News on Stocks in Our Portfolios
·
Revenue of $597M (-0.3%
Y/Y) misses by $25.6M.
·
Qualcomm (QCOM -1.2%) guides at its 2014 analyst day for an 8%-10% revenue CAGR
from FY14 (ended in September) to FY19. The company adds it aims to grow EPS
faster than revenue, and to return 75% of its free cash flow to shareholders.
·
Qualcomm has set an 85%-86%
near-term op. margin target for its licensing unit (QTL), and an 86%-88%
long-term target. The chip division (QCT) has been given an 18%-20% near-term
op. margin target, and a 20%-22% long-term target. QTL and QCT respectively had
87% and 20% op. margins in FY14.
·
With Chinese payments remaining
an issue, QTL is expected to have FY15 revenue of $7.3B-$8.3B vs. $7.6B in
FY14. 3G/4G devices sales are expected to rise 7%-8%, and ASPs to fall 9%-10%.
·
QCT's revenue is expected
to rise to $19.3B-$20.3B from FY14's $18.7B. MSM chip ASP is expected to fall
3%-5% due to a mix shift towards emerging markets and "premium tier mix
challenges" - the latter could be a reference to the fact Apple (unlike
Samsung) exclusively relies on its own app processors, albeit while relying on
Qualcomm for baseband modems and other ICs.
·
Qualcomm sold off two weeks
ago after missing FQ4
estimates and providing light FQ1/FY15 guidance.
Economics
This Week’s Data
Weekly
jobless claims fell 2,000 versus expectations of down 6,000.
October
CPI came in flat versus estimates of -0.1%; ex food and energy, it was +0.2%
versus forecasts of +0.1%.
Other
Why
is anyone surprised that Abenomics failed (medium)?
Wage
inflation remains low (short):
Politics
Domestic
International
Update
on US/Russian relations (short):
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