Notes
How to identify if an @unusual_whales flow is a hedge or a naked position: we will use $CRDO 3/21/25 50P as an example.
on 3/4, day of earnings, there is 2756 volume with the OI at 990 at 5.49 avg. Volume > OI means this position is being opened.
Next day, we see +1475 and
MORNING RECAP
Tesla ( $TSLA): China-made EV sales dropped 4.3% y/y to 78,856 in November.
Month-over-month increase of 15.5% for Model 3 and Model Y deliveries.
Kroger ( $KR): Upgraded to Buy from Hold by Jefferies, target raised to $73 from $54.
Downgraded by BMO Capital, target unchanged at $60.
Live Nation Entertainment ( $LYV): Launched $1B in convertible senior notes due 2030.
Axon (AXON): Upgraded to Overweight from Equal Weight by Morgan Stanley; target raised to $700 from $500.
Crane Company (CR): Agreed to sell engineered materials segment for $227M to KPS Capital Partners, LP. Forecasts Q4 adjusted EPS from continuing operations at $1.10-$1.25.
Donaldson (DCI):
Q1 adjusted EPS $0.83, slightly above estimate of $0.82; Q1 revenue $900.1M vs. $892.43M expected.
Maintains FY25 EPS guidance at $3.56-$3.72; expects revenue growth of 2%-6%.
FedEx ( $FDX): Downgraded to Market Perform from Outperform at Bernstein; target reduced to $316 from $337.
General Motors ( $GM): Non-binding agreement to sell stake in Ultium Cells LLC plant in Lansing to LG Energy Solutions.
Honeywell ( $HON): Signed agreement with Bombardier for next-gen aviation tech; updated 2024 outlook.
Joby Aviation Inc ( $JOBY): CFO Matthew Field to resign effective December 13, 2024.
Rayonier ( $RYN): Authorized $300M share repurchase; announced special dividend of $1.80 per share.
United States Steel ( $X): Shares fell after Trump's comments on reviving U.S. Steel and opposing Nippon Steel's acquisition.
Aflac ( $AFL): Quarterly dividend increased by 16% to $0.58 per share.
CleanSpark Inc. ( $CLSK): FY revenue at $378.9M, below estimates of $397.32M. Adjusted EBITDA at $245.8M, significantly above estimates of $141.44M.
Regional Management Corp ( $RM): Announced a $30M stock repurchase program.
State Street ( $STT): Upgraded to Outperform from Market Perform by Keefe Bruyette; target price raised to $120.
PTC Therapeutics ( $PTCT): Upgraded to Outperform from Sector Perform by RBC Capital; target price increased to $63 from $39, citing transformative deal with Novartis.
TransMedics ( $TMDX): Narrowed FY24 revenue guidance to $428M-$432M from $425M-$445M. Announced new CFO, Gerardo Hernandez, replacing Stephen Gordon.
Vaxart ( $VXRT): Completed enrollment for sentinel cohort in phase 2B study of its COVID-19 oral vaccine candidate.
Microchip Technology ( $MCHP): Shares fell after lowering December 2024 revenue guidance to about $1.025B. Announced closure of Tempe wafer fabrication facility (Fab 2).
Microsoft ( $MSFT): Facing a £1 billion dispute in the U.K. over cloud software licensing practices.
AT&T ( $T): Authorized $10B in share repurchases.
Raised FY adjusted EPS guidance to $2.20-$2.25.
Maintained free cash flow and capital expenditure forecasts.
Credo Technology ( $CRDO): Q2 revenue $72.0M, above estimates; EPS $0.07 vs. $0.05 expected.
Forecasts Q3 gross margin between 60.6%-62.6%; revenue guidance $115M-$125M.
Bill Holdings ( $BILL): Offering $1.0B in convertible senior notes due 2030.
Ingram Micro ( $INGM): To reduce workforce by 850 associates.
IonQ ( $IONQ): Launched IonQ Quantum OS and IonQ Hybrid Services suite to enhance quantum computing utility.
Seagate Technologies ( $STX): Expects lower production output for fiscal Q3 2025, impacting revenue by up to $200M.
Zscaler ( $ZS): Q1 adjusted EPS $0.77, above $0.63 estimate; revenue $627.955M vs. $606.19M expected.
Provided Q2 and FY revenue and EPS guidance, both exceeding consensus estimates.
#Upgrades - Dec 03, 2024
• $ALHC: Stephens Upgrades to Overweight from Equal Weight - PT $17 (from $13)
• $AU: RBC Capital Upgrades to Outperform from Sector Perform - PT $31
• $AXON: Morgan Stanley Upgrades to Overweight from Equalweight - PT $700 (from $500)
• $C: KBW Upgrades to Outperform from Market Perform
• $CENX: Wolfe Research Upgrades to Outperform from Peerperform
• $CNP: UBS Upgrades to Buy from Neutral - PT $37 (from $31)
• $CRDO: BofA Securities Upgrades to Buy from Underperform - PT $80 (from $27)
• $CVS: Deutsche Bank Upgrades to Buy from Hold - PT $66
• $DTE: UBS Upgrades to Buy from Neutral - PT $143 (from $129)
• $KR: Jefferies Upgrades to Buy from Hold - PT $73 (from $54)
• $PTCT: RBC Capital Upgrades to Outperform from Sector Perform - PT $63 (from $39)
• $STT: KBW Upgrades to Outperform from Market Perform
• $SYF: Wells Fargo Upgrades to Overweight from Equal Weight - PT $85 (from $60)
• $UPST: Redburn-Atlantic Upgrades to Buy from Neutral - PT $95