Barnes & Noble Education beats by $0.04, misses on revs; reaffirms FY19 revs guidance range but sees revs at low end of range (6.45)
- Reports Q2 (Oct) earnings of $1.25 per share, excluding non-recurring items, $0.04 better than the two analyst estimate of $1.21; revenues fell 8.1% year/year to $814.8 mln vs the $842.45 mln two analyst estimate.
- Consolidated second quarter non-GAAP Adjusted Earnings increased to $60.1 million, as compared to $49.9 million in the prior year period; year to date non-GAAP Adjusted Earnings increased to $21.5 million, as compared to $20.1 million in the prior year period.
- Consolidated second quarter non-GAAP Adjusted EBITDA decreased to $95.4 million, as compared to $102.4 million in the prior year period; year to date non-GAAP Adjusted EBITDA decreased to $62.9 million, as compared to $70.0 million in the prior year period.
- Co reaffirms guidance for FY19, sees FY19 revs at low end of $2.2-2.3 bln vs. $2.11 bln two analyst estimate. Adjusted EBITDA to be in a range of $110 million to $125 million. The current outlook is expected to be at the low end of those ranges
Nasdaq moves into ‘alternative data’ with Quandl acquisition
Exchange group diversifies as price of traditional trading feeds comes under fire
Nasdaq has acquired one of the biggest “alternative data” platforms, highlighting the swelling investor interest in non-traditional information from satellite images, web-scraping and credit card purchases and likely presaging a burst of consolidation in the fragmented industry.
Nasdaq, whose most famous business is its stock exchange, plans to combine the newly acquired Quandl with the “analytics hub” inside the Nasdaq global information services division — another example of how exchange groups are expanding their business away from traditional services such as listings and moving into fatter-margin, fast-growing areas such as market data and technology.
Nasdaq’s non-trading businesses now account for about three-quarters of its revenues. Chief executive Adena Friedman, who took over last year, has stepped up the charge and last year bought eVestment, another data provider.
Alternative data provide a new revenue stream at a time when exchanges’ use of traditional trading data is under scrutiny. Investment groups, dealers, brokerages and high-frequency traders are rebelling against the rising cost of trading feeds, and the Securities and Exchange Commission has indicated some concern over the rising prices charged by exchanges.
Quandl was founded in Toronto in 2012, and offers a wide variety of non-traditional digital data sets, such as that derived from corporate aircraft leases — used to predict M&A deals — emailed shopping receipts, auto insurance or shipping sensors.
“Quandl will allow Nasdaq to partner more closely with the investing community as the industry continuously seeks ways to evaluate an endless supply of information to drive new insights, investment ideas and deliver alpha,” Bjorn Sibbern, head of Nasdaq’s global information services unit, said in a statement on Tuesday.
There has been an explosion of alternative data providers popping up to meet the rising demand from hedge funds and traditional investment managers. The number of vendors tallied by AlternativeData.org, a trade body, has more than trebled over the past decade to 375.
Industry insiders have long predicted that the embryonic industry will have to consolidate, with many asset managers frustrated at the disparate standards and annoyed at having to deal with lots of smaller players, rather than a few big heavyweights.
The expectation is that big data companies such as Nasdaq, S&P Global, Bloomberg or Refinitiv will play a role in consolidating the Balkanised alternative data industry.
Terms of the Quandl acquisition were not disclosed.
Gapping down
In reaction to disappointing earnings/guidance:
- CRUS -6.9% (lowers Q3 revs guidance to $300 -340 mln from $360-400 mln vs $378.28 mln consensus due to recent weaknesses in the smartphone market), DG -6.4%, COUP -4.2%, TOL -3.1%, SECO -1.4%
Other news:
- APHA -10.9% (continued weakness following short-seller report)
- KRNT -9.5% (announces launch of 3.13 mln stock offering by selling shareholder Fortissimo Capital )
- FRAC -4.1% (pricing of underwritten secondary offering of 5,251,249 shares of common stock at a price to the public of $10.77 per share)
- UDR -0.8% (prices underwritten public offering of 7.15 mln shares of its common stock), .
