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7:08 pm New Source Energy announces pricing of upsized public offering of 3 mln common units at $23.25 per unit (NSLP) : Co announced that it has priced its public offering of 3,000,000 common units representing limited partner interests. The offering size was increased to 3,000,000 common units from 2,800,000 common units. The common units were offered to the public at $23.25 per unit. The offering is expected to settle and close on April 29, 2014, subject to customary closing conditions. New Source expects to use all of the net proceeds from the offering to repay a portion of the indebtedness outstanding under its revolving credit facility. Baird, Stifel, Oppenheimer & Co. and BMO Capital Markets are serving as joint book-running managers for the offering.

7:04 pm Amgen: Phase 3 DECISION Trial of NEXAVAR (sorafenib) in thyroid cancer refractory to radioactive iodine published in The Lancet (AMGN) : Bayer HealthCare Pharmaceuticals (BAYRY) and Onyx Pharmaceuticals, Inc., an Amgen subsidiary (AMGN), announced that The Lancet published online results from the Phase 3 DECISION trial which demonstrated that NEXAVAR (sorafenib) tablets significantly extended the time patients with locally recurrent or metastatic, progressive, differentiated thyroid carcinoma that is refractory to radioactive iodine treatment lived without their disease worsening (progression-free survival; PFS). Based on these data, NEXAVAR was approved by the U.S. Food and Drug Administration (:FDA) in November 2013 for patients with locally recurrent or metastatic, progressive, differentiated thyroid carcinoma refractory to radioactive iodine treatment. These patients previously had limited approved treatment options.

7:01 pm Agios Pharma announces pricing of 2 mln share public offering of common stock at $44 per share (AGIO) : Co announced the pricing of its underwritten public offering of 2,000,000 shares of its common stock at a public offering price of $44.00 per share, before underwriting discounts. All of the shares in the offering are to be sold by Agios. The offering is expected to close on or about April 29, 2014, subject to customary closing conditions. J.P. Morgan Securities LLC and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. Cowen and Company, LLC and Leerink Partners LLC are serving as co-managers.

6:44 pm CoBiz misses by $0.03 (COBZ) : Reports Q1 (Mar) earnings of $0.13 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.16.

  • Loans increased $67.9 million, or 13.2% annualized, from December 31, 2013 and $226.5 million, or 11.8%, from March 31, 2014. 
  • Seasonally soft noninterest income was adversely impacted by a $1.3 million valuation adjustment on a limited partnership investment, reducing diluted earnings per common share by $0.02 per share in the first quarter.
  • The net interest margin expanded 11 basis points from the fourth quarter of 2013 (linked-quarter) to 3.90%, and increased by three basis points from the prior-year quarter.

6:36 pm O'Reilly Auto beats by $0.03, reports revs in-line; guides Q2 EPS below consensus; guides FY14 EPS below consensus, reaffirms FY14 revs guidance (ORLY) : Reports Q1 (Mar) earnings of $1.61 per share, $0.03 better than the Capital IQ Consensus Estimate of $1.58; revenues rose 9.0% year/year to $1.73 bln vs the $1.72 bln consensus.

  • Comparable store sales increased 6.3% for the first quarter ended March 31, 2014, versus 0.6% for the first quarter ended March 31, 2013. The comparable store sales increase for the first quarter ended March 31, 2013, adjusted for the impact of one additional day during the first quarter ended March 31, 2012, as a result of Leap Day, was 1.9%.
Co issues downside guidance for Q2, sees EPS of $1.79-1.83 vs. $1.85 Capital IQ Consensus Estimate. Sees comparable store sales +2-4%

Co issues mixed guidance for FY14, sees EPS of $6.82-6.92 vs. $7.03 Capital IQ Consensus Estimate; sees FY14 revs of $7.0-7.2 bln vs. $7.13 bln Capital IQ Consensus Estimate. Reiterates guidance for comparable store sales of +3-5%. Sees CapEx of $390-420 mln, free cash flow of $580-620 mln.

6:32 pm Qihoo 360 Tech. forms strategic partnership with Sungy Mobile (GOMO) to target international expansion (QIHU) : Co announced that it has formed a strategic partnership with Sungy Mobile (GOMO), a provider of mobile internet products and services globally with a focus on applications and mobile platform development. Qihoo 360 will use Sungy Mobile's international app distribution platform to introduce a wide range of mobile security and mobile utility apps, including system cleanup and battery management apps, to users in key markets, including the United States.

6:30 pm Eagle Rock Energy announces suspension of distribution; intent to resume following close of midstream contribution transaction (EROC) : Co announced a suspension of its quarterly distribution in order to preserve liquidity in advance of closing the contribution of its Midstream Business to Regency Energy Partners LP (the "Midstream Business Contribution"). As previously announced, the Partnership received a request for additional information and documents ("Second Request") on February 27, 2014 from the Federal Trade Commission ("FTC") in connection with the Midstream Business Contribution. This has extended management's original timeframe for closing the transaction and created the need to preserve greater liquidity in the interim to fund growth capital expenditures and other financial obligations. The Partnership will conduct a special meeting of its common unitholders on April 29, 2014, to consider and vote on the Midstream Business Contribution. Assuming unitholders approve the transaction, all major closing conditions other than FTC approval will have been met, and Eagle Rock would expect to close the transaction shortly after receiving such approval from the FTC. Eagle Rock and Regency are working expeditiously to respond to the Second Request. Management currently expects to recommend resuming the quarterly distribution following the closing of the Midstream Business Contribution, at which point management expects the Partnership's total debt balance and liquidity position to be substantially improved.

Operational Update
Based on preliminary financial results for the quarter ended March 31, 2014 (subject to the completion of the Partnership's quarter-end review), management expects to report Adjusted EBITDA and distributable cash flow for the first quarter of 2014 slightly above levels reported for the fourth quarter of 2013. Despite this, the Partnership's total borrowings under its credit facility increased relative to year-end levels. Management expects that, should the Midstream Business Contribution not close within the second quarter, the Partnership may need to seek certain amendments to its revolving credit facility agreement similar to those obtained with respect to the first quarter of 2014.

5:57 pm Energy Transfer Equity increases quarterly distribution 3.6% to $0.35875 from $0.34625 per unit (ETE) :  

5:56 pm Teradyne beats by $0.05, beats on revs; guides Q2 EPS below consensus, revs in-line (TER) : Reports Q1 (Mar) earnings of $0.11 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.06; revenues rose 12.5% year/year to $321.01 mln vs the $315.74 mln consensus.

  • Bookings in the first quarter of 2014 were $450 million of which $366 million were in Semiconductor Test, $57 million in Wireless Test, and $27 million in System Test.
Co issues mixed guidance for Q2, sees EPS of $0.36-0.43, excluding non-recurring items, vs. $0.49 Capital IQ Consensus Estimate; sees Q2 revs of $460-490 mln vs. $475.18 mln Capital IQ Consensus Estimate.

5:54 pm Energy Transfer increases quarterly distribution 1.6% to $0.935 from $0.92 per unit (ETP) :  

5:45 pm Citigroup Board approves $1.165 bln common stock repurchase program (C) : Co announced that its Board of Directors has approved a $1.165 billion common stock repurchase program through the first quarter of 2015. As previously announced, this repurchase plan was permitted pursuant to the 2014 Comprehensive Capital Analysis and Review (CCARF) and is intended to offset estimated dilution created by Citi's annual incentive compensation grants.

5:42 pm Senior Housing prices $650 mln of senior notes (SNH) : Co announced that it has priced an underwritten public offering of $400 million of 3.25% unsecured senior notes due May 1, 2019 and $250 million of 4.75% unsecured senior notes due May 1, 2024. Senior Housing Properties Trust expects to use the proceeds of this offering for general business purposes, including funding, in part, the pending acquisition of two biotech medical office buildings in Boston and may use a portion of the proceeds to repay certain mortgage notes. The joint book-running managers for this offering were Citigroup, Jefferies, Morgan Stanley and Wells Fargo Securities.

5:41 pm Hannon Armstrong Sust. Infr. announces pricing of public offering of 5 mln shares of common stock at $13 per share (HASI) : Co announced today the pricing of its underwritten public offering of 5,000,000 shares of common stock at a price of $13.00 per share. BofA Merrill Lynch, UBS Investment Bank and Wells Fargo Securities are acting as joint book-running managers for the offering. Baird, RBC Capital Markets and FBR are acting as co-managers.

5:40 pm Modine Manufacturing announces plans to close McHenry, IL manufacturing facility (MOD) : Co announced its intention to close its manufacturing facility in McHenry, Illinois. The closure is expected to impact approximately 135 full-time employees, who will receive a variety of support services. This action reflects Modine's proactive focus on operating scale production facilities across the globe in order to remain cost-competitive. Modine plans to transfer the McHenry production to other facilities in North America, including those in Nuevo Laredo, Mexico, Lawrenceburg, Tennessee and Jefferson City, Missouri. The McHenry plant makes parallel flow and serpentine condensers, oil coolers and radiators for the automotive, commercial vehicle, off-highway and building HVAC markets. Plans call for the plant to close over an approximate 18-month period. Modine will provide the affected employees severance benefits and work closely with the Illinois Department of Labor and other state and local agencies to offer employment assistance and other services.

5:40 pm Core Labs: Q2 and 2014 Guidance (CLB) : Core Lab anticipates a continuation of the improving trend experienced in the latter part of the first quarter which began in March. Since that time, North American activity and that in the international arena have increased as well. The Company believes that second quarter 2014 North American activity levels will continue to ramp up from the weather-affected first quarter levels which will drive its expected earnings higher than previous implied guidance based on our prior full year 2014 outlook. 

