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August 5, 2014
Annual Interconnect Conference to be held in New York on August 5-6.
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January 14, 2015
10:39 EDTECOMOptions with increasing implied volatility
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05:52 EDTECOMStocks with implied volatility movement; RSH ECOM
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January 13, 2015
16:35 EDTTISATop Image Systems says sales for Q4 in local currencies met expectations
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16:24 EDTECOMOn The Fly: Closing Wrap
The Wall Street averages spent time in both positive and negative territory during the session, before closing a bit below where they'd started the day. The market opened sharply higher after Alcoa’s (AA) better than expected report gave some optimism about the upcoming earnings season. The early move higher came despite oil continuing its slide. The major averages saw their highs shortly after the open and then began to drift slowly lower. By mid-afternoon the market was in the red, though the equity averages eventually made it briefly back into positive ground, but failed to hold those narrow gains into the close. ECONOMIC EVENTS: In the U.S., the NFIB small business optimism index for December came in at 100.4, which was stronger than the expected 98.5 reading. The JOLTS report showed job openings increased 142K to 4.972M in November, beating the 4.85M consensus forecast. Treasury posted a $1.9B surplus in December, which was a bit below the expected surplus of $3B. Also of note is the fact that the U.S. and European benchmarks of WTI and Brent crude were at parity for the first time since 2013 during the session, with both trading near $46 per barrel for a time. COMPANY NEWS: KB Home (KBH) reported better than expected revenue and higher orders in its fourth quarter, but the stock declined $2.70, or 16.29%, to $13.87 after CEO Jeffrey Mezger warned on the associated earnings call that margins could drop "significantly" in its current quarter from the levels seen last year. KB's margin outlook, which it blamed on rising costs, heavier use of incentives and a sequential decline in average selling prices, dragged down peers in the housing space as well. D.R. Horton (DHI), the biggest homebuilder by market cap, finished the day down $1.26, or 4.83%, to $24.82, while PulteGroup (PHM) also slid $56c, or 2.47%, to $22.13... MetLife (MET) said it will sue to oppose the U.S. Financial Stability Oversight Council’s designation of the insurer as a SIFI, or "systemically important financial institution." The life insurer called the label premature and said it has offered “substantial and compelling evidence” that it isn’t a SIFI. Wells Fargo said it thinks it is appropriate for MetLife to challenge the ruling, though the firm does not presently see a Dodd-Frank provision that enables an entity to shed its designation. Wells added that a MetLife victory would have no impact on either AIG (AIG) or Prudential (PRU), which did not challenge their SIFI designations before their windows closed. MAJOR MOVERS: Among the notable gainers was Emulex (ELX), which rose $1.21, or 20.86%, to $7.01 after the company issued better than expected guidance on its second quarter results. Also higher was McGraw Hill Financial (MHFI), which jumped $5.13, or 5.98%, to $90.89 after reports said the company's Standard & Poor’s rating unit was in talks about a potential $1B settlement to its fight with the Justice Department and state attorneys general over allegations of inflating credit ratings on mortgage investments preceding the financial crisis. Among the noteworthy losers was ChannelAdvisor (ECOM), which plunged $11.32, or 53.52%, to $9.83 after its fourth quarter revenue warning prompted no less than eight downgrades of the stock by Street analysts. Also lower were shares of Ocwen Financial (OCN), which dropped $4.41, or 36.18%, to $7.78 after the Los Angeles Times reported that California is seeking to suspend the company's mortgage license in the state. Altisource Portfolio Solutions (ASPS), which is a related company to Ocwen, also declined $10.45, or 38.79%, to $16.49. Shares of GoPro (GPRO) fell $6.91, or 12.17%, to $49.87 after the Patently Apple blog reported that Apple (AAPL) was granted a patent for a camera system that specifically mentions the weaknesses of GoPro devices. INDEXES: The Dow fell 27.16, or 0.15%, to 17,613.68, the Nasdaq lost 3.21, or 0.07%, to 4,661.50, and the S&P 500 dropped 5.23, or 0.26%, to 2,023.03.
12:48 EDTECOMOn The Fly: Midday Wrap
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10:00 EDTECOMOn The Fly: Analyst Downgrade Summary
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09:07 EDTECOMOn The Fly: Pre-market Movers
HIGHER: Apple (AAPL), up 1.4% after Credit Suisse upgraded Apple to Outperform and raised its iPhone volume estimates again... Best Buy (BBY), up 2.8% after being upgraded to Buy from Neutral at Goldman... SunPower (SPWR), up 2.6% after being upgraded to Outperform at Credit Suisse... Alcoa (AA), up 2% after Q4 results beat expectations. RISING AFTER GUIDANCE: Pharmacyclics (PCYC), up 17.5%... CTI BioPharma (CTIC), up 8.3%... Emulex (ELX), up 15.5%... ARIAD (ARIA), up 2.6%. LOWER: ChannelAdvisor (ECOM), down 42% following preliminary fourth quarter revenue guidance and after receiving multiple analyst downgrades... Antares Pharma (ATRS), down 7.7% after the FDA recommended that the company create a larger safety database for its clinical development program for QuickShot Testosterone.
