Nabors IMPACTED by Write-Offs and 3 Morning Hot Stocks Making Headlines
Shares of Ramtron (NASDAQ:RMTR), a pioneer in nonvolatile F-RAM, wireless and low energy memory, crashed 12.4 percent AH to $2.47, much below the key $2.68 level of Cypress Semiconductor’s (NASDAQ:CY) tender offer, as the company reported a miss on both revenue and EPS in its Q2: revenue of $14.2M and breakeven EPS were both below a consensus of $17.4M and $0.04. Ramtron’s revenue guidance for Q3, at $14M-$14.5M disappointed against the consensus of $21.2 million. Cypress may revise its offer, which Ramtron spurned, or cancel it altogether.
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Oilfield products and services provider Weatherford’s (NYSE:WFT) prelim Q2 results showed revenues at a quarterly record and much better than estimates: at $3.78 billion vs. $3.64 billion expected, they were up 23.8% year-on-year. EBIT was $205 million, or $276 million not counting $71 million in pre-tax losses. Q3 EPs is guided at $0.30-$0.33 against the $0.32 estimated.
Onshore and offshore drilling, well-servicing, and workover contractor Nabors’ (NYSE:NBR) Q2 results were impacted by write-offs, primarily due to the NFR Energy JV reserve valuation; EPS was a negative $0.25 a share against $0.65 earned in the last year, as a double whammy of lower revenues and higher pressure pumping costs cut margins “disproportionately.”
Pioneer of programmable logic solutions, Altera (NASDAQ:ALTR) delivers a comprehensive beat on its Q2 despite weak revenues; though net earnings were down 24 percent y-on-y, the company claims it is seeing a turnaround with revenues of new products on a growth path, and its telecom and wireless markets showing strength. It guides revenues better by 2-6 percent for the current quarter – that puts sales around $474 million to $493 million whereas estimates were $471 million.
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