Tech darling FNSR is plummeting after hours, down by $14, or 35%, to $26 after the company released in line Q3 numbers, but an outlook that has left the investor base, not to mention its sellside lemming brigade, stunned. While the current sellside Q4 consensus is of 48 cents a share on revenue of $257.9 million, the company announced that "revenues for the fourth quarter to be in the range of
$235 to $250 million" and "earnings per diluted share is expected to
be in the range of approximately $0.31 to $0.35." The result: a stock that is down 33% after hours. Perhaps it is time form Miller Tabak's Alex Henderson, who has been ranked #1 11 times in the Institutional Investor "All Star" poll, to reduce his $60/Buy Price Target. Yet what is worst is that perpetual tech dynamo, China, is now growing dim: from the mea culpa: "the Company will be
impacted by...a slowdown in business in China
overall." Is this the beginning of the end for the tech bubble?
Has The Chairman Stopped Ordering Ink? Hewlett Packard Plummets After Hours On Major Downward Guidance RevisionSubmitted by Tyler Durden on 02/22/2011 18:06 -0400
Looking at the price of HPQ after hours, one would think that the company was a biotech which just missed its Phase 3 trial. The rapidity with which it has lost $10 billion in market cap does not leave many other options... Of course, there is always the chance that Ben Bernanke may have just said no to future purchases of green ink, although we deem it highly unlikely. The real reason for the plunge in the stock was the company's earnings, which confirm that the new paradigm of economic growth, may be just slightly problematic. While the company missed on revenue, coming in at $32.3 Bn on expectations of $32.97 Bn, it is the forecast that left many stunned: HPQ now sees Q2 adjusted EPS $1.19-1.21 vs. Exp. $1.26, and full year revenue of $130-131.5bln vs. $132-133.5bln previously, and consensus of USD 133.1bln. So now in addition to plunging margins (Cisco) we are finally starting to see headline growth... And all the sellsiders continue to hike the 2011 EPS on what again?
As is by now well-known, Apple stock is underperforming after hours following reports of an allegedly sickly-looking Steve Jobs leaving the Stanford cancer center. The National Enquirer has released photos supposedly of an emaciated Jobs, yet one who is not readily identifiable as the Apple CEO. The National Enquirer, who initially reported the news today (to be published tomorrow), talked to critical-care physician Dr. Samuel Jacobson, who said, “Judging from the photos, he is close to terminal. I would say he has six weeks.” That said, given the reliability of The National Enquirer, waiting for further news before jumping to conclusions is advised. Furthermore, as TNW reports, "We’ve done a little digging into Dr. Samuel Jacobson. Jacobson appears to be a Florida based pulmonologist (breathing doctor) – not Oncologist. Which would naturally make you wonder just how qualified he is to diagnose someone via a photo, especially outside of his speciality." Obviously, a prudent question. While there is still no definitive confirmation either way, and Apple has not issued any statement, the stock has moved on the news, and we believe that this information should be shared as it is in the public doman and market moving.
Fedex plunged after hours only to retrace almost all of the drop, after investors were assuaged that the reason for the company's guidance cut was snow (in December, yes unbelievable), and plunging margins (this is one-time: just recall Goldman's most recent lies on the topic). In other words, while QE3, 4 and 5 is now the norm (i.e., perfectly recurring), such things as snow, and plunging profits, are transient. After all, it is only a matter of time before the Vissarionovich Jr. finds a way to subsidize his pet Russell 2000.
Google's Android is now the undisputed top selling mobile OS in the world, unseating Research in Motion's Blackberry, Apple's iOS and Nokia's Symbian/MeeGo in record time. Being that Android is essentially a front end to Google's cloud services and apps, does this mean that Google now has (or soon will have) more application reach than Microsoft - the world's largest software company? Pretty good performance for a search engine, eh?
Microsoft’s Kinnect Helped Power It To A Record Quarter, Indicating A New Era For Both MSFT & Personal ComputingSubmitted by Reggie Middleton on 01/28/2011 11:35 -0400
Google Beats Earnings As Eric Schmidt Hands Over CEO Spot To Larry Page, Stock Goes Berserk In After Hours TradingSubmitted by Tyler Durden on 01/20/2011 17:06 -0400
Google trading in afterhours is like a ritalin-fueled, amphetamine-infused roller coaster ride. After opening $25 higher, the stock subsequently turned red. And while results were great, the executive shake up which sees Eric Schmidt becoming Chairman and Larry Page CEO is spooking the stock. Perhaps that explains why GOOG has been one of the biggest insider sellers in past months...
