United States

• First of all, Nvidia is a great business with many applications and infrastructure across many industries and one can even say an AI hardware leader down the road. 
• Overall, a big business with a wide moat in a great secular sector, hence a name that very likely will be here 10-20-30 years down the road.
• Semiconductors in general have been a top sector lately given AI advancements like the ChatGPT breakthrough, and the overall combo of high demand & supply issues.

• Qualcomm’s fiscal Q2 results were decent with revenues above expectations and earnings in line with the analyst consensus estimates.
• It is considered a fair result given the difficult macroeconomic climate and widespread decline in the semiconductor industry.
• During the quarter, there was significant use of Qualcomm’s Snapdragon digital chassis across major OEMs and Tier 1 clients in automotive.

• Since January 2023 we have anticipated 4165-4200 would cap upside on the S&P 500 for 2023, but that a rally to 4300-4325 is also possible; this remains our view.
• So far there has not been much traction above 4200. Obvious problem is weak breadth, but this does not have to end badly if large-caps pause, and capital disperses elsewhere
• To that end, we’re watching the Russell 2000 (IWM) which is testing 2.5-month resistance at $180; a break above resistance would signal improving breadth and would be a positive development

• The IRS would offer a free tax filing option is unlikely to have a material impact on TurboTax.
• The company is taking the right steps to differentiate its service offerings which creates significant pricing power.
• The recent news that the IRS would Offer a free filing option was unlikely to be a material effect on Turbo tax.

• It was a successful Q1 for Ingersoll Rand as the company delivered an all-around beat with double-digit adjusted EBITDA and EPS growth with strong free cash flow generation.
• Their organic growth initiatives leveraged mega sustainability trends, digitization, and quality of life using their tool, DGX within IRX, to capture above-market growth.
• With new acquisitions, they are focused on cost improvement and maintaining focus on growth, accelerating organic growth across three levers.

Following recent updates regarding Immix’s CAR-T therapy (NXC-201) and Q123 results, we have adjusted our financial estimates. Quarterly R&D expenses of $1.3m were lower than expected, largely due to lower clinical development costs. Roughly 48% of these expenses were related to quarterly payments made to the licensors of Nexcella’s (Immix’s majority-owned, 94%, subsidiary) CAR-T therapy, NXC-201. Based on the quarterly R&D spend run rate, we have revised our FY23 R&D expenses to $6.1m, down from $11.7m previously. The resulting operating loss of $10.9m is down from $15.8m previously. Immix ended the quarter with a net-cash position of $11.5m and raised a further $2.5m post quarter end through the company’s ATM facility, which we anticipate will provide an operating cash runway into Q224, a slight extension from Q423 previously. Our valuation of Immix has been adjusted due to the higher pro-forma cash position of $14m, rolling our model forward and our revised R&D estimates. We value Immix at $83.3m or $5.5 per share (previously $77.1m or $5.5/share).

• Estee Lauder had a mixed quarter.
• Its organic net sales fell by 8% but its retail sales growth outpaced organic sales growth in numerous areas resulting in the company surpassing the revenue expectations of analysts.
• Encouragingly, retail sales performance in global travel retail is far ahead of organic sales results.

• Mondelez International had a successful first quarter, with strong double-digit top-line growth driven by effective pricing and volume expansion.
• Mondelez’s momentum was evident across its entire business, with strong organic net revenue growth and adjusted gross profit dollar growth resulting in an all-around beat.
• Mondelez’s brand investments, portfolio reshaping initiatives, and talented workforce position the company for continued growth.

• Albemarle had a mixed Q1, with net sales below market expectations though EBITDA was up nearly four times to $1.6 billion resulting in an earnings beat.
• Albemarle selected a site for their U.S.
• Mega-Flex lithium processing facility in Richburg, South Carolina, and announced restructuring their MARBL joint venture in Australia.

• It was a successful first quarter for SolarEdge Technologies, reporting an all-around beat.
• Solar business revenues grew 49% year-over-year, driven mainly by sustainable revenues in Europe and the Rest of the World.
• The European residential market continued strong as the company ramped shipments of 3-phase residential inverters, backup inverters, and 3-phase residential batteries.

