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7:10PM CLECO Corp increases quarterly dividend 10.3% to $0.40 from $0.3625 per share; co now targeting a dividend payout ratio of 55-65%, above prior range of 50-60% (CNL) 50.76 +0.39 :  

7:09PM Brown & Brown enters into agreement to acquire assets of Pacific Resources Benefits Advisors (BRO) 29.50 +0.12 : Co announced that a subsidiary of Brown & Brown, Inc. has entered into an asset purchase agreement to acquire substantially all of the operating assets of PacRes. The transaction is expected to close in May 2014, subject to customary closing conditions, including regulatory approval. Over the past 30 years, PacRes has become a leading independent employee benefits advisory firm working with Fortune-ranked and other large companies. PacRes had total annual net revenues for 2013 of $22.7 million. The PacRes assets will continue to be operated out of the existing headquarters of PacRes located in Chicago, Illinois, under the leadership of Paul Barden and Paul Rogers, who will report to Mike Crowe, Senior Vice President, B&B Services & Acquisitions.

6:44PM Forum Energy Tech. beats by $0.02, reports revs in-line; guides Q2 EPS in-line (FET) 31.49 -0.05 : Reports Q1 (Mar) earnings of $0.40 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.38; revenues rose 8.3% year/year to $403.9 mln vs the $403.66 mln consensus.

  • "We had record orders of $486 million in the first quarter. Drilling & Subsea segment orders increased $61 million sequentially due to higher demand for drilling and subsea equipment and products. The Production & Infrastructure segment experienced a sequential increase in orders of $38 million for pressure pumping consumable products, valves, and production and processing systems."
Co issues in-line guidance for Q2, sees EPS of $0.38-0.44 vs. $0.41 Capital IQ Consensus Estimate.

6:42PM Basic Energy Services beats by $0.04, beats on revs; guides Q2 revs above consensus (BAS) 27.93 -0.87 : Reports Q1 (Mar) loss of $0.05 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.09); revenues rose 10.6% year/year to $336.76 mln vs the $330.09 mln consensus.

Co issues upside guidance for Q2, sees Q2 revs +5-6% sequentially (~$353.6-357.0 mln) vs. $348.77 mln Capital IQ Consensus Estimate.

  • "We expect our second quarter revenue to be up 5% to 6% sequentially as we anticipate demand for our services to benefit from increased customer spending aided by better weather and longer daylight hours. Segment profit margins will benefit from increased revenue levels and we would expect that our well servicing and fluid services margins would return to levels we achieved in the third quarter of 2013 or higher, as the impact of the payroll tax reset subsides after the first quarter. With the improving completions environment, we would expect our completion and remedial services margins to continue to improve as we go through 2014."
  • "Our previously announced capital budget for 2014 was $215 million, with approximately $85 million dedicated mainly to expansion of our fluid services and completion and remedial services business lines. We will dedicate most of the approximately $19 million we received in the first quarter from the sale of our inland workover barges for additional expansion projects in 2014, resulting in a revised 2014 capital expenditure budget and expansion portion of $234 million and $104 million, respectively."

6:36PM Bank of America names Geoffrey Greener Chief Risk Officer (BAC) 16.34 -0.03 : Co announced that Chief Risk Officer Terry Laughlin is moving to a new role as president, Strategic Initiatives. Geoffrey Greener, Enterprise Capital Management executive, will become chief risk officer.

6:33PM Newmont Mining beats by $0.03, misses on revs (NEM) 25.49 -0.43 : Reports Q1 (Mar) earnings of $0.22 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.19; revenues fell 19.4% year/year to $1.76 bln vs the $1.85 bln consensus.

  • Delivered 1.2 million ounces and 24 thousand tonnes of attributable gold and copper production, with higher gold production coming from our Australia/New Zealand and Africa operations;
The Company continues to expect total attributable gold production of between 4.6 to 4.9 million ounces at CAS of $740 to $790 per ounce and AISC of $1,075 to $1,175 per ounce. The Company also continues to expect total copper production of between 95 to 110 thousand tonnes at CAS of $2.00 to $2.25 per pound and AISC of $2.75 to $2.95 per pound. As a result of mine plan optimization at the Ahafo operation in Africa, the Company is increasing production outlook from between 785,000 to 850,000 ounces to between 790,000 to 870,000 ounces for the region. Both Ahafo and Akyem are realizing lower costs and the Company is reducing its Africa regional CAS from $575 to $625 per ounce to $510 to $555 per ounce, and AISC from $795 to $865 per ounce to $690 to $755 per ounce for 2014. The Company also announced a decrease in expected interest expense of $25 million. Offsetting that, the 2014 tax rate is now expected to be between 37 and 40 percent, primarily due to the tax treatment of the sale of Midas and higher taxes in Peru.

6:14PM NGL Energy Partners increases quarterly distribution 3.8% to $0.55125 from $0.53125 per unit (NGL) 38.93 +0.74 :  

6:10PM Cullen/Frost increases quarterly dividend 2% to $0.51 from $0.50 per share (CFR) 78.04 -1.26 :  

6:09PM Bob Evans acknowledges receipt of letter from investor (BOBE) 47.29 +2.43 : Co confirmed receipt of notice of nominations from Sandell Asset Management ("Sandell") for candidates to stand for election to the Company's Board of Directors. The Company's Board of Directors will carefully consider and evaluate Sandell's notice and nominations and will communicate with the Company's shareholders in due course.

As the Company has previously communicated in conference calls with analysts and investors, as well as in its December 9, 2013, press release, and in direct discussions with Mr. Sandell and his colleagues, the Company's Board, with assistance from its independent financial advisor, Lazard, has thoroughly vetted the suggestions it has received over the past months from Sandell. The Board unanimously concluded that Sandell's recommended steps are not in the best interests of the Company and its shareholders. Specifically, with regard to the three key elements of the proposal that Mr. Sandell has made

6:05PM Sotheby's: Glass Lewis recommends Sotheby's shareholders elect all 12 of Sotheby's director nominees (BID) 42.74 +2.09 : Co announced that Glass Lewis & Co. ("Glass Lewis"), a leading independent proxy advisory firm, has recommended that Sotheby's shareholders vote "FOR" ALL 12 of Sotheby's director nominees on the GREEN proxy card at the Company's 2014 Annual Meeting of Shareholders to be held on 6 May 2014.

In its 24 April 2014 report, Glass Lewis affirmed the Board's belief that Sotheby's has the right Board, the right team, and the right strategy to continue building shareholder value:

  • "The Company has implemented positive operational, governance and capital allocation initiatives in recent months and years." 
  • "As a result, overall, we view Sotheby's as a company that is addressing its challenges and heading in the right direction under the current board and management team." 
  • "Further, rather than appearing 'asleep at the switch,' as Third Point claims, the Company has been responsive to changing market dynamics and active in pursuing growth opportunities."

6:03PM SunCoke Energy Partners prices public offering of 2.8 mln common units at $29.03 per unit (SXCP) 29.03 -0.04 : Co announced that it has priced an underwritten public offering of 2,800,000 common units representing limited partner interests at $29.03 per common unit. The offering is expected to close on April 30, 2014. SXCP intends to use a portion of the proceeds received from this offering to fund the cash consideration to be paid in connection with its acquisition of an additional 33 percent ownership interest in each of its Haverhill and Middletown cokemaking facilities and to repay certain debt assumed from its sponsor, SunCoke Energy (SXC), as part of this acquisition. Barclays Capital Inc., BofA Merrill Lynch, Citigroup Global Markets Inc., Wells Fargo Securities, Goldman, Sachs & Co. and J.P. Morgan Securities LLC are serving as joint book-running managers for the proposed offering.

5:55PM Granite Constr joint venture bid selected as best value for I-4 Ultimate Project in Florida (GVA) 38.36 -0.33 : Co announced that the construction joint-venture team comprised of Skanska USA Civil Southeast, Inc., Granite Construction Company and the Lane Construction Corporation has been selected to design and build the I-4 Ultimate Project in Seminole County, Florida. The Skanska-Granite-Lane joint venture is part of the I-4 Mobility Partners team-the concessionaire selected by the Florida Department of Transportation (FDOT) as the best value proposer for this public-private partnership contract. Granite will book its 30 percent share of the $2.32 billion construction contract into backlog once a final contract is approved and a notice to proceed is issued. Commercial and financial close, as well as a notice to proceed, is expected to occur later this summer. The project is expected to be financed using equity, debt and a loan as part of the Transportation Investment and Financing Infrastructure Act (TIFIA).

5:43PM Summit Midstream Partners declared a quarterly cash distribution of $0.50/unit, up from $0.48/unit last qtr (SMLP) 44.90 +0.58 :  

5:36PM Banner to acquire Idaho Banking Company (BANR) 39.83 -0.95 : Co announced the signing of an agreement pursuant to which Banner will purchase all of the stock and equity interests in Idaho Banking Company and merge it with and into Banner Bank. The combined company will have approximately $4.6 billion in assets and will be the fourth largest Pacific Northwest headquartered commercial bank as ranked by assets. The boards of Banner and Idaho Bancorp unanimously approved the transaction, which is subject to regulatory approval and other customary conditions of closing. The transaction provides for the payment to Idaho Bancorp of $2.6 million for all of its stock and equity interest in Idaho Banking Company, a wholly owned subsidiary company. The purchase agreement contemplates that Idaho Bancorp (the holding company) will file a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code and that the sale will be conducted under Section 363 of the Bankruptcy Code.

5:29PM Washington REIT misses by $0.03, beats on revs (WRE) 24.18 +0.10 : Reports Q1 (Mar) funds from operations of $0.36 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.39; revenues rose 6.3% year/year to $68.61 mln vs the $67.67 mln consensus.

  • Office: 55.3% of Total NOI - Same-store NOI for the first quarter increased 0.3% compared to the same period one year ago. Rental rate growth was 1.1% while same-store physical occupancy increased 140 bps to 86.9%. Sequentially, same-store physical occupancy increased 30 bps compared to the fourth quarter of 2013. 
  • Retail: 24.6% of Total NOI - Same-store NOI for the first quarter increased 1.2% compared to the same period one year ago. Rental rate growth was 0.6% while same-store physical occupancy increased 120 bps to 93.6%. Sequentially, same-store physical occupancy increased 230 bps compared to the fourth quarter of 2013. 
  • Multifamily: 20.1% of Total NOI - Same-store NOI for the first quarter decreased 4.3% compared to the same period one year ago. Rental rate growth was 0.8% while same-store physical occupancy decreased 110 bps to 92.7%. Sequentially, same-store physical occupancy increased 10 bps compared to the fourth quarter of 2013.

5:27PM Nordion obtains interim order for plan of arrangement and provides Q2 outlook; In Sterilization Technologies, there have been increased requests for shipments of incremental Cobalt-60 in Q2. Medical Isotopes revenue expected to bv 45% higher in 2014 (NDZ) 11.38 -0.10 : Co announced that the Ontario Superior Court of Justice (Commercial List) has issued an interim order authorizing, among other things, the holding of an annual and special meeting of the shareholders of Nordion. At the Meeting, Nordion shareholders will be asked to approve matters relating to Nordion's annual general meeting, as well as a statutory plan of arrangement involving the proposed acquisition by Sterigenics.

Based on the expected strength of Nordion's Q2 of FY14 performance to-date, and Nordion's latest expectations, the Company has updated its previously stated FY14 outlook to reflect the impact of certain events subsequent to the release of Nordion's previous outlook provided in March 2014. This update is preliminary, particularly since Q2 of FY14 is not yet complete, and actual results may vary.

