Applied Materials (AMAT) 16.81 -0.53 (-3.1%)
After issuing softer than expected Q4 (Oct) guidance on Aug 17, chip equipment maker delivers EPS of $0.27 (consensus of $0.26) on revenues of $2.2 bln (consensus of $2.29 bln); Gross margins came in light at 46.6%; On its call, management gave a bearish outlook for Q1 (Jan) - said that orders would be down 35% sequentially and revenues would be down 20-23%; The latter implies sales of $1.69-1.76 bln as compared to the consensus of $2.147 bln; The cautious tone has sent shares of competitors
NVLS & KLAC lower tonight as well
Netflix (NFLX) 11.92 +1.46 (+14.0%)
World's largest online movie rental service raises its Q4 (Dec) revenue outlook slightly - to $139-143 mln from $138-142 mln - based on subscription growth that has exceeded earlier expectations; The company cited a price cut last month after it became apparent AMZN would enter the space; On that news, management lowered its FY05 EPS expectations to breakeven from $1.19 on Oct 14; Stock plunged over 40% on the news; Thus, traders have rewarded NFLX tonight following confirmation of an expanding subscriber base
Medtronic (MDT) 50.25 -2.07 (-4.0%)
Medical device maker falls short of the Q2 (Oct) EPS and revenues consensus estimates by a small margin; Its largest division, heart implantable devices, showed a 17% increase in revenues, which is below its usual rate of 20% or more; Heightened competition from GDT and STJ especially has kept MDT in a trading range for most of the year; Medtronic did note it has put together all of the required submissions for European regulatory review of its Endeavor drug-eluting stent; Expects an approval in early 2005
Hot Topic (HOTT) 20.55 -0.54 (+2.7%)
After warning for Q3 (Oct) earnings on Nov 3, teen retailer matches the revised Reuters Estimates EPS consensus of $0.27 on revenues that rose 12% year/year to $180.8 mln; Comps decreased 4.2%; HOTT took a hit in July off the first of many warnings, although the stock has reclaimed most of its losses; Stock now trades at 21.6x estimated FY05 (Jan) earnings
Salesforce.com (CRM) 19.70 -1.14 (-5.5%)
Provider of web-based software that manages customer accounts shows upside to the Q3 (Oct) top and bottom-line consensus estimates; Company also guides FY05 (Jan) in line; Management's outlook for FY06, though, is not nearly encouraging - sees EPS at $0.10-0.12, although this is partially the product of a much higher tax rate (25% versus 13% in 2005); CRM went public in June, and has rallied 23% since
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