  • Q2 Guidance
    • CLB expects second quarter revenue to range between $280-286 mln, Capital IQ consensus $290 mln
    • Q2 2014 EPS guidance would range from $1.48-1.53, CapIQ consensus $1.54
    • FCF for the quarter is expected to be approximately $70,000,000
  • 2014 Guidance
    • Core believes that full-year 2014 revenue will range between approximately $1.155-1.175 bln, Capital IQ consensus $1.176 bln
    • EPS ranging from approximately $6.00-6.25, CapIQ consensus $6.24
    • Operating income margins are expected to expand to 33%, increasing approximately 200 basis points over 2013 levels. 
    • Core expects FCF totals to exceed $300,000,000 in 2014.

5:36 pm Martin Marietta receives HSR filing second request in proposed combination with Texas Industries (TXI) (MLM) : Co announced that, as expected, the Company received a second request as discussions with the Department of Justice ("DOJ") continue regarding a resolution in relation to its Hart-Scott-Rodino Antitrust Improvement Act filing ("HSR") in the proposed combination with Texas Industries (TXI). The Company is hopeful a resolution will be reached that does not involve either the Company's or TXI's Texas-based quarries serving the Dallas/Fort Worth, metroplex, and that provides benefit to both our customers and our business. While the Company is not in a position to publicly respond to any specific possible resolution, we believe any HSR issues will not be material. Further, the Company's views as to the DOJ resolution remain the same as they were when the transaction was first announced and we remain confident the transaction will proceed on the original timetable with an expected close this summer.

5:32 pm PTC beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line; raises FY14 EPS in-line, revs in-line (PTC) : Reports Q2 (Mar) earnings of $0.48 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.46; revenues rose 4.7% year/year to $328.7 mln vs the $324.54 mln consensus.

Co issues in-line guidance for Q3, sees EPS of $0.48-0.52, excluding non-recurring items, vs. $0.49 Capital IQ Consensus Estimate; sees Q3 revs of $325-340 mln vs. $330.33 mln Capital IQ Consensus Estimate.

Co raises guidance for FY14, sees EPS of $2.05-2.15, excluding non-recurring items, (raised from $2.03-2.13) vs. $2.07 Capital IQ Consensus Estimate; sees FY14 revs of $1.335-1.35 bln (raised from $1.33-1.345 bln) vs. $1.34 bln Capital IQ Consensus Estimate.

5:28 pm InterXion announces increased size of private offering of 6.00% senior secured notes by EUR 25 mln to EUR 150 mln (INXN) : Co announced that it has increased the size of its private offering of 6.00% Senior Secured Notes due 2020 by 25 million to 150 million. The Notes will be guaranteed by certain subsidiaries of the Company. The Company expects to close the transaction on 29 April 2014, subject to customary closing conditions, with net proceeds of approximately 158.1 million. The Company expects to use the proceeds of the offering (i) to pay for capital expenditures related to expansions of its existing data centres and for new data centres, (ii) to pay fees and expenses incurred in connection with the offering, and (iii) for other general corporate purposes. In addition, the Company intends to terminate at the time of closing of this offering the new 100 million senior secured credit facility that it entered into on 14 April 2014. No amounts have been drawn under this facility.

5:27 pm Sotheby's expects to report Net Auction Sales increased 40% from prior year to $730 mln; expects to report pre-tax loss of approx ($6) million vs ($32) million in prior year (BID) : For Q1 co expects to report that Net Auction Sales have increased by 40% from the prior year to approximately $730 million. This substantial improvement is primarily due to a $113 million, or 34%, increase in sales of Impressionist Art and Contemporary Art over the prior year. Notably, Sotheby's record setting Impressionist Art sales in London achieved the highest-ever total for any sales series held anywhere in London. Reflecting this sales growth, Sotheby's expects to report that pre-tax loss for the first quarter improved by 81% to approximately ($6) million, as compared to Sotheby's pre-tax loss of ($32) million in the first quarter of 2013.

Due to the seasonal nature of the art auction market, first quarter Net Auction Sales have historically represented only a small proportion of annual Net Auction Sales, resulting in a net loss for the period. As a result, first quarter results are typically not indicative of expected full-year results.

"Sotheby's growth in sales and improved financial performance demonstrate that we are executing on our strategic plan and are well positioned to further build on the substantial momentum and record results we achieved in 2013," said Chairman, President and Chief Executive Officer Bill Ruprecht. "We remain focused on driving value for shareholders and clients alike and working to capitalize on Sotheby's position as the leading global brand providing access to exquisite art, art-related financing, arts education, real estate and retail wine and jewelry."

5:16 pm IntraLinks Holdings acquires docTrackr, a provider of document security solutions (IL) : Co announced the acquisition of docTrackr, a leading provider of document security solutions. docTrackr's innovative security and digital rights management (DRM.TO) technology will be integrated into the Intralinks platform. In addition, Intralinks announced a new service that gives organizations exclusive control over their data encryption keys, further strengthening security and data privacy by ensuring that only the key holders can access files in a readable format.

5:15 pm Sun Bancorp beats by $0.01 (SNBC) : Reports Q1 (Mar) loss of ($0.02) per share, $0.01 better than the Capital IQ Consensus Estimate of a loss ($0.03).

Highlights:

  • Continued progress on expense control as non-interest expense declined by $4.6 mln sequentially to $27.9 mln
  • Interest bearing cash averaged $220.1 mln or 7.2% of average assets
  • Tier 1 Leverage Ratio increased to 9.4% and the total risk based ratio increased to 14.9%

5:14 pm Tal International misses by $0.04, reports revs in-line (TAL) : Reports Q1 (Mar) adjusted earnings of $0.92 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.96; revenues rose 0.8% year/year to $157.3 mln vs the $156.52 mln consensus.

  • TAL reported leasing revenues of $144.3 million for the first quarter of 2014, an increase of 5.2% from the first quarter of 2013 ... Utilization averaged 97.1% for the first quarter of 2014 ... TAL has purchased over $250 million in new and sale-leaseback containers for delivery in 2014.
  • Outlook: "We currently expect leasing demand to improve seasonally as we head into the middle of 2014. We expect our utilization to remain at a high level, and expect to have ongoing opportunities to invest in and grow our fleet. We also expect our used container disposal gains to stabilize due to seasonal demand and slower future reductions in used container sale prices. Additionally, we expect some further benefits from debt refinancing activities. As a result, we expect our Adjusted pretax income to increase slightly from the first quarter of 2014 to the second, and we currently expect that our financial performance will continue to improve slightly from the second quarter through the rest of the year." 

5:10 pm Rowan Cos provides fleet contract status update (RDC) : Co announced today that its monthly report of drilling rig status and contract information has been updated as of April 23, 2014. Notable events in the current report include:

  • Rowan Renaissance: Commenced a three-year drilling contract with Repsol on April 22, 2014 for operations offshore West Africa at an effective day rate of $619,000 during the first year. 
  • Rowan Mississippi: Saudi Aramco exercised its option to extend the primary term for one year in the Middle East at $195,000 per day commencing December 2014, above the previous base day rate of $170,000 after excluding the impact of mobilization and capex fees. 
  • Hank Boswell: Saudi Aramco exercised its option to extend the primary term for one year in the Middle East at $180,000 per day commencing August 2014, above the previous effective day rate of $128,000. 
For the first quarter and full-year of 2014, the Company expects jack-up out of service time to be approximately 13% and 7-9%, respectively. No operational downtime is included in projected out-of-service days, but the company estimates jack-up operational downtime to account for approximately 2.5% of in-service days in current and future quarters. The Company does not currently expect any out of service days in 2014 for the Rowan Renaissance, and following a break in period is expecting operational downtime to be approximately 5%.

5:09 pm Oceaneering Intl beats by $0.04, reports revs in-line (OII) : Reports Q1 (Mar) earnings of $0.84 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.80; revenues rose 16.9% year/year to $840.2 mln vs the $847.36 mln consensus. "Looking beyond 2014, we believe that the oil and gas industry will increase its investment in deepwater projects. Deepwater remains one of the best frontiers for adding large hydrocarbon reserves with high production flow rates at relatively low finding and development costs. With our existing assets and opportunities to add new assets, we are well positioned to supply a wide range of services and products required to support the safe deepwater efforts of our customers."

5:04 pm WESCO renews multi-year supply agreement with United Technologies (WCC) : Co announces that it has renewed its integrated supply agreement for five years with United Technologies (UTX) to provide industrial MRO products, distribution logistics, inventory management, and other value-added services.  

5:03 pm NewMarket misses by $0.78, misses on revs (NEU) : Reports Q1 (Mar) earnings of $4.54 per share, excluding non-recurring items, $0.78 worse than the Capital IQ Consensus Estimate of $5.32; revenues rose 3.0% year/year to $576.4 mln vs the $593.1 mln consensus. During the first quarter, co repurchased 232,200 shares of stock at a cost of $81.5 million, or an average cost per share of $350.95. Petroleum additives sales for this year's first quarter were $574.0 million, up 2.8% versus the same period last year, and shipments were up 5.9%. Petroleum additives operating profit for the quarter was $96.2 million, or 5.7% lower than last year's very strong first quarter of $102.0 million.

5:02 pm Martin Midstream increases quarterly distribution slightly to $0.7875 from $0.785 per unit (MMLP) :  

5:01 pm Oceaneering Intl announces increased dividend of $0.27 vs. $0.22 prior dividend (OII) :  

5:01 pm Rare Element Chairman Dr. Donald E. Ranta to retire (REE) : Co announced today that Dr. Donald E. Ranta, Chairman, intends to retire from the Company's Board and will not stand for reelection at the Company's annual general meeting in June. Additionally, the Company is pleased to announce the appointment to the Board of Patrick "Pat" M. James, former President and Chief Executive Officer of Rio Algom Limited, effective April 23, 2014.

4:54 pm LCA Vision announces ISS and Glass, Lewis recommend stockholders vote in favor of $5.37 per share cash acquisition by PhotoMedex (PHMD) (LCAV) : Co announced that two leading proxy advisory firms, ISS Proxy Advisory Services and Glass, Lewis & Co., has each issued a recommendation that LCA-Vision Inc. stockholders vote in favor of all proposals related to its acquisition by PhotoMedex, Inc. for $5.37 per share in cash at its Special Meeting of Stockholders scheduled to be held on May 7, 2014.

