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Murder Drones: Echoes of Chaos. A dumbed-down-DnD-esque adventure set within the Murder Drones universe with stats and dice rolls.

Murder Drones: Echoes of Chaos. A dumbed-down-DnD-esque adventure set within the Murder Drones universe with stats and dice rolls.

• Magnesium and Electrolytes are your friend. Don't exceed 600 mg of magnesium (1 TB a day of 300 mg should do) and eat a banana or have the electrolyte packets. (I use a brand called "nuun")
  
• I really looked at what exactly I was putting in my body. Stuff that adds inflammation, raises cortisol, I now only cook with pure avocado oil, ghee and pure Olive Oil. I don't do the fake milks anymore (even though I loved oat milk) strictly natural diet/whole milk/heavy mediterranean. I haven't eaten fast food in months. I mostly eat salmon, avocado, eggs, veggies and lots of berries. Very boring, but my mental and physical have never felt better. Maybe a steak/chicken 2 - 3 times a month.
  
• The Omega 3 Supplements actually can make Afib worse. (If you are vegan/allergic to fish I'm sorry) but supposedly, the way your body digest Fish is what helps the Omega 3 fatty acid help your heart.
  
• Especially Chocolate, but any sugar can really give me a bad case of PVC's. I've noticed to really be picky in the sugar department.
  
• Water! I don't do plastic water bottles anymore, only glass. (i know its expensive, but so was my trip to the ER.) Theres a bunch of studies on microplastics and heart problems. Also I don't do super cold water. I also drink A LOT of it. No Sodas or anything. No fake milks. Just pure water or pure cow's milk.
  
• I just do Decaf Coffee, you'll be shocked how in a few weeks your circadian rhythm goes back to normal.
  
• GET A SLEEP SCHEDULE. Sleep is so important. Get your Circadian Rhythm correct. Also check for sleep apnea.
  
• Copper supplements helped my PVC's (which i only started to get after I lost the weight). I would look into that.
  
• I've been looking into Selenium supplements for my PVC's look into that.
  
• Before you work out, STRETCH. I can't explain it, but it definitely helps. I do 3-4 days a week now. 30 minutes of mild lifting & 20 minutes of STEEP walking at an incline. My heart rate will go to 150-160. I know it can be scary, but train your heart. Listen to your body. Gradually go up. Don't go straight into running. Go to 115 then each week go up by 5 bpm. Definitely hydrate a lot before working out. My EP at Providence said its actually very good to have your heart beat fast and learn to go int correct sinus rhythm. Just try to hit 75% of your max HR. (To find max HR take 220 - your age = Max Heart Rate)
  
• (if you're not on medication) beet juice has nitrates that act as natural blood pressure medication. I did it and my blood pressure went down a bunch. (was 150/98 to now 121/79)
  
• Belly fat is a huge indication of reoccurrence of AFib. You could be a heavy guy, but if its just muscle, it's better. Belly fat is so hard to get rid of. Diet is so much of it. Even a decaf mocha from Starbucks has so much sugar and calories and just sticks on that par to the body. There was a study that people who shed 10% of their body weight were 6x less likely to have Afib again.
  

• For people that only have paroxysmal AFib ( maybe 2 - 4 times) do you still drink? I would love to share a glass of champagne with my future wife, I just don't want to ruin the day by going to the ER haha. (please put your age too.) Alcohol is not important and my days of blacking out are long gone, but I would definitely like to just have a sip of wine in Italy or France and just experience something like that.
  
• How do you guys feel about flying/traveling? Thats been a big fear of mine (i've always been bad with flying and have gotten my fair share of panic attacks on flights, but only on flights) and how do y'all prep.
  
• Have anybody tried acupuncture, eastern medicine, or anything like that? I heard in Japan they cured this guys AFib with some new technology, was wondering if anybody has looking into that?
  
• do you know anybody who had paroxysmal and it never occurred again?
  

• CPI update:
• Core CPI came in line with survey, at 0.3%, heading slightly lower in MOM terms vs last month (0.3% vs 0.4% before).
• We can see its a similar scenario as before, with service inflation there, but goods in deflation.
• https://imgur.com/a/3hAiquW
• Significantly, shelter inflation MOM is finally below 0.4%, which was the main headline of the print.
• https://imgur.com/a/GYHD12y
• Following the print, Inflation swaps now price in lower CPI for next month, so traders are more optimistic on inflation to continue lower than they were before, especially as we see oil prices come down this month.
• Market continues to move on the number of rate cuts being priced in for this year. Right now markets continue to price 1 or 2 rate cuts.
• So what does this mean for positioning, as we saw equities push higher?
• Well, as was the case before CPI, we continue to see very bearish positioning on VIX. Traders expect VIX to continue lower, which will increase the liquidity that market makers add. This should support the market higher. nOt much anxiety and fear in the markets.
• Volatility should therefore remain suppressed, for this opex.
• 5300 is the wall to get above, but We see traders buying calls on 5400 now so traders are optimistic in medium term.
• Probably when we look at today, skew is flat, but positioning bullish. We can see choppy day as VIX delta ITM puts are still elevated.
• Sentiment v bullish over next month or more.
• When we look at FX, we see That EURUSD has pared gains, because DXY moved higher. This was mostly because EURUSD had got overbought, and DXY was starting to get short term oversold. When we look at positioning, we see traders still buying calls on 1.09. 1.08 will act as support now.
• GOLD and Silver still see strong positioning, 2400 is wall on Gold. Skew on both gold and silver point higher but seeing low volumes.
• On Oil, traders are looking bullish. The skew points higher, whilst price consolidates. Traders are expecting a bullish breakout soon as seasonal demand tends to pick up in summer. Oil is just currently stuck below 79 on WTI.
• On German market, we see traders still buying calls on 19k but low volumes. Needs v high volume to get to this 19k level. 19k is a massive wall. Today and yesterday, it comes down, but soon it will try to test again. Euro strength will help GER40 go higher.

• China Industrial production YOY came 6.7% up, vs 5.5% expected
• China Retail sales came 2.3% YOY vs 3.8% expected
• So retail sales came weak, industrial production was strong
• Unemployment rate in China fell to 5% from 5.2%, back to lowest level since November.
• NOTE: China also announced measures from PBOC to support housing market.
  
• Final revision to inflation rate in Eurozone came in in line with preliminary readings. No change.
  
• US leading index comes out later, after market opens. Expected to show deteriorating leading economic indicators
  

• SPX: Following CPI, we saw markets push from 5246, to close above 5300. Yesterday, we aw market reach 5325, partly as result of softer jobless numbers, which points to more rate cuts, before sell off lower below 5300. Now at 5295. 5300 will be resistance again that it will try to break above.
• Nasdaq: Before CPI was at 18,310 just below resistance, pushed higher to reach 18,650, before coming lower again to 18,555. 18600 is a resistance, before 19k as the key resistance.
• Dow: was trading at 39600 before CPI, pushed higher to 40k. Got rejected below 40k. 40k is key resistance to get above.
• GER40: Pushed higher with US markets to 18,910, close to the key 19k resistance which is v strong, before paring gains back to 18,662.
• UK100 just been flat amongst the highs at 8400-8450
• China50 higher with lower unemployment rate and higher industrial production, trading up by 1.5% to 12,850. Main resistance now is going to be 13k. China also announced measures to support housing market.
• HKG50: Trading at 19,500. Key resistance is 20k.
• OIL: still trading flat, skew pointing higher.
• GOLD trading higher after CPI, bounced close to 2400.
• Price of Copper surges to new highs.

• EURUSD hit 1.09 yesterday, before coming down back to 1.084 now. 1.09 was the wall.
• GBPUSD hit 1.27, before coming down to 1.265 now.
• USDJPY fell from 156 to 153.5, before recovering higher to 156 again now.
• AUDUSD moved higher above 0.67 before paring the gains.
• The paring of gains came as DXY fell to almost 104, before pushing higher from there to 104.8.

• NVDA lower in premarket as Microsoft unveils AMD powered AI chips to rival NVDA. Theyre offering their cloud customers AMD AI processors as an alternative to NVDA.
• TSLA - raised price of Model 3 performance for 2nd time in US by $1k, bringing it to $54,990. Increased price fo white interior for model 3 by $500, now priced at $2000.
• META - starting to test a Tweetdeck like experience for threads.
• NFLX - adds more buy side partners to its budding advertising business. Includes TTD, which had been MSFT’s role exclusively up until this point. GOOGL also added to programmatic partners for advertisers.
• MSFT - EU demands clarity from Microsoft on AI risks in bing.
• MSFT - As mentioned, Microsoft unveils AMD powered AI chips to rival NVDA.

• EPS of 2.09 was up 5% YOY, beat estimates of 1.99
• Revenue of 6.65B was flat YOY, beat estimates of 6.52B
• Semiconductor systems revenue, their main segment was 4.9B, beating estimates of 4.8B
• Q3 Guidance:
• Sees adjusted EPS of 1.83-2.19 (vs estimate of 1.83). So ahead of expectations
• Revenue of 6.65+400M, beat estimates of 6.57B. So strong guidance
• Strong results. Said their technologies for chips underpin the major secular shifts we are seeing in AI, IOT, EV and Clean energy

• Crypto stocks slightly higher as BTC up 1.5% to 66,500.
• BABA continues higher. Was up a lot as Michael Burry increased his stake in the company
• UAL - Wolfe Research raises to outperform from peer perform
• ARRY - Wells Fargo cuts price target to 14 from 16, still way above current price of 11.34, buy rating maintained
• Nio - China FAW to join Nio battery swap alliance
• SNOW - in talks to acquire AI startup Reka AI for over $1B. Was valued at 300M last June.
• RDDT - OPenAI will integrate Reddit content into ChatGPT and other products. OpenAI will become a reddit advertiser too.
• AMD - Wolfe Research replaced NVDA with AMD on its Wolfe Alpha List.
• AMD - Mcirsofot offers cloud cusomters amd alternative to NVDA AI processors.
• AVGO - say they expect AI chips to account for 35% of semiconductor evneues in 2024, up from 15% in 2023.
• XPEV - aims to deliver their first flying car in 2026, will start taking pre orders this year.
• HSBC down 3% amid reports that shareholder Ping An is looking to trim its stake.
• AMGN - FDA approves Amgen’s treatment for the most deadly form of lung cancer.
• Canada goose - jumps 16% after they reported growth surge in China.
• GS - looks to expand private equity credit lines as dealmaking picks up.
• DXC down on earnings after issuing weak outlook, forecasting revenue to decelerate and is forecasting financial challenges
• TTWO down on earnigns after cutting bookings forecast for Fy 2025. announced a fall 2025 release date for its highly anticipated GTA VI video game
• Li down as is hit with class lawsuit over Li Mega debacle
• STLA - gets buy rating from Piper Sandler

• CHINA PROPERTY RESCUE PACKAGE.
• China announced multiple measures from PBOC to support Housing market: set up 300B Yuan resending scheme for public housing. Removed mortgage rate floor for individual home buyers. Minimum down payment reduced to 15% for first time.
• THEY ARE TRYING TO MAKE IT EASIER FOR PEOPLE TO BUY HOUSES.
• Bostic yesterday said that he is pleased with inflation progress in April, but the Fed isn’t there yet. Said he doesnt see a recession, and said that lower shelter inflation in recent print was the most significant development for him. Said it will be appropriate for rate cuts later this year, but nothing locked in.
• DOJ yesterday, planned to issue notice of proposed rule making, to reclassify marijuana into a less restrictive category, from Schedule 1 to Schedule 3.
• Luxury brand Richemont, which owns Cartier, posts record full year sales and new CEO
• ECB’s Schnabel says that there is little chance of back to back rate cuts from ECB, even if the first rate cut comes in June.
• Uk’s Jeremy Hunt says that he will cut national insurance in Autumnn if he is able to. Says conservatives will cut taxes if they win the election.

• CPI update:
• Core CPI came in line with survey, at 0.3%, heading slightly lower in MOM terms vs last month (0.3% vs 0.4% before).
• We can see its a similar scenario as before, with service inflation there, but goods in deflation.
• https://imgur.com/a/3hAiquW
• Significantly, shelter inflation MOM is finally below 0.4%, which was the main headline of the print.
• https://imgur.com/a/GYHD12y
• Following the print, Inflation swaps now price in lower CPI for next month, so traders are more optimistic on inflation to continue lower than they were before, especially as we see oil prices come down this month.
• Market continues to move on the number of rate cuts being priced in for this year. Right now markets continue to price 1 or 2 rate cuts.
• So what does this mean for positioning, as we saw equities push higher?
• Well, as was the case before CPI, we continue to see very bearish positioning on VIX. Traders expect VIX to continue lower, which will increase the liquidity that market makers add. This should support the market higher. nOt much anxiety and fear in the markets.
• Volatility should therefore remain suppressed, for this opex.
• 5300 is the wall to get above, but We see traders buying calls on 5400 now so traders are optimistic in medium term.
• Probably when we look at today, skew is flat, but positioning bullish. We can see choppy day as VIX delta ITM puts are still elevated.
• Sentiment v bullish over next month or more.
• When we look at FX, we see That EURUSD has pared gains, because DXY moved higher. This was mostly because EURUSD had got overbought, and DXY was starting to get short term oversold. When we look at positioning, we see traders still buying calls on 1.09. 1.08 will act as support now.
• GOLD and Silver still see strong positioning, 2400 is wall on Gold. Skew on both gold and silver point higher but seeing low volumes.
• On Oil, traders are looking bullish. The skew points higher, whilst price consolidates. Traders are expecting a bullish breakout soon as seasonal demand tends to pick up in summer. Oil is just currently stuck below 79 on WTI.
• On German market, we see traders still buying calls on 19k but low volumes. Needs v high volume to get to this 19k level. 19k is a massive wall. Today and yesterday, it comes down, but soon it will try to test again. Euro strength will help GER40 go higher.

• China Industrial production YOY came 6.7% up, vs 5.5% expected
• China Retail sales came 2.3% YOY vs 3.8% expected
• So retail sales came weak, industrial production was strong
• Unemployment rate in China fell to 5% from 5.2%, back to lowest level since November.
• NOTE: China also announced measures from PBOC to support housing market.
  
• Final revision to inflation rate in Eurozone came in in line with preliminary readings. No change.
  
