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Wednesday, 23 July 2014, 2:47 GMT
VMware guides in-line, reports healthy NSX growth; EMC on deck
  • VMware (NYSE:VMW) guided on its Q2 CC for its Q3 revenue of $1.48B-$1.52B, in-line with a $1.5B consensus. Full-year revenue guidance has been narrowed to $5.96B-$6.08B from a prior $5.94B-$6.1B; consensus is at $6.02B.
  • License revenue rose 16% Y/Y in Q2, up from Q1's 15% and near the high end of guidance of $605M-$615M. VMware expects Q3 license revenue of $630M-$645M (+12%-14%), and full-year license revenue of $2.56B-$2.62B (+13%-15%).
  • Services revenue (driven by past deals) rose 18% in Q2 to $843M. Op. margin fell to 29.4% from 33.5% a year ago.
  • VMware's costly enterprise license agreements (ELAs) rose to 37% of bookings from 25% in Q1; eight $10M+ ELA deals were inked in Q2 vs. two in Q1.
  • Cloud management license bookings grew over 30% Y/Y for another quarter, and end-user computing (PC virtualization/AirWatch) rose over 50%. ~50% of ELAs once more included the entire vCloud Suite.
  • The company also says its much-hyped NSX networking virtualization/SDN platform is now on a $100M+/year run rate, and that its VSAN storage virtualization platform beat internal targets. Judging by total license growth rates, standalone server virtualization revenue is growing relatively slowly.
  • Unearned (deferred) revenue +22% Y/Y to $4.39B. Long-term unearned revenue +23% to $1.68B.
  • VMW +0.5% AH, as the guidance and a Q2 beat are taken in stride. Parent EMC, just challenged by Elliott Management to unload VMware, reports Wednesday morning.
  • Q2 results, PR, earnings slides (.pdf)
VMware guides in-line, reports healthy NSX growth; EMC on deck Post your comment!


Tuesday, 22 July 2014, 23:38 GMT
Xoom -11.7% AH due to soft Q3 EPS guidance
  • Though XOOM beat Q2 estimates, it's guiding for Q3 EPS of -$0.01 to $0.02, below a $0.04 consensus. Q3 revenue guidance - $39M-$41M vs. a $40.2M consensus - is healthier.
  • Full-year guidance is for revenue of $158M-$162M and EPS of $0.16-$0.24 vs. a consensus of $159.7M and $0.22.
  • Gross sending volume +12% Y/Y in Q2 to $1.8B. Transactions +24% to 3.19M, active customers +30% to 1.2M, new customers -1% to 133.5K.
  • Q2 results, PR
Xoom -11.7% AH due to soft Q3 EPS guidance 1 comment!


Tuesday, 22 July 2014, 23:12 GMT
LinkedIn buying ad tech company for $175M
  • LinkedIn (NYSE:LNKD) is acquiring Bizo, a provider of display/social ad services for marketers looking to target businesses. 10% of the $175M purchase price will be paid for in stock, and the rest in cash.
  • LinkedIn praises Bizo's data management and targeting tech for enabling "precise and measurable multi-channel marketing programs" aimed at business prospects. The company's service offerings already include LinkedIn ad solutions (.pdf) that support targeting based on professional data. Bizo's ad platform will be integrated with LinkedIn's content marketing tools.
  • LinkedIn's ad sales rose 36% Y/Y in Q1, less than total revenue growth of 46%. Ad growth has been pressured a bit by a transition to sponsored news feed ads.
  • In January, LinkedIn announced it's buying job search engine/listing platform Bright for $120M. Q2 results are due on July 31.
LinkedIn buying ad tech company for $175M 1 comment!


