Sunday, June 23, 2019

The 119 Largest San Francisco/Silicon Valley Area Non-Technology Cos Suffered Total Pretax Income Declines of 37% in the Fourth Quarter 2018 and of 1% in the First Quarter 2019, After Posting an Increase of 17% in the Third Quarter 2018

Democratic Presidential Candidate Pete Buttigieg Will Be Making Many Stops in the Key San Francisco/Silicon Valley Area, Especially Since California Has So Many Forward-Thinking Progressives and is also one of the 12 Super Tuesday US States Holding Their 2020 Democratic Presidential Early Primary on March 3, 2020.  Thus as an Introduction, I Think It Might Be Helpful to Research Just How the San Francisco/Silicon Valley Area Non-Technology Companies Have Performed on the Pretax Earnings Front in the Most Recent Three Quarters.
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From a review of SEC filings and Google Finance, I found 119 San Francisco/Silicon Valley Area Non-Technology with stock markets caps of above $1 bil sometime since the beginning of 2018 and which have reported their earnings for all of the three most recent quarters to the SEC.

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 SEC filings, the chart below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the First Quarter of both 2019 and 2018 (February, March or April Quarter Ends), for the Fourth Quarter of both 2018 and 2017 and for the Third Quarter of both 2018 and 2017 for each of these 119 San Francisco/Silicon Valley Area Non-Technology Companies.

US US US US US US
  GAAP GAAP GAAP GAAP GAAP GAAP
  Pretax Pretax Pretax Pretax Pretax Pretax
San Fran/Silicon Valley Area Income Income Income Income Income Income
Largest Non-Technology Cos (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)
With February, March or April Quarter Ends   First First Fourth Fourth Third Third
Reporting 1Q 2019, 4Q 2018 and 3Q 2018 Earnings California Quarter Quarter Quarter Quarter Quarter Quarter
Market Caps Above $1 Bil City HQs 2019 2018 2018 2017 2018 2017
mils $ mils $ mils $ mils $ mils $ mils $
 
