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Friday Nov 20, 2009

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Power3 Medical Products, Inc. (OTCBB: PWRM), a leader in neurodegenerative disease and cancer biomarkers and diagnostic tests, announced further international recognition of validity as the company’s President and CSO, Dr. Ira Goldknopf, will deliver an invited Keynote address and chair a session on “Biomarkers and Diagnostics in Personalized Medicine (Track 6-4),” at the BIT Life Sciences 2nd International Congress and Expo of Molecular Diagnostics in Beijing, China, November 19-21, 2009. The Theme of the meeting is “New Leadership of

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MarkWest Energy Partners L.P. (MWE), a master limited partnership (MLP), reported weaker-than-expected third quarter results. Earnings per unit came in at 13 cents, which fell way short of the year-ago result at $3.24 and also missed the Zacks Consensus Estimate of 15 cents. The year-over-year negative comparisons were due to sharply lower commodity prices. Revenue declined approximately 31.5% to $207.9 billion. Distribution Maintained MarkWest’s quarterly distribution of 64 cents per unit ($2.56 per unit annualized), remains unchanged from the year-earlier quarter and the previous quarter distribution. The distribution was paid on November 13 to unit-holders of record on November 2, 2009. Distributable Cash Flow During the quarter, the partnership generated distributable cash flow (DCF) of $40.3 million, down from $45.4 million in the prior-year quarter, providing 0.95x distribution coverage. The negative comparison reflects the significant decrease in ...

After market closed, SINA Corp. (SINA) reported revenues of $96.4 million in the third quarter of 2009. Revenues was down 8.6% year over year but was up 6.8% sequentially. Revenues exceeded the company's guidance of $91.0 – $94.0 million and easily beat the Zacks Consensus estimate of $94.0 million. This reflects strong execution of the company’s online advertising business in China , which grew double-digits sequentially. We expect a huge improvement in SINA’s advertising business, as advertising spending recovers. SINA expects to benefit from government stimulus packages. Moreover, management is witnessing signs of a strong recovery in the advertising market in China in the second half of this year, which is reflected in the company’s higher-than-expected guidance. Advertising revenues decreased 16.3% year over year but was up 10% quarter over quarter, exceeding the company’s guidance of $60.0 – $62.0 million. Non-advertising ...

Last night, VeriSign, Inc. (VRSN) reported revenues of $258 million from continuing operations in the third quarter of 2009.

Core businesses (Internet Infrastructure and Identity Services) generated revenues of $257 million, up 1% sequentially and up 6% year-over-year. Revenues from discontinued operations came in at $41 million.

Operating margin came in at 38.6%, marginally up from the previous quarter. Net income was $64 million. Earnings per share (EPS) of 33 cents easily beat the Zacks Consensus Estimate of 28 cents.

During the quarter, the company generated $105 million of cash from operations and used $25 million in capital expenditures. The company ended the quarter with cash and equivalents of $1.4 billion, an increase of $124 million from the previous quarter. As of September 30, 2009, deferred revenue came in at $881 million.

Subsequent to the end of the quarter, VeriSign completed the sale of its Global Security Consulting business, and Messaging and

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Avnet, Inc. (AVT) recently reported revenues of $4.36 billion for the first quarter of fiscal 2010, down 3.1% from a year ago. Excluding the negative impact of foreign currency exchange rates, revenues declined 0.6%.

Management stated that the impact of global slowdown led to the year-over-year decline, but the business environment is improving.

On a segment basis, Electronics Marketing (EM) sales came in at $2.44 billion, down 9.8% year over year (down 8.0% when adjusted to exclude the impact of changes in foreign currency exchange rates). The rate of revenue decline moderated in the reported quarter and management is encouraged by pace of bookings for this segment in recent months.

Technology Solutions (TS) generated sales of $1.92 billion, up 6.9% year over year (up 10.5% when adjusted to exclude the impact of changes in foreign currency exchange rates), driven by growth in Americas and Europe, Middle East and Asia (EMEA).

