BUZ INVESTORS Market Open U.S. missile attack on Syria puts markets on edge. The order of the missile attack on Syria

Early movers 4/5 : FB, TSLA, ABC, LB, CHD, REGN, AIG, M & more

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BUZ INVESTORS Early movers 4/5 which companies are making headlines before the bell

BUZ INVESTORS Early movers 4/5  which companies are making headlines before the bell

Facebook Reports First Quarter 2017 Results

First Quarter 2017 Operational and Other Financial Highlights

  • Daily active users (DAUs) – DAUs were 1.28 billion on average for March 2017, an increase of 18% year-over-year.
  • Monthly active users (MAUs) – MAUs were 1.94 billion as of March 31, 2017, an increase of 17% year-over-year.
  • Mobile advertising revenue – Mobile advertising revenue represented approximately 85% of advertising revenue for the first quarter of 2017, up from approximately 82% of advertising revenue in the first quarter of 2016.
  • Capital expenditures – Capital expenditures for the first quarter of 2017 were $1.27 billion.
  • Cash and cash equivalents and marketable securities – Cash and cash equivalents and marketable securities were $32.31 billion at the end of the first quarter of 2017.
  • Headcount – Headcount was 18,770 as of March 31, 2017, an increase of 38% year-over-year.




+

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Tesla First Quarter 2017 Update

Record vehicle production, deliveries and revenue in Q1
• Model 3 on track for initial production in July
• Completed transition to internally developed Autopilot software
• Q1 Automotive gross margin improved to 27.4% (GAAP) and 27.8% (non-GAAP)
• $4.0 billion of cash on hand heading into Q2
• Q1 GAAP and Non-GAAP loss from operations improved from Q4

AmerisourceBergen beats by $0.09, misses on revenue

Second Quarter GAAP Quarterly Results

  • Revenue: In the second quarter of fiscal 2017, revenue was $37.1 billion, up 4.1 percent compared to the same quarter in the previous fiscal year, reflecting a 4.0 percent increase in Pharmaceutical Distribution Services revenue and a 6.0 percent increase in revenue within Other.
  • Gross Profit: Gross profit in the fiscal 2017 second quarter was $1.3 billion, a 16.8 percent increase over the same period in the previous fiscal year, primarily driven by a LIFO credit of $86.5 million in the current year quarter versus a LIFO expense charge of $92.4 million in the prior year period. The change in LIFO is driven by lower expected brand inflation and greater generic deflation for fiscal year 2017 in comparison to those expectations at March 31, 2016 for the prior fiscal year. Gross profit as a percentage of revenue was 3.38 percent, an increase of 37 basis points from the prior year quarter.
  • Operating Expenses: In the second quarter of fiscal 2017, operating expenses were $631 million, compared to $125 million in the same period last fiscal year. Prior year’s operating expenses included $504 million of Warrants income. Distribution, selling, and administrative expenses of $522 million were relatively flat compared to the prior year period.
  • Operating Income: In the fiscal 2017 second quarter, operating income was $625 million versus $950 million in the prior year period. The decline in operating income was driven by the $504 million of Warrants income in the prior year quarter.
  • Interest Expense, Net: In the fiscal 2017 second quarter, net interest expense of $37 million was up 3.7 percent versus the prior year quarter.
  • Tax Rate: The effective tax rate for the second quarter of fiscal 2017 was 30.6 percent versus 34.1 percent in the prior year second quarter. Our tax rate was approximately 2.0 percent lower than expected due primarily to a greater than anticipated benefit from share-based compensation resulting from a high number of stock option exercises in the current quarter, which was partially offset by certain unfavorable discrete tax items.
  • Diluted Earnings Per Share: Diluted earnings per share was down 30.6 percent to $1.86 in the second quarter of fiscal year 2017 compared to $2.68 in the previous fiscal year’s second quarter, driven primarily by the decrease in net income.
  • Diluted Shares Outstanding: Diluted weighted average shares outstanding for the second quarter of fiscal year 2017 were 221.2 million, a 1.9 percent decline versus the prior fiscal year second quarter due to share repurchases, net of stock option exercises.

Comparable sales fall at L Brands

L Brands (NYSE:LB) reports comparable sales fell 5% in April. The exit of swim of apparel categories by the company had a negative impact of six percentage points.

Total sales were down 2% to $719.6M.

L Brands expects to report Q1 EPS of $0.30.

LB +1.15% premarket to $53.72.