4:53 pm Quest Diagnostics extends partnership with Steward Health Care System (DGX) : Co and Steward Health Care System LLC (Steward), New England's largest community-based accountable care organization and one of the nation's largest Pioneer ACOs, today announced that Quest has acquired the remainder of Steward's outreach laboratory service operations. Under the arrangement, Quest will provide outreach laboratory testing services to physicians, nursing homes and other providers previously serviced by Steward.

4:52 pm SunCoke Energy Partners has commenced an offering of 2,800,000 of its common units (SXCP) : 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 interest in each of its Haverhill and Middletown cokemaking facilities and to repay certain debt assumed from its sponsor, SunCoke Energy, Inc. (SXC), as part of this acquisition.

Barclays Capital Inc., BofA Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Goldman, Sachs & Co. and J.P. Morgan Securities LLC are serving as joint book-running managers for the proposed offering. 

4:52 pm Yingli Green Energy announces proposed follow-on public offering of 25 mln ADSs (YGE) :

  • Co announced that it intends to offer, subject to market and other conditions, 25 million American Depositary Shares, each representing one ordinary share of the Company, in an underwritten registered public offering. Yingli Green Energy intends to grant the underwriters an option to purchase up to 3.75 million additional ADSs to cover over-allotment. 
  • Yingli Green Energy intends to use approximately 50% to 60% of the net proceeds from this offering for downstream expansion and use the remaining portion of the net proceeds for other general corporate purpose. The Company's management will have significant discretion in the allocation of the net proceeds that the Company may receive from the offering. 
  • Deutsche Bank Securities Inc. and Goldman Sachs (Asia) L.L.C. are acting as the joint bookrunners for the offering. HSBC Securities (USA) Inc. is acting as a co-manager for the offering.

4:50 pm CVB Financial beats by $0.05 (CVBF) : Reports Q1 (Mar) earnings of $0.27 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.22.

4:49 pm Acceleron Pharma and Celgene (CELG) announce interim clinical data for sotatercept demonstrating dose dependent increases in hemoglobin in patients with end stage renal disease on hemodialysis (XLRN) :

  • The phase 2a clinical trial of sotatercept is designed as a randomized, placebo-controlled, dose escalation study to evaluate sotatercept for the correction of anemia in patients with end stage renal disease on hemodialysis. There are four sotatercept dose groups (0.3 mg/kg, 0.5 mg/kg, 0.7 mg/kg, or 0.7 mg/kg loading dose followed by 0.4 mg/kg).
  • Highlights of the data from the two lowest dose level cohorts (0.3 mg/kg and 0.5 mg/kg) are summarized below: 
    • Hemoglobin increase =1.0 g/dL was achieved by 20%, 37% and 40% of patients in the placebo, sotatercept 0.3 mg/kg and sotatercept 0.5 mg/kg cohorts, respectively, in the first 28-day cycle following a single dose. 
    • The mean peak hemoglobin increase in the first 28-day dose cycle was 0.1 g/dL, 0.5 g/dL and 0.8 g/dL in patients in the placebo, sotatercept 0.3 mg/kg and sotatercept 0.5 mg/kg cohorts, respectively. 
    • Rescue therapy with erythropoietin, if hemoglobin levels fell to less than 9 g/dL, was required in 40% of placebo patients, 13% of patients at sotatercept 0.3 mg/kg, and 0% of patients at sotatercept 0.5 mg/kg. 

4:42 pm Blackhawk Network reports EPS in-line, misses on revs (HAWK) : Reports Q1 (Mar) earnings of $0.05 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.05; revenues rose 25.9% year/year to $233.1 mln vs the $237.99 mln consensus.

  • "We started 2014 with solid growth in revenues and earnings. Each of our key adjusted financial metrics grew at least 25% driven by strong sales of open loop gift cards in the U.S., robust increases in international load value, and the addition of InteliSpend, the incentives and rewards business we acquired in late 2013. Worldwide load value grew 36%, or 23% excluding acquisitions, and international accounted for 24% of worldwide load value during the first quarter."

4:42 pm Kaiser Alum beats by $0.03, beats on revs; reaffirms 2014 outlook (KALU) : Reports Q1 (Mar) earnings of $0.85 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.82; revenues fell 0.6% year/year to $335 mln vs the $323.91 mln consensus. 

  • "Overall, our outlook for 2014 remains unchanged. We continue to anticipate the supply chain inventory overhang for aerospace plate will persist throughout 2014. While we expect modest improvement in our plate shipments this year compared to 2013, we will also continue to be impacted by pricing pressure on these products. As demonstrated in our first quarter results, we expect further increases in automotive extrusion shipments and value added revenue as new programs launch throughout the year. In addition, we anticipate improving cost efficiencies as we progress through the year as we benefit from our Phase 5 heat treat plate expansion and the new casting complex."
  • 'Looking beyond 2014 we remain very positive and anticipate continued long-term growth in our overall value added revenue and adjusted EBITDA margin driven by strong demand for aerospace and automotive applications and an improving underlying cost structure."

4:42 pm Apple beats by $1.45, beats on revs on upside iPhone shipments; guides Q3 revs, gross margin in-line; raises dividend 8% (plans to do so annually), raises buyback 50% to $90 bln, announced 7:1 stock split (AAPL) : Reports Q2 (Mar) earnings of $11.62 per share, $1.45 better than the Capital IQ Consensus Estimate of $10.17; revenues rose 4.7% year/year to $45.65 bln vs the $43.59 bln consensus; gross margins of 39.3% vs. Street expectations near 37.5% (guidance 37-38%)... Buybacks added $0.81/share to EPS -- analyst models include buybacks).

  • Co issues in-line guidance for Q3, sees Q3 revs of $36-38 bln vs. $37.79 bln Capital IQ Consensus; sees Q3 gross margins of 37-38% versus Street expectations of just under 37.5%. 
    • iPhone shipments 43.7 mln vs. ~38 mln estimates
    • iPad 16.4 mln vs. 19 mln est
    • Mac 4.13 mln vs. 4 mln est
  • Co announced that its Board of Directors has authorized another significant increase to the Company's program to return capital to shareholders. The co expects to utilize a total of over $130 billion of cash under the expanded program by the end of calendar 2015. 
    • As part of the program, the Board has increased its share repurchase authorization to $90 bln from the $60 bln level announced last year. The Company expects to continue to utilize about $1 billion annually to net-share-settle vesting restricted stock units. 
    • Co raises quarterly dividend 8% to $3.29 per common share, payable on May 15, 2014 to shareholders of record as of the close of business on May 12, 2014.
    • The co also plans to increase its dividend on an annual basis. With annual payments of $11 billion, Apple is among the largest dividend payers in the world.
    • Co also announced a 7:1 stock split.

4:38 pm Allegiant Travel beats by $0.08, reports revs in-line (ALGT) : Reports Q1 (Mar) earnings of $1.86 per share, $0.08 better than the Capital IQ Consensus Estimate of $1.78; revenues rose 10.8% year/year to $302.5 mln vs the $301.54 mln consensus.

Revenue guidance:

  • Estimated PRASM year-over-year change 9-10% for April
  • Estimated TRASM year-over-year change 6-7% for April
  • Estimated PRASM year-over-year change 2-4% for Q2
  • Estimated TRASM year-over-year change 0.5-2.5% for Q2
Capacity Q2 guidance:
  • System: ASM YoY growth 7-9%
  • Scheduled: ASM YoY growth 7-9% 

4:38 pm F.N.B. Corp reports EPS in-line (FNB) : Reports Q1 (Mar) earnings of $0.20 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.20.

4:38 pm Susquehanna Bank misses by $0.01 (SUSQ) : Reports Q1 (Mar) earnings of $0.20 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.21. Net interest margin increased 1 basis point to 3.61% for the first quarter of 2014 compared to 3.60% for the fourth quarter of 2013.

4:37 pm Texas Instruments clarification: Q2 GAAP EPS guidance of $0.55-0.63 was above the $0.52 GAAP Capital IQ Consensus Estimate (TXN) : We earlier incorrectly compared the guidance to a non-GAAP estimate. The prior comment has been edited.

4:36 pm Churchill Downs misses by $0.05, reports revs in-line (CHDN) : Reports Q1 (Mar) loss of $0.04 per share, $0.05 worse than the Capital IQ Consensus Estimate of $0.01; revenues rose 13.1% year/year to $167.3 mln vs the $167.31 mln consensus. 

  • Oxford, MVG operations help drive 24 percent increase in Gaming Adjusted EBITDA 
  • TwinSpires wagering grows 8.8%, outpacing U.S. industry by 10.9%

4:35 pm Apple also announces 7-for-1 stock split (AAPL) : The Board of Directors has also announced a seven-for-one stock split. Each Apple shareholder of record at the close of business on June 2, 2014 will receive six additional shares for every share held on the record date, and trading will begin on a split-adjusted basis on June 9, 2014.

4:35 pm Core Labs misses by $0.11, misses on revs (CLB) : Reports Q1 (Mar) earnings of $1.35 per share, $0.11 worse than the Capital IQ Consensus Estimate of $1.46; revenues rose 0.8% year/year to $262.9 mln vs the $283.02 mln consensus.

4:33 pm CoStar Group beats by $0.05, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY14 EPS above consensus, revs above consensus (CSGP) : Reports Q1 (Mar) earnings of $0.69 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.64; revenues rose 14.5% year/year to $119.1 mln vs the $117.41 mln consensus. 

