From Briefing.com: 5:00PM KLA-Tencor beats on the top and bottom line by a notable margin (KLAC) 55.11 +1.91 : Reports Q3 (Mar) earnings of $1.27 per share, excluding non-recurring items, $0.17 better than the Capital IQ Consensus Estimate of $1.10; revenues rose 0.8% year/year to $840.5 mln vs the $800.02 mln consensus. Co will guide Q4 EPS/rev on the call.
4:43PM Applied Micro beats by $0.01, reports revs in-line (AMCC) 6.36 +0.21 : Reports Q4 (Mar) loss of $0.10 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of ($0.11); revenues fell 13.3% year/year to $48.8 mln vs the $48.97 mln consensus.
4:43PM Nanometrics misses by $0.02, beats on revs; guides Q2 revs below consensus; sees Q2 non-GAAP margin of 45-46% (NANO) 19.00 +0.60 : Reports Q1 (Mar) earnings of $0.12 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.14; revenues fell 10.6% year/year to $55.5 mln vs the $53.77 mln consensus. Co issues guidance for Q2, sees EPS of $0.05-0.09, may not be comparable to $0.23 Capital IQ Consensus Estimate; sees Q2 revs of $51-54 mln vs. $58.67 mln Capital IQ Consensus Estimate. "The first quarter was a solid start to 2012, with a 23% increase in revenues driven by record OCD shipments that more than offset sequential declines in some of our other business areas. Our newest OCD platform, the Atlas-II, has easily surpassed the initial revenue contribution and growth rate of any of our prior product launches, and is on track to being the most successful new product ever developed by Nanometrics. We are also encouraged by improving expectations for capital spending in 2012, particularly among Nanometrics' largest customers, and the commercial benefits of being a key supplier to the leaders in the industry." For the second quarter, management expects non-GAAP gross margin in the range of 45% to 46%, GAAP gross margin in the range of 44% to 45%, operating expenses to range from flat to up $0.3 million from the first quarter, and other expenses to be $0.4 to $0.5 million.
4:35PM Cray beats by $0.10, beats on revs; guides Q2 revs above consensus; raises FY12 revs above consensus (CRAY) 8.90 +0.39 : Reports Q1 (Mar) earnings of $0.13 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.03; revenues rose 181.5% year/year to $112.3 mln vs the $99 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of ~ $85 mln vs. $54.00 mln Capital IQ Consensus Estimate. Co raises guidance for FY12, sees FY12 revs of $430-450 mln from prior guidance of $400-420 mln vs. $404.17 mln Capital IQ Consensus Estimate. Overall gross margins for the year are anticipated to be in the 35 percent range. With $22 million in expected co-funding credits for research and development and the anticipated incremental savings from the announced asset sale, total operating expenses are expected to be about $120 million. Based on this outlook, we expect to be solidly profitable for 2012. The pending $140 million transaction with Intel (INTC) does not impact the Company's revenue and gross margin outlook. "This week we also announced a significant agreement with Intel which substantially improves our growth and financial options. Our interconnect hardware program has been a strong part of our business for some time but as we look to the future we see more opportunities in other areas of differentiation -- areas we also focus on currently. This transaction allows us to increase our focus on these technologies and to further expand on our commitment to drive growth from our core supercomputing business and our new initiatives in mid-range supercomputing, storage and big data. I'm also pleased to be increasing our revenue and profit outlook as we are off to a fast start to what I believe will be a banner year for the Company."
4:32PM Skyworks beats by $0.02, reports revs in-line; guides Q3 EPS in-line, revs above consensus (SWKS) 25.50 +0.28 : Reports Q2 (Mar) earnings of $0.42 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.40; revenues rose 12.1% year/year to $364.7 mln vs the $361.18 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.44, excluding non-recurring items, vs. $0.44 Capital IQ Consensus Estimate; sees Q3 revs of $383 mln vs. $381.17 mln Capital IQ Consensus Estimate.