Church & Dwight Reports Q1 Reported EPS of $0.51; Adjusted EPS of $0.52 Exceeds Q1 Outlook

2017 First Quarter Results 2017 Full Year Outlook

  • Reported sales growth +3.3%; Organic +2.3%
  • Reported and Organic sales growth of approximately +3%
  • Reported Gross Margin +90 bps; Adjusted +110 bps
  • Reported Gross Margin +60 bps; Adjusted +40 bps
  • Reported Operating Margin +130 bps; Adjusted +170 bps
  • Reported EPS $1.75-$1.77 flat; Adjusted +8.5%
  • Reported EPS growth of 18.6%; Adjusted 20.9%

Regeneron Pharmaceuticals, Inc. (REGN)

– First quarter 2017 EYLEA global net sales(1) increased 12% to $1.34 billion versus first quarter 2016

– FDA approved Dupixent® (dupilumab) Injection for adults with moderate-to-severe atopic dermatitis

– Positive Phase 2 results in dupilumab eosinophilic esophagitis study

– Biologics License Application for Kevzara® (sarilumab) accepted with a target action date of May 22, 2017

AIG Reports First Quarter 2017 Results

FIRST QUARTER FINANCIAL SUMMARY*

Three Months Ended

March 31,

($ in millions, except per share amounts)  2017   2016 Net income (loss)$1,185 $(183)Net income (loss) per diluted share (a)$1.18$(0.16)After-tax operating income$1,367$765After-tax operating income per diluted share (a)$1.36$0.64Return on equity6.3

%

 

(0.8)%AIG Consolidated:

 

Adjusted return on equity9.6

%

 

4.5%Normalized return on equity (b)8.1

%

 

8.3%Core:Adjusted return on attributed equity – Core10.2

%

 

6.8%Normalized return on attributed equity – Core (b)8.7

%

 

9.0%Book value per common share, excluding accumulated other comprehensive income  $74.58  $73.40

Macy’s and Tailored Brands to end partnership

Macy’s (NYSE:M) and Tailored Brands (NYSE:TLRD) plan to wind down operations under their tuxedo rental joint partnership first established last June.

The pairing didn’t generate the level of revenue anticipated by the retailers.

The Tuxedo Shops at Macy’s will continue to take new reservations until June 1.

Tailored Brands plans to take charges of about $17M to account for the costs of winding down the JV.

 

 




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Chart | Calendar   | TRADE NOW | USDJPY Japan NIKKEI 225 Stock Market Index | Data | Chart | Calendar BUZ INVESTORS  Japanese Stocks Finish At 6-Week High Tokyo’s Nikkei 225 edged up 113.8 points, or 0.6 percent, to 19,310.5 on Monday May 1 amid upbeat earnings figures and a recovering US dollar. It was the highest […]

BUZ INVESTORS Market Open U.S. missile attack on Syria puts markets on edge. The order of the missile attack on Syria

Early movers: AAPL, ADP, EL, GRMN, HUM, DLPH, YUM, MDLZ & more

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BUZ INVESTORS EARLY MOVERS  which companies are making headlines before the bell

BUZ INVESTORS EARLY MOVERS  which companies are making headlines before the bell

Apple iPhone miss hits suppliers

|About: Apple Inc. (AAPL)|By: Yoel Minkoff, SA News Editor

Shares of Apple’s European suppliers fell overnight after the company’s much-awaited iPhone sales missed expectations in the second quarter.

AAPL sank 1.8% AH on the news.

CEO Tim Cook blamed the sluggish number on “rumors around future products,” while reporting that Apple’s cash hoard rose to a record $256.8B.

In Europe: Dialog Semiconductor -3%, AMS -2%, STMicro -2%, Imagination Technologies -1%.

Previously: Apple -1.8% as revenues, iPhones miss, despite returns boost (May. 02 2017)




Early movers

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ADP Reports Third Quarter Fiscal 2017 Results

  • Revenues increased 5% to $3.4 billion for the quarter, 6% organic
  • Diluted earnings per share from continuing operations increased 12% to $1.31
  • ADP acquired 1.9 million shares of its stock for treasury at a cost of $191 million in the quarter

Estée Lauder beats by $0.18, beats on revenue

– Reported Net Sales Rose 8%, Constant Currency Net Sales Increased 9% –

– Reported EPS $.80, Adjusted EPS $.91 –

– Company On Track To Deliver Strong Full-Year Results –

Garmin beats by $0.07, beats on revenue

  • Total revenue of $639 million, growing 2% over the prior year, with marine, outdoor, aviation and fitness collectively growing 12% over the prior year quarter and contributing 75% of total revenue
  • Gross margin improved to 58.3% compared to 54.5% in the prior year quarter
  • Operating margin improved to 18.2% compared to 16.6% in the prior year quarter
  • Operating income grew 12%
  • GAAP EPS was $1.26 and pro forma EPS(1) was $0.52
  • Began shipping the highly anticipated fēnix® 5 adventure watch series, with three watch designs appealing to a broader range of wrist sizes and style preferences
  • Launched the Forerunner 935 multisport watch, and introduced the vívosmart® 3 with all-day stress tracking

Humana beats by $0.26, beats on revenue

  • 1Q17 earnings per diluted common share (EPS) of $7.49 on a GAAP basis, $2.75 Adjusted EPS
  • Reaffirmed recent guidance raise for full-year 2017 EPS guidance of at least $16.91 GAAP, at least $11.10 Adjusted
  • Early metrics indicate strong start to 2017

