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Zscaler on Wednesday reported a narrower-than-expected fiscal fourth-quarter loss as revenue topped expectations. Shares in the cloud cybersecurity firm fell in late trading.
The post Zscaler Reports Narrower-Than-Expected Loss, Revenue Tops Views appeared first on Investor's Business Daily.
Zscaler (ZS) on Wednesday reported a narrower-than-expected fiscal fourth-quarter loss as revenue topped expectations and it forecast full-year 2019 sales above analyst estimates. Shares in the cloud cybersecurity firm fell in late trading.
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Zscaler said it lost 1 cent a share with revenue rising 54% to $56.2 million, topping views. A year earlier as a private company, Zscaler said it had a 7-cent loss per share on sales of $36.5 million.
Analysts expected San Jose, Calif.-based Zscaler to report a loss of 5 cents a share on sales of $50.7 million for the period ended July 31.
Shares in the maker of computer security software slipped 2.5% to 42.98 in after-hours trading on the stock market today.
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For the current quarter, the computer security firm said it expects revenue of $58.5 million vs. analyst estimates of $53.5 million. For full-year 2019, Zscaler forecast revenue of $255 million. Analysts had projected $246 million.
The cybersecurity firm said it expects an October loss in a range of 5 cents to 6 cents, in line with estimates. It forecast a full-year loss of 12 cents to 13 cents, a penny below estimates.
The cybersecurity firm's IPO on March 16 raised $192 million. The initial public offering priced at $16 a share. As of Wednesday's market close, the computer security firm's stock had shot up 175% since the IPO.
With a cloud-based security platform, Zscaler aims to replace the hardware or software that companies buy for their own computer networks. The cybersecurity firm provides secure connections between a customers' internal business apps and authorized users that work remotely.
Zscaler houses its security infrastructure at over 100 data centers worldwide. Customers use private connections to route their internet traffic to the cybersecurity firm's cloud for inspection. Cloud security partners include Microsoft (MSFT).
Zscaler competes with Cisco Systems (CSCO), Symantec's (SYMC) Blue Coat unit, and Raytheon's (RTN) ForcePoint. Cisco was in talks to buy Zscaler prior to its IPO, Bloomberg reported. Symantec has filed two patent infringement lawsuits versus Zscaler.
The cybersecurity firm recently also partnered with Arista Networks (ANET), a maker of computer network gear. Arista packages Zscaler's security tools with its network switches.
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The best biotech companies to invest in tend to have a commonality: A strong streak of earnings growth.
The post Looking For Growth? Take A Look At These Biotechnology Stocks appeared first on Investor's Business Daily.
Finding the best biotech companies to invest in can be tricky as volatility often pockmarks the space. Clinical plans don't always come to fruition and sometimes biotech stocks can suffer at the hands of regulatory decisions from the Food and Drug Administration.
XBut the best biotech companies to invest in tend to have a commonality: A strong streak of earnings growth. As of September 2018, Investor's Business Daily's MarketSmith.com has two biotech stocks among a 150-strong list of the fastest growing stocks.
Near the top of the list of fastest growing stocks, Supernus Pharmaceuticals (SUPN) is ranked No. 13. Over the past five years, its earnings per share have grown a massive 138%, compared with 323% for Micro Focus International (MFGP), an enterprise software player.
Supernus has made a name for itself among biotech stocks. Though in terms of market cap it still trails bigger biotech companies like Amgen (AMGN), Gilead Sciences (GILD), Biogen (BIIB) and Celgene (CELG).
But Supernus lands itself on the list you might consider as the best biotech companies to invest in for strong metrics. As always, do your research before buying any stock, and be sure to check the company's stock chart to make sure it's the right time to buy.
It has several years of double-digit quarterly sales growth with drugs that help disorders of the central nervous system. Among those, Supernus counts epilepsy drugs Oxtellar XR (extended-release) and Trokendi XR.
Trokendi XR is also approved to prevent migraines. It rivals drugs like Botox from Allergan (AGN) and Amgen's Aimovig.
Ligand Pharmaceuticals (LGND) is unique among biotech stocks. Though IBD ranks it No. 139 out of 150 of the fastest growing stocks — which might put it on your research list for the possible best biotech companies to invest in — it doesn't market a single drug.
Instead, Ligand acquires early-stage technologies necessary for drug development. It then licenses these platforms out to pharmaceutical companies like Dow Jones stocks Merck (MRK) and Pfizer (PFE).