• US leading index comes out later, after market opens. Expected to show deteriorating leading economic indicators
  

• SPX: Following CPI, we saw markets push from 5246, to close above 5300. Yesterday, we aw market reach 5325, partly as result of softer jobless numbers, which points to more rate cuts, before sell off lower below 5300. Now at 5295. 5300 will be resistance again that it will try to break above.
• Nasdaq: Before CPI was at 18,310 just below resistance, pushed higher to reach 18,650, before coming lower again to 18,555. 18600 is a resistance, before 19k as the key resistance.
• Dow: was trading at 39600 before CPI, pushed higher to 40k. Got rejected below 40k. 40k is key resistance to get above.
• GER40: Pushed higher with US markets to 18,910, close to the key 19k resistance which is v strong, before paring gains back to 18,662.
• UK100 just been flat amongst the highs at 8400-8450
• China50 higher with lower unemployment rate and higher industrial production, trading up by 1.5% to 12,850. Main resistance now is going to be 13k. China also announced measures to support housing market.
• HKG50: Trading at 19,500. Key resistance is 20k.
• OIL: still trading flat, skew pointing higher.
• GOLD trading higher after CPI, bounced close to 2400.
• Price of Copper surges to new highs.

• EURUSD hit 1.09 yesterday, before coming down back to 1.084 now. 1.09 was the wall.
• GBPUSD hit 1.27, before coming down to 1.265 now.
• USDJPY fell from 156 to 153.5, before recovering higher to 156 again now.
• AUDUSD moved higher above 0.67 before paring the gains.
• The paring of gains came as DXY fell to almost 104, before pushing higher from there to 104.8.

• NVDA lower in premarket as Microsoft unveils AMD powered AI chips to rival NVDA. Theyre offering their cloud customers AMD AI processors as an alternative to NVDA.
• TSLA - raised price of Model 3 performance for 2nd time in US by $1k, bringing it to $54,990. Increased price fo white interior for model 3 by $500, now priced at $2000.
• META - starting to test a Tweetdeck like experience for threads.
• NFLX - adds more buy side partners to its budding advertising business. Includes TTD, which had been MSFT’s role exclusively up until this point. GOOGL also added to programmatic partners for advertisers.
• MSFT - EU demands clarity from Microsoft on AI risks in bing.
• MSFT - As mentioned, Microsoft unveils AMD powered AI chips to rival NVDA.

• EPS of 2.09 was up 5% YOY, beat estimates of 1.99
• Revenue of 6.65B was flat YOY, beat estimates of 6.52B
• Semiconductor systems revenue, their main segment was 4.9B, beating estimates of 4.8B
• Q3 Guidance:
• Sees adjusted EPS of 1.83-2.19 (vs estimate of 1.83). So ahead of expectations
• Revenue of 6.65+400M, beat estimates of 6.57B. So strong guidance
• Strong results. Said their technologies for chips underpin the major secular shifts we are seeing in AI, IOT, EV and Clean energy

• Crypto stocks slightly higher as BTC up 1.5% to 66,500.
• COIN -price target raised to 217 from 110 by BoA
• BABA continues higher. Was up a lot as Michael Burry increased his stake in the company
• UAL - Wolfe Research raises to outperform from peer perform
• ARRY - Wells Fargo cuts price target to 14 from 16, still way above current price of 11.34, buy rating maintained
• Nio - China FAW to join Nio battery swap alliance
• SNOW - in talks to acquire AI startup Reka AI for over $1B. Was valued at 300M last June.
• RDDT - OPenAI will integrate Reddit content into ChatGPT and other products. OpenAI will become a reddit advertiser too.
• AMD - Wolfe Research replaced NVDA with AMD on its Wolfe Alpha List.
• AMD - Mcirsofot offers cloud cusomters amd alternative to NVDA AI processors.
• AVGO - say they expect AI chips to account for 35% of semiconductor evneues in 2024, up from 15% in 2023.
• XPEV - aims to deliver their first flying car in 2026, will start taking pre orders this year.
• HSBC down 3% amid reports that shareholder Ping An is looking to trim its stake.
• AMGN - FDA approves Amgen’s treatment for the most deadly form of lung cancer.
• Canada goose - jumps 16% after they reported growth surge in China.
• GS - looks to expand private equity credit lines as dealmaking picks up.
• DXC down on earnings after issuing weak outlook, forecasting revenue to decelerate and is forecasting financial challenges
• TTWO down on earnigns after cutting bookings forecast for Fy 2025. announced a fall 2025 release date for its highly anticipated GTA VI video game
• Li down as is hit with class lawsuit over Li Mega debacle
• STLA - gets buy rating from Piper Sandler

• CHINA PROPERTY RESCUE PACKAGE.
• China announced multiple measures from PBOC to support Housing market: set up 300B Yuan resending scheme for public housing. Removed mortgage rate floor for individual home buyers. Minimum down payment reduced to 15% for first time.
• THEY ARE TRYING TO MAKE IT EASIER FOR PEOPLE TO BUY HOUSES.
• Bostic yesterday said that he is pleased with inflation progress in April, but the Fed isn’t there yet. Said he doesnt see a recession, and said that lower shelter inflation in recent print was the most significant development for him. Said it will be appropriate for rate cuts later this year, but nothing locked in.
• DOJ yesterday, planned to issue notice of proposed rule making, to reclassify marijuana into a less restrictive category, from Schedule 1 to Schedule 3.
• Luxury brand Richemont, which owns Cartier, posts record full year sales and new CEO
• ECB’s Schnabel says that there is little chance of back to back rate cuts from ECB, even if the first rate cut comes in June.
• Uk’s Jeremy Hunt says that he will cut national insurance in Autumn if he is able to. Says conservatives will cut taxes if they win the election.

• CPI update:
• Core CPI came in line with survey, at 0.3%, heading slightly lower in MOM terms vs last month (0.3% vs 0.4% before).
• We can see its a similar scenario as before, with service inflation there, but goods in deflation.
• https://imgur.com/a/3hAiquW
• Significantly, shelter inflation MOM is finally below 0.4%, which was the main headline of the print.
• https://imgur.com/a/GYHD12y
• Following the print, Inflation swaps now price in lower CPI for next month, so traders are more optimistic on inflation to continue lower than they were before, especially as we see oil prices come down this month.
• Market continues to move on the number of rate cuts being priced in for this year. Right now markets continue to price 1 or 2 rate cuts.
• So what does this mean for positioning, as we saw equities push higher?
• Well, as was the case before CPI, we continue to see very bearish positioning on VIX. Traders expect VIX to continue lower, which will increase the liquidity that market makers add. This should support the market higher. nOt much anxiety and fear in the markets.
• Volatility should therefore remain suppressed, for this opex.
• 5300 is the wall to get above, but We see traders buying calls on 5400 now so traders are optimistic in medium term.
• Probably when we look at today, skew is flat, but positioning bullish. We can see choppy day as VIX delta ITM puts are still elevated.
• Sentiment v bullish over next month or more.
• When we look at FX, we see That EURUSD has pared gains, because DXY moved higher. This was mostly because EURUSD had got overbought, and DXY was starting to get short term oversold. When we look at positioning, we see traders still buying calls on 1.09. 1.08 will act as support now.
• GOLD and Silver still see strong positioning, 2400 is wall on Gold. Skew on both gold and silver point higher but seeing low volumes.
• On Oil, traders are looking bullish. The skew points higher, whilst price consolidates. Traders are expecting a bullish breakout soon as seasonal demand tends to pick up in summer. Oil is just currently stuck below 79 on WTI.
• On German market, we see traders still buying calls on 19k but low volumes. Needs v high volume to get to this 19k level. 19k is a massive wall. Today and yesterday, it comes down, but soon it will try to test again. Euro strength will help GER40 go higher.

• China Industrial production YOY came 6.7% up, vs 5.5% expected
• China Retail sales came 2.3% YOY vs 3.8% expected
• So retail sales came weak, industrial production was strong
• Unemployment rate in China fell to 5% from 5.2%, back to lowest level since November.
• NOTE: China also announced measures from PBOC to support housing market.
  
• Final revision to inflation rate in Eurozone came in in line with preliminary readings. No change.
  
• US leading index comes out later, after market opens. Expected to show deteriorating leading economic indicators
  

• SPX: Following CPI, we saw markets push from 5246, to close above 5300. Yesterday, we aw market reach 5325, partly as result of softer jobless numbers, which points to more rate cuts, before sell off lower below 5300. Now at 5295. 5300 will be resistance again that it will try to break above.
• Nasdaq: Before CPI was at 18,310 just below resistance, pushed higher to reach 18,650, before coming lower again to 18,555. 18600 is a resistance, before 19k as the key resistance.
• Dow: was trading at 39600 before CPI, pushed higher to 40k. Got rejected below 40k. 40k is key resistance to get above.
• GER40: Pushed higher with US markets to 18,910, close to the key 19k resistance which is v strong, before paring gains back to 18,662.
• UK100 just been flat amongst the highs at 8400-8450
• China50 higher with lower unemployment rate and higher industrial production, trading up by 1.5% to 12,850. Main resistance now is going to be 13k. China also announced measures to support housing market.
• HKG50: Trading at 19,500. Key resistance is 20k.
• OIL: still trading flat, skew pointing higher.
• GOLD trading higher after CPI, bounced close to 2400.
• Price of Copper surges to new highs.

• EURUSD hit 1.09 yesterday, before coming down back to 1.084 now. 1.09 was the wall.
• GBPUSD hit 1.27, before coming down to 1.265 now.
• USDJPY fell from 156 to 153.5, before recovering higher to 156 again now.
• AUDUSD moved higher above 0.67 before paring the gains.
• The paring of gains came as DXY fell to almost 104, before pushing higher from there to 104.8.

• NVDA lower in premarket as Microsoft unveils AMD powered AI chips to rival NVDA. Theyre offering their cloud customers AMD AI processors as an alternative to NVDA.
• TSLA - raised price of Model 3 performance for 2nd time in US by $1k, bringing it to $54,990. Increased price fo white interior for model 3 by $500, now priced at $2000.
• META - starting to test a Tweetdeck like experience for threads.
• NFLX - adds more buy side partners to its budding advertising business. Includes TTD, which had been MSFT’s role exclusively up until this point. GOOGL also added to programmatic partners for advertisers.
• MSFT - EU demands clarity from Microsoft on AI risks in bing.
• MSFT - As mentioned, Microsoft unveils AMD powered AI chips to rival NVDA.

• EPS of 2.09 was up 5% YOY, beat estimates of 1.99
• Revenue of 6.65B was flat YOY, beat estimates of 6.52B
• Semiconductor systems revenue, their main segment was 4.9B, beating estimates of 4.8B
• Q3 Guidance:
• Sees adjusted EPS of 1.83-2.19 (vs estimate of 1.83). So ahead of expectations
• Revenue of 6.65+400M, beat estimates of 6.57B. So strong guidance
• Strong results. Said their technologies for chips underpin the major secular shifts we are seeing in AI, IOT, EV and Clean energy

• Crypto stocks slightly higher as BTC up 1.5% to 66,500.
• COIN -price target raised to 217 from 110 by BoA
• BABA continues higher. Was up a lot as Michael Burry increased his stake in the company
• UAL - Wolfe Research raises to outperform from peer perform
• ARRY - Wells Fargo cuts price target to 14 from 16, still way above current price of 11.34, buy rating maintained
• Nio - China FAW to join Nio battery swap alliance
• SNOW - in talks to acquire AI startup Reka AI for over $1B. Was valued at 300M last June.
• RDDT - OPenAI will integrate Reddit content into ChatGPT and other products. OpenAI will become a reddit advertiser too.
• AMD - Wolfe Research replaced NVDA with AMD on its Wolfe Alpha List.
• AMD - Mcirsofot offers cloud cusomters amd alternative to NVDA AI processors.
• AVGO - say they expect AI chips to account for 35% of semiconductor evneues in 2024, up from 15% in 2023.
• XPEV - aims to deliver their first flying car in 2026, will start taking pre orders this year.
• HSBC down 3% amid reports that shareholder Ping An is looking to trim its stake.
• AMGN - FDA approves Amgen’s treatment for the most deadly form of lung cancer.
• Canada goose - jumps 16% after they reported growth surge in China.
• GS - looks to expand private equity credit lines as dealmaking picks up.
• DXC down on earnings after issuing weak outlook, forecasting revenue to decelerate and is forecasting financial challenges
• TTWO down on earnigns after cutting bookings forecast for Fy 2025. announced a fall 2025 release date for its highly anticipated GTA VI video game
• Li down as is hit with class lawsuit over Li Mega debacle
• STLA - gets buy rating from Piper Sandler

• CHINA PROPERTY RESCUE PACKAGE.
• China announced multiple measures from PBOC to support Housing market: set up 300B Yuan resending scheme for public housing. Removed mortgage rate floor for individual home buyers. Minimum down payment reduced to 15% for first time.
• THEY ARE TRYING TO MAKE IT EASIER FOR PEOPLE TO BUY HOUSES.
• Bostic yesterday said that he is pleased with inflation progress in April, but the Fed isn’t there yet. Said he doesnt see a recession, and said that lower shelter inflation in recent print was the most significant development for him. Said it will be appropriate for rate cuts later this year, but nothing locked in.
• DOJ yesterday, planned to issue notice of proposed rule making, to reclassify marijuana into a less restrictive category, from Schedule 1 to Schedule 3.
• Luxury brand Richemont, which owns Cartier, posts record full year sales and new CEO
• ECB’s Schnabel says that there is little chance of back to back rate cuts from ECB, even if the first rate cut comes in June.
• Uk’s Jeremy Hunt says that he will cut national insurance in Autumnn if he is able to. Says conservatives will cut taxes if they win the election.

