BLP’s What’s Happenin’? WiR October 21st

What’s Happenin’?

apple pickingThe leaves are off the trees up North. Fall is done, and swim season has begun.  Yesterday, on our trip up to the White River Junction Leaf Peepers Swim Meet, the trees were totally bare.  A grey spread of sticks against the mountains.  Today, I scurried over to Mack’s on the way back from swim practice to pick the last peck of the season. The apple orchards close down October 31st.

Earnings:

What can I say—the Earnings List was longer than long.  Over 500 companies reported earnings this week.  Though we’re only interested in a small subset of those 500—say 100 companies, that list is still too long.

The good news is there was no news.  Business as usual.  Moderate growth, no huge disappointments, make for content financial markets.

Companies that announced earnings this past week were:

Semiconductor Related
Applied Micro Circuits Corp.  (AMCC:  Nasdaq)
ATMI Inc.(ATMI:  Nasdaq)
Cadence Design Systems Inc.  (CDNS:  Nasdaq)
GigOptix:  (GIG:  ASE)
KLA-Tencor Corp. (KLAC:  Nasdaq)
Lam Research Corp (LRCX:  Nasdaq)
Lattice Semiconductor Corp.  (LSCC:  Nasdaq)
LSI Corp. (LSI:  NYSE)
MKS Instruments Inc. (MKSI:  Nasdaq)
Peregrine Semniconductor Corp.  (PSMI:  Nasdaq)
Sanmina Corp.  (SANM:  Nasdaq)

Disk Drive Related
QLogic Corp.  (QLCG:  Nasdaq)
Quantum Corp.  (QTM:  NYSE)
Western Digital Corp  (WDC: NYSE)

Communications
Interphase Corp. (INPH:  Nasdaq)
NETGEAR Inc.  (NTGR:  Nasdaq)
Unifi Inc. (UFI:  NYSE)

Internet Service/App
Amazon.com Inc.  (AMZN:  Nasdaq)
Angie’s List Inc.  (ANGI:  Nasdaq)
TripAdvisor Corp. (TRIP:  Nasdaq)
Zynga Inc.  (ZNGA:  Nasdaq)

Consumer
Auto Nation Inc.  (AN:  NYSE)
Tupperware Brands Corp.  (TUP:  NYSE)
The Cheesecake Factory  (CAKE:  Nasdaq)
Under Armout Inc.  (UA:  NYSE)

Biotech
NeuroMetrix Inc. (NURO:  Nasdaq)
Neogenomics Inc.  (NEO:  Nasdaq)

Medical
Express Scripts Holding Co (ESRX:  Nasdaq)
Haemonetics Corp.  (HAE:  NYSE)
iCAD Inc.  (ICAD:  Nasdaq)
Sharps Compliance Corp.  SMED:  Nasdaq
Varian Medical Systems Inc.  (VAR:  NYSE)

Other Tech
OSI Systems Inc.  (OSIS:  Nasdaq)
Polycom Inc.  (PLCM:  Nasdaq)
ScanSource Inc.  (SCSC:  Nasdaq)

Financial
E*TRADE Financial Corp.

Business Service
DeVry Inc. (DV:  NYSE)
United Parcel Service Inc. (UPS:  NYSE)

IPOs[1]

The companies that went public last week got a fair dose of humble pie, as all priced below their expected ranges.  Which means there was a lot of uncertainty in the market thanks to Congress, so investors demanded to be compensated for taking that risk.

Aerie Pharmaceuticals (AERI:  Nasdaq) sold 6.7m shares at $10 per share to raise $67m at a valuation of $203m; the original range was $12 to $14 per share.  The stock closed the week at $10.61.  Aerie Pharmaceuticals develops treatments for glaucoma.

CommScope (COMM:  Nasdaq) sold 38.5m shares at $15 per share to raise $577.5m at a valuation of  $2.78b.  The original range was $15 to $18 per share.  The stock closed the week at $14.99 per share.  The Company develops connectivity and infrastructure solutions for wireless broadband networks, addressing both consumer and business markets

Endurance International (EIGI:  Nasdaq) sold 21.1m shares at $12, below the $14 to $16 range, raising $253m at a $1.54b valuation.  The stock closed the week at $11.25.  The Company offers web presence and commerce services that provide SMBs with a way to establish, expand, manage and monetize their online presence.  Endurance is named after Shackleton’s boat, as  the Company was founded just before the dot-come crash, and had to be resized down to 14 employees before expanding to its current 2,500 employee total.

Mergers & Acquisitions

Aurora Networks, which develops and manufactures high-bandwidth optical transport systems, was acquired by UK-based Pace PLC for $310m.  Pace creates cable, satellite, IPTV and gateway technologies products for broadcast and broadband industries.

Symmetricom, which develops timekeeping technology, was acquired by Microsemi, which produces semiconductors for analog, mixed signal, switching power and RF power and microwave applications, for $200m

Cornerstone Records Management, a national, full solution records and information management partner was acquired by Iron Mountain for $191m

IFE Services, which produces in-flight entertainment, was acquired by Global Eagle Entertainment, which produces in-flight video content, for $36m.

Cameleon Software, which develops pricing software and quote generators, was acquired by PROS Holdings, a big data company, for $33m

French Company, FlexyCore, an Android optimization firm and developer of DroidBooster, was acquired by Google for $23m.

Inkling Systems, which produces interactive books for the iPad, iPhone and the Web acquired Ready, Set, Baby!, a guide for your baby’s first year, and Betterbook which produces how-to guides.

Tele2, a pan-European telecom operator, was acquired by Telenor, a Pakistani GSM based mobile phone service provider for 775MM SEK

Apiphany, which  provides API management services and an API Delivery Platform, was acquired by Microsoft.

Level Up Analytics, a consulting company which focuses on data science, big data, and data analytics, was acquired by Intuit

LookFlow , which provides “an entirely new way to explore images you love,” was acquired by Yahoo!

UK-based Shutl, which provides same day delivery services, acquired by eBa

TribeHR, which provides online human resources software for small the SMB market, was acquired by NetSuite, which provides cloud-based financial and ERP software.

Private Placements

Pinterest raised $225m in Series E.

SMS Assist, which specializes in facility maintenance services, raised $45m.

Bromium, which develops endpoint security solutions, raised a $40m Series C round.

Funding Circle, which is a peer-to-peer lending platform, raised $37m Series C round.

Outbrain, which recommended your article(s)to premium publishers, raised $35m a Series E round

Komli Media, which is a digital network that connects advertisers with the Asian and Asian American audience, raised $30m.

Sparq Systems, which produces next generation solar photovoltaic products, raised $28m

Formlabs, which produces a desktop 3D printer, raised $19m Series A round.

Pivot3, which delivers converged shared storage and virtual server appliances, raised $14m.

M-DAQ , which provides a platform to price and trade any exchange-traded product in many currencies, raised $12m Series B round.

Convercent, an integrated compliance and analytics solution, raised $10m

Have a great week and enjoy the weather and the crisp cool weather.

Margaret Johns

Founder & Chairman

Content researched, edited and reviewed on a best efforts basis.

We make no claim to being comprehensive in our review, as the contents  are companies and topics we, ourselves, find of interest.


[1] Certain information provided by Renaissance Capital, in addition to the SEC and numerous business publications

Source for photo: massdistraction / Foter.com / CC BY-NC-ND