Analyst Actions: Flextronics Adding 1% on Upgrade - Early Volume Thin but Top Bid Higher at 13
75 words 9 August 2005 03:05 pm MidnightTrader English (c) 2005 Midnight Trader, All Rights Reserved
Boston, Aug 09, 2005 (MidnightTrader via COMTEX) --
FLEX is up about 1% in its first thin-volume pre-market match after the stock was reportedly upgraded by Bank of America to Buy. The firm also set a price target of $17 per share.
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To FLEX, the Nortel contract will ramp up significantly this year. Revenues from that telecom equipment manufacturer should be roughly $300 million in the June quarter, and $500 million in the September period. The agreement will likely be solidly accretive to share earnings in fiscal 2005. Acquisition costs during calendar 2005 will run about $700 million. As the contract expands to include printed circuit boards (PCBs) and enclosures, annual revenues ought to be between $2 billion and $2.1 billion.
Goldman Sachs said potential catalysts for the stock include continued benefit from the outsourcing agreement with Flextronics International (nasdaq: FLEX - news - people ), greater expectations from the Street as the company attempts to emerge from accounting issues, as well as continued cost-cutting.
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Lazard (LAZ: news, chart, profile) reported second-quarter pro forma earnings of $32 million, or 32 cents a share, up from a year-ago equivalent profit of $24.7 million, or 25 cents a share.
The average estimate of analysts polled by Thomson First Call was for earnings of 33 cents a share in the June period.
Revenue rose to $336.4 million in the latest three months from $286.4 million in the same period a year ago.
Merger-and-acquisition revenue increased 35% to $182 million.
The stock closed Tuesday at $23.60, up 2.2%
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322 words 10 August 2005 07:01 am Reuters News English (c) 2005 Reuters Limited
(Recasts, adds details)
NEW YORK, Aug 10 (Reuters) - Lazard Ltd. , an investment bank specializing in mergers-and-acquisitions advising and asset management, on Wednesday said second-quarter earnings rose nearly 30 percent as deal activity increased.
Mergers-and-acquisition revenues jumped 35 percent to $182 million in the quarter. Investment banks are broadly seeing a surge in merger revenue, as rising stock markets and improving economic conditions spur companies to grow through acquisitions.
Lazard, a 157-year old banking partnership that went public in May, reported proforma net income increased to $32.02 million, or 32 cents a share, in the quarter ended June 30, from $24.74 million, or 25 cents, in the year-earlier period.
On that basis, analysts, on average, expected Lazard to earn 33 cents a share, according to Reuters Estimates.
Total revenue advanced to $336.4 million from $286.43 million a year ago. Operating revenue rose to $330.13 million from $282.06 million.
Net income according to generally accepted accounting principles (GAAP) was $27.59 million, down from $79.36 million.
Proforma figures for Lazard give a more accurate picture of the company's performance because the accounting rules used to calculate earnings on a GAAP basis for the second quarter, when the company was public, differ from rules used when it was a partnership.
Lazard shares closed Tuesday at $23.60 on the New York Stock Exchange, down 5.6 percent from their initial offer price of $25.
Its revenue growth from mergers was in line with other banks, such as Merrill Lynch & Co. , which said last month that second-quarter merger advisory fees rose 33 percent.
According to industry research firm Dealogic, first-half global merger volume rose 39 percent compared with the same period last year.
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PHILADELPHIA, Aug. 10 -- The Defense Logistics Agency has awarded a contract valued at up to $6.3 million to Accenture LLC, Reston, Va., for informational technology services.
The contract was awarded by the agency's Defense Supply Center, Philadelphia.
For more information about US Fed News contract awards please contact: Myron Struck, Managing Editor/US Bureau, US Fed News, Direct: 703/866-4708, Cell: 703/304-1897, Myron@targetednews.com.
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posted
LAZ CC give strong guidance for the second half and 2006. M&A business growing and expanding businesses in China and Japan.Announce 2Q dividend.
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posted
LAZ miss a penny should not affect its strong revenue growth and aggressive Net Income increase.
Compared to its 2004 business, LAZ grows significantly by their reduce compensation stratergy. A good buy when it goes dip and will pick up its lost ground soon. All their CC sounds good to me so far. People always pessimistic without kowning why. Overreaction should be corrected after investor digest the good CC.
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posted
Reuters good analysis and report on LAZ relate to compensation expense. Net Income should be higher if under non-GAAP compared to 2004 before public traded.
The company's merger and acquisition revenues increased 35 percent to $182 million in the quarter.
