Отбор акций NYSE, NASDAQ

ISM Report On Business


Earnings release

Apr 24/a MSFT FB V PYPL TSLA NOW XLNX ORLY
Apr 25/b CMCSA MMM ABBV MO UPS BMY BBD RTN


In Play from Briefing.com

Updated: 25-Apr-19 08:00 ET

07:59  WRAPX S&P futures vs fair value: +2.40. Nasdaq futures vs fair value: +65.50.

The S&P 500 futures trade two points, or 0.1%, above fair value as some heavy-lifting from the tech stocks help offset lingering concerns about slowing growth. The Nasdaq 100 futures trade 66 points, or 0.8%, above fair value.

Microsoft (MSFT 131.20, +6.19, +5.0%) and Facebook (FB 199.00, +16.42, +9.0%) are some of the morning's biggest gainers after posting strong quarterly results. 3M (MMM 198.00, -21.08), on the other hand, has dropped 9.5% after the company missed top and bottom-line estimates, slashed its FY19 guidance, and announced it will cut 2000 jobs due to a slower-than-expected 2019.

Elsewhere, South Korea, one of Asia's biggest exporters, reported a Q1 GDP contraction of 0.3% -- its worst performance in over ten years. The Bank of Japan, meanwhile, made no changes to its policy stance, but adjusted its guidance to note that rates will be kept at extremely low levels until at least the spring of 2020.

In U.S. economic data, investors will receive the weekly Initial Claims (Briefing.com consensus 215,000) and Continuing Claims report and Durable Goods Orders for March (Briefing.com consensus 0.9%) at 8:30 a.m. ET.

U.S. Treasuries are little changed this morning. The 2-yr yield is flat at 2.31%, and the 10-yr yield is up one basis point to 2.53%. The U.S. Dollar Index is up 0.1% to 98.28, hitting a fresh two-year high. WTI crude is up 0.5% to $66.20/bbl.

In U.S. Corporate news:

  • Microsoft (MSFT 131.20, +6.19): +5.0% after beating top and bottom-line estimates.
  • Facebook (FB 199.00, +16.42): +9.0% after beating earnings estimates. The company also set aside $3 billion for an expected fine from the FTC pertaining to its privacy issues.
  • 3M (MMM 198.00, -21.08): -9.5% after missing top and bottom line expectations, slashing its FY19 guidance, and announcing it will cut 2000 jobs due to a slower-than-expected 2019.
  • Visa (V 162.10, +0.61): +0.4% after beating earnings estimates.
  • Xilinx (XLNX 126.75, -12.97): -9.3% after missing earnings estimates and announcing an acquisition of Solarflare Communications (private). The company also guided Q1 revenue above consensus.
  • Tesla (TSLA 255.21, -3.45): -1.3% after missing top and bottom line estimates. Tesla reported a wider-than-expected net loss for the first quarter, and significantly reduced its Q2 net loss forecast, but expects to return to profitability in the third quarter.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. Japan's Nikkei +0.5%, Hong Kong's Hang Seng -0.9%, China's Shanghai Composite -2.4%, India's Sensex -0.8%, South Korea's Kospi -0.5%, Australia's ASX All Ordinaries CLOSED.
    • In economic data:
      • South Korea's Q1 GDP -0.3% qtr/qtr (expected 0.3%; last 1.0%); +1.8% yr/yr (expected 2.5%; last 3.1%)
    • In news:
      • South Korea reported a contraction in Q1 GDP (actual -0.3% qtr/qtr; expected 0.3%), representing the weakest reading since the fourth quarter of 2008.
      • The disappointing report prompted the Finance Ministry to call an emergency meeting.
      • There was more discussion about a targeted RRR cut in China, as the People's Bank of China said it will speed up the establishment of policy that will allow for implementing lower reserve requirement ratios for medium and small banks.
      • The Bank of Japan made no changes to its policy stance, but adjusted its forward guidance to note that rates will be kept at extremely low levels until at least the spring of 2020.
  • Major European indices trade mostly lower. STOXX Europe 600 -0.2%, Germany's DAX -0.2%, U.K.'s FTSE 100 -0.5%, France's CAC 40 -0.3%, Italy's FTSE MIB +0.1%, Spain's IBEX 35 +0.2%.
    • In economic data:
      • U.K.'s April CBI Distributive Trades Survey 13 (last -18)
      • Spain's Q1 Unemployment Rate 14.7% (expected 14.4%; last 14.5%)
    • In news:
      • Sweden's Riksbank made no changes to its policy, but signaled a dovish shift in its guidance.
      • Merger talks between Deutsche Bank and Commerzbank have been terminated.
      • UBS reported better than expected results while Barclays reported a decline in profit.
07:59  BONDX Overnight Treasury Market Summary

Treasuries Hold While Dollar Keeps Climbing

  • U.S. Treasuries are on track for a largely flat start after Treasury futures held their ground during the overnight session. The greenback saw continued strength, lifting the U.S. Dollar Index to a fresh high for the year. The Index is up 0.1% at 98.29, seeking its third consecutive advance. Overnight action saw more dovish signals from global central banks. The Bank of Japan modified its guidance to note that rates will be kept at extremely low levels until at least the spring of 2020 while Sweden's Riksbank issued dovish guidance, calling for the repo rate to be kept at its current level for longer than what was forecast in February.
  • Yield Check:
    • 2-yr: UNCH at 2.31%
    • 3-yr: UNCH at 2.28%
    • 5-yr: UNCH at 2.31%
    • 10-yr: UNCH at 2.52%
    • 30-yr: +1 bp to 2.95%
  • News:
    • South Korea's Q1 GDP contracted 0.3% qtr/qtr (expected 0.3%; last 1.0%), prompting the Finance Ministry to convene an emergency meeting. On a yr/yr basis, GDP grew 1.8% (expected 2.5%; last 3.1%).
    • The People's Bank of China said it will speed up the establishment of policy that will allow for implementing lower reserve requirement ratios for medium and small banks.
    • Merger talks between Deutsche Bank and Commerzbank have been terminated.
  • Commodities:
    • WTI Crude: +0.5% to $66.21/bbl
    • Gold: -0.1% to $1278.40/ozt
    • Copper: -1.1% to $2.88/lb
  • Currencies:
    • EUR/USD: -0.3% to 1.1123
    • GBP/USD: -0.2% to 1.2873
    • USD/CNH: +0.3% to 6.7568
    • USD/JPY: -0.2% to 111.89
  • Data out Today:
    • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 215,000; prior 192,000), Continuing Claims (prior 1.653 mln), March Durable Orders (Briefing.com consensus 0.9%; prior -1.6%), and Durable Orders -ex transportation (Briefing.com consensus 0.3%; prior 0.1%)
    • 10:30 ET: Weekly natural gas inventories (prior +92 bcf)
  • Treasury Auctions:
    • 13:00 ET: $32 bln 7-yr Treasury note auction results
07:54  SUMRX Gapping up/down: FB +9%, MSFT +5%, LRCX +4%, NOW +4%, PYPL +2% after earnings, NVS and WYNN +2% after upgrades; XLNX -10%, MMM -9%, ORLY -5%, CMCSA -2% and RTN -1% after earnings, CYBR -2% after dg

Gapping up
In reaction to strong earnings/guidance
:

  • BCOV +11.2%, FBHS +10.3%, GNC +9.8%, FB +9%, SAM +8.9%, AXTI +7.8%, MSFT +4.9%, WAB +4.5%, LRCX +4.4%, NCI +4.4%, CHDN +4.2%, HSY +4.2%, KN +4%, NOW +4%, GFI +3.6%, IP +3.5%, MDCO +3.4%, CVI +3.2%, AZPN +3%, CLF +2.9%, BWA +2.3%, WPG +2%, PYPL +2%, YNDX +2%, LUV +2%, TAK +2%, ABBV +2%, LKQ +1.8%, LLEX +1.8%, SHOO +1.8%, IRM +1.7%, WCN +1.6%, DRE +1.4%, PDS +1.4%, BMY +1.3%, BBD +1.2%, VLO +1.2%, MEOH +1.1%, UAN +1.1%, TAL +1.1%, ROP +1%, CLB +0.8%, UFPI +0.8%, WM +0.8%, SUI +0.7%, NEM +0.7%, CMG +0.6%

Other news:

  • QTNT +13.8% (Quotient reports "positive" initial EU field trial performance data for MosaiQ Serological Disease Screening Microarray)
  • MAXR +6.1% (to collaborate with NTT DATA and Toyota Research Institute to build high-definition maps for autonomous vehicles from space)
  • ACRS +5.3% (submits IND to FDA for ATI-450)
  • AMAT +2.8% (following LRCX results)
  • ZUO +2.7% (following CEO appearance on CNBC's Mad Money)
  • ZM +2% (rebounding from Wednesday's 8% decline; Cboe Global Markets plans listing of options on April 25)
  • SFLY +1.2% (following afternoon move higher on reports of PE interest)
  • TELL +1% (discloses entry into master liquefied natural gas sale and purchase agreement and related confirmation notices with an unrelated third-party LNG merchant)

Analyst comments:

  • NVS +1.8% (upgraded to Buy from Neutral at Guggenheim)
  • WYNN +1.8% (upgraded to Buy from Neutral at BofA/Merrill)
  • LAD +1.5% (upgraded to Overweight from Equal-Weight at Stephens)
  • AXP +1.2% (upgraded to Overweight from Equal-Weight at Morgan Stanley)

Gapping down
In reaction to disappointing earnings/guidance
:

  • PRLB -13.1%, XLNX -9.8%, PTC -8.7% (also appoints Kristian Talvitie as CFO), MMM -8.6%, NOK -8.1%, XRX -7.6%, NTGR -7.3%, SAVE -6.5%, CUZ -5%, ORLY -4.6%, DHI -3.6%, ADS -3.5%, MO -3.3%, MAS -3%, BCS -2.9%, BC -2.7%, UPS -2.6%, QEP -2.5%, ALGN -2.4%, ROK -2.2%, ECHO -2.1%, SSTK -2%, CMCSA -2%, HZO -1.9%, PKG -1.8%, AB -1.7%, BAX -1.7%, ARI -1.5%, VC -1.5%, AGNC -1.3%, RTN -1.3%, HBAN -1.1%, OMAB -0.8%, TSLA -0.7%

Other news:

  • MMLP -21.2% (announces strategic initiatives, reports Q1 results, and cuts dividend)
  • GRTS -5.4% (prices 6.5 mln shares of common stock at $11.50 per share)
  • PBFX -3.1% (reports prelim Q1 results with plans to acquire the remaining 50% interest in Torrance Valley Pipeline Company ; announces registered direct offering of 6,585,500 common units for gross proceeds of ~$135.0 mln)
  • PCG -1.7% (confirms will report first-quarter 2019 earnings on May 2)
  • WMT -0.5% (UK CMA blocks merger between J Sainsbury (JSAIY) and Asda, unit of WMT)

Analyst comments:

  • CYBR -1.6% (downgraded to Neutral from Buy at UBS)
  • MTSI -0.9% (downgraded to Hold from Buy at Jefferies)
  • OC -0.9% (downgraded to Sell from Neutral at Seaport Global Securities)
07:53  UBSI United Bankshares beats by $0.01, reports revs in-line (38.80 )

  • Reports Q1 (Mar) earnings of $0.62 per share, $0.01 better than the S&P Capital IQ Consensus of $0.61; revenues were unchanged year/year at $176.38 mln vs the $174.76 mln S&P Capital IQ Consensus.
  • The net interest margin of 3.46% for the first quarter of 2019 was a decrease of 15 basis points from the net interest margin of 3.61% for the first quarter of 2018.
07:51  SCANX Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:

  • PRLB -13.1%, XLNX -9.8%, PTC -8.7% (also appoints Kristian Talvitie as CFO), MMM -8.6%, NOK -8.1%, XRX -7.6%, NTGR -7.3%, SAVE -6.5%, CUZ -5%, ORLY -4.6%, DHI -3.6%, ADS -3.5%, MO -3.3%, MAS -3%, BCS -2.9%, BC -2.7%, UPS -2.6%, QEP -2.5%, ALGN -2.4%, ROK -2.2%, ECHO -2.1%, SSTK -2%, CMCSA -2%, HZO -1.9%, PKG -1.8%, AB -1.7%, BAX -1.7%, ARI -1.5%, VC -1.5%, AGNC -1.3%, RTN -1.3%, HBAN -1.1%, OMAB -0.8%, TSLA -0.7%

Other news:

  • MMLP -21.2% (announces strategic initiatives, reports Q1 results, and cuts dividend)
  • GRTS -5.4% (prices 6.5 mln shares of common stock at $11.50 per share)
  • PBFX -3.1% (reports prelim Q1 results with plans to acquire the remaining 50% interest in Torrance Valley Pipeline Company ; announces registered direct offering of 6,585,500 common units for gross proceeds of ~$135.0 mln)
  • PCG -1.7% (confirms will report first-quarter 2019 earnings on May 2)
  • WMT -0.5% (UK CMA blocks merger between J Sainsbury (JSAIY) and Asda, unit of WMT)

Analyst comments:

  • CYBR -1.6% (downgraded to Neutral from Buy at UBS)
  • MTSI -0.9% (downgraded to Hold from Buy at Jefferies)
  • OC -0.9% (downgraded to Sell from Neutral at Seaport Global Securities)
07:49  SCANX Gapping up

Gapping up
In reaction to strong earnings/guidance
:

  • BCOV +11.2%, FBHS +10.3%, GNC +9.8%, FB +9%, SAM +8.9%, AXTI +7.8%, MSFT +4.9%, WAB +4.5%, LRCX +4.4%, NCI +4.4%, CHDN +4.2%, HSY +4.2%, KN +4%, NOW +4%, GFI +3.6%, IP +3.5%, MDCO +3.4%, CVI +3.2%, AZPN +3%, CLF +2.9%, BWA +2.3%, WPG +2%, PYPL +2%, YNDX +2%, LUV +2%, TAK +2%, ABBV +2%, LKQ +1.8%, LLEX +1.8%, SHOO +1.8%, IRM +1.7%, WCN +1.6%, DRE +1.4%, PDS +1.4%, BMY +1.3%, BBD +1.2%, VLO +1.2%, MEOH +1.1%, UAN +1.1%, TAL +1.1%, ROP +1%, CLB +0.8%, UFPI +0.8%, WM +0.8%, SUI +0.7%, NEM +0.7%, CMG +0.6%

Other news:

  • QTNT +13.8% (Quotient reports "positive" initial EU field trial performance data for MosaiQ Serological Disease Screening Microarray)
  • MAXR +6.1% (to collaborate with NTT DATA and Toyota Research Institute to build high-definition maps for autonomous vehicles from space)
  • ACRS +5.3% (submits IND to FDA for ATI-450)
  • AMAT +2.8% (following LRCX results)
  • ZUO +2.7% (following CEO appearance on CNBC's Mad Money)
  • ZM +2% (rebounding from Wednesday's 8% decline; Cboe Global Markets plans listing of options on April 25)
  • SFLY +1.2% (following afternoon move higher on reports of PE interest)
  • TELL +1% (discloses entry into master liquefied natural gas sale and purchase agreement and related confirmation notices with an unrelated third-party LNG merchant)

Analyst comments:

  • NVS +1.8% (upgraded to Buy from Neutral at Guggenheim)
  • WYNN +1.8% (upgraded to Buy from Neutral at BofA/Merrill)
  • LAD +1.5% (upgraded to Overweight from Equal-Weight at Stephens)
  • AXP +1.2% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
07:47  ABBV AbbVie beats by $0.07, reports revs in-line; raises FY19 EPS above consensus (78.67 )

  • Reports Q1 (Mar) earnings of $2.14 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of $2.07; revenues fell 1.3% year/year to $7.83 bln vs the $7.81 bln S&P Capital IQ Consensus.
    • First-Quarter U.S. HUMIRA Net Revenues Were $3.215 Billion, an Increase of 7.1 Percent; Internationally, HUMIRA Net Revenues Were $1.231 Billion, a Decrease of 23.0 Percent on an Operational Basis, Excluding a 4.9 Percent Unfavorable Impact From Foreign Exchange, Due to Biosimilar Competition.
    • First-Quarter Global Net Revenues From the Hematologic Oncology Portfolio Were $1.173 Billion, an Increase of 43.2 Percent on an Operational Basis, Excluding a 0.4 Percent Unfavorable Impact From Foreign Exchange;
    • First-Quarter Global IMBRUVICA Net Revenues Were $1.022 Billion, an Increase of 34.0 Percent; First-Quarter Global VENCLEXTA Net Revenues Were $151 Million;
    • First-Quarter Global HCV Net Revenues Were $815 Million, a Decrease of 9.1 Percent on an Operational Basis, Excluding a 2.2 Percent Unfavorable Impact From Foreign Exchange; U.S. HCV Net Revenues Were $403 Million, an Increase of 17.3 Percent
  • Co issues upside guidance for FY19, sees EPS of $8.73-8.83 (Prior $8.65-8.75), excluding non-recurring items, vs. $8.67 S&P Capital IQ Consensus.
07:41  CLF Cleveland-Cliffs also announces authorization of the repurchase of up to an additional $100 mln of its common shares (9.51 )

 
07:37  HBAN Huntington Banc reports EPS in-line, revs in-line; guides FY19 revs in-line; balance sheet growth expectations for 2019 remain unchanged - does not foresee a recession in the near term (13.74 )

  • Reports Q1 (Mar) earnings of $0.32 per share, in-line with the S&P Capital IQ Consensus of $0.32; revenues rose 5.2% year/year to $1.15 bln vs the $1.16 bln S&P Capital IQ Consensus. 
  • Co sees FY19 revs of +4-7% ($4.69-4.83 bln) vs. $4.74 bln S&P Capital IQ Consensus with the assumption of no interest rate hikes in 2019. The full-year NIM is expected to remain relatively flat on a GAAP basis versus 2018, inclusive of the anticipated reduction in the benefit of purchase accounting and the cost of the hedging strategy we began implementing in the 2019 first quarter. The full-year core NIM is expected to expand modestly. Full-year noninterest expense is expected to increase approximately 2% to 4%. Average loans and leases are expected to increase approximately 4% to 6% on an annual basis. Average total deposits are expected to increase approximately 4% to 6% on an annual basis. Asset quality metrics are expected to remain better than our average through-the-cycle target ranges, with some moderate quarterly volatility.
07:35  FCN FTI Consulting beats by $0.64, beats on revs; guides FY19 EPS in-line, reaffirms FY19 revs guidance (78.85 )

  • Reports Q1 (Mar) earnings of $1.63 per share, $0.64 better than the S&P Capital IQ Consensus of $0.99; revenues rose 10.7% year/year to $551.27 mln vs the $517.69 mln S&P Capital IQ Consensus.
  • Co raises guidance for FY19, sees EPS of $3.38 to $3.88 from $3.33 to $3.83 vs. $3.71 S&P Capital IQ Consensus; reaffirms FY19 revs guidance of $2.00 bln to $2.10 bln vs. $2.07 bln S&P Capital IQ Consensus.
07:35  WAB Wabtec beats by $0.22, beats on revs; reaffirms FY19 EPS guidance, revs guidance; announces Rafael Santana will become president and CEO (78.58 )

  • Reports Q1 (Mar) earnings of $1.06 per share, excluding non-recurring items, $0.22 better than the S&P Capital IQ Consensus of $0.84; revenues rose 50.9% year/year to $1.59 bln vs the $1.46 bln S&P Capital IQ Consensus.
  • Co also announced Rafael Santana will become president and CEO of the company, effective July 1, 2019. Santana, who will also become a Wabtec board member, will succeed Ray Betler, who will retire as a Wabtec executive and board member.
  • Co reaffirms guidance for FY19, sees EPS of $4.00-4.20, excluding non-recurring items, vs. $4.15 S&P Capital IQ Consensus; sees FY19 revs of $8.4 bln vs. $8.39 bln S&P Capital IQ Consensus. Wabtec reaffirms FY19 adjusted EBITDA guidance of about $1.6 bln.
  • At March 31, Wabtec's total, multi-year backlog was $23 bln and its 12-month backlog was $6.1 bln, higher than year-end 2018 due mainly to the GE Transportation merger.
07:33  HES Hess beats by $0.36, beats on revs (65.85 )

  • Reports Q1 (Mar) earnings of $0.09 per share, $0.36 better than the S&P Capital IQ Consensus of ($0.27); revenues rose 15.0% year/year to $1.6 bln vs the $1.43 bln S&P Capital IQ Consensus
  • Net production, excluding Libya, was 278,000 boepd in the first quarter of 2019, up from 233,000 boepd in the prior-year quarter, which included 13,000 boepd from a divested asset
  • The higher net production volumes were driven by the Gulf of Mexico, Bakken and North Malay Basin. Libya net production was 21,000 boepd in the first quarter of 2019, compared with 22,000 boepd in the year-ago quarter
07:32  SAH Sonic Automotive beats by $0.16, misses on revs (15.85 )

  • Reports Q1 (Mar) earnings of $0.39 per share, excluding non-recurring items, $0.16 better than the S&P Capital IQ Consensus of $0.23; revenues fell 0.5% year/year to $2.39 bln vs the $2.42 bln S&P Capital IQ Consensus.
  • EchoPark revenues of $249.6 million during the first quarter of 2019, up 89.8% from the first quarter of 2018
  • Co states, "As for our franchised dealerships in the first quarter, revenue was relatively flat compared to the prior year quarter on a same store basis despite a 4.6% decline in our new vehicle revenue driven by lower industry volumes. Gross profit for the first quarter of 2019 on a same store basis improved $8.4 million, or 2.7%, from the prior year quarter. This ultimately resulted in an increase in operating income on a same store basis of $3.0 million, or 5.5%."
07:30  SUMRX European Markets Update: DAX -0.2%, FTSE -0.5%, CAC -0.3%

Major European indices trade mostly lower. Sweden's Riksbank made no changes to its policy, but signaled a dovish shift in its guidance. Merger talks between Deutsche Bank and Commerzbank have been terminated. UBS reported better than expected results while Barclays reported a decline in profit.

