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Earnings release

Feb 20/a VALE SBAC ED GLPG LNT VICI CIB GLPI
Feb 21/b RY DE RBS MGA WPC PNW TECK ITT


In Play from Briefing.com

Updated: 21-Feb-20 01:00 ET

18:29  PLD Prologis approves 9.4% increase in quarterly dividend to $0.58/sh; new yield is 2.3% (98.98 +1.19)

 
17:59  EGO Eldorado Gold announces 15-year mine life at Kisladag; provides 2020 production guidance (7.52 -0.05)

  • Eldorado Gold is pleased to announce a 15-year mine life at Kisladag based on the completed long-cycle heap leach testwork and the replacement of the tertiary crushing circuit with a high-pressure grinding roll (HPGR) circuit. Results of the testwork indicate that increased leach time at Kisladag, in conjunction with HPGR, increases heap leach life of mine recovery to approx. 56% and extends mine life through 2034. A new mineral reserve has been developed for Kisladag; highlights include:
    • Updated Proven and Probable Mineral Reserves of 173.2 mln tonnes of ore at 0.72 grams per tonne, containing 4.0 mln ounces of gold.
    • Average annual production of approximately 160,000 ounces per year at an average cash cost of $675-725 per ounce of gold sold and an average all-in sustaining costs of $800-850 per ounce of gold sold.
  • For 2020, the company is forecasting a third consecutive year of increasing gold production. 2020 gold production guidance is 520,000-550,000 ounces of gold (versus 395,331 ounces produced in 2019). The company expects average cash operating costs to decline from $608 per ounce of gold sold in 2019, to $550-600 per ounce of gold sold in 2020. AISC for 2020 is forecast to be $850-$950 per ounce of gold sold, compared to $1,033 per ounce of gold sold in 2019.
  • With the extension of Kisladag's mine life and continued operations at Lamaque, Efemcukuru, and Olympias, Eldorado is forecasting five-year production from its four current operations to average over 450,000 ounces of gold per year.
17:57  TARO Taro Pharm announces voluntary nationwide recall of Phenytoin Oral Suspension USP, 125 mg/5 mL (72.95 +0.45)

  • Taro Pharma is voluntarily recalling two lots of Phenytoin Oral Suspension USP, 125 mg/5 mL both in 237 mL bottles, to the consumer level. Phenytoin Oral Suspension USP, 125 mg/5 mL is indicated for the treatment of tonic-clonic (grand mal) and psychomotor (temporal lobe) seizures and is packaged in amber plastic bottles with an inner seal and a white child proof closure, and each bottle contains 237 mL.
  • The reason for the recall is that product from these two lots of Phenytoin Oral Suspension may not re-suspend when shaken, as instructed for administration, which could result in under or overdosing. The population at risk is primarily infants and young children. To date, Taro has not received any adverse event reports related to this recall.
  • This recall is being conducted with the knowledge of the FDA.
17:41  HBM Hudbay Minerals beats by $0.05, beats on revs; CFO retiring (3.24 +0.06)

  • Reports Q4 (Dec) loss of $0.01 per share, $0.05 better than the S&P Capital IQ Consensus of ($0.06); revenues fell 7.8% year/year to $324.49 mln vs the $299.33 mln S&P Capital IQ Consensus.
  • 2020 production guidance: 107,500 tonnes of copper and 172,500 ounces of precious metals with copper and precious metals production expected to grow by 18% and 67%, respectively, by 2022
  • The company also announces that David Bryson, Hudbay's Chief Financial Officer, is retiring from the company, effective March 31, 2020, to pursue family and personal commitments. A search for a new CFO is underway, and Eugene Lei, currently Hudbay's Senior Vice President, Corporate Development and Strategy, will act as Interim CFO until the search process is concluded, after which he is expected to return to focusing on his current responsibilities.
17:25  VRTV Veritiv appointed Guilherme Nebel de Mello as Interim Principal Financial Officer and Treasurer to serve in this capacity while Stephen Smith is recuperating from a medical procedure (13.60 +0.14)

 
17:23  RIO Rio Tinto announced that Oyu Tolgoi plans to pursue international arbitration with regard to a dispute with the Mongolian Tax Authority (54.19 -0.15)

"We have worked diligently with the government and tax office representatives in Mongolia to find a mutually acceptable settlement and came to the conclusion that arbitration is the best way forward to resolve this issue."
17:20  RS Reliance Steel clarifies commentary on estimated cash flow; expects strong cash provided by operations for the full year 2020 (109.40 -7.80)

During the earnings call, Reliance's Chief Financial Officer responded to a question about anticipated cash provided by operations for the full year 2020 by stating that a conservative minimum level of cash provided by operations could be approximately $600 million. The commentary was not intended to provide guidance or establish the bottom of a range for cash provided by operations in 2020. Reliance expects strong cash provided by operations for the full year 2020, though not at the same record level as 2019 which was supported by record earnings and a $211.8 million reduction in inventory.
17:15  TMUS T-Mobile US and Sprint (S) announce amendment to business combination agreement (99.50 -0.99)

  • T-Mobile US and Sprint have entered into an amendment to their definitive Business Combination Agreement to create the New T-Mobile. The Boards of Directors of T-Mobile and Sprint have unanimously approved the amendment.
  • The amendment has no impact on T-Mobile's previously stated outlook on the New T-Mobile's synergies, long-term profitability, and cash generation.
  • A separate arrangement entered into by SoftBank Group (SFTBY) in connection with the amendment will result in an effective exchange ratio of approx. 11.00 Sprint shares for each T-Mobile share immediately following the closing of the merger, an increase from the originally agreed 9.75 shares.
    • This is a result of SoftBank agreeing to surrender approximately 48.8 mln T-Mobile shares acquired in the merger to New T-Mobile immediately following the closing of the transaction, making SoftBank's effective ratio 11.31 Sprint shares per T-Mobile share. Sprint shareholders other than SoftBank will continue to receive the original fixed exchange ratio of 0.10256 T-Mobile shares for each Sprint share, or the equivalent of approx. 9.75 Sprint shares for each T-Mobile share.
  • Immediately following the closing, and after the surrender of shares by SoftBank, Deutsche Telekom (DTEGY) and SoftBank are expected to hold approx. 43% and 24%, respectively, of the fully diluted New T-Mobile shares, with the remaining approx. 33% held by public shareholders.
  • T-Mobile has agreed to re-issue to SoftBank the previously surrendered shares upon the achievement of certain stock price milestones by New T-Mobile during a specified measurement period.
  • In addition, the amendment extends the "outside date" under the Business Combination Agreement to July 1, 2020 and modifies certain other provisions of the Business Combination Agreement as described in the companies' SEC filings.
17:07  WWW Wolverine announces approval of expanded efforts to address PFAS and settlement of lawsuit against 3M (MMM) (32.18 +0.33)

  • Wolverine World Wide announced that U.S. District Judge Janet T. Neff has approved a Consent Decree reached earlier this month among the company, the State of Michigan, Plainfield Charter Township, and Algoma Township. This Consent Decree resolves the litigation between the parties and includes significant next steps in Wolverine's already extensive efforts to ensure long-term water quality and continued environmental remediation in and around its hometown.
    • The Consent Decree builds on the company's extensive work to-date addressing PFAS and sets forth a comprehensive action plan for the future. This plan includes Wolverine providing $69.5 mln over a multi-year period towards the extension of Plainfield Township's municipal water system to more than 1,000 properties in Algoma and Plainfield Townships.
  • The company also announced a settlement of its lawsuit against 3M. Under the terms of the settlement, 3M is making a lump sum financial contribution of $55 mln towards Wolverine's efforts to address PFAS remediation under the Consent Decree.
  • Based on the final Consent Decree and 3M settlement, the company recorded net costs of $58 mln in Q4 of fiscal 2019. This is comprised of $113 mln for incremental environmental investigation and remediation costs, partially offset by the $55 mln recovery from 3M that will be paid in a lump sum in fiscal 2020.
17:03  ITCI Intra-Cellular Therapies announces publication of CAPLYTA results in JAMA Psychiatry (24.56 +0.55)

