Out of STEC, ENER calls, entered NDAQ calls

Since the market gods granted my wish by going higher yesterday and today (at least the ones I owned, i.e., ENER, STEC), I am going to cash in my positions and enter into a better Risk-reward longs... I am long NDAQ call spread, long SRS call spread (hedge), long UNG call spread... I think we may continue rally even after the FOMC tommorow and may be the Friday's report will bring everything crashing down.. No one can say what exactly will be the path downwards but I feel that we eventually will resume to the downside and any pop to test 1100 on $SPX will be a gift from heavens...Chances are that we are going to see $SPX test 1100 sooner than I thought we would.... I am going to be positioned long in the meantime and will wait for FOMC announcement tomorrow before jumping full in, mostly on the long side (hopefully)... If we tank tomorrow (less likely), I will cash out and wait for the dust to clear and look for signals then to enter either short or long depending on what the $DXY does after the FOMC announcement.

PS: I think STEC could pop higher on earnings today but am not going to gamble on it.. I got the pop that I was looking for and am now happy with whatever I could get in profits.. :)

EDIT: 5PM: Lucky I was out of STEC calls... the POS stock is trading $7 down after hours on not-so-great guidance(soft revenue)! Its Massoud playing AAPL thinking he would sandbag earnings by guiding low but he forgot that AAPL ACTUALLY beats the low-guided earnings heftily and consistently... Phew!

Earnings - 11th May 2009

6:17PM Corus Group plc beats by $0.06; guides FY09 revs; raises EPS above consensus (CGA) 6.55 +0.15 : Reports Q3 (Mar) earnings of $0.21 per share, $0.06 better than the First Call consensus of $0.15; revenues rose 99.4% year/year to $8.8 mln vs the $7.0 mln single-analyst est. Co sees FY09 revs of $32.8-33.3 mln vs $31.7 mln single-analyst est; raises EPS to $0.74-0.74 vs $0.63 single-analyst est, up from $0.61-0.66.

6:06PM Ctrip.com beats by $0.05, beats on revs; guides Q2 revs above consensus (CTRP) 32.81 -0.21 : Reports Q1 (Mar) earnings of $0.26 per share, $0.05 better than the First Call consensus of $0.21; revenues rose 18.0% year/year to $59 mln vs the $53.9 mln consensus. Co issues upside guidance for Q2, sees Q2 revs growth of 10-15%, which equates to ~$60.1-62.9 mln vs. $59.73 mln consensus.

5:25PM MBIA Inc beats by $3.67 (MBI) 6.96 -0.25 : Reports Q1 (Mar) earnings of $3.34 per share, includes $1.6 bln in pre-tax unrealized net gains (mark-to-market) on insured credit derivatives, $3.67 better than the First Call consensus of ($0.33). Results also included $693.7 mln in pre-tax loss and loss adjustment expenses on insured exposures, primarily on second-lien mortgage exposures and $169.0 million in pre-tax realized losses in the co's Asset-Liability Management (ALM) asset portfolio reflecting the continued deterioration and stress in the credit market. Although no new business was written in the U.S. Public Finance Insurance segment in the first quarter, the existing book of business generated scheduled premiums earned of $113.7 million, up 84 percent from $61.9 mln in Q1 of 2008. The growth was the result of the previously announced reinsurance transaction with Financial Guaranty Insurance Corp. (FGIC) in 2008. Refunded premiums earned totaled $36.1 million in the first three months of 2009, up 470% from $6.3 million in the first quarter of 2008. The increase was driven by greater refunding activity by issuers seeking to restructure floating rate debt. While there was no new business written in the Structured Finance and International Insurance segment in the first quarter of 2009, the existing book of business generated $119.0 million in scheduled premiums earned, an increase of $24.9 million from $94.1 million in scheduled premiums earned in the first quarter of 2008.

5:02PM Mindray Medical beats by $0.02, misses on revs (MR) 25.48 +0.37 : Reports Q1 (Mar) earnings of $0.27 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.25; revenues rose 53.5% year/year to $134.2 mln vs the $144.9 mln consensus. Co expects Non-GAAP EPS to grow 10% over 2008. Co expects 2009 net revenue to grow at a rate of at least 10% year-over-year, provided that foreign exchange rates remain constant at RMB6.85 to the dollar and $1.33 to the euro

4:31PM Progenics Pharm beats by $0.23, beats on revs (PGNX) 5.66 +0.24 : Reports Q1 (Mar) loss of $0.06 per share, $0.23 better than the First Call consensus of ($0.29); revenues rose 41.2% year/year to $20.9 mln vs the $15.7 mln consensus.

4:15PM Pike Electric beats by $0.14, beats on revs (PIKE) 10.86 +0.15 : Reports Q3 (Mar) earnings of $0.25 per share, $0.14 better than the First Call consensus of $0.11; revenue rosel 17.9% year/year to $154.9 mln vs the $140.9 mln consensus. For FY09 (ends Jun), co expects revenue of $600-620 mln vs $614 mln consensus and it expects EPS of $0.90-0.95, up from prior guidance of $0.85-0.95 and vs consensus of $0.87.

4:05PM McDermott beats by $0.04, misses on revs (MDR) 12.69 -0.14 : Reports Q1 (Mar) earnings of $0.33 per share, $0.04 better than the First Call consensus of $0.29; revenues rose 3.0% year/year to $1.49 bln vs the $1.54 bln consensus.

