>>> Goldcorp beats by $0.02, beats on revs; raises production, lowers cost guida

Goldcorp beats by $0.02, beats on revs; raises production, lowers cost guidance

  • Reports Q2 (Jun) earnings of $0.08 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.06; revenues rose 18.0% year/year to $1.32 bln vs the $1.07 bln consensus.
    • Second quarter gold sales were 903,000 ounces on production of 908,000 ounces, compared to sales of 639,500 ounces on production of 648,700 ounces in the second quarter of 2014. Silver production totaled 10.4 million ounces compared to 9.0 million ounces in the prior year's second quarter. All-in sustaining costs were $846 per ounce of gold in the second quarter of 2015 compared to $852 per ounce in the second quarter of 2014.
  • Company expects to be at the high end of 2015 production guidance of between 3.3 and 3.6 million gold ounces. All-in sustaining cost guidance has been reduced to between $850 and $900 per gold ounce compared to prior guidance of between $875 and $950 per gold ounce.

(Janus) Bill Gross : Inv. Outlook : Say a little prayer

I’m not what you would call a “prayerful” type of guy. Even at 30,000 feet, when the air gets rough, I never invoke the “God” word, settling instead for promising myself that if I ever get back to terra firma, I will never fly again, which I promptly forget days or even hours later. It’s not that I’m a non-believer in prayer’s ultimate destination, but more of a cynical take on why the Lord would hand out party favors to everyone that asked, or to those that asked most intently

I do remember praying nightly as a child though, which might indicate that my mom and dad were better parents than I have given them credit for. I recited the Lord’s Prayer, then followed it up with the standard “God Blesses” – in my case “God Bless Mommie, Daddie, Chip, Lyn, Mamie, Budgie, Brenda, Stinky and everyone in the whole world.” Stinky was my brother’s cat, so named because she used the house as her personal litter box in the days before my parents could buy one at the local “five and dime”. Brenda was the neighbor’s bulldog but warranted a mention ahead of our own Stinky because – well – she didn’t smell. Funny how we prioritize our prayerful moments.


Funny, too I think, about how I learned two different versions of the Lord’s Prayer: one – the Protestant litany – spoke to “forgiving our debts as we forgive our debtors”; the other – maybe a more traditional Catholic influenced version – substituted “forgive our trespasses as we forgive those who trespass against us.” The differences never much bothered me as I prayed less and sinned more into my teenage years, but later I got to thinking about it as I entered the bond market and began to contemplate the odds of paying and being paid, or trespassing and being trespassed against with other people’s money. Given a chance, I thought I would infinitely prefer forgiving a trespasser as opposed to a debtor.

>>> Clear Channel Outdoor reports Q2 revs -2.7% y/y to $722.8 mln vs $722.6 mln

Clear Channel Outdoor reports Q2 revs -2.7% y/y to $722.8 mln vs $722.6 mln Captial IQ Consensus Estimate

  • After adjusting for movements in foreign exchange rates, the Company's OIBDAN was up 2% in the second quarter 2015 compared to the same period of 2014.
  • International outdoor revenues increased $9 mln, or 2%, during the second quarter 2015 as compared to the second quarter 2014 after adjusting for a $64 mln unfavorable impact from movements in foreign exchange rates.

>>> Zimmer Biomet beats by $0.03, beats on revs; guides FY15 EPS in-line (107.0

Zimmer Biomet beats by $0.03, beats on revs; guides FY15 EPS in-line

Reports Q2 (Jun) earnings of $1.59 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $1.56; revenues fell 1.3% year/year to $1.17 bln vs the $1.15 bln consensus. Co issues in-line guidance for FY15, sees EPS of $6.65-6.80 (Prior $6.60-6.80) vs. $6.71 Capital IQ Consensus Estimate. Full-year 2015 constant currency revenue, compared to pro forma 2014 revenue, is still expected to increase between 1.5% and 2.0%. The pro forma adjustments to the prior year reflect the inclusion of Biomet revenue for the comparable post-merger closing period in the prior year and the impact of the previously announced divestiture remedies. The Company expects foreign currency translation to decrease revenues approximately 6.0% for the full year, resulting in reported revenue decreasing between 4.0% and 4.5% when compared to pro forma 2014 revenue.

>>> T-Mobile US beats by $0.20, beats on revs; raises customer additions guidanc

T-Mobile US beats by $0.20, beats on revs; raises customer additions guidance, reaffirms EBITDA guidance

Reports Q2 (Jun) earnings of $0.42 per share, $0.20 better than the Capital IQ Consensus Estimate of $0.22; revenues rose 14.0% year/year to $8.2 bln vs the $7.96 bln consensus. Co reported 2.1 million total net adds, 1.0 million branded postpaid net adds. Continued low branded postpaid phone churn of 1.3% -- down 16 bps YoY.
  • Outlook:
    • T-Mobile expects to drive further customer momentum while delivering strong growth in Adjusted EBITDA.
    • With the success of its Simple Choice plan and the continued evolution of the Un-carrier strategy, branded postpaid net customer additions for 2015 are now expected to be between 3.4 and 3.9 million, an increase from the previous guidance range of 3.0 to 3.5 million.
    • For the full-year of 2015, T-Mobile expects Adjusted EBITDA to be in the range of $6.8 to $7.2 billion, unchanged from previous guidance despite the increase in branded postpaid net customer additions guidance.