  • Intra-Cellular Therapies announced the publication of results from its CAPLYTA (lumateperone) clinical trial (ITI-007-301) in adult patients with schizophrenia. The article, "Efficacy and Safety of Lumateperone for Treatment of Schizophrenia: A Randomized Clinical Trial" (Correll et al. 2020), was recently published online in JAMA Psychiatry.
  • In this trial, CAPLYTA 42 mg met the primary endpoint and demonstrated antipsychotic efficacy with statistically significant superiority over placebo at Week 4 as measured by the change from baseline on the Positive and Negative Syndrome Scale total score (drug-placebo difference = -4.2 points). CAPLYTA 42 mg also met the key secondary endpoint of statistically significant improvement on the Clinical Global Impression Scale for Severity of Illness. CAPLYTA 42 mg showed significant antipsychotic efficacy as early as Week 1, which was maintained at every time point throughout the study.
16:57  ED Con Edison beats by $0.07, misses on revs; guides FY20 EPS midpoint below consensus (94.58 +0.70)

  • Reports Q4 (Dec) earnings of $0.87 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of $0.80; revenues rose 0.1% year/year to $2.95 bln vs the $3.04 bln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY20, sees EPS of $4.30-4.50 vs. $4.50 S&P Capital IQ Consensus.
16:54  HPQ HP adopts shareholder rights plan following Xerox (XRX) plans to acquire outstanding shares of HP common stock at $24/share (22.64 +0.21)

  • HP has previously said that on February 24, when out of its quiet period, HP will share additional information about its plan to drive sustainable long-term value for its shareholders, including through the execution of the Company's multi-year strategic and financial plan and the deployment of its strong balance sheet; and that HP wants its shareholders to have full information on the Company's earnings and the value inherent in the Company before responding to Xerox's February 10 press release.
  • The rights will not prevent a combination of HP with another business, but should encourage Xerox (or anyone else seeking to acquire the Company) to negotiate with the Board prior to attempting to impose some combination that is not in the best interests of the HP shareholders. The rights will be exercisable only if a person or group acquires 20% or more of HP's common stock, subject to certain exceptions. Each right will entitle shareholders to buy one one-hundredth of a share of a new series of junior participating preferred stock at an exercise price of $100. If a person or group acquires 20% or more of HP's outstanding common stock, each right will entitle its holder (other than such person or members of such group) to purchase for $100, a number of HP common shares having a market value of twice such price.
16:51  COLD Americold Realty Trust to form strategic JV in Brazil; will acquire 15% ownership in SuperFrio BRL $118 mln (37.35 +0.63)

  • Americold Realty Trust has entered into a strategic joint venture to own approx. 15% of SuperFrio Armazns Gerais SA, a leading temperature-controlled storage operator in Brazil, for approximately BRL $118 mln (equivalent to approx. USD $28 mln based on current exchange rates) in cash consideration. The closing of this transaction is expected to occur in the first quarter of 2020.
  • SuperFrio is currently owned by Ptria Investimentos, a Brazilian private equity firm with approx. USD $14 bln of assets under management. Americold will gain a seat on SuperFrio's Board of Directors and retains the exclusive right to acquire the remaining ownership in the company during a designated exercise window starting in 2023. Americold will commit to fund up to an additional BRL $127 mln (equivalent to approx. USD $30 mln based on current exchange rates) at its pro-rata share for the joint venture's acquisition and development activity over the next two years.
  • The acquisition is expected to be funded with a combination of cash on hand and revolver proceeds and is expected to be accretive on a leverage neutral basis.
16:47  TDS Telephone & Data increases quarterly cash dividend to $0.17/share from $0.165/share (25.22 +0.05)

 
16:46  BXC Bluelinx announces Bluefin Acquisitions, LLC. has launched tender offer to acquire BlueLinx Holdings, Inc. for $24.50 Per Share in Cash (19.50 +5.64)

Bluefin Acquisitions LLC., a private investment company, today announced that its wholly owned direct subsidiary, BlueLinx Merger Sub LLC., has commenced a tender offer for a minimum of 35.0% to all of the outstanding shares of common stock, par value $0.01 per share, of BlueLinx Holdings, Inc., a Delaware corporation, at a price of $24.50 per Share, net to the seller in cash, without interest thereon and less any applicable withholding taxes, upon the terms and conditions set forth in the tender offer to purchase dated today, a copy of which will be filed as soon as practicable with the Securities and Exchange Commission.
16:45  ALL Allstate raises quarterly cash dividend to $0.54/share from $0.50/share (123.46 -0.80)

 
16:43  AHH Armada Hoffler Properties increases quarterly cash dividend to $0.22/share from $0.21/share (18.61 +0.49)

 
16:40  SHO Sunstone Hotel files mixed securities shelf offering (13.10 +0.15)

 
16:40  OEC Orion Engineered Carbons beats by $0.03, misses on revs (17.05 +0.55)

  • Reports Q4 (Dec) earnings of $0.42 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.39; revenues fell 16.5% year/year to $322.43 mln vs the $365.94 mln S&P Capital IQ Consensus.
    • Adjusted EBITDA of $63.2 million compared to $64.4 million in the fourth quarter of 2018.
  • "Orion executed well in the fourth quarter, delivering Adjusted EBITDA within our forecasted guidance range and continuing to implement key initiatives to better position the company in this challenging macro environment. The continuation of weak auto OEM dynamics and evidence of tire customers conservatively approaching year end contributed to the volume declines in the fourth quarter, however, favorable trends in price and product mix helped to offset some of the weakness. Furthermore, our operating performance drove strong cash generation and a substantial reduction in net debt," said Mr. Corning Painter, Chief Executive Officer.
  • 2020 Outlook
    • Expects full year Adjusted EBITDA for 2020 to be in the range of $250-280 million, with an expectation of delivering flat to modest growth in Adjusted EBITDA on a year over year basis while continuing to generate strong cash from operations.
    • Sees capital expenditures in the range of $130-150 million of which non-EPA related spending is expected to comprise approximately 45% to 50%, prior to any reimbursement from Evonik AG, with maintenance capital comprising around 45%, and growth-oriented capital comprising the balance.
16:40  CTRE CareTrust REIT reports FFO in-line, beats on revs; guides FY20 FFO below consensus (23.18 +0.42)

  • Reports Q4 (Dec) funds from operations of $0.34 per share, in-line with the S&P Capital IQ Consensus of $0.34; revenues rose 9.6% year/year to $44.23 mln vs the $42.3 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY20, sees FFO of $1.32 to $1.34 vs. $1.40 S&P Capital IQ Consensus.
16:37  CUBE CubeSmart reports FFO in-line, misses on revs; guides FY20 FFO below consensus

