So near but so far: SSAs crawl towards Panda debutEnticed by falling funding costs in China's bond market, Sri Lanka and Turkey are preparing to sell their first Panda bonds. But given \the pair hold lower credit ratings than previous sovereign Panda issuers, they may face an uphill battle as regulators scrutinise their finances.
California rebuts Trump ‘lunacy’ with green bond pledgeThe treasurer of California, John Chiang, rebuked President Trump for climate change denial on Tuesday as he committed the state to developing a ‘green bonds strategy’ to develop the market and accelerate its growth.
Disney Earnings: A New Netflix Rival Emerges, But Q3 DisappointsThe call largely focused on the yet-to-be-launched streaming service, with Iger offering up some much-desired color on the yet-unnamed platform that will serve as a competitor for direct-to-consumer entertainment heavyweights Netflix, Amazon Prime Video and Hulu.
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Walt Disney (DIS) earnings and sales disappointed investors after the close Tuesday, initially sending shares of the media titan downward. But Disney stock pared after-hours losses as CEO Bob Iger talked up the upcoming Disney-centric streaming platform (and Netflix (NFLX) rival), and touted his enthusiasm for the opening-quarter performance of direct-to-consumer streaming sports service ESPN+.
XDisney Earnings, Sales Fall Short
Estimates: Per-share earnings for fiscal Q3 to grow 25% to $1.97 as revenue rises 9% to $15.49 billion, according to Zacks Investment Research.
Results: Disney earnings of $1.87 a shares and revenue of $15.228 billion both missed views.
Disney's media networks segment, which includes ESPN, grew revenue by 5% to $6.16 billion. Losses at streaming technology provider BAMTech weighed on the unit's operating income amid the April launch of ESPN+.
Parks and resorts revenue rose 6% to $5.19 billion. Higher spending by U.S. park visitors — driven by increases in ticket prices and daily hotel room rates, as well as increased food, drink and merchandise spending lifted operating income.
Studio entertainment revenue saw a 20% pop to $2.88 billion, as Marvel's "Avengers: Infinity War" and Pixar's "The Incredibles 2" buoyed the division.
Meanwhile, sales in the consumer products and interactive media unit declined 8% to $1 billion.
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Stock: Shares dipped 1% late Tuesday after rising 0.5% to 116.56 in the stock market today, hitting the highest level since November 2015. Recall that the summer of 2015 saw a sector-wide media meltdown after Disney chief Bob Iger disclosed modest subscriber losses at ESPN, prompting concerns about the state of the pay-TV subscriber.
After initially struggling to stay above a 113.29 entry point, Disney stock ultimately broke out in late July and is now trading in buy territory, climbing higher over the last three sessions.
Disney Streaming Service Set To Launch In Late 2019
The call largely focused on the yet-to-be-launched streaming service, with Iger offering up some much-desired color on the yet-unnamed platform that will serve as a competitor for direct-to-consumer entertainment heavyweights Netflix, Amazon (AMZN) Prime Video and Hulu. (With the $71.3 billion acquisition of 21st Century Fox's (FOXA) entertainment assets, Disney is now a majority stakeholder in Hulu, with a 60% share.)
Giving the fans what they want is a priority for the platform.
"We don't want to go to market with an aggregation play" that replicates a cable bundle, said Iger.
Emphasizing quality over quantity, he said Disney was not in the "volume game" when it comes to streaming, unlike Netflix. (Though he was quick to add that that was not a knock on Netflix.)
"It takes time to build the kind of content library that we intend to build," he told analysts on the call.
Disney is reportedly spending tens of millions of dollars on original content for its new streaming platform, which will feature family-friendly content from Disney, Marvel, Pixar and Lucasfilm.
Iger said that the app will be the only place for viewers to access certain Disney, "Star Wars" and Marvel content. When an analyst prodded the chief executive about older Disney content — Turner holds the rights to the original "Star Wars" trilogy and the prequels until 2024, noted Bloomberg recently — Iger responded that "as rights become available... you'll see them on the service."
