>>> Alphabet A Color on Quarter --> GOOGL -3.21% pre mkt - $18mil traded

Alphabet A Color on Quarter (1181.59)
  • Stifel downgrades GOOGL to Hold from Buy and sets target price at $1150 as the price has exceeded their tgt. They further highlight in slides included in this note some longer-term concerns including: 1) Amazon; 2) Google Cloud Platform market share; 3) regulatory risk; 4) rising TAC; and 5) operating leverage. They are raising their 1Q / 2018 net rev forecasts to $23.97B / $104.8B (from $23.8B / $103.6B previously), while their GAAP EPS for those periods falls to $8.24 / $39.51 (from $9.41 / $42.13) as Alphabet invests behind cloud, hardware, and mobile.
  • Needham reiterates Buy, reiterates $1,350 price target. Firm notes that Alphabet reported mixed results, as revenue growth was strong, but GAAP EPS missed expectations. Websites and Network revenues and paid clicks both exceeded expectations, signaling that Google's core business is healthy. Mobile search, YouTube, and programmatic continued to power Google's accelerating growth. However, traffic acquisition costs associated with mobile search and programmatic were higher as a percentage of revenue, pressuring GAAP EPS. We expect this trend to continue into FY18, but at a slower pace.We continue to recommend Alphabet as a core Internet holding given the Website's steady 20% revenue growth and its +30% operating margin, which should be augmented by its growing Cloud, hardware, and Play businesses, as well as Other Bets.
  • B. Riley FBR lowers their GOOGL tgt to $1350 from $1375, reiterates Buy. Firm notes that GOOGL reported a mixed 4Q with revenue upside offset by higher Cost of Sales and Marketing spend, causing the stock to trade down 2% AH. Net revenues/AEBITDA/GAAP EPS came in at $25.9B/$11.5B/$9.70 (excl. 1x writedown due to tax reform) versus their estimates at $25.4B/ $13.0B/$10.68 and consensus of $25.6B/$13.0B/$10.00. The higher expenses were due to Traffic Acquisition Cost (TAC), other COS, and Marketing; some seasonal and some due to increased investments for all businesses. While they believe the investments will continue, TAC growth should normalize post 1Q18. They believe this spend has relatively quick ROI at GOOGL's scale and hence they continue to support the efforts. Additionally, GOOGL is growing revenue and EPS at 20%+ and still trades at 12.0x 2019 AEBITDA versus comps at 15.0x. Their price target declines from $1,375 to $1,350 reflecting a 13.0x multiple on FY19 AEBITDA for the core business and 7.0x 2019 revenue for "Other Bets."
Shares of GOOGL are trading down 3.4% at $1,141.30/share in pre-market trade.

Fwd:>>> Dax _ quick chart - first gap 13016/13062 filled testimg 100d MA after break


Gap to fill now is 12708/12722 - 200d Ma is the target support
From: LAURENT CHEKROUN (MAKOR SECURITIES LO) At: 02/01/18 14:40:55
Subject: >>> Dax _ quick chart - first gap 13016/13062 filled testimg 100d MA after break



From: LAURENT CHEKROUN (MAKOR SECURITIES LO) At: 02/01/18 14:37:13
Subject: >>> Dax _ quick chart - first gap 13016/13062 filled testimg 100d MA after break

breaking 50d MA

>>> Sprint reports Q3 (Dec) results, revs in-line; reaffirms FY17 EBITDA (5.10)

Sprint reports Q3 (Dec) results, revs in-line; reaffirms FY17 EBITDA (5.10)
  • Reports Q3 (Dec) earnings of $0.02 per share, ex-$7.1 bln tax benefit, may not be comparable to the Capital IQ Consensus of ($0.05); revenues fell 3.6% year/year to $8.24 bln vs the $8.19 bln Capital IQ Consensus.; adj. EBITDA +11% to $2.7 bln -- highest Q3 EBITDA in 11 years.
  • Sprint's execution in both its postpaid and prepaid businesses resulted in the highest retail net additions in nearly three years. Postpaid net additions of 256,000 in the quarter included 184,000 phone net additions, the tenth consecutive quarter of postpaid phone net additions. Sprint's prepaid business also continued to add customers with 63,000 net additions, its fourth consecutive quarter of net additions and a 523,000 improvement compared to the prior year. Prepaid churn improved year-over-year for the sixth consecutive quarter and prepaid gross additions grew year-over-year for the second consecutive quarter. The sustained improvement in prepaid customer trends has translated into better financial results, as prepaid wireless service revenue grew year-over-year for the first time in nearly three years.
  • Sprint continued to make progress on its multi-year plan to improve its cost structure. Excluding ~$100 million of hurricane-related and other non-recurring charges in the quarter, the company reported approximately $260 million of combined year-over-year reductions in cost of services and selling, general and administrative expenses, bringing the year-to-date total reduction to more than $1 billion. Adjusted free cash flow of $397 million improved by more than $1 billion year-over-year.
  • The company is raising its expectation for operating income to $2.5 billion to $2.7 billion. Its previous expectation was $2.1 billion to $2.5 billion. The company expects adjusted EBITDA to be around the mid-point of its prior expectation of $10.8 billion to $11.2 billion. The company expects cash capital expenditures, excluding devices leased through indirect channels, to be at the low end of its prior expectation of $3.5 billion to $4 billion. The company is raising its expectation for adjusted free cash flow* to $500 million to $700 million. Its previous expectation was around break-even.