4:05PM Maxygen beats by $0.20, beats on revs (MAXY) 5.01 +0.08 : Reports Q1 (Mar) loss of $0.03 per share, $0.20 better than the First Call consensus of ($0.23); revenues of $8.5 mln vs the $2.3 mln consensus. The decrease in net loss was primarily due to an increase in revenue and a decrease in research and development expenses. In the first quarter of 2009, Maxygen recognized technology and license revenue of approximately $3.6 million relating to amounts paid or payable to the company under its license agreement with Codexis. Of the amount recognized, $3.2 million is payable in connection with the recent expansion of the collaboration agreement between Codexis and Royal Dutch Shell plc related to the development of biofuels, which included an equity investment in Codexis by Shell. As a result of the equity investment by Shell, Maxygen's equity ownership in Codexis was reduced to approximately 22% of Codexis' outstanding shares.

4:04PM Arena Pharm reports EPS in-line, misses on revs (ARNA) 3.05 +0.24 : Reports Q1 (Mar) loss of $0.68 per share, in-line with the First Call consensus of ($0.68); revenues rose 1.9% year/year to $2.7 mln vs the $3.3 mln consensus.. At March 31, 2009, cash, cash equivalents and short-term investments totaled $70.3 million and approximately 74.3 million shares of common stock were outstanding.

8:07AM PetMed Express beats by $0.02, beats on revs (PETS) 15.39 : Reports Q4 (Mar) earnings of $0.25 per share, $0.02 better than the First Call consensus of $0.23; revenues rose 18.9% year/year to $48.1 mln vs the $46.4 mln consensus. Co acquired approximately 142,000 new customers in MarQ vs 126,000 for the same quarter the prior year.

7:08AM Virgin Mobile USA beats by $0.14, misses on revs (VM) 2.90 : Reports Q1 (Mar) earnings of $0.24 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.10; revenues rose 2.2% year/year to $337.3 mln vs the $359.4 mln consensus. Gross customer additions (or new Virgin Mobile USA customers who activated their accounts) during the first quarter of 2009 totaled 630,259, compared to gross customer additions of 795,575 in the first quarter of 2008. The cos cost per gross addition (CPGA) for the first quarter of 2009 was $104.72, compared to CPGA of $115.59 in the first quarter of 2008. The cos cash cost per user (CCPU) for the first quarter of 2009 was $12.79, compared to $12.22 in 1Q08. Average revenue per user (ARPU) for the first quarter of 2009 was $20.08, flat compared to ARPU of $20.14 in 1Q08, and a decrease of 5% from $21.14 in the fourth quarter of 2008. Co says, "Because of our strong performance in Q1, we are increasing our guidance for Adjusted EBITDA and free cash flow for 2009. Adjusted EBITDA excluding transition and restructuring expenses is expected to be $127 to $142 mln, and free cash flow is expected to be $45 to $55 mln for the full year 2009."

7:07AM Energy Conversion beats by $0.01, misses on revs (ENER) 17.01 : Reports Q3 (Mar) earnings of $0.03 per share, $0.01 better than the First Call consensus of $0.02; revenues fell 5.7% year/year to $66 mln vs the $68.9 mln consensus. Co and Enfinity, NV also announced plans to co-develop a portfolio of rooftop solar installations throughout the U.S., as well as in numerous European countries, including Belgium, Germany, France, Italy, Spain and the Czech Republic.

7:01AM China Fire & Sec Grp reports EPS in-line, misses on revs; reaffirms FY09 EPS guidance, revs guidance (CFSG) 11.98 : Reports Q1 (Mar) earnings of $0.20 per share,in-line with the First Call consensus of $0.20; revenues rose 13.6% year/year to $16.7 mln vs the $19.4 mln consensus. Co reaffirms guidance for FY09, sees EPS of $0.93-1.00 vs. $0.97 consensus; sees FY09 revs of $88-95 mln vs. $92.46 mln consensus.

6:51AM King Pharms beats by $0.14, misses on revs (KG) 8.71 : Reports Q1 (Mar) earnings of $0.26 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.12; revenues fell 0.7% year/year to $429 mln vs the $450.8 mln consensus.

6:45AM Zhongpin beats by $0.06, beats on revenue; reaffirms FY09 EPS and revenue guidance (HOGS) 10.15 : Reports Q1 (Mar) earnings of $0.33 per share, $0.06 better thanthe First Call consensus of $0.27; revenues increased 41.5% year/year to $153.85 mln vs the $152.44 mln consensus. Co reaffirms guidance for FY09, sees EPS of $1.50-1.63 vs $1.51 consensus and revenue of $780.0-810.0 mln vs the $773.88 mln consensus. Co anticipates gross margin of approx 12.0%, net profit margin of at least 6.0%. Zhongpin's capacity expansion plans for 2009 include the new pork products facility in Tianjin City, as well as construction of a new prepared meat facility in Changge City. This new facility will add annual prepared meat production capacity of 36,000 metric tons by the end of Q409. The new facility is expected to achieve its target utilization level by the end of the second quarter of 2010. Capital expenditures for the next twelve months are expected to be $93.5 mln, including the construction of the co's new pork production facility in Tianjin City and new prepared meat facility in Changge City, as well as the acquisition of land use rights for the new facility in Tianjin which is expected to cost approx $10 mln.

