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Jabil Circuit (JBL) Q3 2013 Earnings Call June 19, 2013 4:30 pm ET Executives Beth A. Walters - Senior Vice President of Communications & Investor Relations Forbes I. J. Alexander - Chief Financial Officer and Principal Accounting Officer Mark T. Mondello - Chief Executive Officer and Director Analysts Steven Bryant Fox - Cross Research LLC Amitabh Passi - UBS Investment Bank, Research Division Matthew Sheerin - Stifel, Nicolaus & Co., Inc., Research Division Amit Daryanani - RBC Capital Markets, LLC, Research Division Brian G. Alexander - Raymond James & Associates, Inc., Research Division Jim Suva - Citigroup Inc, Research Division Sherri Scribner - Deutsche Bank AG, Research Division Shawn M. Harrison - Longbow Research LLC Wamsi Mohan - BofA Merrill Lynch, Research Division Presentation Operator Ladies and gentlemen, thank you for standing by and welcome to the Jabil's Third Quarter Fiscal Year 2013 Earnings Conference Call. [Operator Instructions] I would

Shares of Nokia (NYSE:NOK) jumped more than 4 percent in late afternoon hours. According to a report from the WSJ, Microsoft (NASDAQ:MSFT) was recently in advanced talks to purchase Nokia’s device business. However, the talks failed and are not expected to restart. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! BlackBerry (NASDAQ:BBRY) shares plunged 4.4 percent on Wednesday, but edged slightly higher in late afternoon trading. Bernstein downgraded the company to a Sell, and said it “believes the company’s earnings will peak in the first quarter and there is significant risk of a miss in the second half.” NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Despite a broad market selloff, shares of Google (NASDAQ:GOOG) closed flat on Wednesday. Google’s head of mergers & acquisitions, Don Harrison, said that the search-engine giant is acquiring companies at a rate of one every two weeks, and could be looking to forge an alliance with a private-equity firm. The firm would ideally provide needed financing or advice on how best a company could be restructured after being acquired, according to Bloomberg. “There are opportunities,” Harrison said. “At some point I think you’ll see a transaction.” NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Apple (NASDAQ:AAPL) shares fell 2 percent on Wednesday and continued to attract attention in late afternoon hours. It appears that the beta version of iOS 7 already has the latent ability to fully integrate LinkedIn (NYSE:LNKD) into Apple’s new mobile operating system. According to 9to5Mac, Apple user Hamza Sood discovered bits of LinkedIn coding and text strings that indicate that Apple may later unveil the iOS 7 integration with LinkedIn. Currently the coding is missing some key parts that keep the feature from becoming active. However, it appears to have a single sign-on system similar to what is already available for Facebook (NASDAQ:FB). NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Don’t Miss: The FOMC: We Can’t Taper QE Yet, Economy Slower Than Expected in 2013 Follow Eric on Twitter (@Mr_Eric_WSCS) Read the original article from Wall St. Cheat Sheet

JPMorgan Chase & Co. (NYSE:JPM): Current price $53.55 Bank of America Corporation has recruited Anwar Zakkour away from JPMorgan to be co-chief of global telecommunications, media and technology investment banking, said a memo obtained by Bloomberg. Zakkour will stay based in New York, and will report to the global head of investment banking, Christian Meissner, according to the memo, the contents of which were affirmed by a Bank of America spokesperson. His co-chief will be Chet Bozdog, who is presently head of global tech investment banking. Data compiled by Bloomberg indicate that Bank of America lags JPMorgan and Goldman Sachs Group in advising on mergers and acquisitions. Are these stocks a buy or sell? Let us help you decide. Wells Fargo & Co. (NYSE:WFC): Current price $40.66 As it continues to back its Global Financial Institution customers, Wells Fargo’s International Group, which forms a part of Wells Fargo & Co., is commemorating the 25th anniversary of its Overseas Bankers Training Program. Through this program, Wells Fargo invites select bankers from its GFI customers to San Francisco and supplies education and training in topics among which are credit analysis, risk management, cross sell and trends in international banking. The 2013 participants came from banks throughout Asia, including China, Hong Kong, India, Indonesia, Japan, Laos, Malaysia, Philippines and Taiwan. Are these stocks a buy or sell? Let us help you decide. MasterCard Incorporated (NYSE:MA): Current price $586.37 On Wednesday, MasterCard announced the naming of Gilberto Caldart as president of its Latin America and Caribbean business, effective August 1st. Caldart presently heads the firm’s GeoSouth Division, comprised of Argentina, Bolivia, Brazil, Chile, Paraguay, Peru, and Uruguay, for MasterCard LAC, and will report to President Ann Cairns of MasterCard’s International Markets. He takes the place of Richard Hartzell, who will assume a new role as the chief of MasterCard’s business with merchants and acquirers across its international markets. Are these stocks a buy or sell? Let us help you decide. American International Group (NYSE:AIG): Current price $44.81 Following an analyst meeting with Chief Executive Peter Hancock of AIG’s property-casualty division, Deutsche Bank upgraded its price target from $52 to $56, according to a note to investors on Tuesday by analyst Joshua Shanker. The analyst is “more confident” that AIG is ahead of schedule on its plan to boost margins in its property-casualty unit after meeting with Hancock, and also predicted that the firm will begin paying a dividend of 17 cents per share in the third quarter. Are these stocks a buy or sell? Let us help you decide. Check out our Stock Picker Newsletter now. Don’t Miss: Did Bank of America Purposely Delay Applications for Mortgage Aid? Read the original article from Wall St. Cheat Sheet

