Wednesday, August 4, 2010

Daily Markets - Earnings Preview: Int’l Flavors

Daily Markets - Earnings Preview: Int’l Flavors

Earnings Preview: Int’l Flavors

Posted: 04 Aug 2010 12:00 PM PDT

International Flavors & Fragrances Inc. (NYSE:IFF) is slated to release its second-quarter 2010 results on August 5, 2010. The current Zacks Consensus Estimate for the second quarter earnings per share (EPS) is 82 cents, representing an annualized growth of 25.49%.   
 
With respect to earnings surprises over the trailing four quarters, International Flavors outperformed the Zacks Consensus Estimate in three quarters, and lagged behind in one quarter. The average earnings … [visit site to read more]

Anadarko Beats Estimates

Posted: 04 Aug 2010 12:00 PM PDT

Anadarko Petroleum Corporation (NYSE:APC) announced second-quarter 2010 operating earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 35 cents. The company reported an operating net loss of 57 cents per share in the year-ago quarter.
GAAP net loss per share in second-quarter 2010 was 8 cents, versus 48 cents last year.
The difference between the GAAP net loss of 8 cents and operating earnings of 49 cents is the impacts of a few one-time items: loss of 39 cents on … [visit site to read more]

American Medical Beats By A Whisker

Posted: 04 Aug 2010 12:00 PM PDT

Leading pelvic-health device provider American Medical Systems (NASDAQ:AMMD) reported second-quarter fiscal 2010 adjusted (excluding amortization charges) earnings per share of 31 cents, beating the Zacks Consensus Estimate by a penny while leaping ahead of the year-ago earnings of 29 cents.
The results dovetail with the company's expectation of 29 to 31 cents. Net income shot up 22% year over year to $20.6 million (or 26 cents a share), pushed by higher sales. … [visit site to read more]

Ocwen Misses Estimate, Profit Falls

Posted: 04 Aug 2010 12:00 PM PDT

Ocwen Financial Corporation (NYSE:OCN) reported second quarter 2010 earnings per share of 15 cents, substantially lower than the Zacks Consensus Estimate of 23 cents. This also compares unfavorably with the earnings of 26 cents recorded in the year-ago quarter.
 
Results in the quarter suffered due to a significant reduction in total revenue and interest income. However, a decrease in operating expenses was encouraging.
 
Quarter in Detail
 
Ocwen's net income decreased 10.1% to … [visit site to read more]

Stone Energy Tops Zacks Consensus

Posted: 04 Aug 2010 11:50 AM PDT

Stone Energy Corp. (NYSE:SGY) reported better-than-expected second-quarter earnings of 60 cents per share, well above the Zacks Consensus Estimate of 51 cents. However, earnings per share was down 7.7% on a year-over-year basis. Despite increased volumes, the year-over-year negative comparison was mainly due to lower gas price realizations.
 
Revenues in the reported quarter decreased 2.4% year over year to $166.2 million, compared with the Zacks Consensus Estimate of $162 … [visit site to read more]

Molex Beats, Stays Neutral

Posted: 04 Aug 2010 11:35 AM PDT

Molex Inc's (NASDAQ:MOLX) earnings for the fourth quarter beat the Zacks Consensus Estimate by 3 cents, or 6.8%. Although quarterly revenues beat analysts' expectations by 3.3%, driven by continued strength across all except the automotive end market, earnings were impacted by the weaker gross margin.
 
Gross margins were impacted by logistics-related complications that are not expected to continue.  Shares were more or less stable in after hours trading, increasing by … [visit site to read more]

Qwest Beats Zacks Est By A Penny

Posted: 04 Aug 2010 11:35 AM PDT

Qwest Communications (NYSE:Q), the third-largest U.S. local-phone service operator, announced second-quarter 2010 adjusted earnings per share of 10 cents, surpassing the Zacks Consensus Estimate of 9 cents and the year-ago earnings of 8 cents.

Adjusted earnings exclude a one-time charge of 2 cents for severance and merger-related expenses partially offset by a 1 cent one-time gain associated with the accounting of convertible debt.

Net income, on a GAAP basis, plunged 25.5% year over year to … [visit site to read more]

Unum Beats By 2 Cents

Posted: 04 Aug 2010 11:15 AM PDT

Unum Group's (NYSE:UNM) second quarter operating earnings came in at 69 cents per share, a couple of pennies ahead of the Zacks Consensus Estimate. The company earned 65 cents in the year-ago quarter. Earnings benefited primarily from improved performance in Unum U.S. , Colonial Life and Individual Disability–Closed Block segments, partially offset by a decline in Unum UK.
 