4:28PM Western Digital beats by $0.97, beats on revs (WDC) 45.25 +0.96 : Reports Q3 (Mar) earnings of $2.52 per share, $0.97 better than the Capital IQ Consensus Estimate of $1.55; revenues rose 34.8% year/year to $3.04 bln vs the $2.42 bln consensus. " Our third quarter performance demonstrates the potential of the new Western Digital, with just three and a half weeks of HGST results combined with the standalone WD business,"
4:26PM Amkor beats by $0.02, beats on revs; guides Q2 EPS in-line, revs in-line (AMKR) 5.91 +0.19 : Reports Q1 (Mar) earnings of $0.06 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.04; revenues fell 1.5% year/year to $655 mln vs the $639 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.08-0.16 vs. $0.13 Capital IQ Consensus Estimate; sees Q2 revs of $670-700 mln vs. $688.50 mln Capital IQ Consensus Estimate.
4:22PM MIPS Tech beats by $0.02, beats on revs (MIPS) : Reports Q3 (Mar) loss of $0.01 per share, $0.02 better than the Capital IQ Consensus Estimate of ($0.03); revenues fell 23.9% year/year to $15.3 mln vs the $13.93 mln consensus.
4:22PM NXP Semi beats by $0.01, beats on revs; guides Q2 EPS above consensus, revs above consensus (NXPI) 25.02 +0.96 : Reports Q1 (Mar) earnings of $0.19 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.18; revenues fell 9.6% year/year to $978 mln vs the $956.97 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.38-0.43, excluding non-recurring items, vs. $0.34 Capital IQ Consensus Estimate; sees Q2 revs of $1.04-1.07 bln vs. $1.01 bln Capital IQ Consensus Estimate.
4:12PM Ingram Micro beats by $0.04, reports revs in-line (IM) 19.50 +0.18 : Reports Q1 (Mar) earnings of $0.43 per share, excluding an aggregate benefit of approximately 15 cents per diluted share, $0.04 better than the Capital IQ Consensus Estimate of $0.39; revenues fell 1.0% year/year to $8.63 bln vs the $8.67 bln consensus. For the 2012 second quarter, sales are expected to be flat to slightly up sequentially (vs consensus of ~+1.1% QoQ). 2012 second quarter gross margin is expected to trend down sequentially, reflecting the removal of the residual benefit from hard disk drive pricing realized in the 2012 first quarter, as well as normal seasonal declines such as lower fee-based logistics business.
4:07PM Coherent misses by $0.10, misses on revs (COHR) 56.17 +0.91 : Reports Q2 (Mar) earnings of $0.73 per share, $0.10 worse than the Capital IQ Consensus Estimate of $0.83; revenues fell 3.8% year/year to $193.3 mln vs the $196.55 mln consensus.
4:04PM Seagate Tech announces $2.5 bln share repurchase (STX) 31.09 +0.07 : Co announced that its Board of Directors has authorized the Company to repurchase up to $2.5 billion of its outstanding ordinary shares. Seagate, as a result of the April 2012 Authorization and other current repurchase authorizations, currently has a total authorized unutilized capacity for repurchases of approximately $3.5 billion under these authorizations. "The repurchase authorization reflects the confidence that the Board and the executive management team have in Seagate's ability to generate cash, while still investing in innovation and growth opportunities," said Steve Luczo, CEO of Seagate. Seagate expects to fund the share repurchase through a combination of cash on hand, future cash flow from operations and potential alternative sources of financing.
4:03PM Maxim Integrated beats by $0.05, reports revs in-line; guides Q4 EPS above consensus, revs in-line (MXIM) 27.60 +0.27 : Reports Q3 (Mar) earnings of $0.33 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.28; revenues fell 5.9% year/year to $571.2 mln vs the $571.17 mln consensus. Co issues guidance for Q4, sees EPS of $0.37-0.41, excluding non-recurring items, vs. $0.34 Capital IQ Consensus Estimate; sees Q4 revs of $590-620 mln vs. $601.89 mln Capital IQ Consensus Estimate.
