Here are some things going on this morning in your world of tech:
Shares of Autodesk (ADSK) are up 93 cents, or 2.5%, at $37.55, after the company last night beat fiscal Q4 revenue and profit expectations, reporting $607 million and 53 cents per share versus the consensus for $586 million and 49 cents. The company projected is quarter's results below consensus, but projected revenue for the full year slightly higher than analysts have been modeling.
Views seem to be fairly divided this morning. Matthew Hedberg of Raymond James, who has an Outpeform rating on the shares, and a $50 price target, this morning writes that “The current quarter was characterized by strong growth within its AEC business (18% y/y), as well as impressive results from APAC (12% cc), predominately in China and Japan.”
“The company talked extensively about the transition to more re-occurring SaaS/cloud and rental revenue, which shouldn't have a huge impact on FY'14 but is a net positive longer-term.” But Citigroup's Walter Pritchard, who has a Neutral rating on the shares and a $36 price target, writes, “While revenue guide was OK, we came away more concerned about the ability to hit LT margin goals.”
“Additionally a multi- year trans to subscription could cause investor angst in the early periods, something we�ve seen in the past with ADBE and others, causing some overhang.”
Shares of Intel (INTC) are up 55 cents, or 2.7%, at $20.77, after the company yesterday announced that programmable chip maker Altera will use its factories to make chips with 14-nanometer feature sizes, a rare case of Intel taking on another company as a customer for contract chip business.
Analysts seem pleased this morning, as many have for a long time speculated that Intel could turn its manufacturing prowess to greater advantage, even if the news isn't necessarily changing their ratings on the stock.
Writes Patrick Wang of Evercore Partners, who has an Equal Weight rating on the shares, “We believe others will be announced over the course of this year potentially including AAPL and CSCO [...] It also appears foundry won't be margin dilutive to earnings as feared� yet � it's unclear how AAPL could impact this.”
Shares of Apple (AAPL) are down $2.30, or half a percent, at $440.50, and earlier fell as low as $438.85, after research firm Kantar World Panel yesterday reported that phones based on Google's (GOOG) Android software regained the lead in U.S. sales in the three months ending in January, after yielding to Apple in the December-ending period.
Google benefitted from sales of cheaper Android phones in the U.S. market, the firm reported, delivering 49.5% mobile phone OS market share, versus 45.9% for Apple's iOS. The average price of an Android phone was $95, says Kantar, versus $146 for iPhone. Sales were particularly strong for Samsung's Galaxy S III on Sprint-Nextel's network, Kantar said.
Shares of BlackBerry (BBRY) are down 54 cents, or 4%, at $12.71, despite UBS's Amitabh Passi having late last night reiterated a Neutral rating, but raised his price target to $13 from $9.50, writing “There are 2 elements driving our price target higher: a) higher net earnings factoring in the higher than anticipated ASPs for the Z10, BBRY�s first BB10 device; and b) our belief a containerized MDM solution for iOS and Android devices is being planned for with BB10, previously not factored into our sum of the parts analysis.”
Shares of enterprise storage software vendor CommVault (CVLT) are down 88 cents, or 1.2%, at $72.52, after the company last night held an event in New York to unveil the latest version of its “Simpana” software, which seems to be getting favorable reviews from analysts. Andrew Nowinski of Piper Jaffray, who has a Neutral rating on the shares, this morning writes, “We attended CommVault's Simpana 10 Kick-Off Event in New York last night and came away impressed with the customer reception to the new Simpana 10 platform.”
“Management plans on hosting a similar kick-off event in 9 additional cities throughout the world, which likely contributes to management's expectation for a 'significant incremental increase in Sales & Marketing for Simpana 10 in FY14'.”
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