Wells Fargo San Francisco       6,848       6,701       7,120       4,599       7,598       6,781
Chevron San Ramon       3,957       5,073       4,898       1,481       5,699       2,658
Gilead Sciences Foster City       2,350       2,033       1,016       2,126       2,664       3,671
Charles Schwab San Francisco       1,264       1,002       1,210          953       1,219          945
Bio-Rad Laboratories Hercules       1,127          864     (1,047)            46          350            31
Ross Stores Dublin          542          542          547          592          444          441
Franklin Resources San Mateo          493          633          346          652          483          658
SVB Financial Group Santa Clara          399          282          380          260          377          251
Prologis San Francisco          387          409          709          351          389          931
The Gap San Francisco          302          219          365          383          350          364
Intuitive Surgical Sunnyvale          280          290          359          341          335          291
First Republic Bank San Francisco          268          246          287          237          266          242
Clorox Oakland          240          242          224          227          268          279
Agilent Technologies Santa Clara          218          227          248          233          244          226
Keysight Technologies Inc Santa Rosa          193            83          120          (23)        (584)            30
Levi Strauss San Francisco          182          149          135          139          140          117
Equinix Redwood City          160            80          136            94          143            82
Robert Half Intl Menlo Park          147          135          155          129          152          132
Cooper Companies Pleasanton          128            54            93            75          113            97
Essex Property Trust San Mateo          126            97          124          110            86            85
Digital Realty Trust San Francisco          125          113            47            80            93            15
SYNNEX Corp Fremont          120            93          162          141            96          114
Jazz Pharmaceuticals plc Palo Alto          114            65          165          119          169            65
Varian Medical Systems Palo Alto          113            96          137          123          142          105
Dolby Laboratories San Francisco          110            88            74            97            42            26
Exelixis Inc Alameda            91          118          116            39          129            85
TriNet Group Inc San Leandro            83            67            42            44            60            58
Align Technology San Jose            81            99          120          114          125          101
Trimble Sunnyvale            75            67            68            49            64            72
Williams-Sonoma San Francisco            72            65          199          199            92          110
Sanmina Corp San Jose            69            42            63            11              9            40
Hercules Capital Palo Alto            62              6          (17)            18            36            33
Redwood Trust Inc Mill Valley            55            52            (2)            26            46            41
Central Garden & Pet Co Walnut Creek            54            57              2            12              5              6
PG&E Corp San Francisco            52          496     (9,634)          226          582          713
Innoviva Brisbane            49            30            73            59            50            24
RH Corte Madera            48            33            50            18            28            19
NMI Holdings Emeryville            39            27            45            17            32            19
Simpson Manufacturing Pleasanton            29            33            22            24            61            45
TPG Real Estate Finance Trust San Francisco            29            25            29            25            27            21
Westamerica Bancorporation San Rafael            25            22            26            27            21            21
McGrath Rent Livermore            24            19            32            24            33            27
Exponent Inc Menlo Park            23            22            22            21            24            22
Fox Factory Holding Corp Scotts Valley            21            15            22            15            31            20
Corcept Therapeutics Inc Menlo Park            20            21            26            22            24            14
Four Corners Property Trust Mill Valley            18            16            21            18            18            19
Textainer Group Holdings Ltd San Francisco            18            21            14            20              2            15
Terreno Realty Corp San Francisco            16            10            23            11            10            21
NetGear San Jose            15              1            19              7            22            11
Genomic Health Inc Redwood City            13            (4)              9              2            13            (2)
Penumbra Alameda            12              4              7              3          (21)              1
SJW Group San Jose              8              1            11            26            20            33
Nanometrics Milpitas              4            21            12            19            14              8
Core-Mark Holding Co Inc South San Francisco              2            (2)            15            (6)            31            22
Veracyte South San Francisco            (2)            (9)            (3)            (8)            (4)            (7)
Extreme Networks San Jose            (5)          (12)              2          (34)            (8)              6
Codexis Redwood City            (5)            (5)            (0)              1            (2)          (10)
California Water Service Group San Jose            (8)            (1)            15            15            34            34
iRhythm Technologies San Francisco            (8)          (11)          (15)          (11)          (10)            (7)
CareDx Brisbane            (8)            (9)            (4)          (33)          (20)          (14)
eHealth Santa Clara            (9)            (7)            42            21          (15)          (15)