He also made clear that the upcoming studio slate is not tethered to licensing deals, and all of those movies will ultimately join the streaming app. The coming year promises the theatrical release of "Captain Marvel," "Dumbo," and more sequels from "Star Wars," "Avengers, "Toy Story" and "Frozen," among other films.
There will be plenty of original content as well, including two new "Star Wars" TV series. Iger has previously promised four to five exclusive feature films a year for the streaming service, and the New York Times recently reported that nine films are currently in development or production.
ESPN+ Performing Above Expectations: Iger
Iger pointed to potential for the family-friendly Disney service to be bundled with Hulu and ESPN+ in the future.
The company had "relatively modest expectations" for the sports streamer, he said, but so far "we feel really good about how we're positioned and we'll continue to look opportunistically in terms of what rights are available."
While it's still early days, said Iger, conversions to paid subscriptions have so far been "strong," and subscriber growth is exceeding expectations. He would not disclose specific user numbers, however.
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Match Group Stock Soars As Profit, Revenue Beat On Tinder App GrowthMatch stock jumped in late trading after the Tinder-app owner reported second-quarter profit and earnings that topped expectations.
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Match Group (MTCH) stock jumped in late trading after the Tinder-app owner reported second-quarter profit and earnings that topped expectations.
XThe company also reported earnings before interest, taxes, depreciation and amortization, or EBITDA, that topped views.
Match Group stock jumped 13.2% to 44.01 in after-hours trading on the stock market today.
Match Group said adjusted earnings were 41 cents a share, up 156% from a year ago, with revenue rising 36% to $421.2 million, topping analyst estimates. A year earlier, Match earned 16 cents a share on sales of $309.5 million.
Match Group Growth Beats
Analysts expected the online dating firm to report earnings of 35 cents on sales of $413 million for the period ended June 30.
The company reported EBITDA of $175.5 million, up 60%, topping estimates of $163 million.
The provider of online dating services said it added 299,000 paid Tinder subscribers in the June quarter vs. 224,000 in the year-earlier period.
For the September quarter, Match Group forecast revenue of $435 million at its midpoint of guidance. Analysts had modeled $425 million.
Facebook Entry Into Dating Space
Tinder had 3.8 million subscribers as of June 30, up 81% year over year.
The company holds its earnings call early Wednesday.
The Tinder owner's stock dived in May when Facebook (FB) said it would leverage its social media platform for online dating services. Facebook is still testing its online dating service.
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Etsy Breaks Out In Strong Volume As Outlook Upped, But Shares FalterEtsy[ticker symb=ETSY] broke out to a new high on accelerating revenue growth and a raised outlook for the rest of 2018, though shares gave up much of their gains in fluctuating trades on Tuesday.
The post Etsy Breaks Out In Strong Volume As Outlook Upped, But Shares Falter appeared first on Investor's Business Daily.
Etsy (ETSY) broke out to a new high on accelerating revenue growth and a raised outlook for the rest of 2018, though shares gave up much of their gains Tuesday.
X
After Monday's close, the company filed second-quarter earnings that helped the IBD Leaderboard stock blow past a flat-base buy point of 45.98. Etsy stock catapulted by more than 19% in morning trading, hitting an intraday high of 50.60.
But Etsy stock retreated sharply as the session wore on and closed at 43.84, up 3.3% on the stock market today.
Etsy is in a third-stage base, so a new breakout normally would have a smaller chance of making a big run. Yet, analysts were bullish on the latest results. Etsy received several stock-price increases from analysts Tuesday morning.
Etsy stock has more than doubled in price this year. The company held its initial public offering in April 2015, pricing Etsy stock at 16.
Online retailer Etsy provides a platform used by creators of arts and crafts and handmade goods to sell their products.
Etsy Stock And Sales
Late Monday, Etsy reported second-quarter revenue of $132.4 million, up 30% from the year-ago quarter and beating the consensus estimate of $127.1 million. It was the fifth straight quarter of accelerating sales growth, from the year-ago period.
