Archive for January, 2014
Comedians in Cars Getting Coffee: Tina Fey
Eddy Elfenbein, January 31st, 2014 at 8:15 pm
CR Bard’s Outlook
Eddy Elfenbein, January 31st, 2014 at 10:53 am
This is from CR Bard‘s ($BCR) earnings call:
That all adds up to adjusted cash earnings per share in 2014 between $8.20 and $8.30 per share, excluding any items that affect comparability. The adjustment for amortization is about $0.90 per share after tax in 2014.
For comparative purposes, the adjusted cash EPS number for 2013 was $6.51. So our EPS growth this year is projected to be between 26% and 27%. The sequential ramp between quarters this year will be meaningful as we expect the 2013 acquisitions and the investments we are making to deliver improving profitability as the year develops.
We’re forecasting Q1 2014 with adjusted cash EPS between $1.83 and $1.87 per share compared to the prior year at $1.61. We expect Q1 sales growth to be between 6% and 7%, including the first quarterly royalty payment being received from Gore.
CWS Market Review – January 31, 2014
Eddy Elfenbein, January 31st, 2014 at 7:11 am
“Go for a business that any idiot can run—because sooner
or later, any idiot probably is going to run it.” – Peter Lynch
It seems like the stock market’s had a difficult time making up its mind recently. On Wednesday, the S&P 500 closed at an 11-week low, but Thursday was the index’s best day all year. Overall, the earnings news continues to be good, but that’s largely because expectations were so low.
There are several things weighing on the market’s mind. Late last week, Wall Street was spooked by troubles in the emerging markets (I’ll have more on that in a bit). There are also signs that China’s economy is slowing. On top of that, the Federal Reserve this week decided again to taper its bond purchases by $10 billion next month. The Fed declined to make any changes to its language vis-a-vis raising short-term interest rates. I think we can expect interest rates to remain low for a good deal longer.
On Thursday, the government said that the U.S. economy grew, in real terms, by 3.2% in the final three months of 2013. Relative to the past few years, that’s not bad. It’s especially good considering that spending by the federal government was down. But in order to see the stock market continue to rally, and see the unemployment rate continue to fall, we still need to see a lot of improvement in GDP growth.
If the economy could grow at an average rate of, say, 3.5% over the next three years, and if inflation could bump up to 2.5%, then our fiscal situation would be vastly improved. I’m not saying it will happen. I’m just saying it would be a great help for investors. Corporate America has stretched profit margins about as far as they can go, so it’s time to see some top-line growth.
The earnings news for our Buy List continues to be good. Both Ford and Qualcomm released impressive results this week, although we had a lousy report from Moog. Some of our stocks are holding up well despite the market’s fragile mood. Express Scripts, for example, just hit a new 52-week high. In this week’s CWS Market Review, I’ll discuss the issues affecting the emerging markets. I’ll also take a look at our recent earnings report and preview next week’s reports. But first, let’s see why the bond and currency markets have been so worried over the “Fragile Five.”
Don’t Blame the Fed for the Emerging-Markets Mess
The stock market’s been rattled lately, and for once, it’s not due to fears from Europe. Instead, there’s been growing concern about the stability of emerging markets, and more specifically, what’s been call the “Fragile Five” (Brazil, India, Indonesia, Turkey and South Africa). Many talking heads are blaming the Federal Reserve for the recent unpleasantness, but this is one case where the Fed isn’t to blame, although it was the instigator of events.
Let’s take a step back. When the financial crisis hit, the Fed and other central banks lowered interest rates to the floor. Econ 101: Money goes to where it’s treated best, so people started investing heavily in emerging markets where the yields (and risks) were higher.
The problem is that a lot of the emerging economies have some serious structural problems. The inflow of cash bought them time, but they haven’t done much to change their ways. Now that the Fed is winding down Quantitative Easing, investors realize that near-0% interest won’t last much longer. Naturally, that will dry up the capital flow to the emerging markets. This problem is compounded by the fact that the governments in the emerging markets loaded up on dollar-dominated U.S. Treasury debt. As a perverse result, they’re doubly sensitive to moves in U.S. interest rates.
People knew this day would eventually come; they just didn’t know when. “When” is apparently now. The governments in the emerging markets are somewhat like a person who builds a balsa-wood house in a tornado zone. When the house goes to smash, they blame the poor foresight on the builder’s part, not the tornado.