  • In economic data:
    • U.K.'s April CBI Distributive Trades Survey 13 (last -18)
    • Spain's Q1 Unemployment Rate 14.7% (expected 14.4%; last 14.5%)

---Equity Markets---

  • STOXX Europe 600: -0.2%
  • Germany's DAX: -0.2%
  • U.K.'s FTSE 100: -0.5%
  • France's CAC 40: -0.3%
  • Italy's FTSE MIB: +0.1%
  • Spain's IBEX 35: +0.2%

---FX---

  • EUR/USD: -0.2% to 1.1129
  • GBP/USD: -0.2% to 1.2873
  • USD/CHF: +0.2% to 1.0222
07:29  LANC Lancaster Colony misses by $0.10, misses on revs (153.36 )

Reports Q3 (Mar) earnings of $1.11 per share, $0.10 worse than the S&P Capital IQ Consensus of $1.21; revenues rose 7.3% year/year to $317.8 mln vs the $325.01 mln S&P Capital IQ Consensus.

07:26  S&P futures vs fair value: +1.40. Nasdaq futures vs fair value: +64.60.

07:25  BAX Baxter beats by $0.08, reports revs in-line; guides Q2 EPS in-line; guides FY19 EPS in-line (76.28 )

  • Reports Q1 (Mar) earnings of $0.76 per share, $0.08 better than the S&P Capital IQ Consensus of $0.68; revenues fell 1.7% year/year to $2.63 bln vs the $2.61 bln S&P Capital IQ Consensus.
  • Performance in the quarter was driven by growth of BAX's peritoneal dialysis and continuous renal replacement therapies, certain generic injectable pharmaceuticals, and hemostats and sealants. In addition, increased demand for BAX's hospital pharmacy compounding and cytotoxic contract manufacturing services also contributed to growth in the quarter.
  • Co issues in-line guidance for Q2, sees EPS of $0.80-$0.82 vs. $0.82 S&P Capital IQ Consensus. The company expects sales to decline approximately 2% on a reported basis, and to grow approximately 2% on a constant currency basis and 2-3% on an operational basis.
  • Co issues in-line guidance for FY19, sees EPS of $3.27-$3.35 vs. $3.28 S&P Capital IQ Consensus. The company continues to expect sales growth of 0-1% on a reported basis, 2-3% on a constant currency basis and 3-4% on an operational basis.
07:14  ALKS Alkermes reports EPS in-line, beats on revs; reaffirms FY19 EPS guidance, revs guidance (34.75 )

  • Reports Q1 (Mar) loss of $(0.17) per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of ($0.17); revenues fell 0.9% year/year to $223.1 mln vs the $218.8 mln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees EPS of $0.25-0.43, excluding non-recurring items, vs. $0.36 S&P Capital IQ Consensus; sees FY19 revs of $1.14-1.19 bln vs. $1.16 bln S&P Capital IQ Consensus.
  • Looking ahead, with the planned submission of the New Drug Application for ALKS 3831 mid-year, expected regulatory action for diroximel fumarate for multiple sclerosis in Q4, and increasing momentum in the ALKS 4230 immuno-oncology program, co says it has a number of key milestones ahead.
07:14  ACB Aurora Cannabis acquires Chemi Pharmaceutical in cash and share transaction (9.11 )

  • Aurora Cannabis has signed a binding share purchase agreement whereby Aurora has acquired all of the issued and outstanding common shares of privately-held Chemi Pharmaceutical, an Ontario-based laboratory specialized in providing analytics services to the pharmaceutical and cannabis industries, in a cash and share transaction comprised of an undisclosed cash payment and share consideration of 83,299 shares paid on closing and 41,649 payable upon achievement of certain Chemi milestones.
  • Chemi has a Health Canada Drug Establishment Licence enabling performance of certified GMP compliant quality control analytical testing. In addition, Chemi has received US FDA accreditation for its facility.
07:13  WIRES On The Wires

  • Dana Incorporated (DAN) and Motiv Power Systems announced a collaboration to integrate Dana's Spicer Electrified eS9000r e-Axle on the Ford F-550 chassis for use in commercial fleet applications. By replacing the traditional mechanical driveline with an electric motor integrated directly into the vehicle's differential housing, the e-Axle provides greater design flexibility for battery placement and truck body attachment. In addition to Dana's e-Axle technology, the chassis features Motiv's proprietary electric powertrain controls.
  • Orchard Therapeutics (ORTX) announces the first patient with Wiskott-Aldrich Syndrome has been dosed in a open label study designed to evaluate engraftment of the cryopreserved formulation of OTL-103, its ex vivo autologous hematopoietic stem cell gene therapy.  This patient data will be used to supplement the company's in vitro CMC comparability work between the fresh and cryopreserved formulation.
  • Visa (V) and FIS are joining forces to enable FIS' commercial financial institution clients to quickly and securely access the Visa B2B Connect platform globally. Visa B2B Connect will be available to FIS' customers who are looking for an innovative, fast and transparent way to process high-value corporate, cross-border payments.
  • Allison Transmission (ALSN) and Alexander Dennis, a leading bus and coach builder, are working together to develop efficient, powerful electric buses. A first step in this strategic alliance is Allison's new ABE Series electric powertrain systems for low-floor bus applications, which will premiere with the Foothill Transit launch order for Alexander Dennis' interurban and commuter Enviro500 3-axle double decker buses in North America. The buses, which have the same footprint as a conventional single-decker bus, can carry up to 86 seated passengers and provide superior handling and a quiet and smooth zero-emission ride.
  • Allison Transmission (ALSN) announced the development of highly efficient and powerful axles for electric vehicles. Launched at the 2019 Advanced Clean Technology Expo in Long Beach, California, the AXE Series electric powertrain will be integrated in Peterbilt's Model 579EV electric Class 8 truck for evaluation and testing. As a result, the truck features 1,475 horsepower (1,100 kilowatts), delivering industry-leading performance as well as efficiency.
07:12  IBKC IberiaBank beats by $0.10 (77.14 )

  • Reports Q1 (Mar) earnings of $1.75 per share, $0.10 better than the S&P Capital IQ Consensus of $1.65.
  • Total loan growth of $448.5 million, or 8% annualized. Loan growth was driven by strong originations and loan prepayments slowing.
  • NIM was 3.42%

2019 Guidance

  • Consolidated Loan Growth 5-7%
  • NIM 3.55-3.65%
07:12  COWN Cowen Group beats by $0.28, beats on revs (17.05 )

  • Reports Q1 (Mar) earnings (economic operating earnings) of $0.64 per share, $0.28 better than the two analyst estimate of $0.36; revenues fell 3.3% year/year to $233.5 mln vs the $220.13 mln two analyst estimate.
  • The Board of Directors authorized an increase in shares available under the repurchase program. Approximately $25 mln is currently available for repurchase under the program.
07:12  GWB Great Western Bancorp beats by $0.01, reports revs in-line (34.00 )

  • Reports Q1 (Mar) earnings of $0.79 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.78; revenues rose 2.0% year/year to $121.7 mln vs the $121.78 mln S&P Capital IQ Consensus. Net interest margin and adjusted net interest margin was 3.75%.
  • Board of Directors also declared a quarterly dividend of $0.30 per share, an increase of 20% compared to the most recent quarterly dividend.
07:12  CLS Celestica misses by $0.04, reports revs in-line; guides Q2 EPS below consensus, revs below consensus (8.61 )

  • Reports Q1 (Mar) earnings of $0.12 per share, $0.04 worse than the S&P Capital IQ Consensus of $0.16; revenues rose 4.6% year/year to $1.5 bln vs the $1.5 bln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q2, sees EPS of $0.09-0.15 vs. $0.22 S&P Capital IQ Consensus; sees Q2 revs of $1.4-1.5 bln vs. $1.6 bln S&P Capital IQ Consensus.
07:10  BMY Bristol-Myers beats by $0.02, beats on revs (Opdivo flat Q/Q); reaffirms FY19 EPS guidance, Phase 2 CheckMate -714 fails to meet primary endpoints (44.62 )

  • Reports Q1 (Mar) earnings of $1.10 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $1.08; revenues rose 14.0% year/year to $5.92 bln vs the $5.72 bln S&P Capital IQ Consensus.
    • Eliquis, which grew by $419 million or 28% increase [$1.93 bln vs $1.71 bln in Q4]
    • Opdivo, which grew by $290 million or 19% increase [$1.801 bln vs. $1.804 bln in Q4]
  • Gross margin as a percentage of revenue decreased from 69.5% to 68.9% in the quarter primarily due to product mix and higher excise tax, partially offset by favorable foreign exchange.
  • In April, the company announced its shareholders voted to approve the company's pending acquisition of Celgene Corporation (CELG). The company continues to expect to close the acquisition in the third quarter.
  • The company today announced topline results from the Phase 2 CheckMate -714 trial evaluating Opdivo versus Opdivo plus Yervoy (ipilimumab)in patients with recurrent or metastatic squamous cell carcinoma of the head and neck. The study did not meet its primary endpoints.
  • Co reaffirms guidance for FY19, sees EPS of $4.10-4.20, excluding non-recurring items, vs. $4.18 S&P Capital IQ Consensus (Assumes worldwide revenues increase in the mid-single digits).
07:10  WEC WEC Energy Group beats by $0.08, misses on revs; reaffirms FY19 EPS guidance (77.05 )

  • Reports Q1 (Mar) earnings of $1.33 per share, $0.08 better than the S&P Capital IQ Consensus of $1.25; revenues rose 4.0% year/year to $2.38 bln vs the $2.41 bln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees EPS of $3.48 to $3.52 vs. $3.51 S&P Capital IQ Consensus.
07:10  GPI Group 1 Auto beats by $0.22, misses on revs (74.66 )

  • Reports Q1 (Mar) earnings of $2.06 per share, excluding non-recurring items, $0.22 better than the S&P Capital IQ Consensus of $1.84; revenues fell 1.8% year/year to $2.81 bln vs the $2.86 bln S&P Capital IQ Consensus.
  • New vehicle revenues decreased 6.5 percent (4.5 percent) on 5.6 percent lower unit sales.
  • Retail used vehicle revenues increased 4.9 percent (7.2 percent) on 7.2 percent higher unit sales.
  • Aftersales gross profit increased 6.2 percent (7.9 percent) on revenue growth of 5.6 percent (7.3 percent). Same Store aftersales gross profit increased 6.1 percent (7.6 percent) on revenue growth of 6.1 percent (7.7 percent).
  • Total U.S. revenues were $2.1 billion, a decrease of 1.2 percent, driven by a decrease in new vehicle revenue (down 5.3 percent), which was partially offset by strong growth in used vehicles and aftersales.
07:10  HSY Hershey Foods beats by $0.12, reports revs in-line; reaffirms FY19 guidance (117.07 )

  • Reports Q1 (Mar) adj. earnings of $1.59 per share, $0.12 better than the S&P Capital IQ Consensus of $1.47; revenues rose 2.3% year/year to $2.02 bln vs the $2 bln S&P Capital IQ Consensus. Volume was a 1.7 point benefit, the net impact of acquisitions and divestitures was a 0.9 point benefit, and net price realization was a 0.2 point benefit. Foreign currency translation was a 0.5 point headwind.
  • Co reaffirms guidance for FY19, sees EPS of $5.63-5.74, excluding non-recurring items, vs. $5.64 S&P Capital IQ Consensus; sees FY19 revs of +1-3% to ~$7.87-8.02 bln vs. $7.93 bln S&P Capital IQ Consensus.
07:09  UPS UPS misses by $0.04, misses on revs; guides FY19 EPS in-line (114.43 )

  • Reports Q1 (Mar) earnings of $1.39 per share, excluding non-recurring items, $0.04 worse than the S&P Capital IQ Consensus of $1.43; revenues rose 0.3% year/year to $17.16 bln vs the $17.79 bln S&P Capital IQ Consensus. Weather Lowered U.S. Profit by about $80M or $0.07 EPS. Additionally, there was one less operating day in the quarter than a year ago, and an impact of Easter moving to mid-April.
    • For the U.S. Domestic segment in 1Q 2019: Revenue increased $253 million or 2.5% over 1Q 2018, with healthy growth in commercial Ground. Average daily volume for air products grew nearly 8%, driven by high demand for faster delivery options.
    • For the International segment in 1Q 2019: Revenue per piece was lower by 1.2%; when adjusting for currency, it increased by 2.3%, led by a 3.9% gain in domestic products. High growth in export average daily volume in the prior-year period created tough comparisons. On a two-year stack basis, International exports achieved volume growth of nearly 12%, led by Europe and the Americas.
  • In the second quarter, UPS said it will open about 30% of its planned 2019 capacity; no facilities were opened during the same period last year. Thus onboarding costs will weigh on the second-quarter results. Overall operating profit in the second quarter is expected to grow. Adjusted EPS is anticipated to be relatively flat to last year driven by planned pension financing costs.
  • Third-quarter adjusted EPS is expected to benefit from numerous items including one additional operating day and year-over-year International benefits from 2018 commodities headwinds that should not repeat.
  • Co issues in-line guidance for FY19, sees EPS of $7.45-7.75, excluding non-recurring items, vs. $7.53 S&P Capital IQ Consensus.
07:09  IP Int'l Paper beats by $0.18, misses on revs (44.30 )

  • Reports Q1 (Mar) earnings of $1.11 per share, excluding non-recurring items, $0.18 better than the S&P Capital IQ Consensus of $0.93; revenues rose 0.4% year/year to $5.64 bln vs the $5.73 bln S&P Capital IQ Consensus.
07:09  NCI Navigant Consult issues Q1 results; reaffirms FY19 EPS guidance, revs guidance (20.98 )

  • Reports Q1 (Mar) earnings of $0.18 per share; revenues rose 13.9% year/year to $202.9 mln vs the $184.88 mln S&P Capital IQ Consensus.
  • Adjusted EBITDA from continuing operations in 1Q19 was $16.3 mln, up 77% from the prior year period as robust performance from the HSS joint venture, strong yr-over-yr utilization and margin improvement in Healthcare consulting and lower bad debt expense was only partially offset by weaker-than-expected performance in the FSAC segment.
  • Co reaffirms guidance for FY19, sees EPS of $0.85-$1.00 vs. $0.89 S&P Capital IQ Consensus; sees FY19 revs of $810-$840 mln vs. $766.25 mln S&P Capital IQ Consensus. Adjusted Free Cash Flow is estimated to be between $43-$45 mln.
07:08  MMC Marsh McLennan beats by $0.07, misses on revs (94.63 )

  • Reports Q1 (Mar) earnings of $1.52 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of $1.45; revenues rose 1.8% year/year to $4.07 bln vs the $4.19 bln S&P Capital IQ Consensus.
  • Dan Glaser, President and CEO, said: "We delivered strong growth in underlying revenue and profitability in the first quarter, including double-digit adjusted earnings growth and meaningful adjusted margin expansion in both Risk & Insurance Services and Consulting. The Company's underlying revenue growth was 4%, adjusted operating income rose 11%, and the adjusted margin increased 210 basis points to 26.2%."
07:08  WM Waste Mgmt beats by $0.01, reports revs in-line (106.11 )

  • Reports Q1 (Mar) earnings of $0.94 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.93; revenues rose 5.3% year/year to $3.7 bln vs the $3.68 bln S&P Capital IQ Consensus.
07:08  CMS CMS Energy misses by $0.03, beats on revs; reaffirms FY19 EPS guidance (54.40 )

  • Reports Q1 (Mar) earnings of $0.75 per share, $0.03 worse than the S&P Capital IQ Consensus of $0.78; revenues rose 5.4% year/year to $2.06 bln vs the $1.96 bln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees EPS of $2.47-2.57, excluding non-recurring items, vs. $2.50 S&P Capital IQ Consensus.
07:07  MO Altria misses by $0.03, misses on revs; guides FY19 EPS in-line (54.71 )

  • Reports Q1 (Mar) earnings of $0.90 per share, $0.03 worse than the S&P Capital IQ Consensus of $0.93; revenues fell 6.0% year/year to $4.39 bln vs the $4.6 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY19, sees EPS of $4.15 to $4.27 vs. $4.22 S&P Capital IQ Consensus.
07:07  ODFL Old Dominion beats by $0.07, misses on revs (158.94 )

  • Reports Q1 (Mar) earnings of $1.64 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of $1.57; revenues rose 7.1% year/year to $990.78 mln vs the $1004.7 mln S&P Capital IQ Consensus.
  • Operating ratio improved 190 basis points to 82.0% from 83.9% for the first quarter of 2018.
07:06  SSTK Shutterstock misses by $0.21, misses on revs; reaffirms FY19 revs guidance (45.77 )

  • Reports Q1 (Mar) earnings of $0.21 per share, $0.21 worse than the S&P Capital IQ Consensus of $0.42; revenues rose 6.8% year/year to $163.33 mln vs the $166.8 mln S&P Capital IQ Consensus.
    • Paid downloads increased 8.0% to 47.2 million.
    • Revenue per download increased 0.6% to $3.42.
    • Adjusted EBITDA increased 15.7% to $25.5 million.
    • Excluding the impact from Webdam, which was sold in the first quarter of 2018 (the "Sale of Webdam"), revenue growth was 8.7% in the first quarter of 2019, as compared to the first quarter of 2018.
    • Revenue generated through our e-commerce platform increased approximately 9.3% as compared to the first quarter of 2018, to $98.1 million, representing 60.1% of total revenue in the first quarter of 2019.
  • Co reaffirms guidance for FY19, sees FY19 revs of $685-695 mln vs. $688.08 mln S&P Capital IQ Consensus.
    • Adjusted EBITDA of between $118 million and $123 million, representing growth of 12% to 17%.
07:06  ROK Rockwell Automation misses by $0.05, misses on revs; guides FY19 EPS in-line, revs below consensus (188.94 )

  • Reports Q2 (Mar) earnings of $2.04 per share, excluding non-recurring items, $0.05 worse than the S&P Capital IQ Consensus of $2.09; revenues rose 0.4% year/year to $1.66 bln vs the $1.71 bln S&P Capital IQ Consensus.
  • Co issues guidance for FY19, sees EPS of $8.85-9.15, excluding non-recurring items, vs. $8.99 S&P Capital IQ Consensus; sees FY19 revenue growth of +1.7-3.3%, which we compute as $6.78-6.89 bln vs. $6.92 bln S&P Capital IQ Consensus.
07:06  SHOO Steven Madden beats by $0.05, beats on revs; raises FY19 EPS guidance (still in-line), raises revs guidance above consensus (34.00 )

  • Reports Q1 (Mar) earnings of $0.42 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $0.37; revenues rose 5.6% year/year to $410.9 mln vs the $404.31 mln S&P Capital IQ Consensus. Gross margin was 38.2% compared to 36.2% in the same period last year, an increase of 200 basis points.
  • Co now sees FY19 adj EPS of $1.78-1.86, prior $1.75-1.83 vs. $1.82 S&P Capital IQ Consensus; sees FY19 revs of +5-7% (~$1.74-1.77 bln), prior 4-6% vs. $1.74 bln S&P Capital IQ Consensus.
07:06  HEES H&E Equipment beats by $0.13, beats on revs (29.82 )

  • Reports Q1 (Mar) earnings of $0.40 per share, $0.13 better than the S&P Capital IQ Consensus of $0.27; revenues rose 20.4% year/year to $313.6 mln vs the $288.61 mln S&P Capital IQ Consensus. Adjusted EBITDA increased 24.7% to $100.9 million in the first quarter compared to $80.9 million a year ago, yielding a margin of 32.2% of revenues compared to 31.1% a year ago.
07:06  ACRS Aclaris Therapeutics submits IND to FDA for ATI-450 (6.39 )

ATI-450 is an oral MK2 inhibitor, for the treatment of rheumatoid arthritis. If the IND is allowed by the FDA, Aclaris plans to initiate a Phase 1 clinical trial of ATI-450 in the second half of 2019.
07:06  MDCO The Medicines Co misses by $0.08, misses on revs (29.46 )

  • Reports Q1 (Mar) loss of $0.62 per share, $0.08 worse than the S&P Capital IQ Consensus of ($0.54); co reported no revs vs the $2.11 mln S&P Capital IQ Consensus.
  • At March 31, 2019, the Company had $199.7 million in cash and cash equivalents, compared to $238.3 million at the end of 2018.
07:04  CMCSA Comcast beats by $0.08, misses on revs (41.85 )

  • Reports Q1 (Mar) earnings of $0.76 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $0.68; revenues rose 17.8% year/year to $26.86 bln vs the $27.27 bln S&P Capital IQ Consensus. 
  • Consolidated Adjusted EBITDA increased 18.1% to $8.6 billion. Consolidated Pro Forma Revenue for the first quarter of 2019 decreased 3.3% to $26.9 billion. Consolidated Pro Forma Adjusted EBITDA increased 6.4% to $8.6 billion.
  • Cable Communications Revenue Increased 4.2%; Adjusted EBITDA Increased 9.8% and Adjusted EBITDA per Customer Relationship Increased 6.0% Total Customer Relationships Increased 3.6% Year-Over-Year to 30.7 Million, Including Net Additions of 300,000 in the Quarter, a 19,000 Improvement from the First Quarter of 2018 High-Speed Internet Residential Revenue Increased 10.1%; Business Services Revenue Increased 9.5%; Total High-Speed Internet Customers Increased by 375,000.
  • NBCUniversal Revenue Decreased 12.5%; Adjusted EBITDA Increased 2.9% Cable Networks and Broadcast Television Revenue Collectively Decreased 19.8%; Excluding $1.6 Billion of Incremental Revenue Generated by Last Year's Successful Broadcasts of the 2018 PyeongChang Olympics and the NFL's Super Bowl LII, Revenue Increased 5.0%.
  • Sky Revenue Decreased 5.0% and Adjusted EBITDA Decreased 17.0% on a Pro Forma Basis; Excluding the Impact of Currency, Revenue Increased 1.9% and Adjusted EBITDA Decreased 11.3% on a Pro Forma Basis, Reflecting New Contracts for Soccer Rights in Italy and Germany
07:03  GWB Great Western Bancorp increases quarterly cash dividend to $0.30/share from $0.25/share (34 )

 
07:03  CLF Cleveland-Cliffs beats by $0.06, beats on revs (9.51 )

  • Reports Q1 (Mar) loss of $0.08 per share, $0.06 better than the S&P Capital IQ Consensus of ($0.14); revenues fell 12.8% year/year to $157 mln vs the $116.91 mln S&P Capital IQ Consensus.
  • Outlook
    • For 2019, Cliffs maintained its full-year sales and production volume expectation of 20 million long tons.
    • Cliffs' full-year 2019 Mining and Pelletizing cash cost of goods sold rate expectation is maintained at $62 to $67 per long ton.
    • Cliffs' full-year 2019 SG&A expense expectation of $120 mln is being maintained. Cliffs also notes that of the $120 mln expectation, approximately $20 mln is considered non-cash. The company's full-year 2019 net interest expense expectation is maintained at $100 mln.
07:03  NEM Newmont Goldcorp beats by $0.06, reports revs in-line (32.20 )

  • Reports Q1 (Mar) earnings of $0.33 per share, $0.06 better than the S&P Capital IQ Consensus of $0.27; revenues fell 0.8% year/year to $1.8 bln vs the $1.81 bln S&P Capital IQ Consensus.