  • Reports Q4 (Dec) funds from operations of $0.42 per share, in-line with the S&P Capital IQ Consensus of $0.42; revenues rose 1.6% year/year to $141.64 mln vs the $165.37 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY20, sees FFO of $1.67-1.71 vs. $1.72 S&P Capital IQ Consensus.
  • "2019 was a notable year for capital markets activities, as we raised nearly $900 million of capital through two unsecured bond issuances and opportunistic usage of the at-the-market equity program while also increasing the capacity under our credit facility...Looking forward to 2020, our guidance reflects continued headwinds from new supply coupled with pressure from increased real estate taxes and customer acquisition costs offset by reduced dilution from our recently opened development stores as they lease-up."
16:35  SEM Select Medical beats by $0.12, beats on revs; guides FY20 EPS in-line, revs in-line (26.09 +0.18)

  • Reports Q4 (Dec) earnings of $0.31 per share, excluding non-recurring items, $0.12 better than the S&P Capital IQ Consensus of $0.19; revenues rose 8.7% year/year to $1.37 bln vs the $1.34 bln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY20, sees EPS of $1.27-1.46 vs. $1.36 S&P Capital IQ Consensus; sees FY20 revs of $5.575-5.675 bln vs. $5.64 bln S&P Capital IQ Consensus. Expects Adjusted EBITDA for the full year 2020 to be in the range of $725.0 million to $760.0 million.
  • The board of directors of Select Medical has authorized a common stock repurchase program to repurchase up to $500.0 million worth of shares of its common stock. The program has been extended until December 31, 2020, and will remain in effect until then, unless further extended or earlier terminated by the board of directors.
16:34  DCO Ducommun beats by $0.16, beats on revs (42.79 +1.09)

  • Reports Q4 (Dec) earnings of $0.80 per share, $0.16 better than the S&P Capital IQ Consensus of $0.64; revenues rose 13.9% year/year to $186.93 mln vs the $184.58 mln S&P Capital IQ Consensus.
    • Gross margin improved to 21.5% from 19.9% one yr ago.
16:33  PLOW Douglas Dynamics Executive Chairman of the Board of Directors, James L. Janik, aims to retire (52.40 -0.23)

  • He plans to retire immediately following the company's annual meeting of shareholders. The Board of Directors intends to appoint Mr. Janik as non-executive Chairman if he is re-elected as a Director by the shareholders at the same annual meeting.
  • Mr. Janik has served as Executive Chairman of the company since January 1, 2019. Prior to that, Mr. Janik had spent 26 years with the Company, serving as President and Chief Executive Officer and a Director of the Company from 2000 to 2019.
16:33  ZIXI Zix Corp reports EPS in-line, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY20 EPS in-line, revs above consensus (7.99 +0.25)

  • Reports Q4 (Dec) earnings of $0.13 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.13; revenues rose 173.1% year/year to $50.38 mln vs the $49.3 mln S&P Capital IQ Consensus.
    • Adjusted EBITDA increased 106% to $11.5 million, representing an adjusted EBITDA margin of 23%.
  • Co issues guidance for Q1, sees EPS of $0.12-0.13, excluding non-recurring items, vs. $0.12 S&P Capital IQ Consensus; sees Q1 revs of $52.2-52.7 mln vs. $45.52 mln S&P Capital IQ Consensus.
    • The company forecasts adjusted EBITDA to be approximately 23% of forecast revenue for Q1 2020.
  • Co issues guidance for FY20, sees EPS of $0.56-0.58, excluding non-recurring items, vs. $0.56 S&P Capital IQ Consensus; sees FY20 revs of $220-225 mln vs. $212.73 mln S&P Capital IQ Consensus.
    • The company forecasts adjusted EBITDA to be in the range of $51.0 million and $53.0 million (or approximately 23% to 24% of forecast revenue) for 2020, representing a year-over-year increase of between 29% and 34% compared to fiscal year 2019.
16:32  BAND Bandwidth beats by $0.13, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY20 EPS above consensus, revs above consensus (76.09 +0.06)

  • Reports Q4 (Dec) loss of $(0.02) per share, excluding non-recurring items, $0.13 better than the S&P Capital IQ Consensus of ($0.15); revenues rose 18.5% year/year to $62.0 mln vs the $58.74 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q1, sees EPS of $(0.12)-(0.10), excluding non-recurring items, vs. ($0.14) S&P Capital IQ Consensus; sees Q1 revs of $63.2-63.7 mln vs. $61.21 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY20, sees EPS of $(0.27)-(0.17), excluding non-recurring items, vs. ($0.33) S&P Capital IQ Consensus; sees FY20 revs of $272.7-274.7 mln vs. $266.32 mln S&P Capital IQ Consensus.
16:31  PRA ProAssurance beats by $0.03, beats on revs (32.46 -0.30)

  • Reports Q4 (Dec) loss of $1.27 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of ($1.30); revenues rose 39.0% year/year to $249.47 mln vs the $237.9 mln S&P Capital IQ Consensus.
    • Consolidated gross premiums written in the fourth quarter were $200.8 million, a decrease of $10.9 million, or 5.1%, from the same quarter in 2018.
16:31  DRH Diamondrock Hospitality beats by $0.03, beats on revs; guides FY20 FFO above consensus (10.49 +0.21)

  • Reports Q4 (Dec) funds from operations of $0.27 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.24; revenues rose 6.3% year/year to $237.5 mln vs the $233.01 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY20, sees FFO of $1.00-1.04, excluding non-recurring items, vs. $0.98 S&P Capital IQ Consensus. Expects comparable FY20 RevPAR growth of (0.5%)-1.0%. and comparable total RevPAR growth of 0.5-3.0%.
16:30  AHH Armada Hoffler Properties increases quarterly cash dividend to $0.22 per common share from $0.21 per common share (18.61 +0.49)

 
16:30  LMT Lockheed Martin's Sikorsky receives US Navy contract for Presidential Helicopters production (425.97 -8.51)

  • Sikorsky, a Lockheed Martin company, will build six production VH-92A Presidential Helicopters under a contract from the US Navy. These helicopters are part of the 23 aircraft program of record for the US Marine Corps.
  • Under the terms of the contract, known as Low Rate Initial Production Lot II, Sikorsky will begin deliveries of six VH-92A helicopters in 2022. The remaining production aircraft will be delivered in 2022 and 2023.
16:29  CNS Cohen & Steers increases quarterly cash dividend to $0.39/share from $0.36/share (77.07 -1.04)

 
16:28  SWM Schweitzer-Mauduit beats by $0.14, misses on revs; guides FY20 EPS above two analyst estimate (33.54 -0.95)

  • Reports Q4 (Dec) earnings of $0.80 per share, excluding non-recurring items, $0.14 better than the two analyst estimate of $0.66; revenues fell 4.1% year/year to $238.5 mln vs the $244.35 mln two analyst estimate.
  • Co issues upside guidance for FY20, sees EPS of $3.50-3.75, excluding non-recurring items, vs. $3.47 two analyst estimate.
    • Dr. Jeff Kramer, Chief Executive Officer, concluded, "Our 2020 Adjusted EPS guidance of $3.50 to $3.75, which excludes the pending Tekra and Trient transaction accretion, implies organic earnings growth of up to 6%. We believe our expected profit growth, combined with a robust dividend, results in compelling total return potential for shareholders. While we are closely monitoring the Coronavirus situation around the world, we enter the year well-positioned to continue our positive momentum, with our outlook reflecting the themes of EP stability and AMS growth continuing in 2020. To support this outlook, we plan to continue adding global capacity in our fastest-growing areas as needed and lead the market with innovative new products. Despite these investments in growth-oriented projects, we expect another year of strong free cash flow of more than $100 million."
    • The Company expects 2020 capital expenditures and capitalized software spending of approximately $40 million to $45 million.
16:26  CWST Casella Waste reports EPS in-line, revs in-line; guides FY20 revs below consensus (55.12 +0.23)