  • Co issues guidance for Q2, sees EPS of $0.69-0.73 vs. $0.71 Capital IQ Consensus Estimate; sees Q2 revs of $143-145 mln vs. $121.63 mln Capital IQ Consensus Estimate.
  • Co issues upside guidance for FY14, sees EPS of $3.05-3.15 vs. $3.01 Capital IQ Consensus Estimate; sees FY14 revs of $560-570 mln vs. $496.73 mln Capital IQ Consensus Estimate.
  • The Company is raising its 2014 revenue and earnings guidance based on first quarter results and the acquisition of Apartments.com

4:32 pm MKS Instruments beats by $0.10, beats on revs; guides Q2 EPS below consensus, revs below consensus (MKSI) : Reports Q1 (Mar) earnings of $0.51 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.41; revenues rose 45.1% year/year to $206 mln vs the $197.91 mln consensus.

Guidance: Co issues downside guidance for Q2, sees EPS of $0.21-$0.35 vs. $0.39 Capital IQ Consensus Estimate; sees Q2 revs of $160-$180 mln vs. $192.11 mln Capital IQ Consensus Estimate.

4:32 pm LPL Financial misses by $0.03, misses on revs; Record-setting quarter with $4.4 bln in net new advisory assets (LPLA) : Reports Q1 (Mar) earnings of $0.69 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.72; revenues rose 11.6% year/year to $1.09 bln vs the $1.11 bln consensus.

4:32 pm Texas Instruments beats by $0.03, reports revs in-line; guides Q2 EPS above consensus, revs in-line (TXN) : Reports Q1 (Mar) earnings of $0.44 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.41; revenues rose 3.4% year/year to $2.98 bln vs the $2.96 bln consensus.

Co issues mixed guidance for Q2, sees EPS of $0.55-0.63 vs. $0.52 Capital IQ Consensus Estimate; sees Q2 revs of $3.14-3.40 bln vs. $3.15 bln Capital IQ Consensus Estimate.

4:31 pm Tennant increases quarterly dividend by 11% to $0.20 per share from $0.18 per share (TNC) :  

4:31 pm Apple Expands Capital Return Program to Over $130 Billion; increases dividend and buyback (AAPL) :

  • Co announced that its Board of Directors has authorized another significant increase to the Company's program to return capital to shareholders. The Company expects to utilize a total of over $130 billion of cash under the expanded program by the end of calendar 2015. 
  • As part of the program, the Board has increased its share repurchase authorization to $90 billion from the $60 billion level announced last year. 
  • The Company expects to continue to utilize about $1 billion annually to net-share-settle vesting restricted stock units. 
  • Additionally, the Board has approved an increase to the Company's quarterly dividend of approximately 8 percent and has declared a dividend of $3.29 per common share, payable on May 15, 2014 to shareholders of record as of the close of business on May 12, 2014.
  • The Company also plans to increase its dividend on an annual basis. With annual payments of $11 billion, Apple is among the largest dividend payers in the world.

4:31 pm Service Corp beats by $0.02, misses on revs (SCI) : Reports Q1 (Mar) earnings of $0.28 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.26; revenues rose 14.5% year/year to $747.12 mln vs the $772.62 mln consensus.

"Looking ahead to the remainder of 2014, our outlook remains positive and we are comfortable with the upper end of our financial guidance ranges for earnings and cash flow that we have previously communicated." Co previously guided for FY14 EPS of $1.00-1.10, current Capital IQ Consensus Estimate is $1.04.

4:29 pm Parametric Sound announces ~ $45 mln common stock offering (HEAR) :

  • Co announced that it intends to offer and sell approximately $45 million of its common stock in an underwritten public offering. Co intends to use the net proceeds from this offering to repay certain indebtedness and for working capital and other general corporate purposes. 
  • Needham & Company, LLC is acting as the sole book-running manager, Cowen and Company, LLC and Wedbush Securities Inc. are acting as co-lead managers, and Lake Street Capital Markets is acting as co-manager for the offering.

4:28 pm Selective Insurance misses by $0.10, beats on revs (SIGI) : Reports Q1 (Mar) earnings of $0.23 per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus Estimate of $0.33; revenues rose 10.7% year/year to $509.1 mln vs the $493.53 mln consensus.

In 2014, Selective expects to generate a full-year statutory combined ratio of 92%, excluding catastrophes losses and no expectation of any additional prior year casualty reserve development. Selective estimates four points of catastrophe losses. After-tax investment income will be ~$100 million and weighted average shares at year end are anticipated to be ~57 million.

4:27 pm SL Green Rlty beats by $0.17, beats on revs; guides FY14 FFO above consensus (SLG) : Reports Q1 (Mar) funds from operations of $1.54 per share, excluding non-recurring items, $0.17 better than the Capital IQ Consensus Estimate of $1.37; revenues rose 5.9% year/year to $381.1 mln vs the $326.77 mln consensus. Co issues upside guidance for FY14, sees FFO of $5.90-5.96, excluding non-recurring items, vs. $5.71 Capital IQ Consensus Estimate.

4:26 pm E*TRADE beats by $0.10, beats on revs (ETFC) : Reports Q1 (Mar) earnings of $0.33 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.23; revenues rose 13.1% year/year to $475 mln vs the $459.02 mln consensus.

  • Company's income tax expense included approx $7 mln of benefit related to a recent change to the New York state tax code and its impact on state deferred taxes. 
  • Positive investor sentiment elevated brokerage activity to its highest level in nearly five years, which aided record net new brokerage assets and brokerage account retention
  • Reported DARTs of 198,000 during the quarter, an increase of 24 percent from the prior quarter and an increase of 33 percent vs the same quarter year ago
  • Company ended quarter with 3.1 million brokerage accounts, an increase of 72,000 from the prior quarter. This compared with 22,000 net new brokerage accounts in the fourth quarter of 2013 and 30,000 in the first quarter of 2013. 
  • Brokerage account attrition for the quarter was a record low for Company at 7.1 percent annualized

4:25 pm Ferro beats by $0.04, misses on revs; raises FY14 EPS in-line; reaffirms FY15 EPS guidance (FOE) : Reports Q1 (Mar) earnings of $0.19 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.15; revenues fell 6.2% year/year to $391.7 mln vs the $407.52 mln consensus.

  • Co issues in-line guidance for FY14, raises EPS to $0.68-0.73 from prior guidance of $0.65-0.70, excluding non-recurring items, vs. $0.71 Capital IQ Consensus Estimate. 
  • Co reaffirms guidance for FY15, sees EPS of $1.00, excluding non-recurring items, vs. $1.01 Capital IQ Consensus Estimate. 
  • Gross profit was $89 million for the quarter, compared with $79 million for the first quarter of 2013. Excluding special charges, adjusted gross profit was $89 million (23.6% of value-added sales) compared with $80 million (20.8% of value-added sales) in the prior-year period. 
  • Outlook: Value-added sales for 2014 are expected to increase by 3.6% over 2013 levels, as adjusted for dispositions in 2013 ($27 million impact) and continued deselection of phthalates in the Polymer Additives segment (approximately $30 million impact). The 2014 adjusted gross profit margin, expressed as a percent of value-added sales, is expected to be approximately 22%, and SG&A expenses, excluding pension adjustments and special items, are expected to be approximately 14% of value-added sales. The Company expects to use approximately $25 million in cash in 2014. Uses of cash will include ongoing funding of restructuring efforts and capital spending of approximately $65 million, with the largest commitment of capital associated with the previously announced investment in manufacturing capacity in Belgium for dibenzoates, a phthalate replacement.

4:25 pm Aspen Insurance beats by $0.50; reaffirms ROE guidance (AHL) : Reports Q1 (Mar) earnings of $1.55 per share, excluding non-recurring items, $0.50 better than the Capital IQ Consensus Estimate of $1.05. 

  • Diluted book value per share of $42.72 at March 31, 2014, up 4.4% from December 31, 2013 and up 5.0% from March 31, 2013 
  • Aspen continues to expect to achieve an operating return on equity of 10% in 2014, assuming a pre-tax catastrophe load of $185 million, normal loss experience and the current interest rate curve and insurance pricing environment. 
  • "We expect operating return on equity to increase in each of 2015 and 2016. The building blocks for the expected acceleration of ROE are growth in our U.S. Insurance business, portfolio optimization initiatives, rising interest rates and capital management. We expect to achieve premium scale in our U.S. Insurance business in 2015 and for that business to be a strong contributor to overall results as Aspen gains greater premium leverage over time. Our U.S. Insurance business net earned premiums grew 25% in the first quarter over a year ago and we are experiencing continued growth momentum with attractive loss ratios. Further, we expect our portfolio optimization initiatives, including the restructuring of our reinsurance and retrocession program, combined with a rising interest rate environment, to be a more positive contributor to operating income."

4:25 pm Assurant beats by $0.14, beats on revs (AIZ) : Reports Q1 (Mar) earnings of $1.68 per share, $0.14 better than the Capital IQ Consensus Estimate of $1.54; revenues rose 13.9% year/year to $2.45 bln vs the $2.35 bln consensus.

  • Metrics:  Book value per diluted share, excluding AOCI, increased 2.6% to $61.05 at March 31, 2014 from $59.48 at Dec. 31, 2013. Annualized operating return on average equity (:ROE), excluding AOCI, was 11.2% for the quarter compared to full-year operating ROE, excluding AOCI, of 10.6% in 2013.
  • Outlook: For 2014, co sees Assurant Solutions' net earned premiums and fees to increase compared to 2013, primarily driven by growth in mobile. Net operating income to increase due to higher contributions from mobile, improved international results and savings from previous expense management actions. Sees Assurant Specialty Property's net earned premiums and fees to remain level with 2013.  Sees Assurant Health's net earned premiums and fees to increase compared to 2013 due to sales of new individual major medical policies under the ACA. 

4:25 pm Allied World Assurance beats by $1.67, beats on revs (AWH) : Reports Q1 (Mar) earnings of $3.84 per share, $1.67 better than the Capital IQ Consensus Estimate of $2.17; net premiums written rose 11.0% year/year to $771.61 mln vs the $753.5 mln consensus.

