From Briefing.com: 4:42PM Coherent beats by $0.13, reports revs in-line (COHR) 31.80 -1.95 : Reports Q3 (Jun) earnings of $0.45 per share, excluding a $0.04 charge related to litigation expenses and a $0.06 restructuring charge, $0.13 better than the First Call consensus of $0.32; revenues rose 10.1% year/year to $157 mln vs the $158 mln consensus.
4:40PM Applied Micro beats by $0.01, reports revs in-line (AMCC) 7.69 : Reports Q1 (Jun) earnings of $0.12 per share, $0.01 better than the First Call consensus of $0.11; revenues rose 47.8% year/year to $74.1 mln vs the $73.6 mln consensus.
4:21PM Virage Logic misses by $0.01, reports revs in-line; guides Q4 EPS in-line, revs below consensus (VIRL) 6.29 -0.37 : Reports Q3 (Jun) loss of $0.05 per share, $0.01 worse than the First Call consensus of ($0.04); revenues rose 33.5% year/year to $15.1 mln vs the $15.1 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.02-0.03 vs. $0.03 consensus; sees Q4 revs of $15-15.5 mln vs. $15.95 mln consensus.
4:20PM FormFactor beats by $0.12, beats on revs (FORM) 16.48 +0.36 : Reports Q2 (Jun) loss of $0.34 per share, $0.12 better than the First Call consensus of ($0.46); revenues fell 54.4% year/year to $52 mln vs the $47.2 mln consensus.
4:18PM Pixelplus reports Q2 EPS of ($0.78) vs ($0.98) single analyst est, revs fell 33% YoY to $3.6 mln vs $3.8 mln single analyst est (PXPL) 0.60 : The co expects its revenue in the third quarter of fiscal 2008 to sustain a percentage increase of at least 80% over the second quarter of fiscal 2008 which calculates to approximately $6.48 mln vs $5.2 mln single analyst est.
4:06PM First Solar beats by $0.27, beats on revs (FSLR) : Reports Q2 (Jun) earnings of $0.85 per share, $0.27 better than the First Call consensus of $0.58; revenues rose 57.2% year/year to $267 mln vs the $216.9 mln consensus.
4:04PM Atmel beats by $0.03, reports revs in-line; issues in line Q3 guidance (ATML) 3.40 -0.15 : Reports Q2 (Jun) earnings of $0.04 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.01; revenues rose 4.1% year/year to $420.9 mln vs the $419.3 mln consensus. To better manage distribution resources, on July 1, 2008 Atmel implemented a change in revenue recognition with regards to its independent distributors in Europe converting from a sell-in to a sell-through revenue model. As a result, the Company expects that there will be a one time revenue reduction of approximately $28-34 mln to third quarter revenues. Including this one time accounting adjustment, third quarter 2008 revenues are expected to be down 3% to 7% sequentially (~$391.4-407.4 mln). Exclusive of this change and consistent with business seasonality and macro economic trends, the Company anticipates third quarter 2008 revenues would be up 1% to 4% on a sequential basis (~$425-438 mln vs $436.1 mln consensus). Atmel is continuing to evaluate ways to safeguard its ability to compete in the market. In this context, the French management is commencing a consultation procedure with the works councils in France in relation to potential redundancies in the operations in Rousset and Nantes, France. Atmel is also continually reviewing potential changes in its business and asset portfolio throughout its worldwide operations, including those located in Europe in order to enhance its overall competitiveness and viability.
4:03PM Asyst reports EPS in-line, beats on revs; guides Q2 EPS below consensus, revs below consensus (ASYT) 4.40 -0.05 : Reports Q1 (Jun) loss of $0.14 per share, in-line with the First Call consensus of ($0.14); revenues fell 17.5% year/year to $100.3 mln vs the $91.5 mln consensus. Co issues downside guidance for Q2, sees EPS of -0.12-0.17, excluding non-recurring items, vs. ($0.03) consensus; sees Q2 revs of $90-95 mln vs. $103.63 mln consensus.
4:01PM O2Micro beats by $0.02, reports revs in-line (OIIM) 4.62 +0.05 : Reports Q2 (Jun) earnings of $0.12 per share, $0.02 better than the First Call consensus of $0.10; revenues rose 6.8% year/year to $40.8 mln vs the $41 mln consensus.
4:30 pm : Investors looked past a strong rebound in crude prices to focus on data that showed an unexpected gain in nonfarm private payrolls and word that the Fed extending its liquidity measures to Wall Street.