2019 Outlook

  • Attributable gold production is expected to be 5.2 million ounces in 2019, primarily driven by a full year of higher grade production from the recently completed Subika Underground project in Africa. Production is expected to be 4.9 million ounces in 2020 and longer-term production is expected to remain stable at between 4.4 and 4.9 million ounces per year through 2023 excluding development projects which have yet to be approved.
  • Copper -- Attributable production is expected to be 45,000 tonnes in 2019 and 2020 as Phoenix reaches higher grade copper ore from the Bonanza pit which is offset by lower production at Boddington.
  • Capital -- Total consolidated capital is expected to be $1,070 million for 2019 and $730 million for 2020.
07:03  AAN Aaron's beats by $0.15, beats on revs; reaffirms FY19 EPS guidance, revs guidance (53.27 )

  • Reports Q1 (Mar) earnings of $1.08 per share, excluding non-recurring items, $0.15 better than the S&P Capital IQ Consensus of $0.93; revenues rose 6.0% year/year to $1.01 bln vs the $0.99 bln S&P Capital IQ Consensus.
    • Additionally, the Aaron's Business same store revenues were positive 0.7% which was a continuation of the improving trend in same store revenues experienced throughout 2018. The increase in consolidated revenues was primarily due to the 19.0% increase in revenues at Progressive, calculated on a basis consistent with the 2019 adoption of ASC 842, and the contributions of 152 franchised locations acquired by the Aaron's Business in 2018.
    • Adjusted EBITDA for the Company was $115.2 million for the first quarter of 2019, compared with $94.1 million for the same period in 2018, an increase of $21.1 million, or 22.4%, due primarily to the strong growth in our Progressive segment.
  • Co reaffirms guidance for FY19, sees EPS of $3.65-3.85, excluding non-recurring items, vs. $3.75 S&P Capital IQ Consensus; sees FY19 revs of $3.91-4.07 bln vs. $3.98 bln S&P Capital IQ Consensus.
07:03  MAS Masco misses by $0.03, misses on revs; reaffirms FY19 EPS guidance (39.98 )

  • Reports Q1 (Mar) earnings of $0.44 per share, excluding non-recurring items, $0.03 worse than the S&P Capital IQ Consensus of $0.47; revenues fell 0.6% year/year to $1.91 bln vs the $1.99 bln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees EPS of $2.60-2.80, excluding non-recurring items, vs. $2.71 S&P Capital IQ Consensus.
  • Co says it experienced a challenging start to 2019, which resulted in reduced sales and operating profits. Its performance was also impacted by inventory rebalancing by certain customers and softness in some end markets.
07:01  ROP Roper beats by $0.51, reports revs in-line; guides Q2 EPS below consensus; raises FY19 EPS guidance above consensus (350.26 )

  • Reports Q1 (Mar) earnings of $3.30 per share, $0.51 better than the S&P Capital IQ Consensus of $2.79; revenues rose 7.0% year/year to $1.29 bln vs the $1.29 bln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q2, sees EPS of $3.00 to $3.04 vs. $3.11 S&P Capital IQ Consensus.
  • Co raises guidance for FY19, sees EPS of $12.70 to $13.00 from $12.00 to $12.40 vs. $12.36 S&P Capital IQ Consensus.
07:01  SASR Sandy Spring Banc increases quarterly dividend to $0.30/share from $0.28/share (34.57 )

 
07:01  IVZ Invesco beats by $0.03, reports revs in-line (21.54 )

  • Reports Q1 (Mar) earnings of $0.56 per share, $0.03 better than the S&P Capital IQ Consensus of $0.53; revenues fell 7.4% year/year to $887.1 mln vs the $884.93 mln S&P Capital IQ Consensus.
  • Investment management fees decreased by 2.7% to $923.7 mln in the first quarter. Investment management fees reflect two fewer days during the quarter and lower average long-term AUM. Movements in foreign exchange rates increased first quarter investment management fees by $2.7 mln compared to the fourth quarter.
  • Total assets under management (AUM) at March 31, 2019, were $954.8 bln (December 31, 2018: $888.2 bln), an increase of $66.6 bln during the first quarter.
  • Long-term net outflows were $5.4 bln and total net inflows were $3.5 bln for the first quarter, resulting in an improvement in long-term net outflows of $14.7 bln (73%), as compared to the fourth quarter.
07:01  VC Visteon misses by $0.50, beats on revs; guides FY19 revs in-line (79.72 )

  • Reports Q1 (Mar) earnings of $0.53 per share, excluding non-recurring items, $0.50 worse than the S&P Capital IQ Consensus of $1.03; revenues fell 9.5% year/year to $737 mln vs the $713.99 mln S&P Capital IQ Consensus.
  • "Sales were in line with our expectations, despite the challenging vehicle production environment," said Visteon President and CEO Sachin Lawande. "The operational challenges that affected our margins are expected to diminish and be largely resolved in the second and third quarters."
  • Co issues in-line guidance for FY19, sees FY19 revs of $2.90-3.00 bln vs. $2.91 bln S&P Capital IQ Consensus.
07:00  AEP American Electric beats by $0.08, misses on revs; reaffirms FY19 EPS guidance (84.02 )

  • Reports Q1 (Mar) earnings of $1.19 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $1.11; revenues rose 2.5% year/year to $4.1 bln vs the $4.23 bln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees EPS of $4.00-4.20, excluding non-recurring items, vs. $4.13 S&P Capital IQ Consensus.
07:00  SUMRX Asian Markets Close: Nikkei +0.5%, Hang Seng -0.9%, Shanghai -2.4%

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. South Korea reported a contraction in Q1 GDP (actual -0.3% qtr/qtr; expected 0.3%), representing the weakest reading since the fourth quarter of 2008. The disappointing report prompted the Finance Ministry to call an emergency meeting. There was more discussion about a targeted RRR cut in China, as the People's Bank of China said it will speed up the establishment of policy that will allow for implementing lower reserve requirement ratios for medium and small banks. The Bank of Japan made no changes to its policy stance, but adjusted its forward guidance to note that rates will be kept at extremely low levels until at least the spring of 2020.

  • In economic data:
    • South Korea's Q1 GDP -0.3% qtr/qtr (expected 0.3%; last 1.0%); +1.8% yr/yr (expected 2.5%; last 3.1%)

---Equity Markets---

  • Japan's Nikkei: +0.5%
  • Hong Kong's Hang Seng: -0.9%
  • China's Shanghai Composite: -2.4%
  • India's Sensex: -0.8%
  • South Korea's Kospi: -0.5%
  • Australia's ASX All Ordinaries: CLOSED

---FX---

  • USD/JPY: -0.2% to 111.83
  • USD/CNH: +0.3% to 6.7528
  • USD/INR: +0.4% to 70.22
06:58  RTN Raytheon beats by $0.29, beats on revs; reaffirms FY19 EPS guidance, revs guidance (185.45 )

  • Reports Q1 (Mar) earnings of $2.77 per share, $0.29 better than the S&P Capital IQ Consensus of $2.48; revenues rose 7.4% year/year to $6.73 bln vs the $6.58 bln S&P Capital IQ Consensus.
  • The company had bookings of $5.4 billion in the first quarter 2019, compared with $6.3 bln in the first quarter 2018.
  • Co reaffirms guidance for FY19, sees EPS of $11.40-11.60 vs. $11.63 S&P Capital IQ Consensus; sees FY19 revs of $28.6-29.1 bln vs. $28.86 bln S&P Capital IQ Consensus.
06:56  RS Reliance Steel beats by $0.43, reports revs in-line; guides Q2 EPS above consensus (88.84 )

  • Reports Q1 (Mar) earnings of $2.80 per share, $0.43 better than the S&P Capital IQ Consensus of $2.37; revenues rose 7.2% year/year to $2.96 bln vs the $2.97 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q2, sees EPS of $2.60-2.70, excluding non-recurring items, vs. $2.42 S&P Capital IQ Consensus.
  • Demand for aerospace and automotive markets remains strong. Demand in the non-residential construction (including infrastructure), heavy industry and energy (oil and gas) sectors remains steady.
  • Business Outlook: Reliance management remains optimistic about business conditions in Q2 and expects that both demand and pricing will remain fairly steady, with some downward pressure on gross profit margin in Q2 relative to Q1. As a result, co estimates tons sold will be down 1% to up 2% in Q2. vs Q1.
06:56  BC Brunswick beats by $0.01, misses on revs; reaffirms FY19 EPS guidance, lowers FY19 revenue (54.48 )

  • Reports Q1 (Mar) earnings of $0.99 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.98; revenues rose 5.4% year/year to $1.28 bln vs the $1.29 bln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees EPS of $4.80-5.05, excluding non-recurring items, vs. $4.95 S&P Capital IQ Consensus. 
  • "Our full-year guidance for the combined marine business remains relatively unchanged. Absent significant changes in the macro-economic climate and the marine market, we anticipate overall revenue growth rates in the range of 8 to 10 percent which, while slightly lower than the previous [+9-11%] estimate, still represents strong top-line growth for the year. Operating expenses are estimated to be lower than 2018 on a percentage of sales basis as we continue to fund investments in growth while driving improved cost efficiencies. We believe that these factors, together with ongoing benefits from new products and acquisitions, will enable strong leverage and margin growth, and allow us to achieve our initial operating earnings growth guidance for the marine business of high-teens percent for the year.
  • "Our expectations for the Fitness business remain unchanged. For the year, we anticipate net sales to decline mid-single digit percent from 2018 levels, reflecting lower sales to value-oriented health clubs and stable market demand. We expect gross margin levels to remain consistent with 2018 levels, with operating margins declining due to increased spending in advance of the separation. Finally, we expect the profitability of the business in the second quarter to look similar to the first quarter results, with a significant majority of the 2019 earnings anticipated in the back half of the year.
06:55  GLOP GasLog Partners misses by $0.19, beats on revs (20.24 )

  • Reports Q1 (Mar) earnings of $0.28 per share, $0.19 worse than the S&P Capital IQ Consensus of $0.47; revenues rose 6.4% year/year to $91.8 mln vs the $86.83 mln S&P Capital IQ Consensus.
  • Despite LNG demand in the first quarter of 2019 being negatively impacted by warmer than usual weather in the Northern Hemisphere winter, global LNG imports during the period totalled 88 million tonnes ("mt"), compared to 79 mt in the first quarter of 2018, or 11% growth, according to Poten.
  • In particular, China's LNG imports totalled 15.3 mt, 24% growth over Q1 2018. Europe's LNG imports in the first quarter more than doubled to 22 mt, compared to 10 mt in Q1 2018, as lower LNG prices made gas fired power generation more competitive than coal, indigenous gas production declined and LNG gained market share from pipeline imports.
  • This more than offset import declines from major North East Asian consumers in Japan, South Korea and Taiwan (10%, 22% and 6% declines year-on-year, respectively), demonstrating the increasingly diverse and broad-based nature of LNG demand growth.
06:53  LAZ Lazard beats by $0.18, beats on revs (37.59 )

  • Reports Q1 (Mar) earnings of $0.87 per share, $0.18 better than the S&P Capital IQ Consensus of $0.69; revenues fell 14.4% year/year to $620 mln vs the $598.66 mln S&P Capital IQ Consensus.
  • Financial Advisory operating revenue was $330 mln, 15% lower than 1Q18. The decline reflected lower first-quarter operating revenue in Europe and Asia, partly offset by higher first-quarter operating revenue in the Americas.
  • Asset Management operating revenue was $284 million for 2019, 14% lower than the first quarter of 2018. Average AUM for 1Q19 was $229 bln, 11% lower than 1Q18, and 2% higher than 4Q18.
06:52  GNC GNC Holdings misses by $0.03, beats on revs (2.04 )

  • Reports Q1 (Mar) earnings of $0.15 per share, excluding non-recurring items, $0.03 worse than the single analyst estimate of $0.18; revenues fell 7.0% year/year to $564.76 mln vs the $552.3 mln single analyst estimate.
  • Domestic same store sales decreased 1.6%; International segment revenue, excluding China, increased 13%
  • Adjusted EBITDA was $65.9 million, or 11.7% of revenue in the current quarter compared with $59.3 million, or 9.8% of revenue in the prior year quarter.
06:52  ASPS Altisource Portfolio Solutions reports EPS in-line, beats on revs (23.61 )

  • Reports Q1 (Mar) loss of $0.20 per share, in-line with the single analyst estimate of ($0.20); revenues fell 13.9% year/year to $169.9 mln vs the $167.2 mln single analyst estimate.
  • First quarter 2019 service revenue of $165.0 million was 13% lower than the first quarter 2018, primarily from the reduction in size of the Ocwen Financial Corporation ("Ocwen") servicing portfolio and the Front Yard Residential Corporation ("RESI") portfolio of non-performing loans and real estate owned and the impact of the higher cooperative brokerage commission to New Residential Corp.
06:50  NVT nVent Electric reports EPS in-line, misses on revs; guides Q2 EPS below consensus; guides FY19 EPS in-line (28.40 )

  • Reports Q1 (Mar) earnings of $0.39 per share, in-line with the S&P Capital IQ Consensus of $0.39; revenues fell 0.2% year/year to $538 mln vs the $546.43 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q2, sees EPS of $0.42 to $0.46 vs. $0.47 S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY19, sees EPS of $1.80 to $1.90 vs. $1.87 S&P Capital IQ Consensus.
06:48  FAF First American Financial beats by $0.06, beats on revs (56.19 )

  • Reports Q1 (Mar) earnings of $0.74 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.68; revenues rose 0.5% year/year to $1.3 bln vs the $1.27 bln S&P Capital IQ Consensus.
  • "As we've entered the spring selling season, we're becoming more optimistic about the housing market given the positive economic backdrop and the recent decline in mortgage rates. Importantly, we are encouraged by April's open order trend, with purchase orders down 2 percent and refinance up 29 percent compared with last year, which is an improvement over the past three quarters. In addition, we expect continued strong performance in our commercial business."
06:46  GRC Gorman-Rupp misses by $0.10, misses on revs (36.13 )

Reports Q1 (Mar) earnings of $0.28 per share, $0.10 worse than the single analyst estimate of $0.38; revenues rose 0.3% year/year to $96.9 mln vs the $105.3 mln single analyst estimate.

06:46  LLY Eli Lilly working to facilitate the withdrawal of Lartruvo (olaratumab) from the market for the treatment of advanced soft tissue sarcoma (118.00 )

Lilly's actions to withdraw Lartruvo from the market follow the failure of the Phase 3 ANNOUNCE clinical trial, in which Lartruvo did not improve survival for patients. Lilly is establishing a program to ensure current patients will have access to Lartruvo with limited interruption after it is withdrawn from the market. The program will be established as allowed by local country regulations.
06:39  SCANX Early premarket gappers

Gapping up:

  • QTNT +13.8%, BCOV +11.2%, FBHS +10.3%, SAM +8.9%, FB +8.6%, AXTI +7.8%, LRCX +5.5%, MSFT +4.8%, NOW +4.4%, WPG +4.2%, CHDN +4.2%, KN +4%, CVI +3.2%, ZUO +3%, AMAT +2.2%, LKQ +1.8%, LLEX +1.8%, NVS +1.7%, IRM +1.7%, DRE +1.4%, PDS +1.4%, ZM +1.3%, YNDX +1.3%, SFLY +1.2%, MEOH +1.1%, TAL +1.1%, TELL +1%, LPI +0.9%

Gapping down:

  • MMLP -19.5%, NOK -9%, PTC -8.7%, XLNX -8.3%, NTGR -7.3%, SAVE -5.7%, CUZ -5%, ORLY -4.4%, PRLB -3.4%, PBFX -3.1%, QEP -2.5%, ECHO -2.1%, AGNC -1.9%, BCS -1.9%, PKG -1.8%, PCG -1.7%, ARI -1.5%, FOLD -0.9%, OMAB -0.8%, TSLA -0.7%
06:39  WIRES On The Wires

  • Following the communication published on February 8, 2019, and in light of the news published in some media, Telefnica (TEF) informs that it is at an advanced stage of the negotiation process for the sale of some of its Data Centres, which may result in one or several transactions. No agreement has been reached to date.
  • Petrobras (PBR) reports that its Board of Directors has approved a new Voluntary Severance Program -- PDV. Employees of Petrobras holding who are retired through the INSS (Brazilian Social Security Institute) by June 2020, when the enrollment ends, will be eligible. The purpose of the Program is to promote renewal in the company's staff when identified the need. PDV was developed taking into consideration the cost of replacing company staff, preservation of the workforce required for operational continuity and adherence to the Business and Management Plan in force. For an estimated participation of around 4,300 employees, the anticipated cost for the Program's implementation is R$ 1.1 billion with an expected return of R$ 4.1 billion during the period of 2019-2023. The co also elected Ms. Andrea Marques de Almeida as the Company's Chief Financial and Investor Relations Officer. Andrea is scheduled to take office on 05/02/2019. Andrea Almeida is a production engineer, with an MBA in Finance from IBMEC-RJ and an MBA in management from USP, as well as management courses at the Wharton School of Finance and Sloan School of Management (MIT).
  • Happy Returns, a leading provider of return and logistics solutions for retailers and their customers, today announced a strategic investment from PayPal (PYPL) as part of an $11M financing round.
  • Brookfield Business Partners L.P. (BBU) announced an agreement to sell its 100% stake in BGRS, one of the largest global providers of executive relocation services, to Relo Group, Inc. Brookfield Business Partners expects to generate net proceeds of approximately $230 million from the sale.
  • Exelixis, Inc. (EXEL) announced that Takeda Pharmaceutical Company (TAK), its partner responsible for the clinical development and commercialization of cabozantinib in Japan, has applied to the Japanese Ministry of Health, Labor and Welfare (MHLW) for approval to manufacture and sell CABOMETYX (cabozantinib) as a treatment for unresectable and metastatic renal cell carcinoma (RCC) in the country. As a result of the submission, Exelixis will receive a $10 million milestone payment from Takeda, anticipated to be received in the second quarter of 2019.
06:38  CBZ CBIZ misses by $0.03, misses on revs; reaffirms FY19 EPS guidance, revs guidance (20.57 )

