Immunomedics reports FQ4 and FY15 results
Aug 20 2015, 07:18 ET | By: Mamta Mayani, SA News Editor
Immunomedics (IMMU -4.7%) FQ4 results: Revenues: $2.4M (+100.0%); Operating Expenses: $13.6M (+3.8%); Operating Loss: ($11.2M) (+5.9%); Net Loss: ($12.4M) (-5.1%); Loss Per Share: ($0.13) (unch).
FY2015 results: Revenues: $5.7M (-36.7%); Operating Expenses: $51.9M (+16.4%); Operating Loss: ($46.2M) (-29.8%); Net Loss: ($48M) (-35.6%); Loss Per Share: ($0.51) (-21.4%); Quick Assets: $99.6M (+138.3%).
No guidance given
Sentiment: Strong Sell
August 10, 2015 10:37 AM EDT
Deutsche Bank downgraded Petrobras (NYSE: PBR) from Hold to Sell with a price target of BRL 8.60. Analyst Alexander Burgansky warned of deteriorating financial conditions and a reduced dividends outlook.
"Barring higher oil prices, we estimate Petrobras will face deteriorating financial conditions with net debt/EBITDA possibly exceeding 6.0 in 2016 at the same time that its funding needs accelerate to $16-20bn pa. This may necessitate further capex/growth reductions, particularly if Brazil's and/or Petrobras’s credit ratings are downgraded to below investment grade. At the same time, government/policy help has become less likely with a challenging macro environment in Brazil. We lower our target price by 30% and cut our dividend expectations for the ordinary shares to nil," said Burgansky.
"To fully fund its capex and interest in 2016, we estimate Petrobras needs a Brent oil price of $85/bbl and full parity pricing in Brazil – this would imply average increases in domestic gasoline and diesel prices of c.50% vs. current levels – a scenario that looks increasingly unlikely to us, despite the company’s stated commitment to parity pricing," added the analyst.
Burgansky added, "We now expect the company’s dividends to be reduced to the absolute minimum. We now do not expect an ordinary dividend until the Brent oil price exceeds $70/bbl. At the same time, we believe the company will revert to paying a dividend on the preferred shares for 2015, in line with its charter."
For an analyst ratings summary and ratings history on Petrobras click here. For more ratings news on Petrobras click here.
Shares of Petrobras closed at $6.05 yesterday
Ratings Breakdown: No ratings tracked in the last 12 months.
Consensus Rating: N/A (Score: NaN)
Consensus Price Target: N/A
TherapeuticsMD Reports Q2 EPS $(0.16) vs. Est. $(0.11), Rev. $4.8M vs. Est. $4.65M
Lanphier Edward O Ii, director officer (President & CEO) of Sangamo Biosciences Inc, unloaded 25,000 shares at an average price of $10.43 on July 15, 2015. The total amount of the transaction was worth $260,750 BIG RAT!!
Lies have short, legs sooner or later the truth comes to light. Big Rats!
Good for ZIOP
4:03 pm ET Bezinga
August 03, 2015 02:54 PM Eastern Daylight Time
CHICAGO--(BUSINESS WIRE)--InnerWorkings, Inc. (NASDAQ: INWK), the leading marketing execution firm, has expanded its marketing execution partnership with Gannett Co., Inc. (NYSE: GCI). Under the new multi-year agreement, InnerWorkings will exclusively manage Gannett’s direct response team and will provide a comprehensive solution for marketing execution – from creative ideation and design through production.
“This step will strengthen our long-term partnership by giving Gannett the opportunity to benefit further from the flexibility of our growing creative services team”
Gannett expanded its relationship based on InnerWorkings’ longstanding track record of improving direct response capabilities while managing Gannett’s U.S. consumer marketing print operations. InnerWorkings’ creative services team of 30 design professionals will sit onsite at Gannett and collaborate with InnerWorkings’ current print management team to enhance accountability, shorten turnaround times, and optimize marketing efforts.
InnerWorkings’ creative services team will offer end-to-end creative execution, including graphic design, creative ideation, versioning, copywriting, and pre-press support. Gannett will benefit from efficiencies in its marketing operations and InnerWorkings’ proven expertise as a direct marketer.
“This step will strengthen our long-term partnership by giving Gannett the opportunity to benefit further from the flexibility of our growing creative services team,” said Harris Atkins, Senior Vice President of Business Development at InnerWorkings. “Together, our creative execution, direct marketing, and total production expertise provide Gannett with a one-stop partnership that brings new ideas, efficient operations, and quality at every turn.”