• CPI update:
• Core CPI came in line with survey, at 0.3%, heading slightly lower in MOM terms vs last month (0.3% vs 0.4% before).
• We can see its a similar scenario as before, with service inflation there, but goods in deflation.
• https://imgur.com/a/3hAiquW
• Significantly, shelter inflation MOM is finally below 0.4%, which was the main headline of the print.
• https://imgur.com/a/GYHD12y
• Following the print, Inflation swaps now price in lower CPI for next month, so traders are more optimistic on inflation to continue lower than they were before, especially as we see oil prices come down this month.
• Market continues to move on the number of rate cuts being priced in for this year. Right now markets continue to price 1 or 2 rate cuts.
• So what does this mean for positioning, as we saw equities push higher?
• Well, as was the case before CPI, we continue to see very bearish positioning on VIX. Traders expect VIX to continue lower, which will increase the liquidity that market makers add. This should support the market higher. nOt much anxiety and fear in the markets.
• Volatility should therefore remain suppressed, for this opex.
• 5300 is the wall to get above, but We see traders buying calls on 5400 now so traders are optimistic in medium term.
• Probably when we look at today, skew is flat, but positioning bullish. We can see choppy day as VIX delta ITM puts are still elevated.
• Sentiment v bullish over next month or more.
• When we look at FX, we see That EURUSD has pared gains, because DXY moved higher. This was mostly because EURUSD had got overbought, and DXY was starting to get short term oversold. When we look at positioning, we see traders still buying calls on 1.09. 1.08 will act as support now.
• GOLD and Silver still see strong positioning, 2400 is wall on Gold. Skew on both gold and silver point higher but seeing low volumes.
• On Oil, traders are looking bullish. The skew points higher, whilst price consolidates. Traders are expecting a bullish breakout soon as seasonal demand tends to pick up in summer. Oil is just currently stuck below 79 on WTI.
• On German market, we see traders still buying calls on 19k but low volumes. Needs v high volume to get to this 19k level. 19k is a massive wall. Today and yesterday, it comes down, but soon it will try to test again. Euro strength will help GER40 go higher.

• China Industrial production YOY came 6.7% up, vs 5.5% expected
• China Retail sales came 2.3% YOY vs 3.8% expected
• So retail sales came weak, industrial production was strong
• Unemployment rate in China fell to 5% from 5.2%, back to lowest level since November.
• NOTE: China also announced measures from PBOC to support housing market.
  
• Final revision to inflation rate in Eurozone came in in line with preliminary readings. No change.
  
• US leading index comes out later, after market opens. Expected to show deteriorating leading economic indicators
  

• SPX: Following CPI, we saw markets push from 5246, to close above 5300. Yesterday, we aw market reach 5325, partly as result of softer jobless numbers, which points to more rate cuts, before sell off lower below 5300. Now at 5295. 5300 will be resistance again that it will try to break above.
• Nasdaq: Before CPI was at 18,310 just below resistance, pushed higher to reach 18,650, before coming lower again to 18,555. 18600 is a resistance, before 19k as the key resistance.
• Dow: was trading at 39600 before CPI, pushed higher to 40k. Got rejected below 40k. 40k is key resistance to get above.
• GER40: Pushed higher with US markets to 18,910, close to the key 19k resistance which is v strong, before paring gains back to 18,662.
• UK100 just been flat amongst the highs at 8400-8450
• China50 higher with lower unemployment rate and higher industrial production, trading up by 1.5% to 12,850. Main resistance now is going to be 13k. China also announced measures to support housing market.
• HKG50: Trading at 19,500. Key resistance is 20k.
• OIL: still trading flat, skew pointing higher.
• GOLD trading higher after CPI, bounced close to 2400.
• Price of Copper surges to new highs.

• EURUSD hit 1.09 yesterday, before coming down back to 1.084 now. 1.09 was the wall.
• GBPUSD hit 1.27, before coming down to 1.265 now.
• USDJPY fell from 156 to 153.5, before recovering higher to 156 again now.
• AUDUSD moved higher above 0.67 before paring the gains.
• The paring of gains came as DXY fell to almost 104, before pushing higher from there to 104.8.

• NVDA lower in premarket as Microsoft unveils AMD powered AI chips to rival NVDA. Theyre offering their cloud customers AMD AI processors as an alternative to NVDA.
• TSLA - raised price of Model 3 performance for 2nd time in US by $1k, bringing it to $54,990. Increased price fo white interior for model 3 by $500, now priced at $2000.
• META - starting to test a Tweetdeck like experience for threads.
• NFLX - adds more buy side partners to its budding advertising business. Includes TTD, which had been MSFT’s role exclusively up until this point. GOOGL also added to programmatic partners for advertisers.
• MSFT - EU demands clarity from Microsoft on AI risks in bing.
• MSFT - As mentioned, Microsoft unveils AMD powered AI chips to rival NVDA.

• EPS of 2.09 was up 5% YOY, beat estimates of 1.99
• Revenue of 6.65B was flat YOY, beat estimates of 6.52B
• Semiconductor systems revenue, their main segment was 4.9B, beating estimates of 4.8B
• Q3 Guidance:
• Sees adjusted EPS of 1.83-2.19 (vs estimate of 1.83). So ahead of expectations
• Revenue of 6.65+400M, beat estimates of 6.57B. So strong guidance
• Strong results. Said their technologies for chips underpin the major secular shifts we are seeing in AI, IOT, EV and Clean energy

• Crypto stocks slightly higher as BTC up 1.5% to 66,500.
• COIN -price target raised to 217 from 110 by BoA
• BABA continues higher. Was up a lot as Michael Burry increased his stake in the company
• UAL - Wolfe Research raises to outperform from peer perform
• ARRY - Wells Fargo cuts price target to 14 from 16, still way above current price of 11.34, buy rating maintained
• Nio - China FAW to join Nio battery swap alliance
• SNOW - in talks to acquire AI startup Reka AI for over $1B. Was valued at 300M last June.
• RDDT - OPenAI will integrate Reddit content into ChatGPT and other products. OpenAI will become a reddit advertiser too.
• AMD - Wolfe Research replaced NVDA with AMD on its Wolfe Alpha List.
• AMD - Mcirsofot offers cloud cusomters amd alternative to NVDA AI processors.
• AVGO - say they expect AI chips to account for 35% of semiconductor evneues in 2024, up from 15% in 2023.
• XPEV - aims to deliver their first flying car in 2026, will start taking pre orders this year.
• HSBC down 3% amid reports that shareholder Ping An is looking to trim its stake.
• AMGN - FDA approves Amgen’s treatment for the most deadly form of lung cancer.
• Canada goose - jumps 16% after they reported growth surge in China.
• GS - looks to expand private equity credit lines as dealmaking picks up.
• DXC down on earnings after issuing weak outlook, forecasting revenue to decelerate and is forecasting financial challenges
• TTWO down on earnigns after cutting bookings forecast for Fy 2025. announced a fall 2025 release date for its highly anticipated GTA VI video game
• Li down as is hit with class lawsuit over Li Mega debacle
• STLA - gets buy rating from Piper Sandler

• CHINA PROPERTY RESCUE PACKAGE.
• China announced multiple measures from PBOC to support Housing market: set up 300B Yuan resending scheme for public housing. Removed mortgage rate floor for individual home buyers. Minimum down payment reduced to 15% for first time.
• THEY ARE TRYING TO MAKE IT EASIER FOR PEOPLE TO BUY HOUSES.
• Bostic yesterday said that he is pleased with inflation progress in April, but the Fed isn’t there yet. Said he doesnt see a recession, and said that lower shelter inflation in recent print was the most significant development for him. Said it will be appropriate for rate cuts later this year, but nothing locked in.
• DOJ yesterday, planned to issue notice of proposed rule making, to reclassify marijuana into a less restrictive category, from Schedule 1 to Schedule 3.
• Luxury brand Richemont, which owns Cartier, posts record full year sales and new CEO
• ECB’s Schnabel says that there is little chance of back to back rate cuts from ECB, even if the first rate cut comes in June.
• Uk’s Jeremy Hunt says that he will cut national insurance in Autumnn if he is able to. Says conservatives will cut taxes if they win the election.

• CPI update:
• Core CPI came in line with survey, at 0.3%, heading slightly lower in MOM terms vs last month (0.3% vs 0.4% before).
• We can see its a similar scenario as before, with service inflation there, but goods in deflation.
• https://imgur.com/a/3hAiquW
• Significantly, shelter inflation MOM is finally below 0.4%, which was the main headline of the print.
• https://imgur.com/a/GYHD12y
• Following the print, Inflation swaps now price in lower CPI for next month, so traders are more optimistic on inflation to continue lower than they were before, especially as we see oil prices come down this month.
• Market continues to move on the number of rate cuts being priced in for this year. Right now markets continue to price 1 or 2 rate cuts.
• So what does this mean for positioning, as we saw equities push higher?
• Well, as was the case before CPI, we continue to see very bearish positioning on VIX. Traders expect VIX to continue lower, which will increase the liquidity that market makers add. This should support the market higher. nOt much anxiety and fear in the markets.
• Volatility should therefore remain suppressed, for this opex.
• 5300 is the wall to get above, but We see traders buying calls on 5400 now so traders are optimistic in medium term.
• Probably when we look at today, skew is flat, but positioning bullish. We can see choppy day as VIX delta ITM puts are still elevated.
• Sentiment v bullish over next month or more.
• When we look at FX, we see That EURUSD has pared gains, because DXY moved higher. This was mostly because EURUSD had got overbought, and DXY was starting to get short term oversold. When we look at positioning, we see traders still buying calls on 1.09. 1.08 will act as support now.
• GOLD and Silver still see strong positioning, 2400 is wall on Gold. Skew on both gold and silver point higher but seeing low volumes.
• On Oil, traders are looking bullish. The skew points higher, whilst price consolidates. Traders are expecting a bullish breakout soon as seasonal demand tends to pick up in summer. Oil is just currently stuck below 79 on WTI.
• On German market, we see traders still buying calls on 19k but low volumes. Needs v high volume to get to this 19k level. 19k is a massive wall. Today and yesterday, it comes down, but soon it will try to test again. Euro strength will help GER40 go higher.

• China Industrial production YOY came 6.7% up, vs 5.5% expected
• China Retail sales came 2.3% YOY vs 3.8% expected
• So retail sales came weak, industrial production was strong
• Unemployment rate in China fell to 5% from 5.2%, back to lowest level since November.
• NOTE: China also announced measures from PBOC to support housing market.
  
• Final revision to inflation rate in Eurozone came in in line with preliminary readings. No change.
  
• US leading index comes out later, after market opens. Expected to show deteriorating leading economic indicators
  

• SPX: Following CPI, we saw markets push from 5246, to close above 5300. Yesterday, we aw market reach 5325, partly as result of softer jobless numbers, which points to more rate cuts, before sell off lower below 5300. Now at 5295. 5300 will be resistance again that it will try to break above.
• Nasdaq: Before CPI was at 18,310 just below resistance, pushed higher to reach 18,650, before coming lower again to 18,555. 18600 is a resistance, before 19k as the key resistance.
• Dow: was trading at 39600 before CPI, pushed higher to 40k. Got rejected below 40k. 40k is key resistance to get above.
• GER40: Pushed higher with US markets to 18,910, close to the key 19k resistance which is v strong, before paring gains back to 18,662.
• UK100 just been flat amongst the highs at 8400-8450
• China50 higher with lower unemployment rate and higher industrial production, trading up by 1.5% to 12,850. Main resistance now is going to be 13k. China also announced measures to support housing market.
• HKG50: Trading at 19,500. Key resistance is 20k.
• OIL: still trading flat, skew pointing higher.
• GOLD trading higher after CPI, bounced close to 2400.
• Price of Copper surges to new highs.

• EURUSD hit 1.09 yesterday, before coming down back to 1.084 now. 1.09 was the wall.
• GBPUSD hit 1.27, before coming down to 1.265 now.
• USDJPY fell from 156 to 153.5, before recovering higher to 156 again now.
• AUDUSD moved higher above 0.67 before paring the gains.
• The paring of gains came as DXY fell to almost 104, before pushing higher from there to 104.8.

• NVDA lower in premarket as Microsoft unveils AMD powered AI chips to rival NVDA. Theyre offering their cloud customers AMD AI processors as an alternative to NVDA.
• TSLA - raised price of Model 3 performance for 2nd time in US by $1k, bringing it to $54,990. Increased price fo white interior for model 3 by $500, now priced at $2000.
• META - starting to test a Tweetdeck like experience for threads.
• NFLX - adds more buy side partners to its budding advertising business. Includes TTD, which had been MSFT’s role exclusively up until this point. GOOGL also added to programmatic partners for advertisers.
• MSFT - EU demands clarity from Microsoft on AI risks in bing.
• MSFT - As mentioned, Microsoft unveils AMD powered AI chips to rival NVDA.

• EPS of 2.09 was up 5% YOY, beat estimates of 1.99
• Revenue of 6.65B was flat YOY, beat estimates of 6.52B
• Semiconductor systems revenue, their main segment was 4.9B, beating estimates of 4.8B
• Q3 Guidance:
• Sees adjusted EPS of 1.83-2.19 (vs estimate of 1.83). So ahead of expectations
• Revenue of 6.65+400M, beat estimates of 6.57B. So strong guidance
• Strong results. Said their technologies for chips underpin the major secular shifts we are seeing in AI, IOT, EV and Clean energy

• Crypto stocks slightly higher as BTC up 1.5% to 66,500.
• COIN -price target raised to 217 from 110 by BoA
• BABA continues higher. Was up a lot as Michael Burry increased his stake in the company
• UAL - Wolfe Research raises to outperform from peer perform
• ARRY - Wells Fargo cuts price target to 14 from 16, still way above current price of 11.34, buy rating maintained
• Nio - China FAW to join Nio battery swap alliance
• SNOW - in talks to acquire AI startup Reka AI for over $1B. Was valued at 300M last June.
• RDDT - OPenAI will integrate Reddit content into ChatGPT and other products. OpenAI will become a reddit advertiser too.
• AMD - Wolfe Research replaced NVDA with AMD on its Wolfe Alpha List.
• AMD - Mcirsofot offers cloud cusomters amd alternative to NVDA AI processors.
• AVGO - say they expect AI chips to account for 35% of semiconductor evneues in 2024, up from 15% in 2023.
• XPEV - aims to deliver their first flying car in 2026, will start taking pre orders this year.
• HSBC down 3% amid reports that shareholder Ping An is looking to trim its stake.
• AMGN - FDA approves Amgen’s treatment for the most deadly form of lung cancer.
• Canada goose - jumps 16% after they reported growth surge in China.
• GS - looks to expand private equity credit lines as dealmaking picks up.
• DXC down on earnings after issuing weak outlook, forecasting revenue to decelerate and is forecasting financial challenges
• TTWO down on earnigns after cutting bookings forecast for Fy 2025. announced a fall 2025 release date for its highly anticipated GTA VI video game
• Li down as is hit with class lawsuit over Li Mega debacle
• STLA - gets buy rating from Piper Sandler

• CHINA PROPERTY RESCUE PACKAGE.
• China announced multiple measures from PBOC to support Housing market: set up 300B Yuan resending scheme for public housing. Removed mortgage rate floor for individual home buyers. Minimum down payment reduced to 15% for first time.
• THEY ARE TRYING TO MAKE IT EASIER FOR PEOPLE TO BUY HOUSES.
• Bostic yesterday said that he is pleased with inflation progress in April, but the Fed isn’t there yet. Said he doesnt see a recession, and said that lower shelter inflation in recent print was the most significant development for him. Said it will be appropriate for rate cuts later this year, but nothing locked in.
• DOJ yesterday, planned to issue notice of proposed rule making, to reclassify marijuana into a less restrictive category, from Schedule 1 to Schedule 3.
• Luxury brand Richemont, which owns Cartier, posts record full year sales and new CEO
• ECB’s Schnabel says that there is little chance of back to back rate cuts from ECB, even if the first rate cut comes in June.
• Uk’s Jeremy Hunt says that he will cut national insurance in Autumnn if he is able to. Says conservatives will cut taxes if they win the election.