Delphi Automotive 2017 Q1 – Results

  • Revenue of $4.3 billion, up 9% adjusted for currency exchange, commodity movements, acquisitions and divestitures
  • U.S. GAAP net income from continuing operations of $335 million, diluted earnings per share from continuing operations of $1.24
    • Excluding special items, earnings from continuing operations of $1.59 per diluted share, up 17%
  • Adjusted Operating Income of $537 million, up 5%
    • U.S. GAAP Operating Income margin of 10.8%. Adjusted Operating Income margin of 12.5%
  • Generated $290 million of cash from continuing operations
  • Share repurchases and dividends of $271 million
  • Announced plans for tax-free spin-off of its Powertrain Systems segment; to be discussed on first quarter earnings call at 8:30 a.m. ET today

Yum! Brands beats by $0.05, beats on revenue

Yum! Brands (NYSE:YUM): Q1 EPS of $0.65 beats by $0.05.

Revenue of $1.42B (-1.4% Y/Y) beats by $70M.

Shares +1.64% PM.

Mondelēz International Reports Q1 Results

  • Operating income margin was 13.1%, up 190 basis points; Adjusted Operating Income1 margin was 16.8%, up 90 basis points
  • Diluted EPS was $0.41, up 17%; Adjusted EPS1 was $0.53, up 6% on a constant-currency basis
  • Net revenues decreased 0.6%; Organic Net Revenue1 grew 0.6%
  • Returned approximately $800 million in capital to shareholders

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BUZ INVESTORS Market Open U.S. missile attack on Syria puts markets on edge. The order of the missile attack on Syria

Early movers: HAS, HAL, KMB, PPG, FCH, TRUE, S, NFLX & more

Early movers: HAS, HAL, KMB, PPG, FCH, TRUE, S, NFLX & more





BUZ INVESTORS Early movers which companies are making headlines before the bell:

BUZ INVESTORS  Early movers  which companies are making headlines before the bell:

Hasbro positive post Q1 results

Hasbro (HAS) reports revenue rose 2.2% in Q1 due to growth in Franchise Brands, Hasbro Gaming and Emerging Brands.

U.S. and Canada revenue up 2% to 451.6M.

International revenue flat at $345.3M, led by 16% growth in Latin America.

Entertainment and Licensing revenue expanded 24% to $52.7M.

Franchise brand revenue grew 2% to $423.6M and Partner brand revenue down 18% to $213M.

Hasbro gaming revenue increased 43% to $142.9M and Emerging brands rose 25% to $70.2M for the quarter.

Operating margin rate fell 110 bps to 9.2%.

HAS +2.57% premarket.

Halliburton beats by $0.01, beats on revenue

Halliburton (NYSE:HAL): Q1 EPS of $0.04 beats by $0.01.

Revenue of $4.28B (+1.9% Y/Y) beats by $20M.

Halliburton Company (HAL) announced today a loss from continuing operations of $32 million, or $0.04 per diluted share, for the first quarter of 2017. This compares to a loss from continuing operations for the fourth quarter of 2016 of $149 million, or $0.17 per diluted share. Adjusted income from continuing operations for the first quarter of 2017, excluding costs related to an early extinguishment of debt, was $34 million, or $0.04 per diluted share. This compares to adjusted income from continuing operations for the fourth quarter of 2016, excluding impairments and other charges and a class action lawsuit settlement, of $35 million, or $0.04 per diluted share.




Early movers

More on Kimberly-Clark’s Q1

Kimberly-Clark (NYSE:KMB) reports organic sales fell 1% in Q1.

North American consumer products organic sales dropped 3%, reflecting category softness, competitive activity and less promotion shipments.

Developing and emerging markets saw organic growth of 4% for the period.

Foreign currency exchange rates increased sales by 1%.

Segment revenue: Personal care: $2.25B (+2%); Consumer Tissue: $1.46B (-3%); K-C Professional: $768M (+1%).

Adjusted gross margin rate improved 30 bps to 36.9%.

Segment operating profit: Personal care: $481M (+7%); Consumer Tissue: $275M (-2%); K-C Professional: $146M (-3%).

Adjusted operating margin rate +30 bps to 18.6%.

FY2017 Guidance: Net sales: +1% to +2%; Organic sales: +1% to +2%; Tax rate: 30.7%; Adjusted EPS: $6.2 to $6.35.

KMB -0.43% premarket.

PPG submits revised proposal to AkzoNobel

PPG Industries (NYSE:PPG) has submitted a revised proposal for a combination with Akzo Nobel (OTCQX:AKZOY).

“We are extending this one last invitation… to engage with us on creating extraordinary value and benefits for all of Akzo Nobel’s stakeholders,” PPG CEO Michael McGarry said in a statement.

The cash-and-stock transaction is now valued at €26.9B.

FelCor Lodging +6% on sale to RLJ Lodging

Under the terms, each share of FelCor Lodging (FCH +6.8%) will be converted into 0.362 shares of RLJ Lodging (RLJ -6.6%), and following the deal, RLJ shareholders will own about 71% of the combined company.