• 3M Company is a diversified technology company.
• The Company is a manufacturer and marketer of a variety of products and services.
• It operates through four segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. Its Safety and Industrial segment include abrasives, auto- motive aftermarket, closure and masking systems, electrical markets, personal safety, roofing granules, and industrial adhesives and tapes.

• First of all, let’s see how the Nasdaq-100 (QQQ) did in 2023 along with the S&P 500 (SPY) and the Dow Jones (DIA): QQQ with a big 21.64% return in 2023 & outperforming by a big margin the other 2 main indices.
• For an even broader perspective, US indices 2023 performance shown in this order: Nasdaq 100 (NDX) > S&P 500 (SPX) > S&P Midcap 400 MID > Russel 2000 (RTY) > Russell Microcap (RMICRO).

• In short, from Megacaps > to Microcaps: Nasdaq 100 (NDX) leading by a big margin.

• Johnson & Johnson is a diversified healthcare products company.
• The Company is engaged in the re- search and development, manufacture and sale of a range of products in the healthcare field.
• It operates through three segments: Consumer Health, Pharmaceutical and MedTech. Its primary focus is products related to human health and well-being.

• Starbucks Corp. is a roaster, marketer, and retailer of specialty coffee with operations in approximately 83 markets.
• It has over 35,000 Company-operated and licensed stores.
• It operates through three segments: North America, which includes the United States and Canada; International, which includes China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and the Caribbean; and Channel Development.

• Introduction Over the past few months, we have seen how ChatGPT has taken the world by storm.
• It is estimated that ChatGPT reached 100 million monthly active users in Jan 2023, just two months after launch, making it the fastest-growing consumer application in history.
• The popularity of ChatGPT has reignited conversations on the potential of artificial intelligence (AI).

• Ever since the March banking crisis, crypto trade volume and prices have been in the doldrums, with no strong movements in either direction.
• Over the weekend, daily volume dropped to multi-year lows.
• Yet, amid the lull, Tether’s market cap is quickly approaching a new all time high, with the total supply currently at $82.9 billion.

• We are initiating coverage of TriMas Corp. (TRS) with a Buy Rating and $40 target.
• TRS is an underfollowed industrial company with the ability to grow from multiple product lines with free cash flow that supports debt reduction and the purchase of tuck-in acquisitions
• TRS’s largest segment is packaging, which has faced severe reduction in order volume over the past three quarters, but quoting activity is rising

• W&T Offshore is an independent oil and natural gas exploration and production company focused on extracting value from producing assets in the US Gulf of Mexico.
• The company has plied the Gulf since its founding 40 years ago.
• High-quality reservoir rock properties and the tendency for reservoirs in the Gulf of Mexico to outperform original reserve estimates are key drivers of management’s affinity for the basin. Proved reserves (1P) often expose the company to embedded optionality in probable and possible reserves that can be captured over time through well performance with modest incremental capital investment.

• USD breakout of the DXY bull wedge (Euro bear wedge) is gaining traction and will find additional fuel in June when the SPX faces a weaker cycle.
• Euro turn at macro resistance has legs. USD/JPY bull call from 130 has macro implications on follow through strength and will bleed into Asia FX. 
• USD vs SGD and IDR saw key macro turns. KRW and commodity currencies have led. USD/ZAR was out top pick in EM and is on fire.

• As technology continues to shape our lives and work environments, one significant innovation is ready to transform the financial landscape: smart contracts.
• These self-executing digital agreements, powered by blockchain technology, are set to redefine financial services by extending their availability, increasing their scope, and transforming the very foundation of how we manage our financial lives.
• While still in the early stages of development, smart contracts have already begun to showcase their potential through promising use cases and working products, offering a tantalizing glimpse into the future of finance.

• At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
• On 27 March 2023 we identified a pending 6.2% upswing in NQ1 and 13740 target. A further bullish outlook would hinge upon the response to 1yr range highs at 13740.
• Our interim target at 13740 was achieved and exceeded last week. The weekly close above 13740 identifies an evolving MT uptrend. Interim target at 14350. Potential to 15000+ in 2023. 