  • Reports Q1 (Mar) earnings of $0.67 per share, $0.03 worse than the S&P Capital IQ Consensus of $0.70; revenues rose 1.5% year/year to $270 mln vs the $278.78 mln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees EPS growth of 10-12%, equating to $1.20-$1.22 vs. $1.20 S&P Capital IQ Consensus; sees FY19 revs growth of 4-6%, equating to $958.9-$977.3 vs. $965.68 mln S&P Capital IQ Consensus.
  • Commentary: "Our revenue growth in the first quarter was generally in line with our expectations and an improvement over the exceptionally strong first quarter a year ago. As a reminder, the first quarter of 2018 included very strong results from some of our non-core transactional businesses and revenue from two accounting practices that were divested at year-end. In addition, tax compliance work in the first quarter of 2019, which is normally at a seasonal peak, was negatively impacted by delays in IRS-issued regulations and guidance associated with tax reform. This work has been temporarily deferred and is expected to be completed later in the year."
06:37  XRX Xerox beats by $0.10, misses on revs; raises FY19 EPS guidance (33.69 )

  • Reports Q1 (Mar) earnings of $0.91 per share, excluding non-recurring items, $0.10 better than the S&P Capital IQ Consensus of $0.81; revenues fell 9.4% year/year to $2.21 bln vs the $2.27 bln S&P Capital IQ Consensus; Adjusted operating margin of 11.3%, up 140 basis points year-over-year.
  • Co raises guidance for FY19 EPS of $3.80-3.95, prior $3.70-3.95, excluding non-recurring items, vs. $3.78 S&P Capital IQ Consensus.
  • On track to drive gross savings in 2019 of at least $640 million under "Project Own It", Xerox's enterprise-wide transformation initiative to create a simpler, more effective organization. In connection with the Company's initiative to simplify and optimize its operations, the Company is currently exploring the possibility and feasibility of a strategic transaction involving its customer financing business and/or related assets. That process includes discussions of various transaction structures with potential counterparties. No decision or commitment has been made by management or the Company's Board of Directors.
06:37  LUV Southwest Air beats by $0.08, reports revs in-line; guides Q2; 737 MAX flights removed through August 5, increasing costs (52.93 )

  • Reports Q1 (Mar) earnings of $0.70 per share, $0.08 better than the S&P Capital IQ Consensus of $0.62; revenues rose 4.1% year/year to $5.15 bln vs the $5.14 bln S&P Capital IQ Consensus. First quarter 2019 operating revenue per ASM (RASM, or unit revenues) increased 2.7 percent, driven largely by a passenger revenue yield increase of 2.6 percent, offset slightly by a load factor decline of one-half point, year-over-year, to 81.0 percent. The Company experienced several unexpected events during first quarter 2019 that contributed to a negative revenue impact of more than $200 million, including the MAX groundings, unscheduled maintenance disruptions in connection with efforts to reach a TA with AMFA, severe winter weather, the U.S. government shutdown, and softer leisure revenue trends. The negative impact of these events to first quarter 2019 year-over-year RASM was approximately two points. Presently, leisure passenger booking and yield trends have improved since first quarter, and close-in bookings and corporate travel remain strong. Based on current bookings and revenue trends, the Company expects second quarter 2019 RASM to increase in the 5.5 to 7.5 percent range, compared with second quarter 2018.
  • First quarter 2019 adjusted total operating expenses increased 6.5 percent to $4.6 billion, or 5.1 percent on a unit basis, year-over-year. Based on current cost trends and flight schedule adjustments through August 5th, the Company estimates second quarter 2019 CASM, excluding fuel and oil expense and profitsharing expense, to increase in the 10.5 to 12.5 percent range, compared with second quarter 2018. The year-over-year increase is driven largely by the Company's underutilization of its fleet in second quarter 2019 due to the delay in starting service to Hawaii, one-time Hawaii start-up costs, and flight cancellations due to the MAX groundings. The Company's operating costs are largely fixed once flight schedules are published; therefore, the volume of flight cancellations in second quarter 2019 due to the MAX groundings is expected to result in an estimated five-point year-over-year headwind to second quarter 2019 CASM, excluding fuel and oil expense and profitsharing expense.
  • "Currently, the timeline is uncertain for the MAX aircraft return to service. In the meantime, we have proactively adjusted our published flight schedules for the next several months and removed all MAX flights through August 5th. Our goal is to stabilize and protect the integrity of our flight schedule, while providing dependability and reliability for Customers booking their summer travel. The MAX aircraft represents less than 5 percent of all daily flights, and the vast majority of our Customers' itineraries have been unaffected by the MAX groundings... The flight cancellations in first quarter 2019, and the resulting lower available seat mile (ASM, or capacity) growth, year-over-year, created significant pressure on our first quarter unit costs. Flight cancellations are expected to drive unit cost pressure for the duration of the MAX groundings.
06:36  BWA BorgWarner beats by $0.06, beats on revs; guides Q2 EPS below consensus, revs above consensus; reaffirms FY19 revs guidance (43.55 )

  • Reports Q1 (Mar) earnings of $1.00 per share, $0.06 better than the S&P Capital IQ Consensus of $0.94; revenues fell 7.8% year/year to $2.57 bln vs the $2.47 bln S&P Capital IQ Consensus.
  • Co issues mixed guidance for Q2, sees EPS of $0.99 to $1.05 vs. $1.07 S&P Capital IQ Consensus; sees Q2 revs of $2.62 bln to $2.69 bln vs. $2.56 bln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees FY19 revs of $9.90 bln to $10.37 bln vs. $10.28 bln S&P Capital IQ Consensus.
06:36  MMM 3M misses by $0.27, misses on revs; slashes FY19 guidance, initiates restructuring and other actions (219.08 )

  • Reports Q1 (Mar) earnings of $2.23 per share, excluding non-recurring items, $0.27 worse than the S&P Capital IQ Consensus of $2.50; revenues fell 5.0% year/year to $7.86 bln vs the $8.02 bln S&P Capital IQ Consensus.
    • Organic local-currency sales declined 1.1 percent while divestitures, net of acquisitions, decreased sales by 0.5 percent. Foreign currency translation decreased sales by 3.4 percent year-on-year.
  • "The first quarter was a disappointing start to the year for 3M," said Mike Roman, 3M chief executive officer. "We continued to face slowing conditions in key end markets which impacted both organic growth and margins, and our operational execution also fell short of the expectations we have for ourselves. As a result, we have stepped up additional actions -- including restructuring -- to drive productivity, reduce costs, and increase cash flow as we manage through challenges in some of our end markets.
  • Two significant litigation issues impacted 3M's first-quarter results. The company established a reserve of $235 million to resolve certain environmental matters and litigation, in which 3M is a defendant, related to its historical manufacture and disposal of PFAS-containing waste. 3M manufactured or used PFAS at five manufacturing plants globally, including in Alabama, Illinois and Minnesota in the United States, as well as in Belgium and Germany. The company also increased its respirator reserve by $313 million to address the cost of resolving all current and expected future coal mine dust lawsuits in Kentucky and West Virginia. These actions resulted in a total significant litigation-related pre-tax charge of $548 million. 3M's upcoming Form 10-Q filing will include additional details.
  • Reflecting a slower than expected 2019, 3M has initiated restructuring and other actions that will result in an expected reduction of 2,000 positions worldwide with an estimated annual pre-tax savings range of $225 million to $250 million, with $100 million in the remainder of 2019. The company anticipates a pre-tax charge in 2019 of approximately $150 million, or $0.20 per share. These actions will span all business groups, functions and geographies, with emphasis on corporate structure and underperforming areas of the portfolio.
  • Co issues downside guidance for FY19, sees EPS of $9.25-9.75 (Prior $10.45-10.90), excluding non-recurring items, vs. $10.52 S&P Capital IQ Consensus; expects organic local-currency sales growth in the range of -1 to +2% versus a prior range of +1-4% 
06:36  ALXN Alexion Pharma beats by $0.20, beats on revs; guides FY19 EPS in-line, revs below consensus (130.09 )

  • Reports Q1 (Mar) earnings of $2.39 per share, excluding non-recurring items, $0.20 better than the S&P Capital IQ Consensus of $2.19; revenues rose 22.5% year/year to $1.14 bln vs the $1.13 bln S&P Capital IQ Consensus.
  • "We had a great start to 2019, with a strong launch in ULTOMIRIS' first full quarter since FDA approval. We've also made significant progress executing and expanding our pipeline. This progress includes three business development deals, multiple filings under regulatory review and having begun dosing patients in two new ULTOMIRIS Phase 3 programs," said Ludwig Hantson, Ph.D., Chief Executive Officer of Alexion.
  • Co issues guidance for FY19, sees EPS of $9.25-9.45, excluding non-recurring items, vs. $9.31 S&P Capital IQ Consensus and prior guidance of $9.10-9.30; sees FY19 revs of $4.675-4.750 bln vs. $4.76 bln S&P Capital IQ Consensus and prior guidance of $4.625-4.700 bln.
06:35  EQT EQT Corp. beats by $0.11, misses on revs (20.75 )

  • Reports Q1 (Mar) earnings of $0.83 per share, excluding non-recurring items, $0.11 better than the S&P Capital IQ Consensus of $0.72; revenues fell 12.9% year/year to $1.14 bln vs the $1.17 bln S&P Capital IQ Consensus.
  • Sales volumes of 383 Bcfe exceeded guidance of 360-380 Bcfe and increased 13%, adjusted for divestitures, from the first quarter 2018
  • Capital expenditures decreased 22% to $476 million while feet of pay turned-in-line increased compared to the first quarter 2018

Q2 Guidance:

  • Total sales volume (Bcfe): 355-375
  • Total liquids sales volume (Mbbls):3,125-3,325

FY 19 Guidance: 

  • Total sales volume (Bcfe): 1,480-1,520
  • Total liquids sales volume (Mbbls): 12,820-13,220
06:33  VLO Valero Energy beats by $0.11, reports revs in-line (87.73 )

  • Reports Q1 (Mar) earnings of $0.34 per share, $0.11 better than the S&P Capital IQ Consensus of $0.23; revenues fell 8.2% year/year to $24.26 bln vs the $24.38 bln S&P Capital IQ Consensus.
  • The refining segment reported $479 mln of operating income for the first quarter of 2019 compared to $811 mln for the first quarter of 2018.
  • The Houston alkylation unit and central Texas pipelines and terminals are scheduled for completion in the second and third quarters, respectively. The Pasadena terminal, St. Charles alkylation unit, and Pembroke cogeneration unit are all on track to be complete in 2020. The Diamond Green Diesel expansion and Port Arthur Coker are also expected to be complete in late 2021 and 2022, respectively.
  • Valero continues to expect to invest approximately $2.5 bln of capital in both 2019 and 2020, of which approximately 60% is for sustaining the business and approximately 40% is for growth projects.
06:31  AERI Aerie Pharma: FDA has reviewed the IND for AR-13503 and it is now in effect, allowing Aerie to initiate human studies in the treatment of neovascular age-related macular degeneration) and diabetic macular edema (38.83 )

The IND was submitted in March 2019. Aerie expects to initiate a first-in-human clinical study later in the second quarter of 2019.
06:20  BDRBF Bombardier provides Q1 and FY19 guidance (2.15 )

  • Co sees Q1 revenues of approximately $3.5 bln; driven lower by timing of aircraft deliveries, slower project ramp up at Transportation, and unfavourable currency translation.
  • FY19 Outlook: Consolidated revenue guidance now expected to be ~$1.0 bln lower at ~$17.0 bln, representing ~10% growth year over year, excluding currency effects and divestitures. Aerospace businesses on track; Consolidated revenue guidance changed mainly due to revised Transportation outlook. Consolidated adjusted EBITDA expectations reduced from $1.65-1.80 bln to $1.50-1.65 bln, representing a ~20% increase year over year.
06:18  HZO MarineMax misses by $0.08, beats on revs; lowers FY19 EPS guidance below consensus (19.82 )

  • Reports Q2 (Mar) earnings of $0.23 per share, $0.08 worse than the S&P Capital IQ Consensus of $0.31; revenues rose 12.2% year/year to $303.59 mln vs the $290.24 mln S&P Capital IQ Consensus.
    • Same-store sales increased 12%.
  • Co lowers guidance for FY19, sees EPS of $1.75 to $1.85 from $1.85 to $1.95 vs. $1.94 S&P Capital IQ Consensus.
06:13  AUO AU Optronics misses by $0.12, misses on revs (3.56 )

  • Reports Q1 (Mar) loss of $0.38 per share, $0.12 worse than the S&P Capital IQ Consensus of ($0.26); revenues fell 10.4% year/year to $66.7 bln vs the $68.07 bln S&P Capital IQ Consensus. Looking into the second quarter, market demand has shown signs of recovery as brand customers start to prepare for the high season restocking. Besides AUO's continuous market deployment in high value-added and non-commodity products, it will extend its value chain by integrating hardware and software services. By providing integrated total solution services, AUO aims to move towards a direction that jointly creates greater values with its customers.
06:11  GRA W.R. Grace beats by $0.04, reports revs in-line; reaffirms FY19 EPS guidance, revs guidance (75.26 )

  • Reports Q1 (Mar) earnings of $0.93 per share, $0.04 better than the S&P Capital IQ Consensus of $0.89; revenues rose 8.8% year/year to $469.5 mln vs the $464.99 mln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees EPS of $4.53-4.62 vs. $4.58 S&P Capital IQ Consensus; sees FY19 revs of +6-7% to $2.048-2.067.3 bln vs. $2.04 bln S&P Capital IQ Consensus.
06:10  NTB Bank of N.T. Butterfield & Son beats by $0.07, net interest income increased 10% yr/yr; Also announces agreement to acquire ABN AMRO (Channel Islands) Ltd (37.31 )

  • Reports Q1 (Mar) earnings of $0.95 per share, $0.07 better than the S&P Capital IQ Consensus of $0.88. Net interest income for 1Q19 was $88.0 mln, up 10% yr/yr.
  • Net interest margin for 1Q19vwas 3.31%, a decrease of 7 basis point from the NIM of 3.38% in the previous quarter and up 26 basis points from the NIM of 3.05% in 1Q18
  • Total assets of the bank were $11.6 bln at March 31, 2019, an increase of $0.9 bln from December 31, 2018. The loan portfolio totaled $4.0 bln at March 31, 2019, a decrease of $57.4 mln, due to paydowns in corporate lending, partially offset by new residential loan origination in the Channel Islands and the UK.
  • Acquires ABN AMRO Ltd: Co also agrees to acquire acquire ABN AMRO (Channel Islands)  Limited, the Channel Islands-based banking business of ABN AMRO Bank N.V. through its wholly owned subsidiary, Butterfield Bank Limited. The aggregate purchase price is approximately 161 mln in cash (US$208 mln), subject to certain purchase price adjustments.
    • With the acquisition, NTB will significantly expand its presence in Guernsey and Jersey.
06:09  PDS Precision Drilling beats by CC$0.05, beats on revs (2.81 )

  • Reports Q1 (Mar) net of breakeven, CC$0.05 better than the S&P Capital IQ Consensus of (CC$0.05); revenues rose 8.2% year/year to CC$434 mln vs the CC$410.1 mln S&P Capital IQ Consensus. 
  • "During the quarter, Precision delivered significant progress on our 2019 strategic priorities with announced debt repayments, strong financial results and technology commercialization progress. Revenue and Adjusted EBITDA increased year-over-year by 8% and 11%, respectively and we ended the quarter with an undrawn revolver and over $100 million of cash. We continue to deliver significant free cash flow across all geographies and reporting segments."
06:09  WST West Pharm beats by $0.08, beats on revs; raises FY19 EPS in-line,reiterates revs in-line (115.21 )

  • Reports Q1 (Mar) earnings of $0.74 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $0.66; revenues rose 6.7% year/year to $443.5 mln vs the $431 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY19, sees EPS of $2.80-2.90, excluding non-recurring items, vs. $2.85 S&P Capital IQ Consensus and prior guidance of $2.77-2.89; sees FY19 revs of $1.795-1.820 bln vs. $1.81 bln S&P Capital IQ Consensus.
06:07  CRR Carbo Ceramics misses by $0.18, misses on revs; reaffirms FY19 revs guidance (3.32 )

  • Reports Q1 (Mar) loss of $0.73 per share, $0.18 worse than the S&P Capital IQ Consensus of ($0.55); revenues fell 3.8% year/year to $47.5 mln vs the $50.12 mln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees FY19 revs of similar to FY18 levels of $211 mln vs. $214.95 mln S&P Capital IQ Consensus.
  • Outlook/Commentary from co: Despite E&P operators starting the year cautiously with respect to discretionary spending, co still expects 2019 revenues will be similar to 2018 levels as growth in they ceramic technology, industrial, and environmental sectors will likely offset declines in our base ceramic and sand revenues. Through year-on-year growth in these more profitable areas, co expects to see strong year-on-year EBITDA incremental margins for 2019.
06:07  LKQ LKQ reports EPS in-line, misses on revs; reaffirms FY19 EPS guidance (31.44 )

  • Reports Q1 (Mar) earnings of $0.56 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.56; revenues rose 13.9% year/year to $3.1 bln vs the $3.14 bln S&P Capital IQ Consensus.
    • For the first quarter, parts and services organic revenue growth was 0.1% and acquisition revenue growth was 18.3%, while the impact of exchange rates was a negative 3.2%, for total parts and services revenue growth of 15.2%.
  • Co reaffirms guidance for FY19, sees EPS of $2.34-2.46, excluding non-recurring items, vs. $2.40 S&P Capital IQ Consensus.
    • Co also reaffirmed Organic revenue growth for parts & services guidance of 2-4%
  • Co stated, "The business performed in-line with our expectations and we continue to make progress with our key productivity initiatives, despite tough revenue growth comparisons in North America, a challenging macro-economic environment in Europe, and the negative year-over-year impact of scrap and exchange rates."
06:07  WNS WNS beats by $0.04, reports revs in-line; guides FY19 EPS above consensus, revs above consensus (56.43 )

  • Reports Q4 (Mar) earnings of $0.73 per share, $0.04 better than the S&P Capital IQ Consensus of $0.69; revenues rose 4.2% year/year to $206.6 mln vs the $207.29 mln S&P Capital IQ Consensus.
    • Operating margin improved to 15.3% from 14.5% one year ago.
  • Co issues upside guidance for FY19, sees EPS of $2.67 to $2.90 vs. $2.66 S&P Capital IQ Consensus; sees FY19 revs of $854 mln to $900 mln vs. $794.63 mln S&P Capital IQ Consensus.
06:07  YNDX Yandex N.V. misses by $0.35, beats on revs; raises FY19 revenue outlook (37.62 )

  • Reports Q1 (Mar) earnings of $16.35 per share, excluding non-recurring items, $0.35 worse than the S&P Capital IQ Consensus of $16.70; revenues rose 40.3% year/year to $37.28 bln vs the $36.03 bln S&P Capital IQ Consensus. 
  • "Based on recent performance, we currently expect our ruble-based revenues excluding Yandex.Market to grow in the range of 30% to 34% for the full year 2019 compared with 2018, up from 28-32%. Based on the recent performance of Search and Portal, we now expect our Search and Portal ruble-based revenue to grow in the range of 19% to 21% in the full year 2019 compared with 2018, up from 18-20%."
06:06  PTEN Patterson-UTI beats by $0.07, beats on revs (15.14 )

  • Reports Q1 (Mar) loss of $0.14 per share, $0.07 better than the S&P Capital IQ Consensus of ($0.21); revenues fell 13.0% year/year to $704.17 mln vs the $694.1 mln S&P Capital IQ Consensus.
  • "During the first quarter, average rig revenue per day increased $620 to $23,590, more than offsetting a $310 increase in average rig operating costs per day to $13,880. Accordingly, the average rig margin per day increased $310 to $9,700...As of March 31, 2019, we had term contracts for drilling rigs providing for approximately $650 million of future dayrate drilling revenue. Based on contracts currently in place, we expect an average of 104 rigs operating under term contracts during the second quarter, and an average of 59 rigs operating under term contracts during the 12 months ending March 31, 2020."
06:05  XEL Xcel Energy reports EPS in-line, beats on revs; guides FY19 EPS in-line (55.41 )

  • Reports Q1 (Mar) earnings of $0.61 per share, in-line with the S&P Capital IQ Consensus of $0.61; revenues rose 6.4% year/year to $3.14 bln vs the $3.11 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY19, sees EPS of $2.55-2.65 vs. $2.61 S&P Capital IQ Consensus.
  • Xcel Energy expects to deliver an attractive total return to shareholders through a combination of earnings growth and dividend yield, based on the following long-term objectives:
    • Deliver long-term annual EPS growth of 5% to 7% off of a 2018 base of $2.43 per share, which represents the mid-point of the original 2018 guidance range of $2.37 to $2.47 per share
    • Deliver annual dividend increases of 5% to 7%
    • Target a dividend payout ratio of 60% to 70%
    • Maintain senior secured debt credit ratings in the A range
06:04  ENTG Entegris beats by $0.03, misses on revs; guides Q2 EPS below consensus, revs below consensus (40.86 )

  • Reports Q1 (Mar) earnings of $0.50 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.47; revenues rose 6.5% year/year to $391 mln vs the $400.43 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q2, sees EPS of $0.40-0.45, excluding non-recurring items, vs. $0.49 S&P Capital IQ Consensus; sees Q2 revs of $375-390 mln vs. $405.25 mln S&P Capital IQ Consensus.
06:04  TPH TRI Pointe Homes misses by $0.02, beats on revs (14.28 )

