From Briefing.com: 4:30PM Ingram Micro beats by $0.15, beats on revs (IM) 19.72 +0.20 : Reports Q4 (Dec) earnings of $0.70 per share, excluding $0.02 per diluted share negative impact of the reorganization charges recorded in the quarter, $0.15 better than the Capital IQ Consensus Estimate of $0.55; revenues rose 0.7% year/year to $9.95 bln vs the $9.72 bln consensus. For the full year 2012, the company currently expects revenue growth in-line with current IT spending forecasts of low to mid-single digit growth over 2011 (Current rev growth consensus is 4.4%). For the 2012 first quarter, revenues are currently expected to be flat to slightly down compared to the year earlier period due to expected year-over-year declines in EMEA revenues driven primarily by continued uncertainty surrounding the European economy and current expectations for a year-over-year decline in Australia's revenue contribution (Current Q1 rev consensus calls for 0.5% growth). First quarter 2012 gross margin is expected to trend down sequentially in-line with seasonal norms after removing the impact of hard disk drive pricing in the fourth quarter of 2011, which the company does not expect will provide meaningful additional benefit in the first quarter of 2012.
4:28PM Diodes reports EPS in-line, misses on revs; guides Q1 revs in-line (DIOD) 26.16 -0.05 : Reports Q4 (Dec) earnings of $0.09 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.09; revenues fell 12.5% year/year to $143.3 mln vs the $145.22 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $138-148 mln vs. $145.30 mln Capital IQ Consensus Estimate. Gross profit margin was 24.8 percent, compared to 38.3 percent in the fourth quarter 2010 and 28.1 percent in the third quarter of 2011
4:27PM Nanometrics beats by $0.09, beats on revs; guides Q1 EPS in-line, revs above consensus (NANO) 20.63 -0.10 : Reports Q4 (Dec) earnings of $0.10 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $0.01; revenues fell 1.7% year/year to $45.3 mln vs the $41.73 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.09-0.13, excluding non-recurring items, vs. $0.10 Capital IQ Consensus Estimate; sees Q1 revs of $52-55 mln vs. $46.23 mln Capital IQ Consensus Estimate.
4:19PM TriQuint Semi -- Earnings Mover (6.84) (TQNT) : Drops 9% after bottom line miss tests/stabilizes near early month gap/Jan high at 6.25. Currently at 6.45.
4:11PM ON Semiconductor beats by $0.07, beats on revs; guides Q1 revs in-line (ONNN) 9.12 -0.05 : Reports Q4 (Dec) earnings of $0.13 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.06; revenues rose 32.6% year/year to $767.9 mln vs the $759.04 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $720-760 mln vs. $757.68 mln Capital IQ Consensus Estimate. Co also sees backlog levels for the first quarter of 2012 represent approx 80 to 85% of their anticipated first quarter 2012 revenues. They expect that average selling prices for the first quarter of 2012 will be down approximately two to three percent when compared to the fourth quarter of 2011. The non-GAAP outlook for the first quarter of 2012 includes stock-based compensation expense of approx $8 to $10 mln. Co sees non GAAP GM of 31.5-32.5%.
4:08PM Cisco Systems beats by $0.04, beats on revs (CSCO) 20.43 +0.23 : Reports Q2 (Jan) earnings of $0.47 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.43; revenues rose 10.6% year/year to $11.5 bln vs the $11.23 bln consensus. During the second quarter of fiscal 2012, Cisco repurchased 26 million shares of common stock under the stock repurchase program at an average price of $17.84 per share for an aggregate purchase price of $466 million. As of January 28, 2012, Cisco had repurchased and retired 3.6 billion shares of Cisco common stock at an average price of $20.47 per share for an aggregate purchase price of approximately $73.8 billion since the inception of the stock repurchase program. The remaining authorized amount for stock repurchases under this program is approximately $8.2 billion with no termination date. During the second quarter of fiscal 2012, Cisco also paid a cash dividend of $0.06, or $322 million... Cisco also announced that on February 7, 2012 its Board of Directors declared a quarterly dividend of $0.08 per common share, a two-cent increase over the previous quarter's dividend, to be paid on April 25, 2012 to all shareholders of record as of the close of business on April 5, 2012. Future dividends will be subject to Board approval.