The merged company will have an enterprise value of $7B, with 160 hotels in 26 states. The deal is seen as accretive in year one, with expected cash G&A savings of about $12M, and roughly $10M of potential savings from stock-based compensation and capitalized cash G&A.

The combined company is expected to pay a $0.33 quarterly dividend (same as RLJ now pays).

Closing is expected before year-end.

TrueCar announces public offering

TrueCar (NASDAQ:TRUE) announces a public offering of shares of 8.5M shares.

TrueCar expects to offer 1M shares of common stock in the offering and certain existing stockholders of the company are expected to offer 7.5M shares. The automotive pricing service firm will not receive any proceeds from the sale of the shares by the selling stockholders.

TRUE -1.31% premarket to $15.06.

With new look at spectrum value, Sprint looks beyond possible T-Mobile deal

While merger talk dominates speculation about the ultimate landing spot for Sprint (NYSE:S) — via a combo with fellow wireless underdog T-Mobile (NASDAQ:TMUS) — the company and its parent may be looking at other options.

AT&T’s (NYSE:T) $1.6B deal to acquire Straight Path Communications has Sprint parent SoftBank (OTCPK:SFTBY) rethinking the value of Sprint’s sizable spectrum holdings, Bloomberg reports, and even considering spinning the airwaves into a separate publicly traded company.

A deal’s still the most likely outcome, considering SoftBank shareholders are reluctant to provide Sprint with needed cash bailouts (though Sprint has improved liquidity to more than $11B), but now SoftBank likely believes it has a stronger hand via the spectrum. And Sprint thinks it could get overtures form cable firms, including Comcast (NASDAQ:CMCSA), Charter (NASDAQ:CHTR) and Altice (OTCPK:ATCEY).

“If the debt market starts to struggle as you are trying to refinance, the best case is your costs would skyrocket, the worst case is you can’t get funding,” says analyst Craig Moffett. “Either way there’s tremendous pressure on Masa (SoftBank chief Masayoshi Son) to get a deal done sooner rather than later.”

A gag order on merger talks in the wireless industry, forced by the lengthy government spectrum auction, will be lifted this coming Thursday.

Netflix announces proposed €1B offering

According to a new press release, Netflix (NASDAQ:NFLX) intends to offer €1B aggregate principal amount of senior notes through an offering outside the U.S.

The company expects to use its net proceeds for general corporate purposes.

These may include content acquisitions, capital expenditures, investments, working capital and potential strategic transactions.




BUZ INVESTORS Market Open U.S. missile attack on Syria puts markets on edge. The order of the missile attack on Syria

Early movers Insight : GE, HON, SWK, STI, COST, MCD, WEN

Early movers Insight: GE, HON, SWK, STI, COST, MCD, WEN

Early movers Insight: GE, HON, SWK, STI, COST, MCD, WEN

BUZ INVESTORS  Early movers Insight which companies are making headlines before the bell

GE seesaws after Q1 results

Q1 non-GAAP EPS (what GE calls its “Industrial operating + Verticals EPS”) of $0.21, flat as reported, but +12% Y/Y excluding gains and restructuring.

Backlog of $324B up 3% Y/Y; Orders up 10%, with organic revenues up 7%.

$4.4B was returned to shareholders during the quarter, including $2.3B through buybacks.

“GE is continuing its portfolio transformation and investing in innovations in GE Digital and GE Additive. Our planned combination of GE Oil & Gas and Baker Hughes remains on track, and we expect the deal to close in mid-2017,” CEO Jeff Immelt in a statement.




Early movers Insight

The company also reaffirmed its 2017 operating framework for Industrial operating + Verticals EPS, organic revenue growth, and Industrial operating margin expansion.

Conference call at 8:30 a.m. ET

Honeywell +2.1% raising guidance range

Q1 adjusted EPS of $1.66 up 11% Y/Y, and topping estimates by $0.04.

Organic sales growth by segment in Q1: Aerospace flat; Home and Building +3%; Performance Materials +5%; Safety and Productivity +3%.

“Honeywell reported a strong start to 2017, with over 2% organic sales growth, 70 bps of segment margin expansion, and free cash flow of nearly $800M that was more than six times greater than 2016,” CEO Darius Adamczyk declared. “As a result of our performance, we are raising the low end of our full-year guidance by $0.05. We now anticipate that 2017 earnings per share will be $6.90 to $7.10, up 7%-10%, excluding divestitures, any pension mark-to-market adjustments, and 2016 debt refinancing charges.

Conference call at 9:30 a.m. ET.

