Notes
Max pain from a market perspective is a massive accumulation range breakout then a year of re-accumulation(Sign of Strength) followed by violent drop back into the accumulation range where all the stop losses sit only to deviate back to finally begin expansion when nobody cares
Basically what we see in all the Bitcoin Miner charts like $IREN
I hope everybody had a nice week. Great to see the reactions we did as a lot of impulse signals triggered where we expected them to(when the least were expecting it once again)💪Lots to unpack and dive into this weekend
Subscriber Agenda
Video: Why did miners fade into the close?
Charts:
New Impulse- #BTC LTF potential paths, $MARA, $RIOT, $CLSK, $IREN, $WULF, $CIFR, $SMLR, $XRP, $LINK, $LTC, $HOOD, $QQQ, $IWM, $SPY, $MSTR, $ETH, $DOGE
Ongoing Corrective- $TSLA, $PLTR, $SOFI, $MBLY, $MU, $PYPL, $CELH, $UPST(some of these names made big moves this week but I'm not sold corrections are over)
Correction Nearing Completion?- $CGC, $SQ, $NIO, $JD, $AMC, $LMND
Subscriber Requests- $XLM, $RUNE
So it's the weekend and that means time to relax/take it easy...what that looks like over hear is 2 a days in the gym, loading up on nature's medicine(steak, eggs, fruit, veggies), and diving into the charts 💪
-Weekend Agenda for Subs
Video: $BTC Miners what I saw in $MSTR prior to its 4x move that I'm now seeing in the miners
Charts: Speculative paths+Upside/Downside targets
Early Expansion- $LCID, $MBLY, $RIVN, $LTC
Expansion- $BTC, $SQ, $PLTR, $ARKK, $NVDA, $DOGE, $XRP, $AMZN, $MSTR
Pre-Expansion- $MARA, $CLSK, $RIOT, $IREN, $BTBT, $WULF, $CIFR, $BITF, $WGMI
Bottom Formations- $BLNK, $AMC, $ARKG, $CELH
On-Going Corrective- $TSLA, $AMD, $MU, $LMND
Requests- Subscribers chart requests will be posted
#Downgrades - Dec 10, 2024
• $AAOI: B.Riley Downgrades to Sell from Neutral - PT $14
• $BIOA: Morgan Stanley Downgrades to Underweight from Equalweight - PT $5 (from $40)
• $BSIG: RBC Capital Downgrades to Sector Perform from Outperform - PT $33
• $CARM: BTIG Downgrades to Neutral from Buy
• $CCI: Wells Fargo Downgrades to Underweight from Equal Weight - PT $100 (from $105)
• $CNC: Jefferies Downgrades to Underperform from Hold - PT $52 (from $68)
• $DHI: KBW Downgrades to Market Perform from Outperform - PT $183
• $EBAY: Jefferies Downgrades to Underperform from Hold - PT $52 (from $60)
• $FAF: KBW Downgrades to Market Perform from Outperform - PT $80
• $IAC: Piper Sandler Downgrades to Neutral from Overweight - PT $54 (from $68)
• $IREN: JPMorgan Downgrades to Neutral from Overweight - PT $15 (from $9.50)
• $MLM: BNP Paribas Downgrades to Neutral from Outperform - PT $650
• $MTG: KBW Downgrades to Market Perform from Outperform - PT $29
• $PGR: HSBC Downgrades to Hold from Buy - PT $267
• $PINS: Piper Sandler Downgrades to Neutral from Overweight - PT $36 (from $41)
• $PTVE: Citi Downgrades to Neutral from Buy - PT $18 (from $13)
• $RKT: KBW Downgrades to Underperform from Market Perform - PT $11.50 (from $16)
• $TOL: KBW Downgrades to Market Perform from Outperform - PT $164
MORNING RECAP
Dollar Tree ( $DLTR) Q3:
╌Adjusted EPS: $1.12 (beat by $0.04)
╌Revenue: $7.56B (beat by $120M)
╌Same-store sales growth: Dollar Tree +1.8%, Family Dollar +1.9%, Enterprise +1.8%
╌Q4 Guidance: EPS $2.10-$2.30, Revenue $8.1B-$8.3B
╌Continues strategic review of Family Dollar segment
Foot Locker ( $FL) Q3:
╌Adjusted EPS: $0.33 (missed by $0.08)
╌Sales: $1.96B (missed by $60M)
╌Comp sales: +2.4% (below estimate)
╌FY25 adjusted EPS forecast lowered to $1.20-$1.30 from $1.50-$1.70
╌FY25 comp sales growth narrowed to 1%-1.5%
╌Gross margin now expected at 28.7%-28.8%
General Motors ( $GM):
╌To record over $5B in non-cash charges for China JV:
╌Restructuring: $2.6B-$2.9B
╌Reduced value: $2.7B
Torrid Holdings ( $CURV) Q3:
╌EPS: ($0.01) (missed by $0.04)
╌Adj EBITDA: $19.584M (missed by $7.2M)
╌Revenue: $263.766M (missed by $22M)
╌Q4 Guidance: Sales $255M-$270M, Adj EBITDA $9M-$15M
╌FY25 Guidance: Sales $1.083B-$1.098B, Adj EBITDA $101M-$107M
Volkswagen ( $VWAGY):
╌Recalls 4,616 vehicles in the US due to potential battery overheating/fire risk.