4:06PM Atmel reports EPS in-line, misses on revs (ATML) 10.10 +0.04 : Reports Q4 (Dec) earnings of $0.14 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.14; revenues fell 16.2% year/year to $383.6 mln vs the $391.46 mln consensus. Non-GAAP gross margin was 48.7% in the fourth quarter of 2011, which compares to 50.4% in the immediately preceding quarter and 50.0% in the fourth quarter of 2010.
4:30 pm : For the second straight session a dearth of headlines left stocks to slog along in mixed fashion, but the broad market still mustered a modest gain, which marked its fifth advance in six sessions and its best close in seven months.
Stocks gave up early gains to trade with modest losses, but they were able to gradually battle their back into positive territory. Financials and tech issues, arguably the two most influential sectors, traded out in front of the action. Strength in the two sectors resulted in gains in 0.8% and 0.7%, respectively.
Ralph Lauren (RL 171.49, +14.42) was a top performer by percent gained. The stock's surge to a record high followed an upside earnings surprise. Dow component Walt Disney (DIS 41.27, +0.29) also posted better-than-expected earnings, as did Time Warner (TWX 38.54, +0.44). Time Warner complemented its report with strong guidance and a dividend hike, but the stock failed to sustain an early advance. Sprint (S 2.41, -0.04) rebounded from an early slump that came in response to an earnings miss, but the stock ultimately returned to the red.
There wasn't a single dose of data released today. And although headlines suggested that the Troika is looking for Greece to pledge permanent spending cuts, terminate government jobs, trim its minimum wage, and increase sales tax, market participants also continue to await official developments from the flagging country.
Both the dollar and the euro had a relatively quiet day of trade. As of the closing bell, both were essentially flat for the session.
Treasuries also traded quietly. Not even strong demand at an auction of 10-year Notes drove traders to action. The auction drew a bid-to-cover of 3.05, dollar demand of $73.2 billion, and an indirect bidder participation rate of 38.9%. For comparison, an average of the past six auctions results in a bid-to-cover of 3.10, dollar demand of $67.9 billion, and an indirect bidder rate of 43.4%.
The lack of headlines and action continues to make for paltry participation. That left share volume on the NYSE below 800 million once again.
Advancing Sectors: Financials +0.8%, Tech +0.7%, Industrials +0.2%, Materials +0.2%, Consumer Discretionary +0.2%
Unchanged: Telecom, Utilities, Consumer Staples
Declining Sectors: Health Care -0.1%, Energy -0.6%DJ30 +5.75 NASDAQ +11.78 NQ100 +0.5% R2K +0.1% SP400 +0.1% SP500 +2.91 NASDAQ Adv/Vol/Dec 1428/1.97 bln/1099 NYSE Adv/Vol/Dec 1741/765 mln/1257
8:05AM Vishay Precision misses by $0.04, reports revs in-line (VPG) 15.91 : Reports Q4 (Dec) earnings of $0.09 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.13; revenues rose 2.9% year/year to $56.4 mln vs the $56.78 mln consensus. Co sees Q1 revs of $53-58 mln. "Market demand in the US and Asia remained fairly stable. However, European demand dropped significantly from the third quarter, which resulted in lower revenues for the fourth quarter, mainly for the Weighing Modules and Control Systems (WMCS) segment."
8:04AM Rambus announced it has signed a patent license agreement with NVIDIA; Agreement covers a broad range of integrated circuit products (RMBS) 7.55 : Co announced it has signed a patent license agreement with NVIDIA (NVDA). The agreement covers the use of Rambus patented innovations in a broad range of integrated circuit products offered by NVIDIA. In addition, the two companies have settled all outstanding claims, including resolution of past use of Rambus' patented innovations. The term of this agreement is five years; other details are confidential.
6:15AM AU Optronics January rev -22% MoM and -28% YoY to NT$21.71 bln (AUO) 5.67 : Due to the Chinese New Year holidays and fewer workdays in January 2012, large-sized panel(a) shipments, with applications on desktop monitor, notebook PC, LCD TV and other applications, decreased by 15% month-over-month to nearly 7.31 million units. As for small-and-medium-sized panels, the shipments were around 10.33 million units, down by 33% month-over-month.
