initial public offerings (IPOs) trading on American exchanges

Tuesday, May 31, 2016

Marketo (MKTO) acquired by Vista Equity Partners for $35.25 in per share


SAN MATEO, Calif., May 31, 2016 /PRNewswire/ -- Marketo, Inc. (NASDAQ: MKTO), the leading provider of engagement marketing software and solutions, today announced that it has entered into a definitive agreement to be acquired by Vista Equity Partners ("Vista"), a leading private equity firm focused on investments in software, data and technology-enabled businesses.

The terms of this all-cash deal provide substantial value to Marketo shareholders. Vista will acquire all outstanding shares of Marketo common stock for a total value of approximately $1.79 billion. Marketo shareholders will receive $35.25 in cash per share, representing a 64% premium to the unaffected closing price as of May 9, 2016.

"After careful consideration and deliberation, our Board of Directors unanimously concluded that the sale of Marketo to Vista Equity Partners was in the best interest of Marketo and its shareholders," said Phil Fernandez, chairman and CEO of Marketo. "The acquisition will allow Marketo to continue to focus on customer success and to remain the independent category leader, continuing to set the agenda for product innovation and thought leadership for the entire digital marketing industry. It will also enable us to successfully deliver on the bold vision we recently set forth – to give tomorrow's marketers and the C-suite an ultra-high-scale enterprise platform for customer engagement."

"Marketo is the clear leader in the marketing automation space and has consistently delivered innovative mission critical products to its more than 4,600 customers," said Brian Sheth, co-founder and president of Vista. "Given our proven track record and focus on investing in high-growth SaaS platforms, we are thrilled to partner with Phil and the broader Marketo team to help the company accelerate innovation, growth, and excellence."

Marketo headquarters will remain in San Mateo. Closing of the deal is subject to customary closing conditions, including the approval of Marketo shareholders and antitrust approval in the United States. The transaction is expected to close in the third quarter of 2016.

Morgan Stanley is serving as financial advisor to Marketo, and Wilson Sonsini Goodrich & Rosati is serving as legal advisor to Marketo. Vista's legal advisor is Kirkland & Ellis LLP.

About Marketo
Marketo provides the leading engagement marketing software and solutions designed to help marketers develop long-term relationships with their customers - from acquisition to advocacy. Marketo is built for marketers, by marketers and is setting the innovation agenda for marketing technology. Marketo puts Marketing First. Headquartered in San Mateo, CA, with offices around the world, Marketo serves as a strategic partner to large enterprise and fast-growing small companies across a wide variety of industries. To learn more about Marketo's Engagement Marketing Platform, LaunchPoint® partner ecosystem, and the vast community that is the Marketo Marketing Nation®, visit

About Vista Equity Partners
Vista, a U.S.-based private equity firm with offices in Austin, Chicago and San Francisco, with over $24 billion in cumulative capital commitments, currently invests in software, data and technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit

Thursday, May 26, 2016

Veeva Systems (VEEV) reported earnings Thur 26 May 2016 (a/h)

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Veeva Systems beats by $0.04, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY17 EPS in-line, revs above consensus :
  • Reports Q1 (Apr) earnings of $0.15 per share, $0.04 better than the Capital IQ Consensus of $0.11; revenues rose 33.3% year/year to $119.8 mln vs the $115.52 mln Capital IQ Consensus.
  • Co issues guidance for Q2, sees EPS of $0.13 vs. $0.13 Capital IQ Consensus Estimate; sees Q2 revs of $125.5-$127.0 mln vs. $123.19 mln Capital IQ Consensus Estimate.
  • Co issues guidance for FY17, sees EPS of $0.55-$0.57 vs. $0.55 Capital IQ Consensus Estimate; sees FY17 revs of $516-$520 mln vs. $512.21 mln Capital IQ Consensus Estimate.
  • Co states, "Cash flow was also a standout in the first quarter, with the addition of more than $100 million to the balance sheet."

Wednesday, May 25, 2016

Pure Storage (PSTG) reported earnings Wed 25 May 2016 (a/h)

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Pure Storage beats by $0.01, beats on revs; guides Q2 revs in-line  :
  • Reports Q1 (Apr) loss of $0.22 per share, $0.01 better than the Capital IQ Consensus of ($0.23); revenues rose 88.8% year/year to $139.9 mln vs the $138.3 mln Capital IQ Consensus.
    • Free Cash Flow was -12.6% of revenue compared to -289.2% in prior year
    • Gross Margin 67.3% (Guidance 65-68%)
  • Operating Margin (29.4%)
  • Co issues in-line guidance for Q2, sees Q2 revs of $153-157 mln vs. $153.72 mln Capital IQ Consensus Estimate.
    • Sees Gross Margin in the range of 65-68%
    • Sees Operating Margin in the range of (30%)-(26%)

Tuesday, May 24, 2016

Long trade : NMBL (2/16, 5/16, 9/16 & 11/16)

Nimble Storage (NMBL) reported earnings Tue 24 May 2016 (a/h)

