MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Thursday, May 23, 2013
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8:37 PM More on Zumiez' (ZUMZ) Q1: Revenues rise 14.3% Y/Y, even as comps drop 0.7% (comps growth was 12.9% in Q1 2012). CEO Rick Brooks reminds investors that the operating environment in Q1 was "more challenging" than it was in the same period a year ago and notes that "business improved throughout the quarter driven by strong full price selling during" March and April. For Q2 ZUMZ sees EPS of $0.12-0.14 (including a ~$0.04/share hit from the Blue Tomato acquisition) on revenue of $155-158M — consensus is for $0.17/share on sales of $156.79M. Shares -3.09% AH. (PR) Comment!
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8:20 PM More on Aeropostale's (ARO) Q1: Revenues and comps fall 9% and 14% Y/Y respectively. The company cites a "weak macroeconomic environment [and] unseasonably cool weather" — so, the usual suspects — as negative factors. E-commerce revenues (included in the comps calculation) rise 13%. CEO Thomas Johnson says visibility is "limited" going forward but expresses confidence in the company's strategic initiatives to transform the brand and "develop growth drivers." For Q2, ARO sees a loss of $0.15-0.20/share versus consensus of a $0.06 per share loss. Shares -4.49% AH. (PR) Comment!
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8:04 PM More on Infoblox (BLOX): FQ3 beats across the board as total revenue ramps up 34% Y/Y. Net losses narrowed as the data-center technology company benefited from growing product demand across all regions. The company also raised its FY13 revenue expectations, now expecting between $220M to $221M, versus previously targeted revenue of $216M to $219M. For Q4, the company projected earnings of $0.08 - $0.09 a share on revenue of $58M to $59M. Analysts forecast an EPS of $0.07 on revenue of $58M. Shares +14% AH. Comment!
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7:23 PM Sears Holdings (SHLD) gets slammed in after-hours trade following a disappointing first quarter that was much worse than analysts expected. In its conference call, CEO Eddie Lampert says the performance is "not acceptable,” adding that “a company of our size and with our assets should be generating a significant profit.” Shares -12% AH. 4 Comments
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6:21 PM AVEO Pharmaceuticals (AVEO) has been informed by its partner, Astellas Pharma (ALPMY.PK), that it no longer intends to submit a Marketing Authorization Application to the European Medicines Agency for tivozanib, its treatment for advanced renal cell carcinoma, nor does not intend to fund any future trials under its strategic collaboration agreement. AVEO says it's evaluating the impact of the news and its options for the drug going forward. AVEO -14.7% AH. Comment!
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6:15 PM Titan Machinery (TITN) -12.4% AH after warning of a loss in the April quarter, hurt by lower sales in its agriculture and construction business. Sees FQ1 EPS loss of $0.01-$0.03 vs. $0.18 gain consensus estimate, and revenues of ~$440M vs. $480M consensus. See FY 2014 EPS of $1.70-$2.00 vs. prior $2.00-$2.30 and $2.15 consensus. Comment!
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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!
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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!
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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. 8 Comments
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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) 1 Comment
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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) 2 Comments
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4:06 PM Salesforce.com (CRM): Q1 EPS of $0.10 in-line. Revenue of $893M (+28% Y/Y) beats by $5.92M. Shares -4.2% AH. (PR) 3 Comments
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4:00 PM Inspire MD (NSPR -14%) gets smacked down today, flying in the face of largely posititve results from six-month trials of its MGuard Embolic Protection Stent that showed a lower mortality rate. The MGuard EPS uses a micro-net mesh sleeve to prevent unstable arterial plaque and clots that cause heart attack blockage from breaking off and exacerbating damage. Comment!
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3:46 PM Echo Therapeutics (ECTE +12.8%) move up on the Street's upbeat take on its Symphony CGM System, a needle-free continuous glucose monitoring system which the company unveiled and demonstrated in a webcast yesterday. CEO Patrick T. Mooney, M.D., commented that Symphony can effectively "improve glucose monitoring in hospitals and help alleviate the burden on both patients and caregivers," Patrick T. Mooney, M.D., chairman and CEO said in a statement released today. Comment!
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3:25 PM China's exports of rare earth metals have rallied in recent months, a trend attributed to low rare earth prices and Japanese demand. But Molycorp (MCP -2.9%), whose shares have jumped 30% in the past two weeks, says it might be premature to assume a firm turnaround in global demand: "Inventories have been built up over the past several years, and they are returning to more normal levels now." 4 Comments
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