4:30 pm : Early action was choppy and listless as market participants responded to renewed weakness in Europe, where an economic sentiment indicator from the European Commission made a steeper-than-expected decline during April. Disappointing weekly jobless claims data at home didn't help the mood of morning trade. The latest initial claims count totaled 388,000, which is greater than the 373,000 claims that economists polled by Briefing.com had generally expected, and is consistent with the prior week tally of 389,000 claims.
Stocks responded positively to news that pending home sales spiked in March by 4.1%, which is far greater than the 0.5% increase that economists polled by Briefing.com had generally expected. The SPDR S&P Homebuilders ETF (XHB 21.35, +0.42) climbed to a near 2% gain shortly after the release of the report, but that gain was given back before the ETF made a steady ascent alongside the broad market in afternoon trade.
The broad market had difficulty building on the bit of buying that followed the pending home sales report, leaving the major equity averages to chop along in a rather tight range not too far above the neutral line. However, the tone of trade improved in the afternoon. The buying that ensued put the broad market on a steady climb that made for a nice extension of the prior session's advance. The S&P 500 had cleared the 1400 line for before it eased back to close there. The broad market measure now enters Friday sporting a week-to-date gain of about 1.6%, which would make for the best weekly performance in six weeks of trade.
Telecom has been one of the best performers of the past week. The sector bested every other sector today by advancing another 1.7%, which puts it on pace for a weekly gain of nearly 4%. Financials, Energy, and Tech -- typical leaders -- all traded in stride with the broader market, settling with gains of 0.8%, 0.7%, and 0.6%, respectively.
The latest round of earnings proved less impressive than those of the recent past. Flaws in the reports of Akamai Tech (AKAM 33.15, -5.60), Dow Chemical (DOW 34.85, -1.23), and Las Vegas Sands (LVS 56.97, -1.81) overshadowed their better-than-expected earnings. PepsiCo (PEP 66.37, -0.30) also failed to put together a gain, despite its upside earnings surprise. Meanwhile, Exxon Mobil (XOM 86.07, -0.78) and UPS (UPS 78.25, -1.40) both came short of the consensus. Colgate-Palmolive (CL 99.47, -0.11) and BristolMyers (BMY 33.76, -0.53) both had in-line earnings.
Advancing Sectors: Telecom +1.7%, Consumer Discretionary +1.2%, Consumer Staples +0.8%, Financials +0.8%, Energy +0.7%, Tech +0.6%, Industrials +0.6%, Utilities +0.6%
Declining Sectors: Health Care -0.1%, Materials -0.2%DJ30 +113.90 NASDAQ +20.98 NQ100 +0.6% R2K +0.8% SP400 +1.0% SP500 +9.29 NASDAQ Adv/Vol/Dec 1575/1.75 bln/946 NYSE Adv/Vol/Dec 2048/775 mln/953
O2Micro International (OIIM) was issued 22 claims under U.S. patent for its Power Delivery System and 18 claims for its LED Balancing Circuits and Methods.
6:47AM Aixtron misses by EUR0.08, misses on revs (AIXG) 16.78 : Reports Q1 (Mar) loss of EUR0.12 per share, EUR0.08 worse than the Capital IQ Consensus Estimate of (EUR0.04); revenues fell 79.6% year/year to EUR42 mln vs the EUR62.29 mln consensus. The most significant factor in this development was the year on year decrease in demand for MOCVD deposition equipment for LED applications. Compared to the previous quarter, revenues decreased by 70% from EUR 140.1m in Q4/2011. Equipment sales were EUR 29.3m in Q1/2012 (Q4/2011: EUR 128.1m; Q1/2011: EUR 190.5m), which represents 70% of the total Q1/2012 revenues (Q4/2011: 91%; Q1/2011: 93%). In the first three months of 2012, a high percentage, namely 76% of total revenues, were generated by sales to customers in Asia, however, this is 13 percentage points lower than the 89% recorded in Q1/2011 and 16 percentage points lower than the 92% in Q4/2011. The total equipment order backlog of EUR 136.2m at March 31, 2012 was 58% lower than the EUR 321.1m at the same point in time in 2011, 3% lower than the EUR 141.0m recorded as of December 31, 2011 but comparatively stable compared with the 2012 opening backlog as of January 1, 2012, which had been revalued to EUR 136.8m, reflecting the 2012 budget USD/EUR exchange rate of 1.40 USD/EUR. Outlook: With the reluctance of customers to invest in the current economic climate, especially in the larger Asian markets, the co's order intake visibility remains limited. Mgmt however remains confident that the increase in equipment investments for LEDs in general lighting applications will materialize during the course of the next twelve months. Based on the business and market development in the first quarter of 2012, Management still believes that 2012 will be a transitional year with lower revenues and potential customer consolidation, but retains its more positive outlook for the second half of the year. However, due to the limited business visibility mgmt is still unable to offer a precise full year revenue figure at this point in time, but reiterates its targeted EBIT profitability in 2012.
