United States

• Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
• VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
• In this note, we talk about the positive aspects of the deal.

• VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
• VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
• In this note, we talk about the not-so-positive aspects of the deal.

• Last week (8/22/23) we discussed our expectations for an oversold bounce due to an overwhelming number of indexes/Sectors/industries testing multi-month supports, combined with Treasury yields and the DXY testing resistance.
• The bounce has begun with the SPP ending higher last week for the first time in a month, and it is possible we have seen the lows for this pause/pullback.
• A meaningful correction cannot happen if the SPX is above 4300-4325, but we would not be surprised to see another month or more of consolidation between 4300 and 4600.

• NVIDIA Q2’CY23 revenues of $13.51 billion, up 88% QoQ, up 101% YoY, blowing way past the $11 billion guidance midpoint.
• Current quarter revenue is expected to be $16.00 billion. This will be a roughly 2.7x increase YoY 
• Are we in the middle of witnessing a bubble of dot.com era proportions?

• Following takeover rumors surrounding New Relic Inc (NEWR US) , private equity firms finally agreed to acquire a US-based low-cost observability provider for ~$6.5B.
• American private equity firm Francisco Partners and global alternative asset manager TPG offered $87 per New Relic Inc (NEWR US) share in an all-cash transaction.
• The New Relic Inc (NEWR US) Board of Directors approved the buyout deal, and is expected to close in late 2023 or early 2024.

• Sirius XM Holdings delivered a solid result and managed an all-around beat last quarter.
• The company’s strategic approach to managing expenses and optimizing efficiency resulted in improved cash operating expenses.
• Sirius XM Holdings maintained its prudent financial approach, exemplified by strong free cash flow generation and responsible capital allocation strategies prioritizing shareholder returns.

• Merck delivered an all-around beat in the quarter, making excellent strides in advancing compelling science that will contribute to meeting the world’s most critical unmet medical needs.
• Concerning their research organization, Merck’s encouraging late-stage pipeline keeps proving beneficial for patients with a wide spectrum of ailments.
• In oncology, Merck highlighted information from ASCO’s extensive pipeline, including evidence for KEYTRUDA in lung cancer that is in an earlier stage.

• Howmet Aerospace delivered an all-around beat in the most recent quarterly result.
• Revenues showed significant year-over-year and sequential growth, with a notable highlight in the commercial aerospace sector.
• Moreover, Howmet maintained a healthy cash balance and generated robust free cash flow.

• Paycom Software managed to exceed analyst expectations in terms of revenue and earnings.
• The company’s initiative to simplify clients’ experiences was evident by introducing tools like Everyday and the Client Action Center.
• As Paycom continues to execute its strategies and capitalize on its expanding market opportunities, its potential for sustained success remains promising.

• Pinterest delivered an all-around beat in the most recent quarterly result.
• The company’s strategic focus on core differentiators and visual discovery led to increased user engagement and expansion of the user base.
• Despite challenges in the advertising environment, Pinterest achieved consistent year-on-year revenue growth and margin expansion.

• Molson Coors Beverage Company delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.
• The company marked the most successful quarter for reported net sales revenue since the merger of Molson and Coors in 2005.
• Notably, Molson Coors experienced remarkable growth in its key brands, with Coors Light and Miller Lite playing a pivotal role in driving positive trends.

• Nvidia blew the doors off Street expectations last week, but the market reacted with semiconductor stocks turning red on the day. Is the relief rally over?
• We conclude from our review of technical conditions that while breadth indicators argue for a deeper correction, that day may not have arrived just yet.
• Sentiment is too bearish and should put a floor on stock prices in the short term. The relief rally probably has further room to run.