  • The company repurchased 670,732 common shares totaling $68.7 million during the first quarter of 2014
  • The combined ratio was 79.9% compared to 85.1% in the first quarter of 2013
  • The loss and loss expense ratio was 51.9% in the first quarter of 2014 compared to 55.1% in the prior year quarter
  • The company did not experience any reportable catastrophe losses for the first quarter of 2014 or the comparable quarter last year
  • The company's expense ratio was 28.0% for the first quarter of 2014 compared to 30.0% for the first quarter of 2013

4:24 pm Clearwater Paper misses by $0.20, beats on revs (CLW) : Reports Q1 (Mar) earnings of $0.66 per share, excluding non-recurring items, $0.20 worse than the Capital IQ Consensus Estimate of $0.86; revenues rose 5.2% year/year to $484.9 mln vs the $473.19 mln consensus.

  • "The Pulp and Paperboard division delivered another solid quarter for Clearwater Paper," said president and chief executive officer Linda Massman. "With the Consumer Products division, we saw a highly-competitive tissue market and cold-weather related costs negatively impact the business. Moving forward, we are focused on continuing to build strong customer relationships and take important steps to bring efficiencies to every part of our operation."

4:24 pm Equifax beats by $0.02, reports revs in-line; guides Q2 EPS in-line, revs in-line (EFX) : Reports Q1 (Mar) earnings of $0.89 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.87; revenues rose 3.2% year/year to $584.5 mln vs the $584.12 mln consensus.

  • Co issues in-line guidance for Q2, sees EPS of $0.92-0.95 vs. $0.95 Capital IQ Consensus Estimate; sees Q2 revs of $606-619 mln vs. $614.44 mln Capital IQ Consensus Estimate.
  • "Our performance this quarter was solid and very much in line with our expectations. We continue to make good progress on integrating the recent acquisitions and leveraging our strategic growth initiatives to drive core non-mortgage market organic growth," said Richard F. Smith, Chairman and Chief Executive Officer of Equifax. "So far, the mortgage market has performed just about how we expected and we are becoming even more confident about the growth environment for the second half of 2014 and 2015."

4:24 pm Xilinx misses by $0.02, reports revs in-line; guides Q1 revs in-line (XLNX) : Reports Q4 (Mar) earnings of $0.53 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.55; revenues rose 16.1% year/year to $617.8 mln vs the $612.12 mln consensus.

Co issues in-line guidance for Q1, sees Q1 revs "up 0% to 4% sequentially" (roughly $618-642 mln) vs. $638.83 mln Capital IQ Consensus Estimate.

4:22 pm Lam Research beats by $0.10, reports revs in-line; guides Q4 above consensus (LRCX) : Reports Q3 (Mar) non-GAAP earnings of $1.26 per share, $0.10 better than the Capital IQ Consensus Estimate of $1.16; revenues rose 38.7% year/year to $1.23 bln vs the $1.22 bln consensus.

Co issues upside guidance for Q4, sees EPS of $1.14-1.28 bln, excluding non-recurring items, vs. $1.09 Capital IQ Consensus Estimate; sees Q4 revs of $1.235-1.245 bln vs. $1.16 bln Capital IQ Consensus Estimate. 

"We began 2014 by delivering another solid quarter with record shipments, record revenue, sequential operating margin expansion and very strong free cash flow," stated Martin Anstice, Lam Research's president and chief executive officer. "The consistency of our results reinforces the potential to deliver sustained outperformance through solid execution of our growth strategy. We believe that our product portfolio combined with the scale of our new technology offerings create a unique opportunity for Lam through the multi-patterning, 3D device and advanced packaging industry transitions. Together this combination of capability and opportunity underscores our commitment to deliver growth and value for our customers and our shareholders alike."

4:22 pm Quidel misses by $0.35, misses on revs (QDEL) : Reports Q1 (Mar) earnings of $0.08 per share, $0.35 worse than the Capital IQ Consensus Estimate of $0.43; revenues fell 24.7% year/year to $46.7 mln vs the $63.26 mln consensus.

4:21 pm Infinera beats by $0.04, beats on revs (INFN) : Reports Q1 (Mar) earnings of $0.03 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of ($0.01); revenues rose 14.6% year/year to $142.82 mln vs the $140.46 mln consensus.

"Our first quarter performance was exceptionally strong in what is typically a soft quarter for our industry. We are benefitting from the continued investment cycle in 100G and network convergence. The favorable economics of our PIC-based architectures and the operational benefits of super-channels positions us as the industry recognized leader in the optical market," said Tom Fallon, Chief Executive Officer. "I remain optimistic about our short-, intermediate- and long-term opportunity. Our focus this year remains on winning footprint, gaining market share, and servicing customers. We believe the continued growth of our business in long-haul, combined with product investments in adjacent markets, is the best way for us to provide long-term shareholder value."

4:21 pm Glimcher Realty misses by $0.01, misses on revs; guides FY14 FFO in-line (GRT) : Reports Q1 (Mar) funds from operations of $0.16 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.17; revenues rose 8.2% year/year to $93.2 mln vs the $96.37 mln consensus. Co issues in-line guidance for FY14, sees FFO of $0.74-0.78 vs. $0.77 Capital IQ Consensus Estimate.

4:20 pm Polycom beats by $0.03, reports revs in-line (PLCM) : Reports Q1 (Mar) earnings of $0.18 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.15; revenues fell 3.0% year/year to $328.5 mln vs the $328.48 mln consensus.

4:20 pm Citrix Systems beats by $0.05, beats on revs; guides Q2 EPS below consensus, revs below consensus; raises bottom end of FY14 EPS & revs in line with estimates (CTXS) : Reports Q1 (Mar) earnings of $0.64 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.59; revenues rose 11.6% year/year to $750.8 mln vs the $732.25 mln consensus.

  • Co issues downside guidance for Q2, sees EPS of $0.57-0.59, excluding non-recurring items, vs. $0.67 Capital IQ Consensus Estimate; sees Q2 revs of $765-775 mln vs. $784.52 mln Capital IQ Consensus Estimate. 
  • Co issues in-line guidance for FY14, raises bottom end of EPS to $2.90-2.95 from prior guidance of $2.85-2.95, excluding non-recurring items, vs. $2.91 Capital IQ Consensus Estimate; raises bottom end of FY14 revs to +8.5-10.0% from prior guidance of +8-10% calc to ~$3.166-3.210 bln vs. $3.18 bln Capital IQ Consensus Estimate.
  • In addition to quarterly financial results, Citrix also announced that its Board of Directors has authorized it to repurchase up to an additional $1.5 billion of its common stock. As of March 31, 2014, approximately $429 million remained for repurchases from previous authorizations. GAAP gross margin was 82 percent, and non-GAAP gross margin was 85 percent, excluding the effects of amortization of acquired product related intangible assets and stock-based compensation expense. "I'm pleased with our performance in Q1, and the strong start to the year...We saw growth in all our geographic markets, while delivering record cash flow from operations. Our results were driven by balanced growth across all three of our primary businesses: mobile and desktop, cloud networking, and SaaS." 
  • Q2 Guidance Details: GAAP gross margin is targeted to be in the range of 81 percent to 82 percent. Non-GAAP gross margin is targeted to be in the range of 84 percent to 85 percent, excluding 3 percent related to the effects of amortization of acquired product related intangible assets and stock-based compensation expense. 
  • FY14 Guidance Details: GAAP gross margin is targeted to be in the range of 81 percent to 82 percent. Non-GAAP gross margin is targeted to be in the range of 84 percent to 85 percent, excluding 3 percent related to the effects of amortization of acquired product related intangible assets and stock-based compensation expense.

4:20 pm Tsakos Energy announces public offering of 11 mln common shares (TNP) :

  • The co plans to use the net proceeds of the offering to finance the expansion and modernization of its fleet through its vessel acquisition program, including instalment payments on its existing crude oil carrier newbuilding program pursuant to its strategic partnership with a well-known oil major, and for general corporate purposes. 
  • Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running managers of the offering, which will be made under an effective shelf registration statement.

4:18 pm Varian Medical beats by $0.01, reports revs in-line; guides Q3 EPS below consensus; guides FY14 EPS in-line, revs in-line (VAR) : Reports Q2 (Mar) earnings of $1.04 per share, excluding $0.16/share charge related to settlement of patent litigation, $0.01 better than the Capital IQ Consensus Estimate of $1.03; revenues rose 1.4% year/year to $779 mln vs the $774.67 mln consensus.

Guidance: Co issues downside guidance for Q3, sees EPS of $1.06-$1.10 vs. $1.12 Capital IQ Consensus Estimate.

Co issues in-line guidance for FY14, sees EPS of $4.22-$4.34, excluding a $0.16/share charge due to the effect of patent litigation settlement, vs. $4.29 Capital IQ Consensus Estimate; sees FY14 revs growing 6-8%, equating to approximately $3.10-$3.18 bln vs. $3.13 bln Capital IQ Consensus Estimate.

4:18 pm Cheesecake Factory misses by $0.06, reports revs in-line (CAKE) : Reports Q1 (Mar) earnings of $0.43 per share, $0.06 worse than the Capital IQ Consensus Estimate of $0.49; revenues rose 4.0% year/year to $481.43 mln vs the $478.59 mln consensus.

-During the qtr, co repurchased 2.1 million shares at a cost of $99.0 million. Co continues to expect that it will return substantially all of its free cash flow to shareholders in fiscal 2014 in the form of dividends and share repurchases.

4:18 pm Graco reports EPS in-line, beats on revs (GGG) : Reports Q1 (Mar) earnings of $0.81 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.81; revenues rose 7.8% year/year to $290 mln vs the $282.4 mln consensus.