• HKG imports come much stronger than expected, as do exports. Sign of improving domestic economy and international economy.
• German consumer confidence comes -24.2 vs -25.9 expected. German consumer confidence moves less negative.
• GDP number is out today, thats the key.
• Forecast 2.5% vs 3.4% last time.
• Initial jobless claims 214k forecast, vs 212k before.

• SPX trading at 5046. Theres a key level around the 5035 level which is where it found support. Before Meta, it was trading at 5070.
• Nasdaq: Down on Meta earnings, as meta dumps 13%. Meta is a big component of nasdaq. Currently Nasdaq trades at 17,380. Low of day was 17,270 so dipped below 17,300. Before Meta, was trading above 17500
• Dow - largely unaffected by Meta. Flat around yesterdays close at 38,400.
• IWM - interestingly small caps are higher today, even as nasdaq lower as is up 0.6%. Testing 200, which is a firm resistance.
• Ger40: Down slightly, rejected off 18000 level again.
• HKG50 pushed higher again, now at 17,323. Breaking out of the downtrend
• Oil -flat slightly lower.
• Maintaining the uptrend, but as mentioned, downward pressure builds. https://imgur.com/a/nHQgxgf
• Gold up slightly to 2325. choppy. Maintaining the 2300 support which is good for bulls n gold.

• GDP numbers for US today. This could pump dollar up again if it comes strong.
• Currently trading at the 105.6 support again.
• Strong GDP can maybe send dollar back towards 106.24
• GBPUSD higher today, bounces off 20day SMA. GBP higher on improved UK growth prospects.
• Currently at 1.251
• EURUSD follows GBPUSD, bounces off 20d SMA.
• Currently at 1.073
• AUDUSD at 0.653
• Yen weakens past 155 level, increasing intervention risk. After GDP can even touch 156.

• Not actually a bad quarter.
• Revenue guidance disappointed a bit
• Saw higher Capex in order to invest in future AI revenues.
• Mostly a story that it was priced too well. Last earnings report it was trading at 461, this earnings report is at 490. So bar was high.
• Revenue was 36.45B, beat consensus by 0.8%. So more or less in line.
• EPS came 4.71, which beat consensus by 9.3%
• Operating income came 13.81B, which beat by 2.4%
• Operating margin came 37.9%, which beat v narrowly by 58 bps.
• Revenues:
• Family of apps revenue beat by 1.4%
• Reality labs revenue, which is a tiny part of Meta revenue, missed by 11%
• Daily active users was a beat by 2.4%
• REVENUE GUIDANCE:
• 37.75B, missed by 1.3%
• RAISED OPEX GUIDANCE BY 1%, RAISED CAPEX GUIDANCE BY 11%a
• AI related revenue will come in the future but have to spend for it now
• Plans to significantly increase its compute capacity, expecting around 600k H100 equivalents by year end

• Rev $14.46B vs $14.54B est
• EPS $1.68 vs $1.60 est
• Reaffirms FY FCF and revenue growth guides/ Still sees FY revenue consistent with mid-single digit model.
• COnsulting revenue 5.19B
• Software revenue 5.9B.
• Reaches deal to buy HCP at $35/share cash
• For now, thier WatsonX AI fails to materialise just yet.

• Lowered capital expenditure expectations and raised its free cash flow guidance for the year.
• Ford Blue which is their traditional business, had earnings down 66% YOY. This was mostly because of the launch of their refreshed F150 pickup, which it held shipments of during most of the quarter to address quality issues.
• CEO said this was the right decision as it avoided more recalls down the line.
• Ford Pro, their commercial business, was up 120% QOQ.
• As such Commercial vehicles, trucks and vans etc was what helped them to beat estimates.
• They offset losses from EVs.
• Maintained 2024 guidance for EPS and EBIT
• Raised free cash low guidance on lower Capex.
• Cash flow guidance was 6.5-7.5B up from 6-7B
• CEO said the quarter was solid. On higher end of previous guidance
• Despite beating EPS guidance, their automotive revenue was a slight miss, coming in at 39.89b vs 40.1B expected

• • ADJ EPS $5.60 vs. $4.91 y/y, EST $5.13
• • EPS $5.75 vs. $3.74 y/y
• • Revenue $15.80B, -0.4% y/y, EST $16.12B
• • Financial segment revenue $839M, +10% y/y, EST $817.3M
• • Machinery, Energy & Transportation segment revenue $14.96B, -0.9% y/y, EST $15.31B
• • R&D expenses $520M, +10% y/y, EST $517.1M

• Rev $3.79B vs $3.73B est
• EPS $7.79 vs $7.32 est
• Sees 4Q:
• Rev $3.5-4.1B vs $3.8B est
• EPS $6.75-8.25 vs 7.34 est

• Subscription revenue came in in line with guidance
• Revenue beat estimates very slightly
• EBIT beat estimates by 5%
• EBIT margin beat guide by 140bps
• EPS came in at 3.45, beating estimates of 3.13
• FCF beat estimates by 26%
• GUIDANCE:
• Raised annual sub revenue guidance
• Reiteratd annual margin guidance
• All in all good earnings

• TEr up on earnings as profits beat estimates. Sees strong Q2 results on steady chip testing equipment demand.
• "Strength in memory and computing is driving stronger than expected performance in the first half of the year, however visibility beyond the second quarter remains limited," said CEO Greg Smith.
• The company, which supplies equipment to chip designer Qualcomm QCOM.O and electronics firm Samsung 005930.KS, said it expects second-quarter revenue in the range of $665 million to $725 million, compared with estimates of $636.6 million.
• It also expects adjusted earnings per share for the second quarter in the range of 64 cents to 84 cents, compared with estimates of 60 cents.

• TECK - up on earnings, even though they missed Q1 profit guidance due to lower steelmaking coal sales.
• This is because their copper production came good.
• The miner reported a 74% rise in copper production at 99,000 tonnes in the first quarter, helped by ramp-up in output at its Quebrada Blanca (QB) mine in Chile.
• "We had strong first quarter performance...with steadily increasing quarterly copper production as QB ramp-up advances," CEO Jonathan Price said in a statement.
• The company reiterated full-year copper production of between 465,000 tonnes and 540,000 tonnes, above 296,500 tonnes produced in 2023.

• Up on strong forecasts.
• Reaffirmed FY 2024 outlook
• Seeing surge in corporate reservations as large companies ramp up their work related travel expenses.
• ighlighted robust travel demand across both domestic and international routes in the summer
• Reiterated FY EPS 2.24-2.35 vs 2.35 estimate
• ADJ EPS -$0.34 , EST. -$0.29
• PASSENGER REV. $11.46B , EST. $11.47B
• AVAILABE SEAT MILES 70.52B, EST. 70.02B
• LOAD FACTOR 81.5%, EST. 80.8%
• STILL SEES FY ADJ EPS $2.25 TO $3.25, EST. $2.32
• STILL SEES FY CASM EX-FUEL ABOUT +0.5% TO +3.5%
• STILL SEES FY CAPACITY UP APPROX. MID-SINGLE DIGITS

• Q1 loss wider than expected.
• Missed Q1 estimates
• Forced to cut their Boeing jet delivery to less than half. Cut forecast for the 3rd time and said that the slow rate at which they are receiving the jets from Boeing is affecting their growth rate
• They are being forced to take measures to tighten costs.
• Cut its annual capacity forecast and expects available seat miles to be up about 4% from previous estimate of about a 6% growth
• Did say still robust demand environment
• Close operations at 4 airports to address costs and capacity headwinds
• Demand environment is okay, but is operational problems.

• NVDA delivers first DGX H200 to MSFT OPenAI
• Meta - big earnings related sell off, tested 400 in after hours
• TSLA - DZ bank cuts price target to 140 from 170.
• TSLA - Deutsche Bank raises price target to 136 from 123.
• GOOGL and MSFT earnings to come today
• Googl down in sentiment with social media name META
• MSFT and GOOGL also down in sentiment with NOW.

• Meta is down 12%, which means other social medias are trading lower in sympathy.
• PINS and SNAP down 4%, GOOGL is down 3%, AMZN is down 2%. TTD down 3%
• BHP makes takeover approach for rival miner Anglo American. Global miners are trying to expand their production into copper
• MU - Fitch affirms Micron at BBB - outlook stable.
• MRK - beats expectations and raises outlook on strong Keytruda and vaccine sales.
• Barclays shares are up as the bank swings back to profit in Q1 after strategic overhaul.
• Deutsche Bank better than expected profit in first quarter, after investment banking recovery
• WBA - Wallgreens launches cell, gene therapy services as it expands specialty pharmacy.
• SK Hynix - smashes Q1, very strong AI demand they said.
• LUV - loss widens, airline warns that Boeing airplane delays will hit growth into 2025.
• Unilever is up on earnings
• TECK - up on earnings, even though they missed Q1 profit guidance due to lower steelmaking coal sales.
• This is because their copper production came good.
• The miner reported a 74% rise in copper production at 99,000 tonnes in the first quarter, helped by ramp-up in output at its Quebrada Blanca (QB) mine in Chile.
• "We had strong first quarter performance...with steadily increasing quarterly copper production as QB ramp-up advances," CEO Jonathan Price said in a statement.
• The company reiterated full-year copper production of between 465,000 tonnes and 540,000 tonnes, above 296,500 tonnes produced in 2023.
• FCX up in sentiment with Teck
• ALGN up slightly on earnings. Got some raised price targets as a result. They said they are bullish on 2024, and are projecting revenue adn price to increase. Raised FY revenue growth outlook to 6-8%
• NET - Jim Cramer comments last night: [buy, buy, buy!] I would be a buyer. I would buy it slowly because we’ve got big selling going on in AI stock Meta.
• STM up slightly on earnings, evne as they cut FY revenue outlook as slowing car demand.
• Mixed earnings.
• Overall, not great earnigns to be honest, as they were forced to cut guidance.
• HON - up after earnings, they beat on aerospace strength. Backlog grows to 32B.
• Really strong sales growth, driven by these aerospace
• Reiterates FY outlook
• Sees EPS at 9.8-1.01 vs 9.95 estimate
• Sees sales at 38.1B - 38.9B vs 38.5B estimate
• PI jumps on earnings
• MAra, COIN, RIOT and other crypto stocks lower as BTC down again today after being down 4% yesterday
• NOW down on earnigns even after strong earnings.
• MNST - down on cut to sell from buy, cuts price target to 46, which is like 15% below spot.
• With MSFT and GOOGL and NOW down in premarket, we see other cloud stocks like SAP lower.

• US SEC will deny the spot Ether ETFs next month
• Strong 5 year note action yesterday.
• US gov has proposed a 44.6% tax on capital gains, highest ever. Including 25% tax on unrealised gains.
• LG energy solution reports sharp decline in Q1 profits, dropping 75% due to weak EV sales.
• BTC and ETH will start trading on Hong Kong exchange on April 30th
• Senate committee investigates Ozempic and Wegovy costs - NVO and LLY
• Tiktok will take US bill to the courts, where tiktok CEo says he expects them to prevail in courts “Tiktok isn’t going anywhere”
• ECB’s Muller says he is not comfortable with starting with back to back rate cuts
• ECB’s Shabel - wage growth easing. We are in a bump last mile of disinflation though
• HKG imports come much stronger than expected, as do exports. Sign of improving domestic economy and international economy.
• Taiwan president elect Lal was basically appointing his cabinet
• Japan chief cabinet secretary says expects BOJ to conduct appropriate monetary policy to hit price target sustainably. Said is watching FX and is ready tot take full response.
• Said that stability in currency movements should reflect underlying fundamentals.
• Japans finance minister Suzuki is closely monitoring FX and will handle appropriately
• UK car production drops 27% YOY in march to 59,467 units.
• Fitch says that global interest rate moves are becoming more divergent. (Looking at Fed and ECB im sure)
• Crude oil inventories were much lower than expected, fell 6.3M vs 2M expected. Lower supply = oil price higher.
• Mercedes is first automaker to sell autonomous cars in US that dont come with requirement for drivers to watch the road.
• Ukraine fired US su0pplied Long range ATACMS missiles against Russia last week. US supplied more ATACMS missiles in March aid package

• HKG imports come much stronger than expected, as do exports. Sign of improving domestic economy and international economy.
• German consumer confidence comes -24.2 vs -25.9 expected. German consumer confidence moves less negative.
• GDP number is out today, thats the key.
• Forecast 2.5% vs 3.4% last time.
• Initial jobless claims 214k forecast, vs 212k before.

• SPX trading at 5046. Theres a key level around the 5035 level which is where it found support. Before Meta, it was trading at 5070.
• Nasdaq: Down on Meta earnings, as meta dumps 13%. Meta is a big component of nasdaq. Currently Nasdaq trades at 17,380. Low of day was 17,270 so dipped below 17,300. Before Meta, was trading above 17500
• Dow - largely unaffected by Meta. Flat around yesterdays close at 38,400.
• IWM - interestingly small caps are higher today, even as nasdaq lower as is up 0.6%. Testing 200, which is a firm resistance.
• Ger40: Down slightly, rejected off 18000 level again.
• HKG50 pushed higher again, now at 17,323. Breaking out of the downtrend
• Oil -flat slightly lower.
• Maintaining the uptrend, but as mentioned, downward pressure builds. https://imgur.com/a/nHQgxgf
• Gold up slightly to 2325. choppy. Maintaining the 2300 support which is good for bulls n gold.

