>>> US After Hours

After Hours Summary: SKX +8.9%, FTNT +8.2%, FB +5.1%, ANGI -17.5%, TRIP -11.4%, T -1.3% following earnings/guidance

After Hours Gainers: Companies trading higher in after hours in reaction to earnings: SKX +8.9%, FTNT +8.2%, DWCH +6%, EGHT +5.1%, FB +5.1%, HBI +5%, RCKY +4.8%, ORLY +4.4%, RJF +4%, INFN +3.8%, SUSQ +0.9%, ALSN +0.8%, AF +0.7%, ILMN +0.6%, FFIV +0.5%, CTXS +0.2%

Companies trading higher in after hours in reaction to news: SPNC +6.9% (announced FDA clearance of peripheral laser atherectomy devices for in-stent restenosis), APP +4.6% (disclosed details of new Board of Directors), JMBA +3.8% (Engaged Capital disclosed 7.0% stake in SC 13D filing; believe the Issuer possesses multiple paths to value creation, expects to continue to have discussions with the Issuer's management), LL +0.9% (responded to lawsuit allegations, stating, "The allegations in this lawsuit concerning our product are simply flat-out false"), FLR +0.1% (U.S. Department of Energy awarded Fluor $420 mln 3-year contract for Paducah deactivation and shutdown)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: ANGI -17.5%, TRIP -11.4%, TIS -7.4%, CRUS -6.1%, QCOM -4.4%, TER -3.8%, VAR -2.9%, TQNT -2.8%, PLCM -2.4%, CLF -2.2%, CAKE -1.5%, TEX -1.4%, ETFC -1.4%, T -1.3%, GILD -1.1%, SGMO -1%, DMRC -0.8%, IIN -0.7%, KALU -0.3%, TSCO -0.3%, RE -0.1%

Companies trading lower in after hours in reaction to news: GPRC -13.2% (reported receipt of notice from DTC of plans to impose 'global lock' on its securities; company says DTC plans are 'unfair and unnecessarily damaging to current shareholders and is reviewing options'), INCY -8.1% (announced top-line results from RELIEF trial of ruxolitinib in patients with polycythemia vera; statistical significance not achieved for the primary endpoint of symptom control; positive trends in favor of ruxolitinib versus hydroxyurea observed), MHFI -7.6% (received Wells Notice from SEC regarding S&P's rating of six commercial mortgage backed securities transactions in 2011), CALI -5.3% (co said it will vigorously oppose 'grossly unfair and damaging' plan by Depository Trust Company to impose 'global lock' on its securities), INO -4.% (filed for $175 mln mixed securities shelf offering), GOV -3.5% (announced proposed public offering of 12 mln common shares)

ASM International 2Q Rev., Adj. Net Beat Ests.

+------------------------------------------------------------------------------+

ASM International 2Q Rev., Adj. Net Beat Ests. 2014-07-23 22:05:40.580 GMT

By Elco van Groningen July 25 (Bloomberg) -- 2Q rev. EU148.4m vs est. EU144.8m. * 2Q adj. net EU40.1m vs est. EU34.7m * 2Q net income EU34.6m vs est. EU27.2m * Co. sees “strong double digit sales decrease” in 3Q vs 2Q at constant currencies * Sees 3Q order intake “around the same level” as 2Q at constant currencies * Conf. call at 3pm CET, +44-20-3427-1911, +1-212-444-0412, pw 8866280 * Statement

For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>

To contact the reporter on this story: Elco van Groningen in Amsterdam at +31-20-589-8517 or vangroningen@bloomberg.net To contact the editor responsible for this story: Simon Thiel at +44-20-7673-2814 or sthiel1@bloomberg.net

