From Briefing.com: 6:18PM Tuesday After Hours price levels vs 4 pm ET levels: Hewlett-Packard's (HPQ 19.70 -2.41) Q3 (July) earnings miss has weighed heavily on the after hours session where the S&P futures, at 1001, are 1 point below fair value and the Nasdaq 100 futures, at 1296, are 5 points below fair value.
As for tonight's headliner, Hewlett-Packard missed the Q3 Reuters Research consensus EPS estimate of $0.26 by $0.03. The Dow component also fell short of the top-line consensus estimate, coming in at $17.35 bln versus the consensus of $17.49 bln, and showed year/year growth of only 5%. HPQ did guide its Q4 (Oct) numbers in line with consensus estimates, saying EPS should be $0.34-0.36 and revenues should be $18.8-19.1 bln; however, this has not provided much comfort to traders tonight as the stock is down a whopping 11%.
Stock of Intuit (INTU 43.85 -1.39) has also been punished after the company issued a discouraging earnings pronouncement. Although INTU exceeded the consensus estimate in its Q4 (July) report, the provider of personal finance software said that its pro forma Q1 (Oct) net loss should be $0.30-$0.26 per share. The forecast was below the consensus expectation calling for a loss of $0.22. Intuit did say that FY04 EPS should be $1.57-1.67, up 13-20%, and in line with the consensus estimate of $1.62.
Sycamore Networks (00C0 4.15 -0.24) has tumbled 5% despite its better than expected Q4 (July) report. Sycamore reported a net loss of $0.04, a penny ahead of the consensus estimate, and revenues that increased 29% year/year to $10.9 mln. The stock, however, had been trading at a price/sales ratio above 30, and thus has succumbed to profit-taking activity. For more perspective on Sycamore's story, be sure to visit today's Story Stock.
One tech company, however, to find a warm reception to its quarterly report is Network Appliance (NTAP 20.26 +2.21). Stock of NTAP has spiked 12% after the provider of enterprise network storage and data management solutions exceeded the Q1 (July) Reuters Research consensus EPS estimate by a penny. Network Appliance reported EPS of $0.08 on revenues that rose 26% to $260.5 mln. Competitors of NTAP include the likes of EMC, HPQ, IBM, and SUNW.
Finally, after reaffirming its Q2 (July) guidance on Jul 8, Petco (PETC 26.65 +2.12) blew away the consensus EPS estimate by $0.06. Petco reported net income of $0.25 per diluted share, due in part to comparable store sales that rose 6.1% on top of an 8.5% increase in the prior year-period. Citing the strength in sales, Petco said it was expecting Q3 (Oct) EPS of $0.25-0.26 and raised its fiscal-year target to $1.11-1.13 from $1.02-1.04. As a result, PETC has soared 9% in the extended session.
For more detail on these, and other after hours developments, be sure to visit Briefing.com's In Play, Earnings Calendar and Guidance pages. -- Heather Smith, Briefing.com
6:04PM Semi equip book-to-bill rises to 0.97 : Semi equipment industry book-to-bill ratio rises to 0.97 in July, in line with Moors and Cabot's estimate of 0.97 and up from 0.93 in June. Fahnestock & Co.'s estimate was 0.93. July bookings were also higher, coming in at $763.4 mln vs June bookings of $722.3 mln.
6:00PM Hewlett-Packard comments on Q4 outlook (HPQ) 22.11 -0.02: -- Update -- In response to an analyst's question, HPQ says it ended Q3 (July) with "strong momentum"... and sees particular strength in its enterprise segment... Management also said it expects "certain charges carrying over into Q4" but expects them to end by fiscal year-end... As for IT spending, HPQ believes the climate is improving, although it is lagging the general economic turnaround.
5:34PM On call, Hewlett-Packard says it will cut 1,300 jobs in Q4 (HPQ) 22.11 -0.02: -- Update --
5:18PM Hewlett-Packard comments on imaging and printing outlook (HPQ) 22.11 -0.02: -- Update -- On call, HPQ says imaging and printing operating profits should come in at the high end of its up 13-15% guidance in Q4 (Oct).