Tuesday, 22 July 2014, 22:58 GMT
Microsoft offers conservative outlook; unearned revenue +13%
  • Microsoft (NASDAQ:MSFT) guides on its FQ4 CC for FQ1 revenue of $21.2B-$22.3B, below a $23.1B consensus. But the company has shown a habit of guiding conservatively in recent quarters.
  • Also likely playing a role: The Nokia phone unit (about to see massive job cuts) is expected to see FQ1 revenue of $1.9B-$2.3B; that's down from a year-ago level of $3.9B. 5.8M Lumia phones were sold in FQ4 during the 2 months following the closing of the Nokia deal, with low-end phones making up "a majority" of the volume; 7.4M Lumias were sold over the unit's full June quarter last year.
  • Microsoft's unearned revenue balance rose 13% Y/Y to $25.2B. Its contracted not billed balance totaled $24B (up $3B Y/Y), and total bookings rose 29% (20% exc. Nokia).
  • Other  details: 1) Office commercial revenue (inc. Office 365) grew 4%. 2) Surface revenue totaled $409M, and 1.1M Xboxes were sold. 3) The benefit to Windows business revenue that came from the end of XP support "moderated" towards the end of FQ4. 4) $1.3B was spent on capex in FQ4, and $5.5B overall in FY14. 5) "Commercial licensing" accounted for 65% of FQ4 gross profit.
  • MSFT +1.3% AH. Earnings slides (.ppt), guidance (.ppt).
  • Prior Microsoft earnings coverage
Microsoft offers conservative outlook; unearned revenue +13% 5 comments!


Tuesday, 22 July 2014, 22:55 GMT
WSJ: J.P. Morgan nears deal for One Equity Partners buyout arm
  • JPMorgan Chase (NYSE:JPM) reportedly is in advanced discussions to sell roughly half its stake in the ~$4.5B investment portfolio of its buyout arm, One Equity Partners, to investment firms Lexington Partners and Carlyle Group's (NASDAQ:CG) AlpInvest Partners.
  • It is unclear how much the buyers would pay for the investment portfolio or whether other investors may join the buyers, but buyout fund stakes such as One Equity's lately have been selling for prices near their net asset values.
WSJ: J.P. Morgan nears deal for One Equity Partners buyout arm 1 comment!


Tuesday, 22 July 2014, 22:38 GMT
Timberland Bancorp, Inc. misses by $0.01, beats on revenue
  • Timberland Bancorp, Inc. (NASDAQ:TSBK): FQ3 EPS of $0.20 misses by $0.01.
  • Revenue of $8.55M (-3.6% Y/Y) beats by $0.05M.
  • Press Release
Timberland Bancorp, Inc. misses by $0.01, beats on revenue Post your comment!


Tuesday, 22 July 2014, 22:35 GMT
Talisman Energy +13% AH as Repsol reportedly considers making a bid
  • Talisman Energy (NYSE:TLM) +13% AH following a Bloomberg report that Repsol (OTCQX:REPYY, OTCPK:REPYF) is exploring a bid for the company as it looks to deploy cash it received for compensation in the loss of its stake in YPF as a way to grow outside of its home Spanish market.
  • Repsol is said to have identified TLM as a top target and is working with JPMorgan Chase as it evaluates the deal.
  • Repsol has said it may spend as much as $10B on deals, and any acquisition probably would be in the U.S., Canada or other developed markets.
Talisman Energy +13% AH as Repsol reportedly considers making a bid 4 comments!


Tuesday, 22 July 2014, 22:28 GMT
Apple's CC: iPad sales, margins, M&A, cash balances discussed
  • FQ3 iPad (NASDAQ:AAPL) sales were hurt by channel inventory cuts, Tim Cook states on the CC. He adds emerging markets tablet demand is holding up better than U.S. demand - PC sales have been rebounding in the latter - and that Apple is counting on its IBM partnership to boost business iPad sales; U.S. business penetration is pegged at 20%.
  • Over half of all iPad buyers are still first-time buyers - that points to both growing penetration and relatively low upgrade rates. The tablet market's growth has slowed considerably in recent quarters.
  • CFO Luca Maestri states cost improvements contributed to the FQ3 gross margin beat; a mix shift towards iPhones (have higher margins than iPads) also didn't hurt. He hints new products are partly responsible for the conservative FQ4 margin guidance.
  • Also mentioned: 1) Apple has bought 5 more companies since the end of FQ2, raising the FY14 total to 29. 2) The cash balance rose $13.9B Q/Q to $164.5B; 84% of it is offshore. 3) NAND flash, mobile DRAM, and LCD prices fell in FQ3, while PC DRAM prices rose. 4) iTunes revenue rose 8% to $2.6B.
  • With iPhone mix shifting towards emerging markets, iPhone ASP fell to $561 from $596 in FQ2 and $637 in FQ1; Cook suggests 5C sales were strong. iPad ASP was $443 vs. $465 in FQ2 and $440 in FQ1. Mac ASP fell to $1,255 vs. $1,334 in FQ2 and $1,322 in FQ1.
  • AAPL -0.5% AH. CC live blogs: I, II
  • Prior Apple earnings coverage
Apple's CC: iPad sales, margins, M&A, cash balances discussed 19 comments!