Crescent Energy ( $CRGY):
╌Acquires Eagle Ford assets from Ridgemar Energy for $905M upfront, with additional oil price-based payments.
Intuitive Machines ( $LUNR):
╌Offers 9.523 million shares at $10.50 each.
Old Dominion ( $ODFL) November Performance:
╌LTL tons/day: -8%
╌LTL shipments/day: -6.8%
╌LTL weight/shipment: -1.2%
XPO, Inc. ( $XPO) November Metrics:
╌LTL tonnage/day down 4.0% from last year.
╌Shipments/day down 4.2%.
╌Weight/shipment up by 0.2%.
Goldman Sachs ( $GS):
╌CEO David Solomon sold 6,550 shares at $610.91/share.
Iris Energy ( $IREN):
╌Issues $300M in convertible senior notes due 2030.
Raymond James Financial Inc ( $RJF):
╌Authorizes $1.5B share repurchase.
╌Increases dividend to $0.50.
Royal Bank of Canada ( $RY) Q4:
╌Adjusted EPS: C$3.07 (up from C$2.65)
╌Revenue: C$15.07B (up from C$12.69B)
╌Dividend raised by 4.2%.
Eli Lilly ( $LLY) vs. Novo Nordisk ( $NVO):
╌Zepbound outperforms Wegovy with 20% vs. 14% body weight loss.
Novavax ( $NVAX):
╌Sells Czech manufacturing facility to Novo Nordisk for $200M, aiming for $80M annual cost reduction.
Revolution Medicines ( $RVMD):
╌Secondary offering of 14.13M shares at $46.00 each.
Salesforce Inc. ( $CRM) Q3:
╌Adjusted EPS: $2.41 (vs. est. $2.44)
╌Revenue: $9.44B (vs. est. $9.348B)
╌Q4 Revenue Guidance: $9.9B-$10.1B (vs. est. $10.05B)
╌FY Revenue Guidance: Raised to $37.8B-$38.0B
╌Q4 Adj EPS Guidance: $2.57-$2.62 (vs. est. $2.65)
╌FY Adj EPS Guidance: $9.98-$10.03 (vs. est. $10.11)
Box Inc. ( $BOX) Q3:
╌EPS: $0.45 (vs. est. $0.42)
╌Revenue: $275.9M (up 5% y/y, vs. est. $275.1M)
╌RPO: $1.282B, up 13% q/q
╌FY25 EPS Guidance Raised to $1.70
╌FY25 Revenue Guidance Narrows to $1.09B
Couchbase Inc. ( $BASE) Q3:
╌EPS: ($0.35) (vs. est. ($0.08))
╌Revenue: $51.628M (vs. est. $50.78M)
╌Q4 Revenue Guidance: $52.7M-$53.5M (vs. est. $54.05M)
╌Q4 ARR: $236.5M-$239.5M
Marvell Technologies ( $MRVL) Q3:
╌Adjusted EPS: $0.43 (vs. est. $0.41)
╌Revenue: $1.52B (up 6.9% y/y, vs. est. $1.45B)
╌Q4 Adjusted EPS Guidance: $0.59±$0.05
╌Q4 Revenue Guidance: $1.8B±5% (vs. est. $1.65B)
Okta Inc. ( $OKTA):
╌Q3 Adjusted EPS: $0.67 (vs. est. $0.58)
╌Revenue: $665M (vs. est. $649.7M)
╌Q4 Revenue Guidance: $667M-$669M
╌Q4 Adjusted EPS Guidance: $0.73-$0.74
╌FY Revenue Guidance: $2.595B-$2.597B
╌FY Adjusted EPS Guidance: $2.75-$2.76
Pure Storage ( $PSTG):
╌Q3 Adjusted EPS: $0.50 (vs. est. $0.42)
╌Revenue: $831.1M (vs. est. $814.88M)
╌Q4 Revenue Guidance: $867M
╌Q4 Adjusted Operating Income: $135M
NXP Semiconductors ( $NXPI) & Taiwan Semiconductor ( $TSM):
╌Discussing $8B Singapore venture expansion amid U.S.-China tech tensions.
DAILY RECAP
**BYD Co. ( $BYDDF)** reported a 67.8% y/y increase in November vehicle sales, reaching 506,804 units compared to 301,903 last year. Year-to-date sales hit 3.76M units, up from 2.68M last year.
**Gap ( $GAP)** received an upgrade to overweight from neutral by JPMorgan after a CEO and CFO meeting.
**Li Auto Inc. ( $LI)** delivered 48,740 vehicles in November 2024, a y/y increase of 18.8%, with a 2024 total of 441,995 and cumulative deliveries at 1,075,359.