• GDP numbers for US today. This could pump dollar up again if it comes strong.
• Currently trading at the 105.6 support again.
• Strong GDP can maybe send dollar back towards 106.24
• GBPUSD higher today, bounces off 20day SMA. GBP higher on improved UK growth prospects.
• Currently at 1.251
• EURUSD follows GBPUSD, bounces off 20d SMA.
• Currently at 1.073
• AUDUSD at 0.653
• Yen weakens past 155 level, increasing intervention risk. After GDP can even touch 156.

• Not actually a bad quarter.
• Revenue guidance disappointed a bit
• Saw higher Capex in order to invest in future AI revenues.
• Mostly a story that it was priced too well. Last earnings report it was trading at 461, this earnings report is at 490. So bar was high.
• Revenue was 36.45B, beat consensus by 0.8%. So more or less in line.
• EPS came 4.71, which beat consensus by 9.3%
• Operating income came 13.81B, which beat by 2.4%
• Operating margin came 37.9%, which beat v narrowly by 58 bps.
• Revenues:
• Family of apps revenue beat by 1.4%
• Reality labs revenue, which is a tiny part of Meta revenue, missed by 11%
• Daily active users was a beat by 2.4%
• REVENUE GUIDANCE:
• 37.75B, missed by 1.3%
• RAISED OPEX GUIDANCE BY 1%, RAISED CAPEX GUIDANCE BY 11%a
• AI related revenue will come in the future but have to spend for it now
• Plans to significantly increase its compute capacity, expecting around 600k H100 equivalents by year end

• Rev $14.46B vs $14.54B est
• EPS $1.68 vs $1.60 est
• Reaffirms FY FCF and revenue growth guides/ Still sees FY revenue consistent with mid-single digit model.
• COnsulting revenue 5.19B
• Software revenue 5.9B.
• Reaches deal to buy HCP at $35/share cash
• For now, thier WatsonX AI fails to materialise just yet.

• Lowered capital expenditure expectations and raised its free cash flow guidance for the year.
• Ford Blue which is their traditional business, had earnings down 66% YOY. This was mostly because of the launch of their refreshed F150 pickup, which it held shipments of during most of the quarter to address quality issues.
• CEO said this was the right decision as it avoided more recalls down the line.
• Ford Pro, their commercial business, was up 120% QOQ.
• As such Commercial vehicles, trucks and vans etc was what helped them to beat estimates.
• They offset losses from EVs.
• Maintained 2024 guidance for EPS and EBIT
• Raised free cash low guidance on lower Capex.
• Cash flow guidance was 6.5-7.5B up from 6-7B
• CEO said the quarter was solid. On higher end of previous guidance
• Despite beating EPS guidance, their automotive revenue was a slight miss, coming in at 39.89b vs 40.1B expected

• • ADJ EPS $5.60 vs. $4.91 y/y, EST $5.13
• • EPS $5.75 vs. $3.74 y/y
• • Revenue $15.80B, -0.4% y/y, EST $16.12B
• • Financial segment revenue $839M, +10% y/y, EST $817.3M
• • Machinery, Energy & Transportation segment revenue $14.96B, -0.9% y/y, EST $15.31B
• • R&D expenses $520M, +10% y/y, EST $517.1M

• Rev $3.79B vs $3.73B est
• EPS $7.79 vs $7.32 est
• Sees 4Q:
• Rev $3.5-4.1B vs $3.8B est
• EPS $6.75-8.25 vs 7.34 est

• Subscription revenue came in in line with guidance
• Revenue beat estimates very slightly
• EBIT beat estimates by 5%
• EBIT margin beat guide by 140bps
• EPS came in at 3.45, beating estimates of 3.13
• FCF beat estimates by 26%
• GUIDANCE:
• Raised annual sub revenue guidance
• Reiteratd annual margin guidance
• All in all good earnings

• TEr up on earnings as profits beat estimates. Sees strong Q2 results on steady chip testing equipment demand.
• "Strength in memory and computing is driving stronger than expected performance in the first half of the year, however visibility beyond the second quarter remains limited," said CEO Greg Smith.
• The company, which supplies equipment to chip designer Qualcomm QCOM.O and electronics firm Samsung 005930.KS, said it expects second-quarter revenue in the range of $665 million to $725 million, compared with estimates of $636.6 million.
• It also expects adjusted earnings per share for the second quarter in the range of 64 cents to 84 cents, compared with estimates of 60 cents.

• TECK - up on earnings, even though they missed Q1 profit guidance due to lower steelmaking coal sales.
• This is because their copper production came good.
• The miner reported a 74% rise in copper production at 99,000 tonnes in the first quarter, helped by ramp-up in output at its Quebrada Blanca (QB) mine in Chile.
• "We had strong first quarter performance...with steadily increasing quarterly copper production as QB ramp-up advances," CEO Jonathan Price said in a statement.
• The company reiterated full-year copper production of between 465,000 tonnes and 540,000 tonnes, above 296,500 tonnes produced in 2023.

• Up on strong forecasts.
• Reaffirmed FY 2024 outlook
• Seeing surge in corporate reservations as large companies ramp up their work related travel expenses.
• ighlighted robust travel demand across both domestic and international routes in the summer
• Reiterated FY EPS 2.24-2.35 vs 2.35 estimate
• ADJ EPS -$0.34 , EST. -$0.29
• PASSENGER REV. $11.46B , EST. $11.47B
• AVAILABE SEAT MILES 70.52B, EST. 70.02B
• LOAD FACTOR 81.5%, EST. 80.8%
• STILL SEES FY ADJ EPS $2.25 TO $3.25, EST. $2.32
• STILL SEES FY CASM EX-FUEL ABOUT +0.5% TO +3.5%
• STILL SEES FY CAPACITY UP APPROX. MID-SINGLE DIGITS

• Q1 loss wider than expected.
• Missed Q1 estimates
• Forced to cut their Boeing jet delivery to less than half. Cut forecast for the 3rd time and said that the slow rate at which they are receiving the jets from Boeing is affecting their growth rate
• They are being forced to take measures to tighten costs.
• Cut its annual capacity forecast and expects available seat miles to be up about 4% from previous estimate of about a 6% growth
• Did say still robust demand environment
• Close operations at 4 airports to address costs and capacity headwinds
• Demand environment is okay, but is operational problems.

• NVDA delivers first DGX H200 to MSFT OPenAI
• Meta - big earnings related sell off, tested 400 in after hours
• TSLA - DZ bank cuts price target to 140 from 170.
• TSLA - Deutsche Bank raises price target to 136 from 123.
• GOOGL and MSFT earnings to come today
• Googl down in sentiment with social media name META
• MSFT and GOOGL also down in sentiment with NOW.

• Meta is down 12%, which means other social medias are trading lower in sympathy.
• PINS and SNAP down 4%, GOOGL is down 3%, AMZN is down 2%. TTD down 3%
• BHP makes takeover approach for rival miner Anglo American. Global miners are trying to expand their production into copper
• MU - Fitch affirms Micron at BBB - outlook stable.
• MRK - beats expectations and raises outlook on strong Keytruda and vaccine sales.
• Barclays shares are up as the bank swings back to profit in Q1 after strategic overhaul.
• Deutsche Bank better than expected profit in first quarter, after investment banking recovery
• WBA - Wallgreens launches cell, gene therapy services as it expands specialty pharmacy.
• SK Hynix - smashes Q1, very strong AI demand they said.
• LUV - loss widens, airline warns that Boeing airplane delays will hit growth into 2025.
• Unilever is up on earnings
• TECK - up on earnings, even though they missed Q1 profit guidance due to lower steelmaking coal sales.
• This is because their copper production came good.
• The miner reported a 74% rise in copper production at 99,000 tonnes in the first quarter, helped by ramp-up in output at its Quebrada Blanca (QB) mine in Chile.
• "We had strong first quarter performance...with steadily increasing quarterly copper production as QB ramp-up advances," CEO Jonathan Price said in a statement.
• The company reiterated full-year copper production of between 465,000 tonnes and 540,000 tonnes, above 296,500 tonnes produced in 2023.
• FCX up in sentiment with Teck
• ALGN up slightly on earnings. Got some raised price targets as a result. They said they are bullish on 2024, and are projecting revenue adn price to increase. Raised FY revenue growth outlook to 6-8%
• NET - Jim Cramer comments last night: [buy, buy, buy!] I would be a buyer. I would buy it slowly because we’ve got big selling going on in AI stock Meta.
• STM up slightly on earnings, evne as they cut FY revenue outlook as slowing car demand.
• Mixed earnings.
• Overall, not great earnigns to be honest, as they were forced to cut guidance.
• HON - up after earnings, they beat on aerospace strength. Backlog grows to 32B.
• Really strong sales growth, driven by these aerospace
• Reiterates FY outlook
• Sees EPS at 9.8-1.01 vs 9.95 estimate
• Sees sales at 38.1B - 38.9B vs 38.5B estimate
• PI jumps on earnings
• MAra, COIN, RIOT and other crypto stocks lower as BTC down again today after being down 4% yesterday
• NOW down on earnigns even after strong earnings.
• MNST - down on cut to sell from buy, cuts price target to 46, which is like 15% below spot.
• With MSFT and GOOGL and NOW down in premarket, we see other cloud stocks like SAP lower.

• US SEC will deny the spot Ether ETFs next month
• Strong 5 year note action yesterday.
• US gov has proposed a 44.6% tax on capital gains, highest ever. Including 25% tax on unrealised gains.
• LG energy solution reports sharp decline in Q1 profits, dropping 75% due to weak EV sales.
• BTC and ETH will start trading on Hong Kong exchange on April 30th
• Senate committee investigates Ozempic and Wegovy costs - NVO and LLY
• Tiktok will take US bill to the courts, where tiktok CEo says he expects them to prevail in courts “Tiktok isn’t going anywhere”
• ECB’s Muller says he is not comfortable with starting with back to back rate cuts
• ECB’s Shabel - wage growth easing. We are in a bump last mile of disinflation though
• HKG imports come much stronger than expected, as do exports. Sign of improving domestic economy and international economy.
• Taiwan president elect Lal was basically appointing his cabinet
• Japan chief cabinet secretary says expects BOJ to conduct appropriate monetary policy to hit price target sustainably. Said is watching FX and is ready tot take full response.
• Said that stability in currency movements should reflect underlying fundamentals.
• Japans finance minister Suzuki is closely monitoring FX and will handle appropriately
• UK car production drops 27% YOY in march to 59,467 units.
• Fitch says that global interest rate moves are becoming more divergent. (Looking at Fed and ECB im sure)
• Crude oil inventories were much lower than expected, fell 6.3M vs 2M expected. Lower supply = oil price higher.
• Mercedes is first automaker to sell autonomous cars in US that dont come with requirement for drivers to watch the road.
• Ukraine fired US su0pplied Long range ATACMS missiles against Russia last week. US supplied more ATACMS missiles in March aid package

• HKG imports come much stronger than expected, as do exports. Sign of improving domestic economy and international economy.
• German consumer confidence comes -24.2 vs -25.9 expected. German consumer confidence moves less negative.
• GDP number is out today, thats the key.
• Forecast 2.5% vs 3.4% last time.
• Initial jobless claims 214k forecast, vs 212k before.

• SPX trading at 5046. Theres a key level around the 5035 level which is where it found support. Before Meta, it was trading at 5070.
• Nasdaq: Down on Meta earnings, as meta dumps 13%. Meta is a big component of nasdaq. Currently Nasdaq trades at 17,380. Low of day was 17,270 so dipped below 17,300. Before Meta, was trading above 17500
• Dow - largely unaffected by Meta. Flat around yesterdays close at 38,400.
• IWM - interestingly small caps are higher today, even as nasdaq lower as is up 0.6%. Testing 200, which is a firm resistance.
• Ger40: Down slightly, rejected off 18000 level again.
• HKG50 pushed higher again, now at 17,323. Breaking out of the downtrend
• Oil -flat slightly lower.
• Maintaining the uptrend, but as mentioned, downward pressure builds. https://imgur.com/a/nHQgxgf
• Gold up slightly to 2325. choppy. Maintaining the 2300 support which is good for bulls n gold.

• GDP numbers for US today. This could pump dollar up again if it comes strong.
• Currently trading at the 105.6 support again.
• Strong GDP can maybe send dollar back towards 106.24
• GBPUSD higher today, bounces off 20day SMA. GBP higher on improved UK growth prospects.
• Currently at 1.251
• EURUSD follows GBPUSD, bounces off 20d SMA.
• Currently at 1.073
• AUDUSD at 0.653
• Yen weakens past 155 level, increasing intervention risk. After GDP can even touch 156.

• Not actually a bad quarter.
• Revenue guidance disappointed a bit
• Saw higher Capex in order to invest in future AI revenues.
• Mostly a story that it was priced too well. Last earnings report it was trading at 461, this earnings report is at 490. So bar was high.
• Revenue was 36.45B, beat consensus by 0.8%. So more or less in line.
• EPS came 4.71, which beat consensus by 9.3%
• Operating income came 13.81B, which beat by 2.4%
• Operating margin came 37.9%, which beat v narrowly by 58 bps.
• Revenues:
• Family of apps revenue beat by 1.4%
• Reality labs revenue, which is a tiny part of Meta revenue, missed by 11%
• Daily active users was a beat by 2.4%
• REVENUE GUIDANCE:
• 37.75B, missed by 1.3%
• RAISED OPEX GUIDANCE BY 1%, RAISED CAPEX GUIDANCE BY 11%a
• AI related revenue will come in the future but have to spend for it now
• Plans to significantly increase its compute capacity, expecting around 600k H100 equivalents by year end

• Rev $14.46B vs $14.54B est
• EPS $1.68 vs $1.60 est
• Reaffirms FY FCF and revenue growth guides/ Still sees FY revenue consistent with mid-single digit model.
• COnsulting revenue 5.19B
• Software revenue 5.9B.
• Reaches deal to buy HCP at $35/share cash
• For now, thier WatsonX AI fails to materialise just yet.