5:15PM On call, Hewlett-Packard says personal systems will be profitable in Q4 and FY03 (HPQ) 22.11 -0.02: -- Update -- In Q3 (July), personal systems reported an operating loss of $56 mln... HPQ is down $2.15, to $19.96, in the after hours.
5:11PM On call, Hewlett-Packard says enterprise segment is on track to be profitable in Q4 (HPQ) 22.11 -0.02: -- Update -- In Q3 (July), enterprise systems reported an operating loss of $70 mln.
4:28PM Hewlett-Packard misses by $0.03, ex items, guides Q4 in line with consensus (HPQ) 22.11 -0.02: -- Update -- Reports Q3 (Jul) non-GAAP earnings of $0.23 per share, excluding $403 mln (or $0.13 per diluted share) adjustment on an after-tax basis, $0.03 worse than the Reuters Research consensus of $0.26; revenues rose 4.9% year/year to $17.35 bln vs the $17.49 bln consensus. Co also guides Q4, sees EPS of $0.34-0.36, vs R.R. consensus of $0.36, and revenues of $18.8-19.1 bln vs estimate of $19.08 bln.
5:08PM Photronics beats by $0.07, ex items (PLAB) 18.98 +0.40: Reports Q3 (Jul) earnings of $0.07 per share, excluding charge of ($0.03) per share related to early extinguishment of debt, $0.07 better than the Reuters Research consensus of $0.00; revenues fell 7.8% year/year to $90.5 mln vs the $88.9 mln consensus.
4:42PM Credence misses by $0.01, ex items, issues Q4 guidance (CMOS) 10.65 +0.85: Reports Q3 (Jul) non-GAAP loss of $0.40 per share, excluding special charges of ($0.10) per share, $0.01 worse than the Reuters Research consensus of ($0.39); revenues fell 4.6% year/year to $45.5 mln vs the $44.9 mln consensus. Co also guides Q4, sees loss on GAAP basis of $0.34-0.37, which does not include any provisions for special charges or any tax benefit; R.R. consensus is ($0.27); also guides revenues of $47-52 mln vs estimate of $53.3 mln.
4:13PM Network Appliance beats by a penny (NTAP) 18.21 +0.34: Reports Q1 (Jul) pro forma earnings of $0.08 per share, $0.01 better than the Reuters Research consensus of $0.07; revenues rose 26.0% year/year to $260.5 mln vs the $250.5 mln consensus.
3:17PM SEMI Book-to-Bill Preview : The SEMI book-to-bill numbers are slated to be released this afternoon. While these figures are a lagging indicator as pointed out in our "Thoughts on SEMI" piece last month, the numbers represent a three month average of worldwide bookings for the aggregate semiconductor capital equipment sector. Fahnestock, which is rather cautious on the sector, expects July orders to be flat for the three months ending in July with a total equipment b-to-b of 0.93. However, Berean Capital is expecting a total b-to-b of 0.95 versus 0.93 in June with "front end" bookings showing signs of recovery.
10:09AM Agilent target raised to $25 from $20 at BofA Sec (A) 23.80 +1.34:
9:31AM BRCM: Conference call clarifies several issues, but valuation full -- Pacific Growth 25.05 +2.20: Pacific Growth believes that last night's conference call useful in clarifying several recent issues regarding the stock and while firm continues to believe BRCM could begin losing share in its ServerWorks division as early as 2Q04, thinks co's diverse product portfolio should enable solid growth potential in 2004 (firm modeling nearly 20% yr/yr growth). However, Pacific Growth notes that the shares are now trading at 36x firm's CY04 EPS estimate, which firm believes represents full valuation. As such, firm is maintaining its Equal Weight rating.
8:50AM Flextronics upped at Wells Fargo with a $15 target (FLEX) 11.65: -- Update -- As a result of its higher estimates and increased confidence in near-term growth, Wells Fargo is raising its rating on FLEX from Hold to Buy. On its mid-quarter call, co indicated that it was seeing a noticeable pickup in demand in multiple sectors. Mgmt stated that business was strong than expected in July, and was still relatively strong in August. Firm is initiating a 6-12 month price target of $15.
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