>>> What to look at today - 16th of Februar 2017 (VIX +11.45%)

Dow +0.52% S&P +0.50% Nasdaq +0.64% Russell +0.54% VIX +11.45%
US MArket closed higher settling new record BUT Note that VIX was up 11.5%. the fed funds futures market showed an increase in the implied probability of a March rate hike (to 31.0% today from 17.7% yesterday). Additionally, the fed funds futures market now points to the next FOMC rate hike taking place in May with the corresponding probability rising to 53.1% from yesterday's 40.6%. U.S. Treasuries slipped immediately following the January CPI release and held the bulk of those losses into the close, finishing lower for the fifth consecutive session. The benchmark 10-yr yield finished three basis points higher at 2.50%. Pharma & Biotech were strong. Tech closed behind global market. Semi were still strong above the global mkt (+0.8%). Utilities & Energy wclosed below the market with crude -0.02% Lower @ $53.05/bbl. US After Hours TIVO +14%, WINT +10%, SNPS +8% following earnings/guidance, PGNX +5% and SFLY +3% on S&P600 index addition news... CFMS -39%, MOH -14%, OMCL -10%, HAWK -10%, CAR -7%, SPWR -6%, TRIP -5% following earnings/guidance. Second round of somewhat more hawkish Fed chair Yellen testimony, along with hotter CPI data out of the US, continued to pressure US Treasury yields higher even as indices maintained their upward trajectory. Ongoing US political drama saw the formal withdrawal of Laber Sec-nominee Puzder; US TIC data late in US session saw the first net decline in holdings in 3 months. China FDI fell for the first time in over 2 years, though MOFCOM officials yet again attributed the decline to high base effects from the timing of Lunar New Year. Gov Kuroda: Risk of another global financial crisis has fallen alot, but cant deny a different kind of crisis could happen.

Nikkei -0.47% Hang Seng +0.49% CSI +0.46% Shanghai +0.41%

eur$ 1.0612 CNH 6.8464 CNY 6.8602 GBP 1.2475 JPY 113.90 CHF 1.0039 RUB 57.0770 WTI$ : 53.01 -0.19%

S&P -0.10% EuroStoxx -0.09% Dax -0.10% SMI -0.25%

Macro :
- Munger Says Trump Not Wrong on Everything, So ‘Roll With It’
- U.S. Total Cross-Border Investment Outflow $42.8b in Dec.
- Fed’s Dudley Says he Sees Balance Sheet as a Passive Policy Tool
- Fed’s Dudley Sees Rates Being Raised Gradually in Months Ahead

Keep an eye on :
- ATLN VX : J&J’s Actelion Bid Prospectus Out, Offer Starts March 3
- AF FP : Air France-KLM FY Net Income Jumps; Rev. in Line With Consensus
- ARCAD NA : Arcadis Full Year Net Revenue Drops 5% to EU2.47b
- BBVA SM : BBVA Said to Sell Properties Portfolio to Blackstone: Expansion
- CAP FP : Capgemini Sees 2017 Operating Margin Improvement, Sales Growth
- CLN VX : Clariant 4Q Ebitda, Sales Rise, Co. Confident on 2017 Targets
- CSGN VX : Credit Suisse Capital Uncertainty May End in 2017: Berenberg
- DB1 GY : Deutsche Boerse Sees as Much as 15% Earnings Growth in 2017
- FCA IM : Fiat Agrees to Update Emissions Software in Europe Models: Wiwo
- FLOW NA : Flow Traders Says Shareholders Sell Shares, Free Float Increases
- FPE3 GY : Fuchs Petrolub 2016 Sales Rise 9%
- GBT FP : Guerbet FY Pro Forma Revenue Slips 1.7%; Sees Growth in 2017
- HSBA LN : HSBC to Cut 20 Global Banking & Markets Jobs in H.K.: HKET (1)
- LSCC US : Lattice Semi 4Q Adj. EPS Misses Lowest Est.
- NESN VX : Nestle Revenue Misses Estimates; Sees 2017 Sales Growth at 2%-4%
- NN NA : NN Group Says 4Q Net Income Declined to EU148m From EU360m
- ORI SS : Oriflame 4Q Sales Beats Est., 1Q Has Started in a Promising Way
- PGS NO : PGS 4Q Revenue Misses Estimates, Net Loss Wider Than Expected
- RIO LN : Rio Tinto Said to Seek Bank Pitches on $1.5b Coal Sale
- SU FP : Schneider 2016 Net Below Forecast; Div. EU2.04/Share
- SIE GY : Siemens, GE, Mitsubishi-Hitachi Eye Ostroleka Tender: Parkiet
- SNAP IPO : Snap to Target March 3 for Trading Debt After IPO: IPO Boutique
- SNAP IPO : Snap Said to Set IPO Valuation at $19.5b-22.2b
- SAZ GY : Stada’s Takeover Price Seen Unlikely to Go Much Higher
- STMN SW : Straumann FY Revenue Meets Estimates, Raises Dividend
- TNET BB : Telenet Sees 2017 Adj Ebitda Growth 4%-6%; 4Q Rev., Ebitda Beat
- TTK GY : Takkt Plans Dividend Increase, America Business Drives Sales
- TFI FP : TF1 Targets Double-Digit Current Op Margin in 2019
- UBSG VX : UBS’s Asia Investment-Banking Bonus Pool Said to Decline by 15%
- RIN FP : Vilmorin 1H Net Loss Narrows; Confirms Target for FY Growth

