Better-than-expected results came on the back of top-line growth and a fall in operating expenses. Improvement in loan and deposit balances was another positive. However, profitability and capital ratios, along with asset quality depicted mixed results.
Net income available to shareholders in the reported quarter came in at $43.7 million, up 7.6% year over year.
Performance in Detail
Webster�� total revenue increased marginally from the prior-year quarter to $222.3 million. Further, revenues surpassed the Zacks Consensus Estimate of $199.0 million.
Net interest income in the reported quarter rose 1.9% year over year to $145.8 million. The rise was mainly attributable to lower interest expenses.
However, net interest margin fell 9 basis points (bps) from the prior-year quarter to 3.23%. The decline was mainly due to a drop in yields on interest-earning assets, partially offset by decline in funding cost.
Best Income Stocks To Watch Right Now: j2 Global Inc (JCOM)
j2 Global, Inc., incorporated on December 14, 1995, is a provider of services delivered through the Internet. The Company provides cloud services to businesses of all sizes, from individuals to enterprises. The Company operates in two segments: Business Cloud Services and Digital Media. The Company's Digital Media business segment consists of the Web properties and business operations of Ziff Davis, Inc. (Ziff Davis). The Company�� cloud services and solutions include fax, voice and unified communications, email and customer relationship management, online backup, global network and operations, and customer support services. In February 2013, it acquired IGN Entertainment, Inc. On November 9, 2012, the Company acquired Ziff Davis. Effective March 18, 2013, it acquired MetroFax Inc. In April 2013, the Company acquired Backup Connect BV.
Business Cloud Services
The Company's eFax and MyFax online fax services enable users to receive faxes into their email inboxes and to send faxes via the Internet. eVoice and Onebox provides the Company's customers a virtual phone system with various available enhancements. The Company's FuseMail service provides the Company's customers email, archival and perimeter protection solutions, while Campaigner provides its customers email marketing solutions. KeepItSafe enables the Company's customers to securely backup their data and dispose of tape or other physical systems. The Company's CampaignerCRM business provides customer relationship management solutions designed to increase the Company's customers' sales and increase efficiency. The Company also generates Business Cloud Services revenues from patent licensing and sales and advertising. The Company�� Business Cloud Services and solutions are of two types: direct inward-dial number (DID) -based, which are services provided in whole or in part through a telephone number and non-DID-based, which are its other cloud services for business. As of December 31, 2012, the Company had DIDs issued! to approximately 2.1 million paying subscribers.
The Company's services allow individuals to receive and send faxes as email attachments. In addition to eFax , the Company offers online fax services under a variety of alternative brands, including MyFax , eFax Plus , eFax Pro, eFax Corporate and eFax Developer . eVoice is a virtual phone system that provides small and medium-sized businesses on-demand voice communications services, featuring a toll-free or local company DID, auto-attendant and menu tree. With these services, a subscriber can assign departmental and individual extensions that can connect to multiple United States or Canadian DIDs, including land-line and mobile phones and Internet protocol (IP) networks. These services also include advanced integrated voicemail for each extension, unifying mobile, office and other separate voicemail services and improving efficiency by delivering voicemails in both native audio format and as transcribed text. Onebox is a unified communications suite. It combines the features of many of the Company's other branded services, plus added functionality, to provide a virtual office. Onebox includes a virtual phone system, hosted email, online fax, audio conferencing and Web conferencing.
FuseMail offers hosted email, email encryption and email archival services to businesses. These solutions are hosted offsite and seamlessly integrated into a customer's existing email system. The services include hosted email, VirusSMART virus scanning, CypherSMART encryption services, SpamSMART SPAM filtering and VaultSMART / PolicySMART archiving, which delivers a secure, scalable email archiving and customizable compliance tool to correspond with a company's retention policy. Campaigner is an email marketing service that enables businesses to easily create and send personalized one-to-one email communications to subscribers and customers to build better relationships. Campaigner also helps businesses increase the size of their mailing lists, compl! y with em! ail regulations like CAN-SPAM and get more emails to more inboxes. CampaignerCRM is a cloud-based CRM solution specifically designed to help small/medium-sized businesses close more deals, reduce the sales cycle and sell larger deals. CampaignerCRM has a sales checklist capability that gives sales representatives a step-by-step plan to closing a deal. With CampaignerCRM's Social CRM capabilities, companies can seamlessly integrate a customer's latest information from Twitter, LinkedIn, and Facebook directly into their Contact profile. KeepItSafe provides managed and monitored online backup solutions for businesses, using its ISO-certified platform.