The situation in Argentina is especially screwed up—although when I use the phrase “screwed up” in conjunction with our friends on the Rio Plata, it’s like saying there’s “trouble” in the Middle East. The president of Argentina promised not to devalue the currency, but reality intervened. Of course this was after the government spent a pile of cash trying to defend the indefensible peso. In the last three years, Argentina’s currency reserves have been cut in half, and no one really knows what the inflation rate or dollar-peso exchange rate truly is.
I don’t want to pick on Argentina. Turkey is in bad shape as well. The Turkish central bank just jacked up interest rates by 4.75%, and the lira still fell. (Forex traders are an ornery lot.) Brazil doesn’t look so hot, either. The one saving grace for a lot of EMs was their monster customer in China. But when we got sluggish economic reports from China, that really spooked EM investors.
It’s gotten so desperate that even the poor battered yen has done well (see my AFLAC discussion later). I’ll give you another easy rule: If your country exports a lot of commodities (especially to China), then your currency probably got whacked. Places like Turkey, Argentina and Venezuela are running very low on their forex reserves. Broadly speaking, I think currency devaluations can be the best of several bad options, but they don’t work all by themselves. You need reform, too, and that can be politically unpopular.
Several years ago, Bill Gross of PIMCO made a daring investment when he loaded up on Brazilian bonds. That was a shrewd move, and it turned out to be a big winner. So it was a bit jarring when Gross recently said that Brazil is no longer attractive.
I don’t know where all these recent EM developments are headed, but we’re going to soon find out who’s been responsible and who hasn’t. Mexico, for example, will probably pull through just fine. Poland as well. But I’m not so sure about others. Until then, we can expect a little more volatility in our markets and a lot more in the emerging markets. Now let’s run through some of our recent Buy List earnings reports.
Moog Is a Buy up to $66 per Share
Last Friday, we got our first earnings dud of this earnings season. Moog ($MOG-A), the maker of flight control systems, reported fiscal first-quarter earnings of 88 cents per share, which was one penny below estimates.
But the troubling part was that Moog lowered its full-year guidance. The company now sees earnings for this fiscal year (ending in September) of $3.65 per share. That’s down from its earlier range of $3.95 to $4.10 per share. The market was not at all pleased, but remember that guidance is still above the $3.50 per share that Moog made last year.
The lower guidance has three causes. First, Moog plans to spend 15 cents per share more on R&D for its aircraft business. Secondly, they also see their business-system conversion costing 10 cents per share more than originally expected. Finally, Moog projects revenue for this year to fall by 2%, which will knock 10 cents per share off the bottom line.
John Scannell, Moog’s CEO, addressed their slow start: “Our commercial-aircraft business is strong, but our defense and industrial markets are weaker than planned. Despite the difficult market conditions, we continue to invest in programs which will deliver long-term benefits. Although we have revised our fiscal ’14 outlook downward somewhat, it is still a step up from fiscal ’13.”
The shares got banged up last Friday, and the stock continued to drift lower this week. In fact, shares of Moog came very close to dipping below $60 on Thursday. While this news is disappointing, it doesn’t change my fundamental opinion of the company. Moog is a well-run outfit that’s facing a tough environment. We’re in this game for the long-term. I’m lowering my Buy Below to $66 per share.
More Impressive Earnings from Ford Motor
On Tuesday, we got another good earnings report from Ford Motor ($F). For Q4, the automaker earned a cool $3.04 billion, or 31 cents per share, which beat Wall Street’s consensus by three cents per share.
This is a huge year for Ford, as they’re introducing several new vehicles. The basic story remains intact. Ford’s doing a great business in North America, but Europe is struggling, although the Old World is beginning to show signs of improvement. The success story in North America continues to be the F-Series trucks. They’ve been the top-selling vehicle in the U.S. for the last 32 years in a row.
In Europe, Ford lost $1.61 billion last year. They expect more losses this year, but a profit by 2015. Slowly, things are getting better. Ford lost $571 million in Europe last quarter, which is bad, but it’s better than the $732 million they lost in Q4 2012. Also, Ford had a small loss from Latin America and a small profit from Asia, but those are still pretty minor parts of their overall business.
Ford reiterated that profits will fall a bit this year ($8 billion to $7 billion pre-tax), but that’s because the company has very ambitious plans to roll out new models. Ford is introducing 23 new vehicles, of which 16 are in North America. Overall, these were good results. Ford remains a buy up to $17 per share. The stock is especially attractive below $15.30 per share.