Tuesday, 22 July 2014, 22:25 GMT
Undeterred by Russia controversy, Exxon moves ahead with drilling project
  • Exxon Mobil (NYSE:XOM) is determined to move forward with plans to explore the Russian Arctic for oil and gas: Just two days after the downing of a passenger airliner over Ukraine led to mounting pressure for new sanctions against Russia, a drilling rig to be operated by XOM and partner Rosneft (OTC:RNFTF) set sail from Norway for Russia.
  • For XOM, the deal - which was reached in 2011 - offers access to the Arctic in the Russian-controlled areas of the ocean, as drilling in the U.S. and Canadian far north remains bogged down in regulation and lawsuits; the Russian oil industry depends on Western technical aid for offshore drilling, delivered through joint venture partnerships such as the XOM agreement.
  • It is unclear how or if XOM could recoup its initial $3.2B investment in the exploration phase of the venture if sanctions on Rosneft are broadened.
Undeterred by Russia controversy, Exxon moves ahead with drilling project Post your comment!


Tuesday, 22 July 2014, 22:14 GMT
TransAlta Corporation (USA) declares C$0.18 dividend
  • TransAlta Corporation (NYSE:TAC) declares C$0.18/share quarterly dividend, in line with prior.
  • Forward yield 5.69%
  • Payable Oct. 1; for shareholders of record Aug. 29; ex-div Aug. 27.
TransAlta Corporation (USA) declares C$0.18 dividend Post your comment!


Tuesday, 22 July 2014, 22:11 GMT
Amcon Distributing declares $0.18 dividend
  • Amcon Distributing (NYSEMKT:DIT) declares $0.18/share quarterly dividend, in line with previous.
  • Forward yield 0.89%
  • Payable Aug. 28; for shareholders of record Aug. 7; ex-div Aug. 5.
Amcon Distributing declares $0.18 dividend Post your comment!


Tuesday, 22 July 2014, 22:06 GMT
More on Quidel Q2 results
  • Quidel Corp. (QDEL +4.7%) Q2 results: Revenues: $31.5M (+6.0%); Cost of Sales: $15.9M (+16.3%); R&D Expense: $8.1M (+2.3%); SG&A Expense: $15.2M (+17.0%); Operating Profit/Loss: ($10.0M) (-43.6%); Net Loss: ($6.9M) (-293.6%); EPS: ($0.20) (-300.0%); Quick Assets: $18.1M (+91.2%).
  • No guidance given.
More on Quidel Q2 results Post your comment!


Tuesday, 22 July 2014, 22:00 GMT
On the hour
  • S&P -0.04%.
  • 10-yr flat.
  • Euro +0.01% vs. dollar.
  • Crude -0.32% to $101.93.
  • Gold +0.03% to $1,308.10.
On the hour Post your comment!


Tuesday, 22 July 2014, 21:57 GMT
Bloomberg: MetLife set to be designated systemically important
  • U.S. regulators are poised to label MetLife (NYSE:MET) "systematically important" and a potential threat to the financial system, subjecting the insurer to oversight by the Federal Reserve, Bloomberg reports.
  • MET has been under consideration as systemically important for more than a year, and its executives have met more than 10 times with Financial Stability Oversight Council staff members to argue it doesn’t pose a risk.
  • The report says a decision by the council may come as early as July 31, when the panel is tentatively planning to meet.
Bloomberg: MetLife set to be designated systemically important 3 comments!