• At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
• US 10yr Yield broke above its 4 decade downtrend at 2.70 in 2022, confirming a positive multi-year outlook and target towards 6.24 (38.2% retracement of the LT downtrend).
• Last week’s weekly close confirmed a renewal of the MT uptrend bias after a multi-month period of consolidation finally produced a definitive positive breakout above 3.57/3.64. Interim target at 3.90/3.95.

• Q1’23 revenues of $6.63 billion, up 6 % YoY, down 2% QoQ
• Q2’23 revenues of $6.15 billion at the midpoint, down 7.2% QoQ.
• Tool push outs and cancellations are spreading to leading logic customers. That’s not a good sign

• US banks tightening standards for loans, as well as the downturn in loan demand, provides a silver lining for banks by reducing funding pressures as well as the increasing spreads
• Among the regional banks, Western Alliance is seeing deposit inflows in 2Q23; more generally, the usage of the Fed’s BTFP and issuance by the FHLB seem well controlled
• We stick with our picks M&T Bank and Western Alliance, adding First Horizon to the buy list, where valuations stand out along with solid capital ratios and above average returns

• HWKN reported Q4 (April 2) results at first read suggesting beating estimates. However, demand has been declining and EPS beat our forecast due to one-time gain on an asset sale
• The competitive environment has intensified in recent quarters where imports are being offered at lower prices while HWKN faces higher costs
• We have changed our fiscal 2024 estimates to incorporate reduced sales from the asset sale, longer timeline in gross margin improvement, and the industrial segment facing competition

• The stablecoin market has been upended in 2023.
• The start of the year saw BUSD given an expiry date of 2024, a banking crisis in March hit USDC and DAI hard, while Binance anointed TUSD as its stablecoin of choice by choosing it for one of the few zero-fee BTC pairs in crypto.
• All of these events had huge ramifications for stablecoin market structure.

• Incyte had a terribly disappointing first quarter and failed to meet the revenue expectations as well as earnings expectations of Wall Street.
• The company’s product revenue increased 14% year over year as Jakafi was in high demand among patients across all indications.
• In hematology and oncology, the ongoing launches of Pemazyre and Minjuvi ex-U.S. were the primary factors in the 17% rise year over year.

• It was a successful first quarter for Cognizant Technology Solutions.
• The adjusted operating margin for the first quarter was 14.6%, and the company had quarterly solid bookings growth of 28% YoY.
• We give Cognizant Technology Solutions Corporation a ‘Hold’ rating with a revised target price.

• Paycom Software had impressive results in the first quarter and managed an all-round beat with revenues of $452 million, up 28% year over year.
• Employee self-service payroll continues to create significant client acquisitions for Beti, which remains a critical difference in the industry.
• We give Paycom Software a ‘Buy’ rating with a revised target price.

• Ansys managed an all-around beat in Q1 and its results exceeded expectations across all key metrics.
• ANSYS invests in five technology pillars: numerics, high-performance computing (HPC), artificial intelligence (AI), 3D design, and system-level simulation.
• In addition to its investment in numerics, HPC, AI, 3D design, and system-level simulation, ANSYS has been working with key partners to develop new technologies to enhance its capabilities further and bring value to its customers.

• Marriott International delivered a solid quarterly result that was an all-around beat resulting from strong demand growth globally, with a decent performance across all geographies and hotel levels.
• U.S. and Canadian RevPAR increased by 26% year over year while occupancy increased by 8% to 66%.
• Global card acquisitions climbed by 35% year on year, while global card expenditure increased by 16%.

• Uber Technologies started 2023 on a strong note, with gross bookings up 22% yearly in constant currency.
• In addition, Uber produced a 12% increased adjusted EBITDA margin and $549 million in free cash flow.
• We give Uber Technologies a ‘Hold’ rating with a revised target price.