  • Reports Q4 (Dec) earnings of $0.21 per share, in-line with the S&P Capital IQ Consensus of $0.21; revenues rose 10.8% year/year to $193.62 mln vs the $193.34 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY20, sees FY20 revs of $800 mln to $815 mln vs. $815.95 mln S&P Capital IQ Consensus.
    • Adjusted EBITDA expected between $170 mln and $174 mln.
16:26  NGHC National General beats by $0.11, misses on revs (21.42 -0.10)

  • Reports Q4 (Dec) earnings of $0.72 per share, excluding non-recurring items, $0.11 better than the S&P Capital IQ Consensus of $0.61; revenues rose 14.5% year/year to $1.31 bln vs the $1.4 bln two analyst estimate.
16:26  CATM Cardtronics beats by $0.12, beats on revs; guides FY20 EPS in-line, revs in-line (41.97 -0.72)

  • Reports Q4 (Dec) earnings of $0.70 per share, $0.12 better than the S&P Capital IQ Consensus of $0.58; revenues rose 3.3% year/year to $338.8 mln vs the $334.79 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY20, sees EPS of $2.58-2.70 vs. $2.66 S&P Capital IQ Consensus; sees FY20 revs of $1.37-1.40 bln vs. $1.4 bln S&P Capital IQ Consensus.
16:24  CORT Corcept Therapeutics misses by $0.02, reports revs in-line (13.66 -0.18)

  • Reports Q4 (Dec) earnings of $0.24 per share, $0.02 worse than the single analyst estimate of $0.26; revenues rose 31.6% year/year to $87.9 mln vs the $87.85 mln S&P Capital IQ Consensus.
16:24  NBR Nabors Industries reports Q4 (Dec) results, misses on revs (2.33 +0.06)

  • Reports Q4 (Dec) loss of $0.77 per share, may not be comparable to the S&P Capital IQ Consensus of ($0.27); revenues fell 7.8% year/year to $715.8 mln vs the $746.32 mln S&P Capital IQ Consensus.
  • After-tax charges totaled $186 million, or $0.53 per share, primarily related to these impairments of fixed assets, goodwill and intangibles, as well as other asset write-downs. The third quarter's results included after-tax charges of $23.3 million, or $0.06 per share, related to a foreign tax settlement and currency losses.
  • For the fourth quarter, adjusted EBITDA was $203 million as compared to $207 million in the prior quarter. A 9.6% decline in the U.S. land rig count and a soft market for rig components were partially offset by improved drilling activity outside the U.S. and better results for Nabors Drilling Solutions.
16:23  CVA Covanta beats by $0.01, reports revs in-line (15.62 0.000)

  • Reports Q4 (Dec) earnings of $0.07 per share, $0.01 better than the S&P Capital IQ Consensus of $0.06; revenues fell 3.0% year/year to $485 mln vs the $480.43 mln S&P Capital IQ Consensus.
    • Adjusted EBITDA was $125 mln for the quarter, down from $132 mln a year ago.
  • Sees FY2020 adjusted EBITDA of $415-445 mln; FCF of $100-140 mln.
16:23  GMED Globus Medical misses by $0.03, reports revs in-line; reaffirms FY20 EPS guidance, revs guidance (56.45 -0.11)

  • Reports Q4 (Dec) earnings of $0.49 per share, excluding non-recurring items, $0.03 worse than the S&P Capital IQ Consensus of $0.52; revenues rose 8.0% year/year to $211.67 mln vs the $211.11 mln S&P Capital IQ Consensus.
  • Co reaffirms guidance for FY20, sees EPS of $1.82, excluding non-recurring items, vs. $1.88 S&P Capital IQ Consensus; sees FY20 revs of $850 mln vs. $852.63 mln S&P Capital IQ Consensus.
16:22  WK Workiva beats by $0.07, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY20 EPS below consensus, revs above consensus (48.37 -0.42)

  • Reports Q4 (Dec) loss of $(0.09) per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of ($0.16); revenues rose 24.6% year/year to $80.27 mln vs the $75.63 mln S&P Capital IQ Consensus.
  • Co issues mixed guidance for Q1, sees EPS of $(0.13)-(0.12), excluding non-recurring items, vs. ($0.08) S&P Capital IQ Consensus; sees Q1 revs of $82.8-83.3 mln vs. $81.31 mln S&P Capital IQ Consensus.
  • Co issues mixed guidance for FY20, sees EPS of $(0.67)-(0.63), excluding non-recurring items, vs. ($0.35) S&P Capital IQ Consensus; sees FY20 revs of $341.5-343.5 mln vs. $338.20 mln S&P Capital IQ Consensus.
16:22  PEB Pebblebrook Hotel Trust beats by $0.04, beats on revs; guides Q1 adjusted FFO below consensus; guides FY20 adjusted FFO mostly below consensus (24.61 +0.42)

  • Reports Q4 (Dec) funds from operations of $0.54 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.50; revenues rose 61.0% year/year to $379.4 mln vs the $369.8 mln S&P Capital IQ Consensus.
    • Same-Property Total RevPAR +2.8% YOY and RevPAR +2.0% YOY.
  • "Up until the emergence of the coronavirus in China, we were encouraged with the improvements in near term business and leisure booking trends that we experienced from November through January. However, we are concerned about the potential negative impact of coronavirus on travel. While we expect some reduced demand outside of what we've already experienced and incorporated, our outlook does not reflect any impact since it is not knowable or able to be forecasted due to the unique evolving nature of the situation." 
  • Co issues downside guidance for Q1, sees FFO of $0.32-0.38, excluding non-recurring items, vs. $0.39 S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY20, sees FFO of $2.23-2.33, excluding non-recurring items, vs. $2.33 S&P Capital IQ Consensus. Expects same-Property Total RevPAR Growth Rate to be (0.6%) to +1.0%.
16:22  KEM KEMET stockholders approve proposed acquisition by Yageo Corporation (TAIEX: 2327). (26.17 +0.06)

  • Approximately 96% of the votes cast, and 68% of the shares outstanding and entitled to vote, voted in favor of the transaction at the special meeting of KEMET stockholders.
  • Under the terms of the merger agreement, which was announced in November 2019, upon consummation of the transaction, KEMET stockholders will be entitled to receive $27.20 in cash for each share of KEMET common stock they own.
  • The transaction remains on track to close in the second half of 2020, subject to additional customary closing conditions and the receipt of the remaining required regulatory approvals. Following the consummation of the transaction, KEMET will become a wholly owned subsidiary of Yageo, and KEMET's common stock will no longer be listed on any public market.
16:22  COG Cabot Oil & Gas misses by $0.01, misses on revs (15.35 )

  • Reports Q4 (Dec) earnings of $0.30 per share, $0.01 worse than the S&P Capital IQ Consensus of $0.31; revenues fell 35.6% year/year to $461.4 mln vs the $476.04 mln S&P Capital IQ Consensus.
  • Cabot has provided its first quarter 2020 production guidance range of 2,350 to 2,400 Mmcfe per day, representing a three percent sequential decline at the midpoint of the range relative to the fourth quarter of 2019.
  • Based on the timing of wells being placed on production throughout the year, the Company anticipates an additional sequential decline in the second quarter of 2020 before increasing volumes in the second half of the year. Cabot has also reaffirmed its recently announced plan to deliver an average net production rate of approximately 2,400 Mmcfe per day in 2020 from a capital program of $575 million.
16:21  CASA Casa Systems beats by $0.15, beats on revs; guides FY20 EPS above consensus, revs below consensus (4.61 +0.17)