Total revenues of $2.5 billion came in line with the Zacks Consensus Estimate. It was, however, down 3.8% from … [visit site to read more]

Electronic Arts Beats, Reaffirms

Posted: 04 Aug 2010 11:15 AM PDT

Electronic Arts Inc (NASDAQ:ERTS) reported strong first quarter 2011 earnings and reaffirmed its full-year 2011 non-GAAP guidance. Electronic Arts reported a loss per share of 38 cents as compared with an estimated loss of 50 cents according to the Zacks Consensus. Loss per share includes stock-based compensation but excludes one-time items. Shares were up $0.74 (4.57%) after hours.

Electronic Arts reported GAAP earnings of 29 cents as compared with a loss of 72 cents in the first quarter of 2010, … [visit site to read more]

Celera Misses; Lowers Guidance

Posted: 04 Aug 2010 11:05 AM PDT

Celera Corporation (NASDAQ:CRA) reported a net loss per share of 7 cents in the second quarter of 2010, an improvement from the year-ago quarter's loss per share of 39 cents. Excluding one-time items, net loss was 8 cents per share compared with the Zacks Consensus Estimate of a loss of 7 cents. Net loss in second-quarter 2009 was 23 cents per share.

The company reported a record 21% year-over-year decline in revenue to $32.6 million from $41.4 million in the year-ago quarter. Reported … [visit site to read more]

Polo Ralph Lauren Surges Ahead

Posted: 04 Aug 2010 11:05 AM PDT

Polo Ralph Lauren Corp.’s (NYSE:RL) fiscal 2011 first-quarter earnings surged to $1.21 per share from 76 cents in the year-ago period, as higher sales, strong gross margin and cost containment initiatives drove performance.
Quarterly earnings also blew past the Zacks Consensus Estimate of 89 cents, which moved up 2 cents over the past 2 months.
Quarterly Details
During the quarter, Polo’s net revenues rose 12.7% year over year to $1.15 billion, which topped the Zacks Consensus Estimate of $1.14 … [visit site to read more]

PulteGroup Returns To Profit

Posted: 04 Aug 2010 10:45 AM PDT

PulteGroup, Inc. (NYSE:PHM) reported a profit of $76 million or 20 cents per share in the second quarter of the year, compared to a loss of $189 million or 74 cents per share in the same quarter of 2009.
The company significantly topped the Zacks Consensus Estimate for a loss of a penny per share. The improvement in income was due to stabilization in demand for new homes.
Consolidated revenues in the quarter almost doubled to $1.31 billion from $678.6 million a year ago. It was higher than the … [visit site to read more]

American Capital Lags Estimates

Posted: 04 Aug 2010 10:45 AM PDT

American Capital Ltd's (NASDAQ:ACAS) second quarter operating income of 9 cents per share had fallen short of the Zacks Consensus Estimate by 5 cents. The results were negatively affected due to a rise in debt refinancing costs. Last year, the results were in line with the earnings.
 
Total interest and dividend income for the quarter was $138 million, up 9% from $127 million in the prior-year quarter. The increase in interest and dividend income resulted from a 40 basis point spike in the … [visit site to read more]

Forex Trading: EURUSD Testing Key Support At The 100 Hour MA And Fibonacci Levels

Posted: 04 Aug 2010 10:41 AM PDT

VeriSign Misses

Posted: 04 Aug 2010 10:35 AM PDT

VeriSign, Inc. (NASDAQ:VRSN) reported revenues of $169 million from continuing operations for the second quarter of 2010, up 4% from the prior quarter and up 9% from the same quarter in 2009. The results underperformed the Zacks Consensus Estimate of $203 million.
Continuing operations primarily consist of Naming Services (comprising Registry Services and Network Intelligence and Availability (NIA) Services). NIA includes iDefense and the Distributed Denial of Service (DDoS) mitigation … [visit site to read more]

Acorda Loss Narrows On Ampyra Revs

Posted: 04 Aug 2010 10:35 AM PDT

Acorda Therapeutics Inc. (NASDAQ:ACOR) reported a loss of 18 cents in the second quarter, well below the Zacks Consensus Estimate of a loss of 46 cents and the year ago loss of 62 cents. Higher revenues helped the company report a lower loss in the second quarter 2010.
 