The Company's Business Cloud Services business operates multiple physical Points of Presence (POPs) worldwide, a central data center in Los Angeles and several remote disaster recovery facilities. The Company connects its POPs to its central data centers through redundant, and often times diverse, Virtual Private Networks (VPNs) using the Internet. The Company's network is designed to deliver value-added user applications, customer support and billing services for the Company's customers anywhere in the world and a local presence for its DID-based service customers from thousands of cities in 49 countries on six continents. The Company offers DIDs covering all major metropolitan areas in the United States, United Kingdom and Canada, and such other major cities as Berlin, Hong Kong, Madrid, Manila, Mexico City, Milan, Paris, Rome, Singapore, Sydney, Taipei, Tokyo and Zurich. The Company has customers located throughout the world.
The Company's Business Cloud Services customer service organization supports the Company's cloud services customers through a combination of online self-help, email communications, interactive chat sessions and telephone calls. The Company's Internet-based online self-help tools enable customers to resolve simple issues on their own, eliminating the need to speak or write to the Company's customer service re! presentat! ives. The Company's Business Cloud Services segment customer service organization provides email support seven days per week, 24 hours per day to all subscribers. Paying subscribers have access to live-operator telephone support seven days per week, 24 hours per day. Dedicated telephone support is provided for corporate customers 24 hours per day, seven days per week. Live sales and customer support services are available in nine languages, including English, Spanish, Dutch, German, French and Cantonese.
Digital Media
The Ziff Davis portfolio of Web properties, including PCMag.com, ExtremeTech.com, Geek.com, ComputerShopper.com, LogicBuy.com and Toolbox.com features reviews of technology products, technology-oriented news and commentary, professional networking tools for IT professionals and online deals and discounts for consumers. The Company generates Digital Media revenues from the sale of display advertising targeted to in-market technology buyers and from the sale of customer leads to online merchants and business-to-business leads to IT vendors. During the year ended December 31, 2012, Digital Media Web properties attracted 345 million visits and 1.1 billion page views.
PCMag is a trusted online resource for laboratory-based product reviews, technology news and buying guides. Toolbox.com is a network of online communities that allows experienced technology professionals to share collective knowledge and collaborate to resolve problems more efficiently. Toolbox.com includes professional networking tools, blogs, collaboration tools and reference guides. Geek.com is an online technology resource and community for technology enthusiasts and professionals. Its gaming site includes IGN.com and men's lifestyle site includes AskMen.com.
The Company competes with Google AdSense, DoubleClick Ad Exchange, AOL's Ad.com and Microsoft Media Network.
Advisors' Opinion:- [By Chuck Carnevale]
j2 Global Inc. (JCOM)
One company that many readers may not be familiar with is j2 Global Inc. My purpose in featuring this aggressive candidate was to offer an example of a historically pure growth technology company that appears to be morphing into a dividend growth stock. But before I show that, I offer the following slide that provides an overview of j2 Global�� business.
- [By Dave and Donald Moenning]
Internet Software & Services has been the place to be in 2013. In addition to Shutterstock (SSTK), just take a look at these constituents of this red-hot sub-industry: Pandora Media (P), Facebook (FB), j2 Global (JCOM), Yelp (YELP), CoStar Group (CSGP),LinkedIn (LNKD), etc. The list of superb stocks in the Internet Software & Services space goes on and on. Focusing on stocks in the top-performing sub-industries usually helps bullish trades, so today, let's take a closer look at Shutterstock Inc for a short-term long trade.
- [By Roberto Pedone]
Another potential earnings short-squeeze trade idea is cloud services player J2 Global (JCOM), which is set to release its numbers on Tuesday after the market close. Wall Street analysts, on average, expect J2 Global to report revenue $130.43 million on earnings of 71cents per share.
The current short interest as a percentage of the float for J2 Global is extremely high at 20.6%. That means that out of the 43.70 million shares in the tradable float, 9.01 million shares are sold short by the bears. If the bulls get the earnings news they're looking for, then shares of JCOM could easily explode higher post-earnings.
From a technical perspective, JCOM is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has been uptrending strong for the last six months, with shares moving higher from its low of $38.07 to its recent high of $56.24 a share. During that uptrend, shares of JCOM have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of JCOM within range of triggering a major breakout trade post-earnings.
If you're in the bull camp on JCOM, then I would wait until after its report and look for long-biased trades if this stock manages to break out above its 52-week high at $56.42 a share (or Tuesday's intraday high if higher) on high volume. Look for volume on that move that hits near or above its three-month average action of 292,457 shares. If that breakout hits, then JCOM will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $65 to $75 a share.