>>> Europe : Brokers Upgrades & Downgrades - 16th of February 2017

>>> Up
*Arkema Raised to Buy at Goldman
*Heineken Raised to Neutral at Exane

>>> Down
*Akzo Nobel Cut to Neutral at Citi
*ASPO CUT TO HOLD FROM BUY AT NORDEA
*Julius Baer Cut to Hold at Berenberg, PT CHF46
*Safran Cut to Market Perform at Bernstein, PT EU74
*Tarkett Cut to Outperform at Raymond James, PT EU43

>>> PT Change
*Natixis PT Lifted at Morgan Stanley, Shares Fully Valued

>>> Initiation


>>> Call
>> Stock
*ARKEMA ADDED TO CONVICTION LIST AT GOLDMAN

>>> Asian Update

Asia Mid-Session Market Update: China FDI falls for the first time in over 2 years; Australia employment data mixed

***US Session Highlights***
- (US) FEB EMPIRE MANUFACTURING: 18.7 V 7.0E (highest since Sept 2014)
- (US) JAN ADVANCE RETAIL SALES M/M: 0.4% V 0.1%E; RETAIL SALES EX AUTO M/M: 0.8% V 0.4%E; prior revised higher
- (US) JAN CPI M/M: 0.6% V 0.3%E; CPI EX FOOD AND ENERGY M/M: 0.3% V 0.2%E; CPI INDEX NSA: 242.839 V 242.479E
- (US) JAN INDUSTRIAL PRODUCTION M/M: -0.3% V 0.0%E; CAPACITY UTILIZATION: 75.3% V 75.4%E
- (US) Fed Chair Yellen: there is no unique level of how high interest rates must be before Fed begins cutting balance sheet - House panel Q&A
- (US) President Trump: we will simplify the tax code 'greatly'; expects to announce tax reform in not too distant future - comments at meeting with business leaders

***US markets on close: Dow +0.5%, S&P500 +0.5%, Nasdaq +0.6%***
- Best Sector in S&P500: Healthcare
- Worst Sector in S&P500: Utilities
- Biggest gainers: FLIR +8.1%, ENDP +7.9%, ADI +4.8%, WYN +4.8%, NRG +4.2%
- Biggest losers: AIG -9.0%, CF -5.0%, DVN -3.7%, FCX -3.3%, HP -2.7%
- At the close: VIX 12.0 (+1.2pts); Treasuries: 2-yr 1.25% (+1bps), 10-yr 2.50% (+3bps), 30-yr 3.09% (+3bps)