>>> Inter Parfums reports revs in-line; lowers top end of FY14 EPS below consens

Inter Parfums reports revs in-line; lowers top end of FY14 EPS below consensus, reaffirms FY14 revenue guidance
Reports Q2 revenues rose 19.6% year/year to $118.2 mln vs the $117.89 mln consensus.
Co issues downside guidance for FY14, lowers top end of EPS to $0.93-0.95 from $0.93-0.98 vs. $1.05 Capital IQ Consensus Estimate; reaffirms FY14 revs of $495 mln vs. $510.98 mln Capital IQ Consensus Estimate.
"U.S.-based sales declined modestly due to a challenging comparison with the prior year period when we took over the manufacture and distribution of Dunhill legacy fragrances. However, we are growing that brand and the others that we added in late 2012 and 2013 by launching new products and pursuing expanded distribution. In that regard, we will begin shipping our first all new Dunhill fragrance called Icon during the fourth quarter of 2014, and will be in selective distribution until early 2015. Our early spring launches, Fatale and Fatale Pink for Agent Provocateur, have been well received in international markets, and we expect momentum to continue with the commencement of U.S. sales in the fall. Initial distribution of La Nuit de Bohème for Anna Sui began in June, and will culminate late this year with its debut in China. We also plan to launch our inaugural fragrance collection for Shanghai Tang in China later this year, followed by a select international roll-out in 2015."

Inter Parfums follow-up; total company revenue rose due to European sales growth (see our original IPAR earnings post
Total company revenue rose 22% YoY to $118.2 mln, which was driven completely by Europe.
Note: Europe makes up about 82% of IPAR's total revenue, while U.S makes up 18%.

European-based product sales rose 31.2% YoY to $94.7 mln, while U.S.-based product sales fell 4.7% YoY to $23.5 mln.

Discussing European-based operations Jean Madar, Chairman & CEO of Inter Parfums noted, "New product launches helped drive the 31.2% increase in second quarter ongoing brand sales. Montblanc brand sales were up 88% with the spring launch of the second men's line, Emblem, in addition to the steady gains from the brand's Legend fragrances."

"Also in the spring, our first Karl Lagerfeld fragrances were introduced; these signature scents for men and women delivered ~$4 mln in incremental sales during the second quarter of 2014."

"Our top line also benefitted from solid performances by Repetto's signature scent, along with improving sales of existing collections from S.T. Dupont and Paul Smith. In last year's Q2, Jimmy Choo brand sales rose more than 40% driven by the launch of Flash, which helps to explain why Jimmy Choo sales declined 6% in the current Q2 when no new products were introduced."

"However, based on a higher than expected backorder log for Jimmy Choo Man to be launched in the fall, more robust sales are anticipated for the second half. Lanvin also faced a difficult comparison against the launch of Lanvin Me in the prior year period; however, a strong performance by the Eclat d'Arpège enabled the brand to slightly exceed its 2013 Q2 sales."

>>> Core Labs beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs

Core Labs beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs in-line; guides Q4 (Dec) EPS in-line, revs in-line  

Reports Q2 (Jun) earnings of $1.35 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $1.34; revenues rose 1.7% year/year to $267.56 mln vs the $267.11 mln consensus.

Co issues in-line guidance for Q3, sees EPS of $1.49-1.52 vs. $1.52 Capital IQ Consensus Estimate; sees Q3 revs of $280-290 mln vs. $284.62 mln Capital IQ Consensus Estimate. Within those ranges, operating margins are expected to be approximately 32%, with year-over-year incremental margins as high as 60%. A 23% effective tax rate is assumed for the third quarter of 2014. FCF is expected to be between $77,000,000 and $81,000,000.

Co issues in-line guidance for Q4 (Dec), sees EPS of $1.56-1.61 vs. $1.61 Capital IQ Consensus Estimate; sees Q4 (Dec) revs of $285-295 mln vs. $294.63 mln Capital IQ Consensus Estimate. Within those ranges, operating margins in the quarter are expected to be approximately 33% while exiting the year at 34% with year-over-year incremental margins as high as 60%. A 24% effective tax rate is assumed for the fourth quarter of 2014 as a result of operational activity expected in higher tax rate jurisdictions. FCF for the final quarter of 2014 is expected to range between $81,000,000 and $85,000,000.