  • Reports Q1 (Mar) net of breakeven, $0.02 worse than the S&P Capital IQ Consensus of $0.02; revenues fell 15.4% year/year to $492.7 mln vs the $467.11 mln S&P Capital IQ Consensus.
  • Backlog units at quarter end of 1,842 homes compared to 2,143, a decrease of 14%
  • The decrease was primarily attributable to a 12% decrease in new home deliveries to 814, compared to 924 in the first quarter of 2018, and a 4% decrease in the average sales price of homes delivered to $605,000, compared to $630,000 in the first quarter of 2018.
  • New home orders decreased 12% to 1,321 homes for the first quarter of 2019, as compared to 1,496 homes for the same period in 2018. Average selling communities increased 14% to 147.8 for the first quarter of 2019 compared to 129.8 for the first quarter of 2018.
  • For the second quarter of 2019, the Company expects to open 10 new communities and close out of 13 communities, which would result in 143 active selling communities as of June 30, 2019. In addition, the Company anticipates delivering 53% to 58% of its 1,842 homes in backlog as of March 31, 2019 at an average sales price of $610,000. The Company expects its homebuilding gross margin percentage to be approximately 17% for the second quarter.
06:03  DHI D.R. Horton beats by $0.06, beats on revs (46.67 )

  • Reports Q2 (Mar) earnings of $0.93 per share, $0.06 better than the S&P Capital IQ Consensus of $0.87; revenues rose 8.8% year/year to $4.13 bln vs the $4.04 bln S&P Capital IQ Consensus.
  • Net sales orders for the second quarter ended March 31, 2019 increased 6% to 16,805 homes and 4% in value to $4.9 billion compared to 15,828 homes and $4.7 billion in the same quarter of the prior year. Excluding the effects of recent acquisitions, the Company's second quarter net sales orders increased 3% from the prior year quarter.
  • The Company's cancellation rate (cancelled sales orders divided by gross sales orders) for the second quarter of fiscal 2019 was 19%, consistent with the prior year quarter. Net sales orders for the first six months of fiscal 2019 increased 5% to 27,847 homes and 3% in value to $8.2 billion compared to 26,581 homes and $8.0 billion in the same period of fiscal 2018.
  • Homes closed in the quarter increased 10% to 13,480 homes (vs. guidance for 12.8-13.3K) compared to 12,281 homes closed in the same quarter of fiscal 2018.
06:03  IRM Iron Mountain misses by $0.03, reports revs in-line; reaffirms FY19 revs guidance (35.84 )

  • Reports Q1 (Mar) funds from operations of $0.48 per share, $0.03 worse than the S&P Capital IQ Consensus of $0.51; revenues rose 1.1% year/year to $1.05 bln vs the $1.06 bln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees FY19 revs of +1-6% yr/yr to $4.2-4.4 bln vs. $4.32 bln S&P Capital IQ Consensus.
    • In addition, Iron Mountain expects constant currency Adjusted EBITDA growth to be flat to 8% and AFFO growth to be up 1% to 8%. Iron Mountain expects stronger 
    • Adjusted EBITDA growth in the second half of the year after expected ongoing expenses in the second quarter, which are a residual effect of the higher costs incurred in March.
06:01  PRLB Proto Labs reports EPS in-line, misses on revs (117.14 )

  • Reports Q1 (Mar) earnings of $0.69 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.69; revenues rose 5.4% year/year to $113.5 mln vs the $115.24 mln S&P Capital IQ Consensus.
  • Non-GAAP operating margin was 20.6 percent of revenue for the first quarter of 2019, compared to 23.0 percent for the first quarter of 2018.
06:00  SUMRX Overnight Summary -- World markets steady following declines in China; BOJ stands pat

  • The global equities are off to mixed start. China saw out sized declines overnight without an economic release and the BOJ left its monetary policy unchanged. With that said, the S&P Futures saw a relatively quiet night. The index is currently hovering around the 2932 area, still unable to test the all-time high of 2947. The spoos could only manage to tap a high print of 2935.75, while the low was established at 2928.00. 
  • Asian markets finished the day mixed with China giving up 2.4%, while Japan gained 0.5%. The weakness in the Shanghai did not seem to stem from an economic release, but state media outlets indicated the PBOC would tweak the RRR for small and medium sized banks but gave no indication of a cut to the RRR on a grander scale. Couple this with CNY80 bln drain in liquidity and technical triggers, as well as aggressive profit taking, took hold. In Japan, the BOJ left its monetary policy unchanged and this provided only a modest reaction in the markets. The yen is higher against the dollar despite the central bank's typical dovish stance, but the Nikkei managed to post a solid gain of 0.5% on the day. For a more detailed update on the BOJ, click here.
  • European bourses are mixed but seeing muted performance in the early part of trade. The EU banks are setting the pace higher this morning after better than expected earnings results from both UBS and Deutsche bank. The two banks are trading higher by 1% and 3%, respectively

Market Updates 

  • S&P Futures vs Fair Value: +2.0
  • 10 yr Note: 2.53%
  • USD/JPY: 111.87  -0.30
  • EUR/USD: 1.1141  -0.0012
  • Europe: FTSE  -0.3%  DAX  +0.1%  CAC -0.1%
  • Asia: Hang Seng  -0.9%  Shanghai  -2.4%  Nikkei +0.5%
  • Gold (1279.50 +0.10) Silver (14.89 -0.03) Crude (66.11 +0.22)
05:52  S&P futures vs fair value: +0.90. Nasdaq futures vs fair value: +53.80.

05:52  European Markets

FTSE...7450.03...-21.70...-0.30%.  DAX...12315.90...+2.70...+0.00%.
05:52  Asian Markets

Nikkei...22308...+107.60...+0.50%.  Hang Seng...29550...-256.00...-0.90%.
05:51  FXI Shanghai... -2.43%

 
05:49  DB Deutsche Bank ends merger talks with Commerzbank (CRZBY) (8.50 )

Co stated "We were always clear that we needed to be convinced that any potential combination would generate higher and more sustainable returns for shareholders and allow us to enhance our value proposition to clients. After thorough analysis, we have concluded that this transaction would not have created sufficient benefits to offset the additional execution risks, restructuring costs and capital requirements associated with such a large-scale integration."
05:34  WIRES On The Wires

  • CUI Global (CUI) wholly-owned Energy subsidiary, Orbital Gas Systems announced that it has received orders for its GasPTi-F product from SAMSON AG, its global distribution partner, for use by a large industrial user of natural gas in Spain. The number of units comprising the orders was not disclosed.
  • SoftBank Corp's (SFTBY) HAPSMobile and Alphabet's (GOOG) Loon have formed a long-term strategic relationship to advance the use of high altitude vehicles, such as balloons and unmanned aircraft systems, to bring connectivity to more people, places, and things worldwide. As part of the new relationship and HAPSMobile's financial and investment strategy, HAPSMobile has made a decision to invest $125 million in Loon.
05:33  ALLE Allegion beats by $0.01, reports revs in-line; reaffirms FY19 EPS guidance, revs guidance (95.50 )

  • Reports Q1 (Mar) earnings of $0.88 per share, $0.01 better than the S&P Capital IQ Consensus of $0.87; revenues rose 6.8% year/year to $655 mln vs the $654.66 mln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees EPS of $4.75-4.90 vs. $4.86 S&P Capital IQ Consensus; sees FY19 revs of +5-6% yr/yr to $2.87-2.90 bln vs. $2.89 bln S&P Capital IQ Consensus.
    • The company also affirms its full-year available cash flow outlook of approximately $430 to $450 million
05:28  UBS UBS AG beats by $0.04, beats on revs (13.17 )

  • Reports Q1 (Mar) earnings of $0.30 per share, $0.04 better than the S&P Capital IQ Consensus of $0.26; revenues fell 4.5% year/year to $7.24 bln vs the $7.02 bln S&P Capital IQ Consensus.
  • Outlook/Commentary from Co
    • "The overall pace of growth has decreased as a result of a synchronized global slowdown. Economic growth and markets are expected to continue to recover and stabilize at different speeds across regions and asset classes."
    • "We are likely to benefit from this environment as a result of our regional and business diversification. Higher invested assets are expected to lead to an increase in recurring revenues in Global Wealth Management and Asset Management, compared with the first quarter of 2019. Further momentum would require a sustained improvement in market activity and client sentiment across our businesses."
05:21  NGLOY Anglo American reports Q1 production declined 6% yr/yr (13.56 )

  • Co reports Production was 6% lower in the quarter, with two planned longwall moves at Metallurgical Coal accounting for 80% of the reduction.
  • De Beers' diamond production decreased by 8% to 7.9 million carats driven by lower production at Venetia as it transitions from open pit to underground.
    • Copper production increased by 4% to 161,100 tonnes due to strong plant performance and planned higher grades.
    • Platinum and palladium production decreased by 5%(2) to 471,900 ounces and by 6%(2) to 326,600 ounces, respectively, due to operational challenges as well as one-off benefits in Q1 2018.
  • Metallurgical coal production decreased by 25% to 4.2 million tonnes with two longwall moves in the period compared to only one in Q1 2018.
    • Thermal coal export production decreased by 2% to 6.6 million tonnes, with solid operational performance across the South African mines offset by lower production at Cerrejn due to dust management.
05:12  RBS Royal Bank of Scotland CEO to resign (6.73 )

  • He has a 12 month notice period and will remain in his position until a successor has been appointed and an orderly handover has taken place.
  • The effective date of his departure will be confirmed in due course.
05:02  TAL TAL Education beats by $0.05, beats on revs; guides Q1 revs below consensus (34.42 )

  • Reports Q4 (Feb) earnings of $0.20 per share, $0.05 better than the S&P Capital IQ Consensus of $0.15; revenues rose 44.1% year/year to $726.6 mln vs the $685.64 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q1, sees Q1 revs of $699.3-710.3 mln vs. $747.06 mln S&P Capital IQ Consensus.
05:00  CEO CNOOC reports Q1 production flat yr/yr (186.15 )

  • Co achieved a total net production of 120.1 million barrels of oil equivalent for the first quarter of 2019, remaining stable compared to the same period last year.
    • Production from offshore China increased 2.3% year over year to 79.3 million BOE, mainly attributable to commencement of production of new projects.
    • Overseas production decreased 4.2% yr/yr to 40.8 million BOE, mainly due to completion of historical investment recovery of Missan project in Iraq and expiration of contract of SES block in Indonesia.
  • The unaudited oil and gas sales revenue of the Company reached ~CNY42.05 billion for the first quarter of 2019, down 1.1% yr/yr.
    • During the period, the Company's average realized oil price decreased 4.3% yr/yr to US$60.78 per barrel, which is in line with the international oil prices.
    • The Company's average realized gas price was $6.88 per thousand cubic feet, increasing by 6.3% yr/yr, primarily driven by the increased production proportion from gas fields of higher realized gas price.
  • For the first quarter of 2019, the Company's capital expenditure reached ~CNY14.08 billion, up 45.8% yr/yr as a result of increased workload.
04:53  WIRES On The Wires

  • SoftBank (SFTBY) announced the launch of a High Altitude Platform Station business through HAPSMobile, a joint venture between SoftBank and US-based company AeroVironment (AVAV). With the aim of constructing a HAPS system that delivers telecommunications network connectivity from the sky for a global business, HAPSMobile developed "HAWK30," an unmanned aircraft for stratospheric telecommunications platform system that flies at altitudes of approximately 20 kilometers.
  • Amazon Web Services, an Amazon.com company (AMZN), announced the opening of the AWS Asia Pacific (Hong Kong) Region.
  • Avon Products (AVP) commented on the announcement by New Avon LLC that it has entered into an agreement to be acquired by LG Household & Health Care. In March 2016 Avon's North American business was separated into a privately-held company -- New Avon -- as a result of a strategic partnership transaction between Avon Worldwide and an affiliate of Cerberus Capital Management, L.P. Avon North America is majority-owned and managed by Cerberus. Avon Worldwide retained a minority interest in Avon North America which LG H&H will acquire as part of its transaction.
  • Royal Philips (PHG) announced IntelliSpace Radiation Oncology, an intelligent patient management solution to manage complexity, improve efficiency and enable operational excellence in radiotherapy departments. IntelliSpace Radiation Oncology provides a harmonized way of working, integrating applications and automating workflow to help reduce the amount of time it takes from receiving a patient referral to the start of their treatment.
04:51  GFI Gold Fields reports Q1 opereating results; reaffirms FY19 outlook (3.67 )

  • Reports Attributable equivalent gold production for the quarter was 11% higher yr/yr (6% higher qtr/qtr) at 542koz (production in Q1 2019 included 27koz attributable from the Asanko JV). All-in sustaining costs were largely flat yr/yr (down 5% qtr/qtr) at $963/oz and all-in costs were 6% lower yr/yr (11% lower qtr/qtr) at $1,080/oz.
  • The average $ gold price achieved in the quarter was 1% lower yr/yr (7% higher qtr/qtr) at $1,298/oz. The average Australian dollar for the quarter was A$0.71/$ (10% weaker yr/yr and 1% weaker qtr/qtr), resulting in an A$ gold price of A$1,827/oz. The average South African rand for the quarter was R14.04/$ (17% weaker yr/yr and 2% stronger qtr/qtr), resulting in a rand gold price of R590,314/kg.
  • Outlook for 2019 unchanged As previously guided, Gold Fields expects an increase of 4% -- 7% in attributable equivalent gold production in 2019 to 2.13Moz -- 2.18Moz. AISC is expected to be between $980/oz and $995/oz and AIC between $1,075/oz -- $1,095/oz.
    • The year will however, be one of two halves, with both production and cash-flow being weighted to H2 2019.
04:44  NOK Nokia misses by 0.05, misses on revs; reaffirms FY19 EPS guidance; guides FY20 EPS in-line (5.79 )

  • Reports Q1 (Mar) loss of 0.02 per share, 0.05 worse than the S&P Capital IQ Consensus of 0.03; revenues rose 2.2% year/year to 5.03 bln vs the 5.12 bln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees EPS of 0.25-0.29 vs. 0.28 S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY20, sees EPS of 0.37-0.42 vs. 0.38 S&P Capital IQ Consensus.
04:39  MAXR Maxar Technologies to collaborate with NTT DATA and Toyota Research Institute to build high-definition maps for autonomous vehicles from space (4.57 )

  • In this proof of concept, the three companies will work together to process satellite imagery into vehicle-friendly HD maps. Leveraging Maxar's cloud-based Geospatial Big Data platform, imagery from Maxar's optical satellite image library will be fed into NTT DATA's specialized algorithms using Artificial Intelligence to extract information that is necessary to generate the detailed road network. Based on the above information, TRI-AD will make HD maps available for delivery from TRI-AD's cloud into Toyota test vehicles. The group is focusing first on creating an automated HD map for a predefined area of the Tokyo metropolitan region, opening up the future possibility of supporting automated mobility on all roads.
04:37  GRTS Gritstone Oncology prices 6.5 mln shares of common stock at $11.50 per share (12.30 )

 
19:25  POR Portland Gen Elec increases quarterly common stock dividend to $0.385/share from $0.3625/share (51.19 +0.58)

The co targets a dividend payout ratio of 60 to 70% over the long term.
19:18  AVH Avianca Holdings CEO Hernan Rincon Lema to retire effective April 30; co already retained consulting firm to assist in searching for successor (3.87 -0.12)

Mr. Rincn's announcement, which was made upon completion of his third year as Avianca's CEO, is aligned with the Company's ongoing long-term strategic and organizational development program, as part of a planned transition. Mr. Rincn joined Avianca to lead the Company's transformation process, which he has successfully accomplished.
19:02  PBFX PBF Logistics reports prelim Q1 results with plans to acquire the remaining 50% interest in Torrance Valley Pipeline Company (21.41 -0.32)

  • Provides Q1 prelim estimates: Adj EBITDA of $42.4-43.4 mln; revenue of $78.3-79.3 mln vs $77.9 mln consensus; and net income of $21.6-22.6 mln. 
  • Co announced the execution of definitive agreements for the acquisition of the remaining fifty percent interest in Torrance Valley Pipeline from an affiliate of PBF Energy Inc. (PBF) for total consideration of ~$200 million in cash. The Partnership and PBF Energy currently anticipate closing of the transaction to occur in the second quarter. The acquisition of TVPC by the Partnership immediately doubles its position in one of its core assets and is immediately accretive to distributable cash flow. Pro forma for the transaction, the Partnership expects 2019 coverage to be consistent with its original guidance of ~1.05x based on current expectations. The Partnership reiterates its prior guidance of maintaining leverage in the three-to-four times run-rate EBITDA range and its commitment to a long-term coverage ratio of 1.15x.
18:54  PBFX PBF Logistics announces registered direct offering of 6,585,500 common units for gross proceeds of ~$135.0 mln (21.41 -0.32)

The Partnership plans to use the net proceeds to fund a portion of the purchase price for its acquisition from an affiliate of PBF Energy (PBF) of the remaining 50% interest in the Torrance Valley Pipeline Company LLC that it does not currently own.
18:29  BANR Banner misses by $0.06; misses on revs (55.40 -0.03)

  • Reports Q1 core earnings of $0.99 per share, $0.06 worse than the S&P Capital IQ Consensus of $1.05; Revenue from core operations of $134.2 mln vs $138.51 mln consensus.
18:21  OMAB Grupo Aeroportuario reports Q1 earnings per ADS of $0.79 vs $0.67 prior year period and adj EBITDA grew 18.4% (48.35 -0.27)

 
18:11  ARGO Argo Group responds to Voce Capital's most recent press release - Voce "continues to make false and misleading statements" (74.43 +0.49)

"The properties identified in Voce's press release are not corporate housing, but rather part of our investment property portfolio: they are income-producing assets purchased in connection with a Section 1031 like-kind real estate exchange following the sale of a commercial property in California... We are well positioned to deliver substantial and enduring value for our shareholders and look forward to updating them on our first quarter 2019 earnings results call."
18:07  AZPN Aspen Tech announced that Rompetrol Rafinare (largest refinery company in Romania) purchased Aspen Mtell software and Aspen Fidelis Reliability software licenses (114.51 +2.40)

 
17:53  ISBC Investors Bancorp misses by $0.02 (12.27 +0.06)

  • Reports Q1 (Mar) earnings of $0.18 per share, $0.02 worse than the S&P Capital IQ Consensus of $0.20. Net interest margin decreased 14 basis points to 2.55% vs prior qtr driven by the higher cost of interest-bearing liabilities and reduced income from prepayment penalty fees and trust preferred security paydowns and payoffs. Excluding those impacts NIM decreased 6 basis points from prior qtr.
  • "It was a challenging quarter for the industry given the difficult interest rate environment. However, we are encouraged that pressure on our net interest margin should abate as the Federal Reserve remains on pause regarding interest rates."
17:49  ASR Grupo Aeroportuario Del Sureste reported Q1 EBITDA +8.4% yr/yr to Ps 2.66 bln and revs +4.7% to Ps 4.1 bln (162.79 +0.22)

 
17:43  OPTNX Cboe Global Markets plans listing of options on Pinterest (PINS), Zoom Video Communications (ZM) on April 25

 
17:34  PKG Packaging Corp beats by $0.02, misses on revs; sees Q2 EPS below consensus (98.81 +0.29)

  • Reports Q1 (Mar) earnings of $1.98 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $1.96; revenues rose 2.5% year/year to $1.73 bln vs the $1.77 bln S&P Capital IQ Consensus.
  • In the Packaging segment, total corrugated products shipments and shipments per day were up 0.7% over last year's first quarter. Containerboard production was 1,037,000 tons, and containerboard inventory was up 9,000 tons from Q4 2018 and up 42,000 tons from year ago period. In the Paper segment, compared to Q1 2018, sales volume was 21% lower and production volume was 14% lower, primarily due to discontinuing the paper business at the Wallula Mill.
  • Co issues downside guidance for Q2, sees EPS of $2.05 vs. $2.10 S&P Capital IQ Consensus.  "Looking ahead to the second quarter, in our Packaging segment we expect seasonally higher containerboard and corrugated products shipments, with lower prices as a result of the published domestic containerboard price decreases and lower export prices. In our Paper segment, volume should be similar to the first quarter and we will continue implementing the previously announced paper price increases, but scheduled outage costs will be higher due to the annual shutdown at our International Falls mill. Across both segments we anticipate slightly higher freight, repairs, and certain fixed costs as well as higher share-based compensation costs due to the accounting treatment of restricted stock."
17:30  FOLD Amicus Therapeutics files mixed securities shelf offering (13.15 -0.14)

 
17:27  TSLA Tesla misses by $1.93, misses on revs; guides significantly reduced Q2 net loss, below estimates; expects to return to profitability in Q3; reaffirms FY19 production, expects positive OCF less cap-ex every quarter; unveils Model Y pricing (258.66 -5.24)

