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  • Thursday April 17, 5:25 PM ET
    • GE will be more active on the divestiture front this year, with plans to sell off $4B worth of its sprawling conglomerate and possibly shedding operations that aren't meeting a minimum profit margin target of 10%, CEO Jeff Immelt said in today's earnings call.
    • Profits at GE's industrial business rose 12% Y/Y, with its jet engine and oil and gas businesses delivering strong results, but profit at its energy management business plunged 67% and could see some of its weaker operations sold off, even as it brings in Mark Begor - whom Immelt called a "turnaround guy" for his work running GE Capital's real estate business - to run the operation.
    • S&P Capital IQ reiterated its Buy rating on the stock and raises its target price by $2 to $32, believing that GE's industrial, infrastructure and financial performance will benefit from an expanding U.S. and global economy.
    Comment!
  • Thursday April 17, 5:08 PM ET
    Comment!
  • Thursday April 17, 5:05 PM ET
    Comment!
  • Thursday April 17, 4:59 PM ET
    Comment!
  • Thursday April 17, 4:52 PM ET
    Comment!
  • Thursday April 17, 4:46 PM ET
    Comment!
  • Thursday April 17, 4:41 PM ET
    Comment!
  • Thursday April 17, 4:39 PM ET
    • AMD expects Q2 revenue to be flat to up 6% Q/Q; that's better than a consensus for a 3% decline.
    • Due to desktop weakness, Computing Solutions (PC/server CPU) sales fell 8% Q/Q and 12% Y/Y in Q1; they were down 13% Y/Y in Q4, and 15% in Q3.
    • Graphics & Visual Solutions (GPUs, console/embedded designs) sales fell 15% Q/Q and rose 118% Y/Y. Console-related sales fell Q/Q, but GPU sales rose.
    • CPU ASPs were flat Q/Q and down slightly Y/Y. GPU ASPs rose Q/Q and Y/Y due to Radeon R7/R9 demand (some of it from Litecoin miners).
    • Gross margin (a point of concern lately) was 35%, flat Q/Q, down 600 bps Y/Y, and in-line with guidance. GM is expected to remain at 35% in Q2.
    • R&D spend fell 11% Y/Y to $279M, MG&A spend fell 13% to $156M. AMD ended Q1 with $982M in cash, down from $1.19B at the end of Q4 thanks to a GlobalFoundries payment. Debt fell by $43M to $2.06B.
    • Q1 results, PR, CFO commentary (.pdf)
    3 Comments
  • Thursday April 17, 4:17 PM ET
    • Advanced Micro Devices (AMD): Q1 EPS of  $0.02 beats by $0.02
    • Revenue of $1.4B (+28.4% Y/Y) beats by $60M.
    • Press Release
    17 Comments
  • Thursday April 17, 4:10 PM ET
    Comment!
  • Thursday April 17, 4:08 PM ET
    • Hub Group (HUBG): Q1 EPS of $0.33 misses by $0.03.
    • Revenue of $848.45M (+10.3% Y/Y) beats by $8.62M.
    • Press Release
    Comment!
  • Thursday April 17, 4:07 PM ET
    • CEPHEID (CPHD): Q1 EPS of -$0.01 beats by $0.06.
    • Revenue of $106.9M (+16.3% Y/Y) beats by $2M.
    • Press Release
    Comment!
  • Thursday April 17, 4:05 PM ET
    • Associated Banc-Corp (ASBC): Q1 EPS of $0.27 beats by $0.02.
    • Revenue of $243.15M (+1.5% Y/Y) beats by $4.67M.
    • Press Release
    Comment!
  • Thursday April 17, 4:04 PM ET
    • Select Comfort (SCSS): Q1 EPS of $0.31 misses by $0.01.
    • Revenue of $276.41M (+7.0% Y/Y) beats by $2.14M.
    • Press Release
    Comment!
  • Thursday April 17, 4:03 PM ET
    • athenahealth (ATHN): Q1 EPS of $0.12 misses by $0.05.
    • Revenue of $163.03M (+29.8% Y/Y) misses by $6.96M.
    • Press Release
    Comment!