  • In Sterilization Technologies, there have been increased requests for shipments of incremental Cobalt-60 (Co-60) during Nordion's second fiscal quarter from existing customers to sites that Nordion does not typically supply, and from certain new customers. The Co has also become aware that another Co-60 supplier is currently indicating that it is discontinuing supply of Co-60.
  • The Co believes this Co-60 supply will re-enter the market; however, at this time, Nordion cannot determine or estimate, when and to what extent, the supply of such Co-60 will resume and believes that this current increase in requests for shipments from Nordion is likely not permanent. With the increased requests in Q2 and the change in supply dynamics, Nordion currently expects Sterilization Technologies revenues in fiscal 2014 to increase by ~35% to 40%, compared with FY13, up from the Co's previous outlook of an annual increase of 10% to 15%.
  • In Medical Isotopes, due to continued incremental demand for Reactor isotopes, primarily resulting from the supply disruptions that occurred in Q1 of 2014, and higher than expected revenue for Cyclotron isotopes primarily due to Strontium-82 demand, Nordion currently expects Medical Isotopes revenues to be ~45% higher in fiscal 2014 compared with fiscal 2013, which is higher than the Co's previous outlook of an annual increase of ~ 40%.
  • The increase in Nordion's fiscal 2014 Reactor isotopes revenue reflects a significant portion of Nordion's Medical Isotopes revenue growth and is not expected to be permanent, as the additional orders that have already been largely received by Nordion is a result of the shutdown of key reactors and processing facilities, which have since returned to service.

5:24PM Weatherford beats by $0.02, misses on revs; reaffirms FY14 EPS guidance (WFT) 18.38 -0.18 : Reports Q1 (Mar) earnings of $0.13 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.11; revenues fell 6.3% year/year to $3.60 bln vs the $3.71 bln consensus. Co reaffirms guidance for FY14, sees EPS of $1.10-1.20, excluding non-recurring items, vs. $1.00 Capital IQ Consensus Estimate.

5:22PM Simpson Manufacturing beats by $0.08, beats on revs (SSD) 32.59 -0.17 : Reports Q1 (Mar) earnings of $0.25 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.17; revenues rose 9.1% year/year to $168.3 mln vs the $161.41 mln consensus.

  • The increase in the Co's Q1 2014 net sales comprised increased sales in the North America, Europe and Asia/Pacific segments, with North America reporting the largest increase in dollars.
  • North America and Europe sales benefited from improved economic activity, while Europe and parts of the United States benefited from a mild winter.

5:20PM Delek Logistics Partners declaration quarterly cash distribution for the first quarter 2014 +2.4% at $0.425 per limited partnership unit (DKL) 33.39 -0.06 :  

5:19PM NewMarket announces new share repurchase plan for $400 mln (NEU) 374.30 -23.24 : The Board of Directors approved a new share repurchase program and authorized management to repurchase up to $400 million of NewMarket's outstanding common stock until December 31, 2016. The previous authorization, which was valid until December 31, 2014, has been cancelled. It had approximately $50 million of unused repurchase capacity.

5:18PM Ensco plc sells jackup rig ENSCO 85 for $64 mln (ESV) 51.48 +1.42 : Co sold ENSCO 85, a jackup rig built in 1981, for $64 million. The net book value of the rig was ~$54 million. The pre-tax gain on this sale was ~$10 million, which will be included in second quarter 2014 operating results.

5:18PM USA Compression Partners anounces fourth consecutive quarterly distribution increase of 2.1% to $0.49/unit, which corresponds to an annualized distribution rate of $1.96/unit (USAC) 27.04 -0.12 :  

5:16PM Builders Firstsource misses by $0.01, reports revs in-line (BLDR) 8.47 +0.10 : Reports Q1 (Mar) loss of $0.01 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of ($0.00); revenues rose 8.2% year/year to $345.9 mln vs the $346.5 mln consensus.

Outlook
"Harsh weather disrupted construction activity during the first quarter, which directly impacted our business. However, we believe the underlying demand for new housing remains strong, and with the weather problems from earlier this year behind us, the pace of construction should accelerate over the coming months. We also remain confident in our ability to use our scale and market share to continue delivering strong financial results."

5:16PM CEMEX S.A. announces subscription issue price of new CPOs (CX) 12.38 -0.11 : Co announced that as a result of the application of retained earnings for a capital increase approved by CEMEX's shareholders at the general ordinary shareholders meeting held on March 20, 2014, CEMEX shareholders will receive new shares as follows:

  • 1 new CEMEX CPO per 25 CEMEX CPOs held, or, if applicable, 3 new shares per 75 shares currently outstanding. 
  • Holders of CEMEX American Depositary Shares ("ADS") will receive 1 newly issued ADS per 25 ADSs held. 
  • No cash will be distributed by CEMEX, including for fractions for which no shares are issued.
The delivery of the new CPOs or shares, as applicable, will be made starting on April 25, 2014. Only holders of record of CEMEX CPOs or ADSs as of April 24, 2014 (the record date) will receive new shares as a result of the increase in the capital stock. The new ADSs to be issued will be distributed on or about April 29, 2014. Each ADS represents 10 CPOs. The subscription price is MXN$16.2763 per new CEMEX CPO. The shares will be subscribed for at a price of MXN$5.4254 per share, of which MXN$0.00277661 will go to our capital stock and the remaining amount will be treated as premium for the subscription of capital, and will be deemed fully paid by a capitalization of retained earnings. CEMEX shareholders will not be required to pay any consideration in connection with the issuance of the shares.

5:13PM Sandstorm Gold provides update on warrants and share structure (SAND) 5.27 -0.10 : Co had a series of warrants expire on April 23, 2014. The majority of the Warrants outstanding were exercised prior to the Expiry Date bringing in over US$30 million in cash to the Company since January 2014. Sandstorm's current number of issued and outstanding shares is 111,181,067. Sandstorm's Nolan Watson commented, "I was happy to see our share price absorb the more than 10 million new shares entering the market since the beginning of the year. With the warrant exercise proceeds, we currently have over $110 million in cash and our team is actively pursuing new streams and royalties in order to add value to shareholders."

5:08PM Olin beats by $0.03, misses on revs; guides Q2 EPS below consensus (OLN) 28.76 +0.10 : Reports Q1 (Mar) earnings of $0.37 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.34; revenues fell 8.3% year/year to $577.4 mln vs the $613.24 mln consensus.

  • Co issues downside guidance for Q2, sees EPS of $0.40-0.45 vs. $0.52 Capital IQ Consensus Estimate. Chlor Alkali second quarter earnings are expected to decline compared to the second quarter of 2013 due to lower ECU netbacks, partially offset by lower costs. Second quarter 2014 Chemical Distribution earnings are expected to be similar to the second quarter of 2013. In the Winchester business, we continue to see strong commercial demand but second quarter 2014 earnings are expected to decline compared to second quarter 2013 levels due to a more historical level of seasonal demand for shotshell ammunition and reduced levels of pistol, rifle and rimfire inventory in our system, which will reduce total ammunition sales and earnings compared to both the second quarter 2013 and first quarter 2014 levels. Second quarter 2014 corporate and other expenses are forecast to be comparable to the second quarter of 2013. Second quarter 2014 earnings are also expected to include restructuring charges of $2.5 million."
  • Co approved a three year share repurchase program for up to eight million shares of Olin common stock. This plan replaces the three year, five million shares plan that would have expired on July 20, 2014. There were 2.5 million shares repurchased under that plan. 

5:07PM Synovus announces one-for-seven reverse stock split (SNV) 3.28 -0.02 : Co announced that a proposal authorizing Synovus' Board to effect a one-for-seven reverse stock split of Synovus' common stock, par value $1.00 per share, was approved by Synovus' shareholders at Synovus' 2014 annual meeting of shareholders, which was held on April 24, 2014. Following the annual meeting, Synovus' board of directors formally authorized the one-for-seven reverse stock split. Synovus anticipates that it will effect the reverse stock split on May 16, 2014, and that its shares of common stock will begin trading on a post-split basis on the New York Stock Exchange (NYSE) at the opening of trading on May 19, 2014

5:06PM Seacoast Banking and The BANKshares announce merger agreement; transaction valued at approx $76.1 mln (SBCF) 10.74 -0.05 : The acquisition will create the sixth largest Florida-based bank by total assets with approximately $3.0 billion. The combined franchise will also have $2.3 billion of deposits and 46 branches.

  • Under the terms of the definitive agreement, Seacoast will issue 0.4975 Seacoast shares for each share of BANKshares, or a total of approx 7.09 million shares of common stock to BANKshares's shareholders. 
  • Based on Seacoast's closing stock price of $10.74, the transaction will be valued at approx $76.1 mln. 
  • Seacoast expects the acquisition to be significantly accretive to 2015 operating earnings per share with 100% of expected cost savings phased in.

5:06PM Universal Health beats by $0.13, misses on revs (UHS) 78.12 +1.52 : Reports Q1 (Mar) earnings of $1.36 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus Estimate of $1.23; revenues rose 2.4% year/year to $2.13 bln vs the $2.23 bln consensus.

5:06PM Masco misses by $0.02, reports revs in-line (MAS) 22.45 +0.30 : Reports Q1 (Mar) earnings of $0.15 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.17; revenues rose 5.3% year/year to $2 bln vs the $1.99 bln consensus.

  • North American sales increased 3%
  • International sales increased 12%
  • Adjusted operating profit increased 12%
  • North American sales and profitability negatively impacted by weather

5:04PM Minerals Tech beats by $0.02, misses on revs (MTX) 61.35 -0.46 : Reports Q1 (Mar) earnings of $0.58 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.56; revenues fell 2.4% year/year to $244.4 mln vs the $251.3 mln consensus. 

  • "Looking at our first quarter, we had a good start to the year with solid financial performance, despite the impact of the severe winter weather in North America."

5:03PM Reinsurance Group of America beats by $0.19, beats on revs (RGA) 79.19 -0.25 : Reports Q1 (Mar) earnings of $1.92 per share, $0.19 better than the Capital IQ Consensus Estimate of $1.73; revenues rose 2.2% year/year to $2.66 bln vs the $2.56 bln consensus. Consolidated net premiums increased six percent to $2.1 billion. On a local currency basis, net premiums were up nine percent over the first quarter of 2013. Investment income decreased five percent to $404.4 million from $425.1 million in the year-earlier quarter, primarily attributable to a $20.7 million reduction in the fair value of options contracts underlying equity indexed annuities.

5:03PM Open Text to file a shelf registration statement in connection with GXS transaction Registration Rights (OTEX) 46.08 -0.05 : Co announced today that, concurrently with the filing of its Quarterly Report on Form 10-Q for the three and nine months ended March 31, 2014, it is filing a shelf registration statement on Form S-3 (the Shelf Registration Statement) with the SEC which becomes effective automatically. Filing of the Shelf Registration Statement is in part response to the demand and piggyback registration requests received by OpenText pursuant to the registration rights agreement entered into in connection with the acquisition of GXS Group, Inc. (GXS), and to provide future financial flexibility to the Company. 

5:02PM Eastman beats by $0.04, misses on revs; reaffirms FY14 EPS in-line (EMN) 87.30 -1.30 : Reports Q1 (Mar) earnings of $1.61 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $1.57; revenues fell 0.1% year/year to $2.31 bln vs the $2.39 bln consensus.

  • Co reaffirms in-line guidance for FY14, sees EPS of $6.70-7.00 vs. $6.90 Capital IQ Consensus Estimate.
  • Commenting on the outlook for full year 2014, co said, "Our solid first-quarter earnings are a good start to the year."
  • "Looking forward, we expect sales revenue growth in the remaining three quarters and for full-year sales revenue to be consistent with global GDP growth. We also expect that benefits from Eastman-specific actions and from balanced deployment of our strong cash flow will accelerate earnings growth for the remainder of the year."