Qualcomm Beats Earnings by Eight Cents per Share
After the closing bell on Wednesday, Qualcomm ($QCOM) reported fiscal Q1 earnings of $1.26 per share. That topped Wall Street’s forecast by eight cents per share. Going into this earnings report, a lot of people on Wall Street were expecting weak smartphone sales to hurt earnings. Qualcomm’s shares had dropped four straight days prior to the earnings report.
Fortunately, the earnings report helped calm some nerves, and QCOM rallied 3% on Thursday. I often say that our new buys appear to be damaged merchandise. Investors assume that something is wrong, and in Qualcomm’s case they jump to the conclusion that Apple and Samsung are their only customers. That’s just not so.
The best news is that Qualcomm raised its full-year forecast. For this fiscal year, which ends in September, Qualcomm now sees earnings ranging between $5 and $5.20 per share. The previous range had been $4.95 to $5.15 per share. They also reiterated their full-year-sales range of $26 billion to $27.5 billion, which is an increase of 5% to 11%. The big gains are coming from emerging markets.
For the current quarter, Qualcomm expects earnings to range between $1.15 and $1.25 per share. That’s a bit weaker than expected. Wall Street had been expecting $1.26 per share. Qualcomm sees revenues coming in between $6.1 billion and $6.7 billion. The consensus was for $6.72 billion.
Qualcomm had said they expected a slow start this fiscal year. On the plus side, they were able to improve profit margins in their chips business due to cutting costs. For Qualcomm, their big opportunity is the arrival of LTE in China. However, the Chinese government is currently investigating Qualcomm to see if they’ve broken any anti-monopoly laws. Overall, this was a good quarter for Qualcomm. The company is sitting on $31.6 billion in cash. I’m keeping our Buy Below at $79 per share.
CR Bard Earns $1.42 for Q4
After the closing bell on Thursday, CR Bard ($BCR) reported fourth-quarter earnings of $1.42 per share. That was three cents more than estimates. This is becoming a nice habit for them. You may recall that three months ago, Bard beat earnings by 10 cents per share, and the stock gapped up 7% the next day.
For all of 2013, Bard earned $5.78 per share. Bard’s board also authorized a $500 million buyback program. As usual, I’d rather have that as a dividend, but at least it’s something. The company has increased its dividend every year since 1972, and I think we can expect another increase this spring. I’m keeping my Buy Below on Bard at $142 per share.
Three Buy List Earnings Reports Next Week
Earnings season rolls on. We have three more Buy List earnings reports coming next week.
On Tuesday, AFLAC ($AFL), the supplemental insurance company, is due to report their fourth-quarter earnings. Three months ago, AFLAC told us to expect operating earnings to range between $1.38 and $1.43 per share. They also gave us full-year guidance for 2014, but a lot of that depends on what the Japanese yen does since so much of their business comes from Japan.
If the yen stays between 95 and 100 to the dollar, then AFLAC sees 2014 earnings as ranging between $6.28 and $6.52 per share. The yen is currently about 103 to the dollar. In 2012 and 2013, the yen fell sharply as a result of the government’s weak-yen policy but it’s been creeping up a bit lately. Either way, AFLAC is still going for about 10 times this year’s earnings. AFLAC is an excellent company.
Cognizant Technology Solutions ($CTSH) had a great run during the last half of 2013 (see below), and I think it will continue into 2014. The company will report its fourth quarter results on Wednesday, February 5. For the third quarter, CTSH beat estimates by three cents per share. They also raised their full-year 2013 guidance from $4.32 to $4.37 per share, which translates to Q4 earnings of $1.10 to $1.15 per share. Jefferies raised their price target on CTSH to $112 per share, and Barclay’s raised theirs to $120. For now, our Buy Below is at $104.
Fiserv ($FISV) is also due to report on Wednesday. Wall Street expects earnings of 81 cents per share, which is a nice increase over the 70 cents per share they made one year before. (Remember that FISV split 2 for 1 in December.) The company has been doing very well lately; free cash flow rose 21% for the first nine months of 2013. I think Wall Street’s guidance for 2014 might be a little too high.
Before I go, I also want to lower the Buy Below on our retailers. Bed Bath & Beyond ($BBBY) is a buy up to $71 per share, and Ross Stores ($ROST) is a buy up to $74 per share.
