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Taking into account the reaction at E3, Microsoft (MSFT) is backtracking on its "Always on" DRM scheme, with significant implications for GameStop (GME). Put simply, GameStop's business model - which was at risk in the previously announced DRM scheme, is once again viable.This is from Xbox Wire, which is now down due to heavy traffic (emphasis is mine): Last week at E3, the excitement, creativity and future of our industry was on display for a global audience. For us, the future comes in the form of Xbox One, a system designed to be the best place to play games this year and for many years to come. As is our heritage with Xbox, we designed a system that could take full advantage of advances in technology in order to deliver a breakthrough in game play and entertainment. We imagined a new set of benefits such as easier roaming,

Tesla Motors (TSLA) is expected to demonstrate battery swapping this evening and CEO Elon Musk has said that feature "works with all Tesla Model S cars, past and present"... "It was always there." Battery swapping may have always been built into the Model S, but the infrastructure for doing so was NOT available. Broadly available battery swapping is undeniably a boon for long distance trips, but the practice raises several important questions for both investors and consumers:What will be Tesla's associated build out and maintenance infrastructure costs? The company has said that build-out of solar powered charging stations will average about 300K each, but has been very short on details of maintenance costs. This is by far the most important question for investors. For the build-out of the 100 stations planned in 2013, that meant Capital Expenditure equal to 3% of the $1.08 billion that Tesla raised

China's seven day repo rate hit a record high of 12% according to Bloomberg, the biggest one-day increase since 2006. Meanwhile the overnight repo rate was quoted near 25%. The liquidity squeeze in China first began ahead of the Dragon Boat festival earlier this month. Spikes in interbank rates are common right before holidays. But Diana Choyleva at Lombard Street Research said this is symptomatic of a bigger problem. She said capital flows had "become a more important driver of domestic liquidity conditions in China's managed exchange rate system." In a new note to clients Bank of America's Ting Lu wrote: "There are many factors behind the interbank liquidity squeeze that might be cited, but we believe that the ultimate reason is the central bank’s tough stance as the PBOC can practically provide unlimited liquidity to ease every squeezeif it wishes to." So why isn't the Chinese central bank stepping in? As we previously explained the People's Bank of China seems to be in no mood to support banks' constant demand for liquidity. "It seems that the PBoC and some other regulators could be taking the opportunity of the tight funding conditions to ‘punish’ some small banks which had previously taken advantage of the stable interbank rates to finance their purchase of higher-yield bonds," wrote Lu. This also elicited some worrisome responses from some of our favorite China experts on Twitter. I hope you do realise that by now, China is on crisis watch. — Also sprach Analyst (@theanalyst_hk) June 20, 2013 SHIBOR at 25% basically means there is no functioning interbank market in China - it's like money markets seizing up post-Lehman — Patrick Chovanec (@prchovanec) June 20, 2013Join the conversation about this story »

Cinedigm Digital Cinema (CIDM) Q4 2013 Earnings Call June 19, 2013 4:30 pm ET Executives Jill Newhouse Calcaterra - Chief Marketing Officer Christopher J. McGurk - Chairman and Chief Executive Officer Adam M. Mizel - Chief Financial Officer, Chief Operating Officer and Director Analysts Joel W. Achramowicz - Merriman Capital, Inc., Research Division James Basch Kris Tuttle - Soundview Technology Group, Inc. Presentation Operator Good day ladies and gentlemen and welcome to the Cinedigm Digital Cinema Fiscal 2013 Fourth Quarter Earnings Call. [Operator Instructions] As a reminder, this webinar is being recorded. Now I'll turn the conference over to your host, Jill Calcaterra, Chief Marketing Officer. Jill Newhouse Calcaterra Good afternoon, everyone, and welcome to Cinedigm's full year and fourth quarter 2013 earnings conference call. With me today are the company's Chairman and Chief Executive Officer, Chris McGurk; and Chief Operating Officer and CFO, Adam Mizel. Before I hand the

Resolute Energy Corporation (REN) June 19, 2013 3:00 pm ET Executives Nicholas J. Sutton - Chairman and Chief Executive Officer Michael N. Stefanoudakis - Senior Vice President, General Counsel and Secretary Jeff Roedell Theodore Gazulis - Chief Financial Officer and Executive Vice President Michael David Clouatre - Vice President of Reservoir Engineering Douglas Dietrich James M. Piccone - President and Director William R. Alleman - Vice President of Land Preston Evans Analysts Noel A. Parks - Ladenburg Thalmann & Co. Inc., Research Division John Freeman - Raymond James & Associates, Inc., Research Division Presentation Nicholas J. Sutton We might as well get started. I normally don't need a microphone, but since we're broadcasting this -- we have people on the line. In order to make sure they could hear, we are going to continue to use microphones. So, bear with us if we get too noisy. Just raise your hands

