>>> Crocs beats by $0.10, reports revs in-line; guides Q3 revs above consensus

Crocs beats by $0.10, reports revs in-line; guides Q3 revs above consensus; raises FY19 revs guidance (22.85)
  • Reports Q2 (Jun) earnings of $0.55 per share, $0.10 better than the S&P Capital IQ Consensus of $0.45; revenues rose 9.4% year/year to $358.9 mln vs the $360.46 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q3, sees Q3 revs of $295-305 mln vs. $278.33 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY19, sees FY19 revs of +9-11% yr/yr to ~$1.19-1.21 bln vs. $1.17 bln S&P Capital IQ Consensus, and compared to prior guidance of 5% to 7%

>>> MSCI beats by $0.03, reports revs in-line (227.24) Reports Q2 (Jun) earning

MSCI beats by $0.03, reports revs in-line (227.24)
  • Reports Q2 (Jun) earnings of $1.54 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $1.51; revenues rose 6.2% year/year to $385.56 mln vs the $382.81 mln S&P Capital IQ Consensus.
  • "We are only scratching the surface of what is possible in key growth areas such as ESG, factors, fixed income, wealth management, index derivatives and private assets. We see enormous growth opportunities in front of us, and our strong performance in the first half of 2019 amid a rapidly transforming industry is a testament to the value we bring to the global investment community.

(9to5) Apple to release three ‘iPhone 11’ models this fall, including A13 chip,




Similar to last year’s introduction of the iPhone XS, iPhone XS Max, and iPhone XR, Apple will release three new ‘iPhone 11’ models this fall. The new iPhones will feature the Apple A13 chip, internally known by its platform codename Cebu, model T8030.

According to people who’ve seen the devices, all three iPhone 11 models will still feature a Lightning port, contrary to some speculation that they would be moving to USB-C after the change on iPad Pro last year.
The ‘iPhone 11’ models are known as D42 (iPhone12,3) which will replace the iPhone XS; D43(iPhone12,5) which will replace the iPhone XS Max; and N104 (iPhone12,1) which will replace the iPhone XR. D42 and D43 will have a 3x OLED Retina display, while N104 will still feature the 2x Liquid Retina display just like the current generation. All three iPhones will feature the same screen resolution as their predecessors.
‘iPhone 11’ Taptic Engine
This year’s models will also feature a new type of Taptic Engine, known by the codename leap haptics. It’s unclear what types of features this new engine will enable at this point, but it’s possible that it’s geared towards improving Haptic Touch since the new devices won’t feature 3D Touch as we know it today.
iPhone 6s internals
Apple has not been able to include 3D Touch in any iPad model since it debuted with the iPhone 6s. iOS 13 brings Haptic Touch – which requires a slightly longer press – to all devices including iPad and iPod touch. The changes introduced with iOS 13 and the hardware improvements made to this year’s devices should allow for the removal of 3D Touch without causing too much disruption to users who are accustomed to it.
Camera tech
The devices replacing the iPhone XS models will feature three cameras on the back contained within a square. Our sources share that it looks very similar to the many mockups that have been circling around. This extra space will be occupied by a camera capable of capturing a wide-angle imageas Bloomberg first reported.
Besides being used as a creative option for pictures and movies, this wide-angle ‘iPhone 11’ camera will enable a feature called Smart Frame, which captures the area around the framed area in pictures and videos so that the user can adjust the framing or perform automatic perspective and crop corrections in post. The extra information will be retained for a limited period of time and discarded automatically afterwards, for privacy reasons.
The front-facing camera on the ‘iPhone 11’ will also be upgraded, adding support for slo-mo recording at 120fps.

>>>EXcel Energy misses by $0.07, misses on revs; reaffirms FY19 EPS guidance (5

Excel Energy misses by $0.07, misses on revs; reaffirms FY19 EPS guidance (59.61)
  • Reports Q2 (Jun) earnings of $0.46 per share, $0.07 worse than the S&P Capital IQ Consensus of $0.53; revenues fell 3.0% year/year to $2.58 bln vs the $2.84 bln S&P Capital IQ Consensus.
    • Earnings reflect higher electric and natural gas margins primarily due to non-fuel riders and regulatory rate outcomes, more than offset by 5 cents per share of unfavorable weather, increased depreciation, interest and operating and maintenance expenses.
  • Co reaffirms guidance for FY19, sees EPS of $2.55-2.65 vs. $2.62 S&P Capital IQ Consensu

