Friday, November 9, 2012

News Recap: JPMorgan Chase & Co. (NYSE:JPM), Concur Technologies (NASDAQ:CNQR)

Shares of Concur Technologies, Inc.(NASDAQ:CNQR) fell by $2.98 or 4.60% to $61.98 in yesterday’s session as the company reported mixed results for its fiscal fourth quarter.
The provider of online expense management software posted revenue of $117.9 million up 4% sequentially and 24% year over year but falling short of Street expectation of $118.6 million.
Is CNQR a Buy After Yesterday’s fall? Find Out Here
Whereas, the Non-GAAP profits of 40 cents per share beats Street consensus of 25 cents per share.
“Driven by the investments we made over the past few years, we continue to meet or exceed our targets on key financial metrics such as revenue, non-GAAP operating margin, non-GAAP earnings and cash flow,” CEO Steve Singh said in a statement. “Just as importantly, those investments are meaningfully expanding the addressable market we can serve and driving the innovation curve in our industry. As a result, we expect revenue in fiscal 2013 to grow by 25% fueled by strong customer growth across all geographies, notably the SMB and global account market segments.”
For the first quarter of fiscal 2013 the company expects revenue up by 21% year over year and non GAAP profits of 30 cents per share. Street analyst expects profit of 25 cents per share.
For the full year the company sees revenue up 25% year over year and profits of$1.40. Street analyst expects profit of $1.13. 
JPMorgan Chase & Co.(NYSE:JPM) once among the best performing bank stocks said of receiving an approval from the Federal Reserve to start buying its own share, the plan of which was suspended back in May as the company faced a trading loss of more than $6 billion.
According to a regulatory filing the bank received the approval from FED earlier this week. The bank plans to buy back $3 billion of its stock in the first three months of next year.
Buybacks are popular as it increase the company's earnings per share for the stock still held by the public and it is also used to compensate for shares of stock that they award to employees.
Stocks of JP Morgan Chase and Co rose by 8 cents or 0.20% to $40.40.

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