QUICK BLURBS [AXP, BX, MCO, OAK]

7/21/2016: AXP (Earnings Call) Very competitive card environment right now, but not that different from 90 days ago.  Co. has seen “some modest share of wallet losses” among its existing customers.  Competitors have launched new marketing efforts and products geared towards capturing same card members as AXP and going after former Costco cobrand member too. […]
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QUICK BLURBS [AAPL, GOOG, IBM, SAMSUNG]

(644 words) 7/28/2016: Samsung Electronics (Earnings Call) Strong sales of Galaxy S7 and S7 Edge, with the latter > 50% of overall mix and expects q/q smartphone/table growth for the 3q tied to seasonality.  Sell-through rates on current flagship phone has been higher than its predecessor, esp. in North America, Europe, Latam, Southeast Asia and […]
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QUICK BLURBS [EXPE, FB, GOOG, MSFT, PCLN]

(1,875 words) 8/4/2016: PCLN (Earnings Call) Returns on advertising investments is being pressured so far in 3q and co. expects continued pressure for the balance of the quarter.  PCLN believes that it can leverage brand advertising and non-ad opex but not so sure about performance advertising (Google, meta-search and affiliate marketing), which has pressured margins for […]
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QUICK BLURBS [CMI, PCAR, RUSHA, WNC]

8/2/2016: CMI (Earnings Call) North America revenue down 13% y/y due to a weak heavy duty truck market (esp. Daimler), into which the company shipped 43% fewer engines (16k this q) vs. ayo.  Co. has lowered its full year industry production estimate from 210k to 200k units….high dealer inventories will likely cause OEMs to temper […]
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QUICK BLURBS [ODFL, YRCW]

(371 words) 7/31/2016: ODFL (Earnings Call) Price competition from 1q seemed to ease in the 2q, and co. describes sees things as “relatively stable” w/ contractual renewals increasing at 3%-4%, same rate increase as earlier in the year.  Company will manage to the operating ratio and revenue per hundredweight is the byproduct. ISM data has […]
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QUICK BLURBS [BAC, JPM, PYPL, SQ]

[SQ: 8/3/16] Continues to see net new customer growth and positive dollar based retention rate….so, by cohort, the revenue and gross profit dollars are showing growth, including the earliest 2010 cohort.  Contactless + chip card reader seeing good momentum among small and large sellers – it works over Bluetooth.  Co. is in the process of transitioning […]
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QUICK BLURBS [CAT, CMI, RBA, URI]

(767 words) 8/9/2016: RBA (Earnings Call) Used equipment values in 2q and esp. June declined by more than the company expected, negatively impacting the co’s underwritten contracts (a year ago, equipment pricing surprised to the upside) [equipment whose proceeds are guaranteed by the co. or that the co. purchases for inventory; makes up about 26% of […]
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QUICK BLURBS [DIS, FOXA, SNI, TWX]

8/9/2016: DIS (Earnings Call) announced 33% stake in BAM Tech (video streaming, data analytics and commerce management) w/ option to acquire majority ownership…..plans to launch new DTC ESPN-branded, multiple sports, subscription streaming service.  Also, acquisition gives co. the capability to take other Disney IP onto similar OTT platform. Plan is to launch the ESPN OTT […]
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