Stanley Black & Decker Reports 1Q 2017 Results

1Q’17 Key Points:

  • Net sales for the quarter were $2.8 billion, up 5% versus prior year, as positive volume (+5%) and acquisitions (+3%) more than offset currency (-1%) and divestitures (-2%).
  • Gross margin rate for the quarter was 38.0%. Excluding charges, the gross margin rate was 38.2%, up 160 basis points from prior year as productivity and cost actions more than offset currency and commodity inflation.
  • SG&A expenses were 24.4% of sales. Excluding charges, SG&A expenses were 24.0% of sales compared to 23.5% in 1Q’16, reflecting investments in SFS 2.0 growth initiatives moderated by continued tight cost management.
  • Operating margin rate was 13.6%. Excluding charges, operating margin rate was 14.2% compared to 13.1% in 1Q’16, as operational actions to improve profitability more than offset unfavorable currency, growth investments and commodity inflation.
  • Restructuring charges for the quarter were $15.8 million. Excluding restructuring charges relating to M&A, restructuring charges for the quarter were $15.3 million compared to $8.0 million in 1Q’16. In addition and as planned, the Company incurred $12.5 million relating to the settlement of a Canadian pension plan.

SunTrust Reports First Quarter 2017 Results

Income Statement

  • Net income available to common shareholders was $451 million, or $0.91 per average common diluted share, compared to $0.90 for the prior quarter and $0.84 for the first quarter of 2016.
    • This quarter was favorably impacted by $0.04 per share of discrete tax benefits.
  • Total revenue increased 3% compared to the prior quarter and 7% compared to the first quarter of 2016.
    • These increases were driven largely by higher net interest income and record investment banking performance in the first quarter of 2017.
  • Net interest margin was 3.09% in the current quarter, up 9 basis points sequentially and up 5 basis points compared to the prior year, driven by higher earning asset yields as a result of the steeper yield curve and the increase in benchmark interest rates. Compared to the prior year, the net interest margin was also favorably impacted by continued positive mix shift in the loan portfolio.
  • Provision for credit losses increased $18 million sequentially as a result of a reserve release in the prior quarter.
  • Noninterest expense increased 5% sequentially and 11% compared to the prior year.
    • The sequential increase was driven primarily by the seasonal increase in employee benefit costs in addition to incremental costs associated with the Pillar acquisition.
    • Compared to the prior year, the increase was driven largely by higher compensation associated with improved business and stock price performance, ongoing investments in talent, higher FDIC premiums, and costs associated with efficiency initiatives including branch closures.
  • The efficiency and tangible efficiency ratios in the current quarter were 65.2% and 64.6%, respectively, both higher than the prior quarter as strong revenue growth was offset by seasonally higher noninterest expense (as outlined above).

Costco was upgraded to “overweight”

Costco was upgraded to “overweight” from “equal weight” at Barclays, which said its research indicates that the vast majority of customers visit Costco specifically to buy food. Barclays notes that this indicates Costco is largely protected from competition from Amazon

BMO Capital sees McDonald’s rally extending

BMO Capital initiates coverage on McDonald’s (NYSE:MCD) with a Buy rating.

The investment firm begins coverage on the restaurant operator with a price target of $153. The consensus price target on McDonald’s from Wall Street firms is $130.30.

Shares of McDonald’s are up 0.53% premarket to $133.98 vs. a 52-week trading range of $110.33 to $133.44 (set yesterday)

BMO Capital sees +20% upside for Wendy’s

BMO Capital initiates coverage on Wendy’s (NYSE:WEN) with a Buy rating.

The investment firm believes that valuation on Wendy’s is at an attractive level and sees upside from the new business model.

BMO’s price target of $17 reps 22% upside potential for the restaurant stock.

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BUZ INVESTORS Market Open U.S. missile attack on Syria puts markets on edge. The order of the missile attack on Syria

Early movers Insight : TRV, VZ, DHI, DGX, BX, KEY, AXP, GM, SBUX, & more

Early movers Insight : TRV, VZ, DHI, DGX, BX, KEY, AXP, GM, SBUX, & more

BUZ INVESTORSS Early movers Insight Which companies are making headlines before the bell

BUZ INVESTORSS  Early movers Insight Which companies are making headlines before the bell

High cat losses ding Travelers quarter

Q1 core income of $614M or $2.16 per share vs. $698M and $2.33 a year ago. What used to be called “operating income” is now called “core income.” This year’s result was impacted by $318M in pretax catastrophe losses.

The combined ratio of 96% deteriorated from 92.3% a year ago; underlying combined ratio of 91.7% vs. 90% a year ago.




 Early movers Insight

Net investment income up 9% Y/Y.

Net written premiums up 5%; in personal insurance up 12% – which include the impact of auto rate increases.

Adjusted book value per share of $81.56 up 1% during quarter. 2.4M shares bought back during quarter for $286M.

Dividend is boosted to $0.72 per quarter, and anther $5B of repurchases is authorized.

Verizon misses by $0.01, misses on revenue

Verizon (NYSE:VZ): Q1 EPS of $0.95 misses by $0.01.

Revenue of $29.8B (-7.4% Y/Y) misses by $690M.

Shares +1.6% PM.