>>> Notable after hours earnings movers: SKX +6.9%, FTNT +6.1%, DWCH +5.3%, ANGI

Notable after hours earnings movers: SKX +6.9%, FTNT +6.1%, DWCH +5.3%, ANGI -14.8%, TRIP -9.7%, CRUS -7.2%

Companies trading higher after hours following earnings/guidance:

SKX +6.9%, FTNT +6.1%, DWCH +5.3%, INFN +5%, FB +4.1%, HBI +4%, ILMN +2.5%, FLS +1.9%, GILD +1.4%, ALSN +0.8%, AF +0.7%

Companies trading lower after hours following earnings/guidance:

ANGI -14.8%, TRIP -9.7%, CRUS -7.2%, CA -5.2%, QCOM -3.4%, VAR -3.2%, CAKE -1.6%, DMRC -1.6%, T -1.5%, IIN -0.7%, KALU -0.3% 

>>> Illumina beats by $0.07, beats on revs; guides FY14 EPS & revs higher

Illumina beats by $0.07, beats on revs; guides FY14 EPS & revs higher 

Reports Q2 (Jun) earnings of $0.57 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.50; revenues rose 29.5% year/year to $448 mln vs the $425.75 mln consensus.
Co issues upside guidance for FY14, sees EPS of $2.26-2.28 vs. $2.17 Capital IQ Consensus Estimate
Raises FY14 outlook to 25-26% rev growth from prior guidance of 21-23%

>>> US Close Dow -0,16% S&P +0,18% Nasdaq +0,40%

Closing Market Summary: Earnings Send S&P 500 to Another Record Close

The stock market ended the Wednesday session on a mixed note. The tech-heavy Nasdaq displayed relative strength, climbing 0.4%, while the S&P 500 added 0.2% with five sectors settling in the green. For its part, the Dow Jones Industrial Average (-0.2%) spent the entire session below its flat line.

Equities started the midweek affair on a rather unassuming note in the absence of market-moving news or economic releases. With those pieces missing from the equation, participants turned their attention to quarterly earnings as another dose of better than expected results pushed the S&P 500 to a fresh record close at 1987.01.

The health care sector (+0.8%) surged at the open and never relinquished the lead thanks to a big earnings beat reported by Biogen Idec (BIIB 337.60, +33.93). The stock soared 11.2%, while the iShares Nasdaq Biotechnology ETF (IBB 259.34, +5.66) advanced 2.2%. Elsewhere among biotech names, Puma Biotech (PBYI 233.43, +174.40) nearly tripled in value after announcing positive trial results.

In addition to boosting the health care space, biotechnology provided a measure of support to the Nasdaq, which also drew strength from the shares of Apple (AAPL 97.19, +2.47). The top-weighted tech stock rose 2.6% after beating earnings estimates on below-consensus revenue. However, the company guided Q4 revenue below its Capital IQ consensus estimate.

Sticking to tech earnings, Microsoft (MSFT 44.87, +0.04) missed bottom-line estimates, but beat on revenue. Meanwhile, Broadcom (BRCM 38.15, -0.60) and Juniper Networks (JNPR 22.43, -2.39) retreated despite delivering above-consensus results. Notably, Broadcom and other chipmakers struggled to stay out of the red with the PHLX Semiconductor Index falling 2.3%.

The underperformance of microchip names prevented the technology sector (+0.2%) from extending its slim gain, while other cyclical sectors ended on a mixed note. Energy (+0.6%) and materials (+0.4%) finished ahead of the broader market, while financials (+0.2%) kept pace with the S&P 500. The remaining two growth-sensitive sectors—consumer discretionary (-0.1%) and industrials (-0.4%)—could not make it into the green.

The weakest sector of the day—industrials—lagged amid weakness in the shares of Boeing (BA 126.71, -3.03). The Dow component lost 2.3% despite beating earnings estimates and raising its fiscal-year 2014 earnings guidance.

Also of note, it was reported during the session that the International Monetary Fund lowered its growth forecast for the U.S. to 1.7% from 2.0% and said the Fed may need to delay its first rate hike due to the contraction that took place in the first quarter. However, the remarks had little impact on equities as the major averages held their ground. The Treasury market did not move either and the 10-yr note ended the day flat with its yield at 2.47%.