• Lowered capital expenditure expectations and raised its free cash flow guidance for the year.
• Ford Blue which is their traditional business, had earnings down 66% YOY. This was mostly because of the launch of their refreshed F150 pickup, which it held shipments of during most of the quarter to address quality issues.
• CEO said this was the right decision as it avoided more recalls down the line.
• Ford Pro, their commercial business, was up 120% QOQ.
• As such Commercial vehicles, trucks and vans etc was what helped them to beat estimates.
• They offset losses from EVs.
• Maintained 2024 guidance for EPS and EBIT
• Raised free cash low guidance on lower Capex.
• Cash flow guidance was 6.5-7.5B up from 6-7B
• CEO said the quarter was solid. On higher end of previous guidance
• Despite beating EPS guidance, their automotive revenue was a slight miss, coming in at 39.89b vs 40.1B expected

• • ADJ EPS $5.60 vs. $4.91 y/y, EST $5.13
• • EPS $5.75 vs. $3.74 y/y
• • Revenue $15.80B, -0.4% y/y, EST $16.12B
• • Financial segment revenue $839M, +10% y/y, EST $817.3M
• • Machinery, Energy & Transportation segment revenue $14.96B, -0.9% y/y, EST $15.31B
• • R&D expenses $520M, +10% y/y, EST $517.1M

• Rev $3.79B vs $3.73B est
• EPS $7.79 vs $7.32 est
• Sees 4Q:
• Rev $3.5-4.1B vs $3.8B est
• EPS $6.75-8.25 vs 7.34 est

• Subscription revenue came in in line with guidance
• Revenue beat estimates very slightly
• EBIT beat estimates by 5%
• EBIT margin beat guide by 140bps
• EPS came in at 3.45, beating estimates of 3.13
• FCF beat estimates by 26%
• GUIDANCE:
• Raised annual sub revenue guidance
• Reiteratd annual margin guidance
• All in all good earnings

• TEr up on earnings as profits beat estimates. Sees strong Q2 results on steady chip testing equipment demand.
• "Strength in memory and computing is driving stronger than expected performance in the first half of the year, however visibility beyond the second quarter remains limited," said CEO Greg Smith.
• The company, which supplies equipment to chip designer Qualcomm QCOM.O and electronics firm Samsung 005930.KS, said it expects second-quarter revenue in the range of $665 million to $725 million, compared with estimates of $636.6 million.
• It also expects adjusted earnings per share for the second quarter in the range of 64 cents to 84 cents, compared with estimates of 60 cents.

• TECK - up on earnings, even though they missed Q1 profit guidance due to lower steelmaking coal sales.
• This is because their copper production came good.
• The miner reported a 74% rise in copper production at 99,000 tonnes in the first quarter, helped by ramp-up in output at its Quebrada Blanca (QB) mine in Chile.
• "We had strong first quarter performance...with steadily increasing quarterly copper production as QB ramp-up advances," CEO Jonathan Price said in a statement.
• The company reiterated full-year copper production of between 465,000 tonnes and 540,000 tonnes, above 296,500 tonnes produced in 2023.

• Up on strong forecasts.
• Reaffirmed FY 2024 outlook
• Seeing surge in corporate reservations as large companies ramp up their work related travel expenses.
• ighlighted robust travel demand across both domestic and international routes in the summer
• Reiterated FY EPS 2.24-2.35 vs 2.35 estimate
• ADJ EPS -$0.34 , EST. -$0.29
• PASSENGER REV. $11.46B , EST. $11.47B
• AVAILABE SEAT MILES 70.52B, EST. 70.02B
• LOAD FACTOR 81.5%, EST. 80.8%
• STILL SEES FY ADJ EPS $2.25 TO $3.25, EST. $2.32
• STILL SEES FY CASM EX-FUEL ABOUT +0.5% TO +3.5%
• STILL SEES FY CAPACITY UP APPROX. MID-SINGLE DIGITS

• Q1 loss wider than expected.
• Missed Q1 estimates
• Forced to cut their Boeing jet delivery to less than half. Cut forecast for the 3rd time and said that the slow rate at which they are receiving the jets from Boeing is affecting their growth rate
• They are being forced to take measures to tighten costs.
• Cut its annual capacity forecast and expects available seat miles to be up about 4% from previous estimate of about a 6% growth
• Did say still robust demand environment
• Close operations at 4 airports to address costs and capacity headwinds
• Demand environment is okay, but is operational problems.

• NVDA delivers first DGX H200 to MSFT OPenAI
• Meta - big earnings related sell off, tested 400 in after hours
• TSLA - DZ bank cuts price target to 140 from 170.
• TSLA - Deutsche Bank raises price target to 136 from 123.
• GOOGL and MSFT earnings to come today
• Googl down in sentiment with social media name META
• MSFT and GOOGL also down in sentiment with NOW.

• Meta is down 12%, which means other social medias are trading lower in sympathy.
• PINS and SNAP down 4%, GOOGL is down 3%, AMZN is down 2%. TTD down 3%
• BHP makes takeover approach for rival miner Anglo American. Global miners are trying to expand their production into copper
• MU - Fitch affirms Micron at BBB - outlook stable.
• MRK - beats expectations and raises outlook on strong Keytruda and vaccine sales.
• Barclays shares are up as the bank swings back to profit in Q1 after strategic overhaul.
• Deutsche Bank better than expected profit in first quarter, after investment banking recovery
• WBA - Wallgreens launches cell, gene therapy services as it expands specialty pharmacy.
• SK Hynix - smashes Q1, very strong AI demand they said.
• LUV - loss widens, airline warns that Boeing airplane delays will hit growth into 2025.
• Unilever is up on earnings
• TECK - up on earnings, even though they missed Q1 profit guidance due to lower steelmaking coal sales.
• This is because their copper production came good.
• The miner reported a 74% rise in copper production at 99,000 tonnes in the first quarter, helped by ramp-up in output at its Quebrada Blanca (QB) mine in Chile.
• "We had strong first quarter performance...with steadily increasing quarterly copper production as QB ramp-up advances," CEO Jonathan Price said in a statement.
• The company reiterated full-year copper production of between 465,000 tonnes and 540,000 tonnes, above 296,500 tonnes produced in 2023.
• FCX up in sentiment with Teck
• ALGN up slightly on earnings. Got some raised price targets as a result. They said they are bullish on 2024, and are projecting revenue adn price to increase. Raised FY revenue growth outlook to 6-8%
• NET - Jim Cramer comments last night: [buy, buy, buy!] I would be a buyer. I would buy it slowly because we’ve got big selling going on in AI stock Meta.
• STM up slightly on earnings, evne as they cut FY revenue outlook as slowing car demand.
• Mixed earnings.
• Overall, not great earnigns to be honest, as they were forced to cut guidance.
• HON - up after earnings, they beat on aerospace strength. Backlog grows to 32B.
• Really strong sales growth, driven by these aerospace
• Reiterates FY outlook
• Sees EPS at 9.8-1.01 vs 9.95 estimate
• Sees sales at 38.1B - 38.9B vs 38.5B estimate
• PI jumps on earnings
• MAra, COIN, RIOT and other crypto stocks lower as BTC down again today after being down 4% yesterday
• NOW down on earnigns even after strong earnings.
• MNST - down on cut to sell from buy, cuts price target to 46, which is like 15% below spot.
• With MSFT and GOOGL and NOW down in premarket, we see other cloud stocks like SAP lower.

• US SEC will deny the spot Ether ETFs next month
• Strong 5 year note action yesterday.
• US gov has proposed a 44.6% tax on capital gains, highest ever. Including 25% tax on unrealised gains.
• LG energy solution reports sharp decline in Q1 profits, dropping 75% due to weak EV sales.
• BTC and ETH will start trading on Hong Kong exchange on April 30th
• Senate committee investigates Ozempic and Wegovy costs - NVO and LLY
• Tiktok will take US bill to the courts, where tiktok CEo says he expects them to prevail in courts “Tiktok isn’t going anywhere”
• ECB’s Muller says he is not comfortable with starting with back to back rate cuts
• ECB’s Shabel - wage growth easing. We are in a bump last mile of disinflation though
• HKG imports come much stronger than expected, as do exports. Sign of improving domestic economy and international economy.
• Taiwan president elect Lal was basically appointing his cabinet
• Japan chief cabinet secretary says expects BOJ to conduct appropriate monetary policy to hit price target sustainably. Said is watching FX and is ready tot take full response.
• Said that stability in currency movements should reflect underlying fundamentals.
• Japans finance minister Suzuki is closely monitoring FX and will handle appropriately
• UK car production drops 27% YOY in march to 59,467 units.
• Fitch says that global interest rate moves are becoming more divergent. (Looking at Fed and ECB im sure)
• Crude oil inventories were much lower than expected, fell 6.3M vs 2M expected. Lower supply = oil price higher.
• Mercedes is first automaker to sell autonomous cars in US that dont come with requirement for drivers to watch the road.
• Ukraine fired US su0pplied Long range ATACMS missiles against Russia last week. US supplied more ATACMS missiles in March aid package

• HKG imports come much stronger than expected, as do exports. Sign of improving domestic economy and international economy.
• German consumer confidence comes -24.2 vs -25.9 expected. German consumer confidence moves less negative.
• GDP number is out today, thats the key.
• Forecast 2.5% vs 3.4% last time.
• Initial jobless claims 214k forecast, vs 212k before.

• SPX trading at 5046. Theres a key level around the 5035 level which is where it found support. Before Meta, it was trading at 5070.
• Nasdaq: Down on Meta earnings, as meta dumps 13%. Meta is a big component of nasdaq. Currently Nasdaq trades at 17,380. Low of day was 17,270 so dipped below 17,300. Before Meta, was trading above 17500
• Dow - largely unaffected by Meta. Flat around yesterdays close at 38,400.
• IWM - interestingly small caps are higher today, even as nasdaq lower as is up 0.6%. Testing 200, which is a firm resistance.
• Ger40: Down slightly, rejected off 18000 level again.
• HKG50 pushed higher again, now at 17,323. Breaking out of the downtrend
• Oil -flat slightly lower.
• Maintaining the uptrend, but as mentioned, downward pressure builds. https://imgur.com/a/nHQgxgf
• Gold up slightly to 2325. choppy. Maintaining the 2300 support which is good for bulls n gold.

• GDP numbers for US today. This could pump dollar up again if it comes strong.
• Currently trading at the 105.6 support again.
• Strong GDP can maybe send dollar back towards 106.24
• GBPUSD higher today, bounces off 20day SMA. GBP higher on improved UK growth prospects.
• Currently at 1.251
• EURUSD follows GBPUSD, bounces off 20d SMA.
• Currently at 1.073
• AUDUSD at 0.653
• Yen weakens past 155 level, increasing intervention risk. After GDP can even touch 156.

• Not actually a bad quarter.
• Revenue guidance disappointed a bit
• Saw higher Capex in order to invest in future AI revenues.
• Mostly a story that it was priced too well. Last earnings report it was trading at 461, this earnings report is at 490. So bar was high.
• Revenue was 36.45B, beat consensus by 0.8%. So more or less in line.
• EPS came 4.71, which beat consensus by 9.3%
• Operating income came 13.81B, which beat by 2.4%
• Operating margin came 37.9%, which beat v narrowly by 58 bps.
• Revenues:
• Family of apps revenue beat by 1.4%
• Reality labs revenue, which is a tiny part of Meta revenue, missed by 11%
• Daily active users was a beat by 2.4%
• REVENUE GUIDANCE:
• 37.75B, missed by 1.3%
• RAISED OPEX GUIDANCE BY 1%, RAISED CAPEX GUIDANCE BY 11%a
• AI related revenue will come in the future but have to spend for it now
• Plans to significantly increase its compute capacity, expecting around 600k H100 equivalents by year end

• Rev $14.46B vs $14.54B est
• EPS $1.68 vs $1.60 est
• Reaffirms FY FCF and revenue growth guides/ Still sees FY revenue consistent with mid-single digit model.
• COnsulting revenue 5.19B
• Software revenue 5.9B.
• Reaches deal to buy HCP at $35/share cash
• For now, thier WatsonX AI fails to materialise just yet.

• Lowered capital expenditure expectations and raised its free cash flow guidance for the year.
• Ford Blue which is their traditional business, had earnings down 66% YOY. This was mostly because of the launch of their refreshed F150 pickup, which it held shipments of during most of the quarter to address quality issues.
• CEO said this was the right decision as it avoided more recalls down the line.
• Ford Pro, their commercial business, was up 120% QOQ.
• As such Commercial vehicles, trucks and vans etc was what helped them to beat estimates.
• They offset losses from EVs.
• Maintained 2024 guidance for EPS and EBIT
• Raised free cash low guidance on lower Capex.
• Cash flow guidance was 6.5-7.5B up from 6-7B
• CEO said the quarter was solid. On higher end of previous guidance
• Despite beating EPS guidance, their automotive revenue was a slight miss, coming in at 39.89b vs 40.1B expected

• • ADJ EPS $5.60 vs. $4.91 y/y, EST $5.13
• • EPS $5.75 vs. $3.74 y/y
• • Revenue $15.80B, -0.4% y/y, EST $16.12B
• • Financial segment revenue $839M, +10% y/y, EST $817.3M
• • Machinery, Energy & Transportation segment revenue $14.96B, -0.9% y/y, EST $15.31B
• • R&D expenses $520M, +10% y/y, EST $517.1M

• Rev $3.79B vs $3.73B est
• EPS $7.79 vs $7.32 est
• Sees 4Q:
• Rev $3.5-4.1B vs $3.8B est
• EPS $6.75-8.25 vs 7.34 est

• Subscription revenue came in in line with guidance
• Revenue beat estimates very slightly
• EBIT beat estimates by 5%
• EBIT margin beat guide by 140bps
• EPS came in at 3.45, beating estimates of 3.13
• FCF beat estimates by 26%
• GUIDANCE:
• Raised annual sub revenue guidance
• Reiteratd annual margin guidance
• All in all good earnings

• TEr up on earnings as profits beat estimates. Sees strong Q2 results on steady chip testing equipment demand.
• "Strength in memory and computing is driving stronger than expected performance in the first half of the year, however visibility beyond the second quarter remains limited," said CEO Greg Smith.
• The company, which supplies equipment to chip designer Qualcomm QCOM.O and electronics firm Samsung 005930.KS, said it expects second-quarter revenue in the range of $665 million to $725 million, compared with estimates of $636.6 million.
• It also expects adjusted earnings per share for the second quarter in the range of 64 cents to 84 cents, compared with estimates of 60 cents.

• TECK - up on earnings, even though they missed Q1 profit guidance due to lower steelmaking coal sales.
• This is because their copper production came good.
• The miner reported a 74% rise in copper production at 99,000 tonnes in the first quarter, helped by ramp-up in output at its Quebrada Blanca (QB) mine in Chile.
• "We had strong first quarter performance...with steadily increasing quarterly copper production as QB ramp-up advances," CEO Jonathan Price said in a statement.
• The company reiterated full-year copper production of between 465,000 tonnes and 540,000 tonnes, above 296,500 tonnes produced in 2023.