Guess when the Fed issued its post-meeting statement? “Information received since the Federal Open Market Committee met in May suggests that economic activity has been expanding at a moderate pace,” the U.S. Federal Reserve announced on Wednesday. The sentiment began a statement released after the conclusion of a two-day policy meeting, at which policy was left unchanged, as expected by most economists. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! The markets may have not been expecting anything different, but the reaction was still visceral. Equities have grown addicted to accomodative monetary policy and QE. Everybody knows that the ride will have to end eventually, and Chairman Ben Bernanke has begun making noises indicating that the time will be soon. So where do the Fed board members think we’re heading? Here are Fed projections and highlights from the post-meeting press conference. Gross Domestic Product Real GDP is expected to increase between 2.3 and 2.6 percent this year and accelerate through 2014. The longer run trend is slightly weaker — at between 2.3 and 2.5 percent — but reflects what seems like more reasonable growth expectations. Given current conditions, it would take a miracle to sustain 3.0 percent or higher economic growth in the long term. Par for the course, Bernanke cited fiscal policy has a substantial headwind to overall economic growth: “Going forward, the economic outcomes that the Committee sees as most likely involve continuing gains in labor markets, supported by moderate growth that picks up over the next several quarters as the near-term restraint from fiscal policy and other headwinds diminishes.” NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Source: Federal Open Market Committee projections Employment Unemployment expectations are still underwhelming, with forecasts showing near-full employment — currently ballparked at between 5 and 6 percent — only in the longer run. In his opening statement to the June 19 press conference, Bernanke commented that private payrolls were increasing at an average of about 200,000 per month. “However, at 7.6 percent, the unemployment rate remains elevated, as do rates of underemployment and long-term unemployment,” Bernanke commented. “Overall, the Committee believes the downside risks to the outlook for the economy and the labor market have diminished since the fall, but we will continue to evaluate economic conditions and risks as they evolve.” NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Source: Federal Open Market Committee projections Inflation Fed board members are looking for PCE inflation to trend between 0.8 and 1.2 percent in 2013 before picking up steam. In 2014, expectations land in a range between 1.4 and 2.0 percent, the upper bound being the bank’s long-term target. To recap, the Fed set a 2.5 percent “threshold” (emphasis apparently necessary after Bernanke’s last press conference) as a criteria for a shift in interest rate guidance. Bernanke commented: “As I have noted frequently, the phrase “at least as long” in the Committee’s interest rate guidance is important; the economic conditions we have set out as preceding any future rate increase are thresholds, not triggers. For example, assuming that inflation is near our objective at that time, as expected, a decline in the unemployment rate to 6-1/2 percent would not lead automatically to an increase in the federal funds rate target, but rather would indicate only that it was appropriate for the Committee to consider whether the broader economic outlook justified such an increase.” NEW! Discover a new stock idea each week for less than

Hewlett-Packard (NYSE:HPQ) has named Todd Bradley, head of its printing and personal computer business, to the newly created position of executive vice president of strategic growth initiatives. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! In the new position, Bradley will work with Chief Executive Officer Meg Whitman on improving relations with China, as well as channel partner relations. He has also been charged with the task of helping Whitman form partnerships with early-stage companies that can help fuel HP’s own growth, according to The Wall Street Journal. “There’s nothing more important to H-P than our channel partners and the future of our business in China,” said Ms. Whitman. “I’ve asked Todd to use his expertise to focus on these areas. I’ve also asked him to study the landscape of small companies and startups that could partner with H-P to spur growth.” Some are choosing to see Bradley’s new job a demotion, which is made all the more intriguing by the fact that Bradley had been mentioned on the short list of candidates that Carl Icahn wanted to run Dell (NASDAQ:DELL), should he outbid Michael Dell and prevent him from taking the struggling company private. Dion Weisler, HP’s Asia-region executive, will move into Bradley’s job. Additionally Weisler, who has 23 years of experience in the information technology industry, will become a member of the company’s executive board. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! HP is in the middle of a transformation. The company has had three CEOs since 2010 and unveiled a huge reorganization plan to fold its printing business into its PC-making personal systems group. Clearly Asia is a crucial target for all tech companies, but it may be most important for HP, which made a huge misstep, or rather, failed to take a step at all, when it sat on the sidelines while the tablet and smartphone industries took off. But Asia’s huge growth potential gives HP an opportunity to rectify that. Nearly half the population in China is without Internet. If Bradley can find a way to tap into that group, he can reestablish his name as a leading CEO-candidate. Investing Insights: Is Sony a Buy at These Prices? Read the original article from Wall St. Cheat Sheet