As of September 2018, Ligand had five quarters of at least double-digit sales and earnings growth under its belt. In the quarter ended in June, Ligand's sales and adjusted profit both grew by triple digits on a year-over-year basis.
Ligand has an IBD Composite Ratings of 99, meaning it performs in the top 1% of all stocks in terms of key growth metrics. It leads all other biotech stocks with Vertex Pharmaceuticals (VRTX) following with a CR of 97 out of a best-possible 99.
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DocuSign on Wednesday reported second-quarter earnings and revenue that topped consensus estimates but shares in the maker of software that digitizes contract paperwork fell in late trading.
The post DocuSign Swings To A Quarterly Profit, Revenue Beats But Shares Fall appeared first on Investor's Business Daily.
DocuSign (DOCU) on Wednesday reported second-quarter earnings and revenue that topped consensus estimates, but shares in the maker of software that digitizes contract paperwork fell in after-hours trading.
XThe company said that adjusted earnings were 3 cents a share, swinging to a profit from a year earlier, with revenue rising 33% to $167 million, topping analyst estimates.
A year earlier as a private company, DocuSign said it had a 5-cent loss on sales of $125.5 million. Analysts expected DocuSign to report earnings of 1 cent a share on sales of $159.6 million for the period ended July 31.
For the current quarter, DocuSign said it expects revenue in a range of $172 million to $175 million, including about $3 million in sales from a recent acquisition. Analysts had projected revenue of $165 million. DocuSign on Aug. 1 acquired SpringCM for $220 million.
DocuSign stock slipped 3.1% to 61.10 in after-hours trading in the stock market today.
The company's tools automate the electronic filing of contracts and digital certificates. Its software prepares agreements and certifies electronic signatures.
DocuSign said it added 25,000 customers in Q2, giving it 430,000 overall.
The software maker raised $629 million in its May initial public offering, with shares priced at $29. As of Wednesday's market close, DocuSign stock had shot up 119% since the IPO.
The company in July announced board changes, with chairman Keith Krach and founder Tom Gonser stepping down by Jan. 1, 2019. The company added to its board Steve Singh, chief executive of Docker, and Blake Irving, the former CEO of GoDaddy.
Rivals include Adobe Systems (ADBE) as well as startup HelloSign.
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Twitter CEO Jack Dorsey and Sheryl Sandberg, chief operating officer of Facebook, faced a barrage of questions during a Senate hearing on Capitol Hill about they'll prevent foreign interference on U.S. elections.
The post Twitter, Facebook Grilled At Senate Hearing On Election Interference appeared first on Investor's Business Daily.
Top executives at Twitter (TWTR) and Facebook (FB) went to Capitol Hill Wednesday to say they are working to prevent foreign interference in U.S. election, but whether they convinced lawmakers and the general public — and can prevent further intrusion — is up for debate.
XTwitter Chief Executive Jack Dorsey and Sheryl Sandberg, chief operating officer at Facebook, sought to persuade skeptical members of the Senate Intelligence Committee. They maintained that, since the 2016 presidential election, they are better prepared to combat foreign interference on their platforms. But they acknowledge more work needs to be done.
"We were too slow to spot this and too slow to act," Sandberg told the panel. "This interference was completely unacceptable and we will keep fighting."
Dorsey, who referred to Twitter as a public square, said his company also was unprepared for the problems initially faced.
"Abuse, harassment, troll armies, propaganda through bots and human coordination, disinformation campaigns and divisive filter bubbles, that's not a healthy public square," Dorsey said. "Required changes won't be fast or easy."
Dorsey said Twitter has removed millions of fake or suspicious accounts, including bots and trolls, using artificial intelligence and similar tools to achieve its goals.
Sandberg, meanwhile, said Facebook is continuously searching to identify false news and fake accounts. The company is building a force of 20,000 people devoted to the task. Facebook said it disabled 583 million accounts in the first quarter of this year. The company estimates that 3% to 4% of its 2.3 billion monthly active users are fake.
It was the fourth such hearing held by the Senate committee. The gathering again raised the likelihood that the social media giants could face regulations to curtail the abuses on their platforms.
Twitter, Facebook and Google-owner Alphabet (GOOGL) are under intense scrutiny by Congress after it was revealed that political consulting firm Cambridge Analytica accessed personal information from 87 million users of Facebook without permission. The Cambridge Analytica data-privacy scandal revolves around fake news and Russian meddling in the 2016 elections. Investigations revealed how intruders used the social media platforms for propaganda, misinformation and fake news.
Republicans and Democrats expressed a willingness to regulate the social media platforms during the Twitter and Facebook hearing.
