This week's biggest % winners & losers : Oct 28 - Nov 1, 19 (wk 44)

The following are this week's top percentage gainers and losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top % gainers

• Healthcare: BGNE (189.56 +36.48%), CRSP (50.89 +27.7%), DCPH (45.46 +26.07%), MRTX (100.04 +23.75%), NTLA (13.6 +22.52%), TGTX (7.08 +22.49%)
• Consumer Discretionary: TIF (127 +28.87%), MUSA (113.57 +22.92%), LOCO (15 +22.85%)
• Information Technology: FIT (7.14 +65.66%), CRUS (72.43 +29.13%), UIS (10.38 +27.52%), HLIT (8.00 +25.59%), QRVO (97.22 +23.03%), UCTT (22.13 +22.4%)
• Financials: LTS (2.62 +32.32%), GDOT (29.08  +15.35%)
• Utilities: PCG (6.43 +28.6%)

This week's top % losers

• Healthcare: CYH (3.2 -28.41%), MMSI (24.15 -19.82%), HMSY (26.53 -19.78%)
• Materials: PVG (9.48 -22.61%), RFP (3.66 -21.46%)
• Industrials: QUAD (4.63 -56.73%), ENPH (18.83 -23.3%)
• Consumer Discretionary: GRUB (33.72 -42.87%), TUP (9.73 -40.31%), ETSY (45.66 -22.18%), MIK (8.69 -19.83%), WWE (55.96  -18.15%)
• Information Technology: CASA (4.3 -33.74%), ANET (185.3 -24.17%), MOBL (4.74 -23.38%),  PINS (20.12, -17.02%)
• Energy: SLCA (4.9 -36.53%), BTU (10.22 -35.15%)

=Fitbit (FIT) to be acquired by Google (GOOG) for $7.35/share

Fitbit to be acquired by Google (GOOG) for $7.35/share in cash, or approximately ~$2.1 bln
(Reuters) - Alphabet Inc-owned Google will buy fitness tracker pioneer Fitbit Inc for $2.1 billion, as the search giant looks to take on Apple and Samsung in the fast-growing market for wearable devices.

Google said on Friday that it sees an opportunity to introduce "Made by Google" wearable devices into the market and invest more in wearable technology. It had announced a deal to buy Fossil Group Inc's intellectual property related to smartwatch technology earlier this year. (https://bit.ly/2C1zsIj)

Fitbit's share of the fitness tracking market has been threatened by deeper-pocket companies such as Apple Inc and Samsung Electronics Co Ltd as well as cheaper offerings from China's Huawei Technologies Co Ltd and Xiaomi Corp.

"We believe Google is a natural fit. The deep health and fitness data, coupled with the 28 million active users on the Fitbit platform, offer a tremendous value," Craig Hallum analysts wrote in a note.

Xiaomi dominates the global wearables market, with a 17.3% market share in the second quarter of 2019, followed by Apple. Fitbit owns 10% of the market, data from International Data Corp showed.

Fitbit's fitness trackers monitor users' daily steps, calories burned and distance traveled. They also measure floors climbed, sleep duration and quality, and heart rate.

The company in August also launched its latest smartwatch, Versa 2, adding Amazon.com Inc's voice assistant Alexa, online payments and music storage to the device's capabilities.

Fitbit has been offered $7.35 per share in cash, the company said, a premium of about 19% to the stock's closing price on Thursday. The company's shares were trading at $7.15.

The company's shares have gained more than 40% since Reuters reported on Monday that Google had made an offer for the maker of the popular colorful fitness trackers.

Fitbit also said health and wellness data of its users would not be used for Google ads. Google said it would give Fitbit users the choice to review, move or delete their data.

Google, which has been defended its privacy practices after a number of regulatory probes, said it would be transparent about the data it collects for its wearables.

-=Fitbit Inc (FIT) to be acquired by Alphabet Inc (GOOG)?

(Reuters) - Google owner Alphabet Inc (GOOG) has made an offer to acquire U.S. wearable device maker Fitbit Inc (FIT), as it eyes a slice of the crowded market for fitness trackers and smartwatches, people familiar with the matter said on Monday.

While Google has joined other major technology companies such as Apple (AAP) and Samsung Electronics Co Ltd  in developing smart phones, it has yet to develop any wearable offerings.

There is no certainty that the negotiations between Google and Fitbit will lead to any deal, the sources said, asking not to be identified because the matter is confidential. The exact price that Google has offered for Fitbit could not be learned.

