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  • 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!
  • Thursday April 17, 9:19 AM ET
    Comment!
  • Thursday April 17, 9:19 AM ET
    • Home BancShares (HOMB): Q1 EPS of $0.43 beats by $0.01.
    • Revenue of $94.02M (+76.2% Y/Y) beats by $8.32M.
    • Press Release
    Comment!
  • Thursday April 17, 9:19 AM ET
    • Acme United (ACU): Q1 EPS of $0.11 in-line.
    • Revenue of $19.2M beats by $0.14M.
    • Press Release
    Comment!
  • Thursday April 17, 9:12 AM ET
    • Honeywell (HON) reported slightly better than expected Q1 earnings, helped by strong sales of turbochargers for automobiles and home thermostats and security systems.
    • HON raises the lower end of its EPS outlook for the year by five cents, now expecting a profit of $5.40-$5.55, citing Q1 performance as well as the overall favorable outlook for its key end markets.
    • Sales at the automation and control- ystems business, which serves the commercial construction industry, rose 7.6% to $4B; aerospace unit sales fell 1.8% to $2.86B; performance materials and technologies sales rose 2.2% to $1.75B; transportation systems sales aded 8.6% to $993M.
    • Shares +0.2% premarket.
    Comment!
  • Thursday April 17, 9:08 AM ET
    • Wipro (WIT): FQ4 EPS of $0.15 beats by $0.02.
    • Revenue of $1.94B (+10.2% Y/Y) beats by $40M.
    • Press Release
    Comment!
  • Thursday April 17, 8:56 AM ET
    • Net income available to common shareholders of $309M or $0.36 per share vs. $413M or $0.46 per share a year ago, with litigation reserve charges of $51M this quarter vs. $9M a year ago.
    • Net interest income of $898M up 1% from a year ago with net interest margin of 3.22% up one basis point. Noninterest income of $564M down from $703M a year ago thanks to last year's $137M benefit from the value of the Vantiv warrant.
    • Noninterest expense of $950M falls from $989M despite continued high litigation costs.
    • Q1 net charge-offs of $168M (0.76% of loans and leases) up from $133M (0.67%) one year ago; $60M of Q1 charge-offs related to three loans. Q1 provision expense of $69M vs. $62M a year ago.
    • Tier 1 common ratio of 9.51%. Tangible book value per share of $13.40 up 6% Y/Y.
    • CC at 9:30 ET
    • Press release, Q1 results
    • FITB no trades premarket
    Comment!
  • Thursday April 17, 8:51 AM ET
    • Knoll (KNL): Q1 EPS of $0.18 beats by $0.05.
    • Revenue of $229.3M (+14.3% Y/Y) beats by $10.1M.
    • Press Release
    Comment!
  • Thursday April 17, 8:49 AM ET
    • DuPont's (DD) -0.7% premarket as Q1 earnings plummet by more than half from the year-ago quarter after losing the one-time boost from the sale of its coating business.
    • DuPont estimates adverse winter weather reduced Q1 EPS by $0.07 due to increased operating costs and lost sales.
    • Sales in DD's agricultural business fell 6% to $4.39B, as volume growth in the Americas was constrained by the harsh weather as well as shifts in the timing and planted area.
    • However, volumes increased in the company's industrial segments and margins improved in almost all of them.
    • Reaffirms guidance for FY 2014, sees EPS of $4.20-$4.45 vs. $3.88 last year and $4.32 analyst consensus, based on anticipated growth in global industrial market demand.
    2 Comments
  • Thursday April 17, 8:33 AM ET
    Comment!
  • Thursday April 17, 8:31 AM ET
    • Syntel (SYNT): Q1 EPS of $1.39 beats by $0.14.
    • Revenue of $219.52M (+16.1% Y/Y) beats by $0.82M.
    • Press Release
    Comment!
  • Thursday April 17, 8:28 AM ET
    • Schlumberger (SLB) +0.3% premarket as Q1 earnings rose 26% Y/Y despite a harsher than usual weather in North America and Russia that dented demand for its drilling, well completion and other services.
    • Revenue jumped 19% from the Middle East and Asia, rose 12% from North America, edged up less than 1% from Europe/CIS/Africa, and fell 7% from Latin America.
    • SLB predicts a rise in spending among clients of more than 6% this year, evenly split between the international and North American markets and driven by the independent and national oil companies.
    Comment!
  • Thursday April 17, 8:15 AM ET
    • Baker Hughes (BHI+3.9% premarket after reporting a 23% Y/Y gain in Q1 earnings and a nearly 10% jump in revenue, in results that beat expectations.
    • The North American segment, BHI's largest geographic business by revenue, posted a 6.6% gain in revenue to $2.78B, a 24% improvement in the Middle East and Asia Pacific region, and a 17% advance in the Europe, Africa and Russia Caspian segment; Latin America revenue shrank 10%.
    • North America margins improved by 200 bps despite a drop in well count caused by severe winter weather in the Rockies and northeast U.S.
    Comment!
  • Thursday April 17, 8:14 AM ET
    • PPG Industries (PPG): Q1 EPS of $1.98 beats by $0.11.
    • Revenue of $3.63B (+9.0% Y/Y) in-line.
    • Press Release
    Comment!
  • Thursday April 17, 8:08 AM ET
    Comment!
  • Thursday April 17, 8:05 AM ET
    • EPS of $4.02 compares with $4.29 a year ago and $4.60 in Q4. Revenue of $9.33B falls from $10.09B. Annualized ROE of 10.9% in Q1.
    • Investment banking revenue of $1.78B up 13% Y/Y, with financial advisory revenue of $682M up 41%, equity underwriting revenue of $437M up12%, debt underwriting of $660M down 5%.
    • Institutional client services revenue of $4.446B down 13% Y/Y, with FICC revenue of $2.85B down 11%, not terribly out of line with dim expectations, but Morgan Stanley and BofA managed to report gains in this segment (Citi and JPMorgan had declines). Given the fixed to shrinking pie size, Goldman lost some share during the Q.
    • Investing & Lending revenue of $1.529B downb 26% Y/Y. Investment management revenue of $1.152B up 9%.
    • Operating expenses of $6.31B off 6% from a year ago, with compensation and benefits expense of $4.01B down 8%. Compensation and benefits as a percentage of revenue of 43% is flat. Total headcount down 1% during the quarter.
    • CC at 9:30 ET
    • Press release, Q1 results
    • GS +2% premarket
    3 Comments
  • Thursday April 17, 8:04 AM ET
    • Cypress Semiconductor (CY): Q1 EPS of $0.07 in-line.
    • Non-GAAP Revenue of $170.28M (-2.9% Y/Y) beats by $1.28M.
    • Press Release
    1 Comment
  • Thursday April 17, 8:03 AM ET
    Comment!
  • Thursday April 17, 8:02 AM ET
    • Travelzoo (TZOO): Q1 EPS of $0.31 misses by $0.05.
    • Revenue of $40.2M (-4.7% Y/Y) misses by $2.6M.
    • Press Release
    Comment!
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