Revenues increased a whopping 241.3% to $42.8 million in the second quarter. Second quarter revenues were well above the Zacks Consensus Estimate of $29 million with Ampyra sales exceeding expectations.
 
Quarter in … [visit site to read more]

Pozen’s PA Offers Big Potential

Posted: 04 Aug 2010 10:35 AM PDT

With the approval of pain drug Vimovo in late April 2010, Pozen (NASDAQ:POZN) now has two approved products on the market. AstraZeneca, Pozen's commercial partner on Vimovo, should be in position to launch the drug later in the third quarter 2010.

Pozen's first commercial product, Treximet, for migraines, posted sales of roughly $24 million in the second quarter at partner GlaxoSmithKline. This resulted in a royalty payment from Glaxo to Pozen of approximately $4.1 million. Both products were … [visit site to read more]

Franklin Raines Must Have Amnesia

Posted: 04 Aug 2010 10:25 AM PDT

Whatever happened to the virtues of taking responsibility and ownership for issues? Why do I hold so many senior executives in our financial industry in disdain? For the very simple reason that I have seen very few of these execs stand up and be counted. All too many of them point the finger elsewhere, use the convenient excuse of 'the perfect storm' or develop a convenient case of amnesia.
Who is a fine examplar of the last category? Former chairman and CEO of Fannie Mae (NYSE:FNM) … [visit site to read more]

Toyota Improves, Raises Guidance

Posted: 04 Aug 2010 10:20 AM PDT

Toyota Motor Corp. (NYSE:TM) posted a profit of ¥210.6 billion ($2.3 billion) or ¥60.74 (66 cents) per share for the first quarter of its fiscal year ended March 31, 2011, in sharp contrast to a loss of ¥87.2 billion ($946 million) or ¥24.82 (27 cents) per share a year ago.

An increase in vehicle sales, coupled with a reduction in costs related to loan losses and residual losses in the company's Financial Services segment, led the improvement in results despite the backlash of Toyota's … [visit site to read more]

Santarus Beats On Higher Revs

Posted: 04 Aug 2010 10:20 AM PDT

Santarus Inc. (NASDAQ:SNTS) reported second-quarter earnings of 10 cents per share, well above the Zacks Consensus Estimate of 4 cents and the year-ago earnings of 2 cents. Total revenues, consisting of net product sales, promotion revenues and license and royalty revenues came in at $41.7 million, up 16.5% from the year-ago period and $4.7 million above the Zacks Consensus Estimate.
 
Quarter in Details
 
Product-related revenues, which consist of net product sales and promotion … [visit site to read more]

NuStar Reports In Line

Posted: 04 Aug 2010 10:00 AM PDT

NuStar Energy L.P. (NYSE:NS), a master limited partnership (MLP), announced in line second quarter results, as it managed to meet estimates mainly due to higher margins at the fuels marketing business.
 
The partnership reported earnings per unit (EPU), excluding special items, of $1.13, same as the Zacks Consensus Estimate but ahead of the year-ago adjusted profit of $1.04.
 
Revenues of $1.1 billion were up 13.9% from the second quarter 2009 level on account of improvement in each of … [visit site to read more]

Leap Wireless Disappoints

Posted: 04 Aug 2010 10:00 AM PDT

Yesterday after market close, Leap Wireless International Inc. (NASDAQ:LEAP) declared second-quarter 2010 financial results that fell below our expectations. The company suffered net subscriber loss in the reported quarter contrary to the consensus opinion of net subscriber addition.  Consequently, the share price of Leap Wireless plunged 56 cents (4.84%) to $11 in the after market trade on NASDAQ.
 
Quarterly total revenue was $633.5 million, up 6% year over year but well below the Zacks … [visit site to read more]

ISM: Services Sector Accelerating

Posted: 04 Aug 2010 09:45 AM PDT

The Institute for Supply Management's (ISM) Non-Manufacturing, or Services index rose to 54.3 in July from 53.8 in June. It was also far better than the consensus expectation of 53.0.

Like its "older brother,” the ISM Manufacturing index, any reading over 50 indicates that the economy in that sector is expanding, and any reading below 50 indicates contraction. Also like its older brother, the overall index is made up of ten sub-indexes (which roughly correspond to each other).