Facebook (NASDAQ:FB): Reportedly, Facebook CEO Mark Zuckerberg asked Samsung (SSNLF.PK) for a Facebook phone while visiting Korea, although it seems Samsung isn’t as enthusiastic about the idea. ”Samsung doesn’t want to help nurture a second Google,” a source said, adding that Google (NASDAQ:GOOG) is now a formidable rival for Samsung in the handset business. Facebook also lacks the “kind of premium image that Samsung is seeking to carve out,” the Korea Herald adds. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! LinkedIn (NYSE:LNKD): LinkedIn looks like it’s in position to join Facebook and Twitter with a single sign-on system, revealed by code from the iOS 7 beta release. What’s unclear is Apple’s (NASDAQ:AAPL) intentions for LinkedIn — certain pieces of code that are critical for use in iOS 7 are missing, and the code might disappear after internal testing, according to 9to5 Mac. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Yelp (NYSE:YELP): Yelp faces a renewed challenge from fellow local-content generator Google (NASDAQ:GOOG), which is implementing an interactive ‘carousel’ of local businesses when PC searches are made for local info. “And you can zoom in on the map that appears below the carousel to restrict your search to only places in a specific area,” Google boasted. Investors don’t appear concerned, as Yelp shares are up over 4.3 percent. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Don’t Miss: Would a Samsung Partnership Appease Facebook Investors? Read the original article from Wall St. Cheat Sheet

Eli Lilly and Company (NYSE:LLY): Closing price $51.37 United States regulators are examining the injectable form of the antipsychotic Zyprexa, subsequent to the deaths of two patients, three to four days after receiving the drug. The two patients were given intramuscular injections of Zyprexa Relprevv and were later discovered to have very high levels of the drug in their systems. An FDA statement on Wednesday indicated that such levels may cause delirium, cardiac arrest and arrhythmias, and coma or loss of consciousness. However, the  agency is not pronouncing the deaths the result of overdoses, and said that the patients had not been given an inappropriate amount of the drug. Lilly spokesman Morry Smulevitz commented via email that “based on the information available to us, we are unable to conclude whether the two deaths were related to administration of Zyprexa Relprevv. However, we are continuing to evaluate this important safety issue and will communicate any clinically significant safety information that affects the product.” Are these stocks a buy or sell? Let us help you decide. Sarepta Therapeutics (NASDAQ:SRPT): Closing price $39.78 The RNA-based therapeutics developer announced on Wednesday updated data from Study 202, which is a Phase IIb open-label extension evaluation of eteplirsen in patients suffering with Duchenne muscular dystrophy. Results at 84 weeks indicated a continued stabilization of walking ability in eteplirsen-treated patients evaluated on the 6-minute walk test. Study 202 attained its primary endpoint of increased novel dystrophin, as assessed by muscle biopsy at Week 48 and is currently in the long-term extension phase in which patients continue to be followed for safety and clinical outcomes. Eteplirsen is Sarepta’s top exon-skipping compound in development for the treatment of patients having DMD with a genotype amenable to skipping of exon 51. Are these stocks a buy or sell? Let us help you decide. Teva Pharmaceutical Industries (NYSE:TEVA): Closing price $39.30 Resolving an investor class-action lawsuit filed in Tel Aviv, which contended that the firm violated Israeli and United States rules for over a decade, Teva agreed to publish its individual executives’ compensation. The generic drugmaker will start releasing details for each of its top managers, beginning with its 2013 annual financial report, according to an e-mailed statement. Shareholders Sharon Hannes and Ehud Kamar believe that Teva’s decision could lead to increased transparency among other firms with shares traded in both Israel and abroad, which followed the company’s example when it ceased the publication of individual pay. Are these stocks a buy or sell? Let us help you decide. Bristol-Myers Squibb Company (NYSE: BMY): Closing price $46.05 On Wednesday, the company said that its board has elected Dinesh C. Paliwal to become a member, effective July 1st. Paliwal will serve as a member of the Committee on Directors and Corporate Governance. He was born and raised in India, and at this time, is the chairman, president and chief executive officer of Harman International Industries. Before joining Harman, he spent 22 years with ABB Group, which is in power and automation technologies with operations in  about 100 countries. It was at ABB that he last held the dual role of president, Global Markets and Technologies of ABB, and chairman and chief executive officer of ABB North America. Are these stocks a buy or sell? Let us help you decide. Check out our Stock Picker Newsletter now. Don’t Miss: Will This Ad Convince Americans of Obamacare’s Benefits? Read the original article from Wall St. Cheat Sheet