  • Reports Q1 (Mar) loss of $2.90 per share, excluding non-recurring items, $1.93 worse than the S&P Capital IQ Consensus of ($0.97); revenues rose 33.2% year/year to $4.54 bln vs the $5.18 bln S&P Capital IQ Consensus. Model 3 gross margin declined slightly to ~20%. Model S and Model X gross margin declined in Q1 predominantly due to reduced volume and pricing actions. Operating cash flow ($640 mln)
  • Co issues downside guidance for Q2, sees significantly reduced net loss vs. $0.34 S&P Capital IQ Consensus.
  • Co issues guidance for Q3 (Sep), sees profitability vs. $1.31 S&P Capital IQ Consensus. 
  • Given its significantly higher volume, we build different variants of Model 3 in batches (including regional versions), and every vehicle that leaves the factory initially becomes inventory. While in inventory, those vehicles are then matched to a specific order made by each customer. As this was our first quarter delivering Model 3 outside of North America, we faced challenges in ramping our logistics channels and increasing the capacity of our international delivery operations. In addition to these factors, with a massive number of cars being shipped globally from a single factory in Fremont, the international expansion of Model 3 unavoidably resulted in longer average shipping times and increased vehicles in transit. Despite this, our global Model S, Model X and Model 3 inventory (including vehicles in transit and vehicles owned by our sales and service organizations) at the end of Q1 equaled 30 days of sales, less than half of US industry average and in line with our historical numbers.
  • Although we are driving towards higher internal goals, we reaffirm our prior guidance of 360,000 to 400,000 vehicle deliveries in 2019, representing an increase of approximately 45% to 65% compared to 2018. Please note that vehicle production will be significantly higher than deliveries, as it takes several weeks to transport cars from California to distant customers, especially in other countries, where they must also be processed by customs. Deliveries, production and customer orders, which are all materially different, are often conflated when analyzing Tesla. If our Gigafactory Shanghai is able to reach volume production early in Q4 this year, we may be able to produce as many as 500,000 vehicles globally in 2019. This is an aggressive schedule, but it is what we are targeting. However, based on what we know today, being able to produce over 500,000 vehicles globally in the 12-month period ending June 30, 2020 does appear very likely.
  • We continue to target a 25% non-GAAP gross margin on Model S, Model X and Model 3, depending on variant mix and option take rates as our product offerings change. In response to the operational challenges we experienced with international expansion in Q1, we are in the process of balancing our regional vehicle builds throughout the quarter. This provides an opportunity for additional cost efficiencies in our factory, supply chain, logistics operations and delivery centers. With the recently announced product improvements on Model S and Model X, as well as continued expansion of Model 3 globally, we expect our order rate to continue to increase throughout the year as our production levels increase.
  • We believe we will deliver between 90,000 and 100,000 vehicles in Q2. Operating cash flow less capex should be positive in every quarter including Q2. As the impact of higher deliveries and cost reduction take full effect, we expect to return to profitability in Q3 and significantly reduce our loss in Q2.
  • The long-range version of Model Y will be an all-electric compact SUV priced at $48,000, roughly $20,000 less than other all-electric SUVs. Given the well-appointed standard equipment, superior acceleration and handling, interior size and up to 300 mile range that we expect for Model Y and the size of the addressable market, we believe it will ultimately have higher sales than Model S, Model X and Model 3 combined. 
17:22  DLGNF Dialog Semi expects higher than anticipated profitability in Q1 2019 (37.00 +0.50)

  • On 6 March 2019, Dialog indicated that it expected gross margin for Q1 2019 to be broadly in line with FY 2018 (FY 2018 gross margin: 47.9%; FY 2018 underlying gross margin: 48.3%). Co now expects Q1 2019 gross margin of ~49.3% and Q1 2019 underlying gross margin of ~49.6%. Both measures include 80bps positive impact from non-recurring items. The remaining favorable movement was mostly driven by product mix and lower manufacturing costs.
  • Additionally, in Q1 2019 the Company expects operating profit of ~US$25 mln and underlying operating profit of ~US$47 mln. Both measures include other operating income of ~US$4 mln, comprising income from specific non-recurring engineering contracts. In Q1 2019, the Company expects revenue of ~US$295 mln.
17:19  CLB Core Labs beats by $0.01, beats on revs; guides Q2 EPS in-line, revs in-line (72.95 -1.61)

  • Reports Q1 (Mar) earnings of $0.44 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.43; revenues fell 0.5% year/year to $169.19 mln vs the $166.79 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q2, sees EPS of $0.47-0.50 vs. $0.49 S&P Capital IQ Consensus; sees Q2 revs of $172-175 mln vs. $174.35 mln S&P Capital IQ Consensus.
17:19  MEOH Methanex increases quarterly dividend to $0.36 per share from $0.33 per share (57.39 -1.66)

 
17:18  MTOR Meritor to supply all-electric drivetrain systems for 38 terminal tractors for use at Port of Long Beach and the Port of Oakland, California (24.76 +0.15)

Deliveries of the vehicles are scheduled to begin later this year through October 2020. Meritor and TransPower were awarded the $17.1 million contract with SSA Marine as part of the $50 million Port of Long Beach obtained from the California Air Resources Board's Zero and Near Zero Emission Freight Facility (ZANZEFF) program.
17:17  MEOH Methanex misses by $0.16, misses on revs (57.39 -1.66)

  • Reports Q1 (Mar) earnings of $0.73 per share, $0.16 worse than the S&P Capital IQ Consensus of $0.89; revenues fell 19.6% year/year to $773 mln vs the $790 mln S&P Capital IQ Consensus.
  • John Floren, President and CEO of Methanex, commented, "The lower Adjusted EBITDA and earnings in the first quarter primarily reflects lower average realized prices compared to the last quarter which was partially offset by higher sales of Methanex-produced methanol. In addition, in a declining price environment, our margins tend to be lower than in a stable price environment due to inventory timing differences."
17:16  APLE Apple Hospitality REIT files to withdraw Registration Statement on Form S-3 due to error in coding; will re-file as shelf offering (16.45 +0.01)

 
17:14  GDOT Green Dot Chief Banking Officer / Vice Chairman Konrad Alt to step down effective June 30 (61.80 -0.42)

 
17:10  ATI Allegheny Tech learns that the A&T Stainless joint venture's previously filed Section 232 tariff exclusion request has been denied by the U.S. Department of Commerce (24.25 -0.73)

The joint venture (JV) imports semi-finished stainless slab products from Indonesia to produce 60-inch wide stainless sheet products for sale in North America. These slabs will continue to be subject to the 25% tariff levied on all stainless steel products imported into the United States.
17:10  IIPR Innovative Industrial Properties acquires Pennsylvania property for ~$6.3 mln and enters into long-term lease with Maitri Genetics (84.23 +0.31)

Maitri Genetics intends to operate the property as a licensed medical-use cannabis cultivation and processing facility upon completion of redevelopment. Maitri is expected to complete tenant improvements for the building, for which IIP has agreed to provide reimbursement of up to $10 million. Assuming full reimbursement for the tenant improvements, IIP's total investment in the property will be ~$16.3 million.
17:09  DUK Duke Energy to sell minority interest in its commercial renewable energy portfolio to John Hancock (MFC) for pre-tax proceeds of $415 mln (89.68 +0.67)

  • Duke Energy has entered into a definitive agreement to sell a minority interest in a portion of its commercial renewable energy portfolio owned and operated by its affiliate, Duke Energy Renewables, to the John Hancock Infrastructure Fund and John Hancock Life Insurance Company, a division of Manulife Financial (MFC). 
  • The portion of Duke Energy's commercial renewables energy portfolio to be sold includes 49% of 37 operating wind, solar, and battery storage assets and 33% of 11 operating solar assets across the U.S. Once the sale has closed, John Hancock's interest will represent approx. 1.2 gigawatts of generating capacity. John Hancock will also have the right to acquire a minority interest in certain additional wind and solar projects in the future, providing a potential source of future growth capital to Duke Energy.
  • The total enterprise value of this portion of Duke Energy's commercial renewable energy portfolio is approx. $1.25 bln (including proportional existing project-level debt). The sale will result in pre-tax proceeds to Duke Energy of $415 mln.
17:07  RFP Resolute Forest Products announced four-year renewal of the master collective agreement covering ~775 unionized employees of three U.S. pulp, paper and tissue mills (7.93 +0.29)

The agreement takes effect for the Calhoun pulp, paper and tissue mill in May 2019 and runs through April 2023, in addition to spanning the four-year period between May 2020 and April 2024 for the Augusta newsprint mill and Coosa Pines fluff pulp operation.
17:05  OIS Oil States beats by $0.05, beats on revs (18.42 -0.98)

  • Reports Q1 (Mar) loss of $0.24 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of ($0.29); revenues fell 1.2% year/year to $250.6 mln vs the $245.2 mln S&P Capital IQ Consensus
  • Co said, "Following a volatile fourth quarter regarding commodity prices, we entered the first quarter with a heightened level of uncertainty. As the quarter progressed, our outlook improved given commodity price increases and a relatively stable, if not improving, level of customer spending activity. Our Completion Services revenues declined 7% sequentially due to rig count reductions in the U.S. coupled with an adverse service mix in the quarter. Our land drilling operations declined at a disproportionate rate as customers temporarily shut-down their drilling programs following the decline in commodity prices in the fourth quarter of 2018. However, our Well Site Services and Downhole Technologies segments experienced improving product and service demand later in the quarter. We were particularly encouraged by our Offshore/Manufactured Products bookings, which led to a 1.63x book-to-bill ratio for the quarter, evidencing improving global offshore demand."
17:05  MMLP Martin Midstream announces strategic initiatives, reports Q1 results, and cuts dividend to $0.25/share from $0.50/share (9.84 -0.28)

  • Strategic initiatives consist of previously announced marketing of the Partnership's gas storage assets and the active negotiation of the sale of certain non-core assets and/or businesses.
  • Co reports Q1 EPS of ($0.09) vs $0.28 two analyst estimate on revs of $251 mln vs $298.6 mln two analyst estimate
  • "In the first quarter of 2019, the Partnership earned adjusted EBITDA of $30.8 million, which was below guidance by approximately $7.1 million," said Mr. Martin. "Through most of the quarter we experienced extreme weather patterns throughout our geographic footprint that negatively impacted the majority of our business segments.
17:03  XOM ExxonMobil acquires additional exploration acreage offshore Namibia; terms not disclosed (81.76 -1.62)

  • ExxonMobil will increase its exploration acreage in Namibia with the addition of approx. 7 mln net acres (28,000 square kilometers) following the signing of an agreement with the government of Namibia and the National Petroleum Corporation of Namibia (NAMCOR) for blocks 1710 and 1810 and farm-in agreements with NAMCOR for blocks 1711 and 1811A.
  • The blocks extend from the shoreline to about 135 miles offshore Namibia in water depths up to 13,000 feet. ExxonMobil plans to begin exploration activities in 2019, including acquisition of seismic data and analysis.
17:02  DOOR Masonite International discloses that a fire broke out yesterday at a non-Masonite facility adjacent to one of the Company's plants in Stockton, CA and spread to Masonite's facility (51.24 +0.58)

The Masonite Stockton cut-stock facility was severely impacted and, after assessing the damage today and communicating with affected employees, it is not expected to be restarted. For employees at the Stockton cut-stock facility, the Company is providing additional support to ease the disruption occurring from this incident and help find new employment opportunities. 

  • The Company operates two other cut-stock facilities, including a new automated facility in Verdi, NV and intends to increase production at those plants to mitigate the impact from the fire.
  • Based on the current plans, customer impact, if any, is anticipated to be minimal. The company will continue to evaluate the impact on its operations as additional information becomes available.
17:02  MSA MSA Safety beats by $0.04, misses on revs (106.93 +0.44)

  • Reports Q1 (Mar) earnings of $1.14 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $1.10; revenues were unchanged year/year at $326 mln vs the $340.46 mln S&P Capital IQ Consensus.
  • Adjusted operating margin increased 110 basis points from a year ago on product margin expansion and operating expense leverage.
17:01  CVBF CVB Financial beats by $0.02 (21.41 -0.06)

Reports Q1 (Mar) earnings of $0.37 per share, $0.02 better than the S&P Capital IQ Consensus of $0.35.

16:52  SUI Sun Communities beats by $0.05, beats on revs; guides Q2 core FFO in-line; guides FY19 core FFO in-line (120.67 +1.03)

  • Reports Q1 (Mar) core FFO of $1.18 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $1.13; revenues rose 11.4% year/year to $287.33 mln vs the $279.54 mln two analyst estimate.
  • Co issues in-line guidance for Q2, sees core FFO of $1.11-1.14, excluding non-recurring items, vs. $1.13 S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY19, sees core FFO of $4.80-4.88, excluding non-recurring items, vs. $4.84 S&P Capital IQ Consensus.
16:51  EIG Employers Holdings beats by $0.40 (41.28 +0.25)

  • Reports Q1 (Mar) earnings of $0.94 per share, excluding non-recurring items, $0.40 better than the S&P Capital IQ Consensus of $0.54.
  • Gross premiums written of $210.0 million, down 1% year-over-year;
  • Combined ratio of 90.4%, combined ratio before the impact of the LPT of 91.9%.
16:46  QTNT Quotient reports "positive" initial EU field trial performance data for MosaiQ Serological Disease Screening Microarray (7.91 -0.21)

Field trial results for the initial MosaiQ SDS Microarray used for the detection of CMV and Syphilis achieved the required clinical performance. The field trial data was obtained by donor center testing laboratories using microarrays manufactured in Quotient's ISO audited manufacturing facility and run on the CE marked MosaiQ instrument. The field trial results represent a critical step in advance of the company's CE marking submission for the initial SDS microarray, which is currently planned for later this quarter.
16:42  MORN Morningstar reports Q1 results (now estimates) (143.04 +2.64)

  • Revenue increased 6.3% to $258.9 million; organic revenue growth increased 8.3%.
  • Operating income rose 4.2% to $49.5 million.
  • Diluted net income per share decreased 21.4% to $0.77, versus $0.98 in the first quarter of 2018. Results included an increase in stock-based compensation, due primarily to the achievement of incentive targets under the PitchBook management bonus plan, which reduced diluted net income per share by $0.06. Additionally, net income in the first quarter of 2018 included an after-tax gain of $0.18 per diluted share from the sale of our 15(c) board consulting services product line.
16:42  ORLY O'Reilly Auto reports EPS in-line, misses on revs, comps of +3.2% were at low end of guidance; guides Q2 EPS below consensus, comps +3-5%; reaffirms FY19 EPS, revs and comp guidance (396.71 +1.05)

  • Reports Q1 (Mar) earnings of $4.05 per share, in-line with the S&P Capital IQ Consensus of $4.05; and above prior guidance of $3.92-4.02 revenues rose 5.6% year/year to $2.41 bln vs the $2.44 bln S&P Capital IQ Consensus.
    • Same store comps came in at +3.2%, at the low end of prior guidance of +3-5%.
    • Co says it saw a fair amount of frigid, snowy weather that drove business during the quarter, and should help drive demand for the remainder of the year. Co also experienced abnormally high levels of rain, which is not conducive to its business. Additionally, delays in tax refunds and a reduction of total refund dollars during the quarter were a headwind.
    • However, co says March finished strong, and co remains confident in the underlying business trends.
  • Co issues downside guidance for Q2, sees EPS of $4.55-4.65 vs. $4.69 S&P Capital IQ Consensus. Guides to Q2 comps of +3-5%.
  • Co reaffirms guidance for FY19, sees EPS of $17.37-17.47 vs. $17.78 S&P Capital IQ Consensus; sees FY19 revs of $10.00-10.30 bln vs. $10.16 bln S&P Capital IQ Consensus. Reaffirms prior guidance for full year comps of +3-5%.
16:41  IPAR Inter Parfums reports prelim Q1 sales of $178.2 mln vs. $188.27 mln S&P Capital IQ Consensus (75.38 +0.78)

  •  Co raises FY19 (Dec) EPS guidance to $1.88, prior $1.85 vs. $1.89 S&P Capital IQ Consensus; reaffirms FY19 (Dec) revs of $712 mln vs. $720.27 mln S&P Capital IQ Consensus.
16:40  CHDN Churchill Downs beats by $0.23, beats on revs (92.16 +2.86)

  • Reports Q1 (Mar) earnings of $0.63 per share, excluding non-recurring items, $0.23 better than the S&P Capital IQ Consensus of $0.40; revenues rose 40.2% year/year to $265.4 mln vs the $250.57 mln S&P Capital IQ Consensus.
  • Adjusted EBITDA of $74.6 mln, a 52% increase over the prior year quarter
16:35  PTC PTC beats by $0.04, beats on revs; guides Q3 EPS below consensus, revs below consensus; reaffirms FY19 EPS guidance, lowers FY19 revs below consensus (101.89 +1.07)

  • Reports Q2 (Mar) earnings of $0.38 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.34; revenues rose 2.5% year/year to $315.5 mln vs the $312.29 mln S&P Capital IQ Consensus.
  • License and subscription bookings: Q2'19 license and subscription bookings were $112 million, an increase of 18% on a constant currency basis, driven by a strong quarter for IoT; for the first time IoT bookings surpassed both CAD and PLM in the quarter.
  • Co issues downside guidance for Q3, sees EPS of $0.31-0.36 vs. $0.40 S&P Capital IQ Consensus; sees Q3 revs of $302-325 mln vs. $331.51 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY19, reaffirms EPS of $1.75-1.85 vs. $1.79 S&P Capital IQ Consensus; lowers FY19 revs to $1.313-1.325 bln from $1.325-1.340 bln vs. $1.33 bln S&P Capital IQ Consensus.
16:35  LAZ Lazard increases quarterly common stock dividend to $0.47/share from $0.44/share (37.59 +0.35)

 
16:33  BDN Brandywine Realty beats by $0.01, beats on revs; narrows FY19 FFO in-line (15.47 -0.02)

  • Reports Q1 (Mar) funds from operations of $0.34 per share, $0.01 better than the S&P Capital IQ Consensus of $0.33; revenues rose 5.6% year/year to $144 mln vs the $140.73 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY19, narrows FFO to $1.39-1.45 from $1.37-1.47 vs. $1.41 S&P Capital IQ Consensus.
16:33  CUBI Customers Bancorp beats by $0.03; guides FY19 EPS below consensus; guides FY20 EPS above consensus (22.37 +0.10)

  • Reports Q1 (Mar) earnings of $0.38 per share, $0.03 better than the S&P Capital IQ Consensus of $0.35.
  • Co issues downside guidance for FY19, sees EPS of $2.21 vs. $2.22 S&P Capital IQ Consensus.
  • Co issues upside guidance for FY20, sees EPS of $3.00 vs. $2.60 S&P Capital IQ Consensus
  • Co said, "We are off to a good start in 2019, with strong growth in higher margin C&I and consumer loans, supported by corresponding increases in core deposits. The planned commercial and consumer loan growth expected in 2019 would require appropriate provision expense in 2019."
16:33  LPI Laredo Petroleum names Mikell J. Pigott as CEO (3.29 -0.06)

  • Mr. Pigott will be the company's new President and a member of the Board of Directors, effective May 28, 2019. Mr. Pigott will succeed Randy A. Foutch as Laredo's Chief Executive Officer during the fourth quarter of 2019.
  • Mr. Pigott has more than 20 years of experience in the energy exploration and production industry, most recently serving as Executive Vice President - Operations and Technical Services for Chesapeake Energy.
16:33  RJF Raymond James beats by $0.18, reports revs in-line (62.15 +0.56)

  • Reports Q2 (Mar) earnings of $1.81 per share, $0.18 better than the S&P Capital IQ Consensus of $1.63; revenues rose 2.6% year/year to $1.86 bln vs the $1.86 bln S&P Capital IQ Consensus.
  • Records for client assets under administration of $796.0 billion, total Private Client Group financial advisors of 7,862, and net loans at Raymond James Bank of $20.1 billion.
16:31  ASGN On Assignment also announces CEO transition (67.96 -0.34)

CEO Peter T. Dameris advised the Board of Directors that he will step down from his role as CEO, effective April 30, 2019, for family purposes. The Board has appointed Theodore "Ted" S. Hanson, who joined ASGN in 2012 and who is currently President of ASGN, to serve as CEO. Mr. Dameris will continue as a member of the company's Board and as an adviser to the company.
16:27  CUZ Cousins Prop beats by $0.01, reports revs in-line; guides FY19 FFO in-line (9.47 +0.09)

  • Reports Q1 (Mar) funds from operations of $0.20 per share, $0.01 better than the S&P Capital IQ Consensus of $0.19; revenues rose 8.8% year/year to $123.35 mln vs the $122.55 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY19, sees FFO of $0.70-0.74 vs. $0.72 S&P Capital IQ Consensus and prior guidance of $0.70-0.75.  The updated guidance is for the company as a stand-alone entity, and is not meant to reflect or give effect to, in any manner, the merger with TIER.
16:27  XLNX Xilinx misses by $0.02, reports revs in-line; guides Q1 revs above consensus; increases dividend, announces acquisition of Solarflare (139.72 +2.57)