• Up on strong forecasts.
• Reaffirmed FY 2024 outlook
• Seeing surge in corporate reservations as large companies ramp up their work related travel expenses.
• ighlighted robust travel demand across both domestic and international routes in the summer
• Reiterated FY EPS 2.24-2.35 vs 2.35 estimate
• ADJ EPS -$0.34 , EST. -$0.29
• PASSENGER REV. $11.46B , EST. $11.47B
• AVAILABE SEAT MILES 70.52B, EST. 70.02B
• LOAD FACTOR 81.5%, EST. 80.8%
• STILL SEES FY ADJ EPS $2.25 TO $3.25, EST. $2.32
• STILL SEES FY CASM EX-FUEL ABOUT +0.5% TO +3.5%
• STILL SEES FY CAPACITY UP APPROX. MID-SINGLE DIGITS

• Q1 loss wider than expected.
• Missed Q1 estimates
• Forced to cut their Boeing jet delivery to less than half. Cut forecast for the 3rd time and said that the slow rate at which they are receiving the jets from Boeing is affecting their growth rate
• They are being forced to take measures to tighten costs.
• Cut its annual capacity forecast and expects available seat miles to be up about 4% from previous estimate of about a 6% growth
• Did say still robust demand environment
• Close operations at 4 airports to address costs and capacity headwinds
• Demand environment is okay, but is operational problems.

• NVDA delivers first DGX H200 to MSFT OPenAI
• Meta - big earnings related sell off, tested 400 in after hours
• TSLA - DZ bank cuts price target to 140 from 170.
• TSLA - Deutsche Bank raises price target to 136 from 123.
• GOOGL and MSFT earnings to come today
• Googl down in sentiment with social media name META
• MSFT and GOOGL also down in sentiment with NOW.

• Meta is down 12%, which means other social medias are trading lower in sympathy.
• PINS and SNAP down 4%, GOOGL is down 3%, AMZN is down 2%. TTD down 3%
• BHP makes takeover approach for rival miner Anglo American. Global miners are trying to expand their production into copper
• MU - Fitch affirms Micron at BBB - outlook stable.
• MRK - beats expectations and raises outlook on strong Keytruda and vaccine sales.
• Barclays shares are up as the bank swings back to profit in Q1 after strategic overhaul.
• Deutsche Bank better than expected profit in first quarter, after investment banking recovery
• WBA - Wallgreens launches cell, gene therapy services as it expands specialty pharmacy.
• SK Hynix - smashes Q1, very strong AI demand they said.
• LUV - loss widens, airline warns that Boeing airplane delays will hit growth into 2025.
• Unilever is up on earnings
• TECK - up on earnings, even though they missed Q1 profit guidance due to lower steelmaking coal sales.
• This is because their copper production came good.
• The miner reported a 74% rise in copper production at 99,000 tonnes in the first quarter, helped by ramp-up in output at its Quebrada Blanca (QB) mine in Chile.
• "We had strong first quarter performance...with steadily increasing quarterly copper production as QB ramp-up advances," CEO Jonathan Price said in a statement.
• The company reiterated full-year copper production of between 465,000 tonnes and 540,000 tonnes, above 296,500 tonnes produced in 2023.
• FCX up in sentiment with Teck
• ALGN up slightly on earnings. Got some raised price targets as a result. They said they are bullish on 2024, and are projecting revenue adn price to increase. Raised FY revenue growth outlook to 6-8%
• NET - Jim Cramer comments last night: [buy, buy, buy!] I would be a buyer. I would buy it slowly because we’ve got big selling going on in AI stock Meta.
• STM up slightly on earnings, evne as they cut FY revenue outlook as slowing car demand.
• Mixed earnings.
• Overall, not great earnigns to be honest, as they were forced to cut guidance.
• HON - up after earnings, they beat on aerospace strength. Backlog grows to 32B.
• Really strong sales growth, driven by these aerospace
• Reiterates FY outlook
• Sees EPS at 9.8-1.01 vs 9.95 estimate
• Sees sales at 38.1B - 38.9B vs 38.5B estimate
• PI jumps on earnings
• MAra, COIN, RIOT and other crypto stocks lower as BTC down again today after being down 4% yesterday
• NOW down on earnigns even after strong earnings.
• MNST - down on cut to sell from buy, cuts price target to 46, which is like 15% below spot.
• With MSFT and GOOGL and NOW down in premarket, we see other cloud stocks like SAP lower.

• US SEC will deny the spot Ether ETFs next month
• Strong 5 year note action yesterday.
• US gov has proposed a 44.6% tax on capital gains, highest ever. Including 25% tax on unrealised gains.
• LG energy solution reports sharp decline in Q1 profits, dropping 75% due to weak EV sales.
• BTC and ETH will start trading on Hong Kong exchange on April 30th
• Senate committee investigates Ozempic and Wegovy costs - NVO and LLY
• Tiktok will take US bill to the courts, where tiktok CEo says he expects them to prevail in courts “Tiktok isn’t going anywhere”
• ECB’s Muller says he is not comfortable with starting with back to back rate cuts
• ECB’s Shabel - wage growth easing. We are in a bump last mile of disinflation though
• HKG imports come much stronger than expected, as do exports. Sign of improving domestic economy and international economy.
• Taiwan president elect Lal was basically appointing his cabinet
• Japan chief cabinet secretary says expects BOJ to conduct appropriate monetary policy to hit price target sustainably. Said is watching FX and is ready tot take full response.
• Said that stability in currency movements should reflect underlying fundamentals.
• Japans finance minister Suzuki is closely monitoring FX and will handle appropriately
• UK car production drops 27% YOY in march to 59,467 units.
• Fitch says that global interest rate moves are becoming more divergent. (Looking at Fed and ECB im sure)
• Crude oil inventories were much lower than expected, fell 6.3M vs 2M expected. Lower supply = oil price higher.
• Mercedes is first automaker to sell autonomous cars in US that dont come with requirement for drivers to watch the road.
• Ukraine fired US su0pplied Long range ATACMS missiles against Russia last week. US supplied more ATACMS missiles in March aid package

• Not actually a bad quarter.
• Revenue guidance disappointed a bit
• Saw higher Capex in order to invest in future AI revenues.
• Mostly a story that it was priced too well. Last earnings report it was trading at 461, this earnings report is at 490. So bar was high.
• Revenue was 36.45B, beat consensus by 0.8%. So more or less in line.
• EPS came 4.71, which beat consensus by 9.3%
• Operating income came 13.81B, which beat by 2.4%
• Operating margin came 37.9%, which beat v narrowly by 58 bps.
• Revenues:
• Family of apps revenue beat by 1.4%
• Reality labs revenue, which is a tiny part of Meta revenue, missed by 11%
• Daily active users was a beat by 2.4%
• REVENUE GUIDANCE:
• 37.75B, missed by 1.3%
• RAISED OPEX GUIDANCE BY 1%, RAISED CAPEX GUIDANCE BY 11%a
• AI related revenue will come in the future but have to spend for it now
• Plans to significantly increase its compute capacity, expecting around 600k H100 equivalents by year end

• Rev $14.46B vs $14.54B est
• EPS $1.68 vs $1.60 est
• Reaffirms FY FCF and revenue growth guides/ Still sees FY revenue consistent with mid-single digit model.
• COnsulting revenue 5.19B
• Software revenue 5.9B.
• Reaches deal to buy HCP at $35/share cash
• For now, thier WatsonX AI fails to materialise just yet.

• Lowered capital expenditure expectations and raised its free cash flow guidance for the year.
• Ford Blue which is their traditional business, had earnings down 66% YOY. This was mostly because of the launch of their refreshed F150 pickup, which it held shipments of during most of the quarter to address quality issues.
• CEO said this was the right decision as it avoided more recalls down the line.
• Ford Pro, their commercial business, was up 120% QOQ.
• As such Commercial vehicles, trucks and vans etc was what helped them to beat estimates.
• They offset losses from EVs.
• Maintained 2024 guidance for EPS and EBIT
• Raised free cash low guidance on lower Capex.
• Cash flow guidance was 6.5-7.5B up from 6-7B
• CEO said the quarter was solid. On higher end of previous guidance
• Despite beating EPS guidance, their automotive revenue was a slight miss, coming in at 39.89b vs 40.1B expected

• • ADJ EPS $5.60 vs. $4.91 y/y, EST $5.13
• • EPS $5.75 vs. $3.74 y/y
• • Revenue $15.80B, -0.4% y/y, EST $16.12B
• • Financial segment revenue $839M, +10% y/y, EST $817.3M
• • Machinery, Energy & Transportation segment revenue $14.96B, -0.9% y/y, EST $15.31B
• • R&D expenses $520M, +10% y/y, EST $517.1M

• Rev $3.79B vs $3.73B est
• EPS $7.79 vs $7.32 est
• Sees 4Q:
• Rev $3.5-4.1B vs $3.8B est
• EPS $6.75-8.25 vs 7.34 est

• Subscription revenue came in in line with guidance
• Revenue beat estimates very slightly
• EBIT beat estimates by 5%
• EBIT margin beat guide by 140bps
• EPS came in at 3.45, beating estimates of 3.13
• FCF beat estimates by 26%
• GUIDANCE:
• Raised annual sub revenue guidance
• Reiteratd annual margin guidance
• All in all good earnings

• TEr up on earnings as profits beat estimates. Sees strong Q2 results on steady chip testing equipment demand.
• "Strength in memory and computing is driving stronger than expected performance in the first half of the year, however visibility beyond the second quarter remains limited," said CEO Greg Smith.
• The company, which supplies equipment to chip designer Qualcomm QCOM.O and electronics firm Samsung 005930.KS, said it expects second-quarter revenue in the range of $665 million to $725 million, compared with estimates of $636.6 million.
• It also expects adjusted earnings per share for the second quarter in the range of 64 cents to 84 cents, compared with estimates of 60 cents.

• TECK - up on earnings, even though they missed Q1 profit guidance due to lower steelmaking coal sales.
• This is because their copper production came good.
• The miner reported a 74% rise in copper production at 99,000 tonnes in the first quarter, helped by ramp-up in output at its Quebrada Blanca (QB) mine in Chile.
• "We had strong first quarter performance...with steadily increasing quarterly copper production as QB ramp-up advances," CEO Jonathan Price said in a statement.
• The company reiterated full-year copper production of between 465,000 tonnes and 540,000 tonnes, above 296,500 tonnes produced in 2023.

• Up on strong forecasts.
• Reaffirmed FY 2024 outlook
• Seeing surge in corporate reservations as large companies ramp up their work related travel expenses.
• ighlighted robust travel demand across both domestic and international routes in the summer
• Reiterated FY EPS 2.24-2.35 vs 2.35 estimate
• ADJ EPS -$0.34 , EST. -$0.29
• PASSENGER REV. $11.46B , EST. $11.47B
• AVAILABE SEAT MILES 70.52B, EST. 70.02B
• LOAD FACTOR 81.5%, EST. 80.8%
• STILL SEES FY ADJ EPS $2.25 TO $3.25, EST. $2.32
• STILL SEES FY CASM EX-FUEL ABOUT +0.5% TO +3.5%
• STILL SEES FY CAPACITY UP APPROX. MID-SINGLE DIGITS

• Q1 loss wider than expected.
• Missed Q1 estimates
• Forced to cut their Boeing jet delivery to less than half. Cut forecast for the 3rd time and said that the slow rate at which they are receiving the jets from Boeing is affecting their growth rate
• They are being forced to take measures to tighten costs.
• Cut its annual capacity forecast and expects available seat miles to be up about 4% from previous estimate of about a 6% growth
• Did say still robust demand environment
• Close operations at 4 airports to address costs and capacity headwinds
• Demand environment is okay, but is operational problems.

• Not actually a bad quarter.
• Revenue guidance disappointed a bit
• Saw higher Capex in order to invest in future AI revenues.
• Mostly a story that it was priced too well. Last earnings report it was trading at 461, this earnings report is at 490. So bar was high.
• Revenue was 36.45B, beat consensus by 0.8%. So more or less in line.
• EPS came 4.71, which beat consensus by 9.3%
• Operating income came 13.81B, which beat by 2.4%
• Operating margin came 37.9%, which beat v narrowly by 58 bps.
• Revenues:
• Family of apps revenue beat by 1.4%
• Reality labs revenue, which is a tiny part of Meta revenue, missed by 11%
• Daily active users was a beat by 2.4%
• REVENUE GUIDANCE:
• 37.75B, missed by 1.3%
• RAISED OPEX GUIDANCE BY 1%, RAISED CAPEX GUIDANCE BY 11%a
• AI related revenue will come in the future but have to spend for it now
• Plans to significantly increase its compute capacity, expecting around 600k H100 equivalents by year end

• Rev $14.46B vs $14.54B est
• EPS $1.68 vs $1.60 est
• Reaffirms FY FCF and revenue growth guides/ Still sees FY revenue consistent with mid-single digit model.
• COnsulting revenue 5.19B
• Software revenue 5.9B.
• Reaches deal to buy HCP at $35/share cash
• For now, thier WatsonX AI fails to materialise just yet.

• Lowered capital expenditure expectations and raised its free cash flow guidance for the year.
• Ford Blue which is their traditional business, had earnings down 66% YOY. This was mostly because of the launch of their refreshed F150 pickup, which it held shipments of during most of the quarter to address quality issues.
• CEO said this was the right decision as it avoided more recalls down the line.
• Ford Pro, their commercial business, was up 120% QOQ.
• As such Commercial vehicles, trucks and vans etc was what helped them to beat estimates.
• They offset losses from EVs.
• Maintained 2024 guidance for EPS and EBIT
• Raised free cash low guidance on lower Capex.
• Cash flow guidance was 6.5-7.5B up from 6-7B
• CEO said the quarter was solid. On higher end of previous guidance
• Despite beating EPS guidance, their automotive revenue was a slight miss, coming in at 39.89b vs 40.1B expected

• • ADJ EPS $5.60 vs. $4.91 y/y, EST $5.13
• • EPS $5.75 vs. $3.74 y/y
• • Revenue $15.80B, -0.4% y/y, EST $16.12B
• • Financial segment revenue $839M, +10% y/y, EST $817.3M
• • Machinery, Energy & Transportation segment revenue $14.96B, -0.9% y/y, EST $15.31B
• • R&D expenses $520M, +10% y/y, EST $517.1M

• Rev $3.79B vs $3.73B est
• EPS $7.79 vs $7.32 est
• Sees 4Q:
• Rev $3.5-4.1B vs $3.8B est
• EPS $6.75-8.25 vs 7.34 est

• Subscription revenue came in in line with guidance
• Revenue beat estimates very slightly
• EBIT beat estimates by 5%
• EBIT margin beat guide by 140bps
• EPS came in at 3.45, beating estimates of 3.13
• FCF beat estimates by 26%
• GUIDANCE:
• Raised annual sub revenue guidance
• Reiteratd annual margin guidance
• All in all good earnings

• TEr up on earnings as profits beat estimates. Sees strong Q2 results on steady chip testing equipment demand.
• "Strength in memory and computing is driving stronger than expected performance in the first half of the year, however visibility beyond the second quarter remains limited," said CEO Greg Smith.
• The company, which supplies equipment to chip designer Qualcomm QCOM.O and electronics firm Samsung 005930.KS, said it expects second-quarter revenue in the range of $665 million to $725 million, compared with estimates of $636.6 million.
• It also expects adjusted earnings per share for the second quarter in the range of 64 cents to 84 cents, compared with estimates of 60 cents.