6:38AM Carrizo Oil & Gas beats by $0.26, misses on revs (CRZO) 19.29 : Reports Q1 (Mar) earnings of $0.42 per share, excluding non-recurring items, $0.26 better than the First Call consensus of $0.16; revenues fell 42.7% year/year to $30.7 mln vs the $45.7 mln consensus. Production volumes during the three months ended March 31, 2009 were a record 8.26 Bcfe, 30% higher than the first quarter of 2008 and 14% higher than fourth quarter 2008. The increase was largely due to new production contributions from the Barnett Shale wells. The decrease in revs was primarily driven by lower realized natural gas prices, partially offset by increased production. Excluding the effect from settled hedges, Carrizo's average gas sales price decreased 55% to $3.63 per Mcf compared to $8.06 per Mcf for the first quarter of 2008 and the average oil sales price decreased 59% to $39.38 per barrel compared to $96.10 per barrel for 1Q08.

6:10AM American Oriental misses by $0.01, misses on revs (AOB) 5.45 : Reports Q1 (Mar) earnings of $0.11 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $0.12; revenues rose 18.9% year/year to $46.1 mln vs the $48.4 mln consensus.

6:08AM General Steel beats by $0.14, reports revs in-line (GSI) 6.24 : Reports Q1 (Mar) earnings of $0.09 per share, excluding derivative impact, $0.14 better than the First Call consensus of ($0.05); revenues rose 10.7% year/year to $322.8 mln vs the $322.8 mln consensus. Gross margin for Q109 was 4.0%, compared to 4.5% in Q108 and to gross margin of -8.3% in Q408. Co notes that a strategic decision to sell-out of high-cost inventory in Q408 and an increase in aggregate demand in main markets of Shaanxi and Sichuan provinces due to stimulus and earthquake reconstruction-related spending resulted in a return to positive gross margin.

1:26AM Ormat Tech beats by $0.07, beats on revs; provides revenue guidance for Products and Electricity segments (ORA) 37.66 : Reports Q1 (Mar) earnings of $0.32 per share, $0.07 better than the First Call consensus of $0.25; revenues rose 43.2% year/year to $99.4 mln vs the $88.8 mln consensus. Revenues from  Products Segment are expected to continue to grow throughout the year with an expected increase of 20% to 30% in FY09 ($110.0-120.0 mln in revenue) compared to last year. Commenting on the outlook for 2009, co states Electricity Segment, due to the delays in the commercial operation of North Brawley, expects electricity revenues for 2009 to be between $265.0-275.0 mln. Co also expects additional revenues of approx $9.0 mln from share of electricity revenues generated by the Mammoth complex, the investment in which is accounted for under the equity method.

Earnings - 9th Feb 2009

5:29PM Comstock misses by $0.09, misses on revs (CRK) 40.27 -0.63 : Reports Q4 (Dec) earnings of $0.22 per share, excluding non-recurring items, $0.09 worse than the First Call consensus of $0.31; revenues rose 4.9% year/year to $100.2 mln vs the $106.8 mln consensus. Comstock also announced that it is reducing its 2009 drilling budget from $450 million to $366 million in response to weak natural gas prices.

4:36PM Zoltek misses by $0.11, misses on revs (ZOLT) 8.65 +0.44 : Reports Q1 (Dec) earnings of $0.02 per share, $0.11 worse than the First Call consensus of $0.13; revenues fell 3.7% year/year to $38.6 mln vs the $50.3 mln consensus. Co says, "We normally expect to be impacted by customers' year-end production curtailment and seasonal inventory adjustments in the last quarter of each calendar year the first quarter of our fiscal year. This year our results were further affected by customer reaction to increasingly serious global economic uncertainties. Customers in the computer and automotive markets, along with one of our wind turbine customers, postponed or cancelled some orders. While this is certainly disappointing, we believe it represents a temporary lull in the strong growth profile that Zoltek has established in recent years. Although our business is not immune to the global economic turndown, as well as the effects of currency fluctuations and extreme variations in cost of energy and raw materials, there is no evidence of change in the long-term demand from commercial applications for low-cost carbon fibers or the outlook for our business."

4:35PM Correction: Compass Minerals Intl beats by $0.24, beats on revs (CMP) : Earlier we reported the incorrect revenue actual for Q4. We have deleted that story. CMP reports Q4 (Dec) earnings of $2.44 per share, excluding non-recurring items, $0.24 better than the First Call consensus of $2.20; revenues rose 19.1% year/year to $388.3 mln vs the $381.4 mln consensus. Co says, "In 2008, our salt segment continued to show robust volume, pricing and earnings growth in both winter and non-winter applications. Our specialty fertilizer segment was transformed during the year as strong market fundamentals allowed for unprecedented price gains and margin expansion. As we begin 2009, specialty potash pricing has remained strong, though demand has continued to be soft, driven by the global financial and credit issues that affect the broader agriculture market. Our salt segment is continuing its momentum, aided by severe winter weather, previously established price increases and more moderate shipping costs. Together, our strong business segments should continue to provide shareholders with profitable growth in the coming year."

4:11PM Zhongpin sees FY08 revs below consensus; guides FY09 EPS and revs above consensus (HOGS) 10.83 -0.17 : Co sees revs of $540.00 mln vs $565.10 mln First Call consensus. Revenue was slightly lower than the company's guidance of $550 million to $570 million due to lower than anticipated sales volume and selling prices during the fourth quarter of 2008, partly resulting from the impact of the global economic downturn on the Chinese economy. The company expects its 2008 fiscal year gross margin and net margin to be in line with the company's previous guidance. Co issues upside FY09 guidance, sees FY09 EPS of $1.50-1.63 vs $1.49 First Call consensus; sees revs $780-810 mln vs $720.42 mln First Call consensus. Management expects strong revenue growth in 2009 due to anticipated growth from new markets and additional capacity from the company's new chilled and frozen pork and prepared meat facilities as they ramp up to target utilization levels in the first half of 2009. Gross margin for the full year 2009 is expected to be approximately 12.0% with net margin of at least 6.0%. Due to the adverse impact on China's meat processing industry caused by the global economic slowdown, and the company's primary focus on rapidly expanding its market share, management expects margins for fiscal year 2009 to be slightly below the 2008 levels.