I would simply avoid JCOM or look for short-biased trades if after earnings it fails to trigger that breakout, and then drops below some key near-term support levels at $54 to $53 a share with high volume. If we get that move, then JCOM will set up to re-test or possibly take out its ne
Top 5 Quality Companies To Invest In 2014: The Bon-Ton Stores Inc.(BONT)
The Bon-Ton Stores, Inc., through its subsidiaries, operates department stores in the mid-size and metropolitan markets of the United States. Its stores offer brand-name fashion apparel and accessories for women, men, and children, as well as provide cosmetics, home furnishings, and footwear. As of November 1, 2011, the company operated 275 stores under various nameplates, including the Bon-Ton, Bergner?s, Boston Store, Carson Pirie Scott, Elder-Beerman, Herberger?s, and Younkers in 23 northeastern, midwestern, and upper Great Plains states; and under the Parisian nameplate in Detroit, Michigan. The Bon-Ton Stores, Inc. was founded in 1898 and is headquartered in York, Pennsylvania.
Advisors' Opinion:- [By Laura Brodbeck]
Tuesday
Earnings Expected: The Bon-Ton Stores, Inc (NASDAQ: BONT), American Eagle Outfitters, Inc (NYSE: AEO), Codexis, Inc. (NASDAQ: CDXS), Verifone Systems, Inc. (NYSE: PAY), Caesars Entertainment Corporation (NASDAQ: CZR) Economic Releases Expected: Indian trade balance, German trade balance, British industrial production, British manufacturing productionWednesday
- [By John Kell and Lauren Pollock var popups = dojo.query(".socialByline .popC"); ]
Bon-Ton Stores Inc.(BONT) said Chief Executive and President Brendan L. Hoffman won’t renew his deal to keep leading the retailer when his contract expires in February 2015. Mr. Hoffman, who took over as CEO in February 2012 when he was 43 years old, will also resign his role as a director on the company’s board. He cited personal reasons for his decision. Shares declined 8% to $10 premarket.
- [By Laura Brodbeck]
Notable earnings released on Tuesday included:
Caesars Entertainment Corporation (NASDAQ: CZR) reported a fourth quarter loss of $1.49 on revenue of $2.08 billion, compared to last year�� loss of $3.75 on revenue of $2.02 billion. American Eagle Outfitters, Inc (NYSE: AEO) reported fourth quarter EPS of $0.27 on revenue of $1.04 billion, compared to last year�� EPS of $0.55 on revenue of $1.12 billion. The Bon-Ton Stores, Inc.�(NASDAQ: BONT) reported fourth quarter EPS of $3.04 on revenue of $914.90 million, compared to last year�� EPS of $3.73 on revenue of $1.03 billion.Pre-Market Movers
Top 5 Quality Companies To Invest In 2014: Orbitz Worldwide Inc.(OWW)
Orbitz Worldwide, Inc. operates as an online travel company worldwide. It enables leisure and business travelers to search for and book a range of travel products and services. The company offers various products and services comprising air travel, hotels, vacation packages, car rentals, cruises, travel insurance, as well as destination services, such as ground transportation, event tickets, and tours. Its brand portfolio includes Orbitz, CheapTickets, The Away Network, and Orbitz for Business in the United States; ebookers in Europe; and HotelClub and RatesToGo internationally. Orbitz Worldwide, Inc. also licenses its technology and business services to third parties, such as airlines and hotel partners and provides them various private label solutions, including building and hosting of custom Websites and supplying content feeds to partners' Websites. The company was founded in 2000 and is headquartered in Chicago, Illinois. Orbitz Worldwide, Inc. is a subsidiary of Trav elport Limited.
Advisors' Opinion:- [By Roberto Pedone]
One under-$10 name that's starting to trend within range of triggering a near-term breakout trade is Orbitz Worldwide (OWW), an online travel company that uses innovative technology to enable leisure and business travelers to search for and book a range of travel products. This stock has been on fire so far in 2013, with shares up sharply by 263%.
If you take a look at the chart for Orbitz Worldwide, you'll notice that this stock recently gapped down and pulled back sharply from its high of $13.26 to its recent low of $9.41 a share. Shares of OWW have been finding support off that pullback and some buying interest right near its 50-day moving average of $9.57 a share. In fact, shares of OWW are spiking higher today right off that key technical level, and that spike is starting to push OWW within range of triggering a near-term breakout trade.