  • Reports Q4 (Mar) earnings of $0.94 per share, excluding non-recurring items, $0.02 worse than the S&P Capital IQ Consensus of $0.96; revenues rose 29.8% year/year to $828.36 mln vs the $826.51 mln S&P Capital IQ Consensus.
  • The Xilinx Board of Directors declared a quarterly cash dividend of $0.37 per outstanding share of common stock payable on June 3, 2019 to all stockholders of record at the close of business on May 16, 2019. Prior dividend was $0.36/share
  • The co also announced today that it has entered into a definitive agreement to acquire Solarflare Communications, Inc., an Irvine, Calif.-based privately-held company. Solarflare is a leading provider of high-performance, low latency networking solutions for customers spanning FinTech to cloud computing. Terms of the deal were not disclosed.
  • Co issues upside guidance for Q1, sees Q1 revs of $835-865 mln vs. $834.75 mln S&P Capital IQ Consensus; sees Gross Margins of ~66%
16:27  CLGX CoreLogic beats by $0.07, beats on revs (42.35 +0.10)

  • Reports Q1 (Mar) earnings of $0.45 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of $0.38; revenues fell 6.1% year/year to $417.71 mln vs the $404.2 mln S&P Capital IQ Consensus.
  • In December 2018, the Company announced the acceleration of its AMC transformation program and the wind-down of non-core mortgage and default technology related platforms which is expected to significantly reduce UWS revenues and adjusted EBITDA in 2019. CLGX believes these actions will expand the company's overall profit margins and provide for enhanced long-term organic growth trends. The company may incur additional cash and non-cash charges (beyond those contemplated in the Company's 2019 guidance) as these programs are actioned.
    • In connection with the Company's previously announced 2020 adjusted EBITDA margin target of 30%, CLGX intends to incur discrete charges of approximately $15 million over the course of 2019.
16:25  PYPL PayPal beats by $0.10, reports revs in-line; guides Q2 EPS in-line, revs below consensus; guides FY19 EPS in-line, reaffirms revs in-line (107.22 +0.32)

  • Reports Q1 (Mar) earnings of $0.78 per share, $0.10 better than the S&P Capital IQ Consensus of $0.68; revenues rose 12.1% year/year to $4.13 bln vs the $4.13 bln S&P Capital IQ Consensus.
    • 9.3 million net new active accounts, versus an increase of 8.1 million in Q1 2018, up 15%.
    • 2.8 billion payment transactions, up 28%. $161 billion in total payment volume (TPV), up 22%, or 25% on an FX-neutral basis.
    • 37.9 payment transactions per active account on a trailing twelve months basis, up 9%.
    • Venmo processed $21 billion of TPV in the first quarter, growing 73%.
  • Co issues guidance for Q2, sees EPS of $0.68-0.70, excluding non-recurring items, vs. $0.69 S&P Capital IQ Consensus; sees Q2 revs of $4.30-4.34 bln vs. $4.37 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY19, sees EPS of $2.86-2.93 (Prior $2.84-2.91), excluding non-recurring items, vs. $2.89 S&P Capital IQ Consensus; sees FY19 revs of $17.85-18.10 bln vs. $17.99 bln S&P Capital IQ Consensus.
    • EPS excludes $0.08 of unrealized gains from PayPal's strategic investment in MercadoLibre recognized in Q1 2019 and an approximate $0.01 of expected net unrealized gains related to PayPal's strategic investment portfolio in Q2 2019.
16:24  NOW ServiceNow beats by $0.13, beats on revs; slightly raises full year subscription revenue guidance (242.41 -1.17)

  • Reports Q1 (Mar) earnings of $0.67 per share, excluding non-recurring items, $0.13 better than the S&P Capital IQ Consensus of $0.54; revenues rose 33.9% year/year to $788.9 mln vs the $768.1 mln S&P Capital IQ Consensus.
    • Subscription revenue was $740 mln vs prior guidance of $715-720 mln.
    • Co reports 25 transactions over $1 mln in net new annual contract value in Q1; 717 total customers with over $1 mln in annual contract value, representing 33% yr/yr growth.
    • Its US federal business highlighted the quarter, representing 15% of total net new ACV, up from 6% in the prior year.
  • Co guides to Q2 GAAP subscription revenue of $778-783 mln. Note: these figures are not comparable to CapitalIQ consensus, which is for total revenue.
  • Co guides to 2019 GAAP subscription revenue of $3.235-3.250 bln vs prior guidance of $3.215-3.235 bln. Note: these figures are not comparable to CapitalIQ consensus, which is for total revenue.
16:24  WRAPX Closing Stock Market Summary

The S&P 500 declined 0.2% on Wednesday in a tight-ranged session. A mixed set of earnings reports, and some defensive positioning, provided little incentive to move higher after yesterday's record-setting day.

The Dow Jones Industrial Average also lost 0.2%, while the Russell 2000 gained 0.2%. The Nasdaq Composite hit a new intraday high during the session but finished lower by 0.2%.

There was some defensive positioning in the market in front of key earnings reports and a policy decision from the Bank of Japan. U.S. Treasuries saw increased buying interest, which drove yields lower across the curve and underpinned the outperformance of the rate-sensitive real estate (+0.8%) and utilities (+0.6%) sectors. 

At the same time, a further decline in Germany's Ifo Business Climate Index contributed to some cautious trading and weakness in the euro, which fell 0.6% against the dollar to 1.1157. The U.S. Dollar Index rose 0.4% to 98.06 -- its highest level since May 2017. The 2-yr yield declined four basis points to 2.31%, and the 10-yr yield declined five basis points to 2.52%. 

The S&P 500 energy sector (-1.9%) was the day's outright laggard. Selling was broad-based amid a decline in oil prices ($65.83/bbl, -0.50, -0.8%), which pulled back following some bearish inventory data.

There was also some concern about a potential bidding war following Occidental Petroleum's (OXY 62.00, -0.36, -0.6%) bid to acquire Anadarko Petroleum (APC 71.40, +7.41, +11.6%) for $76.00 per share in cash and stock. The proposal represents a 20% premium to Chevron's (CVX 118.28, -3.74, -3.1%) prior offer.

Like the broader market, the S&P 500 industrials sector (-0.3%) finished slightly lower amid a mixed set of earnings reports, which included those from Boeing (BA 375.46, +1.44, +0.4%), Caterpillar (CAT 137.73, -4.30, -3.0%), Northrop Grumman (NOC 280.00, -12.61, -4.3%), and Norfolk Southern (NSC 206.70, +5.03, +2.5%).

U.S. economic data was sparse on Wednesday. The weekly MBA Mortgage Applications Index fell 7.3% following a 3.5% decline in the prior week.

Looking ahead, investors will receive the weekly Initial and Continuing Claims report and Durable Orders for March on Thursday.

  • Nasdaq Composite +22.1% YTD
  • Russell 2000 +17.8% YTD
  • S&P 500 +16.8% YTD
  • Dow Jones Industrial Average +14.0% YTD
16:23  WRE Washington REIT reports FFO in-line, beats on revs (26.45 +0.35)

  • Reports Q1 (Mar) funds from operations of $0.44 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.44; revenues fell 2.0% year/year to $83.2 mln vs the $82.12 mln S&P Capital IQ Consensus. Given the pending asset acquisition transaction and additional dispositions described above, WashREIT is not providing an outlook for the remainder of 2019 or updating or affirming its previously issued 2019 Core FFO guidance range (or the underlying assumptions) at this time.
16:23  UFPI Universal Forest beats by $0.08, reports revs in-line; semiannual dividend increased 11% to $0.20 per share (31.16 +0.16)

  • Reports Q1 (Mar) earnings of $0.58 per share, $0.08 better than the S&P Capital IQ Consensus of $0.50; revenues rose 2.1% year/year to $1.02 bln vs the $1.01 bln S&P Capital IQ Consensus.
  • While gross sales were impacted by lower lumber pricing, the unit sales increased 7 percent over the same period last year. The company's mix of value-added sales relative to commodity sales improved from 62 percent in the first quarter of 2018 to more than 66 percent in the first quarter of 2019. The increase was largely led by unit sales increases in the industrial and construction markets, which grew 16 percent and 5 percent, respectively.
16:23  TALO Talos Energy appoints Shannon E. Young, III as CFO, effective May 16 (29.37 -1.18)

  • Michael L. Harding, II, currently EVP, CFO, Chief Accounting Officer, and Treasurer, will continue to serve as the Chief Accounting Officer of the company on an interim basis for a mutually agreed period.
  • Prior to joining Talos, Mr. Young had served as VP and CFO of Sheridan Production Company since 2016
16:22  KRA Kraton beats by $0.23, misses on revs; Co reaffirms 2019 adjusted EBITDA (36.36 -0.21)

  • Reports Q1 (Mar) earnings of $0.88 per share, excluding non-recurring items, $0.23 better than the S&P Capital IQ Consensus of $0.65; revenues fell 9.2% year/year to $456.4 mln vs the $491.65 mln S&P Capital IQ Consensus
  • Co reaffirms adjusted EBITDA
  • Co said, "At the time of our fourth quarter earnings release we highlighted a possible timing difference between lost sales and associated margin in the first quarter 2019 and the reimbursement by our insurance carriers in a subsequent quarter. However, during the first quarter 2019 we recognized a gain on insurance which offset the lost margin of $5.9 million, eliminating the previously anticipated timing difference. We continue to anticipate that 2019 Adjusted EBITDA will be in a range of $370-390 million"
16:22  ARI Apollo Commercial Real Estate beats by $0.04, beats on revs (18.57 +0.14)

  • Reports Q1 (Mar) earnings of $0.50 per share, $0.04 better than the S&P Capital IQ Consensus of $0.46; revenues rose 31.0% year/year to $82.83 mln vs the $79.7 mln S&P Capital IQ Consensus.
16:21  SCI Service Corp beats by $0.06, reports revs in-line; reaffirms FY19 EPS guidance (41.64 +0.17)

  • Reports Q1 (Mar) earnings of $0.47 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.41; revenues rose 0.5% year/year to $798.2 mln vs the $791.85 mln S&P Capital IQ Consensus.
    • Comparable cemetery revenue grew 7.5% to just over $300 million and cemetery operating profit margin expanded 190 basis points.
  • Co reaffirms guidance for FY19, sees EPS of $1.84-2.02 vs. $1.92 S&P Capital IQ Consensus.
16:21  FNF Fidelity National beats by $0.02, beats on revs (38.98 +0.12)

  • Reports Q1 (Mar) earnings of $0.43 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.41; revenues rose 1.7% year/year to $1.72 bln vs the $1.58 bln S&P Capital IQ Consensus.
16:21  SAM Boston Beer Co beats by $0.99, beats on revs; reaffirms FY19 EPS guidance, raises depletions, lowers gross margin (276.43 -1.30)

  • Reports Q1 (Mar) earnings of $1.87 per share, excluding non-recurring items, $0.99 better than the S&P Capital IQ Consensus of $0.88; revenues rose 32.3% year/year to $252 mln vs the $232.19 mln S&P Capital IQ Consensus. The significant increase in net revenue, compared to the first quarter of 2018, was driven by the planned acceleration in the timing of shipments during the year to support current and anticipated growth in demand. The increase in net income reflects the higher net revenue, partially offset by increases in operating expenses and lower gross margins. Depletions increased 11% from the comparable 13-week period in 2018. First quarter gross margin of 49.5% was 1.0 percentage point below the 2018 first quarter margin of 50.5%.
  • Co reaffirms guidance for FY19, sees EPS of $8.00-9.00, excluding non-recurring items, vs. $8.68 S&P Capital IQ Consensus. Full-year depletion and shipment growth is now estimated at between 10% and 15%, an increase from the previously communicated range of between 8% and 13%. The Company's full year gross margin target is now estimated at between 50% to 52%, a decrease from the previously communicated range of between 51% and 53%.  
  • "Our total company depletions increased 11% in the first quarter and we had our fourth consecutive quarter of double-digit depletions growth. We believe this is attributable to our key innovations, the quality of our products and our strong brands, as well as successful sales execution and support from our distributors. We are still seeing challenges across the industry, including a general softening of the craft beer category and retail shelves that offer an overwhelming number of options to drinkers. We remain positive about the future of craft beer and are happy that our diversified brand portfolio continues to fuel double-digit growth."
16:21  ROIC Retail Opportunity Investments reports in-line FFO, revs; reaffirms FY19 FFO guidance (17.40 +0.28)

  • Reports Q1 (Mar) funds from operations of $0.29 per share, in-line with the S&P Capital IQ Consensus of $0.29; revenues rose 2.2% year/year to $76.05 mln vs the $75.31 mln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees FFO of $1.11-1.15 vs. $1.14 S&P Capital IQ Consensus.
16:21  ESS Essex Property beats by $0.03; raises FY19 FFO in-line (278.66 +1.76)

  • Reports Q1 (Mar) funds from operations of $3.23 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $3.20.
  • Co issues raised guidance for FY19, sees FFO of $12.90-13.25 from $12.83-13.23, excluding non-recurring items, vs. $13.09 S&P Capital IQ Consensus.
16:21  LSTR Landstar System beats by $0.07, reports revs in-line; guides Q2 EPS in-line, revs below consensus (114.26 +2.10)

  • Reports Q1 (Mar) earnings of $1.58 per share, $0.07 better than the S&P Capital IQ Consensus of $1.51; revenues fell 1.4% year/year to $1.03 bln vs the $1.04 bln S&P Capital IQ Consensus.
  • Co sees Q2 EPS of $1.56-1.62 vs. $1.60 S&P Capital IQ Consensus; sees Q2 revs of $1.075-1.125 bln vs. $1.15 bln S&P Capital IQ Consensus. 
  • "Through the first few weeks of April, the number of loads hauled via truck was consistent with the volumes experienced in the corresponding period of 2018. I expect that trend to continue during the remainder of the 2019 second quarter. Accordingly, I expect the number of loads hauled via truck in the 2019 second quarter to approximate the number of loads hauled by truck in the 2018 second quarter. My expectation is that pricing conditions for truck services in the 2019 second quarter will continue to come under pressure with little change in the level of truck capacity available in the marketplace. Assuming those capacity market conditions continue throughout the rest of the second quarter, I expect 2019 second quarter truck revenue per load to be lower than the 2018 second quarter in a high single-digit percentage range."
16:21  COR CoreSite Realty misses by $0.05, reports revs in-line; reaffirms FY19 FFO guidance (109.13 +0.70)

  • Reports Q1 (Mar) funds from operations of $1.25 per share, $0.05 worse than the S&P Capital IQ Consensus of $1.30; revenues rose 7.2% year/year to $138.9 mln vs the $140.06 mln S&P Capital IQ Consensus.
  • During the quarter, COR commenced 119 new and expansion leases for 24,040 net rentable square feet, representing $5.8 mln of annualized GAAP rent at an average GAAP rate of $242 per square foot.
  • Due to a recent customer development and expected bankruptcy, COR expects the customer to vacate its deployment in the third quarter and provide payments for utilization of the data center room and termination of the current license in August. As a result, annual churn guidance is revised to 7-8%.
  • Co reaffirms guidance for FY19, sees FFO of $5.21-$5.31 vs. $5.26 S&P Capital IQ Consensus. Sees FY19 data center capital expansion capex of $405-$465 mln; total capex of $425-$500 mln.
16:20  TRN Trinity Industries beats by $0.03, misses on revs; reaffirms FY19 EPS guidance (23.97 +0.16)

  • Reports Q1 (Mar) earnings of $0.24 per share, $0.03 better than the S&P Capital IQ Consensus of $0.21; revenues rose 13.4% year/year to $604.8 mln vs the $660.72 mln S&P Capital IQ Consensus.
    • In the first quarter of 2019, the Leasing Group increased its revenues and operating profit to $200.4 million and $85.8 million, respectively, when compared with $174.6 million and $71.1 million, respectively, in the same quarter of 2018. The increase in the Leasing Group's revenues was primarily due to growth in our lease fleet and a higher volume of railcars sold from the lease fleet, partially offset by lower average lease rates reflective of the market environment the last few years.
    • During the first quarter of 2019, the Rail Products Group completed numerous line change-overs required to achieve our planned rail manufacturing volume increase for 2019. The Rail Products Group reported revenues of $603.6 million compared with revenues of $588.1 million in the first quarter of 2018.
  • Co reaffirms guidance for FY19, sees EPS of $1.15-1.35 vs. $1.31 S&P Capital IQ Consensus.
    • Additionally, the Leasing Group expects a net lease fleet investment of between $1.2 billion and $1.4 billion in 2019. At this time, the Rail Products Group expects full year 2019 deliveries of between approximately 23,500 and 25,500 railcars.
16:19  ASGN On Assignment misses by $0.02, reports revs in-line; guides Q2 EPS in-line, revs above consensus (67.96 -0.34)

  • Reports Q1 (Mar) earnings of $0.93 per share, excluding non-recurring items, $0.02 worse than the S&P Capital IQ Consensus of $0.95; revenues rose 34.8% year/year to $923.7 mln vs the $921.14 mln S&P Capital IQ Consensus.
  • Co issues guidance for Q2, sees EPS of $1.15-1.22, excluding non-recurring items, vs. $1.19 S&P Capital IQ Consensus; sees Q2 revs of $967-977 mln vs. $959.41 mln S&P Capital IQ Consensus.
16:18  BHE Benchmark Electronics reports EPS in-line, revs in-line; guides Q2 revs below estimate (30.03 +0.42)

  • Reports Q1 (Mar) earnings of $0.33 per share, in-line with the single analyst estimate of $0.33; revenues fell 0.8% year/year to $603 mln vs the $597.3 mln single analyst estimate.
  • Co issues downside guidance for Q2, sees EPS of $0.28-0.36 vs. $0.36 single analyst estimate; sees Q2 revs of $555-585 mln vs. $620.50 mln single analyst estimate.
16:17  ESRT Empire State Realty Trust reports core FFO in-line, beats on revs (15.41 +0.20)

  • Reports Q1 (Mar) funds from operations of $0.19 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.19; revenues rose 17.3% year/year to $143.4 mln vs the $123.77 mln two analyst estimate.
16:17  DRE Duke Realty beats by $0.01, beats on revs; raises FY19 FFO guidance (still in-line) (30.56 +0.31)

  • Reports Q1 (Mar) funds from operations of $0.33 per share, $0.01 better than the S&P Capital IQ Consensus of $0.32; revenues rose 8.5% year/year to $209.97 mln vs the $205.45 mln S&P Capital IQ Consensus.
  • Co sees FY19 FFO of $1.36-1.46, prior $1.33-1.43 (Core FFO to $1.39-1.45, prior $1.37-1.43) vs. $1.41 S&P Capital IQ Consensus. Co is also revising guidance for growth in Adjusted Funds from Operations, on a share-adjusted basis, to a range of 5.9 percent to 11.0 percent, from the previous range of 5.1 percent to 10.2 percent." The guidance for growth in same-property net operating income was increased to a range of 3.50 percent to 5.00 percent from the previous range of 3.25 percent to 4.75 percent. The estimate for average percent leased within the company's stabilized portfolio was revised to a range of 97.5 -98.5% from the previous range of 96.7 -98.7%.
16:17  AGR AVANGRID misses by $0.09, reports revs in-line; reaffirms FY19 EPS guidance (52.63 +0.28)

  • Reports Q1 (Mar) earnings of $0.71 per share, excluding non-recurring items, $0.09 worse than the S&P Capital IQ Consensus of $0.80; revenues fell 1.2% year/year to $1.84 bln vs the $1.84 bln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees EPS of $2.25-2.40, excluding non-recurring items, vs. $2.28 S&P Capital IQ Consensus.
16:17  BLL Ball Corp increases quarterly dividend to $0.15/share from $0.10/share; shareholders reelect board members (58.90 -0.60)

 
16:17  QEP QEP Resources misses by $0.12, misses on revs (8.05 -0.17)

  • Reports Q1 (Mar) loss of $0.15 per share, $0.12 worse than the S&P Capital IQ Consensus of ($0.03); revenues fell 34.6% year/year to $280.6 mln vs the $289.23 mln S&P Capital IQ Consensus.
  • Oil and condensate production in the Permian Basin was 2.9 million barrels (MMbbl) in the first quarter 2019, an increase of 35% compared with the first quarter of 2018.
  • Oil equivalent production was 7.8 million barrels of oil equivalent (MMboe) in the first quarter 2019, a decrease of 33% compared with the first quarter 2018.
  • QEP also slightly raised 2019 gas production guidance to 25.5-27.5 Bcf from 23.0-25.0 Bcf.
16:17  AKR Acadia Realty Trust beats by $0.01, beats on revs; reaffirms FY19 FFO guidance (28.50 +0.30)

  • Reports Q1 (Mar) funds from operations of $0.39 per share, $0.01 better than the S&P Capital IQ Consensus of $0.38; revenues rose 18.5% year/year to $74.8 mln vs the $51.36 mln two analyst estimate.
  • Co reaffirms guidance for FY19, sees FFO of $1.34-1.46 vs. $1.41 S&P Capital IQ Consensus.
16:16  SWI SolarWinds beats by $0.03, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY19 EPS in-line, revs above consensus (19.74 +0.27)

