina displays.
- The paper adds securing enough OLEDs to meet Apple's needs (the company sells over 200M iPhones/year) could be difficult, and that Apple will "work over the next year or so" with suppliers to see if it can obtain enough displays and eliminate technical drawbacks such as performance degradation.
- iPhone LCD supplier LG Display (LPL +6.9%), which has already unveiled plans to invest ~$8.5B in OLED manufacturing through 2018, is said to be "planning capacity upgrades." OLED materials/IP provider Universal Display (OLED +5.2%) have caught a bid on the Nikkei's report; LPL was already higher on the day.
- OLEDs have long been a staple on Samsung's Galaxy S and Note lines. Supporters of the technology praise its high contrast/deep blacks and potential thickness and power consumption advantages. Apple, however, has argued its LCDs provide superior color accuracy.
- There have long been rumors Apple is thinking of adopting OLEDs. The company recently filed a patent application for an integrated OLED display and touch panel, with a fingerprint reader located underneath.
- Earlier: Apple buys Star Wars motion capture tech developer Faceshift
- Five months ago: Apple reportedly working on iPhone design that eliminates home button
Nov. 19, 2015, 12:36 PM
- Universal Display (OLED +9.6%) is up 17% over the last two days. Possibly helping: The USPTO has published a patent application from Apple (has long been the subject of rumors it's testing/thinking of using OLEDs) for an integrated OLED display and touch panel, with a fingerprint reader underneath.
- In the application, Apple (NASDAQ:AAPL) states integrating an OLED stack and touch sensors on a silicon substrate "can allow for an extremely high number of pixels per inch," and that arranging OLED sub-pixels side-by-side with touch sensors "can also lead to a wider viewing angle display with a higher contrast ratio, higher brightness, and more vibrant colors without compromising touch sensitivity."
- Also: Reuters has published an article highlighting LG's recent OLED TV price cuts, made possible by recent production improvements and plant investments. Two sets now sell for less than $2K. LG Display (LPL +3.2%) recently promised to invest at least KRW10T ($8.5B) in OLED manufacturing through 2018.
- Universal jumped two weeks ago after beating Q3 estimates and narrowing its full-year guidance. Shares are at their highest levels since August.
- Update: Also of note: Korea's Digital Times reports LG Display plans to invest (perhaps using the funds previously allocated for OLED expansion) up to $4.2B to build a new OLED plant in Paju, South Koirea. The plant is expected to go into production in the 2017-2018 timeframe.
Nov. 5, 2015, 5:26 PM
- Following its Q3 beat, Universal Display (NASDAQ:OLED) forecasts 2015 revenue of $200M with potential upside or downside of 3%. The company previously guided for 5% downside and 15% upside.
- OLED material sales rose 24% Y/Y in Q3 to $34.1M, with an $11.3M increase in emitter sales offsetting a $4.6M drop on host material sales. With Samsung making licensing payments in Q2 and Q4, royalty/license revenue totaled $5.2M, down $200K Y/Y.
- Material gross margin (closely watched) rose to 79% from 75% in Q2 and 73% a year ago (boosted EPS). Costs/expenses rose 16% Y/Y to $31.1M.
- Shares have risen to $38.20 after hours.
- Q3 results, PR
Nov. 5, 2015, 4:09 PM
- Universal Display (NASDAQ:OLED): Q3 EPS of $0.13 beats by $0.05.
- Revenue of $39.42M (+19.9% Y/Y) beats by $1.27M.
Nov. 4, 2015, 5:35 PM
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Oct. 16, 2015, 10:48 AM
- Goldman has downgraded Universal Display (NASDAQ:OLED) to Neutral, and cut its target by $10 to $40. Shares have fallen below $36 in response.
- A week ago, Universal jumped as Cowen reiterated an Outperform, while noting LG OLED TV price cuts - LG's cheapest model is available for $1,799 while supplies last - and Korean government plans to offer fresh incentives (tax benefits, tariff cuts, etc.) for local OLED manufacturing as Chinese and Japanese competition grows.
Oct. 9, 2015, 10:43 AM
- Cowen has reiterated an Outperform rating and $60 target for Universal Display (NASDAQ:OLED). Shares have rallied towards $39.
- Earlier this week, Cowen argued Samsung's Q3 pre-announcement boded well for Universal, given Samsung's better-than-expected numbers appeared to stem from OLED and logic IC strength. "When we visited Seoul in September, Samsung noted rising [OLED panel] shipments to other OEMs along with better Y/Y compares for Galaxy models. We note recent [OLED-supporting] models including Google Nexus 6P, and Microsoft Lumia 950/950 XL."
- Short-covering could be helping out: Universal had 3.7M shares (nearly 10% of the float) shorted as of Sep. 15.
Sep. 29, 2015, 12:35 PM
- As expected, Google (GOOG +0.5%) has refreshed its Nexus phone lineup with two models - a smaller device from LG known as the Nexus 5X, and a phablet from Huawei known as the Nexus 6P. (live blog)
- The 6P sports a 5.7" 2K OLED display - a moderate positive for Universal Display (OLED -0.7%), which still depends heavily on Samsung phone sales - and the 5X a 5.2" display. Both devices support 4K and slow-motion video recording, come with fingerprint sensors and reversible USB Type-C ports (said to charge twice as fast as the iPhone 6+), sport 12MP rear cameras with large 1.55-micron pixels (good for low-light photography), and run on stock Android 6.0 (Marshmallow).
- Traditionally, Google hasn't aimed for Nexus devices to become mass-market hits, but rather to serve as proof-of-concepts for its vision of what Android hardware and software should be. The company unveiled its Project Fi mobile phone service (only works with the Nexus 6 phablet for now) in April.
- Google has also announced Android now has over 1.4B active users, and Google Play over 1B active users. The company stated in June 2014 Android's user base had topped 1B.
- Update: Google states the Nexus 6P and 5X will join the Nexus 6 in working with Project Fi when they go on sale in October. Pricing has also been disclosed: The 6P will start at $499, and the 5X at $379.
- Update 2: Some more hardware launches: The Pixel C, a 10.2" Android tablet that starts at $499 and has a $149 detachable keyboard accessory; a new Chromecast HDMI dongle with an improved Wi-Fi radio; and Chromecast Audio, a $35 Wi-Fi streaming device that plugs into existing speakers.
Universal Display Corp is engaged in the research, development & commercialization of organic light emitting diode or OLED, technologies & materials for use in displays for wearables, smartphones, tablets & televisions & solid-state lighting applications.
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