Wipro reported solid fiscal second-quarter earnings that, despite a continued soft spending environment, were in line with our expectations. IT Services delivered another good quarter, as the company was able to book a number of key contract wins. Management provided optimistic guidance for the upcoming quarter, and we will update our financial model based on…
It has been long said that Deutsche Bank looks undercapitalized, so it was no surprise today when the bank announced plans to raise EUR 2.8 billion of fresh equity capital through private placements. It plans to issue as many as 90 million new shares, which imply an issuance price of EUR 31.11. At the same…
PetroChina reported third-quarter results that included decreasing refining losses, which we attribute to China’s adjusted refined product pricing mechanism. Exploration and production operating profit for the quarter was roughly even with the same period last year, but broke a sequential downtrend in 2013 over the first six months of this year. On the whole, PetroChina’s…
Maxim Integrated reported solid fiscal third-quarter earnings on Thursday. The firm’s fourth-quarter revenue outlook was modestly lower than our expectations, but still point toward healthy analog chip demand from Samsung, and a recovery from a recent industry downturn. Maxim’s analog chip sales were $605 million, at the high end of the firm’s forecasted range of…
Varian Medical Systems reported fairly weak fiscal fourth-quarter results. The company’s performance continues to be affected by tightening U.S. radiology reimbursement for freestanding clinics and the generally weak hospital spending environment. Our narrow moat and positive moat trend ratings remain intact; we continue to believe Varian is well positioned to capitalize on its strong technological…
Danaher delivered third-quarter earnings of $0.84 per share, a 9% increase versus the prior year. The company reaffirmed its full-year earnings guidance, which was higher than our full-year estimates. We have increased our fair value estimate to $62 per share to reflect better-than-expected performance and cash earned since our last report. The resiliency of Danaher’s…