  • Consolidated: 84 cents in earnings per share (EPS) and adjusted EPS (non-GAAP) of 95 cents, excluding non-operational items, compared with EPS of $1.06 in 1Q 2016.
  • Wireless: Retail postpaid churn of 1.15 percent, with strong customer loyalty demonstrated by retail postpaid phone churn of less than 0.90 percent for the eighth consecutive quarter; intra-quarter improvement in net additions following the launch of Verizon Unlimited.
  • Wireline: Fios total revenue growth of 4.7 percent.

 

D.R. Horton up 0.9% after earnings beat, raised guidance

FQ2 net income of $229.2M or $0.60 per share vs. $195.1M and $0.52 one year ago.

Homes closed up 15% to 10,685 homes; up 18% in value to $3.2B.

Net sales orders up 14% to 13,991 homes; up 17% in value to $4.2B.

Backlog up 7% to 14,618 homes; up 9% in value to $4.4B.

Full-year fiscal 17 guidance is boosted: Revenues seen at $13.6B-$14B from $13.4B-$13.8B; homes closed to 44.5K-46K from 43.5K-45.5K. Guidance for pretax profit margin remains at 11.2-11.5%; home sales gross margin stays at around 20%, and cash flow from operations still at $300M-$500M.

Quest Diagnostics beats by $0.15, beats on revenue

Quest Diagnostics (NYSE:DGX): Q1 EPS of $1.33 beats by $0.15.

Revenue of $1.9B (+2.2% Y/Y) beats by $30M.

– First quarter diluted EPS of $1.16 on a reported basis, up 63.4% from 2016; and $1.33 on an adjusted basis excluding amortization, up 17.7% from 2016. Excess tax benefit associated with stock-based compensation increased diluted earnings per share by $0.11 in the quarter.

– Raises outlook for full year 2017 diluted EPS. Reported diluted EPS now expected to be between $4.73 and $4.88; and adjusted diluted EPS excluding amortization expense now expected to be between $5.45 and $5.60

Blackstone beats by $0.14, beats on revenue

Blackstone (NYSE:BX) today reported its first quarter 2017 results.
Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported outstanding results in the first quarter, marked by
strong returns across our major fund strategies as well as our best quarter for realizations on record. The result was a more than doubling of
revenue and earnings versus the prior-year period, and our second best quarterly distribution ever, at $0.87 per common unit. In total, we will have
distributed nearly $14 per common unit of value since the IPO, including $2.50 per year on average over the past three years(a), making Blackstone
consistently one of the highest yielding large-capitalization companies in the world.”
Blackstone issued a full detailed presentation of its first quarter 2017 results, which can be viewed at www.blackstone.com.
Distribution
Blackstone has declared a quarterly distribution of $0.87 per common unit to record holders of common units at the close of business on May 1,
2017. This distribution will be paid on May 8, 2017.

KeyCorp beats by $0.04, beats on revenue

Noninterest expense, excluding merger-related charges, down 8% from 4Q16, resulting in a cash efficiency ratio of 60.4% in 1Q17

Significant progress on merger synergies; expect to achieve $450 million in acquisition cost savings by early 2018

Return on average tangible common equity, excluding merger-related charges, of 12.9% for 1Q17

AmEx +2.3% after earnings; analysts weigh in

A middle-of-the-roader on the stock, Morgan Stanley’s Betsy Graseck acknowledges improving revenue growth, but says American Express (NYSE:AXP) will likely need to continue paying for that growth with another boost in promotional offerings next year. She lifts her price target to $85 from $83.

Nomura’s Bill Carcache reiterates his Reduce rating and $63 price target. The stock should do well today, but he figures at least some of the beat was driven by non-recurring items like record Q4 investment spending, and unsustainable cuts in marketing and promotion.

Another bear on the name, RBC’s Jason Arnold says not to forget the boost to Q1 provided by a lower tax rate. Heated competition means marketing/rewards expense pressure isn’t going anywhere. He lifts his PT to $63 from $60.

A bull on AmEx, Bernstein’s Kevin St. Pierre says robust adjusted revenue growth bolsters his case, with 12%-plus EPS growth doable beyond this year. He lifts his PT to a Street-high $95.

Shares +2.3% premarket to $77.29.

GM ceases Venezuelan operations

General Motors (NYSE:GM) is ceasing its Venezuelan operations after its assets in the country were seized by public authorities.

“In addition, other assets of the company, such as vehicles, have been illegally taken from its facilities,” General Motors Venezolana said in a statement.

The action will cause “irreparable damage” to the unit, its 2,678 workers, 79 dealers and suppliers.

Stifel Nicolaus positive on Starbucks

Stifel Nicolaus upgrades Starbucks (NASDAQ:SBUX) to a Buy rating from Hold on a positive view for the chain’s comparable sales track.

The firm sees U.S. comparable sales growth of at least 5% to 6% for the next four quarters beginning in FQ3 after coffee giant turns in around a 3% gain for the current quarter. Global comparable sales are seen rising at a mid-single-digit pace this fiscal year.