• TECK - up on earnings, even though they missed Q1 profit guidance due to lower steelmaking coal sales.
• This is because their copper production came good.
• The miner reported a 74% rise in copper production at 99,000 tonnes in the first quarter, helped by ramp-up in output at its Quebrada Blanca (QB) mine in Chile.
• "We had strong first quarter performance...with steadily increasing quarterly copper production as QB ramp-up advances," CEO Jonathan Price said in a statement.
• The company reiterated full-year copper production of between 465,000 tonnes and 540,000 tonnes, above 296,500 tonnes produced in 2023.

• Up on strong forecasts.
• Reaffirmed FY 2024 outlook
• Seeing surge in corporate reservations as large companies ramp up their work related travel expenses.
• ighlighted robust travel demand across both domestic and international routes in the summer
• Reiterated FY EPS 2.24-2.35 vs 2.35 estimate
• ADJ EPS -$0.34 , EST. -$0.29
• PASSENGER REV. $11.46B , EST. $11.47B
• AVAILABE SEAT MILES 70.52B, EST. 70.02B
• LOAD FACTOR 81.5%, EST. 80.8%
• STILL SEES FY ADJ EPS $2.25 TO $3.25, EST. $2.32
• STILL SEES FY CASM EX-FUEL ABOUT +0.5% TO +3.5%
• STILL SEES FY CAPACITY UP APPROX. MID-SINGLE DIGITS

• Q1 loss wider than expected.
• Missed Q1 estimates
• Forced to cut their Boeing jet delivery to less than half. Cut forecast for the 3rd time and said that the slow rate at which they are receiving the jets from Boeing is affecting their growth rate
• They are being forced to take measures to tighten costs.
• Cut its annual capacity forecast and expects available seat miles to be up about 4% from previous estimate of about a 6% growth
• Did say still robust demand environment
• Close operations at 4 airports to address costs and capacity headwinds
• Demand environment is okay, but is operational problems.

• Not actually a bad quarter.
• Revenue guidance disappointed a bit
• Saw higher Capex in order to invest in future AI revenues.
• Mostly a story that it was priced too well. Last earnings report it was trading at 461, this earnings report is at 490. So bar was high.
• Revenue was 36.45B, beat consensus by 0.8%. So more or less in line.
• EPS came 4.71, which beat consensus by 9.3%
• Operating income came 13.81B, which beat by 2.4%
• Operating margin came 37.9%, which beat v narrowly by 58 bps.
• Revenues:
• Family of apps revenue beat by 1.4%
• Reality labs revenue, which is a tiny part of Meta revenue, missed by 11%
• Daily active users was a beat by 2.4%
• REVENUE GUIDANCE:
• 37.75B, missed by 1.3%
• RAISED OPEX GUIDANCE BY 1%, RAISED CAPEX GUIDANCE BY 11%a
• AI related revenue will come in the future but have to spend for it now
• Plans to significantly increase its compute capacity, expecting around 600k H100 equivalents by year end

• Rev $14.46B vs $14.54B est
• EPS $1.68 vs $1.60 est
• Reaffirms FY FCF and revenue growth guides/ Still sees FY revenue consistent with mid-single digit model.
• COnsulting revenue 5.19B
• Software revenue 5.9B.
• Reaches deal to buy HCP at $35/share cash
• For now, thier WatsonX AI fails to materialise just yet.

• Lowered capital expenditure expectations and raised its free cash flow guidance for the year.
• Ford Blue which is their traditional business, had earnings down 66% YOY. This was mostly because of the launch of their refreshed F150 pickup, which it held shipments of during most of the quarter to address quality issues.
• CEO said this was the right decision as it avoided more recalls down the line.
• Ford Pro, their commercial business, was up 120% QOQ.
• As such Commercial vehicles, trucks and vans etc was what helped them to beat estimates.
• They offset losses from EVs.
• Maintained 2024 guidance for EPS and EBIT
• Raised free cash low guidance on lower Capex.
• Cash flow guidance was 6.5-7.5B up from 6-7B
• CEO said the quarter was solid. On higher end of previous guidance
• Despite beating EPS guidance, their automotive revenue was a slight miss, coming in at 39.89b vs 40.1B expected

• • ADJ EPS $5.60 vs. $4.91 y/y, EST $5.13
• • EPS $5.75 vs. $3.74 y/y
• • Revenue $15.80B, -0.4% y/y, EST $16.12B
• • Financial segment revenue $839M, +10% y/y, EST $817.3M
• • Machinery, Energy & Transportation segment revenue $14.96B, -0.9% y/y, EST $15.31B
• • R&D expenses $520M, +10% y/y, EST $517.1M

• Rev $3.79B vs $3.73B est
• EPS $7.79 vs $7.32 est
• Sees 4Q:
• Rev $3.5-4.1B vs $3.8B est
• EPS $6.75-8.25 vs 7.34 est

• Subscription revenue came in in line with guidance
• Revenue beat estimates very slightly
• EBIT beat estimates by 5%
• EBIT margin beat guide by 140bps
• EPS came in at 3.45, beating estimates of 3.13
• FCF beat estimates by 26%
• GUIDANCE:
• Raised annual sub revenue guidance
• Reiteratd annual margin guidance
• All in all good earnings

• TEr up on earnings as profits beat estimates. Sees strong Q2 results on steady chip testing equipment demand.
• "Strength in memory and computing is driving stronger than expected performance in the first half of the year, however visibility beyond the second quarter remains limited," said CEO Greg Smith.
• The company, which supplies equipment to chip designer Qualcomm QCOM.O and electronics firm Samsung 005930.KS, said it expects second-quarter revenue in the range of $665 million to $725 million, compared with estimates of $636.6 million.
• It also expects adjusted earnings per share for the second quarter in the range of 64 cents to 84 cents, compared with estimates of 60 cents.

• TECK - up on earnings, even though they missed Q1 profit guidance due to lower steelmaking coal sales.
• This is because their copper production came good.
• The miner reported a 74% rise in copper production at 99,000 tonnes in the first quarter, helped by ramp-up in output at its Quebrada Blanca (QB) mine in Chile.
• "We had strong first quarter performance...with steadily increasing quarterly copper production as QB ramp-up advances," CEO Jonathan Price said in a statement.
• The company reiterated full-year copper production of between 465,000 tonnes and 540,000 tonnes, above 296,500 tonnes produced in 2023.

• Up on strong forecasts.
• Reaffirmed FY 2024 outlook
• Seeing surge in corporate reservations as large companies ramp up their work related travel expenses.
• ighlighted robust travel demand across both domestic and international routes in the summer
• Reiterated FY EPS 2.24-2.35 vs 2.35 estimate
• ADJ EPS -$0.34 , EST. -$0.29
• PASSENGER REV. $11.46B , EST. $11.47B
• AVAILABE SEAT MILES 70.52B, EST. 70.02B
• LOAD FACTOR 81.5%, EST. 80.8%
• STILL SEES FY ADJ EPS $2.25 TO $3.25, EST. $2.32
• STILL SEES FY CASM EX-FUEL ABOUT +0.5% TO +3.5%
• STILL SEES FY CAPACITY UP APPROX. MID-SINGLE DIGITS

• Q1 loss wider than expected.
• Missed Q1 estimates
• Forced to cut their Boeing jet delivery to less than half. Cut forecast for the 3rd time and said that the slow rate at which they are receiving the jets from Boeing is affecting their growth rate
• They are being forced to take measures to tighten costs.
• Cut its annual capacity forecast and expects available seat miles to be up about 4% from previous estimate of about a 6% growth
• Did say still robust demand environment
• Close operations at 4 airports to address costs and capacity headwinds
• Demand environment is okay, but is operational problems.

• Not actually a bad quarter.
• Revenue guidance disappointed a bit
• Saw higher Capex in order to invest in future AI revenues.
• Mostly a story that it was priced too well. Last earnings report it was trading at 461, this earnings report is at 490. So bar was high.
• Revenue was 36.45B, beat consensus by 0.8%. So more or less in line.
• EPS came 4.71, which beat consensus by 9.3%
• Operating income came 13.81B, which beat by 2.4%
• Operating margin came 37.9%, which beat v narrowly by 58 bps.
• Revenues:
• Family of apps revenue beat by 1.4%
• Reality labs revenue, which is a tiny part of Meta revenue, missed by 11%
• Daily active users was a beat by 2.4%
• REVENUE GUIDANCE:
• 37.75B, missed by 1.3%
• RAISED OPEX GUIDANCE BY 1%, RAISED CAPEX GUIDANCE BY 11%a
• AI related revenue will come in the future but have to spend for it now
• Plans to significantly increase its compute capacity, expecting around 600k H100 equivalents by year end

• Rev $14.46B vs $14.54B est
• EPS $1.68 vs $1.60 est
• Reaffirms FY FCF and revenue growth guides/ Still sees FY revenue consistent with mid-single digit model.
• COnsulting revenue 5.19B
• Software revenue 5.9B.
• Reaches deal to buy HCP at $35/share cash
• For now, thier WatsonX AI fails to materialise just yet.

• Lowered capital expenditure expectations and raised its free cash flow guidance for the year.
• Ford Blue which is their traditional business, had earnings down 66% YOY. This was mostly because of the launch of their refreshed F150 pickup, which it held shipments of during most of the quarter to address quality issues.
• CEO said this was the right decision as it avoided more recalls down the line.
• Ford Pro, their commercial business, was up 120% QOQ.
• As such Commercial vehicles, trucks and vans etc was what helped them to beat estimates.
• They offset losses from EVs.
• Maintained 2024 guidance for EPS and EBIT
• Raised free cash low guidance on lower Capex.
• Cash flow guidance was 6.5-7.5B up from 6-7B
• CEO said the quarter was solid. On higher end of previous guidance
• Despite beating EPS guidance, their automotive revenue was a slight miss, coming in at 39.89b vs 40.1B expected

• • ADJ EPS $5.60 vs. $4.91 y/y, EST $5.13
• • EPS $5.75 vs. $3.74 y/y
• • Revenue $15.80B, -0.4% y/y, EST $16.12B
• • Financial segment revenue $839M, +10% y/y, EST $817.3M
• • Machinery, Energy & Transportation segment revenue $14.96B, -0.9% y/y, EST $15.31B
• • R&D expenses $520M, +10% y/y, EST $517.1M

• Rev $3.79B vs $3.73B est
• EPS $7.79 vs $7.32 est
• Sees 4Q:
• Rev $3.5-4.1B vs $3.8B est
• EPS $6.75-8.25 vs 7.34 est

• Subscription revenue came in in line with guidance
• Revenue beat estimates very slightly
• EBIT beat estimates by 5%
• EBIT margin beat guide by 140bps
• EPS came in at 3.45, beating estimates of 3.13
• FCF beat estimates by 26%
• GUIDANCE:
• Raised annual sub revenue guidance
• Reiteratd annual margin guidance
• All in all good earnings

• TEr up on earnings as profits beat estimates. Sees strong Q2 results on steady chip testing equipment demand.
• "Strength in memory and computing is driving stronger than expected performance in the first half of the year, however visibility beyond the second quarter remains limited," said CEO Greg Smith.
• The company, which supplies equipment to chip designer Qualcomm QCOM.O and electronics firm Samsung 005930.KS, said it expects second-quarter revenue in the range of $665 million to $725 million, compared with estimates of $636.6 million.
• It also expects adjusted earnings per share for the second quarter in the range of 64 cents to 84 cents, compared with estimates of 60 cents.

• TECK - up on earnings, even though they missed Q1 profit guidance due to lower steelmaking coal sales.
• This is because their copper production came good.
• The miner reported a 74% rise in copper production at 99,000 tonnes in the first quarter, helped by ramp-up in output at its Quebrada Blanca (QB) mine in Chile.
• "We had strong first quarter performance...with steadily increasing quarterly copper production as QB ramp-up advances," CEO Jonathan Price said in a statement.
• The company reiterated full-year copper production of between 465,000 tonnes and 540,000 tonnes, above 296,500 tonnes produced in 2023.

• Up on strong forecasts.
• Reaffirmed FY 2024 outlook
• Seeing surge in corporate reservations as large companies ramp up their work related travel expenses.
• ighlighted robust travel demand across both domestic and international routes in the summer
• Reiterated FY EPS 2.24-2.35 vs 2.35 estimate
• ADJ EPS -$0.34 , EST. -$0.29
• PASSENGER REV. $11.46B , EST. $11.47B
• AVAILABE SEAT MILES 70.52B, EST. 70.02B
• LOAD FACTOR 81.5%, EST. 80.8%
• STILL SEES FY ADJ EPS $2.25 TO $3.25, EST. $2.32
• STILL SEES FY CASM EX-FUEL ABOUT +0.5% TO +3.5%
• STILL SEES FY CAPACITY UP APPROX. MID-SINGLE DIGITS

• Q1 loss wider than expected.
• Missed Q1 estimates
• Forced to cut their Boeing jet delivery to less than half. Cut forecast for the 3rd time and said that the slow rate at which they are receiving the jets from Boeing is affecting their growth rate
• They are being forced to take measures to tighten costs.
• Cut its annual capacity forecast and expects available seat miles to be up about 4% from previous estimate of about a 6% growth
• Did say still robust demand environment
• Close operations at 4 airports to address costs and capacity headwinds
• Demand environment is okay, but is operational problems.