Participation was well below average with less than 570 million shares changing hands at the NYSE.

Economic data was limited to the weekly MBA Mortgage Index, which rose 2.4% to follow last week's 3.6% decline.

Tomorrow, weekly initial claims (consensus 308K) will be reported at 8:30 ET, while the New Home Sales report for June (consensus 475K) will cross the wires at 10:00 ET. On the earnings front, 3M (MMM 144.68, -0.44), American Airlines (AAL 43.33, +0.95), Caterpillar (CAT 108.38, -1.68), Ford Motor (F 17.78, -0.04), and General Motors (GM 37.41, -0.35) will report ahead of the opening bell.
  • S&P 500 +7.5% YTD 
  • Nasdaq Composite +7.1% YTD 
  • Dow Jones Industrial Average +3.1% YTD 
  • Russell 2000 -0.4% YTD

>>> Gilead Sciences beats by $0.56, beats on revs --> +1,63% After Hours

Gilead Sciences beats by $0.56, beats on revs 

** Reports Q2 (Jun) earnings of $2.36 per share, excluding non-recurring items, $0.56 better than the Capital IQ Consensus Estimate of $1.80; revenues rose 136.1% year/year to $6.53 bln vs the $5.86 bln consensus.
- Sovaldi sales $3.48 bln versus street estimate of ~$3 bln and $2.27 bln in prior quarter
"During the second quarter, Gilead continued to make significant progress led by strong Sovaldi sales. Since December's launch, Sovaldi has been prescribed for more than 80,000 patients in the U.S. and Europe, underscoring the medical community's recognition of the benefits of this product. We look forward to making Sovaldi available in additional countries."
- Atripla sales -7.2% yoy to $870.7 mln
- Truvada sales -0.1% yoy to $806.6 mln

** Updated FY14 guidance (now includes the impact of Sovaldi product sales):
- Sees FY14 net product sales of $21-23 bln (raised from $11.3-11.5 bln ex Sovaldi)
- Sees FY14 non-GAAP product gross margin of 85-88% (raised from 75-77%)
- Reaffirms guidance for "Diluted EPS Impact of Acquisition-Related, Restructuring and Stock-Based Compensation Expenses" of $0.63-0.66

>>> Facebook beats by $0.10, beats on revs --> +4,25% after hours

Facebook beats by $0.10, beats on revs

Reports Q2 (Jun) earnings of $0.42 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.32; revenues rose 60.5% year/year to $2.91 bln vs the $2.81 bln consensus.

** Revenue from advertising was $2.68 billion, a 67% increase y/y. Excluding the impact of year-over-year changes in foreign exchange rates, revenue from advertising would have increased by 65%.
* Daily active users (DAUs) were 829 million on average for June 2014, an increase of 19% year-over-year.
Mobile DAUs were 654 million on average for June 2014, an increase of 39% year-over-year.
* Monthly active users (MAUs) were 1.32 billion as of June 30, 2014, an increase of 14% year-over-year.
Mobile MAUs were 1.07 billion as of June 30, 2014, an increase of 31% year-over-year.
* Mobile advertising revenue represented approximately 62% of advertising revenue for the second quarter of 2014, up from approximately 41% of advertising revenue in the second quarter of 2013.
* Payments and other fees revenue was $234 million, a 9% increase from the same quarter last year.
* GAAP costs and expenses for the second quarter of 2014 were $1.52 billion, an increase of 22% from the second quarter of 2013. Excluding share-based compensation and related payroll tax expenses, non-GAAP costs and expenses were $1.2 billion in the second quarter of 2014, up 18% compared to $1.02 billion for the second quarter of 2013.
Capital expenditures for the second quarter of 2014 were $469 million.
* Cash and marketable securities were $13.96 billion at the end of the second quarter of 2014.
* Free cash flow for the second quarter of 2014 was $872 million.

>>> Fortinet beats by $0.01, beats on revs

Fortinet beats by $0.01, beats on revs 

Reports Q2 (Jun) earnings of $0.11 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.10; revenues rose 24.9% year/year to $184.1 mln vs the $171.9 mln consensus.