• Despite a difficult operational and cost environment, Clorox produced solid results in the third quarter, managing an all-around beat, with organic sales growth in each of its 4 businesses, an increase in gross margin, and double-digit adjusted EPS growth.
• Clorox made excellent strides throughout the quarter by increasing margin while sustaining top-line growth.
• Clorox also experienced an increase in gross margin, helped by cost-justified pricing and cost reductions that reached a decade-high level.

• Ecolab performed well in the third quarter and managed an all-around beat.
• In the quarter, margins expanded significantly.
• Organic sales had a solid improvement across all segments, increasing from 12% in the fourth quarter to 13% in the first.

• Howmet Aerospace had a strong first quarter with revenues of $1.6 billion, up 6% sequentially and 21% over the previous year.
• Commercial aerospace sales increased 29% year on year, led by Engine Products, Engineered Structures, and Fastening Systems.
• Defence Aerospace increased 11% year on year, led by the F-35 program and increases in legacy spares.

• Futu announced to remove the Futubull app in Mainland China in order to fully compliance with the CSRC rectification measures, while the existing paying clients’ trading activities are unimpacted.
• We think the movement is consistent with CSRC’s previous statements, and thus maintain our 5% user churn rate in 2023 unchanged.
• We think the full implementation of penalty fine on Futu is unfair. We expect a symbolic fine to be imposed on Futu in the future.

• Inter Parfums (IPAR) continuing to experience demand for its fragrances has not been enough to overcome investor concerns related to the slow demand environment in China and the duty-free segment
• IPAR’s top three brands each grew by more than 20 percent compared to last year with Jimmy Choo sales up 63 percent
• IPAR managing through its inventory balance could result in cash conversion that should improve investor sentiment

• Arista Networks delivered strong results in the quarter, with $1.35 billion in revenue and $1.43 in non-GAAP earnings per share, crushing market expectations.
• Throughout this year, Arista anticipates seeing increases in its gross margins every quarter.
• We give Arista Networks a ‘Hold’ rating with a revised target price.

• It was a challenging first quarter for Freeport-McMoRan due to disruptions caused by extreme weather conditions and labor shortages.
• The company managed an all-around beat and achieved essentially in-line consolidated unit net cash costs, averaging $1.76 per pound despite lower-than-expected volumes.
• Freeport-McMoRan ended the quarter with $1.3 billion in net debt, and its balance sheet, liquidity, and financial flexibility are in great shape.

• IDEXX Laboratories had a strong Q1 2023 performance and delivered an all-around beat.
• The company’s strategic focus on execution, organic growth, and product portfolio expansion resulted in significant new business gains and sustained growth in recurring veterinary software revenues.
• The company’s performance was reflected in its key metrics, such as high first-quarter premium instrument placements, steady new business gains, and continual growth in recurring veterinary software revenues.

• Starbucks Corporation delivered a strong performance in the quarter and managed an all-around beat.
• The company achieved double-digit comp in all company-operated markets, driven by a stronger-than-expected recovery and observed ongoing momentum in its licensed markets.
• The primary drivers of revenue growth were comparable store sales, the year-over-year increase in net new company-operated stores, and the sustained momentum in the company’s worldwide license to market.

• Cummins had a successful first quarter, marked by a 12% increase in organic revenue growth, as well as higher-than-anticipated quarterly earnings before interest, taxes, depreciation, and amortization, net income, and earnings per share.
• The higher EBITDA percentage was mainly driven by higher volumes and improved pricing, despite increased investment in new products and capabilities.
• Operating cash flow was an inflow of $495 million, $331 million higher than the first quarter of last year, essentially due to higher earnings.

• SDRL is scheduled to report first quarter results on May 23, 2023, before the market open and has provided a glimpse to the profitability Aquadrill is operating at
• The Aquadrill fourth quarter results affirm our investment thesis of the profitability the business is operating at with the day rates Aquadrill has secured
• SDRL is the last company of the major drill ship owners to report first quarter results. Peers have shed a positive outlook on the industry and day rate trend

• In the first quarter, Advanced Micro Devices performed well, delivering better-than-anticipated revenue and earnings in a mixed demand environment, launching numerous products across its businesses.
• Revenue for the first quarter was $5.4 billion, down 9% from the same period last year.
• Revenue in the Data Centre category was $1.3 billion, flat year on year, with greater cloud sales offsetting decreased enterprise sales.