• FUTU reported 2Q23 revenue 5.9%/13.5% vs. our estimate/consensus, non-GAAP NI beat our estimate/consensus by 9.9%/19.4%, mainly contributed by higher revenue from interest income due to continuous interest rate hike.
• Overseas expansion turns to be the primary focus. However, we think exploit new market is a bumpy and slow path, which cannot solve the near-term headwind on weak trading sentiment.
• We maintain the stock as BUY rating and maintain TP at US$55/ADS, which implies 12.6x PE in 2023, the stock currently trading at 11.3x PE in 2023, leaving 12% upside.

• Two years ago, when SPACs were the talk of the town, Alight, a firm specializing in cloud-based HR and benefits services, took the plunge.
• With a $7.3 billion merger supported by Bill Foley, they went public right in the midst of the SPAC craze.
• Fast forward to today, the business climate is quite different.

• This is a special one-time report on Hanesbrands Inc, a company that is internationally recognized for its Hanes underwear and Champion sportswear and has recently garnered the attention of the New York-based hedge fund, Barington Capital Group LP.
• With its acquisition of a stake in Hanesbrands, which is slightly below 1%, Barington has initiated active dialogues with the company’s board and management.
• At the heart of their concerns is Hanesbrands’ subpar performance when placed side by side with its industry competitors and the wider market.

• Marathon Oil delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.
• The company reported a strong adjusted free cash flow of $531 million and returned $434 million to shareholders, marking a 10% increase in distributions compared to the previous quarter.
• In the third quarter, Marathon Oil’s management team expects total company oil and oil equivalent production to either meet or surpass the upper limit of its annual guidance range.

• Occidental Petroleum delivered a disappointing set of results as the company could not meet Wall Street’s revenue and earnings expectations.
• The company’s adjusted profit of $0.68 per diluted share slightly exceeded the reported profit of $0.63.
• Despite planned maintenance activities across their oil and gas businesses, the company generated over $1 billion of free cash flow for working capital.

• Stanley Black & Decker exceeded analyst expectations in terms of revenue and earnings.
• Second-quarter revenue decreased from the previous year due to reduced consumer outdoor and DIY volume.
• Global automotive and aerospace continue to show momentum across Stanley Black & Decker’s industrial end sectors.

• Gartner delivered a strong result and managed an all-around beat in the last quarter, marked by double-digit growth in revenue, along with high single-digit growth in contract value.
• Additionally, Gartner reported excellent free cash flow during the quarter.
• The company’s focus on research as its primary revenue segment was highlighted, with significant growth in research revenue during the quarter.

• Phillips 66 delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.
• The last quarter was marked by strong operational performance and strategic execution, evident in its adjusted earnings of $1.8 billion.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• Zebra Technologies’ results were a major disappointment as the company failed to meet Wall Street’s revenue and earnings expectations.
• Weaker demand and cautious consumer spending patterns throughout Zebra’s end markets impacted its second-quarter performance.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• CF Industries Holdings delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.
• The company’s ability to generate adjusted EBITDA of over $1.7 billion in the first half 2023 reflected strong demand dynamics.
• CF Industries exceeded sales expectations, selling more products than it produced, resulting in low inventories at the end of the first half.

• Zimmer Biomet Holdings delivered a strong result and managed an all-around beat last quarter.
• The company reported increased GAAP diluted earnings per share due to higher revenues and effective cost management.
• Moreover, the company’s strong operating cash flows and solid balance sheet position provide the strategic flexibility needed for future growth initiatives.

• Exact Sciences Corporation exceeded Wall Street’s revenue and earnings expectations.
• Revenue increased in the second quarter.
• Exact Sciences continues to see widespread Cologuard acceptance and traction among health systems.

• Electronic Arts delivered a mixed set of results in the last quarter, with revenues below the analyst consensus.
• The company achieved net bookings of $1.6 billion, up 21% yearly, due to continued growth across the EA SPORTS FIFA ecosystem and the release of Star Wars Jedi: Survivor.
• Electronic Arts executed across its business during the quarter, introducing 5 new high-quality titles and offering over 145 content upgrades across 37 titles.