5:02PM AptarGroup beats by $0.03, beats on revs; guides Q2 EPS in-line (ATR) 67.36 +0.16 : Reports Q1 (Mar) earnings of $0.71 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.68; revenues rose 9.5% year/year to $676.05 mln vs the $657.82 mln consensus.

  • "The broad-based increases in sales drove our earnings to a record first quarter level. This was in spite of certain headwinds that included negative currency effects and facility start-up costs primarily related to our Beauty + Home segment's Latin American operations, and a higher effective tax rate."
Co issues in-line guidance for Q2, sees EPS of $0.78-0.83 vs. $0.83 Capital IQ Consensus Estimate.

4:58PM Seacoast Banking reports EPS in-line (SBCF) 10.74 -0.05 : Reports Q1 (Mar) earnings of $0.09 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.09.

  • The improved earnings for the quarter reflect growth in customer deposit and loan relationships, improved credit costs and reduced core operating expenses which were offset by lower mortgage banking revenue and severance costs associated with cost reductions announced in the prior quarter.
  • Additional spending related to customer growth initiatives and increased customer adoption of new digital products were also absorbed during the quarter.
  • Noninterest income fell short of the prior quarter by 6.8 percent primarily due to a decline in mortgage banking fees as a result of lower mortgage demand and lower service charges on deposits resulting from seasonally higher average balances

4:58PM Hudbay Minerals files notice of change: Offer for Augusta Resource Corporation remains open until May 5, 2014 (HBM) 8.53 +0.35 : Co announced that it has filed a notice of change of information relating to its offer to acquire all of the outstanding common shares of Augusta Resource Corporation not already owned by Hudbay for consideration per Augusta share of 0.315 of a Hudbay common share. The notice of change updates the unaudited pro forma financial statements and summary financial information in the offer and take-over bid circular, as previously amended, to reflect the most recently reported financial results of Hudbay and Augusta. The Offer continues to be open for acceptance until 5:00 p.m. (Toronto time) on May 5, 2014. Hudbay will not extend the Offer beyond the Expiry Time unless, at or by that date, the remaining conditions to the Offer have been satisfied or waived, including the condition that Augusta's shareholder rights plan has been waived, invalidated or cease-traded.

4:56PM National Bank reports EPS in-line (NBHC) 19.56 -0.20 : Reports Q1 (Mar) earnings of $0.03 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.03.

Highlights:

  • Grew the strategic loan portfolio by $136.2 mln, or 36.7% annualized, driven by $217.0 mln in originations, a 98.4% increase over the first quarter of 2013. 
  • Successfully exited $28.7 mln, or 33.3% annualized, of the non-strategic loan portfolio. Added a net $5.6 mln to accretable yield for the acquired loans accounted for under ASC 310-30.
  • Credit quality metrics continued to reflect solid performance, with non-accrual loans decreasing to 0.50% of total loans at March 31, 2014 from 1.31% at Dec 31, 2013. Non-performing non 310-30 loans increased to 2.08% at March 31, 2014 from 1.51% at Dec 31, 2013 as a result of an increase in accruing restructured loans.

4:47PM Sensient confirms preliminary results of Annual Meeting: Shareholders elect all of company's nine director nominees (SXT) 54.57 -0.50 : Co announced that preliminary results from today's Annual Meeting indicate that shareholders have elected all of the Company's nine director nominees. The Sensient nominees who were elected are: Hank Brown; Edward H. Cichurski; Dr. Fergus M. Clydesdale; James A. D. Croft; William V. Hickey; Kenneth P. Manning; Paul Manning; Dr. Elaine R. Wedral; and Essie Whitelaw. Final results will be published as promptly as practicable.

4:45PM Weingarten Realty reports FFO in-line, beats on revs; reaffirms FY14 FFO guidance (WRI) 31.11 +0.38 : Reports Q1 (Mar) funds from operations of $0.49 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.49; revenues rose 8.3% year/year to $127.6 mln vs the $124.03 mln consensus.

  • Co reaffirms guidance for FY14, sees FFO of $1.95-2.01 vs. $1.99 Capital IQ Consensus Estimate. 
  • Same Property NOI for the quarter increased 3.3% versus a year ago. This increase results from an increase in occupancy of spaces where rental payments have commenced, contractual rental rate increases on existing leases, and rental rate increases on new leases and renewals.

4:40PM Hanesbrands beats by $0.18, misses on revs; raises FY14 EPS above consensus, reaffirms FY14 revs (HBI) 75.43 +1.01 : Reports Q1 (Mar) earnings of $0.76 per share, $0.18 better than the Capital IQ Consensus Estimate of $0.58; revenues rose 12.0% year/year to $1.06 bln vs the $1.08 bln consensus.

  • Co issues guidance for FY14, raises EPS to $4.80-5.00 from prior guidance of $4.60-4.80 vs. $4.73 Capital IQ Consensus Estimate; reaffirms FY14 revs of slightly less than $5.1 bln, excluding non-recurring items, vs. $5.09 bln Capital IQ Consensus Estimate. 
  • Guidance Details: The company expects its acquisition of Maidenform to contribute approximately $500 million in sales and approximately $30 million of operating profit in 2014. Interest expense and other expense are expected to be approximately $85 million combined. Inherent in the company's guidance is a full-year tax rate in the low teens. As is typical, Hanes expects its tax rate will fluctuate by quarter, with the rate being slightly higher in the first half of the year. The company expects to make pension contributions of approximately $60 million and net capital expenditures of approximately $60 million to $70 million.

4:40PM SVB Financial Group beats by $0.41 (SIVB) 111.82 -1.22 : Reports Q1 (Mar) earnings of $1.95 per share, $0.41 better than the Capital IQ Consensus Estimate of $1.54.

  • Average loan balances of $10.8 billion, an increase of $629 million (or 6.2 percent)
  • Average available-for-sale securities of $12.2 billion, an increase of $1.2 billion (or 11.3 percent)
  • Net interest income (fully taxable equivalent basis) of $196.8 million, an increase of $9.3 million (or 5.0 percent)
  • Net interest margin of 3.13 percent, a decrease of 7 basis points
  • FireEye (FEYE) gains on investment securities of $113.0 mln ($21.8 mln net of noncontrolling interests), $15.2 mln from gains on equity warrant assets and an unrealized loss on available-for-sale securities of $8.2 mln reflected as a $4.9 million decrease (net of tax) in other accumulated comprehensive loss in stockholders' equity.

4:38PM PDF Solutions reports Q1 results, revs up 12% YoY (PDFS) 18.82 +0.43 : Co reports Q1 (Mar) non-GAAP EPS of $0.30 vs $0.22 last year; revenue rose 12.3% YoY to $27.1 mln. There are no analyst estimates.

4:38PM Holly Energy Partners increases quarterly dividend 1.5% to $0.5075 from $0.50 per share (HEP) 31.75 +0.71 :  

4:36PM Baidu.com beats by $0.21, misses on revs; guides Q2 revs in-line (BIDU) 159.7 +0.40 : Reports Q1 (Mar) earnings of $1.24 per share, $0.21 better than the Capital IQ Consensus Estimate of $1.03; revenues rose 59.0% year/year to $1.53 bln vs the $1.55 bln consensus. 

  • Online marketing revenues were $1.509 billion, representing a 57.5% increase from the corresponding period in 2013. Baidu had about 446,000 active online marketing customers, representing an 8.8% increase y/y and a 1.1% decrease q/q. 
  • Revenue per online marketing customer was approximately $3,362, a 44.1% increase y/y and flat q/q. 
  • Traffic acquisition cost as a component of cost of revenues was $190.1 million, representing 12.4% of total revenues, as compared to 10.2% in the corresponding period in 2013 and 12.3% in 4Q13. The year-over-year increase mainly reflects increased contextual ads contributions and the promotion of Hao123 through the Company's network.
  • Bandwidth costs as a component of cost of revenues were $103.9 million, representing 6.8% of total revenues, compared to 6.8% in the corresponding period in 2013. 
  • Content costs as a component of cost of revenues were RMB393.6 million ($63.3 million), representing 4.1% of total revenues, compared to 1.6% in the corresponding period in 2013, and 3.8% in the previous quarter. The increase was mainly due to iQiyi's increased content costs.
  • Co issues in-line guidance for Q2, sees Q2 revs of $1.901-1.948 bln vs. $1.88 bln Capital IQ Consensus Estimate.

4:35PM New Residential Investment launches public offering of 25 mln shares of its common stock (NRZ) 6.24 +0.01 :

  • Co announced that it launched a public offering of 25 mln shares of its common stock pursuant to a registration statement on Form S-11 filed with the SEC.
  • Co intends to use the net proceeds from this offering for general corporate purposes, including to make a variety of investments, which may include, but is not limited to, investments in Excess MSRs, servicer advances, real estate securities and real estate related loans. 
  • Citigroup is the sole underwriter for the offering.

4:33PM First Potomac Realty misses by $0.01; reaffirms FY14 FFO guidance (FPO) : Reports Q1 (Mar) funds from operations of $0.22 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.23.

Co reaffirms guidance for FY14, sees FFO of $0.92-1.00 vs. $0.96 Capital IQ Consensus Estimate.

4:33PM Republic Services misses by $0.01, reports revs in-line (RSG) 34.77 -0.08 : Reports Q1 (Mar) earnings of $0.43 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.44; revenues rose 3.8% year/year to $2.07 bln vs the $2.08 bln consensus.

4:32PM ShoreTel beats by $0.02, reports revs in-line; guides Q4 revs in-line (SHOR) 7.94 -0.15 : Reports Q3 (Mar) earnings of $0.04 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.02; revenues rose 5.2% year/year to $82.4 mln vs the $83.11 mln consensus.

  • Co issues in-line guidance for Q4, sees Q4 revs of $83-89 mln vs. $88.39 mln Capital IQ Consensus Estimate.

4:32PM Pebblebrook Hotel Trust beats by $0.03; guides Q2 FFO in-line; guides FY14 FFO in-line (PEB) 34.18 +0.02 : Reports Q1 (Mar) adjusted funds from operations of $0.26 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.23.

  • Same-Property RevPAR in 1Q14 increased 8.5% over the same period of 2013 to $168.98. Same-Property ADR grew 7.0% from the first quarter of 2013 to $209.98. Same-Property Occupancy rose 1.4% to 80.5%.
  • Guidance: Co issues in-line guidance for Q2, sees Adjusted FFO of $0.49-$0.53 vs. $0.53 Capital IQ Consensus Estimate. Sees Same-Property RevPar of $206-$208.Co issues in-line guidance for FY14, sees Adjusted FFO of $1.78-$1.86 vs. $1.84 Capital IQ Consensus Estimate. Sees Same-Property RevPAR of $195-$197.

4:32PM Regions Fincl increases quarterly dividend to $0.05 per common share from $0.03 per common share; announces equity repurchase program for up to $350 mln of the co's common stock (RF) 10.31 -0.10 : Both actions were previously announced on March 26, 2014, following the Federal Reserve's indication to Regions that it did not object to the company's capital plan and proposed capital actions as part of the 2014 Comprehensive Capital Analysis and Review (CCAR) process.

4:32PM Qlik Tech beats by $0.01, misses on revs; guides Q2 EPS in-line, revs in-line; guides FY14 EPS in-line, revs in-line (QLIK) 24.46 +0.33 : Reports Q1 (Mar) loss of $0.12 per share, $0.01 better than the Capital IQ Consensus Estimate of ($0.13); revenues rose 15.1% year/year to $111.1 mln vs the $113.23 mln consensus.  License revenue for the first quarter of 2014 was $53.9 million, an increase of 2% from $52.7 million for the first quarter of 2013. Foreign currency exchange rate fluctuations from the prior year period positively impacted total revenue by approximately 1%.