  • "Our outlook for 2014 has not changed, and we remain confident about achieving full year growth in all segments and regions," stated Mr. McHale. "While U.S. housing starts began 2014 slower than anticipated, we continue to expect strong full year growth in the residential construction market to drive low double-digit growth in our Contractor segment in the Americas. Although certain emerging economies of EMEA are facing geopolitical and currency headwinds, and capital equipment demand in China remains choppy, we expect to benefit from the improving macro environment in developed economies around the world."

4:18 pm Interface misses by $0.07, misses on revs (TILE) : Reports Q1 (Mar) earnings of $0.06 per share, $0.07 worse than the Capital IQ Consensus Estimate of $0.13; revenues rose 4.1% year/year to $219 mln vs the $222.36 mln consensus.

4:18 pm Fortinet beats by $0.02, beats on revs (FTNT) : Reports Q1 (Mar) earnings of $0.11 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.09; revenues rose 24.4% year/year to $168.9 mln vs the $157.51 mln consensus. 

  • Within total revenue, product revenue was $76.8 million, an increase of 32% compared to the same quarter of 2013. Services and other revenue was $92.2 million, an increase of 18% compared to the same quarter of 2013. 
  • Total billings were $187.6 million for the first quarter of 2014, an increase of 26% YoY. 
  • Deferred revenue was $451.3 million as of March 31, 2014, an increase of 20% compared to deferred revenue of $376.4 million as of March 31, 2013, and an increase of $18.7 million from $432.6 million as of December 31, 2013.

4:17 pm Robert Half beats by $0.01, reports revs in-line (RHI) : Reports Q1 (Mar) earnings of $0.45 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.44; revenues rose 5.9% year/year to $1.08 bln vs the $1.08 bln consensus.

"We saw strong demand in all areas of the business, especially in the latter part of the quarter. Growth was strongest in our Protiviti, technology staffing and permanent placement divisions. Non-U.S. operations also improved, particularly permanent placement services, which reported solid sequential and year-over-year revenue gains during the quarter."

4:17 pm SunCoke Energy misses by $0.11, misses on revs (SXC) : Reports Q1 (Mar) loss of $0.11 per share, $0.11 worse than the Capital IQ Consensus Estimate of ($0.00); revenues fell 20.8% year/year to $359.6 mln vs the $364.97 mln consensus.

SXC also announced that it has entered into an contribution agreement with SunCoke Energy Partners (SXCP) to contribute a 33% interest in its Haverhill and Middletown cokemaking facilities for total consideration of $365 million. SXC will continue to retain a 2% interest in both facilities.

4:16 pm Symetra Financial beats by $0.15, beats on revs; raises FY14 EPS above consensus to reflect better-than-expected results in Q1 (SYA) : Reports Q1 (Mar) earnings of $0.56 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus Estimate of $0.41; revenues fell 2.1% year/year to $545.5 mln vs the $533.3 mln consensus.

  • Co raises guidance for FY14 to reflect better-than-expected results in Q1, sees EPS of $1.80-2.00 vs. $1.70 Capital IQ Consensus Estimate, up from $1.65-1.85.

4:15 pm Famous Dave's misses by $0.09, misses on revs (DAVE) : Reports Q1 (Mar) earnings of $0.07 per share, $0.09 worse than the Capital IQ Consensus Estimate of $0.16; revenues fell 2.5% year/year to $35.7 mln vs the $36.66 mln consensus. 

  • Comparable restaurant sales for Company-owned restaurants open 24 months or more decreased 4.9% compared to a decrease of 1.8% for the first quarter of 2013; Comparable restaurant sales for franchise-operated restaurants decreased 3.3% compared to a decrease of 6.1% for the first quarter of 2013; Franchise royalty revenue increased to $4.2 million for the first quarter of 2014 compared to $4.1 million for the first quarter of 2013. 
  • The co repurchased ~45,000 shares of common stock during the first quarter of fiscal 2014 at an average price of $19.29 per share, excluding commissions, for a total of ~$869,000. The co did not buy back any shares during the first quarter of 2013.

4:15 pm AvalonBay beats by $0.01; guides Q2 FFO below consensus (AVB) : Reports Q1 (Mar) funds from operations of $1.64 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.63. 

  • Co issues downside guidance for Q2, sees FFO of $1.62-1.66, excluding non-recurring items, vs. $1.69 Capital IQ Consensus Estimate. 
  • At March 31, 2014, the Company did not have any borrowings outstanding under its $1,300,000,000 unsecured credit facility, and had $476,853,000 in unrestricted cash and cash in escrow. 
  • The Company's annualized Net Debt-to-EBITDA for the first quarter of 2014 was 5.7 times.

4:14 pm LaSalle Hotel beats by $0.02, beats on revs; guides Q2 FFO in-line; guides FY14 FFO in-line (LHO) : Reports Q1 (Mar) funds from operations of $0.32 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.30; revenues rose 14.2% year/year to $218.86 mln vs the $213.77 mln consensus.

  • Co issues in-line guidance for Q2, sees FFO of $0.77-0.81 vs. $0.81 Capital IQ Consensus Estimate. 
  • Co issues in-line guidance for FY14, sees FFO of $2.33-2.54 vs. $2.46 Capital IQ Consensus Estimate.

4:14 pm Qualcomm beats by $0.09, misses on revs; guides Q3 EPS in-line, revs in-line; guides FY14 EPS in-line, revs in-line (QCOM) : Reports Q2 (Mar) earnings of $1.31 per share, $0.09 better than the Capital IQ Consensus Estimate of $1.22; revenues rose 4.0% year/year to $6.37 bln vs the $6.49 bln consensus.

  • Co issues in-line guidance for Q3, sees EPS of $1.15-1.25 vs. $1.25 Capital IQ Consensus Estimate; sees Q3 revs of $6.2-6.8 bln vs. $6.59 bln Capital IQ Consensus Estimate. 
  • Co issues in-line guidance for FY14, sees EPS of $5.05-5.25 vs. $5.10 Capital IQ Consensus Estimate (prior forecast $5.00-5.20); sees FY14 revs of $26.0-27.5 bln vs. $26.8 bln Capital IQ Consensus Estimate (prior forecast $26-27.5 bln.)
  • 2014 guidance includes benefit of $2 bln of stock repurchases planned over remainder of year.

4:12 pm Angie's List beats by $0.01, reports revs in-line; guides Q2 revs above consensus (ANGI) : Reports Q1 (Mar) loss of $0.06 per share, $0.01 better than the Capital IQ Consensus Estimate of ($0.07); revenues rose 39.3% year/year to $72.7 mln vs the $72.33 mln consensus.

  • Membership revenue in the first quarter of 2014 was $18.3 million, an increase of 25 percent compared to the prior year period. 
  • Service provider revenue remains the largest and fastest growing component of total revenue at $54.4 million for the quarter, representing a 45 percent growth rate year-over-year. Service provider revenue includes revenue from advertising contracts and fees from e-commerce transactions. 
  • Advertising revenue was $48.1 million in the first quarter of 2014, an increase of 46 percent compared to the prior year period, and e-commerce revenue was $6.3 million, an increase of 34 percent year-over-year. 
  • Marketing expense increased 19 percent, or $3.8 million, compared to the prior year period.
Co issues upside guidance for Q2, sees Q2 revs of $79.5-80.5 mln vs. $79.24 mln Capital IQ Consensus Estimate.

4:12 pm LaSalle Hotel increases quarterly dividend by 34% to $0.375 per common share of beneficial interest (LHO) :  

4:12 pm Closing Market Summary: Stocks Snap Six-Day Win Streak as Technology Lags (:WRAPX) : The stock market finished the Wednesday session on a modestly lower note, but it is worth mentioning today's retreat took place after six consecutive gains. The Dow Jones Industrial Average (-0.1%) and S&P 500 (-0.2%) settled not far below their flat lines, while the Nasdaq Composite (-0.8%) lagged throughout the session.

Equity indices started the day in the red, with the Nasdaq showing early weakness as large cap tech names and biotechnology weighed. The technology sector (-0.9%) slumped amid profit-taking in listings like Apple (AAPL 524.75, -6.95), Google (GOOG 526.94, -7.87), Microsoft (MSFT 39.69, -0.30), and Intel (INTC 26.75, -0.09), while biotech names retreated following quarterly reports from three major industry players.

Amgen
(AMGN 113.32, -5.98) and Biogen (BIIB 306.75, +0.55) reported below-consensus results, while Gilead Sciences (GILD 73.86, +1.00) handily beat estimates. For its part, the iShares Nasdaq Biotechnology ETF (IBB 230.99, -3.73), which includes the three components among its top five holdings, lost 1.6% and settled just above its 20-day moving average. The broader health care sector (-0.5%), meanwhile, ended among the laggards.

Similar to health care, other heavily-weighted groups like consumer discretionary (-0.5%) and technology (-0.9%) weighed on the broader market, while financials (+0.2%) outperformed modestly.

The discretionary space suffered from sector-wide losses that included a 5.2% drop in the shares of Netflix (NFLX 353.50, -19.40) that took place after Amazon.com (AMZN 324.58, -4.74) announced it has secured a partnership agreement with HBO. Homebuilders also weighed on the sector after the New Home Sales report for March missed estimates. The iShares Dow Jones US Home Construction ETF (ITB 23.33, -0.37) lost 1.6%.

On the upside, energy (+0.5%) and industrials (+0.4%) spent the entire session in the green. Energy rallied even as crude oil slipped 0.2% to $101.47/bbl, while the industrial sector was underpinned by above-consensus results reported by Boeing (BA 130.63, +3.08). Transports also outperformed, but the Dow Jones Transportation Average (+0.1%) retreated from its best level of the session into the close. Delta Air Lines (DAL 37.09, +2.14) was a notable standout, soaring 6.1% after beating bottom-line estimates.

With stocks ending in the red, the CBOE Volatility Index (VIX 13.32, +0.13) inched higher, but remained near the lowest levels of the year.

Treasuries posted modest gains as the 10-yr note added six ticks, sending its yield lower by three basis points to 2.69%.