• Despite the uncertain financial situation around the world, Global Payments managed to exceed analyst expectations in terms of revenue as well as earnings.
• The company once again produced excellent organic growth in the Merchant Solutions business, driven by the continuous success of their companies that use technology.
• This quarter, they again achieved significant revenues, outpacing the impressive results of the previous quarter.

• SolarEdge Technologies delivered mixed results in the quarter, with revenues failing to meet analysts’ expectations but above-par earnings.
• SolarEdge’s solar business generated $947 million in revenue, while its non-solar businesses generated $44 million.
• Their solar business revenue increased due to significant revenues in Europe.

• Devon Energy Corporation delivered a mixed result in the quarter, with revenues above expectations, but the company failed to surpass the analyst consensus regarding earnings.
• In terms of production, the company managed to increase oil volumes by 8% year over year this past quarter.
• By averaging 323,000 barrels per day in the quarter, this outcome beat midpoint forecast estimates and created a new all-time high oil production high for the corporation.

• BioMarin Pharmaceutical delivered an all-around beat in the most recent quarterly result.
• In the quarter, revenues showed 13% year-over-year growth and 16% growth, excluding KUVAN.
• BioMarin is on track to meet its 2023 goals of double-digit revenue growth and considerable operating leverage with Q2 total revenues of $595 million, including $113 million in Voxzogo revenues.

• This is a special, one-time report on Thorne HealthTech which presents itself as a captivating short-term investment prospect, particularly in light of the recent reports of its speculated sale.
• Despite Thorne’s stock price exhibiting volatility and relatively stagnant appreciation over the past year, its potential sale could act as a catalyst for change.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Immix has announced that the FDA has granted orphan drug designation (ODD) to CAR-T asset NXC-201 for multiple myeloma (MM). The benefits of ODD include seven years of US market exclusivity post approval, tax credits for qualified clinical trials and exemption from the Prescription Drug User Fee. ODD is issued to drugs/biologics intended for the safe and effective treatment, diagnosis or prevention of rare diseases/conditions that affect fewer than 200k people in the US. With NXC-201, Immix aims to differentiate against currently approved CAR-T therapies that are often associated with neurotoxicity and high-grade cytokine release syndrome (CRS). NXC-201 data appears to provide a competitive safety profile with no serious adverse events reported to date, positioning it as potentially the first outpatient CAR-T therapy. We believe the ODD marks a key milestone and believe that the next readout (expected in September 2023) from the ongoing NEXICART-1 trial could be an important catalyst for the company.

• MetLife delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings.
• MetLife reported adjusted earnings of $1.5 billion or $1.94 per share, showcasing underlying momentum in its core businesses.
• MetLife’s prudent investment portfolio management and risk management were evident in the well-controlled underwriting results and effective expense management.

• Rockwell Automation’s results were a major disappointment as the company failed to meet the revenue expectations as well as the earnings expectations of Wall Street.
• This quarter, the company saw a double-digit increase in both sales and earnings as component shortages eased.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings’ US IPO.
• ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
• In this note, we compare its recent performance versus its performance prior to its privatisation and discuss the changes since then.

• Nvidia, in characteristic fashion, murdered EPS estimates.
• Revenue was $2 billion ahead of the guide, and the guide was another $4 billion ahead of consensus for the next quarter.
• Going into the print, many people were concerned that positioning was bad, i.e., everyone was bullish and expectations were too high. Well, they did not disappoint.

• Market depth is a widely used measure of liquidity, commonly calculated across the order books of cryptocurrency pairs on centralized exchanges (CEXes).
• It provides the amount of bids and asks at varying distances from the mid-price, encompassing a range from -0.1% to 10%.
• This chart shows cumulative ETH-USDT bid and ask volumes at various levels on the ten largest CEXes.

• Western Digital Corporation delivered an all-around beat in the quarter, with total revenue of $2.7 billion.
• In the fourth quarter, cloud comprised 37% of all revenue at $1 billion, down 18% from the previous quarter and 53% from the previous year.
• Shipments of nearline bits were 59 exabytes, a 26% sequential decline driven by persistent difficulties among cloud clients.