Google and Fitbit declined to comment.

Fitbit's fitness trackers monitor users' daily steps, calories burned and distance traveled. They also measure floors climbed, sleep duration and quality, and heart rate.

Fitbit, which helped pioneer the wearable devices craze, has been partnering with health insurers and has been making tuck-in acquisitions in the healthcare market, as part of efforts to diversify its revenue stream. Analysts have said that much of the company's value may now lie in its health data.

Fitbit cut its 2019 revenue forecast in July, blaming disappointing sales of its newly launched cheapest smartwatch Versa Lite. The watch is priced at $160, compared with $200 for the full version. It can track workouts and heart rate but lacks features such as the ability to store music directly.

In August, Fitbit said it had signed a contract with the Singapore government to provide fitness trackers and services in a health program it said could reach up to 1 million users.

Fitbit is scheduled to report third-quarter earnings on Nov. 6. Alphabet is scheduled to report third-quarter earnings later on Monday.

Fitbit would not be the first deal that Google would be carrying out in the wearables space. Fossil Group Inc (FOSL) said in January it would sell its intellectual property related to smartwatch technology under development to Google for $40 million. Google's plans for these assets are not clear.

=Fitbit (FIT) reported earnings on Wed 31 July 2019 (a/h)

Fitbit beats by $0.04, reports revs in-line; guides Q3 EPS, revs below consensus; guides FY19 EPS below consensus, revs below consensus

Reports Q2 (Jun) loss of $0.14 per share, excluding non-recurring items, $0.04 better thanthe S&P Capital IQ Consensus of ($0.18); revenues rose 4.8% year/year to $313.56 mln vs the $311.59 mln S&P Capital IQ Consensus.

Devices sold increased 31% year-over-year to 3.5 million. Average selling price decreased 19% year-over-year to $86 per device due to the introduction of more affordable devices, lowering the barriers to joining our community of active users.

Co issues downside guidancefor Q3, sees EPS of ($0.11-0.09), excluding non-recurring items, vs. $0.03 S&P Capital IQ Consensus; sees Q3 revs of $335-355 mln vs. $398.86 mln S&P Capital IQ Consensus.

Co issues downside guidancefor FY19, sees EPS of ($0.38-0.31), excluding non-recurring items, vs. ($0.15) S&P Capital IQ Consensus; sees FY19 revs of $1.43-1.48 bln (Prior $1.52-1.58 bln) vs. $1.56 bln S&P Capital IQ Consensus.

"While we are disappointed to lower guidance for the year, we remain confident in our long-term transformation strategy and have demonstrated good results across key areas of the business. We saw growth in devices sold, increased active users and continued growth in our Fitbit Health Solutions channel, up 42% in the first half of 2019," said James Park, co-founder and CEO. "In addition, we have made progress in diversifying our revenue towards building more predictable, recurring revenue streams with the launch of our premium services in two test markets. We are pleased with the initial results and expect a full launch this fall. Coupled with innovative hardware and software offerings, we believe we're well positioned to bring more users to the Fitbit platform and continue to grow our business."

Earnings this week : July 29 - Aug 2, 19 (wk 31)

Monday (July 29)

• Morning: CTB ONDK SNY TSEM
• Afternoon: ACGL AKS AMH AMKR APPF APTS ARE AROC BRX BYND CGNX CHGG CVCO DISH EHC ELVT FRAC HLIT HTLF ILMN INST JBT JJSF LEG MDR MEDP NBIX NBR NGHC NOV NPO NTR NXPI OFC OGS OMF PCH PI PKI QTS RE RGA RIG RMBS RNG SANM SBAC SCI SSB SSD SSNC TACO TBI TEX TREX TRTX TXRH VNO VRNS WCN 

Tuesday (July 30)