Trading volume was on the light side once again with less than 650 million shares changing hands at the NYSE.

Today's economic data focused on housing:

  • The weekly MBA Mortgage Index fell 3.3% to follow last week's increase of 4.3%. 
  • New home sales declined 14.5% in March from an upwardly revised 449,000 (from 440,000) in February to 384,000. The Briefing.com consensus expected home sales to increase to 455,000. March sales were the lowest since 373,000 new homes were sold in July 2013. Winter weather conditions, which were unduly blamed for softness across the economy, again showed little effect in the new home sector. The return to more normal temperatures, which should have boosted sales from pent up demand, resulted in the weakest demand since the middle of last year. 
Tomorrow, weekly initial claims and March Durable Orders will be reported at 8:30 ET.
  • S&P 500 +1.5% YTD 
  • Dow Jones Industrial Average -0.5% YTD 
  • Nasdaq Composite -1.2% YTD 
  • Russell 2000 -1.3% YTD

4:11 pm United Stationers misses by $0.04, beats on revs (USTR) : Reports Q1 (Mar) earnings of $0.55 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.59; revenues rose 0.3% year/year to $1.25 bln vs the $1.23 bln consensus.

"We recently completed the bid process at Office Depot. As a result of this process, we were named the second call office products supplier, which will result in the loss of some business. However, we were also named the primary supplier for janitorial and breakroom products, which will result in some new business and is consistent with our diversification strategy into growth categories. Many factors can influence the financial impact of this specific customer situation, but absent any mitigating actions we will take, we estimate a reduction in earnings per share in a range of $0.05 to $0.08 in the second half of 2014. Office Depot continues to be a valued customer, and we look forward to supporting both categories of business. We also remain well positioned with a robust sales pipeline and active discussions regarding new business with a range of strategic customers."

4:11 pm Fusion-io reports EPS in-line, beats on revs (FIO) : Reports Q3 (Mar) loss of $0.10 per share, in-line with the Capital IQ Consensus Estimate consensus of ($0.10); revenues rose 14.6% year/year to $100.5 mln vs the $96.7 mln consensus.

  • Metrics: Non-GAAP gross margin was 52.4%. Cash used in operations was $18.8 million in fiscal third quarter 2014 and $22.9 million fiscal year-to-date. Inventory was $72.7 million at the end of fiscal third quarter 2014, a decrease of $7.7 million from the prior quarter-end 
  • Guidance: Co sees Q4 revs to be in-line to slightly up sequentially. CapIQ consensus is for revs of $107.5 mln. Sees Non-GAAP gross margin of 52-54% and operating margin of negative 13-17%.

4:10 pm Facebook beats by $0.10, beats on revs (FB) : Reports Q1 (Mar) earnings of $0.34 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.24; revenues rose 71.6% year/year to $2.5 bln vs the $2.35 bln consensus. 

  • Daily active users (DAUs) were 802 million on average for March 2014, an increase of 21% year-over-year. Mobile DAUs were 609 million on average for March 2014, an increase of 43% year-over-year. 
  • Monthly active users (MAUs) were 1.28 billion as of March 31, 2014, an increase of 15% year-over-year. Mobile MAUs were 1.01 billion as of March 31, 2014, an increase of 34% year-over-year. 
  • Revenue for the first quarter of 2014 totaled $2.50 billion, an increase of 72%, compared with $1.46 billion in the first quarter of 2013. Revenue from advertising was $2.27 billion, an 82% increase from the same quarter last year. Mobile advertising revenue represented approximately 59% of advertising revenue for the first quarter of 2014, up from approximately 30% of advertising revenue in the first quarter of 2013. 
  • For the first quarter of 2014, GAAP income from operations was $1.08 billion, up 188% compared to $373 million in the first quarter of 2013. Excluding share-based compensation and related payroll tax expenses, non-GAAP income from operations for the first quarter of 2014 was $1.37 billion, up 144% compared to $563 million for the first quarter of 2013. 
  • GAAP operating margin was 43% for the first quarter of 2014, compared to 26% in the first quarter of 2013. Excluding share-based compensation and related payroll tax expenses, non-GAAP operating margin was 55% for the first quarter of 2014, compared to 39% for the first quarter of 2013. 
CFO Transition
  • Facebook today also announced that David Ebersman has informed the company of his intention to step down as chief financial officer after serving in the position for almost five years. On June 1, 2014, he will be succeeded as CFO by David Wehner, currently Facebook's Vice President, Corporate Finance and Business Planning. Ebersman will remain with the company through September to ensure a seamless transition of his responsibilities. Wehner joined Facebook in November 2012 from Zynga, where he served as CFO.

4:10 pm Medivation enters into license agreement with OncoFusion for compounds targeting bromodomain proteins (MDVN) :

  • Co will gain exclusive worldwide rights for the development and commercialization of these compounds. 
  • Under the terms of the agreement, co shall have access to OncoFusion's growing library of small molecule BET bromodomain inhibitor compounds from which co may select compounds to move forward into drug development efforts.
  • OncoFusion is eligible to receive undisclosed upfront payments and potential future milestone payments subject to achievement of defined clinical and commercial milestone events. 
  • In addition, OncoFusion shall be eligible to receive royalties on the commercial sale of approved products as defined in the agreement. 
  • Further financial details were not disclosed.

4:10 pm ResMed misses by $0.01, reports revs in-line; Co announces record financial results for the quarter ended and nine months ended March 31, 2014 (RMD) : Reports Q3 (Mar) earnings of $0.63 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.64; revenues rose 3.7% year/year to $397.8 mln vs the $397.5 mln consensus.

  • "We are pleased with our Q3 results in the face of challenging market conditions, particularly in the U.S.," said ResMed chief executive officer Michael "Mick" Farrell. "Our Americas business showed encouraging trends and we continue to benefit from our globally diversified business, with constant currency revenue growth of 6% in combined Europe and Asia-Pacific businesses for the quarter. In particular, our European results were strong across the board, with most countries showing solid growth."

4:10 pm Tyler Tech beats by $0.03, beats on revs; guides FY14 EPS slightly above consensus, revs in-line (TYL) : Reports Q1 (Mar) earnings of $0.43 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.40; revenues rose 17.5% year/year to $112.6 mln vs the $110.46 mln consensus.

  • Co issues guidance for FY14, sees EPS of $1.83-1.90 vs. $1.82 Capital IQ Consensus Estimate; sees FY14 revs of $470-478 mln vs. $472.51 mln Capital IQ Consensus Estimate.
  • Capital expenditures are expected to be between $12.0 million and $13.0 million, and total depreciation and amortization expense is expected to be between $15.0 million and $15.5 million, including approximately $6.5 million of amortization of acquisition intangibles.

4:10 pm Unwired Plant announces its subsidiary, Unwired Planet International, has extended FRAND license offers to each defendant in its previously announced litigation in Germany and the UK (UPIP) :  

4:08 pm F5 Networks beats by $0.02, beats on revs; guides Q3 above consensus (FFIV) : Reports Q2 (Mar) non-GAAP earnings of $1.27 per share, $0.02 better than the Capital IQ Consensus Estimate of $1.25; revenues rose 19.9% year/year to $420 mln vs the $414.26 mln consensus.

Co issues upside guidance for Q3, sees EPS of $1.33-1.36, excluding non-recurring items, vs. $1.33 Capital IQ Consensus Estimate; sees Q3 revs of $428-438 mln vs. $428.70 mln Capital IQ Consensus Estimate. 

"There were very few surprises in the second quarter of fiscal 2014. During the quarter, strong demand for our software-defined application services resulted in 22 percent year-over-year product revenue growth. Increasing revenue from the sale of software modules, particularly our Security modules, was driven in part by a growing percentage of customers purchasing our 'Better' and 'Best' offerings. Revenue by geographic region met or exceeded our expectations, with solid year-over-year growth in the Americas, EMEA and Japan. Sales of our TMOS-based products into vertical markets were also in line with historical trends and our internal expectations for the quarter, and our Traffix Diameter Signaling and Routing products continued to gain traction with key wins at several large service providers."

4:08 pm Ingram Micro misses by $0.05, reports revs in-line, reaffirms FY rev guidance (IM) : Reports Q1 (Mar) earnings of $0.43 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.48; revenues rose 1.2% year/year to $10.38 bln vs the $10.42 bln consensus. For Q2, co expects revenue to increase YoY in the low- to mid-single digits.

  • "We had a good start to 2014, as we continued our trajectory of strong year-over-year gross margin expansion, while delivering top line growth consistent with sequential historical seasonality and in-line with our expectations. We remain confident in our expectations for full year 2014 worldwide revenue growth in the low- to mid- single-digits, in-line with overall global IT spending, and continued improvement in operating profitability."

4:07 pm Zynga reports EPS in-line, beats on revs; guides Q2 EPS in-line, revs below consensus; guides FY14 EPS in-line (ZNGA) : Reports Q1 (Mar) loss of $0.01 per share, in-line with the Capital IQ Consensus Estimate consensus of ($0.01); revenues fell 36.3% year/year to $168 mln vs the $163.32 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.00-0.01 vs. $0.00 Capital IQ Consensus Estimate; sees Q2 revs of $140-160 mln vs. $200.90 mln Capital IQ Consensus Estimate. Co issues in-line guidance for FY14, sees EPS of $0.01-0.03 vs. $0.02 Capital IQ Consensus Estimate.

4:07 pm Vermillion appoints Chairman of Board James LaFrance as President and Chief Executive Officer (VRML) : Co has appointed James LaFrance as president and chief executive officer, succeeding Thomas McLain. LaFrance will continue to serve as the company's chairman of the board.

4:07 pm Greenhill misses by $0.25, misses on revs (GHL) : Reports Q1 (Mar) earnings of $0.01 per share, $0.25 worse than the Capital IQ Consensus Estimate of $0.26; revenues fell 45.2% year/year to $43.6 mln vs the $59.51 mln consensus.