While the … [visit site to read more]

General Cable Slips

Posted: 04 Aug 2010 09:45 AM PDT

General Cable Corporation (NYSE:BGC) reported second-quarter 2010 earnings from continuing operations of 45 cents, below the Zacks Consensus Estimate of 58 cents. The company's earnings per share were also below the year-ago quarter's earnings from continuing operations of 59 cents.
 
Total revenue, on a metal adjusted basis, decreased by 8.4% year over year to $1.21 billion. Excluding unfavorable foreign currency exchange rate changes of $16.3 million, total revenue decreased to … [visit site to read more]

BRE Marginally Beats

Posted: 04 Aug 2010 09:30 AM PDT

BRE Properties Inc. (NYSE:BRE), a real estate investment trust (REIT) that operates apartment communities, reported its second quarter 2010 FFO (fund from operations) of $28.9 million or 46 cents per share compared with $37.2 million or 70 cents in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
 
The year-over-year decrease in FFO was … [visit site to read more]

DexCom Meets, Beats On Sales

Posted: 04 Aug 2010 09:20 AM PDT

DexCom (NASDAQ:DXCM) reported its second-quarter 2010 loss per share of 20 cents, matching the Zacks Consensus Estimate and improving from the year-ago loss of 33 cents.
 
Revenues
 
Total revenue (consisted of "Product revenue” and "Development grant and other revenue”) rose 75% year over year to $11.8 million in the reported quarter, beating the Zacks Consensus Estimate of $11 million. Product sales soared 120% year over year to $9.0 million in the quarter, while development grant … [visit site to read more]

BofA Spins Off Private Equity Firm

Posted: 04 Aug 2010 09:00 AM PDT

Bank of America Corporation (NYSE:BAC) has spun off its private equity wing Banc of America Capital Investors to form Ridgemont Equity Partners. Ridgemont will manage a portfolio of about $1.5 billion or approximately 23% of BofA's private equity portfolio as of June 30, 2010.
 
The decision to spin off the private equity division followed the regulatory reform bill that became law in July 2010. Since the enactment of the law, this is the first private equity business to have branched out … [visit site to read more]

Fortune: Warren Buffett’s Mr. Fix-It: Full Version

Posted: 04 Aug 2010 08:59 AM PDT

David Sokol

While word has spread that Li Lu is considered to be the next CIO for Berkshire Hathaway, there seems to be some confusion in the media. Munger mentioned that Lu will likely take over as Chief Investment Officer for Berkshire Hathaway however no mention was made of who will replace Buffett as CEO. It seems very unlikely that Li Lu would become CEO, since he has no experience running a company, and he would therefore be far better off managing Berkshire's investments as CIO. … [visit site to read more]

Northeast Utilities Dips,Upps Ests.

Posted: 04 Aug 2010 08:45 AM PDT

Northeast Utilities' (NYSE:NU) second quarter 2010 earnings of 41 cents per share slipped 3 cents compared with the Zacks Consensus Estimate of 44 cents and by 6 cents compared with last year’s earnings of 47 cents. Earnings in the quarter were impacted by lower gains at the Distribution & Generation and Competitive Businesses segments.
 Revenue & Sales 
Net revenues of $1.1 billion in the quarter were 15% below (negative surprise) the Zacks Consensus Estimate of $1.3 billion … [visit site to read more]

Which Of These Four Investing Strategies Is Right For You?

Posted: 04 Aug 2010 08:38 AM PDT

Wednesday, August 4, 2010: Issue #1316
What's your investing style?
Are you a value investor – grouped in with heavyweights like Warren Buffett and John Templeton?
Or do you prefer a growth investing model – alongside guys like Peter Lynch and William O'Neil?
Supporters of each approach are as vocal about their theories as the bulls and bears are about theirs.
Each side can point to statistics that prove their view is the correct one. Toss in contrarians, believers in GARP (Growth At a … [visit site to read more]

Short Squeeze Candidates: ATP Oil & Gas, GMX Resources, MGM Resorts

Posted: 04 Aug 2010 08:33 AM PDT

Here are three stocks with high short floats (>20%) whose charts I like. If the markets continue to remain bullish, these stocks could be candidates for short squeezes and thus, quick and generous gains. But remember, these stocks probably have a high short float for a reason, so be nimble and don’t overstay your welcome. And as always, check out for the earnings date before getting into any stock.