  • Reports Q1 (Mar) earnings of $0.20 per share, $0.03 better than the S&P Capital IQ Consensus of $0.17; revenues rose 9.6% year/year to $216 mln vs the $216.54 mln S&P Capital IQ Consensus.
  • Reports Adjusted EBITDA of $103.6 mln, representing a margin of 48.0% on non-GAAP total revenue.
  • Co issues in-line guidance for Q2, sees EPS of $0.18-$0.19 vs. $0.19 S&P Capital IQ Consensus; sees Q2 revs of $224-$229 mln vs. $224.36 mln S&P Capital IQ Consensus. Sees Adjusted EBITDA in the range of $107.0 - $109.0 mln, representing approximately 48% of non-GAAP total revenue.
  • Co issues guidance for FY19, sees EPS of $0.80-$0.82 vs. $0.80 S&P Capital IQ Consensus; sees FY19 revs of $934-$949 mln vs. $928.79 mln S&P Capital IQ Consensus.
16:16  VAR Varian Medical misses by $0.10, reports revs in-line; reaffirms FY19 EPS guidance, in-line, raises revs guidance, in-line (133.27 +0.36)

  • Reports Q2 (Mar) earnings of $1.05 per share, excluding non-recurring items, $0.10 worse than the S&P Capital IQ Consensus of $1.15; revenues rose 6.8% year/year to $779.4 mln vs the $776.28 mln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees EPS of $4.60-4.75, excluding non-recurring items, vs. $4.74 S&P Capital IQ Consensus; raises FY19 revs guidance to $3.09-3.18 bln vs. $3.12 bln S&P Capital IQ Consensus, from $3.06-3.15 bln.
16:15  AMP Ameriprise Financial beats by $0.09, beats on revs; raises quarterly dividend 8% to $0.97/share (144.00 -0.85)

  • Reports Q1 (Mar) earnings of $3.75 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of $3.66; revenues fell 1.6% year/year to $3.12 bln vs the $3.03 bln S&P Capital IQ Consensus.
  • Regular quarterly dividend raised 8% to $0.97/share, representing the twelfth increase during the past ten years.
16:14  MSFT Microsoft beats by $0.14, beats on revs; guides on call at 5:30pm ET (125.01 -0.43)

  • Reports Q3 (Mar) earnings of $1.14 per share, $0.14 better than the S&P Capital IQ Consensus of $1.00; revenues rose 14.0% year/year to $30.57 bln vs the $29.86 bln S&P Capital IQ Consensus.
    • Co says demand for its cloud offerings drove commercial cloud revenue to $9.6 bln, up 41% yr/yr.
    • Revenue in Intelligent Cloud was up 22% to $9.7 bln; Productivity and Business Processes revenue rose 14% to $10.2 bln; More Personal Computing rose 8% yr/yr to $10.7 bln.
  • Business Outlook: Microsoft will provide guidance on its earnings conference call and webcast, which starts at 5:30pm ET.
16:14  CMG Chipotle Mexican Grill beats by $0.37, beats on revs; raises FY 19 comps outlook (709.75 +7.29)

  • Reports Q1 (Mar) earnings of $3.40 per share, $0.37 better than the S&P Capital IQ Consensus of $3.03; revenues rose 13.9% year/year to $1.31 bln vs the $1.27 bln S&P Capital IQ Consensus. Comparable restaurant sales increased 9.9%, net of 30 bps from loyalty deferral, and included 5.8% of comparable restaurant transaction growth and 2% in mix contribution
  • Digital sales grew 100.7% and accounted for 15.7% of sales for the quarter
  • Restaurant level operating margin was 21.0%, an increase from 19.5%

Outlook

  • Mid to high single digit comparable restaurant sales growth, up from the prior mid-single digit growth expectation
  • continues to expect 140 to 155 new restaurant openings
16:14  STL Sterling Bancorp beats by $0.01, reports revs in-line (20.60 +0.19)

  • Reports Q1 (Mar) earnings of $0.50 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.49; revenues rose 0.5% year/year to $263.9 mln vs the $262.59 mln S&P Capital IQ Consensus.
    • Tangible book value per common share of $11.92; growth of 11.6% over March 31, 2018.
  • Company declared a dividend on common stock of $0.07 per share payable on May 20, 2019 to holders of record as of May 6, 2019.
16:13  GGG Graco beats by $0.02, misses on revs; Reaffirms 2019 outlook (53.01 -0.33)

  • Reports Q1 (Mar) earnings of $0.51 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.49; revenues fell 0.3% year/year to $404.9 mln vs the $415.7 mln S&P Capital IQ Consensus.
  • The Company continues to target mid single-digit organic sales growth on a constant currency basis, and growth in all reportable segments and regions for the full-year 2019.
16:13  AXTI AXT beats by $0.01, misses on revs (4.74 +0.08)

  • Reports Q1 (Mar) loss of $0.03 per share, $0.01 better than the S&P Capital IQ Consensus of ($0.04); revenues fell 17.2% year/year to $20.2 mln vs the $20.69 mln S&P Capital IQ Consensus. 
  • "With a strong performance in our indium phosphide business in Q1, we are building a solid foundation for its growth this year," said Morris Young, CEO. "In addition, we continue to execute the relocation of our facility on schedule and with positive customer qualification results."
16:12  TEX Terex to sell boom truck, truck crane, and crossover product lines to Load King; terms not disclosed (33.77 +0.06)

Load King is a subsidiary of Custom Truck One Source L.P. Included in the transaction are the assets and parts business associated with these product lines.
16:12  CINF Cincinnati Fincl beats by $0.17, net written premiums up 10% yr/yr (87.69 +0.73)

  • Reports Q1 (Mar) operating earnings of $1.05 per share, $0.17 better than the S&P Capital IQ Consensus of $0.88; revenues rose 76.4% year/year to $2.16 bln.
  • Reports 93.0% 1Q19 property casualty combined ratio, down from 97.9% for 1Q18.
  • Reports 10% growth in Q1 net written premiums to $1.38 bln, reflecting price increases and premium growth initiatives.
  • $52.88 book value per share at March 31, 2019, a record high, up $4.78 or 9.9% since year-end.
16:12  SAVE Spirit Airlines reports EPS in-line, revs in-line (58.30 +0.81)

  • Reports Q1 (Mar) earnings of $0.84 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.84; revenues rose 21.5% year/year to $855.8 mln vs the $855.77 mln S&P Capital IQ Consensus.
  • TRASM +4.1% compared to the same period last year - results continued to benefit from its ticket and non-ticket revenue initiatives.
16:12  WCN Waste Connections beats by $0.02, reports revs in-line (89.24 -0.01)

  • Reports Q1 (Mar) earnings of $0.62 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.60; revenues rose 9.2% year/year to $1.24 bln vs the $1.24 bln S&P Capital IQ Consensus.
  • Adjusted EBITDA in the first quarter was $385.7 million and 31.0% of revenue, as compared to adjusted EBITDA of $356.9 million and 31.3% of revenue in the prior year period.
16:11  CTXS Citrix Systems beats by $0.10, beats on revs; guides Q2 EPS below consensus, revs in-line; reaffirms FY19 EPS guidance, revs guidance (100.46 -0.42)

  • Reports Q1 (Mar) earnings of $1.27 per share, excluding non-recurring items, $0.10 better than the S&P Capital IQ Consensus of $1.17; revenues rose 3.1% year/year to $719.14 mln vs the $707.78 mln S&P Capital IQ Consensus. Subscription revenue increased 37 percent; Product and license revenue decreased 16 percent; Support and services revenue increased 2 percent.
  • Co issues guidance for Q2, sees EPS of $1.30-1.35, excluding non-recurring items, vs. $1.42 S&P Capital IQ Consensus; sees Q2 revs of $765-775 million vs. $768.33 mln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees EPS of approximately $6.00, excluding non-recurring items, vs. $6.01 S&P Capital IQ Consensus; sees FY19 revs of $3.08-3.09 billion vs. $3.09 bln S&P Capital IQ Consensus.
16:10  AZPN Aspen Tech beats by $0.13, beats on revs (114.51 +2.40)

  • Reports Q3 (Mar) earnings of $0.96 per share, $0.13 better than the S&P Capital IQ Consensus of $0.83; revenues rose 15.8% year/year to $148 mln vs the $136.38 mln S&P Capital IQ Consensus.
16:10  FBHS Fortune Brands Home & Security beats by $0.05, beats on revs; reaffirms FY19 guidance (49.85 +0.49)

  • Reports Q1 (Mar) earnings of $0.63 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $0.58; revenues rose 5.8% year/year to $1.33 bln vs the $1.31 bln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19, sees EPS of $3.53-3.77 vs. $3.63 S&P Capital IQ Consensus; revs of 6-7.5% (~$5.81-5.9 bln) vs. $5.84 bln S&P Capital IQ Consensus.
  • "Our teams executed well despite the softer backdrop, and recently we have seen some signs of improving demand. Overall we are tracking to our plan built around a more conservative market-with a soft first half start, and modest growth overall for the year... Given improving fundamentals, we continue to expect a modest acceleration in growth in the second half of 2019."
16:10  FB Facebook beats by $0.28 ex-estimated $3 bln legal accrual, reports revs in-line (182.58 -1.20)

  • Reports Q1 (Mar) earnings of $1.89 per share, excluding $1.04/share ($3 bln) estimated legal expense from FTC, $0.28 better than the S&P Capital IQ Consensus of $1.61; revenues rose 26.0% year/year to $15.08 bln vs the $14.97 bln S&P Capital IQ Consensus. Daily active users (DAUs) -- DAUs were 1.56 billion on average for March 2019, an increase of 8% year-over-year. Monthly active users (MAUs) -- MAUs were 2.38 billion as of March 31, 2019, an increase of 8% year-over-year.
  • "In addition, we estimate that more than 2.1 billion people now use Facebook, Instagram, WhatsApp, or Messenger (our "Family" of services) every day on average, and around 2.7 billion people use at least one of our Family of services each month."
  • In the first quarter of 2019, we reasonably estimated a probable loss and recorded an accrual of $3.0 billion in connection with the inquiry of the FTC into our platform and user data practices, which accrual is included in accrued expenses and other current liabilities on our condensed consolidated balance sheet. We estimate that the range of loss in this matter is $3.0 billion to $5.0 billion. The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome.
  • "We had a good quarter and our business and community continue to grow," said Mark Zuckerberg, Facebook founder and CEO. "We are focused on building out our privacy-focused vision for the future of social networking, and working collaboratively to address important issues around the internet."
16:09  FWRD Forward Air beats by $0.02, reports revs in-line; guides Q2 EPS, revs below consensus (68.00 +0.68)

  • Reports Q1 (Mar) earnings of $0.64 per share, $0.02 better than the S&P Capital IQ Consensus of $0.62; revenues rose 6.2% year/year to $321.47 mln vs the $324.22 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q2, sees EPS of $0.81-0.85 vs. $0.89 S&P Capital IQ Consensus; sees Q2 revs of $343.6-356.8 mln (+4-8% y/y) vs. $358.16 mln S&P Capital IQ Consensus.
16:09  V Visa beats by $0.07, reports revs in-line; co also reaffirmed FY 19 net revenue growth outlook (161.49 -0.17)

  • Reports Q2 (Mar) earnings of $1.31 per share, $0.07 better than the S&P Capital IQ Consensus of $1.24; revenues rose 8.3% year/year to $5.49 bln vs the $5.46 bln S&P Capital IQ Consensus.
    • payments volume +8%
  • Co reaffirmed FY 19 outlook for net revenue growth in low double-digits 
    • co expects adj. EPS growth towards the high-end of mid-teens (previous guidance for mid-teens)
16:08  LRCX Lam Research beats by $0.31, beats on revs; guides Q4 EPS in-line, revs in-line (195.44 +0.66)

  • Reports Q3 (Mar) earnings of $3.70 per share, excluding non-recurring items, $0.31 better than the S&P Capital IQ Consensus of $3.39; revenues fell 15.7% year/year to $2.44 bln vs the $2.4 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q4, sees EPS of $3.20-3.60, excluding non-recurring items, vs. $3.24 S&P Capital IQ Consensus; sees Q4 revs of $2.20-2.50 bln vs. $2.32 bln S&P Capital IQ Consensus.
16:08  KN Knowles beats by $0.02, beats on revs; guides Q2 EPS in-line, revs in-line (18.47 +0.02)

  • Reports Q1 (Mar) earnings of $0.13 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.11; revenues rose 0.7% year/year to $179.8 mln vs the $175 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for Q2, sees EPS of $0.17-0.21, excluding non-recurring items, vs. $0.18 S&P Capital IQ Consensus; sees Q2 revs of $185-205 mln vs. $190.58 mln S&P Capital IQ Consensus.
16:08  BCOV Brightcove beats by $0.02, beats on revs; guides Q2 EPS below consensus, revs above consensus (8.74 +0.12)

  • Reports Q1 (Mar) loss of $0.01 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of ($0.03); revenues rose 1.5% year/year to $41.8 mln vs the $40.22 mln S&P Capital IQ Consensus.
  • Co issues mixed guidance for Q2, sees EPS of ($0.07)-(0.06), excluding non-recurring items, vs. ($0.03) S&P Capital IQ Consensus; sees Q2 revs of $45.5-46.0 mln vs. $41.53 mln S&P Capital IQ Consensus.
16:07  FFIV F5 Networks beats by $0.03, reports revs in-line; guides Q3 EPS below consensus, revs in-line (164.25 +0.30)

  • Reports Q2 (Mar) earnings of $2.57 per share, $0.03 better than the S&P Capital IQ Consensus of $2.54; revenues rose 2.2% year/year to $544.9 mln vs the $547.03 mln S&P Capital IQ Consensus.
  • F5 generated $194 mln in cash flow from operations in the second fiscal quarter, which contributed to cash and investments totaling $1.6 bln at quarter end.
  • Co issues guidance for Q3, sees EPS of $2.54-$2.57 vs. $2.62 S&P Capital IQ Consensus; sees Q3 revs of $550-$560 mln vs. $556.85 mln S&P Capital IQ Consensus.
16:07  CNMD CONMED beats by $0.03, beats on revs; guides FY19 EPS above consensus, revs in-line (80.01 )

  • Reports Q1 (Mar) earnings of $0.57 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.54; revenues rose 8.1% year/year to $218.38 mln vs the $213.95 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY19, sees EPS of $2.47-2.52, excluding non-recurring items, vs. $2.45 S&P Capital IQ Consensus
    • The Company now expects full-year 2019 reported sales growth in the range of 9% to 10%, which includes an increase to its organic constant currency sales growth to a range of 5.25% to 6.25% from the original range of 5% to 6%, as well as the addition of the Buffalo Filter acquisition.  The expected growth translates to a range of $937.4-946.0 mln, which is in-line with the $944.2 mln S&P Capital IQ Consensus.
16:06  SEIC SEI Investments misses by $0.03, reports revs in-line (57.00 -0.48)

  • Reports Q1 (Mar) earnings of $0.73 per share, excluding non-recurring items, $0.03 worse than the S&P Capital IQ Consensus of $0.76; revenues fell 1.2% year/year to $400.82 mln vs the $404.82 mln S&P Capital IQ Consensus.
16:05  PTC PTC appoints Kristian Talvitie as CFO, effective May 15 (101.89 +1.07)

  • Mr. Talvitie previously worked at PTC from 2008 to 2016. He left PTC in 2016 to become CFO at SaaS and subscription company Sovos, and in 2018 joined software company Syncsort as CFO.
  • In the role of CFO, he replaces Andrew Miller, who announced in January 2019 his intention to retire by the end of fiscal 2019. Mr. Miller will remain at PTC for a transition period following Mr. Talvitie's commencement of employment.
16:05  NTGR NETGEAR beats by $0.11, beats on revs; guides Q2 revs below consensus due to reduced service provider shipments (35.07 -0.11)

  • Reports Q1 (Mar) earnings of $0.60 per share, excluding non-recurring items, $0.11 better than the S&P Capital IQ Consensus of $0.49; revenues rose 1.6% year/year to $249.1 mln vs the $244.31 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q2, sees Q2 revs of $215-220 mln vs. $256.14 mln S&P Capital IQ Consensus.
  • Bryan Murray, Chief Financial Officer of NETGEAR, added, "Due to reduced service provider shipments, our second quarter net revenue is expected to be in the range of $215 million to $230 million. Given this decline in our topline and the increased marketing spend to support our WiFi 6 initiatives, second quarter GAAP operating margin is expected to be in the range of 0.0% to 1.0%, and non-GAAP operating margin is expected to be in the range of 4.0% to 5.0%. Our GAAP tax rate is expected to be approximately 28.5%, and our non-GAAP tax rate is expected to be 23.5% for the second quarter of 2019. We expect our operating margin will significantly improve in the second half of the year when service provider revenue and marketing spend should both return to normal levels."
16:05  AGNC AGNC Investment misses by $0.04 (18.28 +0.12)

  • Reports Q1 (Mar) net spread and dollar roll income of $0.52 per share, $0.04 worse than the S&P Capital IQ Consensus of $0.56
  • Includes $0.04 per common share of dollar roll income associated with the Company's $8 billion average net long position in forward purchases and sales of Agency mortgage-backed securities ("MBS") in the "to-be-announced" market.  Excludes $(0.07) per common share of estimated "catch-up" premium amortization cost due to change in projected constant prepayment rate estimates
  • "Following the challenging market conditions experienced in 4Q18, financial markets rebounded in 1Q19, with the S&P 500 recovering almost the entirety of its fourth quarter decline as investor sentiment improved markedly. Weaker economic growth both domestic and abroad, coupled with benign inflation indicators, led the Federal Reserve to adopt a more neutral monetary policy stance, signaling that further rate increases were unlikely in 2019 and that it would maintain a larger balance sheet than previously expected," said Gary Kain, the Company's Chief Executive Officer and Chief Investment Officer
16:05  ALGT Allegiant Travel misses by $0.38, reports revs in-line; reaffirms FY19 EPS guidance (above consensus) (133.13 +1.00)

  • Reports Q1 (Mar) earnings of $3.52 per share, $0.38 worse than the S&P Capital IQ Consensus of $3.90; revenues rose 6.2% year/year to $451.6 mln vs the $452.24 mln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY19 EPS of $13.25 to $14.75 vs. $13.18 S&P Capital IQ Consensus; increases full year fuel cost to $2.26 from $2.10 per gallon. 
  • EPS in Q2 should exceed Q1 because of Easter and additional available aircraft. Easter shift expected to benefit TRASM for Q2 2019 between 2.0 and 2.5 percent. Available seat mile (ASM) growth is expected to be lowest in Q1 and highest in Q2; ASM growth in Q2 expected to be between 13 and 14%; Airline CASM ex fuel is expected to be down year over year in each remaining quarter with the largest decrease in Q4.
  • Submitted US DOT application for international flying into Mexico and expect to begin selling flights by YE19.
16:03  TILE Interface beats by $0.03, reports revs in-line; co also lowered FY 19 total net sales growth guidance (17.09 +0.18)

  • Reports Q1 (Mar) earnings of $0.14 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.11; revenues rose 23.7% year/year to $298 mln vs the $300.16 mln S&P Capital IQ Consensus.
    • Organic sales were up 2% year-over-year .
    • Nora contributed $60 million of net sales in the quarter, up 9% in local currency compared to the stand-alone business in first quarter of 2018.
  • Expects FY 19 Total net sales growth, including nora, of 14 -- 16%, which includes 200 basis points of currency headwinds.
    • previous guidance of 16-18%
    • Organic sales growth from carpet and LVT of 2 -- 4%
    • Adjusted gross profit margin of 40 -- 40.5%
16:03  ECHO Echo Global Logistics beats by $0.02, misses on revs; guides Q2 revs below consensus; guides FY19 revs in-line (25.81 +0.87)

  • Reports Q1 (Mar) earnings of $0.38 per share, $0.02 better than the S&P Capital IQ Consensus of $0.36; revenues fell 6.8% year/year to $538.1 mln vs the $549.32 mln S&P Capital IQ Consensus.
  • Less than truckload revenue increased 5.2% from 1Q18.
  • Managed Transportation revenue increased 1.6% to $125.9 mln and Transactional revenue decreased 9.0% to $412.1 mln from 1Q18.
  • Net revenue margin increased to 18.4% in 1Q19 from 17.3% in 1Q18.
  • Co issues downside guidance for Q2, sees Q2 revs of $560-$600 mln vs. $626.36 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY19, sees FY19 revs of $2.3-$2.5 bln vs. $2.45 bln S&P Capital IQ Consensus.
16:03  ALGN Align Tech beats by $0.06, beats on revs; guides Q2 EPS above consensus, revs in-line (297.09 +1.00)

  • Reports Q1 (Mar) earnings of $0.89 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.83; revenues rose 25.7% year/year to $549 mln vs the $532.16 mln S&P Capital IQ Consensus.
  • Co issues guidance for Q2, sees EPS of $1.47-1.54, excluding non-recurring items, vs. $1.23 S&P Capital IQ Consensus; sees Q2 revs of $590-600 mln vs. $591.82 mln S&P Capital IQ Consensus.
16:02  ADVM Adverum Biotech appoints Thomas Leung as CFO (6.62 +0.01)

Mr. Leung has over fifteen years of business experience in healthcare, private equity, and investment banking. Mr. Leung was most recently vice president, business operations at Counsyl, a women's health genetic testing company.
16:01  PACW PacWest Bancorp named Mark T. Yung as COO to commence on May 13, 2019 (39.39 -0.22)

Mr. Yung is co-founder and has served as managing principal of OCV Management, LLC, an investor, owner, and operator of technology and life science companies based in Los Angeles, since 2016.