Rising stock markets and improving economic conditions are spurring companies to grow through acquisitions, boosting merger and acquisition revenues for most major investment banks.
Total revenue advanced to $336.4 million from $286.43 million a year ago. Operating revenue rose to $330.13 million from $282.06 million.
Net income according to generally accepted accounting principles (GAAP) was $27.59 million, down from $79.36 million.
Adjusted figures for Lazard give a more accurate picture of the company's performance because the accounting rules used to calculate earnings on a GAAP basis for the second quarter, when the company was public, differ from rules used when it was a partnership.
For example, under a partnership, compensation to partners is not an expense, but for a public company, compensation to managing directors is an expense.
The difference helps explain why compensation and benefits expenses in the second quarter of 2005 rose more than $50 million to $161.15 million in the second quarter from the same quarter last year.
Its revenue growth from mergers was in line with other banks, such as Merrill Lynch & Co. , which said last month that second-quarter merger advisory fees rose 33 percent.
According to industry research firm Dealogic, first-half global merger volume rose 39 percent compared with the same period last year.
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posted
KOMG new high, OS coming back from the dip last week. MOT will see more momentum after its good earning. FLEX head to its target $17 by BOA yeaterday. ACN target $30 by S&P analysis.
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posted
LAZ SEC filing showing the NI should be much higher if Tax rate keep the same level as 2004. 2005 Tax rate 29.5%compare to 19.9% in 2004. So If we look at EBITDA instead of NI, LAZ's 2005 second quarter jump 43% compared to 2004. Also, LAZ announce its quarter dividend 5 cent per share will attract institutional investor especially those fix income fund or dividend fund. LAZ still under its IPO, it is undervalue when a company with constant growing rate in both revenue and profit for both annually and quarterly.
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posted
MORN jump 14% after 2Q earning. Called this one @ $23
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posted
Very positive analyst report from Merrill on LAZ’s unseen revenue. My target for this one is $25 IPO price in the short run. If LAZ report solid 3Q , they will fly like GHL . This article in-line with exactly what Wasserstein mention in CC that many people misunderstand the league-table rank in that we have advising businesses which are not reported to the league. “The company finished 10th among global advisers through the first half of the year, advising on 94 deals valued at $146 billion. It earned a reported $264 million in fees, up 23% from the same period last year, according to Dealogic. But not everyone sees the results as lacking. "The cohort of senior bankers hired in the past couple of years is hitting its stride in terms of productivity," Merrill analyst Guy Moskowski wrote in a note Wednesday. Moskowski also defended Lazard's league-table standing by pointing out that only six of 13 deals the bank advised on were reported in the league tables. "Lazard also sometimes receives revenue from advising in cases where there is ultimately no transaction, as in when it advises against doing a deal," he said.” http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&dist=yhoo&guid=%7BEB5D55C0%2D81BD%2D4AEC%2D8A6C%2DD79A5003BA25%7D
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Raymarine Announces Flextronics Contract Agreement For 5 Yr 74 words 11 August 2005 07:59 am Dow Jones International News English (c) 2005 Dow Jones & Company, Inc. Edited Press Release LONDON (Dow Jones)--Raymarine, a global leader in the supply of marine electronic products to the leisure boating market, Thursday announced an agreement whereby Flextronics will provide vertically integrated manufacturing services to Raymarine. The services, which will be provided initially through Flextronics' Hungary facility, will include printed circuit board assembly, box build, plastics, metals, printed circuit board, logistics, and test engineering services. [ 11-08-05 1259GMT ]
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The Chilean unit of US consulting firm Accenture expects to close this fiscal year, ending August 2005, with sales up 25-30% compared to FY04, the company's general director Ricardo Cerdán told BNamericas. Cerdán declined to give a specific figure for revenues. Operating in Chile since 2001, the company offers a wide variety of services from the strategic design of a process through to its technical implementation, including IT processes, an area which currently generates nearly 70% of total sales. "We are an integral service provider, including IT concepts. We offer solutions on how to improve through new operational structures and we also help firms in the design of new operating models," Cerdán said. In IT, the most requested projects are implementations of solutions such as enterprise resource planning (ERP), business intelligence (BI) and customer relationship management (CRM), besides optimization of technical architectures, according to the executive. Accenture Chile divides its operations into four business units: the financial industry, telcos and high tech companies, natural resources and manufacturing, and consumption companies. Cerdán expects the largest operations to come from the banking and telecom markets, because of the nature of their businesses. Most Accenture contracts in Chile are with large corporations and not with SMEs or public institutions. "Because this operation is new, our strategy is still focused on reaching our targets in each of the industries we participate in, consolidating services for each one of them. The idea is to penetrate segments where we have no presence and increase penetration in those industries where we have a large growth potential, such as mass consumption and natural resources," he added.