4:09PM American Fincl beats by $0.07; guides FY09 EPS above consensus (AFG) : Reports Q4 (Dec) earnings of $1.04 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.97. Co issues upside guidance for FY09, sees EPS of $3.70-4.00 vs. $3.55 consensus. "Looking into 2009, we expect to produce strong underwriting profits, and forecast an overall combined ratio in the 88% to 91% range. Because of our strong underwriting culture, we will continue to focus on maintaining adequate rates; our objective is to achieve a flat to slight increase in the Specialty Group's overall average renewal rates in 2009. We expect our specialty P&C net written premiums to be down a mid-teen percentage from 2008 levels. This is primarily the result of expected increased reinsurance cessions under our crop quota share agreement and lower spring commodity prices. Absent these changes, which do not affect overall volume of business, our expectation is that the reduction will be in the two to five percent range."

4:07PM K12 beats by $0.02, beats on revs; reaffirms FY09 revs guidance (LRN) 16.44 -0.21 : Reports Q2 (Dec) earnings of $0.12 per share, $0.02 better than the First Call consensus of $0.10; revenues rose 42.6% year/year to $77.6 mln vs the $76.7 mln consensus. Co reaffirms guidance for FY09, sees FY09 revs of $310-320 mln vs. $322.17 mln consensus.

4:06PM American Science & Engineering beats by $0.22, beats on revs (ASEI) 79.40 : Reports Q3 (Dec) earnings of $1.13 per share, $0.22 better than the First Call consensus of $0.91; revenues rose 53.3% year/year to $65.3 mln vs the $62.8 mln consensus. "Revenue growth in the quarter was driven by a robust demand for our Z Backscatter Vans, AS&E's proprietary cargo products, and field services. Operating income significantly increased in the quarter with improved gross margins from higher revenues, significant improvement in cargo margins, and continued focus on controlling overhead and expenses."

8:12AM AGCO Corp beats by $0.07, misses on revs; guides FY09 EPS in-line, revs in-line (AG) 25.04 : Reports Q4 (Dec) earnings of $1.08 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $1.01; revenues fell 0.6% year/year to $2.16 bln vs the $2.36 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.00-3.25 vs. $3.22 consensus; sees FY09 revs of $7.5-7.8 bln vs. $7.74 bln consensus.

7:34AM Lorillard beats by $0.16, beats on revs (LO) 62.26 : Reports Q4 (Dec) earnings of $1.53 per share, $0.16 better than the First Call consensus of $1.37; revenues rose 13.7% year/year to $1.09 bln vs the $0.93 bln consensus. The increase in gross profit reflects an increase in net sales, partially offset by higher manufacturing costs and higher costs related to the State Settlement Agreements.

7:04AM Energy Conversion beats by $0.02, beats on revs; guides Q3 revs below consensus; guides FY09 revs below consensus (ENER) 25.75 : Reports Q2 (Dec) earnings of $0.33 per share, $0.02 better than the First Call consensus of $0.31; revenues rose 82.8% year/year to $103.1 mln vs the $101.8 mln consensus. Co issues downside guidance for Q3, sees Q3 revs of $95-110 mln vs. $120.17 mln consensus. Co issuesdownside guidance for FY09, sees FY09 revs of $395-440 mln vs. $450.61 mln consensus.

3:14AM Sohu.com beats by $0.19, reports revs in-line; guides Q1 EPS above consensus, revs below consensus (SOHU) 45.61 : Reports Q4 (Dec) earnings of $1.35 per share, excluding non-recurring items, $0.19 better than the First Call consensus of $1.16; revenues rose 86.2% year/year to $121.6 mln vs the $121 mln consensus. Co issuesmixed guidance for Q1, sees EPS of $1.05-1.10, excluding non-recurring items, vs. $1.01 consensus; sees Q1 revs of $111.5-115.5 mln vs. $117.41 mln consensus. Co reports non-GAAP operating margin of 43%, compared with 38% in Q308. Non-GAAP net margin excluding income tax adjustments $6.0 mln increased to 44% for Q408, compared with 35% in Q308. Sohu estimates brand advertising revenues for Q109 to be between $39.0-41.0 mln. Sohu estimates online game revenues for Q109 to be between $58.0-60.0 mln.

1:54AM Ctrip.com beats by $0.09, beats on revs (CTRP) 21.50 : Reports Q4 (Dec) earnings of $0.33 per ADS, excluding non-recurring items, $0.09 better than the First Call consensus of $0.24; revenues rose 19.0% year/year to $58.1 mln vs the $57.1 mln consensus. Operating margin was 30% in Q408, compared to 36% in the same period in 2007. Excluding share-based compensation charges (non-GAAP), operating margin was 38%, compared to 42% during the same period in 2007. Gross margin was 77% during Q408, compared to 81% in the same period in 2007. For Q109, co expects to continue the year-on-year net revenue growth at a rate of approx 5-10%.

