4:20PM Qualcomm misses by $0.16, beats on revs; guides Q2 revs in-line; guides FY09 revs below consensus (QCOM) 36.82 +1.19 : Reports Q1 (Dec) earnings of $0.31 per share, excluding non-recurring items, $0.16 worse than the First Call consensus of $0.47; revenues rose 3.0% year/year to $2.51 bln vs the $2.42 bln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $2.25-2.45 bln vs. $2.41 bln consensus. Co issuesdownside guidance for FY09, sees FY09 revs of $9.3-9.8 bln vs. $10.25 bln consensus, down from $10.2-10.8 bln previously. "Net income and diluted EPS for the quarter were adversely impacted by other-than-temporary impairments to its marketable securities portfolio... The CDMA inventory channel has contracted as we expected, and the business environment continues to remain uncertain. Reduced visibility in the marketplace makes it difficult to forecast future inventory levels or predict when a recovery will begin. As a result, while we continue to estimate healthy growth in the CDMA-device market, we have lowered our shipment estimate for calendar year 2009."
4:19PM Western Digital beats by $0.24, beats on revs (WDC) 14.40 +0.85 : Reports Q2 (Dec) earnings of $0.55 per share, excluding restructuring charges, $0.24 better than the First Call consensus of $0.31; revenues fell 17.3% year/year to $1.82 bln vs the $1.75 bln consensus. Co says, "Against a backdrop of unprecedented global economic turmoil and a rapid intra-quarter fall off in demand for hard drives, WD acted swiftly to align production and operating expenses with significantly lower-than-originally planned unit volumes... With a strong balance sheet and competitive cost structure, we plan to continue investing in next-generation product platforms and technologies during this downturn. We are focused on maintaining our leadership in technology deployment, ease-of-use features, and availability of the right products for our diversified customer base. We remain enthused about our long-term prospects as a full-line storage supplier in addressing the demands of both the commercial and consumer markets as the digitization of content continues to grow."
4:17PM Airgas beats by $0.01, reports revs in-line; guides Q4 EPS in-line (ARG) : Reports Q3 (Dec) earnings of $0.76 per share, $0.01 better than the First Call consensus of $0.75; revenues rose 7.0% year/year to $1.08 bln vs the $1.08 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.73-0.76 vs. $0.74 consensus.
4:15PM Lam Research misses by $0.04, beats on revs (LRCX) 23.89 +1.47 : Reports Q2 (Dec) loss of $0.09 per share, $0.04 worse than the First Call consensus of ($0.05); revenues fell 53.6% year/year to $283.4 mln vs the $277.5 mln consensus. "The global semiconductor industry has entered one of the most difficult periods in its history, one that is presenting severe challenges to our customers and thus severely limiting investment in wafer fab equipment."
4:12PM Sepracor beats by $0.36, beats on revs; guides FY09 revs below consensus (SEPR) 13.62 +0.12 : Reports Q4 (Dec) earnings of $0.92 per share, excluding non-recurring items, $0.36 better than the First Call consensus of $0.56; revenues rose 8.7% year/year to $369.7 mln vs the $352.7 mln consensus. Co issues guidance for FY09, sees EPS of $2.10-2.70, may not be comparable to $1.43 consensus; sees FY09 revs of $1.15-1.25 bln vs. $1.37 bln consensus. LUNESTA brand eszopiclone, indicated for the treatment of insomnia, had revenues of $161.9 mln for Q4 of 2008 compared to $149.8 mln for the same quarter in 2007.
4:08PM FormFactor misses by $0.16, beats on revs (FORM) 16.04 +0.97 : Reports Q4 (Dec) loss of $0.61 per share, $0.16 worse than the First Call consensus of ($0.45); revenues fell 66.9% year/year to $39.9 mln vs the $39.1 mln consensus.
4:08PM Symantec beats by $0.10, beats on revs; guides Q4 EPS in-line, revs in-line (SYMC) 14.63 +0.64 : Reports Q3 (Dec) earnings of $0.42 per share, $0.10 better than the First Call consensus of $0.32; revenues rose 0.6% year/year to $1.54 bln vs the $1.48 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.33-0.35 vs. $0.34 consensus; sees Q4 revs of $1.49-1.54 bln vs. $1.51 bln consensus.
4:07PM Covance beats by $0.02, beats on revs; reaffirms FY09 EPS guidance (CVD) : Reports Q4 (Dec) earnings of $0.72 per share, $0.02 better than the First Call consensus of $0.70; revenues rose 6.7% year/year to $438.6 mln vs the $419.2 mln consensus. Coreaffirms guidance for FY09, sees EPS of $3.00-3.20 vs. $3.07 consensus.