***US movers afterhours***
- TIVO Reports Q4 $0.08 (unclear if comp) v $0.54e, R$252.3M v $222Me; increases stock buyback to $150M (6.7% market cap); Initiates $0.18 dividend (implied yield 3.8%); +13.6% afterhours
- SNPS Reports Q1 $0.94 v $0.78e, R$652.9M v $638Me- Guides Q2 $0.85-0.88 v $0.76e, R$655-680M v $638Me; +7.6% afterhours
- NTES: Reports Q4 $4.30 v $3.63e, R$1.74B v $1.62Be; +6.9% afterhours
- VRX: FDA approves Siliq (brodalumab) to treat adults with moderate-to-severe plaque psoriasis; +4.9% afterhours
- NTAP Reports Q3 $0.82 v $0.74e, R$1.4B v $1.39Be; Guides Q4 $0.79-0.84 v $0.76e, R$1.37-1.52B v $1.40Be; +3.7% afterhours
- CSCO: Reports Q2 $0.57 v $0.56e, R$11.6B v $11.6Be; Increases dividend 11.5% to $0.29/shr (implied yield 3.5%); +2.1% afterhours
- ABX: Reports Q4 $0.22 v $0.21e, R$2.32B v $2.20Be; +2.0% afterhours

- KHC: Reports Q4 $0.91 v $0.87e, R$6.86B v $6.77Be; -2.4% afterhours
- CF: Reports Q4 -$0.39 v -$0.06e, R$867M v $906Me; -3.6% afterhours
- GDDY Reports Q4 -$0.02 v $0.08e, R$486M v $485M; Guides Q1 R$485-490M v $494Me; -4.4% afterhours
- SPWR: Reports Q4 -$0.64 v -$0.48e, R$1.09B v $1.08Be; -5.2% afterhours
- TRIP: Reports Q4 $0.16 v $0.30e, R$316M v $326Me; -5.6% afterhours
- CAR: Reports Q4 $0.15 v $0.16e, R$1.88B v $1.96Be; To repurchase $300M (8.4% of market cap); -6.5% afterhours
- MOH Reports Q4 -$1.54 adj v $0.75e (unclear if comp), R$4.46B v $4.52Be; Guides initial FY17 $2.09 v $3.73e, R$19.5B v $19.0Be; -14.0% afterhours

***Politics***
- (US) Senate Judiciary Committee chairman Grassley (IA-R) requesting a briefing and documents on circumstances that led to resignation of NSA head Flynn - press
- (US) Andrew Puzder officially withdraws his nomination for Labor Secretary - US press

***Asia Key economic data:***
- (CN) China Jan Foreign Direct Investment (FDI): CNY80.1B v CNY81.4B prior, Y/Y: -9.2% (First decline in 27 months) v +1.4%e
- (AU) AUSTRALIA JAN EMPLOYMENT CHANGE: +13.5K V +10.0KE; UNEMPLOYMENT RATE: 5.7% V 5.8%E
- (AU) AUSTRALIA FEB CONSUMER INFLATION EXPECTATION: 4.1% V 4.3% PRIOR
- (NZ) NEW ZEALAND FEB ANZ CONSUMER CONFIDENCE INDEX: 127.4 V 128.7 PRIOR; M/M: -1.0% V +3.4% PRIOR

***Asia Session Notable Observations, Speakers and Press***
- Second round of somewhat more hawkish Fed chair Yellen testimony, along with hotter CPI data out of the US, continued to pressure US Treasury yields higher even as indices maintained their upward trajectory; US indices set new record highs for the fifth straight session, despite the rise in the VIX; Yield on the US benchmark was also up another 3bps to reach 2.5% for the first time in 2 weeks. Fed funds futures have also seen a more dramatic change toward anticipated rate hikes - March probabilities rose above 30% and May is now above 50%.
- Ongoing US political drama saw the formal withdrawal of Laber Sec-nominee Puzder; Separately, Republican head of the Senate Judiciary committee is pressing for a briefing and documents that led to yesterday's resignation of NSA head Flynn, while another US press report alleges intelligence officials have been prone to withhold intel from POTUS due to security concerns.
- US TIC data late in US session saw the first net decline in holdings in 3 months, although China holdings of US treasuries rose for the first time in 7 months to $1.07; Recal last month saw Chinese sell the biggest amount of US debt since late 2011.
- China FDI fell for the first time in over 2 years, though MOFCOM officials yet again attributed the decline to high base effects from the timing of Lunar New Year; PBoC official also noted that policy is appropriate after that large rise in lending released earlier this week.
- Australia employment data were mixed - unemployment rate was lower than expected and employment change slightly higher. However, data internals showing employment increase dominated by part time workers (58.3K v 5.1K prior) while full-time change contracted (-44.8K v +11.3K prior). Labor participation rate also ticked lower to 64.6% v 64.7% prior; Australia short-term yields retreated, with 3-year down about 3bps in the wake of the release at 2.03%.


