From a review of US SEC filings, there were 193 Companies effectively headquartered in the San Francisco Bay/Silicon Valley
Area in Northern California with stock market caps of more than $1 Bil recently.
The 102 Technology Cos generated Total Pretax Income growth of an
impressive 24% in the First Six Months of 2018, a nice acceleration from their similar
earnings growth of 22% experienced in Annual Fiscal Year Ended 2017.
The huge number of 56 Technology Software & Services Cos
posted Total Pretax Income growth of a superb 31% in the First Six Months of
2018, a slight acceleration from their 30% growth in the Annual Fiscal Year
Ended 2017.
The 25 Semiconductor Cos posted Total Pretax Earnings growth in
the First Six Months of 2018 of 40%, a huge earnings growth deceleration
from their blistering 85% growth in Annual Fiscal Year Ended 2017.
The giant Apple posted Total Pretax Earnings growth of 13% in
the First Six Months of 2018, substantially higher than its 4% earnings growth
experienced in its Annual Fiscal Year Ended September 2017.
The 20 Other Technology Manufacturing Cos generated Total Pretax
Income growth of 3% in the First Six Months of 2018, a slight improvement
from their 0% earnings change in their Fiscal Years Ended 2017.
The 2 Oil & Gas Cos posted Total Pretax Income growth of a
blistering 128% in the First Half of 2018.
Now to the Complete Disaster ….. the 89 Non-Technology and Non-Oil
& Gas Cos. They experienced a Total
Pretax Income drop of a massive 30% in the First Six Months of 2018, which was
even substantially worse than the 17% earnings decline they experienced in
their Annual Fiscal Years 2017. The
people impacted here have to be really disappointed with the Trump
Administration and the Republicans serving in the US
Congress.
Nearly all Republicans, a high percentage of
Independents and even many perceptive Democrats all agree as a starting point
that for US capitalism to work properly, Companies must generate in the
aggregate reasonably healthy profits.
This clearly didn’t even come close to happening
in either the First Half of 2018 or in Annual 2017 in the Non-Technology and Non-Oil
& Gas Sectors in Northern California.
My Focus is on Pretax Income Rather Than on After-Tax Net Income
Because Income Taxes are Simply a Transfer of Financial Wealth Between US
Corporations and the US Federal, US State and Foreign Governments. It Has
Nothing Whatsoever to do with Company Operating Performance.
From a review of SEC filings, the chart below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the First Six Months of 2018 and 2017 for these 193 San Francisco Bay Area/Silicon Valley Companies.
From a review of SEC filings, the chart below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the First Six Months of 2018 and 2017 for these 193 San Francisco Bay Area/Silicon Valley Companies.
| US | US | ||
| GAAP | GAAP | ||
| Pretax | Pretax | ||
| Income | Income | ||
| (Loss) | (Loss) | ||
| California Companies | 6 Months | 6 Months | |
| San Francisco Bay Area/Silicon Valley | June | June | Better |
| Market Caps Above $1 Bil | July | July | (Worse) |
| Releasing August 2018 | or Aug | or Aug | % |
| Qtr Earnings By 10-15-18 | 2018 | 2017 | Change |
| mils $ | mils $ | ||
| Technology Cos | |||
| Software & Services Cos | |||
| Alphabet | 14,758 | 11,196 | 32% |
| 11,478 | 7,896 | 45% | |
| Oracle | 6,681 | 6,260 | 7% |
| Visa | 6,029 | 5,616 | 7% |
| VMWare | 1,947 | 775 | 151% |
| Intuit | 1,543 | 1,429 | 8% |
| Adobe Systems | 1,392 | 1,034 | 35% |
| eBay | 1,254 | 1,020 | 23% |
