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July 29, 2015
16:15 EDTEQIXEquinix sees 2015 revenue $2.685B-$2.695B, consensus $2.66B
16:15 EDTEQIXEquinix sees Q3 revenue $681M-$685M, consensus $671.6M
16:14 EDTEQIXEquinix reports Q2 AFFO $3.89, consensus $3.41
Reports Q2 revenue $665.6M, consensus $657.64M.
15:59 EDTWDC, SBACNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Facebook (FB), consensus 47c... MetLife (MET), consensus $1.48... Williams (WMB), consensus 24c... Vertex (VRTX), consensus (58c)... O'Reilly Automotive (ORLY), consensus $2.26... NXP Semiconductors (NXPI), consensus $1.37... Marriott (MAR), consensus 81c... Fiserv (FISV), consensus 94c... Western Digital (WDC), consensus $1.45... SBA Communications (SBAC), consensus 9c... Whole Foods (WFM), consensus 45c... Lincoln National (LNC), consensus $1.53... Lam Research (LRCX), consensus $1.47... ServiceNow (NOW), consensus (2c)... Qorvo (QRVO), consensus $1.06... Hologic (HOLX), consensus 39c.
15:08 EDTSBAC, WDCNotable companies reporting after market close
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14:12 EDTWDCEarnings Watch: Hard drive makers report amid PC sector fears
Western Digital (WDC) and Seagate (STX) are expected to report quarterly results on July 29 and 31 with conference calls scheduled for 5:00 pm ET and 9:00 am ET, respectively. The two companies develop and manufacture computer storage solutions, including hard disk drives. EXPECTATIONS: Analysts are expecting Western Digital to report earnings per share of $1.45 on revenue of $3.25B, while Seagate is expected to report earnings per share of 64c on revenue of $2.92B. During its last earnings conference call, Western noted a "cautious" near-term outlook and forecast Q4 EPS to be $1.50-$1.60 on revenue of $3.3B-$3.4B. PRELIMINARY RESULTS: On July 13, Seagate reported preliminary Q4 revenue of $2.9B, adjusted gross margins of 27%, and 45M unit shipments, driven by what the company characterized as "lower than expected intra-quarter demand." The company had previously guided Q4 revenue to $3.2B-$3.3B, and analysts were looking for $3.19B in revenue at the time. LAST QUARTER: On April 17, Seagate reported Q3 adjusted EPS of $1.08 against expectations for $1.04, and revenue of $3.3B versus estimates of $3.4B. Following that, Western Digital reported Q3 EPS of $1.87 on April 28 versus estimates of $1.89, and revenue of $3.5B against expectations for $3.6B. NEWS: On May 1, Seagate announced plans to combine its Cloud Systems and Electronic Solutions groups, and on July 14, the company said it extended its alliance with HP (HPQ). STREET RESEARCH: On May 15, RBC called Western Digital shares "compelling" due to multiple near-term positive catalysts, though Morgan Stanley said on May 19 that it was just "cautiously optimistic" on Western because of softened growth expectations for the general PC market. On May 28, Goldman Sachs called fears of PC weakness overdone and upgraded Western Digital to Buy, saying the company's increasingly enterprise-heavy mix gives it a healthy long-term profit forecast. On June 12, Longbow reported that its hard drive price checks were not quite as bad as it had feared, adding that Western Digital's guidance appears achievable while Seagate's forecast appeared at risk. Heading closer to earnings, Citi said on July 2 that it expects somewhat weak quarterly results for the two hard drive giants but recommended buying both Western Digital and Seagate shares on any perceived post-earnings weakness. Stifel somewhat echoed that point on July 8, saying investor sentiment seemed overly negative towards Western, with traders potentially underestimating the company's shift towards enterprise products. Note that on July 23, Morgan Stanley said its June CIO survey indicated incremental enterprise IT budget weakness, leading the research firm to downgrade Western Digital to Equal Weight and drop Seagate two notches to Underweight. On the M&A front, Susquehanna said on May 29 that SanDisk (SNDK) remained an attractive takeover target, with Western Digital looking like a likely buyer. However, RBC and CLSA both raised doubts on June 5 about the possibility of such a deal. PRICE ACTION: Shares of Western Digital are up 1.34% to $78.83 ahead of Wednesday's report, while Seagate is up 0.84% to $49.28.
July 28, 2015
16:28 EDTVRSKVerisk Analytics reports Q2 adjusted EPS 77c, consensus 66c
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15:21 EDTVRSKNotable companies reporting after market close
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09:28 EDTREGNRegeneron buyout talk to renew after collaboration, says Roth Capital
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09:18 EDTREGNOn The Fly: Pre-market Movers
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07:40 EDTREGNRegeneron cancer deal could be major value driver, says RBC Capital
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07:23 EDTEQIXEquinix price target raised to $310 from $270 at RBC Capital
RBC Capital increased its price target on Equinix citing what it sees as strong results by other companies in its sector, the stabilization of forex trends in recent months., and potential savings from the company's TeleCity deal. RBC keeps an Outperform rating on Equinix.
05:27 EDTREGNRegeneron, Sanofi launch immuno-oncology collaboration
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July 27, 2015
10:45 EDTREGNEsperion price target lowered to $40 from $55 at Chardan
Chardan analyst Gbola Amusa earlier today lowered his price target for Esperion Therapeutics (ESPR) to $40 saying the label for Regeneron's (REGN) Praluent label "reveals multiple negatives" for the company. The FDA has had a policy change by not approving broad use for Praluent, Amusa told investors in a research note. He adds that Esperion's ETC-1002's add-on LDL-lowering ability is "much more modest" than Praluent. The analyst says he has increased conviction in his Sell rating on Esperion.
09:28 EDTDISCADiscovery, Comcast reach long-term renewal agreement, Deadline reports
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08:22 EDTREGNNews reports on Regeneron Praluent label inaccurate, says RBC Capital
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08:19 EDTREGNRegeneron drug price well above estimate, says Leerink
Leerink points out the $14,600 annual price for Regeneron's Praluent is well above its estimate of $5,000. The firm says the broad label and price make Praluent a $15B opportunity in the U.S. It reiterates an Outperform rating on Regeneron.
07:40 EDTREGNEsperion price target lowered to $120 from $130 at Citi
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July 24, 2015
16:00 EDTREGNRegeneron, Sanofi say the U.S. WAC price of Praluent is $40 per day
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15:41 EDTREGNRegeneron reopens, down 1.8% to $546.61 after FDA approves Praluent
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