MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Tuesday, May 22, 2012
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7:37 PM More on Compuware (CPWR): FQ4 EPS beats on a per share basis. Net earnings sank 22% Y/Y on softer professional service fees and higher expenses. Going forward, the company forecast earnings of $0.45 - $0.49 cents per share on revenue of $1.07B - $1.08B. Street estimates are for an EPS of $0.51 on revenue of $1.07B, respectively. Shares +7.8% AH. Comment!
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5:36 PM During its FQ1 earnings call (webcast), Dell admits its 10% Y/Y drop in notebook sales had much to do with tablet cannibalization (more with consumers, but also among businesses). Dell also claims price competition (especially in emerging markets) hurt PC sales, and an inefficient sales structure affected enterprise sales. Also, it adds April was particularly weak, and some enterprises are delaying IT purchases. DELL -12% AH. HPQ -2.5%. INTC -1.1%. (presentation - PDF). 1 Comment
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4:47 PM More on PetSmart (PETM): Q1 beats estimates on a 9.4% Y/Y jump in total revenue. Comp store sales grew 7.4%, benefiting from comparable transactions growth of 3.3%. Services sales grew 8.3% to $181 million. The company also raises its 2012 EPS outlook to a range of $3.19 to $3.31 versus $3.02 to $3.16. Shares of PetSmart jumped 7% to $59.49 in after hours. Shares +8% AH. Comment!
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4:38 PM More on Take-Two Interactive's FQ4: The game developer, whose results are historically volatile and difficult to project, is guiding for FQ1 revenue of $225M-$275M and EPS of -$0.75 to -$0.60, well below a consensus of $302.1M and $0.14. For FY13, it expects revenue of $1.75B-$1.85B and EPS of $2-$2.25 vs. a consensus of $1.8B and $2.77. The in-line revenue guidance is apparently enough to satisfy lowered expectations. TTWO +5.7% AH. (PR) Comment!
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4:25 PM More on Collective Brands (PSS): Q1 beats on both EPS and revenue estimates. Net sales rose 5% to $912M, driven by an 8/1% jump in comp store sales, and sales growth of 8.3% in its Performance + Lifestyle Group wholesale segment. Bottom line margins also benefited from lower SG&A expenses. Shares +0.3% AH. Comment!
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4:15 PM More on Dell's FQ1: No EPS guidance. Services only +4% Y/Y vs. FQ4's 12%. Public revenue -4%, large enterprises -3% (+5% in FQ4). Asia-Pac/Japan flat (+10% in FQ4), EMEA -1%, Americas -7%. Storage -8%, servers/networking +2%, desktops -1%, notebooks -10%, software/peripherals -7%. Gross margin was 21.3%, +20 bps Q/Q but -160 bps Y/Y. $324M spent to repurchase shares. Dell is the second enterprise IT giant to recently post weak results, after Cisco. DELL -9% AH. CC starts at 5PM ET (webcast). (PR) Comment!
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4:12 PM More on Wet Seal (WTSLA): Q1 misses across the board on a 5% Y/Y decline in total revenue. Net earnings also declined 6% versus the year ago period, as top line margins were hit by dismal comp store sales numbers. CEO Susan McGalla commented: "We are disappointed with our first quarter results and recent sales trends at both Wet Seal and Arden B. We are taking immediate actions to rebalance the assortments towards stronger selling categories." Comment!
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