LSI Logic (LSI $8.74 +0.31) reported first quarter earnings of $0.20 per share, $0.06 better than the Capital IQ Consensus of $0.14, while revenues rose 31.4% year/year to $622 million versus the $599.82 million consensus. The company issued guidance for the second quarter with EPS of $0.15-0.21 versus the $0.16 consensus and revenues of $630-670 million versus the $619.63 million consensus.
Cirrus Logic (CRUS $28.07 +2.97) reported fourth quarter earnings of $0.36 per share, excluding non-recurring items, $0.01 better than the consensus of $0.35, while revenues rose 21.0% year/year to $110.6 million versus the $109.98 million consensus. The company issued downside guidance for the first quarter with revenues of $96-106 million versus the $107.48 mln consensus. The company said Q1 FY13 Gross margin is expected to be between 53 percent and 55 percent,.While the company expects to grow revenue substantially during FY '13, year-over-year revenue in Q1 is currently forecasted to grow approximately 10 percent. Due to the timing of various product introductions later this year, the company expects to transition to a sharply higher level of revenue beginning in the September quarter. In connection with this transition, the company also announced that it has entered into an unsecured, one-year $100 million revolving credit agreement that provides access to additional working capital the company may need in order to support the production ramps of multiple new products this fall.
TriQuint Semi (TQNT $4.98 -0.54) reported first quarter earnings of $0.02 per share, in-line with the Capital IQ Consensus of $0.02, while revenues fell 3.4% year/year to $216.7 million versus the $214.62 million consensus. The company issued downside guidance for the second quarter with EPS of ($0.10)-(0.15) versus the $0.06 consensus and revenues of $170-185 million versus the $223.03 million consensus.
11:00 am Technology sector trading higher today along with market
The tech sector is trading higher today, outpacing slight gains in the broader market. Semiconductors are also showing relative strength with the Philly Semi Index trading 1.6% higher. CRUS (+13.3%) is the notable leader in the chip index. Among other major indices, the SPY is trading 0.1% higher today, while the QQQ is up 0.2% and the NASDAQ is trading 0.3% higher on the session. Among tech bellwethers, VZ (+0.9%) is showing notable strength.
In earnings last night, LSI (-1.5%), CTXS (+9.9%), XLNX (+6.2%), and AKAM (-8.2%) both posted quarterly beats with upside guidance. Elsewhere, TQNT (-3.6%) reported an inline qtr and provided downside guidance. This morning, SWI (+18.8%) posted a beat and offered inline guidance, while NUAN (+8.6%) preannounced upside Q2 results and PCS (-8.7%) posted a miss.
Among rumors, there are reports that Japanese video game maker Nexon is interested in EA (+5.5%). Among notable analyst upgrades this morning, CTXS (+9.9%) was upgraded at FBR and Mizuho, AKAM (-8.2%) was upgraded to Buy at Jefferies and SLAB (+4.0%) was upgraded to Buy at Citigroup. While in downgrades, SAP (+0.5%) was downgraded to Market Perform at Wells Fargo and PCS (-8.7%) was downgraded to Perform at Oppenheimer. CELL (+0.4%), IM (+0.3%), ZNGA (+0.8%), NXPI (+2.1%), KLAC (+3.1%), and WDC (+1.3%) are a few notable names in tech scheduled to report quarterly results today after the close. |