Analyst comments:
- AAPL -2% (following CRUS guidance)
- AAPL -2% (downgraded to Hold from Buy at HSBC Securities)
- OI -1.5% (downgraded to Underweight from Sector Weight at KeyBanc Capital Mkts)
- WERN -1.1% (downgraded to Neutral from Buy at UBS)
Gapping up
In reaction to strong earnings/guidance:
- RH +19.1%, MOV +5.7%, SMAR +4.4%, AZO +3.7%, TLYS +1.1% (announces revised Q3 results, affirms Q4 outlook)
Other news:
- MRNS +11.8% (presents ganaxolone data from its Phase 2 clinical trial in pediatric genetic epilepsies)
- CRON +11.2% (confirms discussions concerning a potential investment by Altria Group (MO))
- CLVS +6.4% (positive outcome in European opposition proceeding related to Rubraca)
- PRQR +6.3% (FDA has cleared the Investigational New Drug (IND) application for QR-421a)
- ALLO +4.1% (reports data from Phase 1 Trials of Allogeneic UCART19)
- AZO +3.7% (after closing near highs ahead of earnings tomorrow before the open)
- TGTX +2.5% (provides updated clinical data from Phase I/Ib trial of ublituximab)
- AQN +2.1% (to purchase Enbridge Gas New Brunswick LP, a subsidiary of Enbridge Inc. (ENB), along with its general partner for C$331 mln)
- FATE +1.6% (secures exclusive option from Max Delbrück Center for Molecular Medicine covering novel humanized anti-BCMA CAR constructs for the development of iPSC-derived cell products)
Analyst comments:
- SIFY +7.1% (initiated with Buy rating and $4 tgt at Maxim Group)
- FSLR +1.8% (upgraded to Buy from Hold at Argus)
- VNDA +1.1% (upgraded to Overweight from Neutral at Cantor Fitzgerald)
- HIG +0.7% (upgraded to Buy from Neutral at Janney)
Intel: Intel (INTC) quietly shipped volume 10nm product and data center continues to be strong -- it's time to buy INTC again -- Cascend Research
Cascend Research: "Intel is finally shipping an actual 10nm product -- a small die-size, and low-end application, but it's being sold at Amazon, Walmart and others. Intel's Architectural Summit set for December 11th -- now that there is no Intel Developer Forum (as of CY17) this is where we expect to hear their latest plans (such as a 10-core gaming chip). CFO and interim CEO Bob Swan bought $250k of Intel stock recently. Data center demand is continues to grow strongly. Demand for PCs and notebooks is stronger than anticipated, even taking into account the shortages. Our measurements shows some growth in PC supply chain activity even as it gets squeezed by a shortage of Intel (INTC) processors. Unlikely AMD (AMD) could ramp up quickly enough to make up the difference in 4Q18 (and take significant share). If Intel can get manufacturing under control this should be solved in 1H19, although many in the supply chain project this will still be an issue in 2Q19."
Leonardo DA Vinci Notebooks Display Will Get 'Inside His Mind'
December 4 (Press Association) -- Notes and drawings from Leonardo da Vinci's notebooks are being brought together in the UK for the first time.
A new exhibition, at the British Library, will mark 500 years since the death of the artist and "legendary genius".
The notebooks will include part of Codex Leicester, which details da Vinci's scientific observations and was bought by Microsoft founder Bill Gates in 1994 for 30.8 million US dollars.
Curators said the notebooks will allow visitors to "get inside Leonardo's mind".
British Library chief executive Roly Keating said the exhibition would feature a "remarkable coming together of three great Leonardo treasures" and "extraordinary documents".
A selection of notes and drawings from his Codex Arundel and Codex Forster will also go on show.
the notebooks show he studied nature in "microscopic detail", looking at the appearance and movement of water, even applying the geometry of a bubble to architecture.
The Codex Leicester is one of the most complete of the treaties that he produced and is being loaned to the exhibition by Mr Gates.
The exhibition will look at how da Vinci believed motion to be the "cause of all life", with "movement in nature one of his great fascinations and observations".
Leonardo da Vinci: A Mind In Motion will run from June 7 to September 8 next year.
Airbus, Lockheed join forces to pursue U.S. military refuelling orders - sources - Reuters News
04-Dec-2018 13:42:30
BERLIN, Dec 4 (Reuters) - Almost eight years after losing a historic U.S. Air Force tanker competition to rival Boeing Co BA.N, Europe's Airbus AIR.PA is teaming up with a new partner, top U.S. arms maker Lockheed Martin LMT.N, to pursue billions of dollars of follow-on orders, sources familiar with the matter said.
Airbus and Lockheed signed an agreement in Madrid last week that marks the company's first major bid to secure a foothold in the huge U.S. military market since its failed 2012 bid to merge with Britain's BAE Systems BAES.L and its large U.S. unit.
The agreement kicks off a rerun of an epic battle between the world largest planemakers - Airbus and Boeing - that lasted for nearly a decade and saw two former Boeing executives sent to federal prison for ethics violations.
Reuters - U.S. will not stop Iran exporting oil, Iranian president says - https://reut.rs/2PgMtSh
GENEVA (Reuters) - The United States will not be able to stop Iran exporting its oil and any move to prevent Iranian crude shipments passing through the Gulf would lead to all oil exports through the waterway being blocked, Iran’s president said on Tuesday.
The United States has imposed sanctions on Iran and U.S. officials say they aim to reduce Iran’s oil exports to zero in a bid to curb the Islamic Republic’s missile program and regional influence.
“America should know that we are selling our oil and will continue to sell our oil and they are not able to stop our oil exports,” President Hassan Rouhani said in a televised speech during a trip to the northern Iranian city of Shahroud.
“If one day they want to prevent the export of Iran’s oil, then no oil will be exported from the Persian Gulf,” he said.
Tensions have risen between Iran and the United States after U.S. President Donald Trump withdrew from a multilateral nuclear deal in May and reimposed sanctions on the Islamic Republic.
Rouhani said the United States would not succeed in cutting Iran’s economic ties with the region and the world.
Iranian Vice President Eshaq Jahangiri also said on Tuesday that U.S. sanctions were hitting vulnerable people in Iran.
“When (Americans) say their target is the Iranian government and there won’t be pressure on the sick, the elderly and the weak in society, it’s a lie,” Jahangiri said, according to the state-run Islamic Republic News Agency (IRNA).