  • Advisory revenues of $48.5 million were down 40% compared to prior year's first quarter due to fewer large transaction closings.
  • Investment revenues for the first quarter of 2014 were negative $4.9 million compared to negative $1.9 million in the first quarter of 2013.
  • The Board of Directors has declared a dividend of $0.45 per share to be paid on June 18, 2014 to common stockholders of record on June 4, 2014. 

4:06 pm Antero Resources prices upsized private placement to eligible purchasers of $600 mkn in aggregate principal amount of 5.125% senior unsecured notes due Dec 2022 at par (AR) : Co estimates that it will receive net proceeds of approximately $591.6 million, after deducting the initial purchasers' discounts and estimated expenses, of which it intends to use $277.5 million to finance the redemption of its outstanding 7.25% senior notes due 2019 and intends to use the remaining net proceeds to repay a portion of the outstanding borrowings under its credit facility.

4:06 pm Stryker misses by $0.03, reports revs in-line; reaffirms FY14 EPS guidance (SYK) : Reports Q1 (Mar) earnings of $1.06 per share, $0.03 worse than the Capital IQ Consensus Estimate of $1.09; revenues rose 5.3% year/year to $2.31 bln vs the $2.33 bln consensus.

  • Co reaffirms guidance for FY14, sees EPS of $4.75-4.90 vs. $4.84 Capital IQ Consensus Estimate; reaffirms organic sales growth in 2014 to be in the range of 4.5% to 6.0%.
  • Net sales in the quarter grew by 6.9% due to increased unit volume and changes in product mix and 1.4% as a result of acquisitions. Net sales in the quarter were unfavorably impacted by 1.8% due to changes in price and 1.1% due to the unfavorable impact of foreign currency exchange rates on net sales. Excluding the impact of acquisitions, net sales increased 5.0% in constant currency.

4:06 pm Spectranetics misses by $0.03, misses on revs; guides FY14 EPS below consensus, revs below consensus (SPNC) : Reports Q1 (Mar) loss of $0.14 per share, $0.03 worse than the Capital IQ Consensus Estimate of ($0.11); revenues rose 5.0% year/year to $39.6 mln vs the $40.09 mln consensus.

  • Co issues downside guidance for FY14, sees EPS of (0.23)-(0.18) vs. ($0.16) Capital IQ Consensus Estimate; sees FY14 revs of $171.5-174.0 mln vs. $174.57 mln Capital IQ Consensus Estimate.

4:06 pm Leidos Awarded $17 mln contract by Army Space & Missile defense command (LDOS) : LDOS announced it was awarded a prime contract by the U.S. Army Space and Missile Defense Command/Army Forces Strategic Command (USASMDC/ARSTRAT) to provide intelligence, surveillance, reconnaissance (ISR) and targeting support to the Air Combat Command.

  • The single-award firm fixed-price task order has a one-year base period of performance, two one-year options, and a contract value of approximately $17 million if the options are exercised. 
  • The task order was awarded under the Warfighter Modeling, Simulation, Analysis and Integration Support contract. 
  • USASMDC/ARSTRAT conducts space and missile defense operations and provides planning, integration, control and coordination of Army forces and capabilities in support of U.S. Strategic Command missions. 
  • Under the contract, the Leidos team will provide modeling, simulation, analysis, and integration support to better synchronize multi-discipline ISR; targeting; and computing technologies with air, space and cyberspace force operations.

4:05 pm Citrix Systems announces proposed private offering of $1.25 bln Convertible Senior Notes due 2019 (CTXS) :

  • Co intends to use a portion of the net proceeds from the offering of the notes to pay the net cost of the convertible note hedge transactions (after such cost is partially offset by the proceeds to Citrix from the warrant transactions). 
  • Co expects to use the remainder of the net proceeds from the offering of notes and a portion of its existing cash and investments to purchase an aggregate of $1.5 bln of its common stock from certain purchasers of notes in privately negotiated transactions effected through one of the initial purchasers or an affiliate thereof as Citrix's agent concurrently with the closing of the notes offering and through an accelerated share repurchase transaction (the "ASR"), which co intends to enter into with a financial institution, which may be one of the initial purchasers or an affiliate thereof, concurrently with the pricing of the notes offering.

4:04 pm ServiceNow reports EPS in-line, beats on revs; guides Q2 revs above consensus; guides FY14 revs above consensus (NOW) : Reports Q1 (Mar) loss of $0.08 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of ($0.08); revenues rose 61.8% year/year to $139.1 mln vs the $134.6 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $160-162 mln vs. $156.6 mln Capital IQ Consensus Estimate. Co issues upside guidance for FY14, sees FY14 revs of $652-657 mln vs. $644.2 mln Capital IQ Consensus Estimate.

4:03 pm Ingram Micro Selected to provide mobility distribution and supply chain solutions to key Verizon Wireless (VZ) dealers (IM) : IM announced it has entered into a strategic sourcing and integrated supply chain services agreement with the 360 Group, a consortium of four of Verizon Wireless' largest national dealers including A Wireless, Diamond Wireless, Go Wireless and Moorehead Communications (dba as TCC).

  • Under the terms of the multi-year agreement, Ingram Micro Mobility has been named the preferred handset distributor and services provider for these key Verizon Wireless retailers. 
  • As part of the agreement, Ingram Micro Mobility will integrate directly into more than 1,750 points of sale and will provide the 360 Group with a suite of industry-leading supply chain services, including supply chain management, strategic sourcing, device lifecycle management, logistics services, and reverse logistics and demand planning services.
  • Services under the agreement are expected to begin in the second quarter of 2014. 
  • Ingram Micro Mobility will be integrated directly into the point of sale system of each of the 360 Group members. This integration is expected to enable the company to be highly efficient and productive in its services and delivery processes, which will help drive optimal device availability and inventory management, while reducing inventory obsolescence.  

4:03 pm TriQuint Semi beats by $0.05, reports revs in-line; guides Q2 EPS above consensus, revs above consensus (TQNT) : Reports Q1 (Mar) loss of $0.06 per share, $0.05 better than the Capital IQ Consensus Estimate of ($0.11); revenues fell 3.6% year/year to $177.6 mln vs the $176.2 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.06-0.08 vs. $0.04 Capital IQ Consensus Estimate; sees Q2 revs of $215-225 mln vs. $200.77 mln Capital IQ Consensus Estimate.

4:03 pm Tractor Supply misses by $0.02, misses on revs; reiterates FY14 EPS in-line, revs in-line (TSCO) : Reports Q1 (Mar) earnings of $0.35 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.37; revenues rose 9.0% year/year to $1.18 bln vs the $1.21 bln consensus.

  • Co reiterates in-line guidance for FY14, sees EPS of $2.54-2.62 vs. $2.61 Capital IQ Consensus Estimate; sees FY14 revs of $5.62-5.70 bln vs. $5.68 bln Capital IQ Consensus Estimate.

4:02 pm Capital Product Partners announces management transition; says Director, Chief Executive Officer and Chief Financial Officer, Mr. Ioannis Lazaridis, will transition to a non-executive role with the Partnership upon the completion of the process to choose his successor (CPLP) :  

4:02 pm Body Central announces review of Strategic Alternatives (BODY) : Co announced that it has retained Houlihan Lokey Capital as its financial advisor and/or placement agent to provide financial advisory and investment banking services and to assist the Company in analyzing and considering a wide range of financing, transactional and strategic alternatives. The Company can give no assurance that a transaction of any kind will occur. The Company does not intend to disclose developments regarding the consideration of financing, transactional and strategic alternatives unless and until the Company's board of directors has approved a specific transaction.

4:01 pm Align Tech beats by $0.04, beats on revs; guides Q2 EPS below consensus, revs below consensus; announces $300 mln buyback (ALGN) : Reports Q1 (Mar) earnings of $0.39 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.35; revenues rose 17.6% year/year to $180.6 mln vs the $177.47 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.36-0.39 vs. $0.43 Capital IQ Consensus Estimate; sees Q2 revs of $181.7-186.5 mln vs. $189.52 mln Capital IQ Consensus Estimate.

Co also announced a $300 mln buyback.

4:01 pm Accretive Health President & CEO Steve Schuckenbrock to step down (ACHI) : ACHI announced that its Board of Directors has accepted the resignation of Steve Schuckenbrock as president and CEO, effective October 2, 2014, which is the completion of his contract term.

  • The Board of Directors has initiated a search for a new CEO with deep healthcare domain expertise to lead the company through its next phase of operational enhancement, as well as reigniting the company's growth and strategic innovation. 
  • Schuckenbrock will continue to serve on Accretive Health's Board of Directors, remain as President and CEO through his contract term, enabling a stable transition to a new CEO, and managing the completion of the company's financial restatement as soon as possible. 
  • To continue the company's momentum, the Board of Directors appointed current chief operating officer, Joe Flanagan, to lead a newly created Transformation Office. Flanagan's expanded responsibilities will enable him to provide the continuity and cross-functional accountability to focus on the continued execution of the company's turnaround plan by leveraging his broad operational and restructuring experience.

4:00 pm TRW Automotive to supply belt drive electric steering for great wall motor company sport utility vehicle (TRW) : TRW will supply its Belt Drive Electric Power Steering (EPS) system to a next generation mid-sized Sport Utility Vehicle (SUV.V) being launched by Chinese automaker Great Wall Motor Company in 2015. Sport Utility Vehicles are the fasting growing vehicle segment in the rapidly expanding Chinese market with a 43% sales increase from 2013 compared to 2012 according to IHS data.

  • "TRW's Belt Drive system is an ideal choice for mid to large size SUVs as larger vehicles require greater steering rack forces," said Peter Lake, executive vice president, Sales and Business Development. "As Chinese consumers continue to desire the greater flexibility and utility of SUVs, TRW has the local capacity to satisfy demand for these vehicles."
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