  • Co issues in-line guidance for Q2, sees EPS of ($0.04)-($0.02) vs. ($0.02) Capital IQ Consensus Estimate; sees Q2 revs of $124.0-128.0 vs. $125.60 mln Capital IQ Consensus Estimate. 
  • Co issues in-line guidance for FY14, sees EPS of $0.23-0.27 vs. $0.25 Capital IQ Consensus Estimate; sees FY14 revs of $545-555 vs. $550.47 mln Capital IQ Consensus Estimate.

4:31PM Lexmark increases quarterly dividend by 20% to $0.36 per share (LXK) 42.21 +0.12 :  

4:30PM TeleNav reports Q3 (Mar) results, revs in-line; guides Q4 EPS in-line, revs below consensus; guides FY14 EPS above consensus, revs below consensus (TNAV) 6.50 +0.09 : Reports Q3 (Mar) loss of $0.19 per share, may not be comparable to the Capital IQ Consensus Estimate of ($0.15); revenues fell 37.3% year/year to $34.5 mln vs the $34.74 mln consensus. Co issues mixed guidance for Q4, sees EPS of ($0.19) to ($0.16), excluding non-recurring items, vs. ($0.16) Capital IQ Consensus Estimate; sees Q4 revs of $33-35 mln vs. $35.30 mln Capital IQ Consensus Estimate. Co issues mixed guidance for FY14, sees EPS of ($0.26) to ($0.23), excluding non-recurring items, vs. ($0.28) Capital IQ Consensus Estimate; sees FY14 revs of $149-151 mln vs. $151.47 mln Capital IQ Consensus Estimate.

4:30PM Mellanox Tech misses by $0.02, misses on revs (MLNX) 39.68 -0.42 : Reports Q1 (Mar) earnings of $0.10 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.12; revenues rose 18.8% year/year to $98.7 mln vs the $102.88 mln consensus; non-GAAP gross margin 68.6%.

4:29PM MDC Partners misses by $0.16, beats on revs; raises FY14 revs above consensus (MDCA) 24.04 +0.19 : Reports Q1 (Mar) loss of $0.18 per share, $0.16 worse than the Capital IQ Consensus Estimate of ($0.02); revenues rose 10.2% year/year to $292.6 mln vs the $282.5 mln consensus.

  • Co raises guidance for FY14, sees FY14 revs of $1.25-1.27 bln vs. $1.25 bln Capital IQ Consensus Estimate, up from $1.23-1.26 bln.

4:29PM Premiere Global beats by $0.03, beats on revs; reaffirms FY14 EPS guidance, raises FY14 rev guidance in-line (PGI) 11.80 -0.12 : Reports Q1 (Mar) earnings of $0.22 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.19; revenues rose 10.6% year/year to $143.24 mln vs the $139.68 mln consensus.

Co issues mixed guidance for FY14, reaffirms EPS of $0.85-0.88, excluding non-recurring items, vs. $0.85 Capital IQ Consensus Estimate; sees FY14 revs of $565-575 (raised from $560-570 mln) vs. $565.10 mln Capital IQ Consensus Estimate.

4:29PM PC-TEL misses by $0.02, misses on revs; guides FY14 revs above consensus (PCTI) 8.44 +0.19 : Reports Q1 (Mar) earnings of $0.05 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.07; revenues fell 5.7% year/year to $23.66 mln vs the $24.73 mln consensus.

  • Co issues upside guidance for FY14, sees FY14 revs at high end of $112-114 mln guidance vs. $111.30 mln Capital IQ Consensus Estimate. 

    "Core antenna sales were soft for seasonal reasons but we expect a strong rebound this quarter in that product area. That coupled with new business makes us comfortable with the high end of our previous revenue guidance of $112 - $114 million for our full year 2014. Finally, we had an extremely active quarter with respect to new product releases that will benefit the company this year."

4:28PM UPS contract with International Brotherhood of Teamsters approved (UPS) 98.64 -0.60 : Co was notified by the International Brotherhood of Teamsters that the Master Agreement between the co and the IBT was approved for implementation on April 25 for all UPS employees covered by the Agreement. "We are pleased with this notification and we will move forward to implement the terms of the contract," said Scott Davis, UPS chairman and CEO.

  • The contract is effective from 8/1/13 to 7/31/18 and applicable retroactive benefits payments will be made to employees within 30 days

4:27PM Starbucks reports EPS in-line, misses on revs with slight beat on comps; guides Q3 and Q4 EPS in-line; reaffirms FY14 rev guidance (SBUX) 71.09 +0.70 : Reports Q2 (Mar) earnings of $0.56 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.56; revenues rose 9.1% year/year to $3.87 bln vs the $3.96 bln consensus.

  • Global comparable store sales increased 6% vs. +5.5% ests.
    • Americas and U.S. comp growth of 6%; 
    • EMEA comp growth of 6%, representing the highest growth in EMEA in 14 quarters 
    • China/Asia Pacific comp growth of 7%, driven by strong traffic. 
Co reaffirms guidance for Q3, sees EPS of $0.64-0.66 vs. $0.66 Capital IQ Consensus Estimate.

Co raises Q4 EPS guidance to $0.71-0.75 from $0.70-0.75 vs. $0.73 Capital IQ Consensus Estimate.

Co issues guidance for FY14, raises EPS of $2.62-2.68 vs. $2.66 Capital IQ Consensus Estimate; reaffirms FY14 revs of up 10% or more (at least $16.38 bln) vs. $16.65 bln Capital IQ Consensus Estimate.

4:27PM Superior Energy beats by $0.06, misses on revs (SPN) 32.55 -0.17 : Reports Q1 (Mar) earnings from cont ops of $0.27 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.21; revenues fell 2.3% year/year to $1.06 bln vs the $1.09 bln consensus.

4:27PM Swift Transportation reports EPS in-line, misses on revs; guides Q2 EPS below consensus; guides FY14 EPS in-line (SWFT) : Reports Q1 (Mar) earnings of $0.12 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.12; revenues rose 2.7% year/year to $1.01 bln vs the $1.02 bln consensus.

Co issues downside guidance for Q2, sees EPS of $0.30-0.35 vs. $0.37 Capital IQ Consensus Estimate.

Co issues in-line guidance for FY14, sees EPS of $1.31-1.41 vs. $1.32 Capital IQ Consensus Estimate.

4:27PM KLA-Tencor beats by $0.12, beats on revs (KLAC) 67.74 +1.02 : Reports Q3 (Mar) earnings of $1.23 per share, $0.12 better than the Capital IQ Consensus Estimate of $1.11; revenues rose 14.1% year/year to $832 mln vs the $822.47 mln consensus.

  • "KLA-Tencor delivered solid results for the third quarter of fiscal year 2014, demonstrating our market leadership and strong operational execution," commented Rick Wallace, President and CEO of KLA-Tencor. "Semiconductor device manufacturers are facing enormous challenges in transitioning from planar to 3D transistor structures and in implementing new process technologies at the leading edge such as multi-patterning lithography. Although the semiconductor capital equipment industry is currently experiencing a pause in demand after a strong initial ramp of some of these new technologies, we remain focused on partnering with our customers to address yield issues associated with these ramps."

4:26PM Taubman Centers reports FFO in-line, beats on revs; reaffirms FY14 FFO guidance (TCO) 72.96 +0.79 : Reports Q1 (Mar) funds from operations of $0.90 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.90; revenues fell 4.6% year/year to $174.78 mln vs the $168.23 mln consensus. Co reaffirms guidance for FY14, sees FFO of $3.72-3.82 vs. $3.80 Capital IQ Consensus Estimate.

4:25PM FICO beats by $0.02, reports revs in-line; reiterates 2014 guidance (FICO) 54.25 -0.10 : Reports Q2 (Mar) earnings of $0.81 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.79; revenues rose 3.4% year/year to $185.46 mln vs the $187.07 mln consensus.

  • Co reits previously provided 2014 guidance; sees EPS of $3.46-3.56 vs. $3.48 Capital IQ Consensus Estimate; sees FY14 revs of $763-773 mln vs. $763.69 mln Capital IQ Consensus Estimate.

4:25PM Monolithic Power beats by $0.13, reports revs in-line; guides Q2 revs in-line (MPWR) 38.09 +1.04 : Reports Q1 (Mar) earnings of $0.39 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus Estimate of $0.26; revenues rose 16.7% year/year to $60.1 mln vs the $60.2 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $65-69 mln vs. $66.1 mln Capital IQ Consensus Estimate.

4:25PM Horace Mann beats by $0.22; Revenue increases 3% (HMN) 28.61 +0.15 : Reports Q1 (Mar) operating earnings of $0.65 per share, $0.22 better than the two analyst estimate of $0.43. Total revenue grew by 2.6% to $261.2 mln. Book value per share excluding the fair value adjustment for investments of $24.27, up 8% compared to a year ago.

  • The property and casualty segment recorded net income of $14.0 million for the current quarter compared to $10.2 million for the same period in 2013.  The total property and casualty combined ratio of 93.7% was 3.5 percentage points lower than the first quarter of 2013. 
  • Annuity segment net income of $12.3 million for the three months ended March 31, 2014 increased $1.2 million compared to the same period in 2013.  The first quarter annualized net interest spread of 214 basis points on fixed annuity assets reflected continued solid investment portfolio performance and increased security prepayment activity. 
  • First quarter life segment net income of $3.9 million decreased $0.4 million compared to the same period in 2013.  In the current period, mortality losses were higher than anticipated, partially offset by an increase in investment income.

4:24PM Broadcom beats by $0.05, beats on revs; guides Q2 revs in-line (BRCM) 31.14 +0.73 : Reports Q1 (Mar) earnings of $0.51 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.46; revenues fell 1.0% year/year to $1.98 bln vs the $1.96 bln consensus.

  • Co issues in-line guidance for Q2, sees Q2 revs of $2.0-2.1 bln vs. $2.07 bln Capital IQ Consensus Estimate.
  • Non-GAAP product gross margin of up ~75 to ~175 basis points from 1Q14
  • Broadcom delivered overall results ahead of expectations in the March quarter," said Scott McGregor, Broadcom's President and Chief Executive Officer.
  • The upside was driven by strength in Broadband and Infrastructure, stronger-than-expected gross margins and continued operating expense discipline.
  • "In the current quarter, we expect momentum in Infrastructure and Broadband to continue, driven by service provider spending on network build outs and technology upgrades."

4:23PM Calamos Asset beats by $0.07, misses on revs (CLMS) : Reports Q1 (Mar) earnings of $0.20 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.13; revenues fell 10.0% year/year to $63.9 mln vs the $65.4 mln consensus.

4:23PM DeVry Education beats by $0.11, reports revs in-line (DV) 40.36 -0.33 : Reports Q3 (Mar) earnings of $0.86 per share, $0.11 better than the Capital IQ Consensus Estimate of $0.75; revenues fell 1.5% year/year to $496.1 mln vs the $493.52 mln consensus. 

  • "During the quarter we made good progress on our plan to turn around and transform DeVry University, including narrowing the rate of decline in new student enrollment, improving student persistence, and accelerating our cost reduction initiatives," said Daniel Hamburger, DeVry Group's president and chief executive officer. "As we look ahead to fiscal 2015, we will continue to enhance our strong student value proposition and to grow and diversify in healthcare, international and professional education."

