Notes
QUICK MARKET SUMMARY:
CONSUMER:
🔸 Colgate ( $CL): New $5B buyback, dividend to $0.52.
🔸 $NCLH: Upgraded to Equal Weight (Morgan Stanley).
🔸 Lennar ( $LEN): Q1 EPS $2.14 (est. $1.73), rev $7.63B (est. $7.49B); Q2 orders 22.5k-23.5k, deliveries 19.5k-20.5k.
🔸 Nike ( $NKE): Q3 EPS $0.54 (est. $0.28), rev $11.3B (est. $11.03B); guides Q4 rev down mid-teens.
🔸 $NIO: Q4 rev $2.7B (est. $2.79B), EV deliveries up 45%; Q1 guide: 41k-43k vehicles, rev $1.69B-$1.76B (est. $2.48B).
🔸 Torrid ( $CURV): Q4 sales -6.1% y/y; guides Q1 sales $264M-$274M (est. $279M), EBITDA below estimates.
🔸 Target ( $TGT): Files $1B note offering due 2035.
Energy/Industrials/Materials:
🔸 FedEx ( $FDX): Q3 EPS $4.51 (miss), rev $22.2B (beat); cuts FY25 guidance.
🔸 Nucor ( $NUE): Q1 EPS guide $0.50-$0.60 (est. $1.09); sees lower steel product prices.
🔸 Planet Labs ( $PL): Q4 loss -$0.08 (est. -$0.02), rev $61.6M; Q1 guide below est.
🔸 U.S. Steel ( $X): Q1 EBITDA $125M (in line), EPS loss guided larger than est.
🔸 BP ( $BP): Elliott pushes for cost cuts, possible board changes (Reuters).
Healthcare:
🔸 Assembly Bio ( $ASMB): Files $250M mixed shelf.
🔸 Editas ( $EDIT): CFO stepping down.
🔸 Foghorn ( $FHTX): Files $100M shelf.
🔸 J&J ( $JNJ): Plans $55B investment in U.S. manufacturing/research.
🔸 Maravai ( $MRVI): Guides Q1 rev $43M-$45M (est. $63M).
🔸 Vor Bio ( $VOR): Files $350M shelf.
Tech/Media/Telecom:
🔸 Micron ( $MU): Q2 EPS $1.56 (beat), rev $8.05B; Q3 guide above est.
🔸 Luminar ( $LAZR): Sees slower Q1, FY25 rev growth 10%-20%.
🔸 Quantum ( $QUBT): Q4 loss -$0.47 (miss), rev $62k; chip foundry launch in 2025.
🔸 Super Micro ( $SMCI): Upgraded to Neutral (JPM), price target raised to $45.
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.
#Upgrades - Sep 17, 2024
$ALRS: Raymond James Upgrades to Outperform from Market Perform - PT $24
$APP: UBS Upgrades to Buy from Neutral - PT $145 (from $100)
$BANC: Raymond James Upgrades to Outperform from Market Perform - PT $16
$BNTX: Jefferies Upgrades to Buy from Hold - PT $150 (from $96)
$CURV: William Blair Upgrades to Outperform from Market Perform
$DCOM: Raymond James Upgrades to Strong Buy from Outperform - PT $35 (from $29)
$ETR: Barclays Upgrades to Overweight from Equalweight - PT $138 (from $115)
$GCI: Citi Upgrades to Neutral from Sell - PT $5.10
$GEV: BofA Securities Upgrades to Buy from Neutral - PT $300 (from $200)
$HPE: BofA Securities Upgrades to Buy from Neutral - PT $24 (from $21)
$LIVN: Baird Upgrades to Outperform from Neutral - PT $66 (from $55)
$LSCC: Stifel Upgrades to Buy from Hold - PT $55
$NYCB: Raymond James Upgrades to Market Perform from Underperform
$RLMD: Jefferies Upgrades to Buy from Hold - PT $13 (from $3.50)
$SHOP: Redburn-Atlantic Upgrades to Buy from Neutral - PT $99
$SNV: Raymond James Upgrades to Outperform from Market Perform
$TCBI: Raymond James Upgrades to Outperform from Market Perform
$VBTX: Raymond James Upgrades to Strong Buy from Market Perform