  • Reports Q4 (Dec) earnings of $0.15 per share, excluding non-recurring items, $0.15 better than the S&P Capital IQ Consensus of ($0.00); revenues rose 66.5% year/year to $112.9 mln vs the $108.35 mln S&P Capital IQ Consensus.
  • Co issues mixed guidance for FY20, sees EPS of $0.00-0.12, excluding non-recurring items, vs. ($0.03) S&P Capital IQ Consensus; sees FY20 revs of $340-360 mln vs. $380.57 mln S&P Capital IQ Consensus.
16:20  ENV Envestnet beats by $0.01, beats on revs; guides Q1 & FY20 EPS and revs below consensus (86.43 +0.20)

  • Reports Q4 (Dec) earnings of $0.69 per share, $0.01 better than the S&P Capital IQ Consensus of $0.68; revenues rose 15.4% year/year to $242.5 mln vs the $239.04 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q1, sees EPS of $0.45 vs. $0.56 S&P Capital IQ Consensus; sees Q1 revs of $241.7-$243.7 vs. $246.21 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY20, sees EPS of $2.22-2.27 vs. $2.61 S&P Capital IQ Consensus; sees FY20 revs of $1.0175-1.0275 bln vs. $1.04 bln S&P Capital IQ Consensus.
16:20  NCMI National Cinemedia beats by $0.04, beats on revs; guides FY20 revs in-line; raises dividend (8.00 +0.07)

  • Reports Q4 (Dec) earnings of $0.24 per share, $0.04 better than the S&P Capital IQ Consensus of $0.20; revenues rose 7.1% year/year to $147.2 mln vs the $140.08 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY20, sees FY20 revs of $450.0 mln to $465.0 mln vs. $452.47 mln S&P Capital IQ Consensus.

Quarterly dividend increased to $0.19 from $0.17.

16:20  DHR Danaher increases quarterly cash dividend to $0.18/share from $0.17/share (160.26 -3.65)

 
16:20  VICI VICI Properties beats by $0.06, reports revs in-line; guides FY20 AFFO below consensus (28.13 +0.66)

  • Reports Q4 (Dec) funds from operations of $0.37 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.31; revenues rose 5.1% year/year to $237.54 mln vs the $235.28 mln S&P Capital IQ Consensus.
    • Leasing revenues were $229.8 million for the quarter, representing a 15.7% increase compared to $198.6 million for the quarter ended December 31, 2018.
  • Co issues downside guidance for FY20, sees AFFO of $1.50-1.54, excluding non-recurring items, vs. $1.65 S&P Capital IQ Consensus.
16:20  BLDR Builders Firstsource beats by $0.05, reports revs in-line (28.18 +0.22)

  • Reports Q4 (Dec) earnings of $0.40 per share, $0.05 better than the S&P Capital IQ Consensus of $0.35; revenues fell 2.9% year/year to $1.76 bln vs the $1.76 bln S&P Capital IQ Consensus.
  • Co said "I am extremely positive on the outlook for Builders FirstSource in the new decade ahead. Our company is well positioned to be the building supply company of choice for builders thanks to our enhanced geographic reach, diversified product offerings, national manufacturing capabilities, and strong partnerships with our customers. We are excited about our plans to drive greater value through our operational excellence initiatives as well as capitalizing on a strong economy and steady growth in the single family housing market. The continued execution of our strategic plan, in combination with an overall positive macroeconomic environment, puts us on firm footing to achieve our full year 2020 objectives. Thank you to all of our associates for their hard work and dedication to help us further advance our premier industry position."
16:19  GLOB Globant beats by $0.03, reports revs in-line; guides Q1 EPS above consensus, revs above consensus; guides FY20 EPS above consensus, revs above consensus (125.98 -3.15)

  • Reports Q4 (Dec) earnings of $0.64 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.61; revenues rose 31.5% year/year to $184.31 mln vs the $183.16 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q1, sees EPS of at least $0.62, excluding non-recurring items, vs. $0.60 S&P Capital IQ Consensus; sees Q1 revs of at least $188 mln vs. $181.87 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY20, sees EPS of at least $2.74, excluding non-recurring items, vs. $2.73 S&P Capital IQ Consensus; sees FY20 revs of at least $810 mln vs. $809.39 mln S&P Capital IQ Consensus.
16:19  LTHM Livent reports EPS in-line, beats on revs; guides FY20 EPS below consensus, revs below consensus (11.86 +0.44)

  • Reports Q4 (Dec) earnings of $0.05 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.05; revenues fell 34.6% year/year to $78.4 mln vs the $76.61 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY20, sees EPS of $0.18-0.31, excluding non-recurring items, vs. $0.38 S&P Capital IQ Consensus; sees FY20 revs of $375-425 mln vs. $464.99 mln S&P Capital IQ Consensus.
16:19  NGVT Ingevity CEO, D. Michael Wilson, resigns, effective immediately; reaffirms 2020 guidance (62.93 -2.23)

  • The board has appointed Ingevity chairman Richard ("Rick") Kelson as interim president and CEO. The board has established a CEO Search Committee, led by Michael Fitzpatrick, chair of the Nominating and Governance Committee, to identify and select a permanent president and CEO.
  • Wilson's resignation is unrelated to the company's financial reporting and business performance and is the result of matters relating to his personal conduct.
  • The company reaffirms its fiscal year 2020 guidance announced on February 3, 2020, but is providing an update on the potential impacts of the coronavirus. Ingevity estimates that first quarter 2020 financial results are expected to be impacted by $20 million to $30 million in revenue, and $10 million to $15 million in adjusted earnings before interest, taxes and depreciation (EBITDA). "We believe we will recover some or all of the impacts of the coronavirus over the course of the year," said John Fortson, Ingevity's executive vice president, CFO and treasurer. "These estimates assume a slowdown of the coronavirus public health crisis by the end of the first quarter - however, this is a very fluid situation that we are monitoring closely."
16:18  PRA ProAssurance agrees to acquire NORCAL Group in $450 mln transaction (32.46 -0.30)

  • NORCAL Group and ProAssurance announced today the signing of a definitive agreement to combine the companies. The transaction, when completed, will result in the creation of the nation's third largest medical professional liability insurance carrier, based on 2019 estimated statutory data. While there is no specific timetable for completion of the transaction, it is anticipated that the deal will close at the end of 2020.
  • NORCAL would become a part of ProAssurance in a $450 mln transaction following the demutualization of NORCAL Mutual, NORCAL's ultimate controlling party. The demutualization and the acquisition agreement are mutually contingent, and are subject to required regulatory and policyholder approvals.
  • ProAssurance will pay a base consideration of $450 mln in cash, with a contingent consideration of up to $150 mln should ultimate loss estimates as of the acquisition date develop favorably.
  • This transaction is expected to deliver multiple strategic and financial benefits, including enhancements to scale and capabilities, access to the California physicians market at a time when the healthcare professional liability market is starting to harden, and an expected $18 mln in pre-tax synergies.
16:17  FND Floor & Decor beats by $0.05, reports revs in-line; guides FY20 EPS in-line, revs below consensus (55.00 +1.50)

  • Reports Q4 (Dec) earnings of $0.26 per share, $0.05 better than the S&P Capital IQ Consensus of $0.21; revenues rose 20.7% year/year to $527 mln vs the $527.08 mln S&P Capital IQ Consensus.
    • Comparable store sales increased 5.2%.
  • Co issues guidance for FY20, sees EPS of $1.34 to $1.41 vs. $1.35 S&P Capital IQ Consensus; sees FY20 revs of $2.485 bln to $2.510 bln vs. $2.54 bln S&P Capital IQ Consensus.
    • Comparable store sales expected to grow between 5.5% and 6.5%.
16:17  COLD Americold Realty Trust misses by $0.05, misses on revs; guides FY20 FFO below consensus (37.34 +0.62)