Looking further down the road, Stifel thinks Starbucks can expand its ready-to-drink and packaged coffee/tea businesses.Like up on FACEBOOK


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BUZ INVESTORS Market Open U.S. missile attack on Syria puts markets on edge. The order of the missile attack on Syria

Early movers: MS, BLK, USB, TXT, IBM, YHOO, GS, AVGO, NAVI & more

Early movers: MS, BLK, USB, TXT, IBM, YHOO, GS, AVGO, NAVI & more

Early movers: MS, BLK, USB, TXT, IBM, YHOO, GS, AVGO, NAVI & more

BUZ INVESTORS  Early movers which companies are making headlines before the bell:

Sell-side mostly cheers Morgan Stanley’s Q1 results

“Solid as a rock,” says Nomura bull Steven Chubak, reiterating his Buy rating and $49 price target. He notes Q1 ROE (excl. tax benefit) was 9.9%, right in the middle of the bank’s targeted range of 9-11%. He expects positive EPS revisions and share outperformance.

Also a bull on the name, UBS’s Brennan Hawken says momentum on both sides of the franchise is intact, with results particularly solid in light of Goldman’s miss. He’s got a Buy rating with $49 price target.

Neutral on the stock, Wells Fargo’s Matthew Burnell reminds of challenges like higher wealth management compensation rate and advisory fees below that of peers.

Morgan Stanley (NYSE:MS) +2.6% to $42.32



Early movers

ETF demand leads asset growth at BlackRock in Q1

Q1 adjusted net income of $865M or $5.25 per share vs. $711M and $4.25 one year ago. Operating margin of 42.6% up 100 basis points from last year.

AUM of $5.4T up 14% Y/Y. $80B of long-term net inflows, $64B of which went into iShares. At $1.4T, the iShares funds have 26% of the company’s AUM and account for 37% of base fees.

Of actively-managed fixed-income funds, 66% of taxable ones topped their bogies over a one-year period, 78% over three years, 88% over five years.

In equity, 64% of actively-managed fundamental ones topped benchmarks over one year, 65% over three years, 49% over five years; for scientific funds, 90% topped benchmarks over five years.

More on U.S. Bancorp’s Q1 beat

Q1 net income of $1.473B or $0.82 per share vs. $1.386B and $0.76 one year ago. ROA of 1.35% up three basis points from last year; ROE of 13.3% up 30 bps. Efficiency ratio deteriorates to 55.6% from 54.6%. Book value per share of $25.05 up from $23.82. CET1 ratio of 9.2% (fully phased).

Net interest income up 3.7% Y/Y, with NIM of 3.03% lower by three basis points due to loan mix and reinvestment yields. NIM grew five bps from Q4. Average loans up 4.1% Y/Y. Average deposits up 11%.

Noninterest income up 8.4% Y/Y, with payment services up 4.9%, trust and investment management fees up 8.6%, and mortgage banking revenue up 10.7%.

Noninterest expense up 7.1% Y/Y, with comp expense up 11.4% thanks to new hires, merit raises, and higher bonuses.

Credit loss provision of $345M up 4.5% Y/Y. Net charge-off ratio of 0.50% in Q1 vs. 0.48% a year ago.

78% of Q1 earnings returned as either buybacks or dividends.

More on Textron’s Q1

Adjusted income from continuing operations of $125M, or $0.46 per share.

Sales by segment: Textron Aviation -11%; Bell -14%; Textron Systems +28%; Industrial +4%.

“We are continuing to execute our restructuring plan while maintaining our focus on new product investment and the integration of acquired businesses,” said CEO Scott Donnelly.

As a result of the closing of the Arctic Cat acquisition, the company is adjusting its guidance. Outlook for 2017: Diluted EPS of $2.40 to $2.60 (vs. $2.50-$2.70).

IBM -5% after disappointing earnings, trimmed price targets

IBM is 5% lower today, and touching its lowest point since November, in the wake of an earnings report considered lackluster at best.

Revenues continued to fall, and while several analysts are reiterating their existing ratings, Societe Generale has cut the stock to Sell.

With SocGen on the Sell side is Jefferies, which lowered its price target to $135 from $145, implying 16.5% downside from today’s already lowered price. Investors may not be fully appreciating pressures the company faces in its Software Group and Services unit, where competitive heat is rising. It didn’t like the quality of the earnings given an artificially low tax rate at the company.

It’s a “tepid report,” says Goldman Sachs, which is staying Neutral but lowered its target to $170 from $175. Along with other analysts, James Schneider is a bit skeptical of IBM guidance, which suggests a big margin ramp in the second half.

The back-loaded guidance raises questings about EPS quality, agrees RBC’s Amit Daryanani, who cut his price target to $180 from $185. But he’s encouraged that free cash flow might be flat in 2017.

Yahoo beats Street again on earnings, looks to June deal close

Yahoo (YHOO +0.4%) is down 0.2% in choppy after-hours trade following a Q1 report where it beat on top and bottom lines for the second straight quarter, as it looks ahead to a June close of its acquisition by Verizon (NYSE:VZ).