Tuesday, 22 July 2014, 21:55 GMT
EA now -1.1% AH due to conservative outlook
  • Though it soundly beat FQ1 estimates, Electronic Arts (NASDAQ:EA) is guiding for FQ2 revenue of $1.14B and EPS of $0.50, nearly in-line with a consensus of $1.14B and $0.51. Moreover, FY15 (ends March '15) guidance is for revenue of $4.1B and EPS of $1.85, below a consensus of $4.14B and $1.89.
  • With the help of Titanfall, UFC, and FIFA 14, EA's packaged goods and other revenue rose 150% Y/Y in FQ1 to $293M, helping drive a big revenue beat. Digital sales rose 28% to $482M, with mobile revenue rising 18% to $120M (15% of total revenue) and full game downloads 87% to $71M.
  • North America revenue +57% to $321M, international revenue +57% to $454M. The Xbox One/PS4 accounted for 26% of revenue, and the Xbox 360/PS3 35%. PCs made up 21%.
  • Job cuts allowed R&D spend to fall 5% Y/Y to $265M. G&A spend +4% to $88M. $50M was spent on buybacks.
  • Shares have priced in some good news.
  • FQ1 results, PR.
EA now -1.1% AH due to conservative outlook Post your comment!


Tuesday, 22 July 2014, 21:49 GMT
Puma explodes AH
  • Shares of Puma Biotechnology (NYSE:PBYI) skyrocket 186% AH on massive volume after the company reported top-line results from its Phase 3 clinical trial evaluating PB272 (neratinib) as a treatment for HER2-positive breast cancer. The study, called ExteNET, enrolled 2,821 patients in 41 countries who had undergone surgery and adjuvant treatment with Herceptin (trastuzumab) (OTCQX:RHHBY). After treatment with trastuzumab, patients were randomized to receive adjuvant treatment with neratinib or placebo for one year. Patients were then followed for recurrent disease, ductal carcinoma in situ (DCIS) or death for a period of two years after randomization.
  • The primary endpoint was disease-free survival (DFS). The neratinib cohort demonstrated a 33% improvement in DFS versus placebo with a statistically significant hazard ratio of 0.67. The secondary endpoint was DFS including DCIS. In this population, the neratinib cohort demonstrated a 37% improvement compared to placebo.
  • Puma plans to file for regulatory approval in the extended adjuvant setting in 1H 2015.
Puma explodes AH 3 comments!


Tuesday, 22 July 2014, 21:42 GMT
Gold Resource reports Q2 production, maintains annual outlook
  • Gold Resource (NYSEMKT:GORO) reports Q2 production of ~24,170 gold equiv. oz., increasing total H1 output to ~47,900 gold equiv. oz., which GORO says is at the high end of its production outlook.
  • GORO maintains its FY 2014 production forecast of 85K-100K oz. at a 63-to-1 silver-to-gold ratio.
Gold Resource reports Q2 production, maintains annual outlook Post your comment!


Tuesday, 22 July 2014, 21:36 GMT
Nabors beats by $0.01, beats on revenue
  • Nabors (NYSE:NBR): Q2 EPS of $0.24 beats by $0.01.
  • Revenue of $1.62B (+10.2% Y/Y) beats by $30M.
  • Press Release
Nabors beats by $0.01, beats on revenue Post your comment!


Tuesday, 22 July 2014, 21:35 GMT
Notable earnings after Wednesday?s close
Notable earnings after Wednesday?s close 3 comments!

Tuesday, 22 July 2014, 21:35 GMT
After Hour Gainers / Losers
After Hour Gainers / Losers Post your comment!

Tuesday, 22 July 2014, 21:30 GMT
CCA Industries EPS -$0.24
  • CCA Industries (NYSEMKT:CAW): Q2 EPS of -$0.24
  • Revenue of $8.76M (-17.9% Y/Y)
  • Press Release
CCA Industries  EPS -$0.24 Post your comment!


Tuesday, 22 July 2014, 21:30 GMT
Notable earnings before Wednesday?s open
Notable earnings before Wednesday?s open Post your comment!