"We've identified the problem and now it's time to identify the solution," said Sen. Richard Burr, R-N.C., the committee's chairman. "If the answer is regulation, let's have honest dialogue what that would look like."
With the 2018 midterms two months away, lawmakers remain concerned that hackers could still exploit Facebook, Alphabet and Twitter to spread disinformation to reach millions of unsuspecting Americans.
"The era of the Wild West in social media is coming to an end," said Sen. Mark Warner of Virginia, the top Democrat on the committee. "Where we go from here is an open question."
Senators invited Alphabet to the Senate hearing but rejected its choice for a spokesman. The committee decided Google Chief Legal Officer Kent Walker was not a high enough official to testify. On Tuesday, Walker published a blog post in which he outlined several measures Alphabet took to fix the problem.
"We have continued our efforts and work diligently to identify and remove actors from our products who mislead others regarding their identity," he wrote. "Google remains deeply concerned about attempts to undermine democratic elections."
Wednesday afternoon, Dorsey addressed allegations Twitter unfairly targets conservative-leaning posts and accounts during an afternoon hearing on the House Energy and Commerce Committee. President Trump made those same charges last week and threatened Google with regulation. Tech giants deny the accusations.
Before the House panel, Dorsey again defended how Twitter protects openness and civility of public conversation on its platform.
"Let me be clear about one important and foundational fact," Dorsey said in his opening remarks. "Twitter does not use political ideology to make any decisions, whether related to ranking content on our service or how we enforce our rules."
He added, "From a simple business perspective and to serve the public conversation, Twitter (wants) to keep all voices on the platform."
Shares of Twitter closed at 32.72, down 6% on the stock market today. Facebook dropped 2.3% to 167.18. Alphabet fell 1% to 1,199.10.
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Rubius Therapeutics could rival BioMarin Pharmaceutical in treating a metabolic disorder but, first, the duo will face a dark horse candidate in the form of Synlogic.
The post How This Biotech IPO Is Facing Off Vs. BioMarin In Metabolic Disease appeared first on Investor's Business Daily.
Rubius Therapeutics (RUBY) could rival BioMarin Pharmaceutical (BMRN) in treating a metabolic disorder, but first the duo will face a dark horse candidate in the form of Synlogic (SYBX).
XLeerink analyst Jonathan Chang recently initiated coverage of Rubius stock with an outperform rating and a 30 price target. On Wednesday, he imagined Rubius could carve itself a chunk of the market in treating phenylketonuria, rivaling two approved drugs from BioMarin.
It's possible Rubius' treatment — derived from red blood cells — could have fewer side effects than BioMarin's recently approved drug called Palynziq, Chang said in a note to clients. It could also be stronger than Kuvan, a drug from BioMarin that U.S. officials approved in 2007.
Chang said one noted physician believes that "Rubius' red cell approach is 'intriguing' for phenylketonuria and that there could be a place for Rubius' treatment if it is (effective)."
But Rubius stock plunged 6.3%, to 23.10, on the stock market today. Investors weighed the results of a study from Synlogic for a phenylketonuria drug. Synlogic stock, on the other hand, popped 18.9%, to 12.76. BioMarin stock lifted 0.9%, to 96.60.
Phenylketonuria is a rare genetic disorder in which an amino acid called phenylalanine builds up in the body. In healthy people, an enzyme breaks down phenylalanine. But in phenylketonuria patients, there's a defect in the gene responsible for creating that enzyme.
Physicians have identified patients via newborn screening since the 1960s. Patients often have a protein-restrictive diet to help control the cognitive side effects of the disease. Older patients, who didn't begin dietary restrictions early enough, often have psychiatric symptoms.
BioMarin's Kuvan works with varying degrees in milder patients, a physician told Chang. The drug has an "outstanding safety profile with virtually no significant side effects."
Palynziq works in more severe patients. Specifically, Palynziq injects a substance that exists in bacteria, but isn't common in mammals. That substance breaks down dangerous phenylalanine in a unique way. But because it's a foreign material, the immune system can react to it.
Some patients may need to carry an EpiPen to combat related side effects, Chang said.
"Overall, it's a very complicated protein and early trials took time to figure out the appropriate dosing schedule," Chang said.
Here's where Rubius' therapy is interesting. It uses the same substance delivered via a red blood cell product. This could help to protect patients from an immune system attack, Chang said.
"Presumably, the patients wouldn't have to do frequent dosing if the red (blood) cells have good staying power in circulation," he said.
So far, testing in mice has had good results. Although the physician noted it's easy to prompt enzyme breakdown in mice. It's much more difficult in larger humans.
