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Cognex (CGNX) Robert J. Willett on Q1 2016 Results - Earnings Call Transcript

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Currently at this time, all participants are in a listen-only mode. Later, we will conduct the question-and-answer session and instructions will follow at that time. Also, as a reminder, this conference call is being recorded. I would now like to turn the call over to your host to Richard Morin. Thank you, and good evening, everyone. Earlier today, we issued a news release announcing Cognex's earnings for the first quarter of 2016, and we've also filed our quarterly report on Form 10-Q. For those of you who have not yet seen these materials, both are available on our website at www.cognex.com. They contain highly detailed information about our financial results. During tonight's call, we may use a non-GAAP financial measure, if we believe it is useful to investors, or if we believe it will help investors better understand our results or business trends. For your reference, you can see a reconciliation of certain items from GAAP to non-GAAP in Exhibit 2 of the earnings release. I'd like to emphasize that any forward-looking statements we made in the earnings release or any that we may make during this call are based upon information that we believe to be true as of today. Things often change and actual results may differ materially from those projected or anticipated. You should refer to the company's SEC filings, including our most recent Form 10-K, for a detailed list of these risk factors. Now, I'll turn the call over to Cognex's Chairman, Dr. Bob Shillman.


Hacker who stole from banks ordered to pay 7 million

Engadget

The feds' computer experts identified a server that contains 10,000 bank account details pilfered from 5,200 computers, 160 of which belongs to NASA. Besides stealing money himself, Kuzmin also rented out the Gozi virus to other hackers for 500 a week. He earned 250,000 from that particular venture. However, Kuzmin helped authorities out with other investigations while he was in jail for 37 months back in 2011. While the DOJ didn't release the details of how he contributed, it's clear whatever he did worked: he didn't get additional jail time.


Algorithms and architecture for job recommendations

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In this article, we'll describe the evolution of our recommendation engine, from the initial minimum viable product (MVP) built with Apache Mahout, to a hybrid offline online pipeline. We'll explore the impact these changes have had on product metrics and how we've addressed challenges by using incremental modifications to algorithms, system architecture, and model format. To close, we'll review some related lessons in system design that apply to any high-traffic machine learning application. Indeed's production applications run in many data centers around the world. Clickstream data, and other application events from every data center, are replicated into a central HDFS repository, based in our Austin data center.


Robot monk Xian'er teaches temple visitors, chants mantras

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Longquan Temple, a Buddhist temple not too far from Beijing, is home to Xian'er, a 2ft. The robot is an unexpected blend of modern with the ancient, and is designed to, among other things, teach visitors some basic things about Buddhism. The robot's purpose is fairly simple -- it is designed to attract visitor attention that may otherwise be dedicated to a smartphone. The robot is short and squat with a fun design. The tablet between his hands is a touchscreen on which visitors can view one of 20 questions.


Flipagram, Stance socks, Honor and Headspace are among the week's L.A. tech highlights

Los Angeles Times

With venture capitalists more guarded about where to put their cash amid a global economic slowdown, many technology start-ups are having to shed costs and generate profits sooner than expected. "If you want to become profitable at all costs, you're leaving users and growth on the table," said Farhad Mohit, chief executive of the image-sharing app. His Los Angeles company raised 70 million from investors about a year ago, a big haul that's still fueling the business today. The app enables people to create a slideshow from photos and videos, place samples of popular music in the background, add effects and share it with friends. Flipagram can get a small cut of sales if users buy a full song.


S Korea, US Work on Advanced Artificial Intelligence Against Cyber Threats / Sputnik International

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Seoul and Washington have agreed to join efforts to develop an advanced artificial intelligence (AI) technology to counter cyberspace threats, according to a joint statement quoted by the local media on Monday. The two countries "intend to explore areas of mutual value and benefit, which may lead to joint activities aimed at enhancing operational readiness to support cybersecurity, and resilience," the statement issued by the US Department of Homeland Security and the South Korean Ministry of Science reads as quoted by Yonhap news agency. The South Korean ministry told the media that the sides had agreed to cooperate on joint research on "AI-based cybersecurity" following the recent visit to the country of Reginald Brothers, the US under secretary for science and technology. Last month, South Korean media reported that North Korea had allegedly carried out a number of cyberattacks and stolen information from dozens of Seoul top government officials' smartphones.


Temporal Clustering of Time Series via Threshold Autoregressive Models: Application to Commodity Prices

arXiv.org Machine Learning

This study aimed to find temporal clusters for several commodity prices using the threshold nonlinear autoregressive model. It is expected that the process of determining the commodity groups that are time-dependent will advance the current knowledge about the dynamics of co-moving and coherent prices, and can serve as a basis for multivariate time series analyses. The clustering of commodity prices was examined using the proposed clustering approach based on time series models to incorporate the time varying properties of price series into the clustering scheme. Accordingly, the primary aim in this study was grouping time series according to the similarity between their Data Generating Mechanisms (DGMs) rather than comparing pattern similarities in the time series traces. The approximation to the DGM of each series was accomplished using threshold autoregressive models, which are recognized for their ability to represent nonlinear features in time series, such as abrupt changes, time-irreversibility and regime-shifting behavior. Through the use of the proposed approach, one can determine and monitor the set of co-moving time series variables across the time dimension. Furthermore, generating a time varying commodity price index and sub-indexes can become possible. Consequently, we conducted a simulation study to assess the effectiveness of the proposed clustering approach and the results are presented for both the simulated and real data sets. Keywords: Clustering Nonlinear Time Series Models, Regime Switching, Spectral 1. Introduction The movement of commodity prices and the associated dynamics are interrelated with economics and directly affect many industries.


Skype's Gone Multilingual

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Katrina Rippel is a careful speaker who follows all the rules. Hao Chen is a more freewheeling conversationalist. And I'm a nonstop troublemaker, constantly blurting out whatever notions pass through my head. On a recent morning, the three of us met in cyberspace to find out how well (or poorly) we could communicate in a mixture of German, Mandarin, and English. Each of us spoke only our native language.


Diving Robot 'Mermaid' Lends a Hand (or 2) to Ocean Exploration

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In Mediterranean waters, off the coast of France, a diver recently visited the shipwreck La Lune -- a vesssel in King Louis XIV's fleet -- which lay untouched and unexplored on the ocean bottom since it sank in 1664. But the wreck's first nonaquatic visitor in centuries wasn't human -- it was a robot. Dubbed "OceanOne," the bright orange diving robot resembles a mecha-mermaid. It measures about 5 feet (1.5 meters) in length and has a partly human form: a torso, a head -- with stereoscopic vision -- and articulated arms. Its lower section holds its computer "brain," a power supply, and an array of eight multidirectional thrusters.


Will.i.am's is back with a new wrist-computer, and this one has a more impressive AI called AneedA

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LOS ANGELES--Will.i.am sounds congested and subdued, his batteries running low after a high-octane appearance on The Ellen Show earlier that day. He's longing for 2025, when an artificial intelligence will be able to tell him to take it easy. "Will, you sound like you are stuffy," he says in the voice of this fictional AI. "What did you eat recently? Stay away from sweets because they are causing you more mucus. You should get some rest tonight. I'm going to cancel your appointments from 7 pm. I've already bought you some epsom salts from CVS. Go and pick them up."