China:
- (CN) PBOC Dep Gov Yi Gang: Credit data and policy are appropriate - Chinese press
- (CN) China CSRC said to be considering new curbs on secondary share sales, which may mean available only one time a year
- (CN) China PBoC's Zhao Yang: China has a lot of room to open capital markets - Financial News

Japan:
- (JP) Bank of Japan (BOJ) Gov Kuroda: Risk of another global financial crisis has fallen alot, but cant deny a different kind of crisis could happen
- (JP) Japan MOF official: Japan Fin Min Aso spoke with US Treasury Sec Mnuchin by phone today
- (JP) Former BOJ member Shirai: QQE corrected the overvaluation of the yen; If yen depreciates below 125-130 may become a problem

Australia/New Zealand:
- (AU) RBA's Assistant Gov Ellis: Need to be aware of pockets of potential mortgage stress
- (NZ) New Zealand Fin Min Joyce: Economic outlook is positive

***Asian Equity Indices/Futures (00:00ET)***
- Nikkei -0.6%, Hang Seng +0.4%, Shanghai Composite +0.3%, ASX200 +0.1%, Kospi -0.2%
- Equity Futures: S&P500 -0.1%; Nasdaq flat; Dax flat; FTSE100 -0.1%

***FX ranges/Commodities/Fixed Income (00:00ET)***
- EUR 1.0590-1.0625; JPY 113.75-114.30; AUD 0.7705-0.7730; NZD 0.7210-0.7240
- Apr Gold +0.2% at $1,236/oz; Mar Crude Oil -0.1% at $53.05/brl; Mar Copper +0.5% at $2.76/lb
- SPDR Gold Trust ETF daily holdings rise 2.6 tonnes to 843.5 tonnes; 9th consecutive increase; Highest since Dec 14th
- (CN) PBOC SETS YUAN MID POINT AT 6.8629 V 6.8632 PRIOR; Strongest Yuan setting since Feb 7th
- (CN) PBOC to inject combined CNY250B v CNY120B prior in 7-day, 14-day and 28-day reverse repos
- (NZ) New Zealand sells NZ$200M Apr 2025 bonds, avg yield 3.2252%, bid-to-cover: 2.76x

***Asia equities / Notables / movers by sector***
- Consumer discretionary: TTS.AU Tatts Group Ltd -3.8% (H1 result); SYD.AU Sydney Airport -2.1% (FY16 result); SGH.AU Slater & Gordon Ltd -24.1% (trading update); 2502.JP Asahi Group Holdings +2.3% (FY16 result)
- Financials: MFG.AU Magellan Financial Group -5.1% (H1 result)
- Industrials: 753.HK Air China +0.5% (Jan result)
- Technology: 6502.JP Toshiba Corporation -3.3% (demoted to lower tier of TSE, to delay chip stake sale); 6724.JP Seiko Epson Corp +1.6%
- Materials: 1091.HK CITIC Dameng Holdings -5.5% (FY16 result); 486.HK RUSAL -0.7% (Q4 result); SGM.AU Sims Metal Management +4.0% (Macquarie raises rating); EVN.AU Evolution Mining +0.4% (H1 result); S32.AU South32 Limited -1.5% (H1 result)
- Energy: 1381.HK Canvest Environment Protection Group +2.6% (guidance); ORG.AU Origin Energy -2.5% (H1 result)
- Telecom: TLS.AU Telstra Corp -6.2% (H1 result)

>>> US After Hours Summary: TIVO +14%, WINT +10%, SNPS +8% following e


After Hours Summary: TIVO +14%, WINT +10%, SNPS +8% following earnings/guidance, PGNX +5% and SFLY +3% on S&P600 index addition news... CFMS -39%, MOH -14%, OMCL -10%, HAWK -10%, CAR -7%, SPWR -6%, TRIP -5% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: CSLT +14.3%, TIVO +13.6%, WINT +9.6%, SNPS +7.5%, QUIK +4.2%, CRY +4.1%, NTAP +4%, NMIH +3%, ABX +2.2%, CSCO +2%, GG +2%, SRCL +1.8%,  DENN +1.6%

