Tuesday, February 5, 2019

All 129 California Technology (Caltech) Cos With Stock Market Caps Above $1 Bil Posted Huge Total Pretax Earnings Growth Deceleration During 2018

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These 129 Caltech Cos Total Pretax Income Grew By an Exceptional 31% in the First Quarter of 2018 Over the First Quarter of 2017
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These Same 129 Caltech Cos Total Pretax Income Grew By a Very Robust But Decelerated 22% in the Second Quarter of 2018 Over the Second Quarter of 2017
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These Same  129 Caltech Cos Total Pretax Income Grew By a Robust But Even More Decelerated 19% in the Third Quarter of 2018 Over the Third Quarter of 2017
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And Given How the World Economy is Slowing Down, Coupled With the Continued and Even Accelerating Diminished Status of the US in the Past Two Years in Many Parts of the World,  These Same 129 Caltech Cos Huge Total Pretax Income Growth Deceleration Should Continue Unabated at the Same Troubling, Declining Pace in the Current Fourth Quarter of 2018 vs the Fourth Quarter of 2017
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 The Preliminary December 2018 Quarter Operating Results Points to Caltech Cos Total Pretax Earnings Growth Going Off the Cliff ...... Like Thelma and Louise.  Of the 129 Caltech Cos, 91 of Them Have December 2018 Quarter Ends.  And of These 91, 37 of Them Have Released Their December 2018 Quarter Earnings Through Yesterday, February 4, 2019, Including All of the Big Ones.  These 37 Caltech Cos Reported Total Pretax Earnings Growth of a Robust 16% in Their September 2018 Quarter.  So What Happened in the Most Recent December 2018 Quarter?  Well, These Same 37 Caltech Cos Reported a Total Pretax Earnings Decline of 2% in the December 2018 Quarter, Pointing To a Substantial Deterioration of US Economic Dominance in the World Order.
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From a review of company SEC filings and of MSN Money individual company common stock information, I found 129 California Technology (Caltech) Companies with stock market caps sometime in 2018 of more than $1 Bil.

My Focus is on Pretax Income rather than on After-Tax Net Income because Corporate 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 US SEC filings, the chart below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the Calendar September 2018 and 2017 Quarter Ends (September, October and November), for the Calendar June 2018 and 2017 Quarter Ends (June, July and August) and for the Calendar March 2018 and 2017 Quarter Ends (March, April and May) for the 129 Caltech Companies which had stock markets caps of above $1 Bil sometime in 2018.

US US US US US US
GAAP GAAP GAAP GAAP GAAP GAAP
Pretax Pretax Pretax Pretax Pretax Pretax
Income Income Income Income Income Income
(Loss) (Loss) (Loss) (Loss) (Loss) (Loss)
Most Sept Sept June June Mar Mar
Recent Oct Oct July July Apr Apr
Audited or Nov or Nov Better or Aug or Aug Better or May or May Better
FYE 2018 2017 (Worse) 2018 2017 (Worse) 2018 2017 (Worse)
California Technology Cos Fincl Quarter Quarter % Quarter Quarter % Quarter Quarter %
Stock Market Caps Above $1 Bil Sts End End  Change End End  Change End End  Change
mils $ mils $ mils $ mils $ mils $ mils $
Apple Sep 18       16,421       13,917 18%     13,284     11,308 17%     16,168     14,684 10%
Alphabet Dec 17       10,083         7,979 26%       4,215       4,377 -4%     10,543       6,819 55%
Intel Dec 17         7,142         5,930 20%       5,529       4,572 21%       5,011       3,815 31%
Facebook Dec 17         5,912         5,236 13%       5,868       4,488 31%       5,610       3,408 65%
Cisco Systems July 18         3,909         2,962 32%       3,592       3,180 13%       3,253       3,191 2%
Visa Sep 18         3,538         3,099 14%       2,812       2,914 -4%       3,217       2,702 19%
Oracle May 18         2,774         2,826 -2%       2,540       2,500 2%       4,141       3,760 10%
Broadcom Ltd Oct 18         1,422            645 120%       1,229          548 124%       1,099          365 201%
NVIDIA Jan 18         1,081            896 21%       1,180          684 73%       1,311          536 145%
HP Inc Oct 18         1,007            848 19%       1,018          899 13%            83          754 -89%
Applied Materials Oct 18            998         1,074 -7%       1,239          978 27%       1,295          908 43%
eBay Dec 17            948            694 37%          707          462 53%          547          558 -2%
Adobe Systems Nov 17            699            643 9%          701          541 30%          691          493 40%
Lam Research June 18            591            688 -14%          958          603 59%          772          531 45%
Western Digital June 18            583            710 -18%          729          415 76%        (128)          304 -142%
Hewlett Packard Enterprises Oct 18            576           (301) NM          465          125 272%        (116)          113 -203%
PayPal Holdings Dec 17            533            451 18%          609          447 36%          548          438 25%
Seagate Technology June 18            468            188 149%          466          120 288%          393          212 85%
KLA-Tencor June 18            428            336 27%          406          325 25%          366          319 15%
Netflix Dec 17            379            116 227%          429            14 2964%          300          224 34%
VMWare Jan 18            345            413 -16%          772          494 56%       1,175          281 318%
NetApp Apr 18            293            222 32%          272          145 88%          303          248 22%
Electronic Arts Mar 18            276             (38) NM          319          749 -57%          754          716 5%
Check Point Software Dec 17            243            237 3%          240          233 3%          228          221 3%