4:05PM Green Mtn Coffee beats by $0.03, beats on revs; guides FY09 EPS above consensus, revs above consensus (GMCR) 39.85 +2.05 : Reports Q1 (Dec) earnings of $0.16 per share, excluding a patent litigation settlement, $0.03 better than the First Call consensus of $0.13; revenues rose 55.9% year/year to $197 mln vs the $189.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.25-1.35 vs. $1.25 consensus; sees FY09 revs of $715.0-740.0 mln vs. $699.76 mln consensus. Co says, "Even in a difficult consumer economy, GMCR is driving significant top and bottom line growth with innovative products that have tremendous consumer appeal and are positioned at the intersection of quality and value. Our success is driven by the winning combination of our outstanding coffees and the Keurig Single-Cup Brewing System."
4:03PM Affymetrix reports Q4 (Dec) results, beats on revs (AFFX) 3.93 -0.13 : Reports Q4 (Dec) loss of $4.65 per share, may not be comparable to the First Call consensus of ($0.19); revenues fell 27.0% year/year to $78.6 mln vs the $75.6 mln consensus. Affymetrix shipped 23 GeneChip systems in the fourth quarter of 2008, bringing its cumulative systems shipped to 1,813. "During the fourth quarter, we took action to position Affymetrix for stronger performance going forward, which resulted in consolidation and restructuring charges. At the same time, the continued decline in our market capitalization and other changes in the business climate necessitated a $239.1 million goodwill impairment charge."
4:02PM Open Text beats by $0.07, reports revs in-line (OTEX) 32.90 +1.24 : Reports Q2 (Dec) earnings of $0.64 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.57; revenues rose 13.8% year/year to $207.7 mln vs the $206.5 mln consensus.
8:58AM Sybase beats by $0.17, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY09 EPS above consensus, revs below consensus (SY) 25.86 : Reports Q4 (Dec) earnings of $0.78 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $0.61; revenues rose 3.4% year/year to $305.1 mln vs the $300.3 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.40-0.42 vs. $0.41 consensus; sees Q1 revs of $260-270 bln vs. $268.02 mln consensus. Co issues mixed guidance for FY09, sees EPS of $2.16-2.21, excluding non-recurring items, vs. $2.14 consensus; sees FY09 revs of $1.14 bln vs. $1.16 bln consensus.
8:37AM Tidewater beats by $0.38, reports revs in-line (TDW) 40.09 : Reports Q3 (Dec) earnings of $2.28 per share, $0.38 better than the First Call consensus of $1.90; revenues rose 15.3% year/year to $362.3 mln vs the $358.8 mln consensus.
8:36AM Affiliated Managers beats by $0.09, misses on revs (AMG) 39.40 : Reports Q4 (Dec) cash earnings per share of $1.30, ex-items, $0.09 better than the First Call consensus of $1.21; revenues fell 41.7% year/year to $223.4 mln vs the $239.3 mln consensus. Co states, "Although market volatility has impacted near-term new investment activity, over the medium to long term, our prospects for earnings growth from accretive investments are excellent. Even in the current environment, there continue to be a large number of outstanding boutique firms which are facing ongoing demographically-driven succession issues, as well as a range of opportunistic transactions, including those involving corporate sellers..."
7:36AM Southern Co beats by $0.01, beats on revs (SO) 34.94 : Reports Q4 (Dec) earnings of $0.26 per share, excluding a $0.02 charge for three leveraged leases from the 1990s, $0.01 better than the First Call consensus of $0.25; revenues rose 13.8% year/year to $3.8 bln vs the $3.31 bln consensus.
6:19AM Becton Dickinson beats by $0.11, misses on revs; raises FY09 EPS guidance (BDX) 74.15 : Reports Q1 (Dec) earnings of $1.26 per share, $0.11 better than the First Call consensus of $1.15; revenues rose 1.6% year/year to $1.73 bln vs the $1.77 bln consensus. Co estimates that EPS from continuing operations for FY09 will increase approx 9-11% over diluted EPS from continuing operations of $4.46 for FY08 (First Call consensus FY09 EPS: $4.88). CEO states that thus far in 2009, there has been strength in Biosciences and Diagnostics segments and strong sales of insulin delivery products.
5:17AM Baker Hughes beats by $0.15, beats on revs (BHI) 32.77 : Reports Q4 (Dec) earnings of $1.41 per share, $0.15 better than the First Call consensus of $1.26; revenues rose 16.3% year/year to $3.19 bln vs the $3.05 bln consensus. Revenue from North America increased 17% and revenue from outside North America increased 12% for the year 2008 compared to the year 2007. CEO Chad C. Deaton comments "... In North America, where the US rig count has already fallen 25% from peak, customers are continuing to reduce their budgets to address an oversupplied gas market. The depth and duration of the cycle remains uncertain, dependent in part on the timing of the recovery of the global economy."
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