That’s all for now. Next week, we’ll get more Buy List earnings reports. There will also be some important economic reports. The ISM Index comes out on Monday. The ADP jobs report is on Wednesday. On Thursday, we’ll have a look at productivity and trade. Then on Friday is the important January jobs report. The last jobs report was pretty weak, so it will be interesting to see if that was a blip or the beginning of a trend. Be sure to keep checking the blog for daily updates. I’ll have more market analysis for you in the next issue of CWS Market Review!
Morning News: January 31, 2014
Eddy Elfenbein, January 31st, 2014 at 7:05 am
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Report: Satya Nadella to Be Microsoft CEO
Eddy Elfenbein, January 30th, 2014 at 7:55 pm
Reports are coming out that Microsoft ($MSFT) is about to name Satya Nadella as their new CEO:
The board of directors at Microsoft is preparing to tap Satya Nadella as CEO Steve Ballmer’s successor and is holding discussions to replace Chairman Bill Gates, according to a report.
A candidate to replace Gates as chairman, John Thomson, the software giant’s lead independent director, has emerged as well, according to Bloomberg News, citing people briefed on the process.
USA TODAY could not independently confirm the decision. Microsoft did not immediately respond to a request for comment.
As of Thursday night, Microsoft’s board was meeting. An announcement was expected as soon as Friday. Microsoft shares were up 1%, to $37.20, in after-hours trading.
Should Ballmer and Gates depart, the software giant would be without its two most recognizable figures for the first time in its 39-year history.
The report said that Nadella jumped forward as the front runner in recent weeks as Ballmer’s replacement. However, the plans aren’t finalized, according to the report.
Nadella, who joined Microsoft in 1992, is in charge of the company’s enterprise and cloud businesses.
Q4 GDP = 3.2%
Eddy Elfenbein, January 30th, 2014 at 8:49 am
The government just reported that the economy expanded by 3.2% in the last three months of 2013. That’s one of the better growth rates in the past few years.
This also breaks a small three-quarter streak of accelerating growth rates. For all of 2013, the economy grew by 1.9%. This was the eighth-straight year that GDP grew by less than 2.8%.
Morning News: January 30, 2014
Eddy Elfenbein, January 30th, 2014 at 7:14 am
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Qualcomm Earns $1.26 Per Share
Eddy Elfenbein, January 29th, 2014 at 4:05 pm
Qualcomm ($QCOM) just reported fiscal Q1 (Dec) earnings of $1.26 per share which was eight cents more than the Street was expecting:
Qualcomm Incorporated, a leading developer and innovator of advanced wireless technologies, products and services, today announced results for the first quarter of fiscal 2014 ended December 29, 2013.
“We are pleased with the start to our fiscal year, with record results in quarterly revenues, device sales reported by licensees and MSM chip shipments,” said Dr. Paul E. Jacobs, Chairman and CEO of Qualcomm. “Looking forward, we expect our performance to reflect the continued strong global growth of smartphones, our chipset leadership position and our competitive strengths in 3G/4G technologies and products.”
Non-GAAP First Quarter Results*
Non-GAAP results exclude the QSI (Qualcomm Strategic Initiatives) segment and certain share-based compensation, acquisition-related items and tax items.
Revenues: $6.62 billion, up 10 percent y-o-y and 2 percent sequentially.
Operating income: $1.85 billion, down 24 percent y-o-y and 5 percent sequentially.
Net income: $2.16 billion, down 2 percent y-o-y and up 19 percent sequentially.
Diluted earnings per share: $1.26, even y-o-y and up 20 percent sequentially.
Effective tax rate: 18 percent.
Detailed reconciliations between results reported in accordance with GAAP and Non-GAAP results are included within this news release.
* The following should be considered in regards to the year-over-year and sequential comparisons:
The first quarter of fiscal 2014 results included:
$665 million gain ($430 million after tax), or $0.25 per share, in discontinued operations associated with the sale of substantially all of the operations of our Omnitracs division; and
$444 million charge ($346 million after tax), or $0.20 per share, that resulted from an impairment charge on certain property, plant and equipment related to our QMT division.
The fourth quarter of fiscal 2013 results included:
$173 million charge (before and after tax), or $0.10 per share, related to the verdict in our litigation with ParkerVision.