Geron Menlo Park          (10)            (7)            (7)            (7)            (6)            (7)
Intersect ENT Menlo Park          (11)            (6)            (5)            (3)            (8)            (4)
Eidos Therapeutics San Francisco          (12)            (9)          (10)            (5)          (10)            (3)
Vocera Communications San Jose          (12)            (5)            (1)              0            (0)              2
CytomX Therapeutics South San Francisco          (14)          (14)          (23)              0          (21)          (10)
Gritstone Oncology Emeryville          (18)          (13)          (17)          (17)          (19)            (9)
Alector South San Francisco          (19)            (8)          (17)          (10)          (15)          (10)
Unity Biotechnology Brisbane          (19)          (16)          (22)          (13)          (18)          (12)
Avaya Holdings Santa Clara          (19)        (139)            12            11          (43)            54
Cerus Concord          (19)          (14)          (16)          (12)          (14)          (13)
Allakos San Carlos          (20)            (8)          (15)            (7)          (11)            (7)
Coherus Biosciences Redwood City          (20)          (44)          (63)          (49)          (59)          (59)
TiVo Corp San Jose          (20)          (15)        (287)            (6)          (18)          (13)
Prothena South San Francisco          (21)          (49)          (22)          (47)          (24)          (54)
e.l.f. Beauty Oakland          (21)              1            11            13              5              7
CymaBay Therapeutics Newark          (23)          (17)          (19)            (5)          (19)            (8)
GoPro San Mateo          (24)          (79)            33          (63)          (25)              4
Guardant Health Redwood City          (25)          (15)          (24)          (29)          (22)          (24)
Fluidigm South San Francisco          (25)          (14)          (15)          (10)          (16)          (17)
Twist Bioscience San Francisco          (26)          (17)          (23)          (17)          (17)          (20)
Pacific Biosciences of California Menlo Park          (30)          (24)          (31)          (21)          (25)          (22)
Allogene Therapeutics South San Francisco          (32)            (3)          (31)              0          (43)              0
Natera San Carlos          (34)          (33)          (32)          (47)          (30)          (28)
Zogenix Emeryville          (35)          (30)          (22)          (40)          (42)          (43)
Revance Therapeutics Newark          (35)          (35)          (38)          (36)          (33)          (31)
Flex Ltd San Jose          (36)            16          (32)          141          109          218
MyoKardia South San Francisco          (37)          (18)          (16)          (10)          (16)          (17)
Iovance Biotherapeutics San Carlos          (37)          (27)          (33)          (26)          (34)          (22)
Tricida South San Francisco          (38)          (21)          (28)          (21)          (29)          (11)
Invitae Corp San Francisco          (38)          (36)          (33)          (36)          (32)          (32)
Denali Therapeutics South San Francisco          (39)          (24)            78          (23)          (35)          (22)
Granite Construction Watsonville          (40)          (14)            13            47            68            69
Dynavax Technologies Berkeley          (40)          (39)          (40)          (27)          (41)          (22)
Natus Medical Inc Pleasanton          (40)            (5)          (18)              3            (4)              9
Arlo Technologies San Jose          (41)            (5)          (39)              3          (13)              6
Pattern Energy Group San Francisco          (42)            (6)            (4)          (16)          (29)          (52)
Sangamo Therapeutics Richmond          (42)          (20)          (19)          (13)          (13)          (12)
Plantronics Santa Cruz          (43)            27          (50)            32        (108)            25
Nevro Corp Redwood City          (44)          (17)          (10)            (4)          (11)            (6)
FibroGen San Francisco          (45)          (41)            21          (34)          (42)          (24)
Global Blood Therapeutics South San Francisco          (49)          (42)          (49)          (41)          (43)          (29)
Audentes Therapeutics San Francisco          (49)          (26)          (36)          (27)          (36)          (25)
Biomarin Pharmaceutical Novato          (53)          (51)          (43)            55          (19)          (21)
Aimmune Therapeutics Brisbane          (54)          (49)          (57)          (41)          (52)          (32)
Dermira Menlo Park          (65)          (59)          (72)          (56)          (67)        (179)
Atara Biotherapeutics South San Francisco          (66)          (41)          (80)            35          (58)          (31)
Theravance Biopharma Inc South San Francisco          (73)          (65)          (53)          (80)          (60)          (66)
Myovant Sciences Ltd Brisbane          (75)          (49)          (71)          (42)          (66)          (30)
Portola Pharmaceuticals South San Francisco          (78)          (85)          (89)          (92)          (71)          (83)
Lumentum Holdings Milpitas          (83)              3            18            96            53              4
Bloom Energy San Jose          (88)          (22)        (103)          (72)          (83)          (76)
Sunrun San Francisco          (90)          (83)          (47)          (74)          (54)          (68)
Ultragenyx Pharmaceuticals Novato          (97)            30          (88)          (98)          (87)          (79)
Nektar Therapeutics San Francisco        (119)          (96)        (100)          (34)          (97)            61
Infinera Corp Sunnyvale        (121)          (27)        (130)          (75)          (32)          (37)
Shutterfly Inc Redwood City        (123)          (42)          243          171        (102)          (42)
McKesson San Francisco        (633)     (1,094)          650          697          587          178
Tesla Motors Palo Alto        (645)        (779)          232        (780)          271        (671)
Total all 119 Largest Non-Technology Cos     17,546     17,726       8,713     13,744     22,062     18,797
Total Pretax Income % Change From Prior Year's Qtr -1% -37% 17%






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