Traders should now look for long-biased trades in OWW if it manages to break out above some near-term overhead resistance levels at $10.15 to $10.50 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 1.33 million shares. If that breakout triggers soon, then OWW will set up to re-fill its previous gap down zone from earlier this month that started near $12 a share.
Traders can look to buy OWW off any weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support levels at $9.42 to $9.04 a share. One can also buy OWW off strength once it takes out those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.
- [By Inyoung Hwang]
Orbitz Worldwide Inc. (OWW) in August projected third-quarter revenue would be higher than analysts estimated. Orbitz, which gets 72 percent of sales from the U.S., has rallied 219 percent in 2013 and beaten estimates the last two quarters. The company is scheduled to report results for the third quarter on Nov. 5.
- [By Jeremy Bowman]
What: Shares of Orbitz Worldwide (NYSE: OWW ) were losing altitude today, falling by as much as 24% after the company released third-quarter earnings this morning.
Top 5 Quality Companies To Invest In 2014: MannKind Corporation(MNKD)
MannKind Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic products for diabetes and cancer in the United States, Europe, and Asia. Its lead product candidate, AFREZZA Inhalation Powder, an ultra rapid-acting insulin that is in Phase III clinical trials for the treatment of diabetes for the control of hyperglycemia. The company also develops MKC1106-MT, an investigational cancer immunotherapy product, which is in Phase II clinical trials for the treatment of adults with type 1 or type 2 diabetes; and MKC204, which is in preclinical development stage for the treatment of malignancies and inflammatory diseases. In addition, its products include MKC253 (GLP-1), a Phase I clinical trials product for the treatment of type 2 diabetes; MKC1106-PP, a Phase I clinical trials product for diverse tumor types, metastatic disease, and/or progressive and refractory disease; and MKC180, an obesity compound and MKC1106-NS , a cancer immunotherapy product that are in preclinical trials. MannKind Corporation was founded in 1991 and is headquartered in Valencia, California.
Advisors' Opinion:- [By Jake L'Ecuyer]
Equities Trading UP
MannKind (NASDAQ: MNKD) shares shot up 79.10 percent to $7.20 after the company confirmed that the FDA Advisory Committee recommended the approval of the company's diabetes drug AFREZZA. - [By Dan Caplinger]
Finally, MannKind (NASDAQ: MNKD ) jumped about 8%. The company is expecting to finish clinical studies in the next couple of months that could help determine the fate of its Afrezza inhalable insulin product, which MannKind wants to submit for FDA approval by the fourth quarter of 2013. Speculation about MannKind's future has driven the stock to levels it hasn't seen since early 2011, but the stock remains well off much higher levels from 2009 and 2010, as well as before the financial crisis struck.
- [By Brian Orelli]
Anticipation
MannKind's (NASDAQ: MNKD ) rise doesn't appear to be due to anything that the biotech company has done, but what investors expect the company will do in the future. Specifically, investors are anticipating the release of data this summer for its phase 3 trials testing inhaled insulin Afrezza. - [By Ben Levisohn]
A good drug is hard to find. And MannKind (MNKD) just might have found a good one.
AFPToday, the pharmaceutical company said that a trial showed its inhaled insulin helped diabetes sufferers. Bloomberg has the details:
Afrezza, a powdered form of insulin delivered through an inhaler, was more effective at controlling diabetics��blood sugar levels when combined with oral diabetes medicines compared to those drugs alone, the Valencia, California-based company said today in a statement. The results are from the last stage of testing required to get U.S. regulatory approval. If cleared for sale, the product would be the only inhaled insulin on the market, potentially replacing injections and pumps.
Cowen’s Simos Simeonidis and�Yatin Suneja, who rate MannKind Market Perform, pose two questions for investors to consider:
So, assuming it is approved, the question becomes 1) can MannKind find a partner and 2) how much would AFREZZA be used?
Griffin Securities analyst Keith Markey thinks finding a partner is a given:
The data will be submitted by early October, so approval should come by early April. In the interim, Mannkind will seek a marketing partner(s) and a deal could be struck fairly quickly, as the regulatory risk has virtually dissipated. Much will depend on the number of companies involved and the terms offered. Regardless, Mannkind has cleared a key inflection point, and it has adequate financing to get through approval.
Markey rates the stock a Buy with an $11 price target. Shares of MannKind have jumped 14% to $7.85 today. The SPDR Biotech ETF (XBI) has gained 0.7% to $119.85 today, while Alnylam Pharmaceuticals (ALNY) has gained 1% to $49.05, NPS Pharmaceuticals (NPSP) has fallen 4.1% to $23.56, and InterMune (ITMN) has risen 2.6% to $14.89.
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