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posted
Recent big M&A deal: Maytag's board, its investment banking adviser Lazard Ltd.
Also today, LONDON (Dow Jones)--BA Capital Partners Europe, the private-equity unit of Bank of America Corp. (BAC), has appointed financial advisor Lazard Ltd. (LAZ) to sell Finland's Paroc Group Oy AB, people close to the situation told Dow Jones Newswires Monday. This is a EUR500 million deal.
LAZ Target $27 by BOA and CBSF analyst.
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posted
ACN establish a "W" bottom, it is meant to be go up. Very solid company with strong market shares in IT outsource business. Mean Target by S&P500 and First Call is $30 and Valueline is $40. I called it @ 23.6
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Very similar to NGPS last time, after it went down froom 22 to 14 without any reason, institution buying, such as Fidelity. Now LAZ already has 30% stake by JP Morgan and Fidelity. I bet LAZ will head to its mean target $26-$27 soon.
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By Malcolm Locke and John Duckers 619 words 16 August 2005 Birmingham Post 24 English (c) 2005 Birmingham Post & Mail Ltd
Britain lost another major piece of its manufacturing base yesterday as Raymarine, the marine electronics company, confirmed it would move work to Hungary.
It has agreed an outsourcing deal with US-based Flextronics International in a move that will result in the closure of its factory in Portsmouth and the loss of 250 jobs.
Raymarine is well-known to the vast majority of boating enthusiasts.
The group makes gadgets such as fish finders, navigation systems, radar consoles, autopilots and global positioning systems.
The outsourcing move was originally flagged back in July, but the name of the manufacturing partner and new location were not disclosed.
Raymarine"s affected employees have been fully consulted about the move, but group chief executive Malcolm Miller said staff were "obviously upset".
"It"s been a tough decision to take, but I think staff understand why we"ve had to do it," he said.
"Flextronics is an important tier one supplier of electronics and Raymarine will be able to plug in to its expertise and get the benefit of its global purchasing power. The outsourcing of our UK manufacturing operations is essential for Raymarine to remain competitive. It"s not just about cutting jobs and the wages bill."
The group said the outsourcing move would save it £5 million in 2007; £10 million in2008; £10.5 million in 2009; and £11 million from 2010 onwards. The cost of implementing the move will be £15 million this year and a further £6 million in 2006. About a third of the costs will be redundancy charges.
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LAZ very strong uptrend, head to its IPO price. Big institution buying.
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Microsoft Corp has enlisted the skills of Canadian firm Celestica Inc to join Flextronics International Ltd and Wistron Inc in the building of its Xbox game console. Microsoft announced Tuesday (16AUG05) it was expanding that roster to three for its next-generation Xbox 360 due out later this year (05), probably November. Todd Holmdahl, corporate vice president of the Xbox Product Group, enthuses, "With three contract manufacturers on board, we're poised to have the flexibility and efficiencies we need to keep up with the consumer demand." Plants for each of the three companies building Microsoft's newest game console are located in the Pearl River Delta region in southern China. A Celestica spokeswoman said the company will begin production of the device at its plants in early 2006. (ES/WNWR/JB)
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posted
Maytag signs Whirlpool $2.7B takeover offer.Lazard Ltd. advised Maytag, along with Wachtell, Lipton, Rosen & Katz and Cleary Gottlieb Steen & Hamilton. Greenhill & Co. advised Whirlpool, along with Weil Gotshal & Manges, Howrey LLP, and the Boston Consulting Group.
Now I see the JPMorgan and Bank of America $27 target is closer and closer.
More M&A deal in Italian by LAZARD:
MILAN (Dow Jones)--Advisors for ABN Amro Holding NV (ABN) and Banca Popolare Italiana Scarl (BPI.MI) will meet Wednesday to discuss the possible sale of the Italian bank's stake in Banca Antonveneta SpA (NTV.MI) to the Dutch bank, Milano Finanza reports Wednesday, citing people close to the talks.
The meeting is exploratory and Popolare Italiana's board will meet Thursday to hear its advisors' report, the paper says.
Popolare Italiana is being advised by Lazard Ltd. (LAZ) and Dresdner Bank AG (DRB.YY), while ABN Amro is being advised by Rothschild and Lehman Brothers Holdings Inc. (LEH).