| PayPal Holdings | 1,157 | 885 | 31% |
| Electronic Arts | 1,073 | 1,465 | -27% |
| Netflix | 729 | 238 | 206% |
| Salesforce.com | 616 | 53 | 1062% |
| Check Point Software | 468 | 454 | 3% |
| Synopsys | 191 | 175 | 9% |
| Cadence Design Systems | 168 | 151 | 11% |
| 130 | (171) | 176% | |
| Veeva Systems | 102 | 80 | 28% |
| Fair Isaac | 83 | 68 | 22% |
| Guideware Software | 29 | 41 | -29% |
| Qualys | 21 | 17 | 23% |
| Stitch Fix | 19 | (12) | 258% |
| Zynga | 11 | 2 | 506% |
| Yelp Inc | 9 | 4 | |
| Ellie Mae | 4 | 23 | |
| Five9 Inc | (3) | (9) | |
| Chegg Inc | (6) | (11) | |
| LiveRamp Holdings | (6) | (20) | |
| Roku | (6) | (24) | |
| RingCentral | (11) | (4) | |
| New Relic | (12) | (31) | |
| Imperva | (14) | 20 | |
| Zscaler | (15) | (20) | |
| Quotient Technology | (16) | (8) | |
| Talend SA | (19) | (15) | |
| Coupa Software | (28) | (24) | |
| Square Inc | (29) | (30) | |
| Atlassian Corp | (30) | (55) | |
| Zuora | (39) | (23) | |
| Twilio | (48) | (21) | |
| ServiceNow | (48) | (81) | |
| Proofpoint | (60) | (41) | |
| Okta Inc | (66) | (53) | |
| Zendesk | (68) | (52) | |
| Pivotal Software | (68) | (84) | |
| Box Inc | (74) | (79) | |
| Shutterfly | (81) | (93) | |
| Hortonworks | (82) | (110) | |
| Cloudera | (82) | (285) | |
| AutoDesk | (87) | (248) | |
| Symantec | (134) | (382) | |
| Workday | (162) | (143) | |
| Nutanix | (170) | (159) | |
| Splunk | (223) | (192) | |
| Pandora Media | (231) | (407) | 43% |
| DocuSign | (305) | (31) | -884% |
| Dropbox | (467) | (59) | -692% |
| Total all 56 Software & Services Cos | 47,203 | 35,925 | 31% |
| Semiconductor Cos | |||
| Intel | 10,540 | 8,387 | 26% |
| Applied Materials | 2,534 | 1,886 | 34% |
| NVIDIA | 2,491 | 1,220 | 104% |
| Broadcom Ltd | 2,328 | 913 | 155% |
| Lam Research | 1,730 | 1,134 | 53% |
| KLA-Tencor | 772 | 644 | 20% |
| Maxim Integrated Products | 446 | 366 | 22% |
| Xilinx | 399 | 342 | 17% |
| Advanced Micro Devices | 211 | (67) | 415% |
| Marvell Technology | 109 | 236 | -54% |
| SMART Global Holdings | 70 | 5 | 1300% |
| Integrated Device Technology | 59 | 44 | 34% |
| Monolithic Power Systems | 50 | 31 | 61% |
| Cypress Semiconductor | 47 | (50) | 194% |
| Power Integrations | 31 | 28 | 11% |
| Mellanox Technologies Ltd | 28 | (19) | 242% |
| Oclaro | 20 | 69 | -71% |
| OSI Systems | 6 | 38 | |
| Ambarella | (15) | 8 | |
| Viavi Solutions | (26) | 48 | |
| Synaptics Inc | (32) | 27 | |
| Finisar | (52) | 57 | |
| Rambus Inc | (55) | 15 | |
| Inphi Corp | (60) | (25) | |
| SunPower | (626) | (342) | |
| Total all 25 Semiconductor Cos | 21,005 | 14,995 | 40% |
| Apple | 29,452 | 25,992 | 13% |
| Other Tech Manufacturing Cos | |||
| Cisco Systems | 6,845 | 6,371 | 7% |
| HP Inc | 1,101 | 1,653 | -33% |
| Seagate Technology | 859 | 332 | 159% |
| Western Digital | 601 | 719 | -16% |
| NetApp | 575 | 393 | 46% |
| Hewlett Packard Enterprises | 349 | 238 | 47% |
| Juniper Networks | 192 | 386 | -50% |
| Coherent | 184 | 154 | 19% |
| Fortinet | 88 | 41 | 115% |
| Logitech Intl | 72 | 70 | 3% |
| Lumentum Holdings | 31 | (72) | 143% |
| Omnicell Inc | 4 | (20) | |
| Electronics For Imaging | 3 | 8 | |
| Extreme Networks | (19) | 10 | |
| Palo Alto Networks | (42) | (84) | |
| ForeScout Technologies | (47) | (44) | |
| Arista Networks | (99) | 191 | -152% |
| Pure Storage | (122) | (114) | |
| FireEye | (142) | (143) | |
| Fitbit | (176) | (153) | |
| Total all 20 Other Tech Manufacturing Cos | 10,257 | 9,937 | 3% |
| Total all 102 Technology Cos | 107,917 | 86,849 | 24% |
| Oil&Gas Cos | |||
| Chevron | 9,978 | 5,082 | 96% |