Xilinx Mar 18            239            194 23%          213          171 25%          186          171 9%
Maxim Integrated Products June 18            234            181 29%          224          196 14%          222          170 31%
Arista Networks Dec 17            189            142 33%          163          117 39%          143            74 93%
Synnex Nov 18            162            141 15%            96          114 -16%          106          116 -9%
Juniper Networks Dec 17            152            226 -33%          151          245 -38%            41          141 -71%
Salesforce.com Jan 18            128            146 -12%          231            63 267%          385          (10) NM
Activision Blizzard Dec 17            121            220 -45%          408          293 39%          567          453 25%
Advanced Micro Devices Dec 17            114              83 37%          122          (39) NM            89          (28) NM
Cadence Design Systems Dec 17            100              87 15%            90            77 17%            78            74 5%
Teledyne Technologies Dec 17            100              82 22%          104            76 37%            82            41 100%
Aerojet Rocketdyne Dec 17              88              19            47            36            19              9
Twitter Dec 17              87             (18)            66        (113)            64          (58)
Fair Isaac Sep 18              72              54            42            35            41            33
Fortinet Dec 17              71              38            51            33            37              8
Logitech Intl Mar 18              70              60            33            32            39            38
Veeva Systems Jan 18              68              44            56            41            46            39
Cypress Semiconductor Dec 17              56              18            33          (12)            14          (38)
Synopsys Oct 18              52            100            72          113          119            62
CoreLogic Dec 17              43              43            76            60            28            19
Stamps,com Dec 17              43              35            46            41            49            34
Mellanox Technologies Ltd Dec 17              41                6            16            (6)            11          (14)
SMART Global Holdings Aug 18              39              24            33            (6)            37            11
Integrated Device Technology Mar 18              37              19            34            16            25            28
Symantec Mar 18              28             (69)          (73)        (134)          (61)        (248)
Trade Desk Dec 17              22              16            25            18              9              1
Square Inc Dec 17              21             (17)            (5)          (15)          (24)          (15)
Qualys Dec 17              19              12            12              9            10              8
Power Integrations Dec 17              19              17            17            15            15            13
NextGen Health Care Mar 18              15              11              3              6          (20)              6
Yelp Dec 17              14                8            11              8            (2)            (4)
Oclaro June 18              13              33              9            30            11            39
AutoDesk Jan 18              12           (111)          (23)        (126)          (64)        (121)
Ellie Mae Dec 17              12              19              7            18            (5)              5
Stitch Fix July 18              12              19              9            (3)            10            (9)
OSI Systems June 18              11              15            (1)              6              3            19
Semtech Jan 18              11              17            31            17            (5)            16
Zynga Dec 17              10              23              1              8              9            (7)
FormFactor Dec 17                9              14            11            19              2              6
ServiceNow Dec 17                7             (20)          (41)          (58)            (7)          (23)
Appfolio Dec 17                6                4              8              3              4              1
Synaptics Inc June 18                4             (23)          (14)            16          (18)            11
Quad Inc Jan 18                4                1              3            (0)              3            (2)
Ceva Dec 17                3                7            (2)              3            (2)              5
Guidewire Software July 18                2             (31)            57            44          (28)            (3)
Imperva Dec 17                2                0            (3)            (4)          (10)            24
Glu Mobile Dec 17               (0)             (13)            (4)          (24)            (7)          (23)
Five9 Dec 17               (1)                1            (2)            (4)            (1)            (5)
Alteryx Dec 17               (2)               (3)          (11)            (8)            (5)            (6)
Cornerstone On Demand Dec 17               (2)             (14)          (11)          (21)          (16)          (16)
Ultra Clean Holdings Dec 17               (2)              23            22            23            27            19
Electronics For Imaging Dec 17               (2)                4              8              4            (6)              4
Blackline Dec 17               (4)             (12)            (8)            (9)            (7)            (8)
Dropbox Dec 17               (6)             (14)            (3)          (26)        (464)          (33)