• ZoomInfo Technologies achieved better-than-expected revenues and profitability in Q1 with an adjusted operating income margin of 40% and more than $121 million in unleveraged free cash flow.
• Moreover, ZoomInfo is investing resources in products to develop engaging customer experiences, enhance data leadership, and go upmarket.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• We continue believe that upside is limited with the S&P 500 testing the top-end of our anticipated 2023 trading range (4165-4200).
• Our gameplan remains unchanged; reduce risk near resistance (where we are now) and add risk near support (the December 2022 lows at 3765 and/or the 2022 lows at 3490).
• A break above 4200 on the SPX would likely mean a test of 4300-4325, which we would view as a selling opportunity. A break below 4050 would kickstart a pullback.

• We expect Futu to report 1Q23 revenue in-line with consensus, while net income beat consensus by 4.2%, mainly due to less operating expenses.  
• The next catalysts in 2023 could be 1) gradual market share gain in HK region, 2) potential new markets in Japan and Southeast Asia. 
• We maintain BUY rating on FUTU and maintain TP at US$51.  

• The New Mexico Supreme Court denied a joint motion filed by PNM Resources (PNM US), Avangrid Inc (AGR US) and the New Mexico Public Regulation Commission last February.
• The New Mexico Court assess the operation in an oral hearing convened next September. The delay of the decision implies higher uncertainty about the closing of this deal.
• I continue to believe that Iberdrola/Avangrid’s acquisition will be completed. PNM shares look fairly valued on an EV/Fwd EBITDA basis, therefore I see it as a reasonably balanced risk-reward proposition. Long.

• Cisco is about to report its Q3 2023 results, but the market does not seem to fully appreciate the business momentum.
• Decisions regarding capital allocation could give us some valuable clues on where is the business headed, says CNN’s John Sutter.
• The company is expected to report Q32023 results on Thursday.

• XWELL reported 1Q23 revenue of $7.1 million, compared with $7.6 million in 4Q22, which is a reasonable performance given that the first quarter tends to be seasonally slow.
• The spa business contributed $4.7 million, helped by growth in international spas.
• The XpresTest segment, which included the CDC program and the one remaining XpresCheck location, contributed $1.8 million, while HyperPointe contributed $0.6 million.

• The USD debt ceiling is a returning topic and it’s typically not overly important for markets, but this time is likely to be different. 
• He repercussions for USD funding markets may be material and in sharp contrast to consensus expectations the USD may stage the biggest comeback since Lazarus.
• In this piece we elaborate why you should expect volatility in USD funding rates in coming weeks

• Last week, some of the biggest market makers in crypto, Jane Street and Jump Crypto, announced they were winding down some of their crypto exposure, particularly in the U.S due to regulatory uncertainty.
• This move should have major implications for liquidity in the industry which has already lost several big players over the last year.
• Interestingly, market depth for BTC has barely shifted since the announcement or over the past month, remaining at depressed levels.

• The Silver euphoria is over In the past two weeks, I have spoken to many people who are euphoric about silver.
• Many charts on Fintwit also predict that now is the time to jump back on the silver bandwagon.
• I believe that the next bubble could soon run out of steam, and this is not only true for gold.

• Triangle breakouts are considered one of the more powerful patterns with a higher reliability and followed by high momentum moves. TLT 102 and 109 breakout pivots.
• Slowing growth and falling inflation set a bullish backdrop for bonds and lower yields. US 1 year yield exhibits a compelling bearish flat range.
• KRE bear break represents the biggest threat to the SPX in May/June. We are maintaining our sell from SPX 4,200 for mid-June cycle low.

• In the digital era, data is the bedrock of decision-making, fuelling business strategies worldwide.
• However, the tightening landscape of privacy regulations presents challenges in capturing and utilizing data, particularly for advertisers and marketing departments across industries.
• In this complex backdrop, Near, a data intelligence startup, asserts its unique proposition of providing actionable, anonymized insights via its cloud-based AI platform.