Revenue grew 22%, and the company’s focused “Mavens” revenue rose 36% to $529M. Overall, traffic-driven revenue (Mavens and non-Mavens) rose 23% to $1.27B.

Mobile revenue in particular was up 58.5% to $412M, while desktop revenue rose 11% to $859M. Search revenue jumped to $745M from a previous $492M, due to a change in revenue presentation that contributed $304M (excluding that, search revenue fell 10% Y/Y).

Cash, equivalents and marketable securities came to $8.02B, up $111M from year-end 2016.

“Our Q1 performance reflects solid financial and operational execution in the new year, with more than $1.3 billion in GAAP revenue delivered,” says CEO Marissa Mayer. “As we enter our final quarter as an independent company, we are committed to finishing strong and planning for the best possible integration with Verizon.”

Goldman’s quarter “a shock”

It’s still a “hostile environment” out there for Goldman (GS -4.8%), says Rafferty’s Dick Bove, throwing in the towel on his Buy rating.

Making a list: A tax cut this year is unlikely, the tariff situation is unclear, there may be little in the way of deregulation and an elimination of the Volcker rule seems even more far-fetched, hundreds of billions have fled mutual funds, the global economy remains sluggish, M&A could be slowing, and the bank’s largest competitors could now have a capital advantage.

Broadcom partnering for Toshiba chip bid?

A Japanese government-backed fund and policy bank are considering a joint bid with Broadcom (NASDAQ:AVGO) for Toshiba’s (OTCPK:TOSYY) semiconductor business, sources told Asahi.

A bid by INCJ and the Development Bank of Japan would vault the group into the lead to buy the prized chip unit and prevent it from going to rivals in China or South Korea.

Navient misses by $0.06, misses on revenue

Navient (NASDAQ:NAVI): Q1 EPS of $0.36 misses by $0.06.

Revenue of $340M (-30.0% Y/Y) misses by $10.57M.

Shares +2.6%.

 

 

 

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BUZ INVESTORS Market Open U.S. missile attack on Syria puts markets on edge. The order of the missile attack on Syria

Early movers: UNH, JNJ, BAC, HOG, NFLX, TSLA, CAB, BUFF & more

Early movers: UNH, JNJ, BAC, HOG, NFLX, TSLA, CAB, BUFF & more

 

UNH, JNJ, BAC, HOG, NFLX, TSLA, CAB, BUFF

Early movers: UNH, JNJ, BAC, HOG, NFLX, TSLA, CAB, BUFF & more

BUZ INVESTORS  Early movers Johnson & Johnson beat estimates by six cents a share, with adjusted first-quarter profit of $1.83 per share. Revenue fell short of estimates. The health care company did raise its full-year forecast, and also said the acquisition of Actelion should be completed this quarter.

Netflix reported quarterly profit of 40 cents per share, three cents a share above estimates. Revenue matched forecasts, but the big focus for investors is subscriber guidance and the conflicting views surrounding it. Some are focusing on a slowdown in both U.S. and international subscriber additions, others are focusing on an upbeat forecast for those numbers later in the year.



Early movers

A hazardous chemical spill occurred at Tesla’s Gigafactory battery facility in Nevada, but there were no serious injuries.

Cabela’s will sell its banking assets to Synovus Financial, clearing the way for the retailer of sporting goods and outdoor products to be bought by Bass Pro Shops. Cabela’s had planned to sell both its credit card portfolio and its banking assets to Capital One Financial, but the plan was opposed by regulators. Capital One will still go ahead with its purchase of the credit card portfolio.

 

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After Bell Movers : JWN, NVDA, PLNT

After Bell Movers : JWN, NVDA, PLNT

After Bell Movers : JWN, NVDA, PLNT

After Bell Movers : JWN, NVDA, PLNT

After Bell Movers  Shares of Nordstrom jumped 11 percent after hours following the company’s second quarter earnings beat.

Nordstrom reported earnings of 67 cents per share on revenue of $3.65 billion, compared to analysts’ expectations of 56 cents per share on revenue of $3.68 billion, according to a Thomson Reuters consensus estimate.

The apparel retailer said total comparable sales for the second quarter decreased 1.2 percent from the prior-year period.

Shares of NVIDIA popped around 3 percent in extended trading after the company’s second-quarter earnings and revenue beat.

NVIDIA reported earnings of 40 cents per share on revenue of $1.43 billion, compared to analysts’ expectations of 37 cents per share on revenue of $1.35 billion, according to a Thomson Reuters consensus estimate.

Shares of Planet Fitness popped 1.5 percent in extended trading after the company’s second-quarter earnings and revenue beat.

Planet Fitness reported earnings of 17 cents per share ex-items on revenue of $91.5 million, compared to analysts’ expectations of 15 cents a share on revenue of $85 million, according to a Thomson Reuters consensus estimate.