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Nimble Storage beats by $0.02, beats on revs; guides Q2 EPS in-line, revs above consensus:
  • Reports Q1 (Apr) loss of $0.24 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of ($0.26); revenues rose 21.2% year/year to $86.4 mln vs the $84.6 mln Capital IQ Consensus.
  • Co issues guidance for Q2, sees EPS of ($0.21) - ($0.19) vs. ($0.20) Capital IQ Consensus Estimate; sees Q2 revs of $93-96 mln vs. $92.75 mln Capital IQ Consensus Estimate.  Co sees Q2 Non-GAAP operating loss in the range of $16.0 to $18.0 million.
  • Non-GAAP gross margin for the first quarter of fiscal 2017 was 65.7% compared to 67.6% in the first quarter of fiscal 2016.
  • "We saw steady progress in larger deals greater than $250K, which were up 51% year-over-year, and continued growth in our customer base, which was up 48% year-over-year." 

Thursday, May 19, 2016

Cheetah Mobile (CMCM) reported earnings on Thur 5/19/16 (b/o)

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Cheetah Mobile beats by RMB0.04, beats on revs :
  • Reports Q1 (Mar) earnings of RMB 0.71 per share, excluding non-recurring items, RMB 0.04 better than the Capital IQ Consensus of RMB 0.67; revenues rose 57.2% year/year to RMB 1.12 bln vs the RMB 1.09 bln two analyst estimate.
    • Mobile monthly active users increased by 16 million quarter-over-quarter to 651 million in March 2016. Mobile MAUs from overseas markets were 79.5% of total mobile MAUs in March 2016.
    • Total global mobile user installations increased by 421 million quarter-over-quarter to 2,762 million as of March 31, 2016.
  • Co issues guidance for Q2, sees Q2 revs of RMB975-1000 mln, may not be comparable to RMB 1.39 bln two analyst estimate.

Wednesday, May 18, 2016

Oncobiologics (ONS) began trading on Nasdaq on 18 May 2016

Company Address 7 CLARKE DRIVE
Company Phone 6096193990
Company Website
CEO Pankaj Mohan
Employees (as of 3/31/2016) 89
Fiscal Year End 9/30
Status Priced (5/13/2016)
Share Price $6.00
Shares Offered 5,833,334
Offer Amount $35,000,004.00

Oncobiologics' SEC filing listed two drugs that have wrapped Phase I, putting them on the threshold of a Phase III to convince regulators that they were just as good as the originals: ONS-3010 (Humira, or adalimumab) and ONS-1045 (Avastin, or bevacizumab). Six more drugs are in preclinical development.

The biotech is unusual in many ways. The biosimilars business is dominated by global players like Novartis ($NVS), Amgen ($AMGN), Pfizer ($PFE), Boehringer Ingelheim and Samsung Bioepis, a joint venture with Biogen ($BIIB). Over the weekend Bioepis won European approval to sell its copy of Enbrel, just four years after the company was set up. Some smaller outfits like Momenta Pharmaceuticals ($MNTA), Coherus ($CHRS) and Celltrion have also been busy in the biosimilars business.

To play against those rivals, the upstart will require a hefty infusion of cash, promising investors that a small, nimble group like his can pull off an end run against the major league competition. At the end of last September, Oncobiologics counted $9.1 million in cash after burning through $94 million in development costs, with $14 million in loans due on demand. And CEO Mohan, who's listed with a controlling 53% ownership stake in the company, says that a Phase III can run anywhere from $70 million to $90 million.

The company believes that the stakes are worth the risks, citing $1.4 billion in biosimilar revenue for antibody copies for last year against projected revenue of $56 billion in 2030. But with generalist investors generally sitting out of the biotech IPO market after three years of big gains, a success here faces some tough odds.

Wednesday, May 11, 2016

Turning Point Brands (TPB) began trading on the NYSE on 11 May 2016

Turning Point Brands, Inc. provides alternative tobacco products such as snuff and smokeless products primarily in the United States. It operates through three segments: Smokeless Products, Smoking Products, and NewGen Products.
The company priced its IPO at $10 a share, selling 5.4 million shares to investors and raising $54 million, according to The price is lower than the range of $13 to $15 per share that the company said it expected. The joint managers of the offering are Cowen Group's Cowen and Company, and FBR.
  • Headquarters: Louisville, KY
  • Founded: 2004
  • Sector: Consumer Defensive
  • Industry: Tobacco
  • Full Time Employees: 289
After opening at $10, the stock closed at $10.19 on volume of nearly 2 million shares. It traded as high as $10.40 during the day and as low as $9.90.

Turning Point Brands sells tobacco and related products such as Zig-Zag rolling papers, Beech-Nut chewing tobacco, cigar products and moist snuff. The company formerly was known as North Atlantic Holding Co. Inc. Locally, it's best known for one of its subsidiaries: National Tobacco Co., which operated manufacturing and distribution facilities in Louisville until 2009.

President and CEO Lawrence Wexler and the company's management team rang the opening bell at the New York Stock Exchange this morning to commemorate the IPO.