Earnings - 24th Sept 2008

9:05AM PPG Industries announces that Q3 results will be affected negatively by $0.20-$0.25 due to several non-recurring items (PPG) 62.22 : Co announces that its 3Q08 financial results will be affected negatively by several non-recurring items, including impacts from weather-related events, and by further deterioration in the automotive original equipment manufacture market. The co said these items will likely affect its Q3 aftertax earnings negatively by between $35-$40 mln, or $0.20-$0.25 cents per share. During the qtr, PPG declared force majeure twice for chlor-alkali products due to shutdowns at its Lake Charles, LA, chemicals complex from hurricanes Gustav and Ike. PPG completed a facility shutdown Aug 30, in preparation for Hurricane Gustav and returned to normal operations Sep 8, but it remained under force majeure for several major products, including caustic soda, due in part to low inventory. The path of Hurricane Ike prompted a second shutdown of the facility Sep 11, and while weather damage at the facility was minimal, production startup and operating rates were notably impacted due to customer facility startup and logistics issues stemming from the hurricane plus availability of key raw materials. Production recently reached rates slightly below normal. The co also declared force majeure on architectural, residential and specialty glass manufactured at its Wichita Falls, TX, facility. Heavy rains caused significant flooding at the plant and damaged one of the two flat glass production lines, which requires repairs anticipated to take several months. Weather issues also resulted in the shutdown of the company's La Porte, TX, facility, which resulted in a force majeure declaration for phosgene derivative products. That force majeure declaration was recently rescinded. In addition, The Boeing Company (BA), a PPG aerospace products customer, is currently experiencing an employee work stoppage that began Sep 6. This is resulting in delayed orders for coatings and transparencies.


9:00AM PPG Industries to restructure manufacturing, reduce staffing to save $100 mln annually (PPG) 62.22 : The co announces a restructuring plan that is expected to result in approximately $100 million in pretax annual cost savings for the company. The restructuring initiative is part of PPG's global transformation and the integration of its acquisition of SigmaKalon, completed Jan. 2... A pretax charge of approximately $160 million, or 65 cents per share, will be recorded in the company's third quarter 2008 financial results. In addition, actions related to the integration of the SigmaKalon businesses have a cost of approximately $25 million and will result in an increase in goodwill. The combination of these actions is expected to result in pretax cost savings at an annual run-rate of about $100 million by the end of 2009. The cash outlay for these actions is expected to total approximately $100 million. PPG continues to evaluate opportunities to strengthen its global businesses, which may result in additional restructuring actions and related cost savings in 2009. The company also will incur additional expenses of approximately $15 million directly associated with the restructuring actions but, based on GAAP, these costs will be charged to expense as incurred and therefore are not part of a restructuring reserve. The company expects to incur these additional, related expenses in the second half of 2009.

8:56AM Energy Conversion Devices comments on recent solar integrated technologies' U.S. project outlook; sees increasing demand, revs and growth outlook remain positive (ENER) 56.46 : Co comments on recent statements by Solar Integrated Technologies, regarding the cancellation or delay of certain of S.I.T.'s projects in the United States due to uncertainty regarding the U.S. Investment Tax Credit. "Our business remains strong, and there has been no change to our fundamentals," said Mark Morelli ENER's president and CEO. "Our largest market opportunities are currently in Europe where there is strong demand for our building-integrated solar product. Germany, Italy, France, and now Spain are growth markets for us. The announced changes in S.I.T.'s business do not affect our positive growth outlook... We believe that the continuation of the Investment Tax Credit is an immediate step for the development of a vibrant U.S. solar market... As I have noted before, demand for our B.I.P.V. product exceeds our ability to produce, so we are growing our capacity to 1GW by 2012..."

8:48AM Neogen beats by $0.02, beats on revs (NEOG) 28.67 -0.37 : Reports Q1 (Aug) earnings of $0.25 per share, $0.02 better than the single analyst estimate of $0.23; revenues rose 25.8% year/year to $28.8 mln vs the $27.7 mln single analyst estimate. Co states, "A more significant highlight from our first quarter was the resurgence of same-store sales growth in our Animal Safety group and especially within our Hacco subsidiary. Organic sales growth for Animal Safety was over 13% for the quarter led by a 14% increase in domestic sales of Hacco's existing rodenticide products."

8:32AM Yingli Green Energy will supply PV modules to "largest university campus solar energy facility in the US" (YGE) 12.51 : Co announces that it has entered into a sales contract with SunDurance Energy, which develops, designs and builds large-scale solar energy facilities for private and public entities in the United States. Pursuant to this agreement, YGE has agreed to supply an aggregate of 1.4 MW of PV modules to SunDurance from December 2008 to January 2009, which will be used for a solar power plant under construction on the Livingston Campus of Rutgers University. The $10 mln solar farm project will be financed by Rutgers University and the Clean Energy Program of the New Jersey Board of Public Utilities.
8:32AM S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +13.50. : Futures gain some ground as Warren Buffett gets interviewed on CNBC. Buffett said in five to ten years we will look back and see that there were some extraordinary buying opportunities. Buffet added that Congress needs to pass the Treasury's plan, and he would not have invested in Goldman if he thought a government plan would not go through.

8:02AM MEMC Elec sees Q3 revs of $520-540 mln vs $594.01 mln First Call consensus following impact from Hurricane Ike (WFR) 28.97 : Co has updated its financial targets following the delay of raw material deliveries from its suppliers due to the effects of Hurricane Ike. "Some of our regional suppliers had startup difficulties primarily due to power availability, plant issues, and pipeline damage as a result of the Hurricane, preventing them from starting high volume delivery of some raw materials until yesterday. This resulted in the Pasadena facility running at very low utilization levels through the early part of this week. We now believe we are at the tail end of these raw material issues, which should allow us to achieve normal production rates within the next few days. Assuming there are no significant issues during this ramp, we now expect the cumulative impact of these delays to be approximately 15 days worth of production instead of the 5 days originally forecasted. Consequently, we are now targeting third quarter 2008 revenue to be approximately $530 million, plus or minus $10 million ($594.01 mln First Call consensus), with gross margin of approximately 51%, plus or minus 1% (First Call consensus is for gross margin of 54.56%). Operating expenses are still targeted to be approximately $43 million. We do not expect any long-term impacts from these delays, nor do we expect any significant interruption to our on-going capacity expansion activities. We would like to publicly recognize the commitment and hard work of our employees, as well as those of our vendors, in enabling us to recover from the effects of this storm, in spite of the challenges the Hurricane has presented to them in their personal lives."