• Monolithic Power Systems managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.
• Storage and computing revenue increased in the quarter.
• Industrial revenue for the second quarter of 2023 also increased due to higher equipment sales for power sources and industrial meter applications.

• Republic Services exceeded analyst expectations in revenue and earnings.
• The company is improving profitability while successfully expanding its business both organically and through acquisitions.
• The company produced a revenue increase of 9% throughout the quarter, including more than 4% via acquisitions.

• ON Semiconductor Corporation managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
• In the quarter, revenue, gross margin, and earnings per share increased significantly.
• PSG revenue increased, with increases in the Auto and Energy infrastructure sectors.

• Illinois Tool Works delivered mixed results for the quarter, with revenues below the analyst consensus.
• The expansion of operating margins indicates the company has adapted well to changing market dynamics.
• While some factors impacted revenues, the stable underlying demand across various industrial end markets reflects the company’s resilience.

• Altria Group delivered a decent result managed to exceed analyst expectations in terms of earnings.
• In the last quarter, the company demonstrated resilience and adaptability by navigating challenges in the tobacco industry while expanding its product portfolio.
• The acquisition of NJOY marked a transformative step in Altria’s journey toward Moving Beyond Smoking, reinforcing the company’s commitment to alternative products.

• Qorvo Inc. delivered a strong result and managed an all-around beat in the last quarter, with revenue, margin, and EPS surpassing the midpoint of the provided outlook.
• With a strong presence in growth areas like sensors and ultra-wideband, Qorvo is poised to diversify its growth and expand margins.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings ’ US IPO.
• ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
• In this note, we talk about the not-so-positive aspects of the deal.

• The recent 7% drop in Bitcoin’s value coincided with SpaceX’s announcement of selling off its entire $375 million worth of holdings.
• This event highlighted two crucial factors: the lack of liquidity in the market and the end of the bear flag counter-trend rally.
• Additionally, Binance Coin was already showing signs of breaking down, which could decrease the overall crypto market cap.

• Cleveland-Cliffs is becoming too aggressive in its consolidation goals, says author.
• Cliffs continues to underperform its peers, I outline some important red flags associated with the company’s acquisition spree. I remain sceptical that a deal for U.S.
• Steel would be beneficial for shareholders.

• Tecnoglass Inc’s backlog of nearly $800 million, paired with a production capacity increase, might contribute to significant growth.
• The company’s single-family offerings are gathering pace amid sound regional targeting by the firm.
• A potential opportunity exists for expansion in Colombia, the firm says.

• Support levels discussed in our 8/8/23 Compass broke, leading to a change in character (from buy the dup to sell the rip) and a deeper pullback.
• Supports we were watching included the 50-day MA and 4460-4475 on the S&P 500, $371.50 on $QQQ, and $190-193 on the $IWM; these are now resistance moving forward
• Longer-Term support on the S&P 500 is at 4300-4325 (nearly hit on Friday) and 4200, and we will remain constructive as long as these supports hold.

• Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings ’ US IPO.
• ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
• In this note, we talk about the positive aspects of the deal.

• El Niño & Southern Oscillation (ENSO) is a recurring climate phenomenon with adverse impact chiefly on agriculture causing volatility in grain production leading to price shocks.
• Shortening frequency of ENSO cycles and its intensity has increased due to global warming. Given its potency of causing shocks, ENSO now has an outsized influence on global economics.
• Considering El Niño’s impact on corn, expect production to decline next year as La Niña effects fade compounded by agri productivity declines due to higher temperatures & extreme weather.

• After spectating DG for some time, I bought a small starter position in June. It is not often that you get a chance to buy a compounder like this 35% from its highs.
• Historically it has paid to buy the dips on DG, so I figured I would buy now and ask questions later.
• This time it has not paid, at all. My average was ~$185 and I sold my stock last monday at $168. I know that some of my subs also follow the stock so I thought I would collect my notes and write up a few paragraphs.