Companies trading higher in after hours in reaction to news: XTLB +48.4% (continues to surge higher in after hours trade), CVRS +39.3% (Corindus Vascular Robotics announces a distribution agreement w/ a subsidiary of Mitsubishi (MSBHY); includes an initial order for 12 CorPath GRX Systems accompanied by an advance of $2 mln toward the purchase price), HGG +21% (HHGregg confirms plans to explore strategic alternatives), PGNX +5.1% (to join S&P SmallCap 600), RUBI +3.2% (still checking), SFLY +3.1% (to join S&P SmallCap 600), TECK +2.5% (to sell its 70% interest in Haib Minerals to Deep-South Resources), VRX +1.8% (FDA approves Siliq to treat adults with moderate-to-severe plaque psoriasis), FL +1.3% (light volume; increases quarterly dividend and approves a new 3-year $1.2 bln share repurchase program)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: CFMS -38.6%, MOH -14%, OMCL -9.8%, HAWK -9.6%, CAR -6.6%, SPWR -6.2%, TRIP -5.2%, CLD -4.6% (also replaces its throughput agreement with Westshore Terminals Limited Partnership), GDDY -4.6%, CF -4.3%, MMLP -4% (prices previously announced public offering of 2,600,000 of common units at a price to the public of $18.00 per unit), LSCC -2.8%, EQIX -2.8%, AEM -2.4%, HOS -2.2%, CC -2.1%, KHC -2%, CYS -1.8%, CBS -1.5%

Companies trading lower in after hours in reaction to news: ACUR -29.5% (to be delisted from the Nasdaq; will begin to trade on the OTCQB on February 23), CRSP -6.3% (CRISPR Therapeutics to host call to provide update on the CRISPR/Cas9 U.S. patent interference proceedings and corresponding U.K. patents tomorrow February 16 at 11am ET), NGL -6.2% (commences an underwritten public offering of 8,000,000 common units; intends to offer $450 mln in aggregate principal amount of senior notes due 2025), NAK -3.5% (ongoing volatility), ATKR -2.4% (commences 8 mln common stock offering by selling stockholder), CNC -2.3% (MOH earnings/guidance sympathy), EVOK -2.1% (intends to offer and sell shares of its common stock in a 'firm commitment' underwritten public offering), HTZ -1.6% (CAR sympathy), TRU -1.2% (commences 19.85 mln common stock offering by Selling Stockholders), FRSH -0.9% (announces a strategic realignment of resources aimed at better supporting franchise-owners and field staff while reducing overall SG&A expenses; expects to achieve annual cost savings of $1.5 mln), HOLX 0% (FDA has granted PMA approval for its HCV assay for quantitation of HCV viral load and confirming active HCV infection on the fully automated Panther system)

SunPower earnings weakness is weighing on solar names: VSLR -1.5%, FSLR -1.2%, JKS -0.5%, CSIQ -0.4%

Forbes : Och-Ziff awarded $250mil to star trader

33-Year-Old Hedge Fund Star James Levin Awarded $250 million Pay Package Amid Och-Ziff Stock Debacle


Billionaire Dan Och’s hedge fund firm has promoted 33-year-old James Levin and handed him a $250 million pay package, according to a Wednesday filing with the Securities & Exchange Commission.

Och-Ziff Capital Management said on Wednesday that Levin will serve as co-chief investment officer of the publicly-traded hedge fund firm. The pay package is designed “to incentivize Mr. Levin for the services, contributions and leadership he provides and to ensure the future continuity of the company,” Och-Ziff said.

Shares of Och-Ziff Capital Management fell by 11% on Wednesday after the hedge fund firm said it had experienced $13 billion in investor redemptions in the last 13 months, leaving the firm managing $33.6 billion.


The stock has plunged by more than 70% in the last two years as the company dealt with a massive bribery scandal in Africa, resulting in Och-Ziff making a $412 million payment to resolve charges from U.S. prosecutors and regulators.

But Levin has emerged as a star at Och-Ziff and Och moved to make sure Levin didn’t flee as the company tries to rebuild. At the end of February, a few days after his 34th birthday, Levin will receive 39 million Och-Ziff Group P units and 39 million Group D units, securities filings show. Some of the units vest over a period of 10 years subject to Levin’s continued role at the firm while others are dependent on Och-Ziff’s shares hitting certain performance targets over the next several years.