"But if comparable data are seen in humans that would be great with the data showing nice lowering of phenylalanine levels," he said.
Synlogic, on the other hand, said Tuesday it tested its treatment in healthy volunteers. The drug had no severe side effects. Moderately severe side effects included nausea and vomiting. Next, Synlogic plans to test its drug in patients with phenylketonuria.
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Highly rated discount retailer Ollie's Bargain Outlet reports second-quarter earnings after the close today, as partial rival Toys 'R' Us closes shop.
The post Ollie's Bargain Outlet Second-Quarter Earnings Beat Estimates appeared first on Investor's Business Daily.
Highly rated discount retailer Ollie's Bargain Outlet (OLLI) reported second-quarter earnings after the close Wednesday that topped expectations, and the company elevated its full-year earnings and sales outlook. But shares slid after hours.
Estimates: A 37% jump in earnings per share to 37 cents. Wall Street expected revenue to climb 12% to $285 million. Consensus Metrix forecast a 1.2% same-store sales gain.
Results: Net sales rose 13.1% to $288.1 million, driven by a higher store count and a 4.4% same-store sales gain. EPS jumped 48% to 40 cents.
Outlook: Ollie's boosted its sales and earnings forecast for the full year.
The company said it expects full-year net sales of between $1.222 billion and $1.227 billion, above Wall Street expectations for $1.221 billion. That compares to the $1.207 billion to $1.215 billion Ollie's said it expected in June.
Ollie's was targeting full-year EPS of $1.73-$1.76, better than consensus for $1.73. In June, the company said it expected $1.69-$1.72.
The company also forecast same-store sales growth of 2.5%-3.0%, up from a prior forecast for a 1%-2% gain.
"Our philosophy of buying cheap and selling cheap, coupled with tight expense control and successful new store growth, has driven our business for 36 years and we feel very good about our ability to continue executing against our strategic growth initiatives this year and beyond," Mark Butler, Ollie's CEO, said in a statement.
Shares fell 1.7% to to 97 in the stock market today. Ollie's stock is extended from a flat base with a 77.60 buy point. Shares have risen for 12 straight sessions coming into Wednesday.
Ollie's stock has a best-possible Composite Rating of 99. Other retail stocks have staged similar rebounds from a rough 2017, as tax cuts help lift their fortunes. Discounters in general have also cut into department stores' sales but are seen as more-insulated from Amazon.com (AMZN) and other online retailers.
Closeout retailer Big Lots (BIG) rose 0.8%, but after crashing 14% last week. Five Below (FIVE), which reports second-quarter earnings after the close on Thursday, skidded 4.1% after Wednesday's record high.
Ollie's Bargain Outlet sells a wide range of products in its warehouselike stores — including food, beauty and health care products, along with toys and electronics.
As Wells Fargo analyst Edward Kelly notes, Ollie's, since its 2015 IPO, has gained on its efforts to "drive more customer frequency with core household essentials," such as coffee, along with health and beauty products. But he says the market has "more than rewarded the company for its performance," sending its stock to increasingly delicate heights.
Ollie's earnings report follows toy-store chain Toys 'R' Us' plans to liquidate U.S. stores. Management for Ollie's, which also sells toys, said in June that it was "excited about the Toys 'R' Us opportunity."
Management said then that it was looking at "a handful" of former Toys 'R' Us locations that were up for auction, adding that it wasn't interested in property whose sizes or locations didn't work.
Credit Suisse said in a July research note that Toys 'R' Us' demise could shift market share over to Ollie's as well as teen- and tween-focused discount retailer Five Below (FIVE). A Credit Suisse analysis said that 47% of Five Below stores and 17% of Ollie's locations had "some overlap" with Toys 'R' Us stores within a five-mile radius.
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The SEC on Wednesday warned people looking to invest in the cannabis industry to be on the lookout for unlicensed sellers, guaranteed returns and signs of excess hype.
The post Before You Invest In Marijuana, The SEC Says Do This First appeared first on Investor's Business Daily.
The Securities and Exchange Commission on Wednesday warned people looking to invest in the cannabis industry to be on the lookout for unlicensed sellers, guaranteed returns and signs of excessive hype — advice that comes as marijuana stocks surge amid growing mainstream acceptance of the plant.
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The agency's alert arrived in tandem with an announcement that it had charged a Texas investment fund and its founder with "defrauding investors with false promises of massive returns in cannabis-related businesses." The founder, the SEC alleged, used the money to buy designer clothes and luxury cars, and to pay early investors to prop up the scheme.