3:02AM AU Optronics misses by NT$0.67, misses on revs (AUO) 5.67 : Reports Q4 (Dec) loss of $2.34 per share, NT$0.67 worse than the Capital IQ Consensus Estimate of (NT$1.67); revenues fell 12.8% year/year to NT$89.5 bln vs the NT$94.66 bln consensus. Looking into 2012, co states panel demands are expected to gradually recover, and our capacity utilization rates are also expected to improve quarter over quarter.
3:17AM Nokia plans changes to its manufacturing operations to increase efficiency in smartphone production (NOK) 5.13 : Co announces planned changes at its factories in Komarom, Hungary, Reynosa, Mexico and Salo, Finland. The measures follow a review of smartphone manufacturing operations that Nokia announced last September and aim to increase the company's competitiveness in the diverse global mobile device market. As a consequence of the plans, the number of steps in manufacturing and the amount of work carried out at the sites in Komarom, Reynosa and Salo are expected to decrease substantially. The changes are anticipated to impact ~4,000 employees in total.
2:31AM United Micro beats by NT$0.01, beats on revs (UMC) 2.66 : Reports Q4 (Dec) earnings of NT$0.09 per share, NT$0.01 better than the Capital IQ Consensus Estimate of NT$0.08; revenues fell 22.0% year/year to NT$24.43 bln vs the NT$23.63 bln consensus. Co also provides Q1 Outlook & Guidance Quarter-over-Quarter Guidance. Co sees Wafer shipment to "Increase marginally;" Wafer ASP in USD to decrease approximately 5%; Operating Margin in Low single-digit percentage range; Capacity utilization in High 60% range; Co sees consumer and computer segments will outpace communication segment. Co's 2012 CAPEX budget is ~$2 bln
Rambus (RMBS $8.18 +0.63) announced it has signed a patent license agreement with NVIDIA (NVDA). The agreement covers the use of Rambus patented innovations in a broad range of integrated circuit products offered by NVIDIA. In addition, the two companies have settled all outstanding claims, including resolution of past use of Rambus' patented innovations. The term of this agreement is five years; other details are confidential.
09:21 am TTM Tech downgraded to Buy at Needham; tgt $15: . Needham downgrades TTMI to Buy from Strong Buy and sets target price at $15 given the growth of tablets, high-end NA networking, and cellphones, they are comfortable that TTMI should be able to grow its topline for C12 in the low to mid-single digit range. However, various events (facilities upgrade, higher labor costs, and a slower Asia Pac PCB business) do weigh on the margins, limiting EPS upside and price target of $15.
12:26 pm S&P Tech Sector Just Above The Unchanged Line, Outperforming The S&P 500
The tech sector is trading slightly lower today, along with losses in the broader market. Semiconductors are showing relative strength in the tech space, however, with the Philly Semi Index trading 0.6% higher. NVDA (+2.7%) is showing relative strength, while IDCC (-1.6%) is a notable laggard in the chip index. Among other major indices, the SPY is trading 0.2% lower, while the NASDAQ is 0.3% lower and the QQQ is trading 0.2% lower on the session. Among tech bellwethers, TXN (+0.6%) is showing strength, while QCOM (-0.7%) is under pressure.
In earnings last night, OPEN (-11.7%) posted a quarterly beat, VCLK (+2.3%) posted a beat and raise, and NTGR (-6.0%) reported a slight qtrly beat with inline guidance. This morning, S (-3.5%) posted a bottom line miss with slight upside to the top line, AUO (-2.7%) posted a miss and CTSH (-1.5%) reported slight upside to the qtr and guidance.
In news, RMBS (+8.9%) announced it has signed a patent license agreement with NVDA (+2.7%).
Among rumors, we are hearing renewed MU (+2.2%) and, separately, RIMM (-1.0%) takeover chatter making the rounds. Among notable analyst upgrades this morning, OPEN (-11.7%) was upgraded to Overweight at Piper Jaffray and VSH (+6.0%) was upgraded to Overweight at JP Morgan. Among downgrades, DMD (-6.3%) was downgraded to Underweight at Morgan Stanley, NTGR (-6.0%) was downgraded to Hold at Deutsche Bank and OPEN (-11.7%) was downgraded at Oppenheimer and Credit Suisse.
ONNN (0.0%), CSCO (-0.2%) and IM (+0.4%) are two notable names in tech scheduled to report results today after the close. |