  • Reports Q4 (Dec) funds from operations of $0.30 per share, excluding non-recurring items, $0.05 worse than the S&P Capital IQ Consensus of $0.35; revenues rose 16.9% year/year to $485.98 mln vs the $491.53 mln S&P Capital IQ Consensus.
    • Global Warehouse segment same store revenue grew 3.4%, or 4.5% on a constant currency basis, with same store segment NOI improving 9.1%, or 10.0% on a constant currency basis for the fourth quarter 2019.
  • Co issues downside guidance for FY20, sees FFO of $1.22-1.30, excluding non-recurring items, vs. $1.33 S&P Capital IQ Consensus.
    • Global warehouse segment same store revenue growth to range between 2 and 4 percent on an actual and constant currency basis and same store NOI growth to be 100 to 200 basis points higher than the associated revenue.
16:16  UTI Universal Technical Institute announces offering of 5.65 mln shares of common stock (8.56 -0.07)

Universal Technical Institute intends to use proceeds for general corporate purposes, which may include the addition of new campuses, the expansion of existing programs, the development of new programs, the purchase of real property and campus infrastructure as well as the potential funding of strategic acquisitions of complementary businesses, assets, services or technologies. Proceeds may also be used for working capital and other capital expenditures.
16:16  PBYI Puma Biotech. beats by $0.27, beats on revs (13.96 +0.03)

  • Reports Q4 (Dec) earnings of $0.01 per share, excluding non-recurring items, $0.27 better than the single analyst estimate of ($0.26); revenues fell 11.5% year/year to $62.9 mln vs the $59.96 mln S&P Capital IQ Consensus.
  • At December 31, 2019, Puma had cash, cash equivalents and marketable securities of $111.6 million, compared to $165.4 million at December 31, 2018.
16:15  WRAPX Closing Stock Market Summary

The S&P 500 took a precipitous 1.3% decline during Thursday's session as stocks pulled back from record highs, but opportunistic investors stepped in to buy the intraday dip. The benchmark index closed lower by just 0.4%, while the Russell 2000 gained 0.2%. The Dow Jones Industrial Average (-0.5%) and Nasdaq Composite (-0.7%) also closed off lows. 

Losses were made most prevalent in the heavily-weighted S&P 500 information technology sector (-1.0%). The defensive-oriented, and rate-sensitive, real estate (+1.2%) and utilities (+0.3%) sectors outperformed amid lower Treasury yields. 

The 2-yr yield declined three basis points to 1.39%, and the 10-yr yield declined five basis points to 1.53%. The U.S. Dollar Index increased 0.2% to 99.87. WTI crude rose 0.8%, or $0.45, to $53.77/bbl. 

Interestingly, U.S. Treasuries had already been on the advance well before losses in the stock market started to accelerate around 11:00 a.m. ET. The defensive positioning came despite weekly jobless claims remaining at low levels and the Philadelphia Fed Index surging to 36.7 in February (Briefing.com consensus 10.7) from 17.0 in January.

One could point to the growing number of coronavirus cases in China for the skittishness, but it seems more reasonable to draw attention to the stock market's overextended posture. Indiscriminate selling in shares of mega-cap technology companies reflected some unwinding of crowded positions. 

Unsurprisingly, though, investors' willingness to buy any weakness in the market prevailed. Probable reasons included low interest rates, decent economic data, and accommodative monetary policy (China cut its one-year loan prime rate to 4.05% from 4.15% on Thursday). Fed Vice Chair Clarida, however, said he doesn't think most market participants expect a rate cut. 

In corporate news, E*Trade (ETFC 54.73, +9.80, +21.8%) agreed to be acquired by Morgan Stanley (MS 43.75, -2.56, -4.6%) for $13 billion in stock. ViacomCBS (VIAC 29.29, -6.38, -17.9%) was the biggest laggard in the S&P 500 after issuing disappointing earnings results and guidance. 

Reviewing Thursday's economic data:

  • Initial claims for the week ending February 15 increased by 4,000 to a still-low 210,000 (Briefing.com consensus 211,000). Continuing claims for the week ending February 8 increased by 25,000 to 1.726 million.
    • The key takeaway from the report is that it covers the week in which the survey is taken for the February employment report, and with initial claims still at low levels, this data point will reinforce expectations for another solid increase in nonfarm payrolls.
  • The Conference Board's Leading Economic Index (LEI) increased 0.8% in January (Briefing.com consensus 0.4%) after decreasing 0.3% in December.
    • The key takeaway from the report is that it showed positive contributions from almost all components after the headline reading decreased in four out of the last five months.
  • The Philadelphia Fed Index for February catapulted to 36.7 (Briefing.com consensus 10.7) from 17.0 in January.

Looking ahead, investors will receive Existing Home Sales for January on Friday.

  • Nasdaq Composite +8.7% YTD
  • S&P 500 +4.4% YTD
  • Dow Jones Industrial Average +2.4% YTD
  • Russell 2000 +1.7% YTD
16:15  AGRX Agile Therapeutics announces proposed public offering of common stock; size not disclosed (3.58 -0.08)

 
16:14  GLPI Gaming and Leisure Properties beats by $0.09, reports revs in-line; guides Q1 FFO above consensus, revs above consensus; guides FY20 FFO above consensus, revs above consensus (49.74 +0.82)

  • Reports Q4 (Dec) funds from operations of $0.87 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of $0.78; revenues fell 4.7% year/year to $289 mln vs the $288.18 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q1, sees FFO of $0.87, excluding non-recurring items, vs. $0.78 S&P Capital IQ Consensus; sees Q1 revs of $292.8 mln vs. $290.70 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY20, sees FFO of $3.49-3.52, excluding non-recurring items, vs. $3.14 S&P Capital IQ Consensus; sees FY20 revs of $1193.9-1196.1 mln vs. $1.16 bln S&P Capital IQ Consensus.
16:14  FSLY Fastly beats by $0.01, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY20 EPS in-line, revs in-line (24.59 +0.39)

  • Reports Q4 (Dec) loss of $0.10 per share, $0.01 better than the S&P Capital IQ Consensus of ($0.11); revs +44% yr/yr to $59 mln vs $54.9 mln Capital IQ consensus.
  • Co issues in-line guidance for Q1, sees EPS of ($0.13) - $0.11), excluding non-recurring items, vs. ($0.11) S&P Capital IQ Consensus; sees Q1 revs of $58-60 mln vs. $58.14 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY20, sees EPS of ($0.43) - ($0.32), excluding non-recurring items, vs. ($0.41) S&P Capital IQ Consensus; sees FY20 revs of $255-265 mln vs. $256.51 mln S&P Capital IQ Consensus.
16:14  HTGC Hercules Capital beats by $0.02, beats on revs (15.70 +0.49)

  • Reports Q4 (Dec) earnings of $0.38 per share, $0.02 better than the S&P Capital IQ Consensus of $0.36; revenues rose 24.1% year/year to $70.58 mln vs the $69.47 mln S&P Capital IQ Consensus.
16:14  ROG Rogers Corp beats by $0.08, misses on revs; guides Q1 EPS below consensus, revs below consensus (110.68 -0.91)