Finisar (FNSR) Q4 2013 Earnings Call June 19, 2013 5:00 pm ET Executives Jerry S. Rawls - Chairman of The Board and Co-Principal Executive Officer Kurt Adzema - Chief Financial Officer, Principal Accounting Officer and Executive Vice President of Finance Eitan Gertel - Chief Executive Officer and Director Analysts William H. Choi - Janney Montgomery Scott LLC, Research Division Alexander B. Henderson - Needham & Company, LLC, Research Division Mark Sue - RBC Capital Markets, LLC, Research Division James M. Kisner - Jefferies & Company, Inc., Research Division Ehud A. Gelblum - Morgan Stanley, Research Division Troy D. Jensen - Piper Jaffray Companies, Research Division Ian Ing - Lazard Capital Markets LLC, Research Division Patrick M. Newton - Stifel, Nicolaus & Co., Inc., Research Division Dave Kang - B. Riley Caris, Research Division Georgios Kyriakopoulos Kent Schofield - Goldman Sachs Group Inc., Research Division Presentation Operator Good afternoon, ladies and

Red Hat (RHT) Q1 2014 Earnings Call June 19, 2013 5:00 pm ET Executives Tom McCallum James M. Whitehurst - Chief Executive Officer, President and Director Charles E. Peters - Chief Financial Officer and Executive Vice President Analysts Raimo Lenschow - Barclays Capital, Research Division Kash G. Rangan - BofA Merrill Lynch, Research Division Joel P. Fishbein - Lazard Capital Markets LLC, Research Division Heather Bellini - Goldman Sachs Group Inc., Research Division Mark R. Murphy - Piper Jaffray Companies, Research Division Ross MacMillan - Jefferies & Company, Inc., Research Division Steven M. Ashley - Robert W. Baird & Co. Incorporated, Research Division Keith Weiss - Morgan Stanley, Research Division Edward Maguire - Credit Agricole Securities (USA) Inc., Research Division Stewart Materne - Evercore Partners Inc., Research Division Abhey Lamba - Mizuho Securities USA Inc., Research Division Jason Maynard - Wells Fargo Securities, LLC, Research Division Tim Klasell - Northland

Brutal day for the Australian dollar. First it dived after the Fed's hawkish press conference. Then just now it's falling after that bad Chinese Flash PMI. This is the perfect storm: Weakening demand for commodities from China, and a strengthening US dollar thanks to an improving US economy and monetary tightening.Join the conversation about this story »

FactSet Research Systems (NYSE:FDS) recently reported its third quarter earnings and discussed the following topics in its earnings conference call. Buy & Sell Side ASV Shlomo Rosenbaum – Stifel Nicolaus: Peter, just doing the math and kind of backing into buy side ASV versus sell side ASV. It looks to me that the buy side ASV growth improved sequentially, first I just want to confirm with you is that correct or not correct? Peter G. Walsh – EVP and COO: I think that math is correct Shlomo. 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! Shlomo Rosenbaum – Stifel Nicolaus: Since that is correct, would you take that as an indication that we are starting to see the beginnings of a turn on the buy side in terms of hiring, what would you attribute that to or is it more of a willingness for people to buy product than we had seen before and acknowledging it’s a challenging environment, but we are seeing a little bit of change there? Philip A. Hadley – Chairman and CEO: I just want to make two points. One, I saw some research written this morning where people are using our buy side percentage and our sell side percentage and we are obviously putting out a pretty round number there, and I think the round number is definitely to sort things (slightly). But the answer to your question more specifically. I think we are definitely sitting times of hiring, but it’s not one of those things where it feels like a market of several years ago. Shlomo Rosenbaum – Stifel Nicolaus: I understand that, but just to make sure what Peter said is accurate that you have seen a step up in – growth from buy side… Philip A. Hadley – Chairman and CEO: Yes. And I would – let me make one more point. I think that the numbers right now would, at least from what I saw in some of the calculations we’ve made, the sell side seems slightly worse than it really is, and therefore making the buy side slightly better than it is. And I would also just clarify for the purposes of the metric that we produced that the sell side is really pure sell side for us and that the buy side is really buy side plus other. 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! Shlomo Rosenbaum – Stifel Nicolaus: So you are saying including like any corporate memberships through NASDAQ or anything like that? Philip A. Hadley – Chairman and CEO: Yes, including Peter mentioned some feed revenue. So it’s really buy side. Sell side is clean as in that sell side number and then the buy side is everything else. Shlomo Rosenbaum – Stifel Nicolaus: Then just in terms of the net adds, the net adds were in the customers and users just seemed to kind of weak. Is this really a continuation sort of the cadence you had had on the buy side but really being offset more on the sell side more recently? Philip A. Hadley – Chairman and CEO: Two odd quarters for us, just not the time where clients are hiring. Certainly our (fall) quarter – the first quarter for us and our third quarter fiscal quarter just tend to be choppy in nature and always have been historically. But I think as per Peter’s comment, certainly there’s still trimming happening on the sell side and slight hiring happening on the buy side. But they tend to be kind of balancing each other out at this point. As you said, the net client adds, we definitely saw quite a few firms shutdown this quarter, just light switch out or moved on, which I don’t know whether that’s just a sign of the cyclicality of this is a good time of the year to do that, but definitely one of the factors. Gross Margins Peter Appert – Piper Jaffray: Peter, you mentioned the issue in terms of gross margin in the current quarter but I’m noticing gross margins actually drifted a little bit lower over the last