**NIO Inc. ( $NIO)** saw a 28.9% y/y rise in November deliveries to 20,575 vehicles, split between its NIO and ONVO brands.
**Stellantis ( $STLA)** announced CEO Carlos Tavares' resignation, effective immediately, with a new CEO search set to conclude in 2025's first half.
**XPeng Inc. ( $XPEV)** delivered 30,895 Smart EVs in November, up 54% y/y and 29% m/m, with strong sales of the MONA M03 and P7+.
**Core Scientific Inc. ( $CORZ)** plans to issue $500M in convertible senior notes maturing in 2031.
**IREN Limited ( $IREN)** boosted its self-mining capacity by 33% to 28 EH/s with new substation energization.
**LendingClub ( $LC)** was downgraded to neutral by JPMorgan due to fintech sector concerns.
**Mara Holdings ( $MARA)** is set to offer $700M in zero-coupon convertible senior notes privately.
**Toast ( $TOST)** received a downgrade to Neutral from Goldman Sachs, citing high valuation and visibility issues.
**Upstart Holdings ( $UPST)** was downgraded to underweight by JP Morgan.
**Bausch + Lomb ( $BLCO)** was downgraded to Equal Weight by Morgan Stanley.
**Nevro ( $NVRO)** saw a downgrade to Underweight by Morgan Stanley.
**Tandem Diabetes ( $TNDM)** got an upgrade to Overweight from Morgan Stanley.
**Cloudflare ( $NET)** was upgraded to overweight by Morgan Stanley, optimistic about future growth.
**SentinelOne ( $S)** was downgraded to equal weight by Morgan Stanley, due to cybersecurity sector concerns.
**U.S. to implement new export restrictions on Monday targeting China's semiconductor sector**, affecting companies like Naura Technology Group, potentially impacting shares of $AMAT, $LRCX, $KLAC.
DAILY RECAP
$AAPL saw minimal smartphone shipment growth in 2024 amidst a strong market rebound, according to IDC.
$AMBA Q3 adj EPS $0.11 vs $0.03 est., revenue $82.7M vs $79.02M est.; Q4 rev guidance $76-80M.
$ADSK Q3 EPS $2.17 vs $2.12 est., revenue $1.57B vs $1.562B est.; Q4 revs $1.623-1.638B, FY revs $6.115-6.13B.
$CRWD Q3 EPS $0.93 vs $0.81 est., revenue $1.01B vs $982.36M est.; Q4 revs $1.029-1.035B.
$DELL Q3 EPS $2.15 vs $2.06 est., revenue $24.4B vs $24.72B est.; strong growth in infrastructure, slight decline in client solutions.
$HPQ Q4 EPS $0.93 as expected, revenue $14.1B vs $13.986B est.; Q1 and FY EPS guidance lowered.
$NTNX Q1 EPS $0.42 vs $0.32 est., revenue $591M vs $571.8M est.; Q2 rev guidance $635M-$645M.
$PD Q3 EPS $0.28 vs $0.17 est., revenue $118.9M vs $116.52M est.; Q4 revs $118.5-120.5M, FY revs $464.5-466.5M.
$WDAY Q3 EPS $1.89 vs $1.76 est., revenue $2.16B vs $2.13B est.; Q4 subscription revs lower than expected.
$DDD Q3 EPS ($0.12) vs ($0.10) est., revenue $112.9M vs $115.27M est.; FY rev guidance $440-450M, improving adj EBITDA.
$GES reported Q3 EPS at $0.34, under $0.38 expected, with revenue up 13% to $738.5M. They've cut FY25 EPS and revenue growth forecasts.
$JWN beat with Q3 EPS of $0.33 vs. $0.22, revenues up 4.3% to $3.46B, and raised FY24 revenue outlook.
$URBN excelled with Q3 EPS at $1.10 vs. $0.85, revenue up 6.3% to $1.36B. Growth in Anthropologie, Free People, and Nuuly, but a decline at Urban Outfitters.
$GRO priced its IPO at $15/share, offering 2M shares instead of the planned 4.25M.
$BYDDY is seeking supplier price reductions, bracing for tougher competition in China's EV market.
$SEDG is ending its storage division, cutting jobs by 500, with expected charges for assets and inventory.
$VWAGY has agreed to divest from its Xinjiang plant amidst human rights concerns.
$IREN reported a Q1 Bitcoin mining revenue drop to $49.6M from $54.3M due to higher network difficulty and lower Bitcoin prices, despite increased hashrate. AI Cloud Services revenue rose by 28% to $3.2M from $2.5M with new GPU's added. Adjusted EBITDA fell to $2.6M from $12.2M, with 813 Bitcoins mined compared to 821 in the prior quarter.
$ACAD has secured exclusive rights to SAN711 from Saniona for global development and sales.
$GRFS stock fell after Bloomberg reported Brookfield is set to abandon its €6.45 billion acquisition attempt due to pricing disagreements.