7:32AM CONSOL Energy lowers Q3 coal production guidance (CNX) 55.95 : The co expects Q3 coal production to be ~ 15 mln tons, compared with a previous guidance range of 16.4-18.4 mln tons for the qtr. At 15 mln tons of production, the co expects unit costs for the qtr to be ~ 8-10% higher than the second qtr ended June 30, 2008, in which reported unit costs were $41.60 per ton produced. Lower than expected production in the third qtr was attributable to several factors including: several roof falls along mainline belts, where roof conditions were affected by changing humidity levels; delays in resumption of longwall production following equipment moves at several mines because preparation of a new area to be mined was not complete; and increased frequency of inspections related to health and safety regulations which cause a reduction in mining equipment availability.


7:02AM Lowe's reiterates guidance for fiscal 2008 and provides outlook for 2009 and longer-term (LOW) 23.62 : Co sees FY08 $1.48-1.56 vs $1.53 First Call consensus, sales are expected to increase approximately 1% (which calc to ~$48.77 bln vs $48.63 bln First Call consensus). Co sees FY09 $1.40-1.56 vs $1.57 First Call consensus, sales are expected to increase 2.5-6.5%. Co expects to open approximately 120 stores in 2008 reflecting total square footage growth of 7-8%. Co expects FY08 comparable store sales to decline 6-7% and FY09 comparable store sales to range from -3% to +1%. "As we look past the current cycle, we believe we have initiatives that will make us more efficient and better positioned to capture profitable market share. Additionally, based on reasonable assumptions, we will more than double our expected 2008 earnings per share over the next five years, generating significant free cash flow and delivering solid returns for shareholders. While many uncertainties in the current environment remain, I am confident the tenure of the Lowe's management team provides the knowledge and experience to make appropriate decisions to manage through this cycle and position Lowe's for continued long-term success. All of these efforts will move us closer to achieving our vision of becoming customers' first choice for home improvement."

6:49AM Banner lowers Q308 dividend to $0.05 from $0.20; lowers Q3 EPS guidance (BANR) 13.98 : Co issues downside guidance for Q3 (Sep), sees EPS of $(0.06)-$(0.12) vs. $0.10 First Call consensus. This is primarily a result of the valuation write-down of Fannie Mae and Freddie Mac common and preferred stock and an anticipated provision for possible loan losses of $8 mln. The loss is composed of approx $2.5 mln of operational profit, which includes the loan loss provision, offset by anticipated net valuation adjustments for financial instruments carried at fair value which will include the Fannie Mae and Freddie Mac securities write-down. Co says as of Sept. 19, fair value of its Fannie and Freddie common and preferred equities had declined to approx $700K from a combined book value of $6.8 mln on June 30, 2008. As a result, co expects to record a $6.1 mln ($4.0 mln after tax) valuation write-down in Q3. Co reduces quarterly dividend to $0.05 from $0.20.

1:01AM Key Energy Services announces weather impact on quarter; lowers Q308 and reiterates FY08 EPS guidance (KEG) 12.41 : Co announces that recent storms have affected operations in parts of Louisiana, Texas and Oklahoma; weather impact is anticipated to reduce revenue for the quarter by $10 mln to $14 mln, and reduce EPS for the quarter ending September 30, 2008 by $.03 to $.05 per share. As a result, co has issued downside guidance for Q3 (Sep), sees EPS of $0.36-0.38 vs. $0.40 First Call consensus. Co estimates that FY08 EPS will be in line with previous guidance of $1.35-1.45.

12:00AM Intuit reaffirms Q1 and FY09 EPS guidance (INTU) 30.88 : Co reaffirms in-line guidance for Q1 (Oct), sees EPS of $(0.11)-(0.14) vs. ($0.12) First Call consensus. Co reaffirms in-line guidance for FY09 (Jul), sees EPS of $1.86-1.90 vs. $1.88 consensus. Co sees revenue increasing 8%-11% year/year for Q109 and increasing 9$-12% year/year for FY09. Non-GAAP operating margin is predicted to be 29% during FY09.

Earnings - 28th Aug 2008

5:56PM Citrix Systems guides Q3 and FY08 EPS in-line with consensus in an 8-K (CTXS) 30.47 +0.51 : Co guides, in an 8-K, Q3 EPS of $0.36-0.39 vs. $0.38 First Call consensus; guides FY08 EPs of $1.54-1.60 vs. First Call consensus of $1.57.

4:18PM OmniVision misses by $0.03, beats on revs; guides Q2 EPS below consensus, revs below consensus; Peter Leigh to retire as CFO (OVTI) 10.84 -0.35 : Reports Q1 (Jul) earnings of $0.25 per share, $0.03 worse than the First Call consensus of $0.28; revenues rose 3.1% year/year to $174.3 mln vs the $171.4 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.13-0.25 vs. $0.35 consensus; sees Q2 revs of $160-180 mln vs. $190.86 mln consensus. The co also announces that its chief financial officer, Peter Leigh, has informed the co of his intention to retire, effective September 30, 2008. In conjunction with Mr. Leigh's retirement, the co also announces that it has appointed Anson Chan, OmniVision's vice president of finance, to the position of chief financial officer.

