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Qorvo Sidesteps Apple iPhone Drag To Crush Fiscal Q4 Views

Qorvo ( QRVO ) sidestepped Apple ‘s ( AAPL ) iPhone drag late Wednesday with a Wall Street-crushing fiscal Q4 earnings report, and with guidance that — unlike rival Skyworks Solutions ( SWKS ) — topped consensus expectations. In after-hours trading, Qorvo stock rocketed more than 8% after closing down 1.2% in Wednesday’s regular session, and leading shares of radio-frequency rivals Skyworks and Broadcom ( AVGO ), whose stocks both rose a fraction. For its fiscal Q4 ended April 2, Qorvo reported $608.1 million in sales and $1.04 earnings per share minus items, down a respective 4% and 6% vs. the year-earlier quarter, but topping analysts’ model for $599.2 million and 92 cents. Three months ago, Qorvo guided to $600 million and 90-95 cents. Qorvo ended fiscal 2016 with $2.61 billion in sales, up 53%, and $4.38 EPS ex items, down 8%. Sales edged the consensus of 20 analysts polled by Thomson Reuters for $2.6 billion, but EPS topped by 12 cents. Current-quarter guidance for $650 million in sales and $1.05 EPS minus items would be down 6% and 12% year over year, but that’s ahead of analyst expectations for $628.6 million and 96 cents. Last week, Skyworks reported fiscal Q2 metrics that topped views, but shares crashed 6.9% on Q3 sales guidance that missed by about $50 million. Analysts called for a similar report from Qorvo, which is more heavily exposed to Apple’s iPhone product cycle. Apple iPhone sales have slowed — for the first time — ahead of the iPhone 7 release expected in September. But all three RF suppliers will ramp up on the iPhone 7, Goldman Sachs analyst Toshiya Hari says.

In The Only Top-30 Retail Industry, A Lone Stock Bases

Five of the six lowest-ranked industries among IBD’s 197 industry groups are retail groups. By contrast, only one retail industry group appears in the top 30. That group, specialty retailers, ranked No. 9 on Wednesday, having climbed from No. 120 over the past eight weeks. Not all of the group’s 13 stocks contributed to that climb. GNC Holdings ( GNC ) and salon chain Regis ( RGS ) posted heavy losses in the past two weeks after those companies reported their quarterly results. Others, including Vitamin Shoppe ( VSI ) and Party City Holdings ( PRTY ), posted gradual declines. The big gains, which were mainly responsible for the group’s sharp advance, were shared among three stocks. Beauty supply and salon chain Ulta Beauty ( ULTA ) rose in nine of the past 10 weeks. The run up has been measured, following a 17% spike on March 11 following its fourth-quarter report. Shares are now well extended past a 188.58 buy point. The company reports Q1 results on May 26. Ritchie Bros. ( RBA ) is a heavy equipment auctioneer based in Canada’s British Columbia province. It has run up 37% from a January low as it builds the right side of a pattern. It is forming a handle with a potential buy point at 29.35.  The base looks deep, but declined only 31% — well within acceptable bounds. Ritchie Bros. is one of the few stocks in the group near a buy point, but the company’s fundamentals are not of leadership caliber. The EPS Rating is a poor 53, and the SMR Rating is only a B. Ritchie announces its fiscal fourth-quarter results on Monday. Craft and hobby haven Michaels ( MIK ) is a fraction above a 28.89 buy point in a cup-with-handle base. The handle, however, was flawed because it had a wedging form. Also, volume was unimpressive when the stock cleared the buy point. A new handle is developing now and has a much better form. The new buy point is 29.66. Again, the 13-month base looks imposing, but is an acceptable 35% deep. Also worth noting: It is the stock’s first base since clearing a flat base in October 2014, immediately following its IPO. Michaels has not yet announced a Q1 reporting date. Sally Beauty ( SBH ), also a beauty supplies chain, advanced in November through March. Then it slipped into a flat consolidation. At the end of Wednesday, that consolidation on a daily chart counts out to five weeks: 25 trading sessions. That qualifies the pattern as a flat base, with a 33.03 buy point. That is important because the Denton, Tex.-based company is set to report earnings before the start of trade on Thursday. Expectations are modest, with analyst consensus projecting a 5% EPS gain and a 3% gain in sales. Shares popped 13% on Feb. 4, after reporting an earnings and revenue beat in its fiscal first quarter.

Tesla Motors And ‘Cousin’ SolarCity Breach Key Support

Loading the player… SolarCity ( SCTY ) and Tesla Motors ( TSLA ) are breaching support at key levels in the stock market today. SolarCity reports quarterly results next Monday. The stock rose nearly 5% Wednesday morning on a bullish analyst rating, but it reversed lower amid a market sell-off. SolarCity fell 10.6% to 23.65, breaking below its 50-day moving average in quick turnover. The stock has fallen for five straight sessions. SolarCity is trading about 63% off its 52-week high, as shares have been scorched in recent months by Nevada’s new net-metering rules. Guggenheim initiated coverage on the solar panel installer with a buy rating and a price target of 38. On Monday, Credit Suisse cut its price target on SolarCity to 62 from 89 while maintaining its outperform rating. When it reports after the close next Monday, SolarCity is expected to report a 61% revenue rise, while its per-share loss widens to $2.34 a share from $1.52 a share last year. SolarCity’s “cousin company” Tesla — which is helmed by SolarCity Chairman Elon Musk — reports after the close tonight, Wednesday evening. Tesla stock sank 4.2% to 222.56, breaching support at its 50-day and 200-day lines. Tesla is projected to show a widened bottom-line loss on sales growth of 45% as the automaker ramps up production of its Model X car, projected to go for $80,000 and up. Tesla’s Powerwall battery storage units are now beginning residential installations. SolarCity, whose founders are Musk’s cousins, is incorporating the Tesla batteries into its own energy storage system. Meanwhile, SolarCity rival Sunrun ( RUN ) reports earnings next Thursday. The August 2015 IPO’s sales are projected to come in at $83.4 million, down 16% from Q4, while its loss deepens from last quarter to 53 cents a share. Sunrun is up nearly 60% from its February low, but it is still nearly 50% below its all-time high reached in December. Sunrun fell 1.6% Wednesday . Elsewhere in the solar panel space, Solaredge ( SEDG ) fell 4%, and First Solar ( FSLR ) retreated by 2%. First Solar has lost 16% in five days since reporting weaker-than-expected revenue last week. Sunpower ( SPWR ), which reports earnings Thursday, fell 2.35%.