It missed estimates on adjusted earnings, reporting 3 cents vs. views of 4 cents. But that did not seem to deter enthusiasm.
Etsy reported gross merchandise sales on its platform of $901.7 million. That's up 20.4% from the year-ago quarter and beats views of $886 million. It also raised revenue guidance for 2018 by about $5 million.
KeyBanc Capital Markets analyst Edward Yruma raised his price target on Etsy to 51 from 48.
"While management has made significant changes in a short period of time, we think the Etsy turnaround remains in the early innings," Yruma wrote in a note to clients.
In June, Etsy raised the transaction fees it collects from sellers to 5% from 3.5%, which is expected to support additional investments in the growth and health of the marketplace.
Progress On Initiatives
"We made progress executing against each of our four key initiatives, including launching several product enhancements aimed at bolstering trust and improving conversion rates, utilizing location as an attribute in search ranking, structural improvements to SEO, and announcing monthly subscription packages," the company said in its quarterly earnings report.
RBC Capital Markets analyst Mark Mahaney raised his price target on Etsy to 45 from 42. He maintained a rating of sector perform.
"The second quarter was another strong and improving fundamentals quarter for Etsy, with growth acceleration and margin expansion," Mahaney wrote in a note to clients.
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Snap Stock Slumps As Quarterly Earnings Reports Shows User DeclineSnap stock rose then fell in after-hours trading Tuesday as the company reported second-quarter earnings that beat estimates but posted its first-ever quarterly drop in users.
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Snap stock rose then fell in after-hours trading Tuesday as the company reported second-quarter earnings that beat on both the top and bottom lines but it posted its first-ever quarterly drop in users.
X
Snap (SNAP) reported revenue of $262 million. That beat analyst estimates for $251 million and up 44% from the year-ago quarter. The operator of Snapchat, Snap reported an adjusted loss of 14 cents per share, better than the 17-cent loss that analysts expected.
Snap shares initially jumped 11%, near 14.60, in post-bell trades on the stock market today, then fell back to 14.40, down 2.8%.
Daily active users rose 8% from the year-ago period to 188 million. But it was down 2% sequentially, from the 191 million users it had at the end of the second quarter. Wall Street analysts had low expectations on user growth. The average forecast was for no growth.
Snapchat reported average revenue per user of $1.40, up 34% and above analyst estimates of about $1.29.
Facebook Assault
The company has been under constant assault from Facebook (FB), which has copied most of Snapchat's best features. Facebook has applied them in its Instagram photo- and video-sharing platform. Snap has also struggled with the impact of a product redesign in February that was widely criticized.
"We are excited by the progress we have been making and are optimistic about the opportunities ahead as we continue to invest in innovation," Evan Spiegel, Snap chief executive, said in prepared remarks.
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Highflying Internet Bank Goes Low On Earnings, RevenueBofI Holding reported weaker-than-expected earnings and revenue late Tuesday. But conference call focus may be on the online banking pioneer's recent "material acquisition."
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BofI Holding (BOFI) reported weaker-than-expected earnings and revenue late Tuesday, though investors may be more focused on the online banking pioneer's recent "material acquisition."
XEstimates: Analysts expected BofI Holding earnings per share to jump 24.5% to 61 cents on a 17% revenue gain to $108 million, according to Zacks Investment Research.
Results: BofI earnings rose to 58 cents on revenue, or net interest income plus non-interest income, of $104 million. The loan and lease portfolio grew 14.3%, while deposits increased 15.7%. Total assets reached $9.54 billion, up 12.2%. For the full fiscal year, net interest margin expanded to 4.11% from 3.95% a year ago.
BofI Holding's earnings results were originally due after the July 26 market close. But the company pushed back the release at the last minute, citing a possible big deal. That turned out to be BofI's acquisition, announced days ago, of $3 billion in Nationwide Bank deposits.