Despite a smaller-than-expected decline in crude oil stockpiles, oil prices climbed as much as 4.3% during the session to make their largest one day advance since trending downward from historic highs reached earlier this month. Crude had actually been down more than 1%, below $121 per barrel, but finished its session near $127 per barrel, which is still almost 16% below its record high.
The rebound in oil prices helped the energy sector make a 5.6% advance. Investors have rotated out of the energy sector in recent sessions, but oil’s rebound induced buying in large names like Exxon Mobil (XOM 84.38, +3.48) and Chevron (CVX 87.26, +4.42).
Conversely, oil sensitive industries fell out of favor. The S&P 500 automobile manufacturing index slipped 3.8%, while the Amex Airline Index dropped 4.9%.
Broad-based buying was largely influenced by the latest ADP employment report that showed an unexpected 9,000 increase in July private nonfarm jobs. Meanwhile, economists were expecting a 60,000 decrease in jobs. Though the ADP report has not been consistent in correctly predicting the government's jobs data, which will be announced Friday, ADP's announcement bolstered expectations that the government's report will show a smaller-than-expected decline in employment.
Also providing support to the session’s optimism was news the Fed is extending the length of its Term Securities Lending Facility program through Jan. 30 and is introducing longer terms to maturity for its Term Auction Facility in the face of continued fragility in the markets.
Separately, President Bush signed the housing bill into law, giving support to Fannie Mae (FNM 12.21, +0.61) and Freddie Mac (FNM 8.73, +0.31), while the SEC is extending its temporary restriction on naked short selling on financial institutions.
The financial sector gained 2.0% as thrifts and mortgage players collectively climbed 4.1% and diversified banks climbed 3.8%. Investment banks and brokerages advanced 3.5%.
The Nasdaq lagged the Dow Jones and the S&P 500 during Wednesday’s action. Weakness among components Garmin (GRMN 35.19, -9.87), Cisco (CSCO 22.17, -0.25), and Electronic Arts (ERTS 44.29, -3.11) offset strength in Comcast (CMCSA 20.07, +0.89), which gained ground despite missing earnings estimates.DJ30 +186.13 NASDAQ +10.10 NQ100 +0.4% R2K +0.6% SP400 +1.5% SP500 +21.06 NASDAQ Adv/Vol/Dec 1559/2.27 bln/1200 NYSE Adv/Vol/Dec 2097/1.47 bln/1044
8:04AM Silicon Labs beats by $0.06, beats on revs; guides Q3 revs above consensus (SLAB) 32.27 : Reports Q2 (Jun) earnings of $0.47 per share, $0.06 better than the First Call consensus of $0.41; revenues rose 38.4% year/year to $104.6 mln vs the $103.2 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $111-115 mln vs. $107.57 mln consensus. "We increased a number of our product line growth targets for 2008 and we are seeing new products ramp that we believe will drive growth in 2009."
8:02AM Merix beats by $0.01, misses on revs; guides Q1 revs below consensus (MERX) 2.24 : Reports Q4 (May) loss of $0.17 per share, $0.01 better than the First Call consensus of ($0.18); revenues fell 6.4% year/year to $87.6 mln vs the $89.5 mln consensus. Co issues downside guidance for Q1, sees Q1 revs of $86-90 vs. $93.33 mln consensus. "We met the financial targets set at the beginning of the quarter and although many of our financial measures remain well below acceptable levels, these measures improved sequentially when compared to the third quarter. This reflects the successful execution of the restructuring plans and actions we have taken over the last six to nine months. Additional work remains, but I am pleased with the progress and the fundamental changes we are making to improve our performance and competitiveness."
7:18AM Corning reports EPS in-line; guides Q3 EPS in-line, revs slightly below consensus (GLW) 21.32 : Reports Q2 (Jun) earnings of $0.49 per share, excluding non-recurring items, in-line with the First Call consensus of $0.49; revenues rose 19.3% year/year to $1.69 bln vs the $1.72 bln consensus. Co issues guidance for Q3, sees EPS of $0.48-0.51, excluding non-recurring items, vs. $0.50 consensus; sees Q3 revs of $1.65-1.72 bln vs. $1.79 bln consensus. Co said, "We have recently seen some panel makers, primarily in Taiwan, reduce their utilization rates due to what we believe is an inventory build at the set assembly level of the supply chain. Despite this normal supply chain correction, we continue to believe that the LCD glass market will grow at the upper end of our original guidance range of 25% to 30% this year because retail demand for LCD products has remained strong".
4:40AM United Micro reports EPS in-line, misses on revs (UMC) 2.73 : Reports Q2 (Jun) earnings of $0.03 per share, in-line with the First Call consensus of $0.03; revenues rose 0.7% year/year to $833 mln vs the $844.8 mln consensus. |