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posted
Accentrue upgraded by Valueline from 3 to 2 last month and upgraded again yesterday from 2 to 1. Now ACN is holding a timeliness 1 which is strong buy in the next 12 month. Low end price target is $40 in the next 2 years and up end is $60 by Valueline.S&P report showing the price target is $30 in the next 12 months and with a 4 stars which is buy. I got in ACN @23.6, ACN will see much higher close to $27 soon.
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posted
ACN touches it 50days MA, will rebounce from here with updrade by valueline.
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posted
Good time to buy more LAZ shares, it is on the uptrend tunnel. The lost today due to those profit taken. Nice jump last two weeks from 22.5 to 25.3. Now still not late to catch LAZ to touch its analyst target which is $27. Buy more here.
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posted
InPlay: Lazard +0.6% after Chairman & CEO disclosed last night purchase of 120k shares at $24.96-$25.20. Like I said, market mean target is $26.6, any price lower than this is undervalued. Those JP Morgan and BOA and Boston First Capital are all in bank industry, they know LAZ more than other do, so their target is pretty accurate.
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posted
ACN rebounced from its 50MA and will see the target $30 in the next several weeks. It is been updated by valueline twice within a month which is unusual (that means valueline's analysts predict something good really gonna happen). I called ACN when it touched its 50MA at $24.8.
LAZ Also very solid. A little sell this morning due to yesterday jump and market red. Now it seems that LAZ come back to its true value, the target is $27 and this morning JP Morgan gives initial senitiment. WIll see much more uptrend in the next several weeks.
I predict the market will come back to life after the tank last several weeks.
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posted
ACN cut jobs to reduce cost. Very solid finicial background with short-term uptrend momentum, hold my target $30.
LAZ with insider open market purchase last week and heavy institution absorbing shares in the last month, will see its mean analysts target $26.6 soon. Pay attention to its 3Q, usually much higher than 1Q and 2Q according to the industry and its M&A business.Won't sell under $26.5
MOT holding tightly.
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posted
VRX I called that two weeks ago, today doing really good. Also SGP.
Here are my Phama Stocks list: VRX HGSI SGP MRK RNAI ARNA BMY TGIC MYGN CVTX BRL BIIB
VRX, SGP, BIIB, HGSI (bought last week) are my holding.
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posted
Today, E.ON (10 GBP billion deal ) has reportedly hired Lazard Ltd to advise on a possible takeover of Scottish Power.
Germany's E.On AG (EON) confirmed Monday that it is mulling options on a possible takeover offer for ScottishPower PLC (SPI), after the U.K. listed power company's shares rose sharply on bid speculation.
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posted
Hope you guys still hold SCHN and OS, I out these two stocks already, very nice pop today. LAZ yesterday has huge volume 0ver 700k compare to average 400k, with 85% institution purchasing from I-Watch. Today LAZ has some momo with good news and new Euro Deal. Target $27
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posted
ReEnter some shares in KOMG, sold all my position over $40 not long time ago. This is one of the biggest winner this year in my portfolio, I called it around $20 here. LAZ also gave me a decent profit in the last three months, still holding.
I am calling ACN again with target $30. THis company has very very good financial background with very attractive growthing ratios.
ACN sign a new 10-year contract with Citadel
144 words 7 September 2005 M2 EquityBites English (c) Copyright 2005 M2 Communications, Ltd. All Rights Reserved
Accenture (NYSE: ACN), a management consulting, technology services and outsourcing company, and Citadel Investment Group LLC, an investment capital firm, have signed a ten-year agreement under which Accenture will manage key aspects of Citadel's financial data management processes.
The aim is to help Citadel enhance the quality of its market information and secure greater returns from its data operations.
Under the agreement Accenture will provide Citadel with a managed service, known as Accenture Managed Reference Data Service, for consolidating, validating and enhancing published reference data. Accenture Managed Reference Data Service operates on a centralised, "one-to-many" basis to maximize cost and operational efficiencies through economies of scale, according to the company.
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posted
LAZ form a intraday W shape. Today it touched its news high $26 since IPO, the momo will go on in the next few weeks before the 3Q out. The 3Q earning will be outperformed than the 2Q according to VE financial reports. $26.6 mean target is almost there.
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posted
Three POP out stocks from TA and Chart: ACN, FLEX and LAZ.
all these three stocks have recent uptrend momo. Interesting thing: LAZ seems opposite to the market, when market in red, LAZ in green, when market in big green, it usually in red. Just my observe, but this is a good stock to hedge the market risk if my observation is correct.
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