Meanwhile, marijuana stocks like Tilray (TLRY) and Cronos Group (CRON) skyrocketed on Wednesday. A concoction of upbeat analyst sentiment, a big endorsement from Corona parent Constellation Brands (STZ) and signs of eased regulations on industrial hemp appeared to help investors shake off recent complaints of overvaluation from short-seller Citron Research.
Tilray catapulted 16.7% higher to close at 89.86 on the stock market today, but finished below intraday highs. Cronos jumped 11.7%, Canopy Growth (CGC) dipped 0.8%, and Constellation eased 0.6%.
Even as the industry gains more analyst coverage and attention to financials, marijuana stocks themselves still fluctuate according to headlines and more easily enthused — and easily panicked — individual investors.
The SEC on Wednesday said that its Office of Investor Education and Advocacy "regularly" receives complaints about pot-related investments.
As media coverage of cannabis increases, the SEC urged investors to check the background, registration and license status of anyone recommending marijuana-related investments.
"Unlicensed, unregistered persons commit many of the securities frauds that target individual, Main Street investors," the agency's alert said.
It added that anyone offering a guaranteed high rate of return with no risk is likely suspect. Unsolicited offers — through email, social media of via phone — are also red flags, the agency said.
The SEC also advised investors to check whether the agency had suspended trading of a company's stock, and to be wary if the company has "abruptly changed its name, industry, or business plan multiple times." Press releases that "seem implausible" might actually be an attempt to pump a company's stock.
What's more, the agency pointed out, marijuana is still technically illegal in the U.S. under federal law.
"If you are considering investing in a company with operations relating to the marijuana business industry," the SEC said, "understand that the company may be criminally prosecuted and this may impact the value of your investment."
The alert linked to a similar warning from the SEC in 2014. In that announcement, the SEC said it had suspended trading in five companies claiming to be in the marijuana business.
The SEC alleged that the Texas investment fund, Greenview Investment Partners, and its founder, Michael E. Cone, used "misleading" marketing materials in the process of raising more than $3.3 million from investors. Armed with "boiler room sales staff" and cold-calling, the agency said, Cone promised investors up to 24% annual returns if they invested in Greenview.
Further, the agency said, "Cone used an alias to conceal his prior criminal convictions, lied about having a former agent from the U.S. Drug Enforcement Administration on staff, and falsely claimed to have a long record of profitably investing millions in cannabis-related businesses."
Instead, the agency alleged, Greenview's lone $400,000 investment was in a marijuana company that hadn't harvested a single crop.
Cronos Group continued its climb from Tuesday, when it announced a partnership with biotech company Ginkgo Bioworks that could give Cronos access to "potentially medically-important and valuable cannabinoids that are present only in low quantities in the plant."
The partnership, GMP analysts said, marked Cronos' entry into the "major leagues in cannabinoid research," MarketWatch reported Wednesday.
Constellation COO Bill Newlands, speaking at the Barclays Global Consumer Staples Conference on Wednesday, said he believed the cannabis market could be a $200 billion business worldwide "in fairly short order."
Meanwhile, Constellation Brands, which said last month it would invest nearly $4 billion in Canopy Growth, on Wednesday said it expected cannabis to become a "big business worldwide."
Newlands said Constellation invested in Canopy Growth because of its experience and the amount of research and development it had done on cannabis.
And as Canada prepares for recreational legalization in October, he said, "this is not going to be limited to Canada. This will be undoubtedly a market that develops in the United States; it's already done so on a state-by-state basis. It's developing around the world in places like Germany and Australia and other markets."
Another endorsement on Wednesday may have come out of a U.S. lawmakers conference committee on a new agriculture bill, already cleared by the Senate, that would allow more hemp cultivation. The government has until the end of the month to finalize the legislation.
Sen. Mitch McConnell, R-Ky., who has expressed support for loosening restrictions on industrial hemp, said Wednesday that "industrial hemp deserves a comeback."
"Reconciling federal regulations on hemp, and hopefully removing it from the Controlled Substances Act, would help fuel the fast-growing CBD industry and open the market even further to customers who need it," Joe Lusardi, CEO of the cannabis company Curaleaf, said in an email.
Further indications of marijuana's of mainstream acceptance could also be found in Newlands' shout-out to Canopy Growth's CEO, Bruce Linton.
"It's always nice to travel with a rock-star CEO," Newlands said during the conference. "Bruce is out in the audience. So, Bruce, don't stand up yet or we'll get nothing done up here."
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