ATP Oil & Gas (NASDAQ:ATPG)

GMX Resources (NASDAQ:GMXR)

MGM Resorts … [visit site to read more]

Masimo Matches Forecast

Posted: 04 Aug 2010 08:30 AM PDT

Masimo Corporation (NASDAQ:MASI) reported second quarter 2010 adjusted (excluding one-time marketing-related expenses) earnings per share of 25 cents, in line with the Zacks Consensus Estimate while surpassing the year-ago result of 22 cents. Net income rose 9% year over year to $14.3 million (or 24 cents a share).
 
Revenues 
Total revenue was $100.1 million, up 19.8% year over year, exceeding the Zacks Consensus Estimate of $98 million. The company dispatched 36,700 Masimo SET pulse … [visit site to read more]

Forest Beats On Improved Volume

Posted: 04 Aug 2010 08:30 AM PDT

Denver-based Forest Oil Corporation (FST) reported second quarter earnings of 42 cents per share (excluding certain line items), closely beating the Zacks Consensus Estimate of 41 cents, attributable to higher volumes from Granite Wash. However, second quarter results were below the year-ago quarter's earnings of 52 cents, due to slightly weaker realizations and higher depreciation and depletion expense.
 
Revenues in the reported quarter increased to $208.1 million from the … [visit site to read more]

GBP/USD Could Retrace Before Continuing Rally

Posted: 04 Aug 2010 08:26 AM PDT

Good day FX friends! On today’s fx menu is the daily chart of the cable or the GBPUSD pair. In my last post about the pair back in July 16 (kindly see it here), I took note of the British pound’s bullish streak over the greenback.

Though at that time I mentioned that it could meet some selling pressure at 1.5500. For a time it did but it used the former downtrend line to propel itself above the mentioned level. And after it broke above the 1.5500 marker, it never looked back. As you … [visit site to read more]

Australian Dollar: The Downside Prevails

Posted: 04 Aug 2010 08:18 AM PDT

Update on supports and resistances. … [visit site to read more]

Canadian Dollar: Under Pressure

Posted: 04 Aug 2010 08:18 AM PDT

Update on supports and resistances. … [visit site to read more]

Follow The Leader

Posted: 04 Aug 2010 08:17 AM PDT

Fundamentals
With much of the Midwest Corn crop “as high as an elephant’s eye” and the USDA rating 71% of the crop good to excellent, it is a wonder to some traders why new-crop Corn futures have rallied during the past few weeks. The most-active December contract has climbed above $4 per bushel, not due to its own fundamentals (which on the surface appear bearish), but rather mainly due to the activity in the near-by Wheat market. Severe drought conditions in Russia, Ukraine, and the other … [visit site to read more]

Liberty Global Ups EPS, Misses Rev.

Posted: 04 Aug 2010 08:15 AM PDT

Yesterday, after market close, Liberty Global Inc. (NASDAQ:LBTYA) declared financial results for the second quarter of 2010. Quarterly GAAP net loss from continuing operations was $656.3 million or a loss of $2.58 per share compared with a net loss of $57.3 million or a loss of 35 cents per share in the prior-year quarter. Second quarter 2010 adjusted net loss $2.42 per share was significantly higher than the Zacks Consensus Estimate of a net loss of 14 cents per share. This was primarily due to a … [visit site to read more]

Ultra Comes Up With Mixed 2Q

Posted: 04 Aug 2010 08:00 AM PDT

Natural gas producer Ultra Petroleum Corp.'s (NYSE:UPL) second-quarter 2010 results exceeded our expectations, primarily based on higher production and improved efficiency in drilling. Earnings per share, excluding special items, came in at 54 cents, surpassing the Zacks Consensus Estimate of 50 cents and prior-year quarter's 51 cents.
 
Including special items, the company's earnings per share were 40 cents, compared with a loss per share of 17 cents in the year-ago period.
 
The … [visit site to read more]

Harris Matches Ests., Ups Guidance

Posted: 04 Aug 2010 07:50 AM PDT

Yesterday after closing bell, Harris Corp. (NYSE:HRS) declared fourth-quarter fiscal 2010 financial results that meet our expectations. Quarterly adjusted (excluding acquisition-related costs) earnings per share (EPS) of $1.24 were exactly in line with the Zacks Consensus Estimate.
 
Reported GAAP net income for the quarter was $151.4 million or $1.16 per share compared with a net loss of $156.4 million or a loss of $1.18 per share in the year-ago quarter. This was mainly due to strong … [visit site to read more]
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