4:23PM Digi Intl beats by $0.02, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY14 EPS below consensus, revs below consensus (DGII) 10.40 +0.33 : Reports Q2 (Mar) earnings of $0.03 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.01; revenues fell 4.8% year/year to $45.9 mln vs the $46.2 mln consensus. Co issues downside guidance for Q3, sees EPS of ($0.02)-$0.02, excluding non-recurring items, vs. $0.07 Capital IQ Consensus Estimate; sees Q3 revs of $46.5-49.5 mln vs. $50.21 mln Capital IQ Consensus Estimate. Co issues downside guidance for FY14, sees EPS of $0.06-0.12, excluding non-recurring items, vs. $0.22 Capital IQ Consensus Estimate; sees FY14 revs of $188-194 mln vs. $197.40 mln Capital IQ Consensus Estimate.

4:22PM Starbucks trades to $71.75 in reaction to earnings report. (SBUX) 71.09 +0.70 :  

4:22PM Rose Rock Midstream increases quarterly distributions on limited partner units 6.5% to $0.495 (RRMS) 42.54 +0.66 :  

4:22PM Stericycle beats by $0.05, reports revs in-line (SRCL) : Reports Q1 (Mar) earnings of $1.04 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.99; revenues rose 10.9% year/year to $570 mln vs the $572.41 mln consensus.

4:21PM GrafTech Intl sends letter to stockholders and files investor presentation: Urges stockholders to vote for GrafTech Director Nominees (GTI) 11.34 -0.13 : Co announced that it has mailed a letter to stockholders in connection with the Company's May 15, 2014 Annual Meeting of Stockholders urging them to protect their investment by voting the WHITE proxy card FOR GrafTech's director nominees. In addition, GrafTech filed a presentation with the SEC, which is available on the Investor Relations section of the Company's website and on the SEC's website. Highlights of the presentation include:

  • GrafTech's Board and management team have a strong track record of value creation and a clear, winning strategy to drive long-term stockholder value; 
  • GrafTech's experienced and highly qualified Board is committed to serving the interests of ALL stockholders; 
  • The Milikowsky Group's platform is based on flawed analysis and misleading statements, and demonstrates a fundamental lack of understanding of GrafTech's global businesses and industry; 
  • If implemented, the Milikowsky Group's proposed strategy would be detrimental to stockholder value; and 
  • Nathan Milikowsky was not re-nominated to the Board in 2013 following serious governance breaches and conduct that demonstrate he is not qualified to serve on the Board.

4:21PM PerkinElmer beats by $0.02, reports revs in-line; guides FY14 EPS in-line (PKI) : Reports Q1 (Mar) earnings of $0.46 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.44; revenues rose 5.2% year/year to $531.9 mln vs the $531.31 mln consensus.

Co issues in-line guidance for FY14, sees EPS of $2.42-2.46 vs. $2.45 Capital IQ Consensus Estimate.

4:20PM Fed Investors misses by $0.03, misses on revs (FII) 29.82 +0.22 : Reports Q1 (Mar) earnings of $0.34 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.37; revenues fell 7.2% year/year to $211.5 mln vs the $219.63 mln consensus.

  • Revenue decreased by $3.2 million or 2 percent primarily due to fewer days in Q1 2014 and an increase in voluntary fee waivers partially offset by higher average assets.

4:20PM Informatica beats by $0.01, reports revs in-line; Record deferred revenues of $312.1 mln (INFA) 37.69 -0.19 : Reports Q1 (Mar) earnings of $0.35 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.34; revenues rose 13.4% year/year to $243.1 mln vs the $242.28 mln consensus.

4:20PM Arthur J. Gallagher acquires American Wholesalers Underwriting; terms not disclosed (AJG) 44.67 -0.28 : Established in 1994, American Wholesalers Underwriting, Ltd. is a managing general agent and program manager which provides commercial property/casualty insurance products and services to their independent insurance agent and broker clients throughout the United States.

4:19PM Amazon.com misses by $0.01 (operating income near high end of guidance but below estimates), beats on revs; guides Q2 revs in-line, operating income below consensus (AMZN) 337.15 12.57 : Reports Q1 (Mar) earnings of $0.23 per share, $0.01 worse than the Capital IQ Consensus of $0.24; operating income $146 mln vs. the $146 mln vs. the ($200)-200 mln guidance and $205 mln ests; revenues rose 22.8% year/year to $19.74 bln vs the $19.42 bln consensus.

  • Operating cash flow increased 26% to $5.35 billion for the trailing twelve months, compared with $4.25 billion for the trailing twelve months ended March 31, 2013. 
  • Free cash flow increased to $1.49 billion for the trailing twelve months, compared with $177 million for the trailing twelve months ended March 31, 2013.
Co issues in-line guidance for Q2, sees Q2 revs of $18.1-19.8 bln vs. $19.03 bln Capital IQ Consensus; operating income (loss) is expected to be between $(455) million and $(55) million vs. $189 mln ests, compared to $79 million in second quarter 2013.

"Our device team launched Fire TV, offering great content, including our recently announced exclusive deal with HBO, and innovative features like unified voice search, which we're delighted is being adopted by so many new partners, including Netflix, HBO Go, Hulu Plus, Crackle and Showtime Anytime. The team is working hard to keep Fire TV in stock. Our retail team launched Prime Pantry, a new option available only to Prime members offering exclusive access to everyday essentials in non-bulk sizes - ranging from breakfast foods and popular soft drinks, to cleaning and personal care items. And, our AWS team significantly lowered prices on EC2, S3 and RDS, saving AWS customers hundreds of millions of dollars over the next several months alone."

4:19PM Applied Micro beats by $0.01, misses on revs (AMCC) 9.79 +0.44 : Reports Q4 (Mar) earnings of $0.01 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of ($0.00); revenues fell 8.0% year/year to $51.8 mln vs the $52.32 mln consensus. 

  • "We are very excited with the progress we have made to commercialize X-Gene...Design win momentum is strong, and we have purchase orders in-hand. We expect to begin sampling X-Gene 2 later this spring....In addition, our leadership in the OTN / converged Ethernet market has positioned us very well to benefit from the adoption of 100Gbps connectivity within and between data centers."

4:19PM Barracuda Networks beats by $0.05, beats on revs (CUDA) 27.99 +0.11 : Reports Q4 (Feb) earnings of $0.06 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.01; revenues rose 14.9% year/year to $60.3 mln vs the $59.67 mln consensus.

  • Other Metrics: Gross billings grew by 18% to $82.0 mln ... Adjusted free cash flow was $19 million, or 31% of revenue ... Total active subscribers exceeded 205,000.
  • Commentary: "During the quarter, we added over 7,900 new active subscribers, ending our fiscal year with more than 205,000 active subscribers. In addition to adding new customers, we also made good progress with our installed-base selling initiatives, accelerating growth in the number of multi-product customers. As Barracuda expands our product offerings and the availability of solutions in areas of growing adoption such as public cloud platforms, we are strengthening our positioning and availability of our security and storage solutions that simplify the lives of IT professionals."

4:18PM Altera beats by $0.05, beats on revs; guides Q2 revs above consensus (ALTR) : Reports Q1 (Mar) earnings of $0.37 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.32; revenues rose 12.3% year/year to $461.1 mln vs the $437.97 mln consensus.

Co issues upside guidance for Q2, sees Q2 revs up 2-6% sequentially (roughly $470-488 mln) vs. $461.34 mln Capital IQ Consensus Estimate.

"The quarter exceeded our expectations as stronger than anticipated Chinese LTE deployments drove wireless sales."

4:18PM SandRidge Mississippian Trust I lowers quarterly distribution to $0.4263 per common unit from $0.50 per common unit (SDT) 7.77 -0.06 :  

4:17PM AtriCure misses by $0.09, beats on revs; guides FY14 revs in-line (ATRC) 16.68 -0.50 : Reports Q1 (Mar) loss of $0.31 per share, $0.09 worse than the Capital IQ Consensus Estimate of ($0.22); revenues rose 28.5% year/year to $24.8 mln vs the $23.18 mln consensus. Co issues in-line guidance for FY14, sees FY14 revs of $101-104 mln vs. $102.13 mln Capital IQ Consensus Estimate. Consistent with the guidance provided in February, adjusted EBITDA, a non-GAAP measure, is projected to be a loss in the range of $9 million to $10 million for 2014, of which approximately $3.5 million of expense will be related to the Estech transaction. AtriCure expects the Estech transaction to be dilutive to earnings in 2014 and accretive in 2015 and beyond.

4:17PM Pacific Coast Oil Trust lowers monthly cash distribution by 1% to $0.12102 per unit from $0.12188 per unit (ROYT) 13.13 +0.10 : This month's distribution of $4.7 million is 1% lower than the previous month ($0.12102 per unit vs. $0.12188 per unit) principally due to higher lease operating expenses, partially offset by higher production with three additional days of production in March than February. Average realized prices were $96.25, or 0.5% lower than the prior month. Average daily production decreased 2% to 4,295 Boe in March, as compared to 4,392 Boe in February, due to the planned maintenance shutdown by the Orcutt electrical utility provider.

4:16PM Earnings Movers: SYNA +7.10, DECK +2.75, AMZN +2.00, MKTO +1.00, MSFT +0.90, SPWR +0.50, LVS +0.50 AFOP +0.40, CRUS +0.35... P -2.40, V -2.40, AWAY -1.10 :

4:16PM Bazaarvoice reaches settlement with DOJ in antitrust litigation regarding 2012 acquisition of PowerReviews (BV) 6.80 -0.12 :

  • Under the terms of the Stipulation and Order, co is required to divest all assets of the PowerReviews business, a process that was initiated on April 8, 2014, through a non-binding letter of intent (LOI) whereby Viewpoints, LLC would acquire the co subsidiary that holds substantially all assets of PowerReviews. 
  • Co will also comply with additional provisions designed to ensure a prompt divestiture of assets and a smooth transition of services.
  • Once the Stipulation and Order is approved and entered by the Court, co intends to complete negotiations with Viewpoints, including completion of due diligence and execution of a definitive agreement. 
  • While there can be no assurance that the proposed transaction with Viewpoints will be completed, the transaction is expected to close within the first quarter of co's  2015 fiscal year ending July 31, 2014, provided that co  receives the necessary approvals, including the Court's entry of the Proposed Final Judgment and consent of the divestiture agreement.

4:16PM Regal Entertainment beats by $0.01, beats on revs (RGC) 19.05 +0.13 : Reports Q1 (Mar) earnings of $0.20 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.19; revenues rose 13.1% year/year to $726.9 mln vs the $716.78 mln consensus.

"A healthy box office environment and our continued focus on efficient operations enabled us to achieve record total revenue and near record Adjusted EBITDA in the first quarter," stated Amy Miles, CEO of Regal Entertainment Group. "Early second quarter industry box office results have been very strong and we are optimistic regarding box office prospects for the upcoming summer movie season."

4:16PM Closing Market Summary: Tech Shares Climb While Dow Jones Lags (WRAPX) : The Nasdaq Composite (+0.5%) and S&P 500 (+0.2%) posted modest gains on Thursday, but not before enduring a morning dip into the red, which took place in reaction to reports indicating Russia has commenced military exercises on the Ukrainian border.

The news from Europe knocked the key indices from their early highs, while giving a boost to safe-haven assets like gold futures (+0.5% to $1290.80/ozt), Treasuries (10-yr yield -1 bps to 2.69%), and the Japanese yen (102.30 vs USD); however the morning spike in safety flows was retraced partially, while equities rallied off their lows with the technology sector (+1.1%) setting the pace.

Tech shares (and the Nasdaq) received significant support from the shares of Apple (AAPL 567.77, +43.02), which surged 8.2% after the top-weighted tech company handily beat earnings expectations. In addition, Apple increased its share buyback to $90 billion and announced a 7:1 stock split, which will go into effect on June 2.

