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To: Bill Harmond who wrote (55785)	5/7/2012 7:01:43 AM
From: Elroy	of 56253

SIMO looks way oversold here. Q1 revenues beat the high end of their own guidance, but I guess that wasn't enough to keep the momentum investors involved. The numbers look great now Revenues still expected to grow 20%-30% in 2012. Q2 revenues expected to be flat to up 10% Forward EPS estimates PE is ~7.5x 20% of the market cap is pure cash New product grew 20% in Q1 to 18% of revenues. The new product growth rate is expected to grow significantly in Q2. Don't ask me why they've sold it off all the way down here. $18 maybe, but $14 is ridiculous unless they are going to lower guidance at some point soon. SIMO has beaten the high end of their own revenue guidance 6 quarters in a row.

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From: Bill Harmond	5/7/2012 4:17:42 PM
	of 56253

16:08 MAKO MAKO Surgical misses by $0.08, misses on revs (41.40 +1.73) Reports Q1 (Mar) loss of $0.28 per share, $0.08 worse than the Capital IQ Consensus Estimate of ($0.20); revenues rose 50.7% year/year to $19.64 mln vs the $23.61 mln consensus. "While the first quarter is typically our slowest quarter of the year and system placements are very difficult to predict on a quarterly basis, our results this quarter were at the low end of our expectations... On the positive side, we were encouraged by the continued interest shown in our hip application and the quality and quantity of clinical data that continues to be generated that supports the clinical and economic benefit of MAKOplasty. Additionally, we are pleased to have enhanced our working capital flexibility through a credit facility arrangement with Deerfield, an acknowledged leader in health care investing... Based on the slower than expected start to the year, MAKO now anticipates selling 52 to 58 RIO systems in 2012, which compares to prior guidance of 56 to 62 RIO system sales. MAKOplasty procedure guidance remains unchanged at 11,000 to 13,000 expected procedures in 2012."

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From: Bill Harmond	5/7/2012 4:26:57 PM
	of 56253

07-May-12 16:15 ET In Play Wynn Resorts misses by $0.07, misses on revs (125.19 -2.21) : Reports Q1 (Mar) earnings of $1.33 per share, excluding non-recurring items, $0.07 worse than the Capital IQ Consensus Estimate of $1.40; revenues rose 4.2% year/year to $1.31 bln vs the $1.34 bln consensus. The revenue increase was driven by the 9.8% increase in revenues from our Macau Operations, which was offset by an 8.1% decline in our revenues in Las Vegas, due to lower hold in the 2012 quarter. Adjusted property EBITDA (1) was $390.7 mln for the first quarter of 2012, compared to $405.0 mln in the first quarter of 2011. The 23.6% decline in EBITDA in Las Vegas was primarily due to lower table games hold and was partially offset by the 6.2% increase in EBITDA from our Macau Operations. Las Vegas: Net casino revenues in the first quarter of 2012 were $157.7 mln, down 18.8% from the first quarter of 2011. Table games drop was $654.5 mln, compared to drop of $634.0 mln in the 2011 quarter and table games win percentage of 22.8% was within the property's expected range of 21% to 24% but significantly lower than the 30.4% reported in the 2011 quarter. Slot machine handle of $718.9 mln was flat with the comparable period of 2011 and net slot win was down 1.1% due to lower hold in the 2012 quarter. "We continue to work on the final project scope, timeline and budget for our Cotai project."

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From: Bill Harmond	5/7/2012 5:46:25 PM
	of 56253

17:23 WYNN Wynn Resorts on Q1 call (125.19 -2.21) -Update- Ground breaking in Cotai will happen over the next few weeks, co is finalizing discussions with contractors. Cotai will take 42-46 months to complete. Budget for the project will probably be available next quarter. Wynn will unveil more details/pictures of the property when everything is finalized, over the next few months. It will have more convention capacity than its other properties. Project will be financed by 25-40% equity, per usual. Wynn will make its Cotai property irresistible. Co would ideally hold off from disclosures as long as possible for competitive reasons (MGM, SJM). Competition is not a large issue in Macau. VIP volumes in Macau are up YoY; WYNN (and the whole area) benefited from the Cotai Central (LVS) opening. Retail in Macau is doing very well Steve Wynn notes 1Q11 Hold in Vegas was the largest he had ever seen so comps were very difficult. Occupancy in Vegas was a little light as co tried to keep its premium pricing (especially in January). Average Daily Rate (ADR) was +6.4% to $255 while occupancy fell 890 bps YoY to 79.3%; two less conventions also had an impact; RevPAR -4%... No update on Okada legal issues, or a Japanese property. WYNN is at $123.00 in the after hours.