The last Louisville company to file an IPO prior to Turning Point Brands was Bowie Resource Partners, in June 2015. Bowie owns and operates coal mines. We last heard from that company last year, when it was involved in a $358 million coal mine deal.

Tuesday, May 10, 2016

Norwegian Cruise Line (NCLH) reported earnings on Tue 10 May 2016 (b/o)

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Norwegian Cruise Line beats by $0.01, misses on revs; guides Q2 EPS below consensus; reaffirms FY16 EPS guidance :
  • Reports Q1 (Mar) earnings of $0.38 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.37; revenues rose 14.9% year/year to $1.08 bln vs the $1.1 bln Capital IQ Consensus.
  • The Company's current booked position for 2016 is on par with prior year's record levels and at higher prices. Strength in the Caribbean, Alaska, Hawaii, and other North American markets is offsetting softness in European itineraries.
  • Constant Currency Adjusted Net Yield increased 3.6% (2.5% as reported), driven primarily by solid demand in the Caribbean and strong onboard revenue. Gross Yield increased 2.4%.
  • First half of 2017 booking trends remain strong at higher prices.
  • Company remains confident in reaching previously stated targets of double-digit Adjusted ROIC in 2016, growing to 14% by 2018, and $5.00 Adjusted EPS in 2017.
  • Co issues downside guidance for Q2, sees EPS of $0.80-0.85, excluding non-recurring items, vs. $0.97 Capital IQ Consensus; adj. net yield 1.5%.
  • Co reaffirms guidance for FY16, sees EPS of $3.65-3.85, excluding non-recurring items, vs. $3.78 Capital IQ Consensus; adj. net yield 3.5%.
  • "Continued strong demand in the Caribbean, Alaska, Bermuda, and Hawaii is offsetting softness in Europe which comes mainly as a result of lower demand from North American consumers," said Wendy Beck, executive vice president and chief financial officer of Norwegian Cruise Line Holdings. "While this softness is tempering yield growth mainly in the second quarter, strong bookings and pricing in other core markets, as well as the addition of Seven Seas Explorer to our fleet, are contributing to strong yield performance in the back half of the year, keeping us on track to deliver expected earnings growth of approximately 30%."

MGM Growth Properties (MGP) began trading on the NYSE on 20 Apr 2016

MGM Growth Properties (MGP), a spin-off from MGM Resorts (MGM), which will now take ownership of nine Las Vegas resorts and three others outside of Las Vegas. Specifically, its 50 million share IPO priced at the high end of expectations at $21 and opened for trading at $22.75, good for an 8% pop.


MGM Growth Properties LLC is a real estate investment trust. The Company is a subsidiary of MGM Resorts International, a holding company, which through its subsidiaries, owns and operates casino resorts. The Company is engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. The Company's properties include approximately 24,466 hotel rooms and approximately 2.5 million convention square footage. Its properties feature over 100 retail outlets, over 200 food and beverage outlets, and approximately 20 entertainment venues.


3950 Las Vegas Blvd S
LAS VEGAS, NV 89119-1005
United States

Red Rock Resorts (RRR) began trading on the NASDAQ on 27 Apr 2016

Red Rock Resorts (RRR), a resort casino owner with heavy exposure to an improving economic backdrop in Las Vegas. The company is looking to sell 27.3 million shares within a range of $18-$21 for total gross proceeds of $531.4 million, at the mid-point. The deal, led by Deutsche Bank, JP Morgan, BofA Merrill Lynch, and Goldman Sachs, is expected to price on April 26 and open for trading on April 27.


Red Rock Resorts, Inc. is a gaming, development and management company. The Company develops and operates casino entertainment properties. The Company owns and operates over nine gaming and entertainment facilities and over 10 smaller casinos in the Las Vegas regional market. In addition, the Company manages Graton Resort in Sonoma County, California, and Gun Lake in Allegan County, Michigan. The Company's Las Vegas portfolio offers approximately 19,300 slot machines, over 300 table games and over 4,000 hotel rooms. The Company controls gaming-entitled development sites consisting of approximately 400 acres in Las Vegas and Reno, Nevada. The Las Vegas properties offer approximately 110 food and beverage venues, over 50 bars and lounges, over 270,000 square feet of convention and meeting space ranging from boardrooms to ballrooms, over 25 live entertainment venues, over 100 movie screens and over 300 bowling lanes.


1505 S Pavilion Center Dr
LAS VEGAS, NV 89135-1403
United States

Monday, May 9, 2016

Juno Therapeutics (JUNO) reported earnings on Mon 9 May 2016 (a/h)

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Juno Therapeutics misses by $0.26, beats on revs; reaffirms cash burn guidance :
  • Reports Q1 (Mar) loss of $0.78 per share, excluding non-recurring items, $0.26 worse than the Capital IQ Consensus of ($0.52); rev $9.8 mln vs. $3.2 mln consensus.
  • -- JuMP manufacturing facility operational for JCAR015 Phase II ROCKET trial
  • Reaffirm: Juno expects 2016 cash burn, excluding cash inflows or outflows from business development activities, to be between $220 million and $250 million. Operating burn estimated to be between $170 million and $195 million.