Category: Semiconductors

Analysis, BioTech, Diversified Tech, Finance, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Goldcorp Incurs Elevated Cash Costs in 1Q While Increasing Production

Goldcorp GG reported disappointing first-quarter results Thursday, with considerable production growth that was met with sizable cost inflation. While the firm’s key growth projects remain on track to boost production, we believe its elevated operating expenses do not show signs of material remission. Goldcorp’s cost position rests near the middle of the industry cost curve, which is the primary reason we don’t think it enjoys … Continue reading Goldcorp Incurs Elevated Cash Costs in 1Q While Increasing Production

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Analysis, BioTech, Diversified Tech, Finance, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Valeant Reports In Line 1Q, Again Exceeds Synergy Targets

Valeant VRX reported first-quarter results that were largely in line with our expectations and we do not anticipate making any changes to our fair value estimate or moat rating. Revenue grew 25% and cash EPS grew 43% over the prior year, largely because of the integration of Medicis. The firm continues to see very strong performance in the emerging markets, and shows no signs of … Continue reading Valeant Reports In Line 1Q, Again Exceeds Synergy Targets

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Analysis, BioTech, Diversified Tech, Finance, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Manulife’s New Insurance Sales Fall Due to Price Increases

A record level of assets under management and robust wealth product sales drove an 18% increase in Manulife’s MFC first-quarter earnings over first-quarter 2012. On an operating basis, the company earned CAD 619 million in the quarter, or CAD 0.32 per share, meeting our expectations. Core return on shareholders’ equity was 10.6%, consistent with the levels achieved in previous quarters. GAAP income was CAD 540 … Continue reading Manulife’s New Insurance Sales Fall Due to Price Increases

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Analysis, BioTech, Diversified Tech, Finance, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

ARC Resources Outperforms in 1Q; Maintaining 2013 Outlook

ARC Resources reported earnings after the market close Wednesday. The firm exceeded our expectations for production levels and earnings thanks to favorable well results in the Cardium region and minimal gas plant downtime at Dawson. Production for the quarter averaged 95.4 thousand barrels of oil equivalent per day. In addition to the favorable operations in the Cardium and Dawson plays, additional gas processing capacity at … Continue reading ARC Resources Outperforms in 1Q; Maintaining 2013 Outlook

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Analysis, BioTech, Commodities, Diversified Tech, Finance, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

RenaissanceRe Tops All Earnings Estimates in the First Quarter

Excess capacity and a drop in growth for property-casualty reinsurance didn’t stop RenaissanceRe RNR from having a very profitable first quarter. RenaissanceRe reported a 22.5% annualized return on equity driven by a 36.2% combined ratio, despite a market where a rise in CAT bonds and less ceded risk from primary insurers is cutting into demand. Of course, it didn’t hurt that the first quarter was … Continue reading RenaissanceRe Tops All Earnings Estimates in the First Quarter

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Analysis, BioTech, Commodities, Diversified Tech, Finance, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Soft Third-Quarter Volumes for Asciano, Except for Coal and Cars

Third-quarter fiscal 2013 volumes fell in Pacific National (PN) Rail and terminals & logistics, but grew in both PN Coal and bulk & automotive port services. PN Rail’s intermodal business continued to experience weak volumes with the key volume metric, net tonne kilometres, down 3.4% reflecting weaker economic conditions in eastern Australia. Fortunately, volumes in PN Rail’s bulk business improved following increases in the export … Continue reading Soft Third-Quarter Volumes for Asciano, Except for Coal and Cars

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