• Morning:  AER AGCO AME AOS ARCC BEN BERY CEQP CIGI CMCO CMI CNX CNXM COP CVLT DHI DORM DSX ECL EME EQM ETN EXLS FDP FMS GEO GLT GLW GPN GRUB GTX HCA HUBB HUD HUN I INCY IPGP IR IRWD IT LDOS LGND LLY LPT MA MCRN MGLN MLM MMC MMYT MO MRK MYE NEO NRZ PAG PEG PG R RL SF SHOO SIRI SLCA SNE SQNS SR ST SXC TRS TX UAA VIVO VSH WAB WAT WCG WDR WYND XRX ZBRA
• Afternoon: AAPL ACHC ADSW AKAM ALL AMD AMGN APAM ARCB ASH ATEN ATRC AX AXS BEAT BLKB BXP BYD CACC CCS CDAY CHRW CINF CNO COHR CRY CSLT DENN DLR EA EGHT ENPH EQR EXP EXR FCPT FEYE FMC FTSI GILD GNW GRPN HA HR HUBG HURN HVT HY IMAX INVH IRWD KAI KBR KL LDL LNDC LSCC MC MDLZ MDU MGRC MKSI MOH MRCY MSTR MX MXIM NANO NATI NCR NR NUVA OKE PAYC PSA QGEN QUAD REXR RPAI RRD RTEC RXN SIMO SOI STAG SYKE SYX TCS TENB TRUP TTOO TWOU TX UDR UIS UMBF UNM VNOM VRSK WES WIRE YUMC ZEN

Wednesday (July 31)

• Morning: ACCO ADP AMCX AMRN AMT APO APTV ARES ASC BDC BG BHGE BLMN BTU CBZ CDW CG CHD CIM CLH CME CRL CRTO D DAN DIN EAF ECA EPD ETR EXTR FCAU FOE FSS GE GIB GLDD GRMN HEP HES HPP HSC HUM ICL JCI JHG KFRC LFUS LHX LIVN MCO MDC MGPI MTOR NI NLSN NYCB ORBC RDWR SAIA SBH SITE SMG SO SPG SPOT SPR SSYS STNG STRA TAP TGI TKR TMHC TNC TPB UTHR WLTW WNC
• Afternoon: ACAD AEGN AGI ALSN AM AMED APA AR ATR ATUS AVB AWK AYX BAND BLDP BOOT CAKE CASA CBL CCRN CF CHDN CHEF CMPR CNMD CONE CRUS CTSH CW CXO DRE DXCM EGOV EPR EQC EQIX ES ETH EVTC EXEL EZPW FICO FIT FIVN FLS FORM FOXF GDI GHL H HABT HCC HCP HI HOLX INN INOV IRTC KAMN KGC KTOS KW LADR LMNX LNC LPI LPSN LRCX LSI MAA MANT MASI MCK MEOH MET MOD MPWR MTDR MUSA MYRG NEXA NLS NLY OI OLN OR OXY PDM PGRE PK PPC PRAH PRU PS QCOM QLYS RBBN RDN RGR ROG RPT SIGI SKT SKY SKYW SLF SPWR SRI SWIR TDOC THG TIVO TRMB TRQ TS TSLX TTEK TTMI TWLO TYL UCTT VAC VAL VICI VNDA VRTX VVV WDC WELL WHD WLL WMB WRI WTI WTS ZNGA 

Thursday (Aug 1)

• Morning: AAON AAWW ABC ABMD ACOR ADM AGIO AKRX ALE AMCR ARW ASIX AVP BCE BCPC BLD BLL BPL BPMC BR BSIG CBRE CI CIR CLVS CLX CNHI CNQ CNSL CRAI CROX CRS CWT DD DEA DLPH DNKN EEX EIGI EXC GIL GLOG GM GNRC GPOR HBI HFC HGV HII HRI ICE IDA IDCC IDXX IGT INGR INSM IRM ITGR K KEM MAC MD MIXT MMP MPC MPLX MPW MSCI MT NMRK NNN NTCT NTLA NVT OSK PBF PBFX PBH PENN PGTI PH PRFT PWR RDS.A RFP RGEN ROLL RPD SABR SFM SHOP SNDR SPAR SPGI SRCL STAR STFC STOR SUM TFX TGP THS TNK TRI TRP TWI UFS VZ W WCC WEX WING WLH WMS WRK XEL XHR XYL YETI YUM ZEUS
• Afternoon: ANET APHA BZH WIFI CC CBPX DLB EBS EOG ETSY FSLR FLR FTNT GDDY GLUU GPRO TUSK PINS QRVO RDFN SQ SVMK OLED ZIXI

Friday (Aug 2) 

• Morning: ARNC XRAY CVX XOM RACE HRC NWL MGI QSR STX  

Notable earnings reports:

• NXP Semiconductors (NASDAQ:NXPI) and Beyond Meat (NASDAQ:BYND ) on July 29;
• Apple (NASDAQ:AAPL), Merck (NYSE:MRK), Pfizer (NYSE:PFE), Procter & Gamble (NYSE:PG), Altria (NYSE:MO), Electronic Arts (NASDAQ:EA), MasterCard (NYSE:MA), Mondelez International (NASDAQ:MDLZ), AMD (NASDAQ:AMD), FireEye (NASDAQ:FEYE ), ConocoPhillips (NYSE:COP) and Under Armour (UA, UAA) on July 30;
• General Electric (NYSE:GE ), Humana (NYSE:HUM), Qualcomm (NASDAQ:QCOM), Fitbit (NYSE:FIT), Spotify (NYSE:SPOT), Western Digital (NASDAQ:WDC) and Cirrus Logic (NASDAQ:CRUS ) on July 31;
• General Motors (NYSE:GM), U.S. Steel (NYSE:X), Kraft Heinz (NASDAQ:KHC), Shopify (NYSE:SHOP), Etsy (NASDAQ:ETSY), Wayfair (NYSE:W), Yum Brands (NYSE:YUM), Square (NYSE:SQ), GoPro (NASDAQ:GPRO) and Universal Display (NASDAQ:OLED) on August 1; 
• Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), Newell Brands (NASDAQ:NWL) and Seagate Technology (NASDAQ:STX) on August 2.

=Fitbit (FIT) reported earnings on Wed 27 Feb 19 (a/h)

Fitbit beats by $0.07, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY19 revs in-line

• Reports Q4 (Dec) earnings of $0.14 per share, $0.07 better than the S&P Capital IQ Consensus of $0.07; revenues rose 0.1% year/year to $571.2 mln vs the $569.3 mln S&P Capital IQ Consensus.
  • Co sold 5.6 mln devices while average selling prices decreased 2.0% year-over-year to $100 per device
• Co issues downside guidance for Q1, sees EPS of -$0.24 to -$0.22 vs. ($0.16) S&P Capital IQ Consensus; sees Q1 revs of $250 mln to $268 mln vs. $272.34 mln S&P Capital IQ Consensus.
• Co issues in-line guidance for FY19, sees FY19 revs of $1.52 bln to $1.58 bln vs. $1.57 bln S&P Capital IQ Consensus.
  • Co expects sold device count will increase, but average selling prices will decline.

=Fitbit (FIT) reported earnings on Wed 31 Oct 2018 (a/h)

• Oct. 31: #1, 20; vol. 10M

Fitbit beats by $0.05, beats on revs; guides Q4 EPS above consensus, revs in-line

• Reports Q3 (Sep) earnings of $0.04 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of ($0.01); revenues rose 0.3% year/year to $393.6 mln vs the $381.25 mln S&P Capital IQ Consensus.
• Sold 3.5 million wearable devices. Average selling price increased 3% year-over-year to $108 per device driven by the growing mix of smartwatches.
• Co issues guidance for Q4, sees EPS of higher than $0.07 vs. $0.05 S&P Capital IQ Consensus; sees Q4 revs of higher than $560 mln vs. $569.21 mln S&P Capital IQ Consensus. "We expect gross margins to trend slightly higher from the third quarter."

=Fitbit (FIT) reported earnings on Mon 26 Feb 2018 (a/h)

Fitbit misses by $0.02, misses on revs; guides Q1 EPS below consensus, revs in-line; Guides FY18 below consensus

• Reports Q4 (Dec) loss of $0.02 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus of ($0.00); revenues fell 0.5% year/year to $570.8 mln vs the $588.11 mln Capital IQ Consensus.
• Co issues guidancefor Q1, sees EPS of ($0.21)-($0.18), excluding non-recurring items, vs. ($0.09) Capital IQ Consensus Estimate; sees Q1 revs of $240-255 mln vs. $340.34 mln Capital IQ Consensus Estimate.
  • Expect free cash flow to decline less than revenue, as receivables turn into cash receipts and less overhead is required to support the growth in inventory, and anticipate free cash flow of approximately $(25) million.
• FY18 Outlook
  • Expect device mix to continue to shift towards smartwatches over the course of the year; expect to grow Fitbit Health Solutions and increase premium subscribers, but this growth will be relatively immaterial to wearable device revenue.
  • Extrapolated the demand trend forecasted in the first quarter 2018 for the full year and expect revenue to be approximately $1.5 billion (Capital IQ consensus $1.7 bln).
  • Expect device mix shift and fixed cost deleveraging to negatively impact gross margins, partially offset by operating efficiencies.
  • Expect to drive operating expenses 7% lower, to a target of $740 million.
  • Capital expenditures as a percentage of revenue of approximately 3.5%.
  • Expect free cash flow to decline less than revenue and expect to breakeven for 2018.