TrueCar Dec 17               (6)               (9)            (7)            (8)            (9)            (7)
Finisar Apr 18               (7)                5          (22)            22          (30)            35
Zscaler July 18               (7)             (11)            (7)          (13)            (8)            (7)
Upwork Dec 17               (7)               (0)  N/A   N/A   N/A   N/A 
New Relic Mar 18               (8)             (15)            (5)          (16)            (7)          (15)
Ambarella Jan 18               (8)              15            (6)              6            (9)              3
Extreme Networks June 18               (8)                6            (7)            14          (12)            (4)
ForeScout Technologies Dec 17               (8)               (1)          (20)          (18)          (27)          (26)
Quotient Technology Dec 17               (8)             (11)            (4)            (5)          (11)            (3)
Talend SA Dec 17               (9)               (3)            (9)            (8)          (10)            (7)
RingCentral Dec 17               (9)                0            (8)            (2)            (3)            (2)
Viavi Solutions June 18             (10)               (6)          (18)            18            (8)            30
Roku Inc Dec 17             (10)             (46)              0          (15)            (6)            (9)
Coupa Software Jan 18             (12)             (11)          (13)          (14)          (15)          (10)
Chegg Dec 17             (13)             (11)            (3)            (5)            (2)            (6)
Intuit July 18             (14)             (37)          (74)          (10)       1,617       1,439
Rambus Inc Dec 17             (15)              14          (16)              5          (39)            10
Maxlinear Dec 17             (16)             (15)            (3)          (19)            (0)            10
MindBody Dec 17             (17)               (4)          (17)            (4)            (4)            (4)
Zuora Jan 18             (18)             (10)          (19)          (15)          (19)            (8)
Fitbit Dec 17             (21)             (27)          (95)          (63)          (81)          (90)
8X8 Mar 18             (21)               (4)          (15)            (3)          (13)            (3)
Inphi Corp Dec 17             (23)             (59)          (28)          (15)          (31)          (11)
Xperi Dec 17             (24)             (17)          (32)          (13)          (36)          (46)
Cloudera Jan 18             (25)             (56)          (33)          (63)          (50)        (222)
Twilio Dec 17             (27)             (23)          (24)            (7)          (24)          (14)
Elastic NV Apr 18             (27)               (7)          (10)          (18)  N/A   N/A 
Okta Jan 18             (30)             (34)          (40)          (26)          (26)          (27)
Pure Storage Jan 18             (30)             (28)          (59)          (58)          (63)          (56)
Hortonworks Dec 17             (31)             (45)          (40)          (56)          (42)          (55)
Pivotal Software Jan 18             (34)             (39)          (35)          (36)          (33)          (48)
Eventbrite Dec 17             (36)             (12)  N/A   N/A   N/A   N/A 
Proofpoint Dec 17             (36)             (19)          (34)          (22)          (26)          (19)
Zendesk Dec 17             (36)             (26)          (36)          (27)          (33)          (25)
Anaplan Jan 18             (37)             (11)  N/A   N/A   N/A   N/A 
LiveRamp Holdings Mar 18             (38)             (38)          (29)          (40)              2          (11)
Box Inc Jan 18             (40)             (43)          (38)          (39)          (36)          (40)
Palo Alto Networks July 18             (42)             (55)              8          (31)          (50)          (53)
Marvell Technology Jan 18             (44)            156          (23)          132          132          105
FireEye Dec 17             (48)             (68)          (71)          (67)          (71)          (76)
Splunk Jan 18             (54)             (30)        (103)          (78)        (120)        (114)
DocuSign Jan 18             (59)             (14)          (35)          (12)        (270)          (20)
Pandora Media Dec 17             (64)             (66)          (99)        (275)        (132)        (132)
Nutanix July 18             (98)             (59)          (65)          (83)          (87)          (94)
SVMK Inc Dec 17           (102)             (12)          (13)          (13)          (14)            (3)
Shutterfly Dec 17           (102)             (42)          (39)          (38)          (42)          (56)
SunPower Dec 17           (110)             (76)        (481)        (107)        (145)        (235)
Workday Jan 18           (156)             (84)          (87)          (81)          (75)          (62)
Atlassian Corp June 18           (240)             (20)          (22)          (32)            (8)          (23)
Snap Dec 17           (325)           (455)        (352)        (443)        (384)     (2,212)
QUALCOMM Sep 18           (775)            434          956          858          358          857
Concentrix CVG Dec 17  N/A   N/A             22            46            30            45
Total all 129 California Tech Cos       60,246       50,603 19%     50,786     41,676 22%     59,341     45,261 31%




And from a review of US SEC filings, the chart below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the December 2018 and 2017 Quarter Ends, for the September 2018 and 2017 Quarter Ends, for the June 2018 and 2017 Quarter Ends and for the March 2018 and 2017 Quarter Ends for the 37 Caltech Companies which have released their December 2018 Quarter Earnings by February 4, 2019 and which had stock markets caps of above $1 Bil sometime in 2018.