Korn/Ferry International (NYSE:KFY) recently reported its fourth quarter earnings and discussed the following topics in its earnings conference call. Environment by Region Kevin McVeigh – Macquarie: Wanted to just get a sense – obviously it was a nice sequential uptick in new engagements we hadn’t seen that, in terms of strength it seems pretty encouraging. Just thoughts on the environment overall, and just if you could get specific by region, that would be helpful. 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! Gary Burnison – CEO: Well, we were encouraged us as well. When we look at the flagship business we saw very good sequential growth in almost every region, except for Europe that continues to be obviously, continues to be a challenge but we were particularly hardened by what we saw in North America in the quarter. When we just think about the organization overall, certainly Financial Services, as you all know, has been deeply, deeply challenged over the last several years. But on the other hand, for us, Life Sciences and Healthcare where I believe we’ve just got an incredible opportunity across all the businesses showed real strength in the quarter. And also we saw strength in Financial Services in North America in the quarter. Kevin McVeigh – Macquarie: Gary, has this been first sequential uptick in Financial Services since the downturn? Gary Burnison – CEO: I can’t say that off the top of my head. I wouldn’t want to call that, but it was certainly encouraging. One quarter doesn’t make a trend, but it was encouraging. Kevin McVeigh – Macquarie: Then just, if I could real quick, I mean, real nice job on the margins and that was obviously with some investment in Leadership & Talent Consulting and then, it looks like the corporate line was high too. As it normalizes, can we expect just continued margin expansion? Gary Burnison – CEO: Well, we hope so. We’ve made a number of strategic investments and acquisitions over the past two or three years. What we really haven’t done is fully integrated the support areas. The front office, we’ve gone all out, but in terms of the support areas, there is opportunity there, and that’s what Bob is driving. We’re going to continue to work at that, putting in process and systems to be able to really drive scale in the Company, and hopefully efficiency as well… Robert Rozek – EVP and CFO: One of the things, Kevin, during the quarter, this is Bob – that we, Gary and I talked about doing was putting that integration on an accelerated path. So that’s sort of the playing field that we’re going after right now. Kevin McVeigh – Macquarie: Got it. My last question, obviously there has been some rumors out there, one of your competitors potentially being acquired. Does that change the competitive landscape in terms of how you folks think about the positioning of the organization? Just any thoughts around that would be helpful. 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! Gary Burnison – CEO: No, not at all. We want to go in front of clients and broaden the conversation and really help accelerate their growth and that’s all we care about is our clients and our employees. Global Novations Frank Atkins – SunTrust: This is Frank in for Tobey. I wanted to ask about Global Novations. Can you give us any color there in terms of monthly revenue trends and kind of update how the integration and everything is going there? Gary Burnison – CEO: Well, we do – no, we’re not going to give out any monthly trends, but I’ll tell you that overall this last fiscal year we made two strategic investments; two acquisitions overall and we feel stronger today about what those are going to do for this b