Thursday, April 20, 2006

Google & Broadcom Beat, Sandisk Misses

Plenty of action the past couple of days. How about the one day $2 drop in the price of silver. I would give the metals one more down day and then I would begin buying. My favorite names that I don't own are: (FCX), (GG), (GOLD), (FRG), & (NXG).
I am long (SLW) & (BGO).

Did you get played by the analysts of Portal Player (PLAY)?
PortalPlayer PLAY Stanford Research Buy » Sell ($14)
PortalPlayer PLAY Credit Suisse Outperform » Underperform
PortalPlayer PLAY Longbow Buy » Neutral
PortalPlayer PLAY JMP Securities Mkt Outperform » Mkt Perform
PortalPlayer PLAY Jefferies & Co Buy » Sell ($36»$10)
PortalPlayer PLAY Friedman Billings Mkt Perform » Underperform ($24 »$10)


Google (GOOG) 439.50
(+5.90%) Excluding non-recurring items and stock based comp expense, Google (GOOG) reported Q1 (Mar) earnings of $2.29 per share, $0.31 better than the Reuters Estimates consensus. Total revenues including Traffic Acquisition Costs rose 79.1% year/year to $2.25 bln vs. the $2.15 bln consensus. Revenues excluding Traffic Acquisition Costs came in at $1.527 bln vs. $1.44 bln First Call consensus. CEO Schmidt comments, "We are driving this growth through investments in our infrastructure and our people, product innovations that attract new users, and relationships with advertisers and partners around the world. The strength of our business model gives us the opportunity to invest in our business, allowing us to maintain and grow our market leadership."

SanDisk (SNDK) 62.19
(-5.11%) Co reported Q1 (Mar) earnings of $0.44 per share, excluding non-recurring items, a penny worse than the Reuters Estimates consensus of $0.45. Total revenues rose 38.2% year/year to $623.3 mln (consensus $623.9 mln); co reported gross margin 38% vs. 39.3 street expectation.

Broadcom(BRCM) 46.25
(+1.05%) Broadcom reported Q1 (Mar) pro forma earnings of $0.36 per share, which includes non-recurring charges and gains that analysts' excluded from their estimates as well as stock based comp expense that analysts were including in their estimates. After adding back in the stock-based compensation expense, BRCM reported earnings of approximately $0.22 per share, but it's not clear if that is comparable to the Reuters Estimates consensus of $0.19. Total revenues rose 63.6% year/year to $900.6 mln (consensus $870.7 mln). Looking ahead, BRCM sees Q2 revenues up 3-5% sequentially, or roughly $928-946 mln (consensus $906.0 mln).

Nasdaq Stock Market (NDAQ) 42.59
(+0.83%) NDAQ reported Q1 (Mar) earnings of $0.16 per share, which includes $13.6 mln in expenses and may not be comparable to the Reuters Estimates consensus of $0.11. Revenues rose 119.9% year/year to $396.2 mln (consensus $359.8 mln); First Call consensus is $404 mln ( note: both revenue estimates are from a single analyst). To primarily pay down debt incurred to purchase the strategic stake in the London Stock Exchange, NASDAQ intends to proceed with a common stock offering.


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