Stock Market
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- President Obama signs the payroll tax bill into law, which will extend payroll-tax cuts through the end of 2012, prolong extended unemployment benefits, and prevent a cut in pay for doctors who treat Medicare patients. The House and Senate passed the bill last week.
- With the market up over 8% for the year, and more than 20% from last October's lows, Doug Kass says the next big market move is lower. He's putting his money where his mouth is too, now holding his largest net short position of the year. “There are good advances and bad advances – this one is bad,” Kass says. If history is any indication, a sell-off is coming.
- Mazda Motor ([[MZDAY.PK]]) drops 8.2% as the car maker confirms plans to issue $2B in new shares.
- Japanese stocks trade lower, with banks retreating in line with their U.S. peers after a raft of weak euro-zone data. The Nikkei Average is currently down 0.2% to 9,535: Mitsubishi UFJ Financial Group ([[MTU]] -0.20%), Mizuho Financial ([[MFG]] -1.2%), and Shinsei Bank ([[SKLKY.PK]] -1%).
- Comcast (CMCSA) is suing Sprint (S) over the alleged infringement of patents covering wireless networking technologies. The suit comes comes 2 months after Sprint sued Comcast and other cable providers for allegedly infringing on its voice-over-IP patents. Meanwhile, Sprint, T-Mobile, and MetroPCS (PCS) are continuing their efforts to halt Verizon's (VZ) spectrum/reseller deals with cable providers.
- American Railcar Industries (ARII): Q4 EPS of $0.24 misses by $0.03. Revenue of $196.8M (+106% Y/Y) in-line. (PR)
- C. Howard Wietschner, the head of Goldman Sachs' (GS) hedge fund division, is retiring after 18 years with the company, the company has disclosed in a memo. Goldman's efforts to bolster sagging profits by reducing compensation expenses have led to growing defections.
- More on Analog Devices (ADI): Q4 misses across the board on lower sales, as customers pared back orders on fears about economy. The company also lowered FQ2 guidance to below Street estimates, noting on the conference call that some customers are still working through inventories. Shares -2% AH.
- Skullcandy (SKUL): Q4 EPS of $0.47 beats by $0.04. Revenue of $83.4M (+29% Y/Y) beats by $1M. Shares -2.2% AH.
- Helix Energy Solutions Group (HLX): Q4 EPS of -$0.16 may not be comparable to consensus of $0.32. Revenue of $396M (+29.4% Y/Y) beats by $66M. (PR)
- Tesla ([[TSLA]] -0.8%) shares were off sharply for a while today following a report noting the potential for Roadster batteries to die out (thereby requiring a replacement at a cost of $40K) should they not be charged for a few months, and thus discharge completely. However, shares rebounded after Tesla made an effort to address the issue (albeit without fully denying the problem exists).
- Helix Energy Solutions Group (HLX): Q4 EPS of -$0.16 may not be comparable to consensus of $0.32. Revenue of $396M (+29.4% Y/Y) beats by $66M. (PR)
- GulfMark Offshore (GLF): Q4 EPS of $0.90 beats by $0.09. Revenue of $99.9M (+13.7% Y/Y) misses by $4M. (PR)
- Equity One (EQY): Q4 EPS of $0.29 beats by $0.02. Revenue of $75.8M (+28% Y/Y) in-line. (PR)
- Volcano Corporation (VOLC): Q4 EPS of $0.14 beats by $0.09. Revenue of $92.7M (+14% Y/Y) in-line. (PR)
- United Online (UNTD): Q4 EPS of $0.25 beats by $0.05. Revenue of $217M (-6.3% Y/Y) in-line. Shares -3.1% AH. (PR)
- Tyler Technologies (TYL): Q4 EPS of $0.27 beats by $0.01. Revenue of $82.1M (+13% Y/Y) in-line. (PR)
- Boston Scientific (BSX) says its ION and TAXUS Liberte Paclitaxel-Eluting Coronary Stent Systems have received FDA approval for use in patients experiencing a heart attack. They are the only drug-eluting stent systems in the country with an approved indication to treat heart attack patients. Shares +1.4% AH.
- Titan International (TWI): Q4 EPS of $0.37 beats by $0.05. Revenue of $402M (+73% Y/Y) beats by $16M. Shares -3.7% AH. (PR)
- Sturm Ruger & Company (RGR): Q4 EPS of $0.54 beats by $0.07. Revenue of $93M (+45% Y/Y) beats by $12M. Shares +2.9% AH. (PR)
- Canoe, a $200M interactive TV advertising JV formed in 2008 by the 6 largest U.S cable companies, appears to be falling apart: the company, which sought to serve ads that would give users the option to request additional info, is laying off 120 employees and re-focusing its efforts on creating a video-on-demand advertising platform.
- Stone Energy (SGY): Q4 EPS of $0.93 beats by $0.16. Revenue of $222.7M (+29.9% Y/Y) beats by $24M. Shares +2.3% AH. (PR)
- Smith Micro Software (SMSI): Q4 EPS of -$0.12 beats by $0.08. Revenue of $11.2M (-68% Y/Y) misses by $2M. Shares -7.4% AH. (PR)
- Pro-Assurance (PRA): Q4 EPS of $4.27 beats by $2.69. (PR)
- The head of AerCap (AER), one of the world's largest aircraft leasing firms, warns that Airbus (EADSY.PK) and Boeing (BA) are building too many planes, with some recent big orders unlikely to be completed in full. "Is it realistic that a small airline in Indonesia is the largest customer of the world's largest exporter?" CEO Aengus Kelly says of Boeing's 230-plane order from Lion Air.
- Penn Virginia (PVA): Q4 EPS of -$0.14 beats by $0.19. Revenue of $80.5M (+25% Y/Y). (PR)
- PC-Tel (PCTI): Q4 EPS of $0.11 beats by $0.01. Revenue of $20M (+7.5% Y/Y) in-line. (PR)
- NuVasive (NUVA): Q4 EPS of $0.27 beats by $0.05. Revenue of $150M (+16% Y/Y) beats by $2M. (PR)
- [[AMD]], recently hit by executive defections (I, II), will provide the graphics processor ((GPU)) for Sony's next-gen console, according to former employees. AMD currently provides the provides the GPU for the Xbox 360, and will also reportedly do so for its successor, but an Nvidia (NVDA) processor handles the graphics for the PlayStation 3.
- Chatham Lodging Trust (CLDT): Q4 EPS of $0.19 misses by $0.01. Revenue of $22.1M (+78% Y/Y) in-line. (PR)
- President Obama signs the payroll tax bill into law, which will extend payroll-tax cuts through the end of 2012, prolong extended unemployment benefits, and prevent a cut in pay for doctors who treat Medicare patients. The House and Senate passed the bill last week.
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