6:24 am ET
*Crocs Sees Q3 Sales $280M to $290M vs $293.9M est
6:18 am ET
Crocs Inc. 2Q Net $9.7M CROX
6:18 am ET
Crocs Inc. 2Q EPS 11c CROX
6:17 am ET
Crocs Inc. 2Q Rev $345.7M CROX
6:15 am ET
*Crocs Q2 GAAP EPS $0.11, Revenue $346M vs $345M est
7:30 am ET
Crocs 2Q EPS 11c CROX
7:30 am ET
Crocs 2Q Rev $345.7M CROX
7:30 am ET
Crocs 2Q Net $13.4M CROX
7:34 am ET
Crocs 2Q Non-GAAP Net $27.3 Million CROX
7:33 am ET
Crocs Sees 3Q Rev $280M-$290M CROX
CROX:At any time, again $ 10.00/$1100
Markit short selling activity: MEDIUM
We are talking about $66M /$55M less in Q3. EPS can be negative!
Intel, the Silicon Valley giant better known for microprocessor chips, has been collaborating with Micron on NAND technology since 2006. Micron, an Idaho-based company that also makes DRAMs, recently has been the focus of a $23 billion takeover offer prepared by the Chinese state-owned company Tsinghua Unigroup Ltd. Micron has declined to comment on the matter.
Memory is a big market. About $78.5 billion worth of DRAM and NAND chips will be purchased in 2015, the research firm IDC estimates.
One force behind recent innovations in digital memory is the diminishing return produced by the conventional way of boosting storage capacity: shrinking the size of circuitry on chips. Makers of NAND chips, including Intel and Micron, have said they would stop pursuing that tactic in favor of stacking layers of circuitry in three dimensions.
Intel and Micron aren't revealing some technology details, including some materials they are using or the pricing of their initial chips. They expect to start delivering sample quantities from a jointly owned factory in Utah later this year, two-layer chips that store 128 gigabits of data, matching some existing NAND chips. They plan to boost capacities later by stacking more circuitry.
Hardware designers wanting to exploit the technology have to ponder some choices. They could make equivalents of the solid-state drives that are currently made using NAND flash chips. But those devices use connections that would allow only a tenfold speedup over existing products, Intel and Micron said.
More speed gains can be harnessed if the chips are connected directly to microprocessors, using the same connections as DRAMs. Though designers could theoretically use the new chips alone, Micron and Intel think they will accompany a variety of other chips.
"This is not a replacement technology," said Rob Crooke, an Intel senior vice president. "This is an invention that opens up new sorts of applications."
12:00 pm ET July 28, 2015 (Dow Jones)
By Don Clark
SAN FRANCISCO-- Intel Corp. and Micron Technology Inc. say they developed a new breed of memory chips that could bring dramatic performance gains to computers, smartphones and other kinds of high-tech products.
The companies say the forthcoming chips will be up to 1,000 times faster than the NAND flash memory chips now used in most mobile devices, while storing 10 times more data than dynamic random access memory, or DRAM, chips that are another mainstay of electronics hardware.
Their technology--dubbed 3D Xpoint--doesn't quite match the speed of the chips known as DRAMs. But unlike those chips--and like NAND flash memory--the new chips will retain data even after they're powered off, the companies say.
"This is a whole new paradigm," said Mark Adams, Micron's president, predicting the technology will cause "a major disruption" in the $78.5 billion memory-chip market.
Intel and Micron executives predict the new chips' speed will spur new kinds of applications and greatly benefit others, particularly those that rely on finding patterns in large amounts of data, like voice recognition, financial fraud detection and the study of genes.
But the importance--and originality--of the technology may be hotly debated. Plenty of other companies have claimed significant advances in memory chips in recent years.
Sylvain Dubois, vice president of strategic marketing and business development at startup Crossbar Inc., said Intel and Micron seem to be emulating elements of its resistive RAM technology. "It sounds very much like what we have," he said.
Others, like Everspin Technologies Inc., believe they have a head start in delivering DRAM-class speed on chips that provide persistent data storage.
It Could Worsen As China's Economy Slows
Given the size of its economy, China is an important market for everything from iron ore to aluminum to consumer goods. China's economic growth is expected to slow, which could impact prices for commodities and demand for consumer goods like cell phones. The IMF projects China's economy will grow 6.8% in 2015 and 6.3% in 2016 - down from the 7.4% achieved in 2014.