Och-Ziff claims the compensation plan is “strengthening alignment” with the company’s shareholders, but it is also a stark example of how corporate executives don’t always fully suffer together with corporate shareholders. But one person who will be suffering is Och, who is relinquishing 30 million Och-Ziff shares, worth nearly $100 million, to make Levin's compensation deal happen without further diluting shareholders, a securities filing shows. An Och-Ziff spokesman declined to comment.


Levin started out working for Treasury Secretary Steve Mnuchin’s Dune Capital hedge fund and graduated from Harvard with a computer science degree, according to Levin’s bio on Och-Ziff’s web site.

Levin first met Och while teaching his son to water ski at camp. Och later hired him and Levin distinguished himself by making one of the hedge fund industry’s best trades in 2012. Levin was promoted to an executive role at Och-Ziff and became head of credit investing. Och-Ziff raised eyebrows across Wall Street when an SEC filing showed it paid Levin $119 million in 2013, but much of the payment was in stock awards that have since plunged in value.

>>> Marriott beats by $0.01, beats on revs; guides Q1 EPS in-line; guides FY17 E

Marriott beats by $0.01, beats on revs; guides Q1 EPS in-line; guides FY17 EPS below consensus (89.46 +1.57)
  • Reports Q4 (Dec) earnings of $0.85 per share, $0.01 better than the Capital IQ Consensus of $0.84; revenues rose 47.2% year/year to $5.46 bln vs the $4.89 bln Capital IQ Consensus.
  • In the 2016 fourth quarter, worldwide comparable systemwide constant dollar RevPAR increased 0.8 percent (a 0.3 percent increase using actual dollars). North American comparable systemwide constant dollar RevPAR increased 1.1 percent (a 1.1 percent increase using actual dollars), and international comparable systemwide constant dollar RevPAR increased 0.2 percent (a 1.4 percent decline using actual dollars) for the same period. These RevPAR growth statistics compare the fourth quarter of 2016 to combined comparable systemwide RevPAR for the fourth quarter of 2015.
  • Co issues in-line guidance for Q1, sees EPS of $0.87-0.91 vs. $0.91 Capital IQ Consensus Estimate; sees total fee revenue of $740 million to $750 million
    • For the 2017 first quarter, Marriott expects comparable systemwide RevPAR on a constant dollar basis for the combined company will increase 1 to 3 percent in North America and worldwide. Outside North America, the company expects comparable systemwide RevPAR on a constant dollar basis for the combined company will increase 1 to 2 percent. The company's RevPAR guidance for the first quarter reflects the benefit of the U.S. Presidential inauguration and related events at Washington, D. C. hotels and the favorable shift of Easter into the second quarter.
  • Co issues downside guidance for FY17, sees EPS of $3.79-3.97 vs. $4.05 Capital IQ Consensus Estimate; sees total fee revenue of $3,175 million to $3,245 million. Marriott expects full year 2017 adjusted EBITDA could total $3,075 million to $3,175 million, a 3 to 6 percent increase compared to full year 2016 combined adjusted EBITDA of $2,987 million.
    • For the full year 2017, Marriott expects comparable systemwide RevPAR on a constant dollar basis for the combined company will be flat to up 2 percent in North America. The company expects comparable systemwide RevPAR on a constant dollar basis for the combined company will increase 1 to 3 percent outside North America and 0.5 to 2.5 percent worldwide.
  • The company expects investment spending in 2017 will total approximately $500 million to $700 million, including approximately $175 million for maintenance capital. Investment spending also includes other capital expenditures (including property acquisitions), new mezzanine financing and mortgage notes, contract acquisition costs, and equity and other investments. Assuming this level of investment spending and no asset sales, $1.5 billion to $2.0 billion could be returned to shareholders through share repurchases and dividends in 2017.

>>> Applied Materials beats by $0.01, reports revs in-line; guides Q2 EPS above

Applied Materials beats by $0.01, reports revs in-line; guides Q2 EPS above consensus, revs above consensus (35.49 +0.26)
  • Reports Q1 (Jan) earnings of $0.67 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.66; revenues rose 45.2% year/year to $3.28 bln vs the $3.27 bln Capital IQ Consensus.
  • Co issues upside guidance for Q2, sees EPS of $0.72-0.80, excluding non-recurring items, vs. $0.62 Capital IQ Consensus Estimate; sees Q2 revs of $3450-3600 vs. $3.21 bln Capital IQ Consensus Estimate