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Quick Look Market Closing Price:
At the close:
- Dow -0.23% to 16375. S&P +0.06% to 1844. Nasdaq +0.41% to 4243.
- Treasurys: 30-year -0.16%. 10-yr -0.26%. 5-yr -0.16%.
- Commodities: Crude +1.96% to $96.84. Gold -0.47% to $1236.
- Currencies: Euro -0.12% vs. dollar. Yen +0.19%. Pound -0.61%.
Market recap:
Stocks end mixed, IBM
weighs on the Dow
Stocks traded in a narrow range to finish with mixed
results, as disappointing Q4 readings from IBM
weighed on the Dow, which lagged the other major indexes.
IBM, the Dow's second
largest component, fell 3.2% after reporting Q4 revenue that fell more than
expected; Coach came in with a bottom-line miss on lower than expected revenue.
Earnings have been mildly disappointing, but the market has
avoided a more pronounced selloff because of low expectations, says a U.S. Bank
Wealth Management, adding that investors are overlooking Q4 earnings to focus
on this year's profits where the picture is more encouraging.
The 10-year Treasury note yield rose 2 bps to 2.861% after
settling at a six-week low of 2.823% yesterday.
Treasurys were little changed, with the yield on the 10-year
note ticking up to 2.83%.
After Hours News:
PLCM
Polycom +6.2% AH on Q4 beat, Personal Devices sales +33% Y/Y.Polycom (PLCM) shares
climb 6.2% AH following strong results in Q4.Group Systems revenue declined 8% Y/Y to $218.1M, Personal
Devices sales surged 33% to $62.1M, and Platform revenue was flat at $67.7M.Operating cash flow totaled $50M in Q4.Opex fell 2.4% Y/Y to $197.5M. Excluding a $13.8M
restructuring charge, opex declined 9.2% Y/Y.PR, Conference call at 5pm ET
FFIV
F5's guidance, product sales growth impresses; shares +9.1%
AHIn addition to handily beating FQ1 estimates, F5 (FFIV)
is guiding for FQ2 revenue of $408M-$418M and EPS of $1.23-$1.26, above a
consensus of $404.1M and $1.21.FQ1 product revenue +7% Y/Y to $218.6M, after growing just
1% in FQ4. A mid-2013 refresh for F5's application delivery controller lineup
likely helped, and so might have licensing policy changes. Services revenue
+17% to $187.9M.F5 continues to invest aggressively: Sales/marketing spend
+10% Y/Y to $134.8M, R&D +32% to $64.1M. Headcount rose by 165 during FQ1.Shares are close to their 52-week high of $107.99.CC underway. FQ1 results, PR.
NVEC
NVE Corporation (NVEC): FQ3 EPS of $0.57
Revenue of $6.47M (-0.9% Y/Y)
EXEL
Exelixis -3% AH, to offer 10M shares in follow-on
Exelixis (EXEL) shares
fall 3% AH after the company announces it will offer 10M shares in a follow-on
offering (overallotment of 1.5M shares). Pricing is expected before market open
tomorrow.
The offering represents dilution of 5.4%.
NFLX
Netflix, Inc. beats by $0.15, beats on revenue
Netflix, Inc. (NFLX): Q4 EPS of $0.79 beats by $0.15.
Revenue of $1.18B (+24.9% Y/Y) beats by $10M.
Shares +13.8%.
Strong subscriber growth at Netflix boosts shares.Netflix (NFLX) soars in the after-hours session after
beating on both lines with its Q4 report and showing plenty of momentum with
subscriber growth.The company added 2.33M subscribers in the U.S.,
compared to the company's guidance for a gain of 1.61M-2.41M subscribers.
Analysts expected U.S.
subscriber additions of around 2.05M.
International net additions during the quarter came in at
1.74M, up 300K Q/Q and down slightly from the year-ago period.Streaming margin was 23.4%, just ahead of guidance of 23.2%
and down 30 bps Q/Q.The forecast for Q1 2014 is for an addition of another 2.25M
subscribers in the U.S.
and 1.60M international subscribers.
More on Netflix: Profits, pricing, and expansion in the mixNetflix (NFLX) says it believes a contribution margin rate
of over 30% is achievable in 2015.The company is busy analyzing consumer response to its
pricing tiering changes (multiple-stream, SD vs HD, pricing) and hopes to
settle on a selection of just three simple options. No word if the highest
price point will be boosted.This year, Netflix plans to start "substantial"
expansion in Europe where it sees a large opportunity.Breaking Bad will be available in all international markets
this year, while Better Call Saul will debut in select global markets and the U.S.
following its AMC run.
NFLX +16.7% AH.
EBAY
eBay Inc. beats by $0.01, misses on revenue.eBay Inc. (EBAY): Q4 EPS
of $0.81 beats by $0.01.
Revenue of $4.53B (+13.5% Y/Y) misses by $30M.Icahn takes eBay stake, calls for PayPal spinoff; $5B
buyback authorized.In tandem with its Q4 results, EBAY
discloses Carl Icahn has taken an 0.82% stake in the company, has submitted two
board nominations, and is calling for PayPal to be spun off into a separate
business.Perhaps not coincidentally, eBay has also authorized a new
$5B buyback, which raises its total authorization to $5.6B (good for
repurchasing 7% of outstanding shares).Q1 guidance is for revenue of $4.15B-$4.25B and EPS of
$0.65-$0.67, below a consensus of $4.3B and $0.72. 2014 guidance is for revenue
of $18B-$18.5B and EPS of $2.95-$3.00, largely below a consensus of $18.5B and
$3.12.
EBAY +8.6% AH
FFIV
F5 Networks, Inc. beats by $0.03, beats on revenue
F5 Networks, Inc. (FFIV):
Q1 EPS of $1.22 beats by $0.03.
Revenue of $406.5M (+11.2% Y/Y) beats by $10.23M.
Shares +4.6%.
Press Release
FIO
Fusion-io, Inc. beats by $0.04, beats on revenue
Fusion-io, Inc. (FIO): Q2 EPS of $-0.06 beats by $0.04.Fusion-io issues soft guidance again, shares -2.6% AThough it beat FQ2 estimates, Fusion-io (FIO) is guiding for
FQ3 revenue to be flat to slightly up Q/Q. The consensus is for sales to rise
4% Q/Q to $97.9M.FQ2 gross margin was 57.6%, -180 bps Q/Q and -410 bps Y/Y,
but soundly above a guidance range of 52%-54%. However, FQ3 gross margin is
expected to fall to a range of 51%-53%.While revenue fell 22% Y/Y, opex rose 10% to $74M, thanks to
healthy increases in both sales/marketing and R&D spend.Though maintaining a performance/latency technology edge
over many rivals, Fusion-io has been dealing with declining orders from top
customers Apple and Facebook, and growing competition from cheaper flash
storage solutions (both server flash modules and standalone storage arrays).
CC at 5PM ET. FQ2
results, PR.
WDC
Western Digital Corporation beats by $0.11, beats on revenue
Western Digital Corporation (WDC):
Q2 EPS of $2.19 beats by $0.11.
Revenue of $4B (+4.7% Y/Y) beats by $160M.
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