Those growth estimates came before the recent 30% free fall in its stock market, which will not help matters. Panic-selling was only staunched after the government halted over 1,000 stocks from being traded and banned certain large investors from selling shares. Once trading bans are lifted, I believe the market will unwind like Long-Term Capital Management ("LTCM") in 1998:
While China may have buttressed the stock market with short-term measures, it has only delayed the inevitable. After China's trading restrictions are lifted, I expect panic selling to ensue. Lower prices will beget margins calls, which will create more selling pressure and beget lower prices - a circular reference in the vein of LTCM.
On the strength of the bull market for stocks, China's finance industry accounted for 1.3 percentage points of China's 7% GDP growth; it was only 0.7 percentage points of its 2014 GDP growth of 7.4%. The stock market sell-off is already impacting some sectors of the economy. Prices for luxury German automobiles are plummeting due to declining demand from affluent buyers. Two weeks ago China's automobile association slashed its 2015 vehicle sales growth expectations from 7% to 3%. China's mobile phone industry could be next to get hit.
A protracted decline in China's stock market - which I predict will be the case - poses a risk to China's economic growth, smartphone sales, and Micron's mobile strategy. Continue to avoid MU.
Jul. 27, 2015 11:41 AM ET SA News
•Micron is shifting DRAM supply from the PC channel to the mobile space.
•For its mobile strategy to work, Micron needs success in China.
•The red herring is that China's smartphone market is slowing. Q1 shipments fell 4.3% Y/Y.
•It could worsen as China's economic growth is expected to slow.
•Continue to avoid MU.
I have been crowing about Micron's (NASDAQ:MU) demise for nearly a year now. After a disappointing FQ3 earnings report, it was clear the company had entered the Perfect Storm. The culprit was declining DRAM prices and the company's migration in DRAM supply from the PC channel into the mobile space. The continuing transition caused DRAM (with higher margins) to decline from 68% to 61% of revenue.
At Q1 2015 Apple (14.5% share) controlled China's smartphone market on the strength of iPhone 6 sales, followed by Xiaomi (13.5% share) and Huawei (11.2% share). Apple's success has come at the expense of Samsung and Lenovo whose respective share fell by 10 percentage points and 2 percentage points Y/Y.
Previously the game was to put a smartphone into the hands of as many consumers as possible. Now that China's market is saturated, it's all about replacements and upgrades:
Experts say the slowdown is largely driven by the disappearance of China's first-time buyers. About three-quarters of China's mobile phones in use are smartphones, and they make up 90% of cellphone sales, said Tom Kang, research director with market-research firm Counterpoint, meaning just about everybody in China who wants a smartphone already has one. "China is now a replacement market," Mr. Kang said.
After Hour, 50,000 in block sell off $17.8428 16:06:40 hs
Zacks,Published on July 27, 2015
The technology sector saw pretty choppy trading ahead of the Q2 earnings season, with most tech ETFs falling by the wayside. The sector is likely to see lower earnings in Q2, relative to the same period last year. The sector posted 6.2% earnings growth in Q1 while it is expected to post a decline of 4.9% in Q2.
The chances of the Fed rate hike coming sometime later in 2015, global growth worries, the rout in the Chinese market, the ongoing Greek debt crisis strengthened the risk-off trade sentiment in the market and took the shine out of the cyclical tech stocks. While the impact was broad-based, semiconductor stocks had to bear the brunt, having bled the most in the tech sector.
The semiconductor space was investors’ darling and one of the best performing sectors in 2014, courtesy encouraging industry fundamentals. But, of late, its fundamentals have worsened with the struggling PC market. The second-quarter of 2015 witnessed PC shipments falling 9.5% year over year, marking the steepest decline since third-quarter 2013, per Gartner (read: Chipmakers Q1 Earnings Fail to Fuel Semiconductor ETFs).
A strong greenback, higher inventories in the semiconductor and electronics supply chain and the launch of Windows 10 were held responsible for this decline, per the research agency. In fact, these factors will continue to remain an overhang on PC shipments in the rest of 2015.
This coupled with semiconductor giant Intel Corporation’s (INTC) underperformance wreaked havoc in the space. The INTC stock is down over 18% this year (as of July 14, 2015). Over the last one month, the stock has shed about 5.5%.
Though Micron Technology Inc.’s (MU - Analyst Report) (stock is down 44% YTD as of July 14, 2015) potential takeover deal could push semiconductors in the short term, overall sentiment remains grim.