Stock: BofI stock dipped 0.2% late. Shares closed up 1.3% to 40.63 on the stock market today. They have consolidated in a base with a potential 45.28 buy point. But BofI stock continues to test its 50-day line, currently trading below it. The relative strength line, which tracks a stock's performance vs. the S&P 500 index, has drifted lower since late May but isn't that far off record highs.
BofI stock has a solid IBD Composite Rating of 90, surging in the past year on the back of strong earnings and an expanding loan portfolio.
BofI Holding's earnings come after "bank to the tech stars" SVB Financial (SIVB) crushed estimates on July 26 and the nation's biggest banks overcome a slump.
BofI Holding is the holding company for BofI Federal Bank, which is the parent of Bank of Internet USA.
The Nationwide Bank deal follows similar deals with Principal Bank and H&R Block (HRB), as the highflying financial looks to grow and diversify its asset base.
Like BofI's Bank of Internet, Nationwide is a direct, digital bank.
Some analysts commend BofI's asset growth story but are monitoring its margins.
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This Top-Rated Medtech Just Crushed Second-Quarter ViewsMedtech player Inogen on Tuesday reported adjusted income of 65 cents per share on sales of $97.2 million for its second quarter.
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Inogen (INGN) stock popped late Tuesday after the medical technology player beat quarterly expectations and issued an estimate-topping 2018 sales outlook.
XLate on the stock market today, Inogen stock jumped 5.5% after ending the regular trading session down 0.2% to 213.26. Inogen has a best-possible Composite Rating of 99. Six of 118 stocks in Investor's Business Daily's Medical-Products industry group have ratings of 99. The group itself is ranked third out of 197 industry groups tracked.
For the second quarter, Inogen's sales advanced 51.6% to $97.2 million, topping the average of analysts polled by Zacks Investment Research for $82 million. Net income of 65 cents a share grew 71.1% to beat views for 44 cents.
Growth In U.S.
The company makes oxygen-delivering equipment. The best growth in the period came from direct-to-consumer sales in the U.S., which increased 74.3% to $38.3 million. Direct-to-consumer rentals, on the other hand, declined 13.7% to about $5.3 million.
Business-to-business sales in the U.S. grew 55.7% to $32.9 million. Internationally, business-to-business sales increased 39.1% to about $20.8 million.
For the year, Inogen predicts sales of $340 million to $350 million. The low end of the outlook easily beats analyst estimates for $322 million. The medtech firm expects sales directly to consumers to be its fastest growing channel with rental revenue likely to decline 10%.
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Smartwatches Power FossilConnected watch sales grew 91 percent in the second quarter, helping offset weakness in the company’s traditional offering.
Follow WWD on Twitter or become a fan on Facebook.
CyberArk Stock Rises As Earnings Blow Past Estimates, Revenue BeatsCyberArk Software stock rose in late trading after the cybersecurity firm reported second quarter profit that blew past estimates while revenue topped views.
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CyberArk Software (CYBR) stock rose in after-hours trading Tuesday after the cybersecurity firm reported second-quarter profit that blew past estimates while revenue topped views.
XCyberArk said earnings were 36 cents a share, up 71% from a year ago, with revenue rising 35% to $77.7 million, topping views.
A year earlier, CyberArk earned 21 cents a share on sales of $57.4 million. Analysts expected CyberArk to report earnings of 24 cents on sales of $73 million for the period ended June 30.
CyberArk forecast September quarter profit below analyst estimates, with revenue in line.
In the September quarter, CyberArk said it expects profit in a range of 25 cents to 28 cents. Analysts had projected 30 cents. The company forecast revenue of $78.5 million at the midpoint of its forecast. Analysts had estimated $78.3 million.
Shares in the maker of computer security software climbed 1.2% to 62.50 in after-hours trading on the stock market today. Shares had popped 4.8% after the company released earnings.
Carbon Black (CBLK) stock, meanwhile, fell a fraction to 25.40 in late action.
Carbon Black reported a narrower-than-expected loss of 35 cents a share, with revenue rising 32% to $51 million. Analysts had projected a loss of 41 cents a share and revenue of $49 million.
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