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FA Notes

Market –0.78%

-Jobless claims 374K vs. 370K est., prior 372K revised to 374K

-Core PCE 0% vs. 0.1% est., 0.2% prior. 1.6% y/y vs. 1.8% y/y prior

-Kansas City Fed index 8 vs. 5 est. 5 prior

-Another SRPT trial kid talks to media about positive result Link

-Amazon’s Fuzzy Math (22% Kindle Fire market-share) Link

-Amazon starts Pennsylvania 6% state sales tax collection. California to start September 15th Link

tiburon-12-08

Source: Link

-Fed Lockhart: "not concerned of long term costs of more action" "same time I see limited benefit of more action" Fed Lockhart: no question more stimulus if 1) deterioration from this point <100K jobs/month 2) disinflation risk – deflation risk Voting member Fed Atlanta Dennis Lockhart on CNBC: "pretty clear economy growing at 2%" on more stimulus "close call really"

-China Premier Wen Jiabao after talking to Merkel "After I heard her views, it increased my confidence.. I must honestly say, the implementation of these measures won’t be completely smooth" http://reut.rs/N1j7oW

OVTI call: not easy to forecast Q3 unit numbers due to macro concerns
OVTI call: higher product costs equals lower gross margin
OVTI call: do not expect to see material reductions on manufacturing expense in the near term (lower gross margins), R&D going up too
OVTI call: strategic decision to pre-build inventory to meet strong demand
OVTI great revenue guidance $355-390M vs $269M estimate, but guides EPS down on bad margins. Stinks to negotiate with $AAPL I guess


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