Global economic bellwether FedEx (FDX) reported earnings today and provided us with a pretty good overview of the state of things. Here are some key pieces of the report: FedEx is revising its earnings guidance practices to focus on full fiscal year projections with quarterly updates. For fiscal 2014, the company projects earnings per share growth of 7% to 13% from fiscal 2013 adjusted results. This assumes the current market outlook for fuel prices, U.S. GDP growth of 2.3% and world GDP growth of 2.7%. Capital spending for fiscal 2014 is expected to be approximately $4 billion. 'We remain focused on improving margins and returns in all of our businesses. The pace of that improvement is expected to be moderate in fiscal 2014 and then accelerate in fiscal 2015,' said Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer. 'Our profit improvement program is progressing,

We now have Federal Reserve Chairman Ben Bernanke's press conference behind us, and we will be pulling it apart for nuances and insights for days. What I expected going into this presser was this: Bernanke will attempt to detail how exactly the data flow is supportive of scaling back asset purchases in the next few months (I believe the Fed prefers September) while at the same time disassociating asset purchases from interest rate policy. Of course, Bernanke did not say September. But I think he made clear that assuming the Fed's forecasts hold, it sees that asset purchases will be gradually reduced beginning later this year with the expectation that the Fed will draw QE to a close by the middle of next year. He confirmed my suspicion that although the Fed sees the fiscal sector as a drag on overall growth, it does not believe it has harmed

Petroleo Brasileiro – Petrobras (NYSE:PBR): Closing price $14.75 The Brazilian government-run oil company announced late on Tuesday that it might partner with China Petroleum & Chemical Corp. (Sinopec) so as to construct a much-needed refinery that would help to lower heavy imports of gasoline and diesel. Petrobras and Sinopec have signed a letter of intent through which to evaluate a possible joint venture to build the Premium 1 refinery in the northeastern Brazilian state of Maranhao. On June 10th, Petrobras reported a similar joint-venture study to build the Premium 2 refinery in nearby Ceara state, with the GS Energy Corp. Are these stocks a buy or sell? Let us help you decide. Check out our Stock Picker Newsletter now. Imperial Oil (AMEX:IMO): Closing price $39.60 On Wednesday, the Canadian integrated energy firm announced that it will convert its crude-oil refinery in Dartmouth, Nova Scotia, into a terminal operation, having failed to find a buyer that would be willing to operate the refinery. In May 2012, the company began shopping the refinery around, explaining that competition in the area had caused lower-than-anticipated financial returns from the operation. In its statement, Imperial Oil said that the failure to find a buyer shows “the challenges of operating a refinery of Dartmouth’s scale in the competitive conditions of the Atlantic Basin market.” The firm expects to post an after-tax charge of as much as $274 million in the second quarter linked with the conversion. Are these stocks a buy or sell? Let us help you decide. Check out our Stock Picker Newsletter now. Statoil (NYSE:STO): Closing price $21.85 According to Reuters, Statoil has reiterated that it is set to reach an output of 2.5 million barrels of oil equivalent per day in the fiscal year 2020, and that it potentially could surpass that amount. The firm’s production guidance for fiscal year 2013 also remains firm and should be lower than in the previous period, in which  Statoil produced 2,004 million barrels of energy equivalent. Are these stocks a buy or sell? Let us help you decide. Check out our Stock Picker Newsletter now. PetroQuest Energy (NYSE:PQ): Closing price $4.50 PetroQuest reported on Wednesday that it will acquire certain shallow water Gulf of Mexico producing properties for roughly $193 million in cash. The transactions will be effective as of January 1, 2013, and should close in July, subject to the usual closing conditions. Are these stocks a buy or sell? Let us help you decide. Check out our Stock Picker Newsletter now. Don’t Miss: Citigroup’s Unusual Problem: How to Incur More Taxes. Read the original article from Wall St. Cheat Sheet