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w******s
发帖数: 16209 | 1 NVIDIA Earnings Preview (12.54 -0.20)
Computer graphics card maker, Nvidia (NVDA) is set to report its 3Q11
earnings after the close (last quarter at 20 minutes after the bell) with a
conference call scheduled to begin at 5 PM ET. Consensus calls for EPS of $0
.14 (down from $0.19 in the year ago quarter) and revenues to fall 6% YoY to
$844 mln. The Q3 consensus for non-GAAP gross margins is 46.8% (+6% YoY).
The company traditionally guides for the next quarter on the press release.
The Street expects Q4 EPS of $0.16 (-12% YoY) and revenues of $866 (-30% YoY
).
Last quarter, NVDA reported a worse-than-expected quarter on 8/12, but
followed a negative preannouncement the month prior. That said, the Q2
report was a non-event for the stock. The company's consumer business fell
significantly short of expectations amid weak PC demand in Europe and China.
Since the report, however, shares have rallied 45% off of 52 week lows.
In recent analyst research:
Sterne Agee notes inventories in the F2Q11 (July) quarter increased 12% and
remain a near-term concern. Over the last year, inventories have grown 57%
although inventories are expected to be flat Q/Q into the October quarter.
One tailwind for NVDA for the F3Q11(Oct) quarter is that PC shipments have
improved every month in the quarter Aug-Sep-Oct and should provide some
upside.
Wedbush is not positive on shares of NVIDIA ahead of F3Q earnings even
though it thinks a beat and raise is possible and despite signs of a firming
PC environment. Importantly, the firm sees a challenging road ahead for
GeForce and have yet to see evidence of significant Tegra traction.
Auriga's estimates remain moderately below consensus, which has come down
substantially over the course of the last quarter. The firm notes it's tough
to gain conviction either way at these levels -- it likes NVDA's new
product cycles in mobility (Tegra) and high-performance computing (Tesla and
GPU compute), and its work suggests that NVDA has been steadily gaining
share in GPU over the past six months. However, its enthusiasm is tempered
by continued weakness in consumer PCs and a declining chipset business.
Please see our Technical Levels of Interest Chart for key trading levels. (
Note that the length of horizontal line correlates with strength of support
or resistance level) |
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