First Quarter Key Business Metrics
MSMTM chip shipments: 213 million units, up 17 percent y-o-y and 12 percent sequentially.
September quarter total reported device sales: approximately $61.6 billion, up 16 percent y-o-y and 2 percent sequentially.
September quarter estimated 3G/4G device shipments: approximately 276 to 280 million units, at an estimated average selling price of approximately $219 to $225 per unit.
Cash and Marketable Securities
Our cash, cash equivalents and marketable securities totaled $31.6 billion at the end of the first quarter of fiscal 2014, compared to $28.4 billion a year ago and $29.4 billion at the end of the fourth quarter of fiscal 2013. On January 22, 2014, we announced a cash dividend of $0.35 per share payable on March 26, 2014 to stockholders of record as of the close of business on March 5, 2014.
For fiscal Q2 (ending March), QCOM sees revenues between $6.1 billion and $6.7 billion, and EPS between $1.15 and $1.25. Wall Street had been expecting $1.26 per share.
They kept their full-year revenue guidance the same at $26 billion to $27.5 billion, but they raised their full-year EPS guidance range by five cents; from $4.95 to $5.15, to $5.00 to $5.20. Wall Street had been expecting $5.09 per share.
The shares are up about 2% after hours.
Today’s Fed Statement: More Tapering
Eddy Elfenbein, January 29th, 2014 at 2:02 pm
Information received since the Federal Open Market Committee met in December indicates that growth in economic activity picked up in recent quarters. Labor market indicators were mixed but on balance showed further improvement. The unemployment rate declined but remains elevated. Household spending and business fixed investment advanced more quickly in recent months, while the recovery in the housing sector slowed somewhat. Fiscal policy is restraining economic growth, although the extent of restraint is diminishing. Inflation has been running below the Committee’s longer-run objective, but longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for the economy and the labor market as having become more nearly balanced. The Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, and it is monitoring inflation developments carefully for evidence that inflation will move back toward its objective over the medium term.
Taking into account the extent of federal fiscal retrenchment since the inception of its current asset purchase program, the Committee continues to see the improvement in economic activity and labor market conditions over that period as consistent with growing underlying strength in the broader economy. In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions, the Committee decided to make a further measured reduction in the pace of its asset purchases. Beginning in February, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $30 billion per month rather than $35 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $35 billion per month rather than $40 billion per month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee’s sizable and still-increasing holdings of longer-term securities should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative, which in turn should promote a stronger economic recovery and help to ensure that inflation, over time, is at the rate most consistent with the Committee’s dual mandate.
The Committee will closely monitor incoming information on economic and financial developments in coming months and will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability. If incoming information broadly supports the Committee’s expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective, the Committee will likely reduce the pace of asset purchases in further measured steps at future meetings. However, asset purchases are not on a preset course, and the Committee’s decisions about their pace will remain contingent on the Committee’s outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases.
To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens. The Committee also reaffirmed its expectation that the current exceptionally low target range for the federal funds rate of 0 to 1/4 percent will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent, inflation between one and two years ahead is projected to be no more than a half percentage point above the Committee’s 2 percent longer-run goal, and longer-term inflation expectations continue to be well anchored. In determining how long to maintain a highly accommodative stance of monetary policy, the Committee will also consider other information, including additional measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. The Committee continues to anticipate, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate well past the time that the unemployment rate declines below 6-1/2 percent, especially if projected inflation continues to run below the Committee’s 2 percent longer-run goal. When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Richard W. Fisher; Narayana Kocherlakota; Sandra Pianalto; Charles I. Plosser; Jerome H. Powell; Jeremy C. Stein; Daniel K. Tarullo; and Janet L. Yellen
This is pretty much what I expected. The only minor surprise was that Narayana Kocherlakota didn’t dissent. Binyamin Appelbaum of the NYT tweeted: “Kocherlakota told me he would only dissent if he thought doing so would influence his colleagues. Apparently he decided it wouldn’t.”
Triumph Group Bombs
Eddy Elfenbein, January 29th, 2014 at 12:21 pm
I’m glad we didn’t choose Triumph Group because it just bombed earnings. Earnings for Q4 came in 24 cents below expectations ($0.99 versus $1.23). Triumph also lowered this year’s guidance from $5.25 per share to $4.75 per share. The stock has been down as much as 19% today.
Triumph Group is a well-run company and I suspect they’ll come back. This is one to keep an eye on.
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