After plunging 30% after hours, F5 Networks is just the latest "story" stock confirming that companies that melt up on nothing but hype and hopium, take the escalator up, and the express elevator down. We can't wait to hear how Cramer explains the complete wipe out in all of his favorite names today. Also included are the top 50 holders who can proudly say: "momos'R'us"
Update: Steve Jobs is not participating on the earnings call
While Apple's results were surely impressive, and we are waiting for the call Q&A for more details, we may have finally gotten to the proverbial sell the news event in the iconic company. After surging to a high of $357, the stock has since dropped almost back to the pre-halt levels, and at last check was trading at $344.66, granted to after hours volume. The action does beg the question, however: with 190 hedge funds in the name, who will be the marginal buyer especially since with Jobs now gone indefinitely the possibility of another beat's beat is seemingly getting increasingly problematic.
It has not been a good day for New Jersey. First, governor Christie dared to tell the truth (i.e., that the state could go bankrupt on increasing... yes you read that right - INcreasing - health care costs) which pretty much cost the state a successful bond auction as we reported earlier, and now we find that one of the casualties in today's Coinstar collapse is none other than the State of New Jersey, which owns a (less than) whopping 460,000 shares. Granted the loss for NJ is only $8.2 million but it is never nice to kick a man down as he is on the very of insolvency. The table below shows all the biggest losers in today's after hours wipe out in Coinstar. Notably, at position 4, is Jim O'Neill's latest fiefdom, Goldman Sachs Asset Management, which continues to live up to its reputation of one of the worst asset managers on Wall Street.
Alcoa Earnings Beat Consensus By $0.02, Revenues Miss Expectations By $100 Million, Stock Opens Down 1% After HoursSubmitted by Tyler Durden on 01/10/2011 17:14 -0400
- EPS reports adjusted $0.21 on expectation of $0.19
- Revenues of $5.65 billion miss expectations of $5.75 billion.
- Sees global aluminium growth rate 12% for 2011
- Sees global aluminium demand doubling by 2020
- Q4 Adjusted EBITDA of $782 million, 13.8% margin
- Q4 CapEx: $365 million
- Cash on hand of USD 1.5bln at quarter end
- Improved earnings were driven by higher pricing and continued strengthening in most markets and improved productivity
- Quarterly results were offset somewhat by a weaker USD and higher energy and raw material costs
- CEO says expects Chinese demand to slow.
The drama in Congress is over... so warm up the printers. Because the $5 trillion in extra debt needed to fund just the incremental budget deficit over the next decade as a result of the tax extension vote sure is not going to fund itself. Reuters reports that a critical test vote of the tax bill has passed by a margin of 214-201. And as the market decides to use this pretext for another shake out ahead of tomorrow critical opex, expect to see a surge, or a plunge... something, as long as all the stops are triggered.
Reggie Middleton Takes The Challenge To Goldman Sach’s Apple Proclamation One Step Farther, Apple’s Closed System Risks Failure!Submitted by Reggie Middleton on 12/15/2010 11:55 -0400
It appears as if I wrinkled a few feathers of the birds that are doing God’s work with my missive “Goldman’s $430 Target, Screaming Buy On Apple At Its All Time High Is In Direct Contravention To Reggie Middleton’s Logic – Who’s Right? Well, Who Has Been More Right In The Past?“. This is a good thing! A little creative destruction and anarchy is positive for the complacent masses. I say we take this up a notch, pull down our pants and see who is truly the most intellectually endowed...
Goldman’s $430 Target, Screaming Buy On Apple At Its All Time High Is In Direct Contravention To Reggie Middleton’s Logic – Who’s Right? Well, Who Has Been More Right In The Past?Submitted by Reggie Middleton on 12/14/2010 11:01 -0400
It's Reggie Middleton vs Goldman again. This time on Apple. Who has the better track record? Let's delve into the logic of an Apple buy and realize who is making the recommendation and why...
Much of Microsoft's new tech is simply best of breed and undeniably cutting edge. It is amazing they don't get more sell side recognition for it. Whether the sell side recognizes it or not though, Windows is likely the future of computing - just as it has been the past.