08:37 EDTECOMChannelAdvisor downgraded to Market Perform from Outperform at William Blair
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07:48 EDTECOMChannelAdvisor downgraded to Sell from Neutral at Goldman
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06:06 EDTECOMChannelAdvisor downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank downgraded ChannelAdvisor to Hold citing churn and pricing concerns following the company's negative Q4 preannouncement. The stock was downgraded this morning at five other firms.
06:06 EDTVRTUOak Ridge Investments reports 4.94% passive stake in Virtusa
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06:05 EDTECOMChannelAdvisor downgraded to Neutral from Buy at Janney Capital
Janney Capital downgraded ChannelAdvisor to Neutral citing a lack of near-term revenue visibility following the company's negative Q4 preannouncement. The stock was downgraded this morning at four other firms.
06:04 EDTECOMChannelAdvisor downgraded to Market Perform from Outperform at Raymond James
Raymond James downgraded ChannelAdvisor to Market Perform citing limited visibility following the company's negative Q4 preannouncement. Shares were also downgraded this morning at three other firms.
06:00 EDTECOMChannelAdvisor downgraded to Hold from Buy at Stifel
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05:59 EDTECOMChannelAdvisor downgraded to Sector Perform from Outperform at Pacific Crest
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05:31 EDTECOMChannelAdvisor downgraded to Neutral from Outperform at RW Baird
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January 12, 2015
16:35 EDTKFXKofax reports preliminary Q2 adjusted EBITDA $13.7M-$14.7M
Q2 EPS consensus 8c. Reports preliminary Q2 adjusted revenue $80M-$82M, consensus $80.67M. Commenting on the selected preliminary unaudited Non-GAAP financial results, Reynolds C. Bish, CEO, said: “We had a solid quarter in line with both our fiscal year 2015 guidance provided in October and – using the mid point of the ranges above – consensus analyst expectations for the quarter despite unexpected and significant unfavorable exchange rate movements during this period. Given the large amount of our software license revenue and total revenues arising in Euros, British Pounds, Swiss Francs and other currencies that have weakened against the U.S. dollar, this effect was substantial. On a constant currency basis – using exchange rate levels in the prior year period – software license revenue would have been approximately $1.1 million and total revenues $2.7 million higher. The effect on Adjusted EBITDA was less negative as a result of the global nature and distribution of our employees and expenses.” Bish continued: “During the quarter we experienced strong growth in new or acquired products software license revenue and improved core capture software license revenue. We also saw a considerable year over year increase in the number of six figure software license revenue transactions, and new quota bearing sales reps continuing their ramp to productivity as we would expect.”
16:08 EDTECOMChannelAdvisor sees Q4 revenue $23.7M vs. prior outlook $25.6M-$26.1M
Consensus $25.9M. The company said, "We are disappointed that the fourth quarter did not meet our guidance. We saw an unusual shift of gross merchandise volume to larger customers this holiday season at the expense of smaller customers. Because larger customers enjoy volume discounts in the form of lower take rates, this shift translated to lower variable subscription revenue, even though overall GMV increased 31% year over year for the fourth quarter. This resulted in fixed subscription revenue for the fourth quarter growing approximately 27% while variable subscription revenue decreased approximately 5% compared to a year ago. Despite this, we believe our fundamental value proposition, position in the market, and opportunities for continued growth remain intact. As fixed subscriptions grow as a percentage of overall revenue, we expect our overall visibility to improve as we look to continued growth in 2015. I want to emphasize that these financial results are preliminary and subject to change based on the completion of our normal."
09:07 EDTMEETMeetMe sees FY15 revenue $47M-$53M, consensus $52.96M
MeetMe has updated its iPad app. The new iPad app streamlines the mobile experience across devices and includes simpler navigation and real time chat. The updated app for iPad also has a similar appearance to MeetMe’s iPhone and Android apps. “This update unifies the MeetMe experience across more mobile devices and makes future changes easier,” said Geoff Cook, CEO of MeetMe. “We look to continue improving our mobile experience across a range of devices to provide the best possible experience for our users. With this update, we are also laying the foundation for monetization of our iPad app in the coming weeks, when we plan to launch advertising and virtual currency on iPad. These expected revenues are included in our previously announced 2015 guidance of annual revenue growth to between $47M-$53M and annual adjusted EBITDA growth to between $7M-$10M.
09:04 EDTTIVOPutnam reports 10.1% passive stake in TiVo
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