  • Thursday April 17, 4:03 PM ET
    • TSMC (TSM +2.8%) has guided for Q2 revenue of NT$180B-NT-$183B ($5.97B-$6.07B), well above a $5.61B consensus. Gross margin is expected to be in a range of 47.5%-49.5%, after coming in at 47.5% in Q1 (+170 bps Y/Y).
    • TSMC states strong mobile chip demand contributed to its Q1 beat, which follows a March guidance hike, and that it's also benefiting from inventory restocking and "better performance and higher yield and reliability" for advanced process nodes.
    • 28nm wafers made up 34% of Q1 revenue, and 40/45nm wafers 21%.
    • UBS' William Dong has upgraded shares to Buy, and thinks strong demand for 4G smartphones (have higher chip content than 3G phones) is giving the foundry a lift. He expects 10%-12% Q/Q Q3 revenue growth as orders for Apple's A8 CPU ramp, and 3%-5% growth in Q4.
    • At the same time, Dong expects TSMC to see a more "balanced pricing environment" in 2015 as smaller foundry rivals such as Samsung try to take share.
    • Q1 results, PR
    Comment!
  • Thursday April 17, 4:02 PM ET
    • Acacia Research (ACTG): Q1 EPS of -$0.11 misses by $0.16.
    • Revenue of $12.58M (-83.6% Y/Y) misses by $4.34M.
    • Press Release
    Comment!
  • Thursday April 17, 2:46 PM ET
    • Cypress (CY +1.2%) guided on its Q1 CC for Q2 revenue of $181M-$186M ($183.5M midpoint) and EPS of $0.11-$0.13 vs. a consensus of $182.8M and $0.12.
    • Shares are posting moderate gains after initially trading lower following the chipmaker's Q1 results, which featured in-line EPS and a small revenue beat.
    • A slightly soft gross margin (50.3%, -70 bps Q/Q and -40 bps Y/Y) pressured EPS. On the other hand, quarter-ending book-to-bill was a healthy 1.08.
    • Touch controller rival Synaptics (SYNA +5.4%) is posting big gains on what's proving a good day for chip stocks (SOXX +2.2%).
    1 Comment
  • Thursday April 17, 11:42 AM ET
    • Though SAP's (SAP -2.1%) non-IFRS cloud subscription/support revenue rose 32% Y/Y in Q1 (even with Q4's rate) to €221M, its traditional software license revenue fell 5% to €623M after growing 1% in Q4.
    • Much like archrival Oracle's 2013 license revenue misses, the latter figure is bound to trigger fears about the impact of cloud software competition.
    • Support revenue (driven by software licenses, relatively steady) rose 5% Y/Y to €2.21B, and all other revenue fell 8% to €643M. Opex rose just 2% Y/Y.
    • A strong euro took a toll: Whereas revenue and op. profit each rose 2% Y/Y at current exchange rates, they've would've risen 6% and 7% at constant currency. SAP expects a similar forex impact for the whole of 2014.
    • SAP now has 3.2K+ Hana customers, up from 3K+ at the end of 2013, and nearly 1K customers now run its core Business Suite on Hana (up from 800). But no Hana revenue figure is given; Hana revenue rose 61% in 2013 to €633M.
    • Cloud billings rose 23% Y/Y to €228M (36% exc. forex), and the cloud deferred revenue balance 20% to €454M (29% exc. forex).
    • In spite of the Q1 miss, SAP is reiterating its full-year revenue and op. profit forecasts.
    • Q1 results, PR
    Comment!
  • Thursday April 17, 9:20 AM ET
    • On the surprising strength in FICC revenues in Q1, Morgan Stanley (MS) CFO Ruth Porat - speaking on the earnings call - says weather-related volatility played a big factor in strong commodity business, but credit corporates and mortgages continued to be strong areas for the bank.
    • On HFT: “We’ve advocated for increased transparency and trading protocol ... So we welcome ongoing enhancement (in) equity market structure."
    • Asked by Mike Mayo to break out the numbers in prime brokerage, Porat declines, saying it's not company policy to break out components within units. "Client balances and revenues are up quarter over quarter and year over year ... (the) highest balances since the crisis."
    • Live blog of call
    • Shares +2.5% premarket
    Comment!
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