Apple notwithstanding, the market heard from several other tech names like Citrix Systems (CTXS 60.00, +4.01), Facebook (FB 60.87, -0.49), F5 Networks (FFIV 105.98, -2.21), and Texas Instruments (TXN 48.47, +2.01), all of which reported better than expected earnings.

Elsewhere, the discretionary sector (+0.5%) was the only other noteworthy pocket of strength, thanks to a boost from homebuilders. DR Horton (DHI 23.13, +1.78) gained 8.3% after reporting above-consensus results, while the broader iShares Dow Jones US Home Construction ETF (ITB 23.90, +0.57) advanced 2.4%. The discretionary space also received significant support from Amazon.com (AMZN 337.15, +12.57), which rallied 3.9% ahead of its after-hours earnings release.

Even though two of the four largest sectors displayed relative strength, that was not the case with the other two top-weighed groups. Health care (-0.2%) and financials (-0.1%) lagged throughout the session, with the relative weakness in health care largely due to the underperformance of biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 229.62, -1.37) lost 0.6%, but managed to close above its 20-day moving average (228.55).

Also of note, the industrial sector (-0.2%) ended among the laggards after several components reported earnings. 3M (MMM 136.65, -1.34) and UPS (UPS 98.64, -0.60) missed expectations, while Caterpillar (CAT 105.28, +1.90) reported well ahead of estimates. For its part, United Continental (UAL 41.53, -4.53) also beat bottom-line estimates, but slumped 9.8%.

Participation remained relatively light as less than 650 million shares changed hands at the NYSE.

Reviewing today's data:

  • The initial claims level increased to 329,000 for the week ending April 19 from an upwardly revised 305,000 (from 304,000) for the week ending April 12. The Briefing.com consensus expected the claims level to increase to 312,000. A 24,000 increase from the previous week may seem like a lot, but it took place at a time when the Department of Labor normally has difficulty adjusting for the Easter holiday. In all likelihood, the low claims levels at the beginning of the month were a result of seasonal biases and not a change in layoff trends. Claims are likely to stabilize in the 320,000 -- 330,000 range over the next few weeks. 
  • Durable goods orders increased 2.6% in March after increasing a downwardly revised 2.1% (from 2.2%) in February. The Briefing.com consensus expected durable goods orders to increase 2.0%. For the past few months, durable goods orders have been reliant on Boeing for growth. That wasn't necessarily the case in March as demand strengthened across the board. Transportation orders were still important, up 4.0% after increasing 6.7% in February, but were not the sole provider of growth. Durable goods orders excluding transportation increased 2.0% in March, up from a 0.1% increase in February. That was also well above the consensus expectation of a 0.5% gain. 
Tomorrow, the final reading of the Michigan Consumer Sentiment survey for April (Briefing.com consensus 82.6) will be released at 9:55 ET.
  • S&P 500 +1.6% YTD 
  • Dow Jones Industrial Average -0.5% YTD 
  • Nasdaq Composite -0.7% YTD 
  • Russell 2000 -1.5% YTD

4:15PM Itron beats by $0.05, beats on revs (ITRI) 36.04 +0.78 : Reports Q1 (Mar) earnings of $0.31 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.26; revenues rose 6.1% year/year to $474.8 mln vs the $443.39 mln consensus. 

  • Gross margin for the quarter was 32.5 percent compared with the prior year period margin of 31.3 percent due to the favorable impact of product mix and increased volumes particularly in the Gas and Water segments, offsetting a decline in the Electricity segment gross margin. 
  • "Our gas and water businesses continued to grow in revenues and in profitability. Electricity revenues and backlog grew year-over-year as customers pursue increased value from grid modernization programs. We continue to invest in the long-term growth potential across all three businesses, and we are making progress on our top priority of improving the performance of the electricity segment as a key step to enhancing the overall company profitability."

4:15PM SPS Commerce beats by $0.01, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY14 EPS in-line, revs in-line (SPSC) 52.43 +0.25 : Reports Q1 (Mar) earnings of $0.14 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.13; revenues rose 21.4% year/year to $28.9 mln vs the $28.77 mln consensus.

  • Guidance: Co issues in-line guidance for Q2, sees EPS of $0.14-$0.15 vs. $0.15 Capital IQ Consensus Estimate; sees Q2 revs of $30.3-$30.8 mln vs. $30.82 mln Capital IQ Consensus Estimate.

    Co issues in-line guidance for FY14, sees EPS of $0.62-$0.64 vs. $0.63 Capital IQ Consensus Estimate; sees FY14 revs of $125.5-$126.5 mln vs. $125.99 mln Capital IQ Consensus Estimate. Adjusted EBITDA is expected to be in the range of $16.9 to $17.5 million. 

4:15PM Freescale Semi appoints Dan Durn CFO (FSL) 25.88 +1.08 : FSL announced that it has selected Dan Durn as senior vice president and chief financial officer, replacing current CFO, Alan Campbell, who announced his decision to retire in January of this year.

  • Durn will assume CFO responsibilities for the company in June 2014. 
  • Campbell completes a 34-year career at Freescale and will remain at co during the transition. 
  • Durn most recently served as chief financial officer and executive vice president of finance and administration at GLOBALFOUNDRIES, the industry's second largest semiconductor foundry.

4:15PM Merit Medical misses by $0.01, beats on revs (MMSI) 13.76 +0.51 : Reports Q1 (Mar) earnings of $0.12 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.13; revenues rose 14.7% year/year to $119.2 mln vs the $114.62 mln consensus. Non-GAAP gross margin was 46.0% of sales for the quarter ended March 31, 2014, compared to 44.4% of sales for the quarter ended March 31, 2013.

4:15PM Healthways beats by $0.04, reports revs in-line; reaffirms FY14 EPS guidance, revs guidance (HWAY) : Reports Q1 (Mar) loss of $0.07 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.11); revenues rose 7.0% year/year to $176.8 mln vs the $176.46 mln consensus.

Co reaffirms guidance for FY14, sees EPS of $0.11-0.26 vs. $0.16 Capital IQ Consensus Estimate; sees FY14 revs of $730-760 mln vs. $738.67 mln Capital IQ Consensus Estimate.

4:14PM Abaxis misses by $0.02, misses on revs (ABAX) 38.80 -0.51 : Reports Q4 (Mar) earnings of $0.17 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.19; revenues fell 15.8% year/year to $42.04 mln vs the $44.76 mln consensus.

4:13PM Questar starts construction on CNG-fueling station in DeSoto, Texas (STR) 22.03 -0.01 : Questar Fueling, subsidiary of Questar, is building a compressed natural gas (CNG) fueling station in DeSoto, Texas. The public-access station will provide fast-fill CNG fueling for fleet operators with medium- and heavy-duty trucks as well as motorists who drive light-duty natural gas vehicles. The station will open in July.

4:12PM Echo Global Logistics beats by $0.03, beats on revs; guides FY14 revs above consensus (ECHO) 18.07 -0.16 : Reports Q1 (Mar) earnings of $0.14 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.11; revenues rose 21.4% year/year to $247.7 mln vs the $230.26 mln consensus.

  • Co issues upside guidance for FY14, sees FY14 revs of $1.04-1.10 bln vs. $1.04 bln Capital IQ Consensus Estimate. 
  • "Echo delivered a solid quarter with impressive growth both organically and through strategic acquisitions that have been successfully integrated into our business," stated Doug Waggoner, Chief Executive Officer of Echo. "While the first quarter was a challenging one for shippers and carriers alike, we are very proud of our ability to add significant value to our clients and asset-based transportation partners," stated Waggoner. He continued, "Despite a capacity constrained environment, we achieved a record quarter of both gross and net revenues."

4:12PM Marketo beats by $0.11, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY14 EPS above consensus, revs above consensus (MKTO) : Reports Q1 (Mar) loss of $0.18 per share, $0.11 better than the Capital IQ Consensus Estimate of ($0.29); revenues rose 64.0% year/year to $32.3 mln vs the $30.12 mln consensus.

Co issues mixed guidance for Q2, sees EPS of ($0.32)-(0.30) vs. ($0.29) Capital IQ Consensus Estimate; sees Q2 revs of $33-34 mln vs. $32.31 mln Capital IQ Consensus Estimate.

Co issues upside guidance for FY14, sees EPS of ($1.06)-(1.00) vs. ($1.12) Capital IQ Consensus Estimate; sees FY14 revs of $138-141 mln vs. $134.70 mln Capital IQ Consensus Estimate.

4:12PM InterNAP misses by $0.07, reports revs in-line (INAP) 7.06 +0.24 : Reports Q1 (Mar) loss of $0.14 per share, excluding non-recurring items, $0.07 worse than the Capital IQ Consensus Estimate of ($0.07); revenues rose 17.5% year/year to $81.9 mln vs the $81.79 mln consensus.

4:12PM Freescale Semi beats by $0.03, beats on revs; guides Q2 revs above consensus (FSL) 25.88 +1.08 : Reports Q1 (Mar) earnings of $0.27 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.24; revenues rose 14.9% year/year to $1.13 bln vs the $1.09 bln consensus.

  • GAAP gross margin was 44.8%, EBITDA was $244 mln, and capital expenditures for the quarter were $56 million.
  • Guidance: Co issues upside guidance for Q2, sees Q2 revs of $1.14-$1.20 bln vs. $1.13 bln Capital IQ Consensus Estimate. Expects gross margin to increase approximately 50-75 basis points on a sequential basis.

4:11PM Synaptics beats by $0.06, beats on revs (SYNA) 64.01 -2.77 : Reports Q3 (Mar) earnings of $0.63 per share, excl non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $0.57; revenues rose 25.1% year/year to $204.3 mln vs the $192.04 mln consensus.

  • "We expect to close the fiscal year with another exceptional quarter. While at the start of the year we had forecast annual revenue growth to be similar to the 21% achieved last year, with the strength of the fingerprint ID business augmenting the growth of our core touch solutions, we now expect to achieve top-line growth of 37% to 40% for fiscal 2014."

4:11PM Alliance Fiber Optic beats by $0.05, reports revs in-line; guides Q2 revs above consensus (AFOP) 18.36 -0.54 : Reports Q1 (Mar) earnings of $0.35 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.30; revenues rose 104.8% year/year to $24.88 mln vs the $24.8 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of at least $25 mln vs. $24.21 mln Capital IQ Consensus Estimate. 

  • Non-GAAP gross margin for the qtr was 41%, compared to 37% in the year ago qtr and 40% in Q4 2013. 
  • "Based on input from our customers and current orders, we expect revenues in the coming quarter to be above $25 million, which will be a new record for quarterly sales and will represent a 31% increase from the year ago quarter."

4:10PM Itron announces Chief Financial Officer transition (ITRI) 36.04 +0.78 : ITRI announced that Steven M. Helmbrecht, co's executive vice president (EVP) and chief financial officer (CFO), will be departing effective Dec 31, 2014.

  • Co will conduct a search for external candidates to fill the position. 
  • In the interim, Mr. Helmbrecht will continue as EVP and CFO of the company.

4:10PM SunPower beats by $0.17, beats on revs; guides Q2 EPS in-line, revs below consensus; guides FY14 EPS in-line, revs in-line (SPWR) 32.02 +0.54 : Reports Q1 (Mar) earnings of $0.49 per share, $0.17 better than the Capital IQ Consensus Estimate of $0.32; revenues rose 19.0% year/year to $683.7 mln vs the $668.95 mln consensus. Non-GAAP GM was 22.0%. 