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From: Bill Harmond	5/8/2012 11:37:35 AM
	of 56253

09:26 MAKO MAKO Surgical: Summer Street discusses MAKO disappointment; suggests investors take advantage of fire sale (41.40 ) -Update- Summer Street discusses MAKO results, reminding investors that building a business is rarely a function of linear growth and that from time to time there will be disappointments. Firm says yesterday's results are a prime example, and they expect some tempering of the momentum that drove MAKO up almost 70% this year. That said, they see MAKO reestablishing investor credibility through the remainder of 2012 and suggest investors take advantage of today's fire sale, as the current momentum will likely quickly return after MAKO again begins to meet the upper end of guidance. Assuming the market has not collapsed, they see 2Q12 results being at the high end of expectations.

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From: Bill Harmond	5/8/2012 4:12:48 PM
	of 56253

16:10 MELI MercadoLibre reports EPS in-line, revs in-line (2.92 -0.04) Reports Q1 (Mar) earnings of $0.45 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.45; revenues rose 36.1% year/year to $83.7 mln vs the $84.26 mln consensus. Items sold on MercadoLibre during the first quarter 2012 increased 38.1% to 15.0 million, while total payments transactions through MercadoPago increased 84.6% to 4.9 million. Our strong results during the first quarter of 2012 are a result of continued execution against the strategic plan we have established for the company. Shoppers increased their activity on our marketplace as we remained focused on user experience, continuing to strengthen our technology while posting visible improvements to our services. I look forward to the rest of 2012, as we keep driving innovation on top of the success of our current initiatives, with the goal of delivering sustained top and bottom line growth during 2012".

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From: Bill Harmond	5/8/2012 4:13:30 PM
	of 56253

16:10 JIVE Jive Software beats by $0.04, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY12 EPS above consensus, revs in-line (20.34 -2.33) Reports Q1 (Mar) loss of $0.09 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.13); revenues rose 16.6% year/year to $25.3 mln vs the $24.38 mln consensus. Total billings, which Jive defines as revenue plus the change in total deferred revenue, were $28.2 million for the first quarter, an increase of 52% on a year-over-year basis. Co issues in-line guidance for Q2, sees EPS of -0.11 to -0.12, excluding non-recurring items, vs. ($0.12) Capital IQ Consensus Estimate; sees Q2 revs of $26-27 mln vs. $26.17 mln Capital IQ Consensus Estimate. Co issues mixed guidance for FY12, sees EPS of -0.38 to -0.42, excluding non-recurring items, vs. ($0.43) Capital IQ Consensus Estimate; sees FY12 revs of $110-115 mln vs. $110.90 mln Capital IQ Consensus Estimate.

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To: Elroy who wrote (55788)	5/8/2012 11:41:27 PM
From: The Ox	of 56253

Based on the analysts consensus numbers, SIMO's yoy expected eps growth rate was reduced from 19% before earnings to 11% afterwards. Also, the Sept quarter's estimates were reduced from 49 cents to 47 cents. These 2 changes have people questioning their growth going forward. I believe that is why you are seeing the pronounced weakness. Even if they only grow eps at 11%, if they can make eps of $2+ next FY, a $22 to $24 price target is very reasonable. Be patient, the selling will subside at some point and, odds are, that will be a good time to consider adding to your position. The median analyst price target is $30/share. jmo TO

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To: The Ox who wrote (55796)	5/9/2012 12:22:16 AM
From: Elroy	of 56253

Based on the analysts consensus numbers, SIMO's yoy expected eps growth rate was reduced from 19% before earnings to 11% afterwards. Also, the Sept quarter's estimates were reduced from 49 cents to 47 cents. These 2 changes have people questioning their growth going forward. SIMO has blown away the EPS estimates in each of the past 6 quarters. Even in the just completed Q1, where revenues only beat consensus expectations by ~6%, EPS was 42 cents versus expectations of 32 cents. If 2012 revenues grow by ~25%, 2012 EPS is going to grow by more than 25%. Not sure where you got your 11% EPS growth number from, but it's way too low unless SIMO Is going to miss badly and lower guidance at some point this year. That may happen, but so far there's no indication of such an event. Samsung was SIMO's largest customer at 28% of revenues last year. Samsung NAND seems to be doing better than SNDK NAND, and Samsung cell phones are gaining major share, so SIMO has exposure to the share gainers in the industry. I really don't see the logic of the bear story. Revenues are way more important than EPS for a small cap growth stock like SIMO. Revenue growth slowed a bit in Q1, but the current valuation (7x forward EPS estimates) seems much too low unless SIMO is going to miss big time. I haven't sold any, just sitting around for the next quarter's results to come out....

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