eBay Looking to Overcome Weak Holiday Outlook
eBay reported in-line 3Q results, with outperformance in Marketplaces revenue and incremental operating leverage offsetting a modest shortfall in PayPal revenue. However, guidance once again came in below expectations, driven by domestic macro weakness and caution regarding the holiday period. While we suspect management’s near-term forecast may prove conservative, we see no change to the positive, consistent fundamental long-term trends. Therefore, although we acknowledge there … Continue reading eBay Looking to Overcome Weak Holiday Outlook
ARM Holdings Beats Street Estimates Once Again
ARM Holdings reported 3Q13 results on Thursday that were above consensus estimates. On a positive note, ARMH’s license revenue continues to significantly exceed expectations, and ARM PD (Processor Division) royalty revenue continues to outperform ARM’s served available market (SAM) according to management’s guidance. Admittedly, shares are richly valued, and the market clearly wanted a perfect quarterly report with perfect guidance. However, there were a few … Continue reading ARM Holdings Beats Street Estimates Once Again
Echo Logistics Posts 21% Growth in 1Q
In the first quarter, Echo posted 21% revenue growth (9% organic). The increase includes a boost from the October 2013 Sharp Freight acquisition, and partly reflects a 13% rise in shipment volume (less-than-truckload, or LTL, and truckload volume expanded 11% and 18%, respectively). We note that shipment activity slowed relative to the 20% year-over-year gains posted in fourth quarter 2012. Rates to customers on LTL … Continue reading Echo Logistics Posts 21% Growth in 1Q
St. Jude Announces Consistent Q3 Results
St. Jude Medical released third-quarter performance that was generally consistent with our expectations, and we have not altered our projections for the full year. However, we plan to modestly raise our fair value estimate to reflect the reduced share count and cash flow realized since our last update. While St. Jude continues to wrestle with a lackluster implantable cardioverter defibrillator market, we still think the … Continue reading St. Jude Announces Consistent Q3 Results
Verisign Posts Solid Start in Fiscal Q1
VeriSign announced a solid start to the financial year, and its full-year guidance remains primarily unchanged. The company added 1.99 million net new names for the quarter and now provides registry services for 123.1 million active domains across the .com and .net zones – a 5.5% increase year-over year. With such a large domain base, VeriSign continues to be the prominent global gTLD provider. We … Continue reading Verisign Posts Solid Start in Fiscal Q1
Wipro’s Momentum Continues into Third Quarter
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 these developments but do not anticipate a change to our … Continue reading Wipro’s Momentum Continues into Third Quarter