>>> CIGNA beats by $0.56, beats on revs; raises and guides FY19 EPS above cons

CIGNA beats by $0.56, beats on revs; raises and guides FY19 EPS above consensus, revs above consensus (169.92)
  • Reports Q2 (Jun) earnings of $4.30 per share, $0.56 better than the S&P Capital IQ Consensus of $3.74; revenues rose 198.9% year/year to $34.38 bln vs the $33.27 bln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY19, sees EPS of $16.60-16.90 vs. $16.53 S&P Capital IQ Consensus; sees FY19 revs of $136-137 bln vs. $133.64 bln S&P Capital IQ Consensus.
  • 2020 OUTLOOK
    • Health Services' projected 2020 retention rate for the 2019 selling season for pharmacy services is now in the range of 97% to 98%, an increase of 50 bps from the midpoint of our previous expectations.
    • Health Services' adjusted pharmacy scripts 9 are expected to grow 25 to 35 million scripts organically in 2020

>>> US After Hours Summary: SPWR +20%, CRUS +7%, PS -29%, WLL -17%

After Hours Summary: SPWR +20%, CRUS +7%, PS -29%, WLL -17%, FIT -14%, QCOM -5%, PRU -4% among notable earnings/guidance movers

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: SPWR +19.8%, BOOT +13.5%, FIVN +13.4%, RUBI +9.1%, ALSN +8.1%, CRUS +7%, ACAD +6.6%, TIVO +5.5%, WTI +5.3% (light volume), LPI +5.1%, AYX +3.8%, KGC +3.2%, CTSH +2.9%, WDC +2.6%, MCK +2.2%

Companies trading higher in after hours in reaction to news: RES +9.1% (to join S&P SmallCap 600), NVAX +3.5% (ticking higher; Novavax and Catalent's Paragon unit close strategic partnership; Paragon has now purchased ~$18 million assets from Novavax), ADPT +2.4% (ticking higher-receives New York CLEP approval for clonoSEQ Assay to detect and monitor MRD in patients with certain blood cancers)

First Solar (FSLR) results lifting solar names: CSIQ +2.1%, etf- TAN +1.5%, JKS +0.9%, FSLR +0.5%

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: PS -29.3%, WLL -16.6%, FIT -13.8%, CMPR -12.4%, CXO -9.7%, NLS -6.7%, QCOM -4.8%, TTEK -4.1%, PRU -3.8%, TRMB -3.5%, PK -3.3%, CAKE -2.5% (also to acquire Fox Restaurant Concepts and remaining interest in North Itali), LRCX -2%, TWLO -1.9%, AM -1.3%, DXCM -1.2%

Companies trading lower in after hours in reaction to news: BYND -3.8% (ongoing volatility), GPN -2.3% (following TSS earnings), KLAC -1.4% /  AMAT -0.7% (following LRCX earnings/guidance)

>>> SPAIN DEBT AGENCY (TESORO) SELLS TOTAL €4.02B VS. €3.5-4.5B INDICATED RANGE

SPAIN DEBT AGENCY (TESORO) SELLS TOTAL €4.02B VS. €3.5-4.5B INDICATED RANGE IN 2024, 2029, 2033 AND 2048 BONDS
- Sells €1.40B in 0.25% July 2024 SPGB bond; Avg yield: % v -0.205% prior; Bid-to-cover: 1.50x v 1.72x prior (Prior July 18th 2019)
- Sells €1.39B in 0.60% Oct 2029 SPGB; Avg Yield: % v 0.839% prior, bid-to-cover: 1.38x v 1.22x prior (July 4th 2019)
- Sells €827M in 2.35% July 2033 SPGB; Avg Yield: % v 1.776% prior; Bid-to-cover: 1.39x v 1.45x prior (Feb 7th 2019)
- Sells €404M in 2.7% Oct 2048 SPGB; Avg Yield: % v 1.165% prior; Bid-to-cover: 1.96x v 1.19x prior (July 4th 2019)

>>> FRANCE DEBT AGENCY (AFT) SELLS TOTAL €5.997B VS. €5.0-6.0B INDICATED RANGE I

FRANCE DEBT AGENCY (AFT) SELLS TOTAL €5.997B VS. €5.0-6.0B INDICATED RANGE IN 2027, 2030 AND 2035 BONDS
- Sells €B in 2.75% Oct 2027 Oat; Avg yield: % v -0.08% prior, Bid-to-cover: x v 5.77x prior (Jun 6th 2019)
- Sells €B in 2.50% May 2030 Oat; Avg Yield: % v 0.70% prior; Bid-to-cover: x v 1.92x prior (Feb 7th 2019)
- Sells €B in 4.75% Apr 2035 Oat; Avg Yield: % v 0.67% prior; Bid-to-cover: x v 1.68x prior (Aug 4th 2016)