• Uber Technologies delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.
• However, it has faced its fair share of challenges in the competitive landscape and increasing complexity of marketplace management.
• We give Uber Technologies a ‘Hold’ rating with a revised target price.

• Starbucks Corporation delivered mixed results in the quarter, with revenues below Wall Street expectations but managed a significant earnings beat.
• In North America, the company’s revenue growth was driven by strong same-store sales and operational improvements.
• Starbucks’ digital strategy, mainly through Starbucks Rewards, showed good growth, reflecting the brand’s strength in key markets.

• DoorDash delivered a mixed result in its last quarter, with revenues above analysts’ expectations but failed to surpass the analyst consensus regarding earnings.
• The quarter saw an increase in international business as well as better unit economics.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• BorgWarner delivered an all-around beat in the most recent quarter, with double digits organic revenue growth, driven by stronger industry output and expansion in China and Europe.
• By 2027, their team anticipates purchasing over 200 million semiconductor dyes annually, based on the expansion of their power electronics goods.
• BorgWarner’s inverter industry is anticipated to be 70% silicon carbide based by the same year, with nearly 50% of its inverters being 800 volts.

• Arista Networks managed to surpass the revenue and earnings expectations of Wall Street.
• The company generated $1.46 billion in revenue for the quarter and $1.58 in non-GAAP earnings per share.
• Arista is adjusting to these developments and increasing its investments in AI as its biggest cloud customers reassess their conventional cloud and AI networking plans.

• Etsy delivered an all-around beat in the previous quarter, with adjusted EBITDA margin and revenue increasing significantly.
• Their year-over-year growth rate was negative, but it increased sequentially.
• Etsy also observed healthy year-over-year growth in the number of new and reactivated buyers when bringing both groups together.

• SDRL reporting second quarter results provided greater insight on the contribution of Aquadrill to SDRL’s financials and sets the course for how the business could benefit from current day rates
• SDRL has two drill ships set for contract expiration at year end and another two more vessels expected off contract by end of 2024, not including those with contract options
• Our new price target of $62 from $50 values SDRL in line with its peers even though SDRL is not levered

• Mondelez has outperformed the market both on an absolute and risk-adjusted basis.
• The company is in a very good position to improve margins to higher levels than currently expected.
• The stock remains as one of my favourite picks in the sector. The stock is one of the company’s favourite picks.

• Emerson Electric’s results were a major disappointment as the company failed to meet the revenue as well as the earnings expectations of Wall Street.
• The company’s focus on key growth areas, including energy transition, nearshoring, and its leading software portfolio, positions it to capture growth opportunities and drive value for its customers and stakeholders in the foreseeable future.
• The company’s pricing strategies, and solid operational performance are key factors that contributed to the exceptional results in the third quarter.

• The Clorox Company managed to exceed analyst expectations in terms of revenue and earnings.
• Strong results at the quarter’s end highlight the tremendous progress the company has made with its strategic priorities.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• I remain bullish on the stock and reiterate a $37 PT. Confluent (CFLT US) delivered upside to total revenue, gross margin, and non-GAAP operating margin estimates.
• The company raised guidance for CY23 total revenue and profitability. There were plenty of positives, including cloud momentum and customer demand.
• The US-based data streaming pioneer appears well positioned to outperform my estimates, and I see a path to profitability (non-GAAP) in CY24 at the earliest.

• Orange juice futures hit an all-time high last week as citrus crops all across the US have been hammered by a series of hurricanes and the spread of citrus greening, an incurable disease spread by insects.
• The vast majority of oranges produced in the US come from Florida, which has been hobbled by hurricanes and a cold snap, massively hampering supply.
• Such headwinds are responsible for the supply shortage in oranges, which has driven up prices that will eventually filter through to consumers.

