YELP | GLUU | Morning News

APRIL 30, 2015

US futures slipping at this hour, following overseas markets into the red after the FOMC fails to impress and ahead of some key economic data including inflation and labor numbers.

 

NEWS:

  • AAPL: defect in iWatch’s teptic engine forces Apple to move production to Japan’s Nidec, which will take time to ramp up production, reports the wsj
  • TSLA: to reveal two batteries at today’s event, a home battery and a “utility scale” battery, reports businessinsider
  • NFLX: Netflix orders 17 episodes of TV show Green Eggs and Ham, produced by Ellen DeGeneres, reports comingsoon
  • OVTI: OmniVision Said to Near $1.7 B Sale to Hua Capital, reports bloomberg
  • NEM: agrees to sell its Waihi gold mining operation in New Zealand to OceanaGold  for $106M plus a 1% net smelter royalty on a recent discovery
  • AMGN: Ad Comm votes in favor of approval for Amgen’s T-Vec for melanoma

ON THE ECONOMIC CALENDAR:

  • 8:30AM: Weekly Jobless Claims
  • 8:30AM: Personal Income and Outlays
  • 8:30AM: Employment Cost Index
  • 8:30AM: Fed’s Tarullo
  • 9:45AM: Bloomberg Consumer Comfort Index
  • 9:45AM: Chicago PMI
  • 10:30AM: EIA Natural Gas Inventory
  • 11AM: Kansas City Fed Manufacturing Survey
  • 3PM: Farm Prices
  • 4:30PM: Money Supply and Fed Balance Sheet

EARNINGS:

  • RYL:  Q1 EPS of $0.47 beats by $0.02.Revenue of $517.4M (+5.7% Y/Y) beats by $13.6M
  • XOM:Q1 EPS of $1.17 beats by $0.35.Revenue of $67.62B (-36.7% Y/Y) beats by $14.47B: conference call 11AM EST
  • AVP: Q1 EPS of $0.04 misses by $0.03.Revenue of $1.79B (-17.9% Y/Y) misses by $40M: weak guidance: strong dollar had negative impact
  • IMAX: Q1 EPS of $0.07 beats by $0.02.Revenue of $62.21M (+29.1% Y/Y) beats by $7.87M
  • CME:Q1 EPS of $0.98 beats by $0.03.Revenue of $843M (+8.4% Y/Y) beats by $4.88M
  • TEVA: Q1 EPS of $1.36 beats by $0.11.Revenue of $4.98B (-0.4% Y/Y) beats by $140M: guidance raises FY15 EPS
  • BZH: FQ2 EPS of -$0.08 beats by $0.06.Revenue of $299.35M (+10.9% Y/Y) beats by $5.79M
  • TWC: Q1 EPS of $1.65 misses by $0.23.Revenue of $5.78B (+3.6% Y/Y) misses by $50M
  • NOK:Q1 EPS of €0.05 in-line.Revenue of €3.19B (+19.5% Y/Y): 61% profit drop in core networks business
  • MOS: Q1 EPS of $0.80 beats by $0.05.Revenue of $2.14B (+8.1% Y/Y): conference call 9AM EST
  • POT: Q1 EPS of $0.44 misses by $0.06.Revenue of $1.67B (-0.6% Y/Y) in-line: weak guidance, Q2 EPS $ 0.45-.55 v. $0 .57 consensus
  • CTRX:Q1 EPS of $0.59 beats by $0.02.Revenue of $5.98B (+21.8% Y/Y) beats by $270M:

RECAP OF SOME NOTABLE EARNINGS FROM LAST NIGHT:

  • YELP: Q1 EPS of $0.10 beats by $0.09.Revenue of $118.5M (+55.1% Y/Y) misses by $1.48M: Guidance weak, sees Q2 revenue of $131M-$134M v. $138.4M consensus and FY15 revenue of $574M-$579M v. $579.2M consensus
  • BIDU: Q1 EPS of RMB7.58 beats by RMB0.97.Revenue of RMB12.73B (+34.0% Y/Y) misses by RMB180M: guidance was soft: sees Q2 revenue of RMB16.365B-RMB16.75B v. RMB16.65B: mobile up sharply at 50% of Q1 revenue
  • GLUU: Q1 EPS of $0.02 beats by $0.03.Revenue of $62.44M (+33.0% Y/Y) beats by $10.84M: announces Chinese gaming/messaging giant Tencentis investing $126M in the company through the purchase of 21M shares at $6/share: announces partnership with Britney Spears to launch a new mobile game in 1H16 and signed a 5 year deal with Katy Perry: guidance, Q2 revenue of $50M-$52M and EPS of -$0.03 to -$0.05 v.  consensus of $50.9M and -$0.02

SOME NOTABLE EARNINGS AFTER THE MARKET CLOSES:

AEM, AIG, AIV, ARAY, ATHN, ATR, BMRN, BRKS, BYD, CALD, CAP, CPT, CTRL, CUBE, DCT, DGI, DWA, EEP, EGO, EXEL, EXPE, FEYE, FLR, FSLR, G, GB, GILD, JDSU, KRG, LNKD, MOBL, RGC, ROVI, SEM, SGEN, SPWR, SWKS, SYNC, TER, TSRO, V, WU, WWWW

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • BWLD: upgrade: market perform to outperform: Baird: $190
  • GRMN: upgrade: sell to neutral: JP Morgan: $46
  • SPLS: upgrade: hold to buy: Jefferies
  • JBLU: upgrade: market perform to outperform: Credit Suisse: $27

DOWNGRADES;

  • YELP: downgrade: outperform to sector perform: RBC Capital: pt cut from $82 to $50
  • YELP: downgrade: buy to neutral: pt cut from $65 to $55: BoA/Merrill
  • SSYS: downgrade: outperform to market perform: RBC Capital: pt cut from $82 to $44

INITIATIONS:

  • TWC: initiated: equal weight: Morgan Stanley: $170

PRICE TARGET CHANGES:

  • YELP: pt cut from $78 to $68: Cantor
  • YELP: pt cut from $90 to $75: Wunderlich
  • MA: pt raised from $91 to $105: Susquehanna
  • HOT: pt raised from $79 to $87: FBR Capital
  • VRX: pt raised from $222 to $271: Cantor
  • PNRA: pt raised from $159 to $168: Telsey Advisory

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