Tuesday, 22 July 2014, 21:30 GMT
FAA halts U.S. flights to Israel, but airline stocks mostly end higher
  • Delta Air Lines (NYSE:DAL), American Airlines (NASDAQ:AAL) and United Airlines (NYSE:UAL) halted flights to Israel for at least 24 hours under orders from the FAA after a rocket fell about a mile from Ben-Gurion Airport outside Tel Aviv.
  • The U.S. moves were swiftly followed by flight stoppages from most European carriers, including Lufthansa (OTCPK:DLAKF) and Air France (OTC:AFRAF).
  • Airlines' safety concerns are heightened after last week's downing of the Malaysian Air passenger jet over Ukraine.
  • Shares of DAL (+1.4%) and UAL (+2.3%) nevertheless ended with solid gains, and AAL finished with a small loss (-0.2%), as the feeling - for now - is that any revenue losses from canceled flights will be easy to make up.
FAA halts U.S. flights to Israel, but airline stocks mostly end higher Post your comment!


Tuesday, 22 July 2014, 21:27 GMT
American Realty Capital Properties declares $0.08333 dividend
  • American Realty Capital Properties (NASDAQ:ARCP) declares $0.08333/share monthly dividend, in line with prior.
  • Forward yield 7.73%
  • Payable Aug. 15; for shareholders of record Aug. 8; ex-div Aug. 6.
American Realty Capital Properties declares $0.08333 dividend 7 comments!


Tuesday, 22 July 2014, 21:26 GMT
Broadcom +2.8% AH; gross margin better than expected
  • Broadcom (NASDAQ:BRCM) expects Q3 revenue of $2.1B-$2.25B, in-line with a $2.19B consensus.
  • Q2 product gross margin was 55%, +280 bps Q/Q and +290 bps Y/Y, and above guidance of 53.95%-54.95%.
  • Q3 product GM is expected to be at 55% (+/- 75 bps), and opex is expected to decline $40M-$60M Q/Q (job cuts related to the baseband exit?)
  • Q2 results, PR
Broadcom +2.8% AH; gross margin better than expected Post your comment!


Tuesday, 22 July 2014, 21:25 GMT
First Busey EPS in-line
First Busey EPS in-line Post your comment!

Tuesday, 22 July 2014, 21:15 GMT
Carbo Ceramics declares $0.33 dividend
  • Carbo Ceramics (NYSE:CRR) declares $0.33/share quarterly dividend, 10.0% increase from prior dividend of $0.30.
  • Forward yield 0.89%
  • Payable Aug. 15; for shareholders of record Aug. 1; ex-div July 30.
Carbo Ceramics declares $0.33 dividend Post your comment!


Tuesday, 22 July 2014, 21:13 GMT
First Community Bancshares Inc declares $0.13 dividend
  • First Community Bancshares, Inc. (NASDAQ:FCBC) declares $0.13/share quarterly dividend, 8.0% increase from prior dividend of $0.12.
  • Forward yield 3.70%
  • Payable Aug. 15; for shareholders of record Aug. 1; ex-div July 30.
First Community Bancshares Inc declares $0.13 dividend Post your comment!


Tuesday, 22 July 2014, 21:13 GMT
Southwest Bancorp EPS of $0.31
  • Southwest Bancorp  (NASDAQ:OKSB): Q2 EPS of $0.31 may not be comparable to consensus of $0.19.
  • Press Release
Southwest Bancorp EPS of $0.31 Post your comment!


Tuesday, 22 July 2014, 21:13 GMT
Xilinx -9.2% AH on revenue miss, guidance; Altera -3.2%
  • In addition to missing FQ1 revenue estimates by $18.8M, Xilinx (NASDAQ:XLNX) is guiding for FQ2 revenue to be flat to down 4% Q/Q. The consensus is for revenue $644.5M, 5% above FQ1 levels.
  • Xilinx attributes the FQ1 weakness to soft sales to defense and wireless clients.
  • Industrial, aerospace, & defense sales (31% of revenue) -9% Q/Q and -11% Y/Y, telecom & data center (50% of revenue) +1% Q/Q and +20% Y/Y, broadcast, consumer, & automotive (16% of revenue) +5% Q/Q and +3% Y/Y, everything else (3% of revenue) +39% Q/Q and +11% Y/Y.
  • Gross margin +150 bps Q/Q to 69.1%, and above guidance of 68.1%. Xilinx expects an FQ2 GM of 70%. $100M was spent on buybacks.
  • Altera (NASDAQ:ALTR), which reports tomorrow, is following Xilinx lower.
  • FQ1 results, PR
Xilinx -9.2% AH on revenue miss, guidance; Altera -3.2% Post your comment!



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