| United States Oil Fund LP | 424 | (512) | 183% |
| Total 2 Oil&Gas Cos | 10,402 | 4,570 | 128% |
| Non-Tech and Non-Oil&Gas Cos | |||
| Wells Fargo | 13,820 | 15,997 | -14% |
| Gilead Sciences | 4,119 | 7,732 | -47% |
| Charles Schwab | 2,133 | 1,752 | 22% |
| Bio-Rad Labs | 1,204 | 21 | 5633% |
| Franklin Resources | 1,080 | 1,272 | -15% |
| Ross Stores | 1,060 | 1,009 | 5% |
| Nektar Therapeutics | 879 | (124) | 809% |
| Prologis | 788 | 533 | 48% |
| The Gap | 607 | 677 | -10% |
| SVB Financial Group | 606 | 363 | 67% |
| Intuitive Surgical | 586 | 472 | 24% |
| Clorox | 548 | 542 | 1% |
| First Republic Bank | 498 | 434 | 15% |
| Agilent Technologies | 469 | 384 | 22% |
| Robert Half Intl | 285 | 256 | 11% |
| Align Technologies | 213 | 147 | 45% |
| Exelixis | 206 | 35 | 489% |
| Digital Realty Trust | 203 | 169 | 20% |
| Essex Property Trust | 203 | 264 | -23% |
| Synnex | 202 | 230 | -12% |
| Keysight Technologies | 196 | (3) | 6633% |
| Jazz Pharmaceuticals | 195 | 257 | -24% |
| Varian Medical | 188 | 179 | 5% |
| Dolby Laboratories | 187 | 162 | 15% |
| Flex Ltd | 158 | 245 | -36% |
| Equinix | 154 | 110 | 40% |
| Trimble | 146 | 128 | 14% |
| Cooper Cos | 144 | 218 | -34% |
| Trinet Group | 139 | 97 | 43% |
| Williams-Sonoma | 138 | 144 | -5% |
| Corporate Capital Trust | 111 | 122 | -9% |
| Central Garden & Pet | 110 | 108 | 2% |
| RH | 104 | (8) | 1468% |
| Simpson Manufacturing | 93 | 76 | 22% |
| Innoviva | 87 | 52 | 67% |
| Redwood Trust | 87 | 85 | 2% |
| Sanmina | 83 | 119 | -30% |
| NMI Holdings | 59 | 16 | 269% |
| Hercules Capital | 58 | 27 | 115% |
| TPG RE Finance Trust | 51 | 48 | 6% |
| Exponent | 47 | 40 | 18% |
| Westamerica Bancorp | 45 | 42 | 7% |
| Four Corners Property Trust | 44 | 33 | 33% |
| Corcept Therapeutics | 42 | 17 | 147% |
| Textainer Group Holdings Ltd | 41 | (13) | 415% |
| McGrath RentCorp | 40 | 32 | 25% |
| Fox Factory Holding | 39 | 29 | 33% |
| Tereno Realty | 30 | 22 | 36% |
| SJW Group | 18 | 38 | -53% |
| Core-Mark Holding | 14 | 12 | 13% |
| Penumbra | 12 | (3) | 500% |
| California Water Service Group | 10 | 20 | -50% |
| NetGear | 7 | 44 | |
| Genomic Health | 5 | (2) | |
| Pattern Energy Group | (3) | (3) | |
| Intersect ENT | (10) | (9) | |
| Natus Medical | (11) | (6) | |
| Granite Construction | (17) | (12) | |
| Allakos | (18) | (10) | |
| iRhythm | (23) | (11) | |
| Ultragenyx | (23) | (141) | |
| CytomX Therapeutics | (26) | (33) | |
| Nevro | (28) | (26) | |
| 8X8 Inc | (28) | (6) | |
| Tivo Corp | (34) | (30) | |
| MyoKardia | (36) | (30) | |
| Sangamo Therapeutics | (37) | (29) | |
| Tricida | (46) | (10) | |
| Infinera | (49) | (84) | |
| Audentes Therapeutics | (57) | (41) | |
| Iovance Biotherapeutics | (58) | (44) | |
| Zogenix | (59) | (43) | |
| Fibrogen | (64) | (63) | |
| Revance Therapeutics | (69) | (54) | |
| Dynavax Technologies | (78) | (45) | |
| Denali Therapeutics | (79) | (43) | |
| Biomarin Pharmaceuticals | (80) | (70) | |
| Global Blood Therapeutics | (82) | (47) | |
| Heron Therapeutics | (91) | (93) | |
| Lending Club | (92) | (55) | |
| Atara Biotherapeutics | (92) | (53) | |
| Aimmune Therapeutics | (103) | (58) | |
| Myovant Sciences Ltd | (111) | (44) | |
| Theravance Biopharma | (113) | (126) | |
| Sunrun | (150) | (133) | |
| Portola Pharmaceuticals | (191) | (111) | |
| PG&E Corp | (1,077) | 1,232 | -187% |
| McKesson | (1,088) | 5,132 | -121% |
| Tesla | (1,508) | (758) | -99% |
| Total 89 Non-Tech and Non-Oil & Gas Cos | 26,959 | 38,700 | -30% |
| Total all 193 San Francisco Bay/Silicon Valley Cos | 145,277 | 130,119 | 11.6% |