4:10PM Marvell beats by $0.02, reports revs in-line (MRVL) 14.76 +0.32 : Reports Q2 (Jul) earnings of $0.24 per share, $0.02 better than the First Call consensus of $0.22; revenues rose 28.4% year/year to $843 mln vs the $836.7 mln consensus. Non-GAAP gross margin for the second quarter of fiscal 2009 was 52.3%, compared to non-GAAP gross margin of 52.0% for the first quarter of fiscal 2009 and non-GAAP gross margin of 49.4% for the second quarter of fiscal 2008.

4:10PM Dell misses by $0.05, beats on revs (DELL) 25.21 -0.42 : Reports Q2 (Jul) earnings of $0.31 per share, $0.05 worse than the First Call consensus of $0.36; revenues rose 11.2% year/year to $16.43 bln vs the $15.95 bln consensus. In the quarter, the company absorbed $27 mln of expense for the amortization of purchased intangibles and $25 mln in business realignment costs. Each expense was worth about $0.01 in earnings per share. The company remains committed to achieving annualized cost reductions of at least $3 bln by the end of fiscal year 2011. Worldwide shipments increased 53 percent and share was up 1.6 points to 9.1 percent. Co reported gross margins 17.2% vs 18.3% First Call consensus, and operating margins 4.9%. "Gross margins in the quarter were adversely affected by actions to drive growth in strategic areas like Global Consumer and EMEA, as well as an increase in deferred revenue from the sale of successful service offerings in EMEA, which will be recognized in subsequent periods... The company sees continued conservatism in IT spending in the U.S., which has extended into Western Europe and several countries in Asia. Demand also is impacted by currency fluctuations. Dell will continue to benefit from improving performance in areas such as emerging countries, notebooks, and enterprise and services, which collectively are driving a more diversified portfolio of geographies and products."

4:09PM Dollar Financial beats by $0.01, beats on revs; guides FY09 revs above consensus (DLLR) 16.55 +0.76 : Reports Q4 (Jun) earnings of $0.59 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.58; revenues rose 23.0% year/year to $150.3 mln vs the $136.3 mln consensus. Co issues guidance for FY09, sees EPS of $2.10-2.35, incl items, may not be comparable to $2.48 consensus; sees FY09 revs of $595-625 mln vs. $586.28 mln consensus.

4:06PM PETsMART beats by $0.02, beats on revs; guides Q3 EPS in-line; guides FY09 EPS above consensus (PETM) 24.42 +0.04 : Reports Q2 (Jul) earnings of $0.30 per share, $0.02 better than the First Call consensus of $0.28; revenues rose 11.2% year/year to $1.24 bln vs the $1.22 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.25-0.29 vs. $0.27 consensus. Co issues upside guidance for FY09, sees EPS of $1.51-1.59 vs. $1.49 consensus. "We expect current macro trends to continue throughout the year."


4:04PM Sigma Designs beats by $0.07, reports revs in-line (SIGM) 17.85 +0.55 : Reports Q2 (Jul) earnings of $0.47 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.40; revenues rose 36.9% year/year to $58.2 mln vs the $58.7 mln consensus. "We are pleased to report improved gross margins and GAAP net income while achieving our anticipated revenue goal for the second quarter. We continue to maintain a strong presence in the IPTV market, being the market leader for both the Microsoft Mediaroom and Linux-based platforms and pushing for new wins within emerging telco deployments. We are also pushing forward with our consumer products agenda by working with a wide range of vendors for Blu-ray player designs, successfully gaining ground with manufacturers from China and Taiwan. To further these positions, we are in the midst of completing a number of new chipset products that will increase our competitiveness in the marketplace. Moving forward, we are also executing a number of strategic growth initiatives designed to result in future revenue streams. These initiatives include penetration into the HDTV market, the Ultra-wideband (UWB) connectivity market and the cable-based IPTV set-top box market, as well as the growth of our VXP video processor products."

4:03PM Esterline Techs beats by $0.04, beats on revs; guides FY08 EPS in-line (ESL) 53.39 +0.63 : Reports Q3 (Jul) earnings of $0.68 per share, $0.04 better than the First Call consensus of $0.64; revenues rose 17.1% year/year to $382.1 mln vs the $374.6 mln consensus. Co issues in-line guidance for FY08, sees EPS of $3.50-3.60 vs. $3.58 consensus, up from $3.45-3.55 previously.


8:03AM Del Monte reports EPS in-line, misses on revs; reaffirms FY09 EPS guidance, revs guidance (DLM) 8.59 : Reports Q1 (Jul) loss of $0.04 per share, in-line with the First Call consensus of ($0.04); revenues rose 15.9% year/year to $726.2 mln vs the $747.4 mln consensus. Co reaffirms guidance for FY09, sees EPS at the lower end of previous guidance of $0.58-0.62 vs. $0.58 consensus; sees FY09 revs up 6-8% yr/yr, which equates to approx $3.371-3.434 bln vs. $3.67 bln consensus.


8:02AM Netezza beats by $0.02, beats on revs; raises FY09 guidance (NZ) 14.03 : Reports Q2 (Jul) earnings of $0.05 per share, $0.02 better than the First Call consensus of $0.03; revenues rose 65.5% year/year to $47 mln vs the $40.9 mln consensus. Co raises guidance for FY09, sees FY09 revs of $172-182 mln vs. $172.42 mln consensus.