  • Reports Q4 (Dec) earnings of $1.14 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $1.06; revenues fell 13.1% year/year to $193.8 mln vs the $204.87 mln S&P Capital IQ Consensus.
    • Gross margin was 33.1% in the fourth quarter of 2019 compared to 35.6% in the third quarter of 2019 and 35.2% in the fourth quarter of 2018. Fourth quarter 2019 gross margin was within the Company's previously announced guidance range of 33% to 34%.
  • "Looking ahead to the first quarter, we have limited visibility across multiple segments due to the still unfolding impact of the coronavirus outbreak, but believe that revenue will be impacted in the range of 7% to 10%. From a strategic growth perspective we remain optimistic regarding the outlook for Advanced Mobility applications and the China 5G wireless infrastructure market." The Company guides to a gross margin range of 32.5% to 33.5%
  • Co issues downside guidance for Q1, sees EPS of $0.75-0.95, excluding non-recurring items, vs. $1.17 S&P Capital IQ Consensus; sees Q1 revs of $185-200 mln vs. $214.43 mln S&P Capital IQ Consensus.
16:14  TRUE TrueCar enters into short-term extension of USAA Car Buying Service (3.91 +0.11)

  • TrueCar has entered into a short-term agreement effective February 14 to extend its partnership with USAA Federal Savings Bank (USAA FSB) to continue to power the USAA Car Buying Service through September 30, 2020. Revenue share from USAA FSB to TrueCar will remain the same as it was under the previous agreement. In addition, USAA FSB will pay a $20 mln transition services fee to TrueCar.
  • "While this outcome was unexpected, we believe the short-term agreement will benefit us over the next several quarters as we continue to focus on our core business," said Mike Darrow, TrueCar's Interim President and CEO. "USAA has made clear to us that it has decided to stop providing a car buying service to its members later this year in an effort to simplify its business and focus on its core product offerings after a reassessment of its strategic direction, and that this decision was unrelated to the performance of our program or product offerings. Looking ahead, TrueCar is well positioned to leverage the progress we've made in our rebrand and our new consumer experience [..]. Furthermore, we are confident that TrueCar will maintain adjusted EBITDA margins in 2020."
16:13  CNDT Conduent misses by $0.02, beats on revs (4.97 +0.28)

  • Reports Q4 (Dec) earnings of $0.18 per share, $0.02 worse than the S&P Capital IQ Consensus of $0.20; revenues fell 14.3% year/year to $1.1 bln vs the $1.08 bln S&P Capital IQ Consensus.
  • "We ended the year with revenue at the top end and Adjusted EBITDA near the mid-point of our guidance ranges. Our balance sheet remains strong and we expect to generate meaningful operating cash flow in 2020, providing adequate liquidity to invest in the business."
16:13  RMAX RE/MAX Holdings beats by $0.01, reports revs in-line; guides Q1 revs below consensus; guides FY20 revs in-line (40.58 +1.85)

  • Reports Q4 (Dec) earnings of $0.47 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.46; revenues rose 34.1% year/year to $68.19 mln vs the $68.42 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q1, sees Q1 revs of $68-71 mln vs. $71.78 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY20, sees FY20 revs of $285.5-289.5 mln vs. $288.31 mln S&P Capital IQ Consensus.
16:12  BMRN BioMarin Pharm announces FDA accepted for Priority Review BLA regarding valoctocogene roxaparvovec for adults with hemophilia A (89.66 -0.21)

  • This acceptance by the FDA marks the first marketing application accepted for a gene therapy product for any type of hemophilia in the United States.
  • The Prescription Drug User Fee Act (PDUFA) action date is August 21, 2020. The FDA has informed the company that they are not currently planning to hold an advisory committee meeting to discuss the application.
  • The application is based on a Phase 3 interim analysis of study participants treated with investigational product manufactured by the to-be-commercialized process and three-year Phase 1/2 data. BioMarin has constructed, commissioned, and validated one of the first gene therapy manufacturing facilities of its kind in the world.
  • In addition, the FDA has accepted the premarket approval (PMA) application for an AAV5 total antibody assay intended as a companion diagnostic test for valoctocogene roxaparvovec. With a low prevalence of pre-existing immunity to AAV5, BioMarin estimates that approximately 80% of people with hemophilia A in the US do not have preexisting immunity to AAV5 that would make them ineligible for AAV5-mediated gene therapy treatment.
16:11  MMI Marcus & Millichap beats by $0.03, beats on revs (36.64 -0.13)

  • Reports Q4 (Dec) earnings of $0.52 per share, $0.03 better than the two analyst estimate of $0.49; revenues rose 3.3% year/year to $237.9 mln vs the $217.45 mln two analyst estimate.
16:10  CENX Century Aluminum beats by $0.09, reports revs in-line (5.76 -0.17)

  • Reports Q4 (Dec) loss of $0.09 per share, $0.09 better than the two analyst estimate of ($0.18); revenues fell 10.6% year/year to $435.5 mln vs the $431.3 mln S&P Capital IQ Consensus.
  • Shipments of 202,870 tonnes, a 2% increase over prior quarter driven by the ongoing restart at Hawesville.
16:10  ZS Zscaler beats by $0.06, beats on revs; guides AprQ EPS below consensus, revs above consensus; guides FY20 EPS in-line, revs above consensus (65.18 +0.01)

  • Reports Q2 (Jan) earnings of $0.09 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.03; revenues rose 36.3% year/year to $101.27 mln vs the $99.05 mln S&P Capital IQ Consensus.
  • Co issues mixed guidance for Q3 (Apr), sees EPS of $0.01-0.03, excluding non-recurring items, vs. $0.04 S&P Capital IQ Consensus; sees Q3 revs of $105-107 mln vs. $104.58 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY20, sees EPS of $0.14-0.16, excluding non-recurring items, vs. $0.15 S&P Capital IQ Consensus; sees FY20 revs of $414-417 mln vs. $410.85 mln S&P Capital IQ Consensus.
16:10  TRUE TrueCar beats by $0.03, beats on revs; guides Q1 revs above consensus; guides FY20 revs below consensus (3.91 +0.11)

  • Reports Q4 (Dec) loss of $0.01 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of ($0.04); revenues fell 1.6% year/year to $89.67 mln vs the $88.01 mln S&P Capital IQ Consensus.
    • Fourth quarter Adjusted EBITDA of $4.3 mln, representing an Adjusted EBITDA margin of 4.8%, compared to Adjusted EBITDA of $8.7 mln, representing an Adjusted EBITDA margin of 9.6%, in the fourth quarter of 2018.
  • Co issues upside guidance for Q1, sees Q1 revs of $87-89 mln vs. $86.93 mln S&P Capital IQ Consensus.
    • Adjusted EBITDA is expected to be in the range of $3-4 mln
  • Co issues downside guidance for FY20, sees FY20 revs of $335-355 mln vs. $367.46 mln S&P Capital IQ Consensus.
    • Adjusted EBITDA is expected to be in the range of $15-20 mln
16:09  BJRI BJ Restaurants beats by $0.08, reports revs in-line (43.71 +0.61)

  • Reports Q4 (Dec) earnings of $0.54 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $0.46; revenues rose 3.8% year/year to $291.07 mln vs the $292.2 mln S&P Capital IQ Consensus.
  • Comparable restaurant sales increased 0.4%
16:08  FSLY Fastly announces transition of CEO Artur Bergman to Chief Architect and Executive Chairman; Joshua Bixby to succeed as CEO (24.59 +0.39)

  • Artur Bergman, whose term as CEO dates back to Fastly's founding in March 2011, has transitioned from his role as CEO to the role of Chief Architect and Executive Chairperson. Joshua Bixby, who has served as President of Fastly since 2017, succeeds Mr. Bergman as CEO. In his full-time role as Chief Architect and Executive Chairperson, Mr. Bergman will continue to collaborate closely with Mr. Bixby as he transitions into the role of CEO.
  • Fastly also announced today that Board member David Hornik has been appointed Lead Independent Director.
16:08  BYD Boyd Gaming beats by $0.05, reports revs in-line (34.74 +0.65)