• Dynatrace Inc. delivered a strong result and managed an all-around beat in the quarter.
• With a new CRO and a strong vision for the future, Dynatrace is in a good position in the cloud-based software landscape.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• FMC Corporation delivered a disappointing set of results as the company could not meet the revenue and earnings expectations of Wall Street.
• The company presented several challenges, including FX headwinds, lower EBITDA margin, higher interest expenses, and a decline in free cash flow due to the impact of a channel inventory reset.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• McKesson Corporation managed to exceed analyst expectations in terms of revenue as well as earnings.
• McKesson’s core distribution businesses, particularly pharmaceutical distribution, exhibited broad-based momentum with solid growth across customer channels.
• We give McKesson Corporation a ‘Hold’ rating with a revised target price.

• MGM Resorts International delivered an all-around beat in the most recent quarterly result, demonstrating robust growth, highlighted by a record for consolidated net revenues.
• The company showcased strength across its diverse portfolio, with solid earnings from domestic operations, particularly notable in MGM China and BetMGM.
• Regional operations also displayed year-over-year growth on a same-store basis, reflecting the company’s commitment to maximizing profitability while delivering exceptional customer service.

• This week, news broke that the oldest crypto market maker, GSR, has been scaling back operations – particularly in the U.S. – while a number of top executives have left the company.
• This is yet another hit to U.S. and global liquidity and volumes; in May, Jump Crypto and Jane Street revealed they were reducing crypto operations.
• This week, we’ll take a look at the state of the crypto market, including volatility, liquidity, and volumes, and then examine some budding narratives and tokens.

Immix reported Q223 results, which were largely as expected. Operational highlights included rolling positive newsflow for CAR-T therapy NXC-201 and interim results for IMX-110 in colorectal cancer patients. With the ramp-up in clinical activity, mainly the NEXICART-1 trial, as well as the two ongoing Phase Ib/IIa trials for IMX-110, management reported R&D expenses of $2.2m, notably higher than $0.6m in the previous year. At end June 2023, cash was $12.7m, supported by a $5m (gross) at-the-market fund-raise in H123. Based on our estimated cash burn, we continue to forecast an operating cash runway into Q224, consistent with management guidance. As we update our FY23 and FY24 expense estimates based on the H123 run rate, roll forward our model and update the net cash figure, our valuation adjusts to $81.1m versus $83.3m previously.

• McDonald’s Corporation delivered an all-around beat in the previous quarter.
• The second quarter was yet another example of their continually strong success, driven by their execution and guided by their Accelerating the Arches strategy.
• McDonald’s continued its outstanding success in Q2 by reaching global comparable sales of 11.7% and double-digit comparable sales in each of its sectors.

• AbbVie managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
• Skyrizi and Rinvoq are exhibiting exceptional growth in immunology, with sales for both treatments increasing over the previous year.
• Skyrizi and Rinvoq are now approved across ten significant indications and are projecting combined revenue growth this year.

• ADP delivered an all-around beat in the previous quarter.
• The HCM demand environment remained healthy, and the company’s worldwide sales and marketing team delivered exceptional results, exceeding expectations with double-digit overall growth in Employer Services and new business Bookings.
• With a focus on innovation, client service, and expanding its reach, ADP aims to capitalize on the growth opportunities in the HCM industry.

• Abbott Laboratories managed to exceed the revenue expectations as well as the earnings expectations of analysts.
• Organic sales showed steady growth, led by solid performances in Medical Devices, Established Pharmaceuticals, and Nutrition.
• Abbott’s various segments, such as Nutrition, Established Pharmaceuticals, Diagnostics, and Medical Devices, reported solid growth and significant achievements in product innovations.

• Johnson & Johnson managed to exceed analyst expectations in terms of revenue as well as earnings.
• It was a strong quarter for Johnson & Johnson, with market-leading performance and significant advances in their innovative Pharmaceutical and MedTech pipelines.
• The company reported solid sales and earnings growth in the second quarter of 2023, raising expectations for the year.