7:44AM Williams-Sonoma beats by $0.01, misses on revs; guides FY09 EPS below consensus (WSM) 18.44 : Reports Q2 (Jul) earnings of $0.08 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.07; revenues fell 4.6% year/year to $819.6 mln vs the $832.6 mln consensus. Co issues downside guidance for FY09, sees EPS of $1.03-1.15 vs. $1.31 consensus; co sees net revs on a 52-week to 53-week basis to decline in a range of 7.8-9.5%.


7:37AM Genesco beats by $0.14, reports revs in-line; guides FY09 EPS above consensus (GCO) 32.99 : Reports Q2 (Jul) earnings of $0.18 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.04; revenues rose 7.7% year/year to $353.1 mln vs the $353.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.15-2.20 vs. $2.14 consensus.


7:12AM Tiffany & Co beats by $0.08, beats on revs; guides FY09 EPS in-line (TIF) 39.61 : Reports Q2 (Jul) earnings of $0.63 per share, $0.08 better than the First Call consensus of $0.55; revenues rose 10.5% year/year to $732.4 mln vs the $720.6 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.82-2.92, compared to previous guidance of $2.80-2.90, vs. $2.83 consensus. This expectation includes worldwide sales growth of approx 9%, based on continued strong growth in Europe and Asia-Pacific (other than Japan) and a return to growth in comparable U.S. store sales in Q4 due to an easier yr/yr comparison. Co now also expects the full-year operating margin to increase slightly over the prior year.

7:09AM LaBarge beats by $0.01, beats on revs (LB) 15.17 : Reports Q4 (Jun) earnings of $0.28 per share, $0.01 better than the First Call consensus of $0.27; revenues rose 19.9% year/year to $77.8 mln vs the $65.5 mln consensus. "Robust order flow, improving operating efficiencies and broad-based strength in the markets we serve contributed to an outstanding 2008 fiscal year for LaBarge. The Company's sales, earnings and bookings reached record highs in fiscal 2008. Fiscal 2008 fourth-quarter sales and earnings also represented new quarterly records for the Company. In addition, improved operating efficiencies and product mix in the current-year periods generated year-over-year gross margin expansion of 150 basis points in the fiscal 2008 fourth quarter and 20 basis points in the full fiscal year. Looking forward, we anticipate fiscal 2009 first-quarter sales and earnings will be up from the comparable period a year earlier. Our current backlog, healthy pipeline of opportunities and diverse mix of business continue to give us confidence in the positive prospects for LaBarge."

7:09AM Layne Christensen beats by $0.16, beats on revs (LAYN) 48.06 : Reports Q2 (Jul) earnings of $0.78 per share, $0.16 better than the First Call consensus of $0.62; revenues rose 23.8% year/year to $269.6 mln vs the $252.6 mln consensus. "Overall, the economy has been getting increasingly difficult and presents a continuing challenge for the Company going forward."

7:08AM Zale beats by $0.09, beats on revs; guides FY09 EPS above consensus (ZLC) 23.15 : Reports Q4 (Jul) loss of $0.48 per share, excluding non-recurring items, $0.09 better than the First Call consensus of ($0.57); revenues rose 6.1% year/year to $456.2 mln vs the $448.9 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.10-1.25 vs. $0.90 consensus.

7:06AM Energy Conversion beats by $0.08, beats on revs; guides Q1 revs above consensus; guides FY09 revs above consensus (ENER) 78.34 : Reports Q4 (Jun) earnings of $0.24 per share, $0.08 better than the First Call consensus of $0.16; revenues rose 128.9% year/year to $82.4 mln vs the $77.5 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of $95-98 mln vs. $87.86 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $455-485 mln vs. $443.06 mln consensus. Co also says first quarter gross margin is expected to be about 31%, and between 33 and 35 percent for the second half of the fiscal year. Restructuring costs are expected to be between $1.7 and $2.0 mlnfor the first quarter and $2.5 to $3.0 mln for fiscal 2009. Preproduction costs are expected to be between $1.5 and $1.9 mlnfor the first quarter and between $7.0 and $9.0 mln for fiscal 2009.

7:04AM DSW beats by $0.15, reports revs in-line; reaffirms FY09 EPS guidance (DSW) 14.95 : Reports Q2 (Jul) earnings of $0.25 per share, $0.15 better than the First Call consensus of $0.10; revenues rose 2.4% year/year to $357.2 mln vs the $355.8 mln consensus. Co reaffirms guidance for FY09, sees EPS of $0.75-0.85 vs. $0.77 consensus; reaffirms annual same store sales in the negative mid-single digits.

6:08AM Sears Hldg misses by $0.12, reports revs in-line (SHLD) 86.98 : Reports Q2 (Jul) earnings of $0.21 per share, excluding reserve, $0.12 worse than the First Call consensus of $0.33; revenues fell 4.1% year/year to $11.76 bln vs the $11.71 bln consensus. Comparable store sales declined 6.7% while Kmart's comparable store sales declined 5.6%. Total domestic comparable store sales declined 6.2%.

1:41AM Chunghwa Telecom reports Q208 results (CHT) 24.76 : Co reports total consolidated revenue decreased by 0.6% to NT$50.0 bln. Internet and data revenue grew by 0.8%; ADSL & FTTB revenue decreased by 0.7%. Mobile revenue decreased by 2.7%; Mobile VAS revenue increased by 28.3%. Net income totaled NT$12.5 bln, an increase of 0.1%. Basic EPS increased by 12.0% to NT$1.31.