The company

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Last night, VeriSign, Inc. (VRSN) reported revenues of $258 million from continuing operations in the third quarter of 2009. Core businesses (Internet Infrastructure and Identity Services) generated revenues of $257 million, up 1% sequentially and up 6% year-over-year. Revenues from discontinued operations came in at $41 million. Operating margin came in at 38.6%, marginally up from the previous quarter. Net income came in at $64 million. Earnings per share (EPS) came in at 33 cents easily beating the Zacks Consensus Estimate of 28 cents. During the quarter, the company generated $105 million of cash from operations and used $25 million in capital expenditures. The company ended the quarter with cash and equivalents of $1.4 billion, an increase of $124 million from the previous quarter. As of September 30, 2009, deferred revenue came in at $881 million. Subsequent to the end of the quarter, VeriSign ...

99 Cents Only Stores Inc. (NDN) reported fiscal second quarter results after the closing bell on Wednesday. The company recorded a net income of $9.6 million, compared to a net loss of $9.4 million in the year-ago period. Earnings per share came in at 14 cents, topping the Zacks Consensus Estimate by 7 cents. The company had reported a loss of 13 cents per share in the same period last year.   The deep-discount store operator’s sales posted a growth of 2.2% year over year to $324.7 million, as customers affected by continuing macroeconomic headwinds preferred to shop more in its stores. The City of Commerce, CA-based retailer’s same-store sales grew by 2.3% over the same period.   Non-Texas Operations   99 Cents revenues from non-Texas operations grew 4.0% year over year to $296.4 million driven by same-store sales growth of nearly 1% coupled with the effect of ...

Digital River, Inc. (DRIV) recently reported third-quarter revenues of $99.4 million, up 3.2% from the year-ago level and surpassed management’s revenue guidance of $96.5 million – $98.5 million. The growth in revenues was driven by strength in software, consumer electronics and games markets where the company expanded existing client relationships and closed new business as well. Earnings per share of 42 cents easily beat the Zacks Consensus Estimate of 33 cents and exceeded management’s forecast of 38 cents – 41 cents. Earlier, prime customer Symantec announced that it would not renew its existing e-commerce agreement with Digital River beyond June 30, 2010, when its existing contract expires. However, management is encouraged by the future prospects of its existing business. Going forward, management continues to work on its business plans in response to Symantec’s decision to not renew its e-commerce contract. The company stated that it does

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ANADIGICS Inc. (ANAD) recently reported revenues of $36.7 in the third quarter of 2009, down 36.8% year over year but up 16.7% sequentially. The reported revenue surpassed management guidance of revenue growth at 5%–10%.  The revenue growth was driven by a boost in the company’s 3G wireless products as well as an earlier than expected recovery in both cable TV and WLAN revenues. Cable set-top box products increased and wireless LAN products jumped 65% sequentially.  Gross margin improved significantly to 24.4% from 10.7% in the previous quarter primarily due to the increased revenue, higher factory utilization and improved yields. Operating expenses increased by $600,000 to $15 million from last quarter on higher R&D cost attributable to new products. Net loss per share came in at 10 cents better than the Zacks Consensus Estimate of a loss of 15 cents.  The company recently announced a foundry ...

Equity Residential (EQR) yesterday reported revenues of $492.7 million, down 3.6% year over year.   On a same store basis (third quarter 2009 vs. third quarter 2008 comparison which includes 119,121 apartment units), revenues decreased 3.9% due to a 3.2% decrease in average rental rates and a 0.7% decrease in occupancy to 93.7%.

Fund from operations (FFO), a widely used metric to gauge the performance of REITs and obtained after adding depreciation and other non-cash expenses to net income, was 53 cents per share during the quarter compared to 64 cents per share in the year-ago quarter. The year-over-year decrease in FFO was primarily due to a decline in operating income.

During the reported quarter, the company sold 24 consolidated properties, consisting of 4,620 apartment units, for an aggregate sale price of $381.1 million. Management expects to raise approximately $900 million from disposal of properties. The company plans to use the

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