Almost exactly a year ago, Micron’s (NASDAQ:MU) CFO, Ernie Maddock, stood up at a Citi investor conference and pre-released earnings. I was there, and the roomful was surprised – at the number and at the new found transparency. Now Micron has just completed what will be another excellent 4th quarter, and I believe Ernie will do another pre-announcement at this week’s Citi conference on September 6.
So why do companies pre-release?
Most companies do a pre-release where they hold an earnings call and days later file the official earnings on Form 10-Q or Form 10-K with the SEC. But what we’re interested in here is sort of a pre-pre-release where Ernie will be speaking at a widely followed forum and where an 8-K will almost certainly be filed to cover whatever Ernie says. Micron has announced the official earnings release date as September 26, 2017.
Here’s a little blurb on why companies pre-release:
At its simplest, then, a preannouncement is a way to ensure that no one acts on information the rest of the investor community doesnt have. As soon as a material fact is known, its made public – that way, if a company executive later lets slip that theres a root cause analysis being done on the sales forecasting methodology, its not considered insider information.
most promising stocks: Enphase Energy, Inc.(ENPH)
- [By Ben Levisohn]
UPDATE: I stand corrected. There does appear to be a reason for First Solar’s market-leading move today. Axiom Capital’s Gordon Johnson attributes the rise to the $10 million investment in Enphase Energy (ENPH), which makes “microinverter systems for the solar photovoltaic industry,” by investors T.J. Rodgers and John Doerr.
most promising stocks: AFC Enterprises Inc.(AFCE)
- [By AnnaLisa Kraft]
AFC Enterprises (NASDAQ: AFCE ) , which owns the Popeye’s Louisiana Kitchen quick- serve chain, once an undiscovered gem, has now soared 66% over the last year.
most promising stocks: QLT Inc.(QLTI)
- [By Lisa Levin]
Tuesday afternoon, healthcare shares gained by 0.61 percent. Meanwhile, top gainers in the sector included Kindred Healthcare, Inc. (NYSE: KND), and QLT Inc. (USA) (NASDAQ: QLTI).
most promising stocks: Halliburton Company(HAL)
- [By Matthew DiLallo]
Following a series of M&A announcements in the oilfield-services sector since the onset of the oil market downturn, French oil-field service company Technip and U.S. oilfield equipment company FMC Technologies (NYSE:FTI) hooked up in an all-stock deal valuing the combined company at $13 billion. Shareholders of each company will own 50% of the combined entity, to be named TechnipFMC, which implies a roughly $6.5 billion acquisition valuation for each entity. The transaction, which should close early next year, will “combine Technip’s innovative systems and solutions, state-of-the-art assets, engineering strengths, and project management capabilities with FMC Technologies’ leading technology, manufacturing, and service capabilities.” Further, it should save $400 million in annual costs by 2019. Moreover, it will enable the combined company to compete better against larger oil-field service rivals Baker Hughes (NYSE:BHI), Halliburton (NYSE:HAL), and Schlumberger (NYSE:SLB), which have all gained strength during the downturn either through M&A activities or cost savings initiatives.
- [By Lee Jackson]
These companies also reported insider buying last week: Apache Corp. (NYSE: APA), Halliburton Co. (NYSE: HAL), Revlon Inc. (NYSE: REV), Valeant Pharmaceuticals International Inc. (NYSE: VRX) and U.S. Steel Corp. (NYSE: X).
- [By Wayne Duggan]
Instead, Genargo prefers oil services stocks with the most exposure to the U.S market. Loop names Halliburton Company (NYSE: HAL) as its top large-cap stock pick and Oil States International, Inc. (NYSE: OIS), Newpark Resources Inc (NYSE: NR) and Superior Energy Services, Inc. (NYSE: SPN) as its top small- and mid-cap stocks.
- [By Lisa Levin]
Halliburton Company (NYSE: HAL) reported stronger-than-expected profit for its third quarter on Monday.
Halliburton posted quarterly adjusted earnings of $0.42 per share on revenue of $5.44 billion. However, analysts expected earnings of $0.37 per share on revenue of $5.35 billion.
most promising stocks: Jersey Elec.(a)
- [By Dave and Donald Moenning]
For those investors that like the comfort generally provided by a diversified portfolio, here’s an idea that will allow you to (a) maintain a diversified allocation in your portfolio and (b) stay out of trouble when the big, bad bears come to call on an asset class or two.
- [By Sujan Lahiri]
The first stage is the removal (harvesting) of a sliver of dermal tissue, called a micro-organ (2-3mm diameter x 30-40mm length), from beneath the patient’s skin. This procedure is performed under a local anesthetic, is intended to be performed in a physician’s office and is minimally invasive, so as to encourage rapid healing with little or no scarring. Generally, more than one micro-organ will be harvested from the patient (typically 4-5).
- [By Monica Gerson]
Agilent Technologies (NYSE: A) shares rose 5.45% to $52.01. The volume of Agilent Technologies shares traded was 736% higher than normal. Agilent announced its plans to separate into two public companies.
- [By Chris Lange]
Agilent Technologies Inc. (NYSE: A) is set to release its most recent quarterly results Monday as well. The consensus forecast calls for $0.62 in EPS on $1.17 billion in revenue. Shares ended the week at $68.79 apiece. The consensus price target is $72.15, and the 52-week range is $42.92 to $69.09.
most promising stocks: New Residential Investment Corp.(NRZ)
- [By ]
New Residential (NYSE: NRZ) is a U.S.-based REIT that specializes in managing investments in residential real estate. With a market cap of $5.5 billion, NRZ is one of the largest REITs in the United States, so this is no fly-by-night company. NRZ offers one of the best dividends in the industry. The trust made four dividend payments in 2017 totaling $1.94. That gives shares a current yield of 11.3%, more than a 400% premium to the S&P 500’s average 2.0% yield.
- [By Chris Dier-Scalise]
Thge Vetr crowd upgraded its rating for New Residential Investment Corp (NYSE: NRZ) on Friday from the company's previous standing at 3 stars (Hold), issued 10 days ago, to 4 stars (Buy). Crowd sentiment at the time of the upgrade was mostly positive, with 80 percent of Vetr user ratings bullish.
- [By Sean Williams]
Today’s lawsuit has spilled over to the company’s peers as well. New Residential Investment Corp. (NYSE:NRZ), which invests in excess mortgage servicing rights (MSRs), wound up falling as much as 13% during the day’s trading session. Ocwen is one of the three companies mentioned as being one of the primary servicers in New Residential Investment’s MSRs, according to its 10-K. If mortgage owners or bondholders terminate Ocwen as the servicer, the excess MSRs tied to Ocwen could lose some or all of their value.Altisource Portfolio Solutions S.A.(NASDAQ: ASPS)fell 42%.
- [By Lisa Levin]
Ocwen Financial Corp (NYSE: OCN) shares were also up, gaining 42 percent to $3.25. New Residential Investment Corp (NYSE: NRZ) revealed it owned some servicing rights to the troubled Ocwen Financial. During today's conference call, New Residential’s executive suggested the company will pay $425 million for Mortgage Servicing Rights to Ocwen.