  • Reports Q4 (Dec) earnings of $0.50 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $0.45; revenues rose 5.2% year/year to $833.13 mln vs the $828.46 mln S&P Capital IQ Consensus.
  • Total Adjusted EBITDAR was $227.6 million in the fourth quarter of 2019, up 9.1% from $208.6 million in the fourth quarter of 2018.
  • For the full year 2020, Boyd Gaming projects total Adjusted EBITDAR of $915 million to $935 million.
16:08  TXRH Texas Roadhouse beats by $0.12, beats on revs; reaffirms FY20 guidance metrics; Q4 comps +4.4% (66.35 +1.35)

  • Reports Q4 (Dec) earnings of $0.61 per share, excluding non-recurring items, $0.12 better than the S&P Capital IQ Consensus of $0.49; revenues rose 19.7% year/year to $725.2 mln vs the $713.68 mln S&P Capital IQ Consensus.
  • Comparable restaurant sales increased 4.4% at company restaurants and 3.4% at domestic franchise restaurants.
  • Restaurant margin, as a percentage of restaurant and other sales, increased 117 basis points to 17.1% as the benefit of the 53rd week, a higher average check, and labor productivity were partially offset by wage rate and commodity inflation. Restaurant margin dollars increased 28.6% to $122.9 mln from $95.6 mln in the prior year.
  • Management reiterated the following expectations for 2020: Positive comparable restaurant sales growth; At least 30 company restaurant openings; Store week growth of 3.5% to 4.5%, including the negative impact of lapping the 53rd week from 2019; Commodity cost inflation of 1.0% to 2.0%; Mid-single digit growth in labor dollars per store week; and An income tax rate of 14.0% to 15.0%.
16:07  ORN Orion Group COO to conclude role, effective February 29, 2020 (4.36 -0.06)

  • Mr. Shanfelter was appointed Interim Chief Operating Officer (COO) on March 26, 2019, to assist with the implementation of the Company's Invest, Scale, and Grow (ISG) initiative under its Process Improvement Plan, which has been substantially completed, while the Company conducted a search.
  • After he concludes his role as Interim COO on February 29, 2020, Mr. Shanfelter will resume functioning as an independent member of the Company's Board of Directors and will be eligible to serve as a member of the various committees of the Board.
16:06  SFM Sprouts Farmers Market beats by $0.13, reports revs in-line; guides Q1 EPS in-line, revs below consensus; guides FY20 EPS above consensus, revs below consensus (16.05 +0.19)

  • Reports Q4 (Dec) earnings of $0.27 per share, $0.13 better than the S&P Capital IQ Consensus of $0.14; revenues rose 7.5% year/year to $1.36 bln vs the $1.36 bln S&P Capital IQ Consensus.
    • Same store comps were +1.5%.
  • Co issues guidance for Q1, sees EPS of $0.45-0.47 vs. $0.46 S&P Capital IQ Consensus; sees Q1 revs of $1.49-1.51 bln vs. $1.52 bln S&P Capital IQ Consensus. Co guides to Q1 comps of +0-1%.
  • Co issues mixed guidance for FY20, sees EPS of $1.17-1.23 vs. $1.11 S&P Capital IQ Consensus; sees FY20 revs of $5.94-6.00 bln vs. $6.05 bln S&P Capital IQ Consensus. Co guides to Q1 comps of +0-1%.
16:06  SBAC SBA Comm beats by $0.26, beats on revs; guides FY20 FFO above consensus, revs in-line (292.13 +2.28)

  • Reports Q4 (Dec) funds from operations of $2.18 per share, $0.26 better than the S&P Capital IQ Consensus of $1.92; revenues rose 6.2% year/year to $513.66 mln vs the $506.66 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY20, sees FFO of $9.07 to $9.47 vs. $8.51 S&P Capital IQ Consensus; sees FY20 revs of $2.10 bln to $2.14 bln vs. $2.12 bln S&P Capital IQ Consensus.
16:05  DBX Dropbox beats by $0.02, reports revs in-line; also announces $600 mln share repurchase program (18.72 +0.40)

  • Reports Q4 (Dec) earnings of $0.16 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.14; revenues rose 18.6% year/year to $446 mln vs the $443.35 mln S&P Capital IQ Consensus.
    • Paying users ended at 14.3 million, as compared to 12.7 million as of the end of the prior year. Average revenue per paying user was $125.00, as compared to $119.61 for the same period last year.
    • GAAP gross margin was 76.5%, as compared to 74.9% in the same period last year. Non-GAAP gross margin was 77.6%, as compared to 75.7% in the same period last year.
  • Co also announces $600 mln share repurchase program.
  • Company will provide guidance on its earnings conference call, which begins at 5:00 p.m. ET
16:05  PRAH PRA Health Sciences beats by $0.07, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY20 EPS in-line, revs in-line (111.47 -0.06)

  • Reports Q4 (Dec) earnings of $1.54 per share, $0.07 better than the S&P Capital IQ Consensus of $1.47; revenues rose 9.7% year/year to $800.24 mln vs the $794.91 mln S&P Capital IQ Consensus.
    • Net new business of $658.9 million in the fourth quarter; Net book-to-bill of 1.21.
  • .Co issues downside guidance for Q1, sees EPS of $1.05-1.15 vs. $1.28 S&P Capital IQ Consensus; sees Q1 revs of $765-787 mln vs. $792.09 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY20, sees EPS of $5.77-5.97 vs. $5.81 S&P Capital IQ Consensus; sees FY20 revs of $3.23-3.36 bln vs. $3.32 bln S&P Capital IQ Consensus.
16:05  NUVA NuVasive beats by $0.09, beats on revs; guides FY20 EPS in-line, revs in-line (78.97 -0.43)

  • Reports Q4 (Dec) earnings of $0.73 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of $0.64; revenues rose 7.7% year/year to $310.4 mln vs the $304.93 mln S&P Capital IQ Consensus.
    • non-GAAP gross margin was 73.2%
  • Co issues in-line guidance for FY20, sees EPS of $2.55-2.65, excluding non-recurring items, vs. $2.60 S&P Capital IQ Consensus; sees FY20 revs +4-6% (implying $1.21-1.24 bln) vs. $1.23 bln S&P Capital IQ Consensus.
16:04  ADSW Advanced Disposal misses by $0.05, misses on revs (33.06 )

  • Reports Q4 (Dec) earnings of $0.08 per share, excluding non-recurring items, $0.05 worse than the S&P Capital IQ Consensus of $0.13; revenues rose 1.4% year/year to $400.5 mln vs the $413.68 mln S&P Capital IQ Consensus.
  • "We executed on a number of important objectives in 2019 including year-over-year improvements across all key safety metrics and continued strong cash flow generatioWhile we faced operating headwinds related to recycling and leachate costs, our team delivered on the items directly within their control, and I'm proud of the focus, dedication, and professionalism our team has exhibited throughout the year."
16:03  OLED Universal Display raises quarterly cash dividend to $0.15/share from $0.10/share (178.77 -0.22)

 
16:02  EYPT EyePoint Pharmaceuticals announces public offering of common stock; size not disclosed (1.95 +0.04)

EyePoint intends to use proceeds to continue to fund the commercialization and expand the access of DEXYCU (dexamethasone intraocular suspension) 9% and YUTIQ (fluocinolone acetonide intravitreal implant) 0.18 and for general corporate purposes.