US US US US US US US US
GAAP GAAP GAAP GAAP GAAP GAAP GAAP GAAP
Pretax Pretax Pretax Pretax Pretax Pretax Pretax Pretax
Income Income Income Income Income Income Income Income
(Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) Better
California Tech Cos Dec 18 Dec 17 Sep 18 Sep 17 Jun 18 Jun 17 Mar 18 Mar 17 (Worse)
December 2018 Quarter Earnings Quarter Quarter % Quarter Quarter % Quarter Quarter % Quarter Quarter %
Released By February 4, 2019 End End  Change End End  Change End End  Change End End  Change
mils $ mils $ mils $ mils $ mils $ mils $ mils $ mils $
Apple     23,906     27,030 -12%     16,421     13,917 18%     13,284     11,308 17%     16,168     14,684 10%
Alphabet     10,072       8,018 26%     10,083       7,979 26%       4,215       4,377 -4%     10,543       6,819 55%
Facebook       7,971       7,462 7%       5,912       5,236 13%       5,868       4,488 31%       5,610       3,408 65%
Intel       5,635       6,035 -7%       7,142       5,930 20%       5,529       4,572 21%       5,011       3,815 31%
Visa       3,630       3,239 12%       3,538       3,099 14%       2,812       2,914 -4%       3,217       2,702 19%
PayPal Holdings          686          864 -21%          533          451 18%          609          447 36%          548          438 25%
Lam Research          660          734 -10%          591          688 -14%          958          603 59%          772          531 45%
QUALCOMM          559          (60) NM        (775)          434 NM          956          858 11%          358          857 -58%
eBay          516          561 -8%          948          694 37%          707          462 53%          547          558 -2%
KLA-Tencor          416          347 20%          428          336 27%          406          325 25%          366          319 15%
Seagate Technology          398          371 7%          468          188 149%          466          120 288%          393          212 85%
Check Point Software          267          280 -5%          243          237 3%          240          233 3%          228          221 3%
Xilinx          257          167 54%          239          194 23%          213          171 25%          186          171 9%
Juniper Networks          188          200 -6%          152          226 -33%          151          245 -38%            41          141 -71%
Maxim Integrated Products          183          198 -8%          234          181 29%          224          196 14%          222          170 31%
Logitech Intl          122          101 21%            70            60 17%            33            32 3%            39            38 3%
Align Technologies          120          114 5%          125          101 24%          114            85 34%            99            62 60%
Netflix          119          131 -9%          379          116 227%          429            14 2964%          300          224 34%
Teledyne Technologies          107            88 22%          100            82 22%          104            76 37%            82            41 100%
Symantec            97          705            28          (69)          (73)        (134)          (61)        (248)
Western Digital            81          774          583          710          729          415        (128)          304
Mellanox Technologies Ltd            44            (8)            41              6            16            (6)            11          (14)
Fair Isaac            37            31            72            54            42            35            41            33
Atlassian Corp            27          (12)        (240)          (20)          (22)          (32)            (8)          (23)
OSI Systems            26            13            11            15            (1)              6              3            19
Integrated Device Technology            17            33            37            19            34            16            25            28
NextGen Health Care              5              3            15            11              3              6          (20)              6
Advanced Micro Devices              3          (31)          114            83          122          (39)            89          (28)
ServiceNow              2          (13)              7          (20)          (41)          (58)            (7)          (23)
Extreme Networks              2          (34)            (8)              6            (7)            14          (12)            (4)
Electronics For Imaging              1              0            (2)              4              8              4            (6)              4
Rambus Inc            (0)            12          (15)            14          (16)              5          (39)            10
Glu Mobile            (1)          (39)            (0)          (13)            (4)          (24)            (7)          (23)
Proofpoint          (20)          (20)          (36)          (19)          (34)          (22)          (26)          (19)
Inphi Corp          (21)          (12)          (23)          (59)          (28)          (15)          (31)          (11)
8X8          (24)          (18)          (21)            (4)          (15)            (3)          (13)            (3)
Cypress Semiconductor          (64)          (37)            56            18            33          (12)            14          (38)
Total all 37 Caltech Cos     56,024     57,227 -2%     47,450     40,885 16%     38,063     31,683 20%     44,555     35,381 26%









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