>>> Manpower beats by $0.06, beats on revs; guides Q1 EPS above consensus (132.

Manpower beats by $0.06, beats on revs; guides Q1 EPS above consensus (132.23)
  • Reports Q4 (Dec) earnings of $2.12 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $2.06; revenues rose 13.7% year/year to $5.64 bln vs the $5.54 bln Capital IQ Consensus.
    • Earnings per share in the quarter were positively impacted 10 cents by changes in foreign currencies compared to the prior year.
  • Co issues upside guidance for Q1, sees EPS of $1.60-1.68, excluding non-recurring items, vs. $1.46 Capital IQ Consensus Estimate; includes a positive impact of tax reform of 20 cents and a positive impact from foreign currency of 15 cents

>>> Early premarket gappers

Early premarket gappers
Gapping up: USAK +24.5%, DATA +17.8%, ERII +15.3%, ATOS +10.9%, VIAV+10.1%, ATHN +6.9%, DECK +6.6%, SNE +5.8%, AMZN +5.6%, EPAY +4.2%, ADMS+4%, MNOV +4%, GES +3.9%, POST +3.3%, CURO +3.1%, HMC +3.1%, PQ +2.9%,VKTX +2.6%, WFT +2.5%, ENVA +2.1%, NFG +2.1%, VLP +1.9%, PGNX +1.8%,VIAB +1.6%, TICC +1.6%, MSI +1.6%, EMN +1.4%, PACB +1.1%, EL +1.1%, CY+0.9%, PBYI +0.8%, EW +0.8%, AEMD +0.7%, AAPL +0.7%

Gapping down: CVO -48.9%, PI -32.9%, NGVC -20.7%, OPGN -20.3%, OSIS-16.4%, VREX -10.2%, ATNM -7.7%, SHLX -7.7%, YRCW -7.7%, MAT -7.2%, ACET-7%, GPRO -6.5%, DB -5.5%, GSV -4.9%, GSV -4.9%, BT -4.8%, SNHY -3.6%,GOOG -3.1%, AMGN -3.1%, IIVI -2%, CLX -2%, MWA -1.5%, V -1.4%, SNDR -1.3%,PSX -0.9%, OSB -0.8%, BA -0.5%

>>> Phillips 66 beats by $0.19

Phillips 66 beats by $0.19 (100.86)
  • Reports Q4 (Dec) earnings of $1.07 per share, excluding non-recurring items, $0.19 better than the Capital IQ Consensus of $0.88.
  • As of Dec. 31, 2017, cash and cash equivalents were $3.1 billion, and consolidated debt was $10.1 billion, including $2.9 billion at PSXP. The company's consolidated debt-to-capital ratio and net-debt-to-capital ratio were 27 percent and 20 percent, respectively. Excluding PSXP, the debt-to-capital ratio was 22 percent and net-debt-to-capital ratio was 14 percent.
  • Announced $2.3 billion 2018 capital budget

>>> Estee Lauder beats by $0.08, beats on revs; guides Q3 EPS, revs above consen

Estee Lauder beats by $0.08, beats on revs; guides Q3 EPS, revs above consensus; raises FY18 EPS, revs outlook
  • Reports Q2 (Dec) earnings of $1.52 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of $1.44; revenues rose 16.7% year/year to $3.74 bln vs the $3.68 bln Capital IQ Consensus.
  • Co issues upside guidance for Q3, sees EPS of $1.02-1.04, excluding non-recurring items, vs. $0.99 Capital IQ Consensus Estimate; sees Q3 revs of $3.2-3.23 bln (+12-13%) vs. $3.12 bln Capital IQ Consensus Estimate.
  • Co raises guidance for FY18, sees EPS of $4.27-4.32 (Prior $4.04-4.12), excluding non-recurring items, vs. $4.21 Capital IQ Consensus Estimate; sees FY18 revs of $13.3-13.4 bln (+12.5-13.5%, previously saw +10-11%) vs. $13.16 bln Capital IQ Consensus Estimate.
  • Additional commentary on outlook:
    • Global prestige beauty is vibrant and is estimated to accelerate to growth of about 5% during the year. The Company's annual growth has consistently outpaced global prestige beauty and is expected to grow more than double the industry for fiscal 2018. The Company expects its sales growth to benefit from loyalty to our high-quality products, strong innovation, outreach to new target consumers and growth from recent acquisitions, while continuing to emphasize a digital-first marketing approach and a strong focus on fast-growing markets and channels as consumer preferences evolve.
    • We are mindful of risks related to social and political issues, geopolitical tensions, terrorism, currency volatility and economic challenges affecting consumer spending in certain countries and travel corridors. The Company is also cautious of the decline in retail traffic, primarily related to some brick-and-mortar stores in the United States