  • Co issues mixed guidance for Q2, sees EPS of $0.15-0.35, excluding non-recurring items, vs. $0.30 Capital IQ Consensus Estimate; sees Q2 revs of $575-625 mln vs. $631.73 mln Capital IQ Consensus Estimate. Sees MW recognition of 275-300 MW. GM expected to be 18-20%. 
  • Co issues in-line guidance for FY14, sees EPS of $1.10-1.40, excluding non-recurring items, vs. $1.22 Capital IQ Consensus Estimate; sees FY14 revs of $2.50-2.65 bln vs. $2.56 bln Capital IQ Consensus Estimate. Expects GW recognized in the range of 1.2-1.3 GW. GM between 19-21%. CapEx between $150-170 mln. 

4:09PM Edwards Lifesciences beats by $0.07, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY14 EPS in-line, reaffirms FY14 revs guidance (EW) 80.27 +0.35 : Reports Q1 (Mar) earnings of $0.76 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $0.69; revenues rose 5.2% year/year to $522.4 mln vs the $524.43 mln consensus.

  • "We are pleased to report a robust start to 2014 with first quarter results reflecting better than expected THV sales and solid bottom line performance. Several exciting new product launches are underway, and additional approvals are expected soon that should enable us to strengthen our leadership positions...We are confident that we will receive FDA approval of our SAPIEN XT system this quarter and we are prepared to launch immediately."
  • During the quarter, the company repurchased 4.4 million shares of common stock for $300.0 million.
Co issues in-line guidance for Q2, sees EPS of $0.71-0.81, excluding non-recurring items, vs. $0.76 Capital IQ Consensus Estimate; sees Q2 revs of $525-565 mln vs. $542.93 mln Capital IQ Consensus Estimate.

Co issues mixed guidance for FY14, sees EPS of ~$3.10, excluding non-recurring items, vs. $3.06 Capital IQ Consensus Estimate; sees FY14 revs of $2.05-2.25 bln vs. $2.16 bln Capital IQ Consensus Estimate. EPS figure includes an assumed $0.10 benefit from the change in the treatment of IP litigation expenses, which accounts for the full increase from prior guidance of $3.00

4:09PM Microsoft beats by $0.05, reports revs in-line (MSFT) 79.48 +1.53 : Reports Q3 (Mar) earnings of $0.68 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.63; revenues fell 0.4% year/year to $20.4 bln vs $20.0-20.5 bln guidance and the the $20.37 bln consensus. 

  • Devices and Consumer revenue grew 12% to $8.30 bln vs. $7.8-8.1 bln guidance.
    • Windows OEM revenue grew 4%, driven by strong 19% growth in Windows OEM Pro revenue.
    • Office 365 Home now has 4.4 million subscribers, adding nearly 1 million subscribers in just three months.
    • Microsoft sold in 2.0 million Xbox console units, including 1.2 million Xbox One consoles.
    • Surface revenue grew over 50% to ~$500 million.
    • Bing U.S. search share grew to 18.6% and search advertising revenue grew 38%.
  • Commercial revenue grew 7% to $12.23 bln vs. the $1.2-12.4 bln guidance.
    • Office 365 revenue grew over 100%, and commercial seats nearly doubled, demonstrating strong enterprise momentum for Microsoft's cloud productivity solutions.
    • Azure revenue grew over 150%, and the company has announced more than 40 new features that make the Azure platform more attractive to cloud application developers. 
    • Windows volume licensing revenue grew 11%, as business customers continue to make Windows their platform of choice.
    • Lync, SharePoint, and Exchange, our productivity server offerings, collectively grew double-digits. 
Microsoft expects to close the acquisition of the Nokia Devices and Services business on April 25, 2014.

"We are making good progress in our consumer services like Bing and Office 365 Home, and our commercial customers continue to embrace our cloud solutions. Both position us well for long-term growth,"

4:09PM Visa beats by $0.34, reports revs in-line, guides FY14 revs to low end of prior guidance, reaffirms prior FY14 EPS guidance (V) 209.26 +0.47 : Reports Q2 (Mar) earnings of $2.52 per share, $0.34 better than the Capital IQ Consensus Estimate of $2.18; revenues rose 6.9% year/year to $3.16 bln vs the $3.19 bln consensus.

  • Co guides to FY14 low double-digit constant revenue growth in the 10-11% range, with an expectation of two percentage points of negative foreign currency impact. This compares to prior guidance of low double digit revenue growth.
  • Co reaffirms prior FY14 EPS guidance: sees EPS growth in the mid-to-high teens.
  • "Our underlying business drivers remained strong during the fiscal second quarter with payments volume continuing to grow at solid levels....As expected, softer net revenue growth was impacted by a strengthening U.S. dollar and difficult year-over-year comparisons due to non-recurring items. We expect this impact to be slightly more pronounced next quarter before rebounding in our fiscal fourth quarter, which will be more reflective of the fundamental strength of the business model."

4:08PM Las Vegas Sands beats by $0.03, beats on revs (LVS) 79.50 +1.56 : Reports Q1 (Mar) earnings of $0.97 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.94; revenues rose 21.4% year/year to $4.01 bln vs the $3.9 bln consensus.

  • The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property delivered record adjusted property EBITDA of $470.1 mln, an increase of 34.9% compared to Q1 of 2013.
  • Non-Rolling Chip drop increased 80.7% to reach a property record $2.41 bln for the quarter with Non-Rolling Chip win percentage of 26.1%.
  • Rolling Chip volume during the quarter increased 31.2% to reach $15.32 bln. Slot handle was $1.45 bln, increasing 21.9% compared to Q1 of 2013.
  • Net revenues and adjusted property EBITDA for the first quarter of 2014 at Sands Cotai Central were $827.6 mln and $265.2 mln, respectively, resulting in an EBITDA margin of 32.0%
  • Rolling Chip volume grew 13.8% to reach $15.51 bln for the quarter.
  • Non-Rolling Chip drop increased 73.9% to reach a record $1.80 bln with Non-Rolling Chip win percentage of 22.9%. Slot handle increased 48.3% to $1.82 bln for the quarter.

4:08PM Gigamon reports EPS in-line, beats on revs (GIMO) : Reports Q1 (Mar) loss of $0.07 per share, in-line with the Capital IQ Consensus Estimate consensus of ($0.07); revenues rose 23.3% year/year to $31.8 mln vs the $31.27 mln consensus.

4:08PM VeriSign beats by $0.01, reports revs in-line (VRSN) 49.25 -0.78 : Reports Q1 (Mar) earnings of $0.64 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.63; revenues rose 5.2% year/year to $248.8 mln vs the $248.96 mln consensus. 

  • The operating margin was 56.1 percent for the first quarter of 2014 compared to 56.4 percent for the same quarter in 2013. 
  • "Results of the first quarter demonstrate the fundamental soundness of our strategy and discipline in execution," commented Jim Bidzos, executive chairman, president and chief executive officer.

4:08PM Microsemi reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs below consensus (MSCC) 25.61 +0.43 : Reports Q2 (Mar) earnings of $0.51 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.51; revenues rose 22.0% year/year to $287 mln vs the $286.5 mln consensus.

  • Non-GAAP gross margin was 55.2% and Book-to-Bill ratio was greater than 1:1.
  • Guidance: Co issues mixed guidance for Q3, sees EPS of $0.55-$0.61 vs. $0.57 Capital IQ Consensus Estimate; sees Q3 revs of $287-$293 mln vs. $296.35 mln Capital IQ Consensus Estimate.

4:07PM Cambrex announces Shlomo Yanai elected Non-Executive Chairman (CBM) 21.22 -0.92 :

  • Mr. Yanai joined Cambrex in November 2012 as its Non-Executive Vice Chairman and as a member of the Governance Committee.

4:06PM NETGEAR beats by $0.05, beats on revs; guides Q2 revs in-line (NTGR) : Reports Q1 (Mar) earnings of $0.59 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.54; revenues rose 19.1% year/year to $349.4 mln vs the $344.12 mln consensus.

Co issues in-line guidance for Q2, sees Q2 revs of $335-350 mln vs. $345.67 mln Capital IQ Consensus Estimate.

4:06PM Celanese increases quarterly dividend by 39% to $0.25 per share from $0.18 per share (CE) 59.20 -0.39 :  

4:05PM Chubb misses by $0.05, misses on revs (CB) 91.73 +1.28 : Reports Q1 (Mar) operating earnings of $1.50 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $1.55; revenues rose 0.2% year/year to $3.06 bln vs the $3.17 bln consensus. First quarter net income per share was $1.80 in 2014 and $2.48 in 2013.

  • Chubb's results for the first quarter of 2014 were adversely affected by catastrophe losses of $199 million before tax ($0.52 per share after tax) related mostly to severe winter weather in the United States. The first quarter combined loss and expense ratio was 93.2% in 2014 and 84.6% in 2013. 
  • The impact of catastrophes on the first quarter combined ratio was 6.6 percentage points in 2014 and 0.6 points in 2013. 
  • Excluding the impact of catastrophes, the first quarter combined ratio was 86.6% in 2014 and 84.0% in 2013. The expense ratio for the first quarter was 32.1% in 2014 and 32.3% in 2013.

4:05PM Genesee & Wyoming announces its Atlas Railroad Construction subsidiary is reorganizing under a region-based commercial and operating structure to facilitate expansion into the U.S. Midwest, Southeast and Southwest (GWR) 97.25 -0.15 : Co announced that its Atlas Railroad Construction subsidiary is reorganizing under a region-based commercial and operating structure to facilitate expansion into the U.S. Midwest, Southeast and Southwest. As part of the reorganization, Atlas is relocating its headquarters from Bridgeville, Pa., to Jacksonville, Fla.

4:05PM Cerner reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs in-line; guides FY14 EPS in-line, revs in-line (CERN) 52.30 -0.59 : Reports Q1 (Mar) earnings of $0.37 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.37; revenues rose 15.4% year/year to $784.8 mln vs the $784.24 mln consensus. Bookings in the first quarter of 2014 were $910.2 million, an all-time high for a first quarter and an increase of 14 percent compared to first quarter 2013 bookings of $801.6 million. 

  • Co issues in-line guidance for Q2, sees EPS of $0.39-0.40, excluding non-recurring items, vs. $0.40 Capital IQ Consensus Estimate; sees Q2 revs of $790-830 mln vs. $811.13 mln Capital IQ Consensus Estimate.  
  • Second quarter 2014 new business bookings between $1 billion and $1.06 billion. Co issues in-line guidance for FY14, sees EPS of $1.63-1.67, excluding non-recurring items, vs. $1.66 Capital IQ Consensus Estimate; sees FY14 revs of $3.25-3.40 bln vs. $3.33 bln Capital IQ Consensus Estimate. 

4:05PM Open Text beats by $0.04, misses on revs; co raises quarterly dividend 15% to $0.1725 per share (OTEX) 46.08 -0.05 : Reports Q3 (Mar) earnings of $0.84 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.80; revenues rose 31.1% year/year to $442.8 mln vs the $447.5 mln consensus.

4:05PM CalAmp misses by $0.02, misses on revs; guides MayQ EPS below consensus, revs below consensus (CAMP) 24.63 -0.47 : Reports Q4 (Feb) earnings of $0.20 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.22; revenues rose 23.7% year/year to $59.8 mln vs the $61.5 mln consensus. Co issues downside guidance for Q1 (May), sees EPS of $0.17-0.21, excluding non-recurring items, vs. $0.23 Capital IQ Consensus Estimate; sees Q1 revs of $56-60 mln vs. $64.4 mln Capital IQ Consensus Estimate.

