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April 10, 2013
Stocks on Wall Street were higher at midday following the unexpected early release of the minutes from the Fed's last rate setting meeting in March. The move higher has pushed the S&P above its all-time closing high, which was established last week, and has seen it set a new all-time intraday record as well. In addition to the Fed minutes, the President unveiled a budget proposal that calls for tough entitlement cuts, but those come paired with increased revenues, and China unexpectedly reported a trade deficit caused by higher than expected imports... ECONOMIC EVENTS: In the U.S., the Federal Reserve decided to release the minutes from it last Federal Open Market Committee meeting at 9:00 am ET, which was five hours earlier than scheduled, because they were leaked yesterday to trade groups and some members of Congress. The minutes showed continued discussion over the costs and benefits of the Fed's bond-buying program, with several members saying it would "probably be appropriate to slow purchases later in the year and to stop them by year-end." However, many on the Street noted that the minutes were for a meeting that occurred prior to last Friday's disappointing monthly jobs report. Also, President Obama sent a $3.77T spending plan to Congress in a bid to revive deficit-reduction talks. In China, a rare trade deficit of $880M was reported for March, as imports surged 14.1% from a year earlier, outpacing a 10% rise in exports. Also of note, the World Trade Organization slashed its forecast for global trade growth in 2013 to 3.3% from its prior call for 4.5% growth, and S&P revised its outlook on Cyprus to Stable from Negative... COMPANY NEWS: Earnings season picked up a little bit of steam, with reports from ADTRAN (ADTN) and CarMax (KMX) sending their shares higher, while Titan Machinery (TITN) and Fastenal (FAST) declined following their quarterly results announcements... MAJOR MOVERS: Among the notable gainers was Baidu (BIDU), which rose over 6% following an upgrade to Buy from Hold at 86 Research. Also trading higher were a number of ADTRAN's peers, including Finisar (FNSR), up nearly 7%, and Ciena (CIEN), up about 6%, following the telecommunication equipment provider's better than expected report. Among the noteworthy losers were Health Management Associates (HMA), which fell 17% after its preliminary view of its quarterly results fell short of expectations, and Bio-Reference Labs (BRLI), which slid 7% in an apparent delayed reaction to a "whistleblower" suit filed against it last week but widely circulated today... INDICES: Near 1 pm ET, the Dow was up 147.54, or 1.01%, to 14,821.00; the Nasdaq was up 58.03, or 1.79%, to 3,295.89; and the S&P 500 was up 19.43, or 1.24%, to 1,588.04.
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January 22, 2015
11:37 EDTADTNKornitzer Capital reports 7.1% passive stake in ADTRAN
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January 21, 2015
10:46 EDTADTNADTRAN sees Q1 revenue slightly up on sequential basis, consensus $174.48M
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10:45 EDTADTNADTRAN sees Q1 revenue slightly up on sequential basis
Sees gross margins flat to slightly lower in Q1. Sees GAAP operating expenses slightly up on sequential basis. Says sees "several" bright spots in 2015. Says sees continued growth in Tier 3 space. Sees new product wins, continued growth in Latin America and EMEA. Comments made on the Q4 earnings conference call. ADTRAN is down 1.52% to $22.70 in mid morning trading.
05:02 EDTADTNADTRAN reports Q4 EPS 19c, consensus 10c
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January 20, 2015
15:21 EDTADTNNotable companies reporting before tomorrow's open
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January 19, 2015
11:17 EDTCIENTrans Pacific Express selects Ciena for submarine cable upgrade
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11:16 EDTCIENCiena to further upgrade Japan-U.S. cable network
The Japan-U.S. Cable Network recently selected Ciena to expand its trans-Pacific submarine network that spans close to 22,000 km and provides diverse connectivity from Japan to the U.S. This upgrade will utilize the flexibility and scalability of Ciena’s GeoMesh submarine solution and the latest WaveLogic programmable coherent optical technology to further increase the capacity of the network, which was originally upgraded with Ciena’s coherent solution in 2012.
January 16, 2015
11:02 EDTBIDUBofA/Merrill APAC equity derivatives analyst analyst/industry conference call
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January 15, 2015
10:42 EDTFASTFastenal says 'feels very good' about ability to get good margins
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10:38 EDTADTNADTRAN volatility elevated into Q4 and outlook
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10:16 EDTKMXCarMax management to meet with Oppenheimer
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10:11 EDTFASTFastenal says sales trends 'bode well' for 2015
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07:07 EDTFASTFastenal reports Q4 and FY14 sales trends
Fastenal's Q4 increase in net sales came primarily from higher unit sales. Net sales were impacted by slight inflationary price changes in non-fastener products and some price deflation in fastener products, but the net impact was a drag on growth. Growth in net sales was not meaningfully impacted by the introduction of new products or services, with one exception. The higher unit sales resulted primarily from increases in sales at older store locations and to a lesser degree the opening of new store locations in the last several years. Since May, stores opened greater than five years have enjoyed double digit growth in every month. The non-fastener business demonstrated greater relative resilience over the last several years vs. the fastener business and the distribution industry in general, due to the company's industrial vending program. However, this business was not immune to the impact of a weak industrial environment. During 2014, the company closed 52 stores in total. The company chose to close this group not because of unprofitability but because it felt this was a better approach to growing the business profitably. The company estimates a normal gross profit percentage for the business is around 51% and targets a range of 51% to 52%. During FY14 and Q4 of 2014, gross profit dropped below 51%, centered on transactional impacts driven by product and customer mix, its strong emphasis on growing average store sales and, in Q4, with seasonality.
06:52 EDTFASTFastenal reports Q4 EPS 40c, consensus 39c
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January 14, 2015
17:07 EDTFASTFastenal raises quarterly dividend to 28c from 25c per common share
The Fastenal Company reported its board declared a dividend of 28c per share to be paid in cash on February 27 to shareholders of record at the close of business on January 30.
15:27 EDTFASTNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Citigroup (C), consensus 11c; Bank of America (BAC), consensus 32c; Charles Schwab (SCHW), consensus 24c; Fastenal (FAST), consensus 39c.
14:22 EDTFASTFastenal technical comments ahead of results
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09:36 EDTBIDUActive equity options trading
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08:22 EDTADTNMKM Partners unable to recommend ADTRAN until clarity on AT&T timing
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January 13, 2015
11:54 EDTFASTFastenal January volatility increases into Q4 and outlook
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