=Fitbit (FIT) reported earnings on Wed 2 Nov 2016 (a/h)

Fitbit reports EPS in-line, revs in-line; guides Q4 EPS and revenue well below consensus :

• Reports Q3 (Sep) earnings of $0.19 per share, excluding non-recurring items, in-linewith the Capital IQ Consensus of $0.19; revenues rose 23.1% year/year to $503.8 mln vs the $506.6 mln Capital IQ Consensus. 
  • U.S. revenue grew 33% year-over-year; EMEA 64%, APAC (45)%, and Other Americas 7%.
  • 11% growth in unit sales, 11% rise in average selling price 60% of the activations in the quarter came from new customers buying new products, 40% from customers who made repeat purchases of new products. Of the repeat customers, ~20% were reactivations (customers who were inactive for 90 days or greater).
• Co issues downside guidance for Q4, sees EPS of $0.14-0.18, excluding non-recurring items, vs. $0.75 Capital IQ Consensus Estimate; sees Q4 revs of $725-750 mln vs. $983.31 mln Capital IQ Consensus Estimate. 
• "I am pleased to see positive reception for our new products launched in the third quarter. We are attracting new customers while our existing ones are upgrading their devices, underscoring the strength of the Fitbit brand and growing relevancy of wearables as part of consumers' everyday lives," said James Park, Fitbit co-founder and CEO. "We continue to grow and are profitable, however not at the pace previously expected. We are focused on improving the utility of our products and integrating more deeply into the healthcare ecosystem and believe we can leverage our brand and community to unlock new avenues and adjacencies of growth."

=Fitbit (FIT) reported earnings on Tue 2 Aug 2016 (a/h)

• Fitbit (FIT) pulled up 8% after reporting late Tuesday that its second-quarter sales and earnings easily topped analyst targets, although gross margins came in just below forecasts.

Ahead of a holiday season that will be important for Fitbit Inc. and the entire wearables industry, Fitbit executives implied Tuesday that new product offerings would be upgrades of existing products instead of brand-new devices.

After beating second-quarter earnings expectations Tuesday, Chief Financial Officer Bill Zerella, when asked whether yet-to-be-announced holiday offerings will be new devices or upgrades, said the latter.

“These will be upgrades of existing products, which actually will give us the strongest lineup of new and compelling devices,” Zerella told MarketWatch in an interview ahead of the company’s conference call.


Chief Executive James Park used a different term less than an hour later, during the call: “New products.”

“We have additional new products to come this year,” Park said, later adding, “Fitbit will have more new products for consumers to choose from for this year’s holiday season than we’ve ever had before.”

Fitbit (FIT) reported earnings on Mon 22 Feb 2016 (a/h)

** charts before earnings **

 

** charts after earnings **

 

** 3 days later  **

• FIT : Beat on Q4 EPS of $0.35 ($0.25 Consensus); downside guidance for Q1 EPS of $0.00-0.02 ($0.23 Consensus); numerous broker downgrades.

Fitbit (FIT) reported earnings on Mon 2 Nov 2015 (after close)

** charts before earnings **

** charts after earnings **

Fitbit beats by $0.14, beats on revs; guides Q4 above consensus; releases lockup restriction for 2.3 mln shares on November 4  :

• Reports Q3 (Sep) earnings of $0.24 per share, excluding non-recurring items,$0.14 better than the Capital IQ Consensus of $0.10; revenues rose 167.7% year/year to $409.3 mln vs the $360.17 mln Capital IQ Consensus.
  • Sold 4.8 million connected health and fitness devices
  • U.S. comprised 66% of Q3 revenue; APAC 16%, EMEA 12%, and Other Americas 6%
  • U.S. revenue grew 130% year-over-year; APAC 314%, EMEA 282%, and Other Americas 286%
  • Co issues upside guidance for Q4, sees EPS of $0.20-0.25, excluding non-recurring items, vs. $0.20 Capital IQ Consensus Estimate; sees Q4 revs of $620-650 bln vs. $592.42 mln Capital IQ Consensus Estimate. 
  • Fitbit also announces that Morgan Stanley & Co. LLC, on behalf of the underwriters of Fitbit's initial public offering in June 2015, at the request of Fitbit, has agreed torelease the lock-up restrictions for Fitbit's employees and consultants as of October 31, 2015 with respect to ~2.3 million shares, which represents up to 10% of the shares of Fitbit common stock, options, and restricted stock units held by such employees and consultants. The release will be effective on November 4, 2015.