  • Co says Q4 had performance issues on the part of a contract manufacturer that the co inherited with the Navman Wireless product line acquisition. This prevented the co from shipping approximately $2 mln in product orders in Q4.

4:04PM Lattice Semi beats by $0.04, beats on revs; guides Q2 revs above consensus (LSCC) 8.11 +0.00 : Reports Q1 (Mar) earnings of $0.10 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.06; revenues rose 35.7% year/year to $96.6 mln vs the $89.5 mln consensus.

  • Gross margin was 56.0%, compared to 54.3% in 4Q13 and 53.6% in 1Q13.
  • Guidance: Co issues upside guidance for Q2, sees Q2 revs flat to up 4% sequentially, equating to approximately $96.6-$100.5 mln vs. $91.15 mln Capital IQ Consensus Estimate. Gross margin percentage is expected to be approximately 55% plus or minus 2%. Total operating expenses are expected to be approximately flat on a sequential basis.

4:04PM VCA Antech reports EPS in-line, misses on revs; reaffirmed FY14 EPS in-line, revs in-line (WOOF) 30.11 -0.69 : Reports Q1 (Mar) earnings of $0.42 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.42; revenues rose 2.5% year/year to $449.5 mln vs the $457.25 mln consensus.

  • Co reaffirmed in-line guidance for FY14, sees EPS of $1.77-1.87, excluding non-recurring items, vs. $1.83 Capital IQ Consensus Estimate; reaffirmed FY14 revs of $1.9-1.93 bln vs. $1.9 bln Capital IQ Consensus Estimate.

4:04PM Maxim Integrated beats by $0.03, reports revs in-line; guides Q4 EPS in-line, revs in-line (MXIM) : Reports Q3 (Mar) earnings of $0.43 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.40; revenues rose 0.2% year/year to $606 mln vs the $604.83 mln consensus.

Co issues in-line guidance for Q4, sees EPS of $0.45-0.49 vs. $0.46 Capital IQ Consensus Estimate; sees Q4 revs of $635-665 mln vs. $638.82 mln Capital IQ Consensus Estimate.

4:03PM HomeAway beats by $0.02, beats on revs; guides Q2 revs in-line; guides FY14 revs above consensus (AWAY) 36.94 -0.06 : Reports Q1 (Mar) earnings of $0.05 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.03; revenues rose 33.0% year/year to $105.7 mln vs the $102.56 mln consensus. Paid listings at the end of the first quarter were 951,843, a year-over-year increase of 28.2% from 742,299 at the end of the first quarter of 2013. At the end of the first quarter, 724,699 of the listings were subscription listings and 227,144 were performance-based listings.

  • Co issues in-line guidance for Q2, sees Q2 revs of $109-111 mln vs. $108.17 mln Capital IQ Consensus Estimate. Adjusted EBITDA is expected to be in the range of $28.0 to $29.0 million
  • Co issues upside guidance for FY14, sees FY14 revs of $435-442.5 mln vs. $433.71 mln Capital IQ Consensus Estimate. Adjusted EBITDA is expected to be in the range of $117.0 to $122.5 million
  • I'm very pleased with our start to the year, and our team's continued focus and execution which has, once again, allowed us to deliver financial results ahead of our expectations," says Brian Sharples, chief executive officer of HomeAway. "Revenue growth of 33% accelerated sharply from 2013 levels, benefitting from both expansion of our marketplace as well as improved network monetization, a result of our continued success with tiered pricing and bundled product offerings." 

4:03PM Qumu agrees to sell its disc publishing assets to Equus Holdings Subsidiary for $23 mln (QUMU) 14.78 -0.02 : QUMU and Equus Holdings  announced they have entered into a definitive asset purchase agreement under which Qumu will sell its Rimage disc publishing assets to Redwood Acquisition, a wholly-owned subsidiary of Equus Holdings in an all cash transaction valued at $23 mln, subject to certain adjustments.

  • The transaction resulted from a comprehensive process implemented by Qumu's Board of Directors to maximize the value of the disc publishing operations for shareholders while enabling Qumu mgmt to focus resources and time exclusively on the Company's high growth enterprise video content management software business. 
  • The transaction is subject to certain closing conditions, including Qumu shareholder approval, and is expected to close by July 31, 2014. Equus Holdings is a Minneapolis-based company that has evolved from a custom computer manufacturer to a portfolio of technology companies primarily in the IT equipment and solutions markets. Equus has been in business for 25 years and seven years ago became 100% employee-owned through an ESOP.   
  • "Qumu software's growth has been overshadowed by the declining revenue of our disc publishing operation. As a result, beginning in 2013, our Board, with the advice of Mooreland Partners as its financial advisor, undertook an extensive review of strategic alternatives for the disc publishing operation, including continuing to run the operations as part of Qumu Corporation. Following a thorough, competitive process that included multiple potential acquirers, the Board determined that it is in the best interests of our shareholders to sell the disc publishing assets to Equus Holdings. The proposed transaction is estimated to provide Qumu with approximately $19 to $20 million in net cash after closing costs, post-closing adjustments, taxes and the assumed return of the $2.3 million, 15 month escrow. Most importantly, it will enable us to concentrate our efforts and resources on the significant growth opportunity for our proprietary enterprise video software business. With a single focus on the growing software business, we have the potential to achieve improved value for our shareholders," said Sherman Black, president and CEO of Qumu.

4:03PM Encore Wire beats by $0.10, reports revs in-line (WIRE) 49.38 +0.59 : Reports Q1 (Mar) GAAP earnings of $0.52 per share, $0.10 better than the GAAP Capital IQ Consensus Estimate of $0.42; revenues rose 4.4% year/year to $277.2 mln vs the $277.71 mln consensus. 

  • The average selling price of wire per copper pound sold dropped 6.5% in the first quarter of 2014 versus the first quarter of 2013. However, copper unit volume, measured in pounds of copper contained in the wire sold, increased 9.1% in the first quarter of 2014 versus the first quarter of 2013. 
  • "Continuing the positive trend we saw developing throughout last year, the first quarter was encouraging to us from both a volume and margin perspective. We believe that the harsh winter weather had some negative impact on our unit volumes this quarter, although the exact amount is difficult to quantify. The results in the first quarter of 2014 were clearly improved versus the first quarter of 2013. Building wire prices and margins were fairly stable during the quarter, following the pattern of stability in copper prices."

4:03PM Dynagas LNG Partners enters into agreement to purchase from Dynagas Holding 100% of the ownership interests in the entity that owns and operates the Arctic Aurora for an aggregate purchase price of $235 mln (DLNG) 22.22 +0.13 :

  • The Partnership expects to finance the acquisition with the net proceeds of a public offering of its common units and a portion of the borrowings under a new $340 mln senior secured revolving credit facility. 
  • The Partnership believes that the Arctic Aurora acquisition is an accretive transaction consistent with its growth strategy.
  • The Arctic Aurora acquisition will generate, assuming full utilization, total contracted gross revenue of approximately $117.2 million, annual gross revenues of approximately $28.3 million and annual net cash from operations of approximately $21.7 million, during the initial charter period with Statoil.
  • Following the completion of this acquisition, the Partnership's management intends to recommend to the Board an increase in the Partnership's quarterly cash distribution per unit of between $0.0225 and $0.0275 (or annualized increase of between $0.09 and $0.11 per unit), which would become effective for the distribution with respect to the quarter ending June 30, 2014 on a pro-rata basis after giving effect to the Arctic Aurora acquisition.

4:02PM DGSE closes remaining southern bullion locations (DGSE) 2.05 +0.00 : DGSE announced that it has closed all locations in its Southern Bullion Coin and Jewelry division.

  • As previously disclosed, six Southern Bullion locations were closed in February. Subsequently, four additional locations were closed in early April, and the final 13 locations were closed on or about April 21, 2014. 
  • Following these actions, DGSE Companies will continue to operate 12 retail locations, including nine Dallas Gold & Silver Exchange locations in Texas, one Bullion Express location in Illinois, and two Charleston Gold & Diamond Exchange locations in South Carolina along with Fairchild International, the Company's wholesale watch division. 
  • The Southern Bullion division will be reclassified as discontinued operations. 
    • During 2013, these discontinued operations generated a net loss of approximately $1.9 million. 
    • The remaining 12 locations, inclusive of all ongoing corporate overhead and public company costs, generated a net loss of approximately $0.8 million in 2013, and, excluding $1.7 million in non-recurring charges, these remaining 12 locations generated a profit of approximately $0.9 million in 2013. 
  • Management believes that closing these locations will result in profitable continuing operations on an annualized basis. 

4:02PM Cirrus Logic beats by $0.09, beats on revs; guides Q1 revs in-line (CRUS) : Reports Q4 (Mar) earnings of $0.41 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.32; revenues fell 27.6% year/year to $149.7 mln vs the $142.72 mln consensus.

Co issues in-line guidance for Q1, sees Q1 revs of $135-155 mln vs. $138.24 mln Capital IQ Consensus Estimate.

4:02PM WesBanco Inc announces the election of Todd Clossin as President & CEO (WSBC) 30.96 -0.29 :

  • Mr. Clossin succeeds Paul M. Limbert who will retire on April 30, 2014 after 37 years with the company. 
  • Mr. Limbert will remain a member of the WesBanco Board and will also serve on its Executive Committee. 
  • Mr. Clossin, who joined WesBanco on November 4, 2013 as Executive Vice President and Chief Operating Officer, had previously served as Executive Vice President and Chief Administrative Officer at Fifth Third Bank, Cincinnati, Ohio.

4:01PM Century Aluminum reports Q1 (Mar) results, misses on revs (CENX) 13.80 0.00 : Reports Q1 (Mar) loss of $0.23 per share, may not be comparable to the Capital IQ Consensus Estimate of ($0.14); revenues rose 31.0% year/year to $420.8 mln vs the $427.85 mln consensus.

4:01PM Principal Fincl beats by $0.14, beats on revs (PFG) 44.80 -0.36 : Reports Q1 (Mar) earnings of $1.06 per share, excluding non-recurring items, $0.14 better than the Capital IQ Consensus Estimate of $0.92; revenues rose 11.7% year/year to $2.5 bln vs the $2.42 bln consensus. Record assets under management (AUM) of $495.5 billion; Return on equity2 of 13.0 percent;

4:01PM Wausau Paper announces Michael C. Burandt has been appointed Chairman of the Board and CEO; Matthew L. Urmanski appointed President and COO (WPP) 11.66 +0.14 : WPP announced Michael C. Burandt has been appointed Chairman of the Board and Chief Executive Officer.

  • Mr. Burandt joined the Company as a Director in 2012 and has served as Interim CEO since April 2, 2014. 
  • Co also announced that Matthew L. Urmanski has been appointed President and Chief Operating Officer. 
  • Mr. Urmanski joined Wausau Paper Corp. in 2000.
  • As a result of Mr. Urmanski's expanded role and Mr. Burandt's continued involvement as Chief Executive Officer, the Board of Directors will not be conducting a formal search to replace the former president and chief executive officer.

4:00PM Trina Solar supplies 36MW of high efficiency modules to large-scale chile solar project (TSL) 13.13 +0.35 : TSL announced it has signed an agreement to supply 36MW of high efficiency TSM-PC14 modules to a large-scale PV project in Chile.

  • Trina Solar's TSM-PC14 module is IEC certified to 1,000V and is ideal for large-scale installations in areas prone to high temperatures and dry conditions. 
  • The Company expects to complete the shipment in the second quarter of 2014. 
  • Upon completion,the 36MW Trina solar modules are expected to generate approximately 97,000 MWh of solar electricity annually, enough to mitigate 48,600 metric tonnes of CO2 per year, equivalent to taking more than 10,800 cars off the road