>>> Valero Energy beats by $0.25, beats on revs

Valero Energy beats by $0.25, beats on revs (66.04)
Reports Q2 (Jun) earnings of $2.66 per share, $0.25 better than the Capital IQ Consensus Estimate of $2.41; revenues fell 28.1% year/year to $25.12 bln vs the $20.69 bln consensus.
  • The refining segment reported second quarter 2015 operating income of $2.2 billion versus $1.1 billion in the second quarter of 2014. The $1.1 billion increase in operating income primarily resulted from a $3.87 increase in throughput margin per barrel from $9.84 in the second quarter of 2014 to $13.71 in the second quarter of 2015, driven mainly by stronger gasoline and other product margins per barrel relative to Brent crude oil and lower natural gas costs.

>>> Wynn Resorts on call +2% premarket

Wynn Resorts on call +2% premarket

  • Business in Vegas is 'comfortable'; non-casino rev is acceptable (best non-gaming quarter ever), baccarat is suffering in absence of Asian players
    • Many games in Vegas have become marginally profitable; Wynn has rearranged the location of games on the floor (bringing more profitable games to the front)
  • Junkets (VIP) remains challenged in Macau. Relaxation of visa and smoking regulation is a good sign.
  • Construction for Wynn Palace is on schedule (opening ~March 25 '16)
  • Wait and see mode for casino in Japan
  • Wynn has had no active M&A discussions (in response to question about M&A).
  • Hoping for friendly treatment in Massachusetts
  • WYNN +2% after initially falling ~4% on the miss

>>> Fortress Investment beats by $0.08, beats on revs

Fortress Investment beats by $0.08, beats on revs

Reports Q2 (Jun) earnings of $0.30 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.22; revenues rose 14.1% year/year to $308.48 mln vs the $284.34 mln consensus. Management Fee Paying Assets Under Management of $72.0 billion as of June 30, 2015, an increase of 3% from the previous quarter and an increase of 13% from June 30, 2014

>>> Starwood Hotels beats by $0.10, reports revs in-line; guides Q3 EPS below co

Starwood Hotels beats by $0.10, reports revs in-line; guides Q3 EPS below consensus; guides FY15 EPS in-line

Reports Q2 (Jun) earnings of $0.84 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of $0.74; revenues fell 3.8% year/year to $1.48 bln vs the $1.47 bln consensus.
  • Co issues downside guidance for Q3, sees EPS of ~$0.69-0.73, excluding non-recurring items, vs. $0.74 Capital IQ Consensus Estimate.
  • REVPAR increases at Same-Store Systemwide Hotels Worldwide of 4% to 6% in constant dollars
  • Co issues in-line guidance for FY15, sees EPS of $2.93-3.03, excluding non-recurring items, vs. $2.98 Capital IQ Consensus Estimate.
  • REVPAR increases at Same-Store Owned Hotels Worldwide of 5% to 7% in constant dollars

>>> US Early premarket gappers

Early premarket gappers
Gapping up: UNIS +28.9%, WSTL +15.8%, LPSN +13.5%, SKX +12.1%, FORM +10.9%, HOLX +9.1%, VNDA +8.7%, OTEX +8.5%, PEGA +7.3%, NTRI +7.2%, ANIK +6.7%, TER +6.7%, RKUS +6.6%, NOK +6.5%, EPE +5.6%, IMNP +5.5%, HDSN +5.5%, WDC +5.4%, CWST +4.9%, NE +4.7%, PPC +4.4%, POT +4.4%, BDBD +4.2%, RDS.A +4%, EROC +3.9%, SSNC+3.8%, KGC +3.4%, CI +3.2%, LDOS +3.1%, WYNN +3.1%, ATNI +3.1%, EXPR +3%, APD +2.9%, NXPI +2.9%, VRTX +2.3%, ARR +2.2%, DEPO +2%, PODD +1.9%, JBL +1.5%, GLPG +1.4%, ORLY +1.4%, INUV +1.3%, SU +1.2%, AEM +1.1%, SCTY +1%, WMGI +1%, NICE +1%

Gapping down: QRVO -14.9%, WFM -14.4%, FMI -13%, FOE -12.1%, GNCA -8.2%, THRM -6.8%, LOCK -6.7%, VAR -5.4%, PVA -5.4%, CAVM -5.3%, WLL -5.1%, PEIX -4.8%, ORC -4.4%, IXYS -4%, NVIV -3.7%, SPRT -3.6%, WPRT -3.5%, LQ -2.8%, FISV -2.2%, ARII -2%, FB -1.9%, HLS -1.9%, CMPR -1.9%, TTEK -1.9%, AAC -1.7%, AMAG -1.5%, CP -1.3%, NOW-1.3%, AMC -1.2%, MTGE -1.1%, CMO -1%, CLD -0.9%, MAR -0.8%, TWC -0.8%, NBIX -0.7%, THG -0.6%, CERN -0.5%, ABEV -0.5%, MEOH -0.5%