Category

United States

Dec 12
0

Daily Brief United States: Bitcoin Pro, Silvergate Capital and more

By | Daily Briefs, United States

In today’s briefing:

  • Crypto At The Christmas Table
  • Silvergate Capital Corp (SI US): TSS Target Achieved in 3 Days (+10.69%)

Crypto At The Christmas Table

By Etherbridge

  • We’ve all been there. At some point in the Christmas supper, maybe between the roast turkey and the mince pies, Aunty Hilda or Granda Joe inadvertently starts a heated debate around this “bitcoin thing.”
  • There may be a tech-savvy cousin who tries to come to the rescue and explain how blockchain works or why people value jpegs on the internet, to no avail. 
  • This year the Etherbridge team thought we would do a holiday special titled “Crypto At The Christmas Table” so you are fully prepared to handle any blockchain conversation that may arise. So let’s dive in.

Silvergate Capital Corp (SI US): TSS Target Achieved in 3 Days (+10.69%)

By David Coloretti, CMT

  • On 6 December we determined that a new interim downtrend low below 23.20 would likely fail and produce a 10% to 20% correction in 1-2 weeks. 
  • SI US subsequently bottomed at 21.32 and produced a 10.69% gain in the following 3 days to a high of 23.60. 
  • Note that this result was at the lower end of our expectations, however we must acknowledge a positive result. Gains were quickly given up in the following session however.

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Dec 11
0

Daily Brief United States: USD and more

By | Daily Briefs, United States

In today’s briefing:

  • USD Low Gels Dec Risk Peak

USD Low Gels Dec Risk Peak

By Thomas Schroeder

  • We have outlined our bullish DXY zone at 103 but what if the dollar front runs a bull turn as the bulk of near-term yield weakness is baked in.
  • USD lows versus Asian FX shows the ability to turn USD bullish early.
  • SPX rise off of 3,900 pivot support after cracking RSI and price wedge supports a concern if we cannot muster a near term reaction rise.

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Dec 09
0

Daily Brief United States: Chainlink, Builders Firstsource, Nitro Software Ltd, Elastic NV, OpenAI, PagerDuty Inc, Smartsheet Inc, Snowflake Inc, Splunk Inc, Ambarella Inc and more

By | Daily Briefs, United States

In today’s briefing:

  • 2023 High Conviction – Chainlink, Bridging Blockchain with Real-World Data Source
  • Overearning Short Candidates: Builders FirstSource, IBM, Forward Air Co, Deere & Co.
  • Nitro Software: Potentia Matches KKR’s $2.00/Offer
  • Elastic NV: Improvements To The Elastic Search Platform & Other Drivers
  • What Is ChatGPT and What Does It Bring to the Table?
  • PagerDuty Inc: Major Drivers
  • Smartsheet Inc: Acquisition of Outfit & Other Drivers
  • Snowflake Inc: Investment In OpenAP & Other Drivers
  • Splunk Inc: Acquisition of TwinWave Security & Other Drivers
  • Ambarella Inc: Major Drivers

2023 High Conviction – Chainlink, Bridging Blockchain with Real-World Data Source

By Edward Wu

  • Chainlink provides essential data-feeding services for blockchains, providing a bridge between blockchains and real-world information and data sources for both crypto and non-crypto use cases.
  • LINK token captures Chainlink’s network value, and new tokenomics 2.0 introduce staking further improve the supply & demand dynamic.
  • LINK price is supported by the growing usage of Chainlink network as onchain activity continues growing despite the bear market.

Overearning Short Candidates: Builders FirstSource, IBM, Forward Air Co, Deere & Co.

By Eric Fernandez, CFA

  • This model seeks companies that are potentially “overearning”, defined as companies with unusually high margins relative to their own history or relative to the industry. 
  • The reasons for the margin increases are sometimes unsustainable or fraudulent. The  critical judgement involves to what extent unsustainable margins are embedded in a company’s forecasts and/or the stock’s valuation. 
  • These shorts tend to have moderate to higher betas, higher valuations due to recent strong results and good short responses to subsequently disappointing earnings.

Nitro Software: Potentia Matches KKR’s $2.00/Offer

By David Blennerhassett

  • Potentia Capital has bumped its Offer for Nitro Software Ltd (NTO AU) to A$2.00/share, matching KKR’s earlier Offer.
  • Potential’s proposal – which also boasts a scrip alternative for those investors wishing to remain invested – is open for tendering, and has no minimum acceptance threshold. 
  • Nitro’s board has yet to provide a view on Potentia’s revised terms.

Elastic NV: Improvements To The Elastic Search Platform & Other Drivers

By Baptista Research

  • Elastic NV managed to deliver an all-around beat in the last result as it continues making progress across innovation.
  • The company has recently announced innovations over the Elastic Search platform, the prominent data analytics platform for search-powered solutions for transforming the way organizations observe, search, and protect their data.
  • This quarter, Elastic expanded business with RDD, the leading supply chain, print, packaging, and marketing solutions provider.

What Is ChatGPT and What Does It Bring to the Table?

By Tech in Asia

  • OpenAI, a US-based AI firm set up by Elon Musk and Sam Altman, released the preview version of a chatbot model called ChatGPT (Chat Generative Pre-Training).

  • Immediately, the model took the internet world by storm, as the chatbot produced accurate, human-like answers (most of the time) to questions and commands.

  • In a nutshell, the model was trained using a form of supervised fine-tuning called reinforcement learning from human feedback (RLHF).

PagerDuty Inc: Major Drivers

By Baptista Research

  • PagerDuty performed well in the last quarter despite the relatively uncertain environment and delivered an all-around beat.
  • The company saw a good performance in financial services, tech retail, and other verticals.
  • Total paid and free customers on its platform grew, and consumers continued to adopt more products and services and expand users.

Smartsheet Inc: Acquisition of Outfit & Other Drivers

By Baptista Research

  • Smartsheet gave a solid performance in the quarter that reflected narrower-than-expected losses and durable growth.
  • The company added many new customers this quarter, like Bonterra, Monster Energy, and Arizona Beverages.
  • On the innovation front, Smartsheet launched various Smartsheet experiences and capabilities at the September ENGAGE conference and also its WorkApps portfolio.

Snowflake Inc: Investment In OpenAP & Other Drivers

By Baptista Research

  • Snowflake delivered yet another all-around beat as the company continues to achieve robust growth along with improved unit economics, operational profit, and free cash flow.
  • Despite the weakening global macro context, Snowflake’s data strategy for contemporary businesses and institutions has helped it survive.
  • Besides, the Snowflake Data Cloud continues to be well-received by major businesses and institutions.

Splunk Inc: Acquisition of TwinWave Security & Other Drivers

By Baptista Research

  • Splunk delivered strong third-quarter results surpassing Wall Street expectations on all fronts.
  • The company increased total revenues by 40% year over year to $930 million and cloud revenues by 54% to $374 million.
  • Most of their customers continue to recognize the long-term benefits of moving to the cloud, despite being costly and resource-intensive.

Ambarella Inc: Major Drivers

By Baptista Research

  • In this quarter, Ambarella experienced material headwinds from the industry-wide semiconductor cyclical downturn.
  • Also, the content in the products of the customers continues to rise as it leveraged its historical success with optimized processing for high bandwidth sensing.
  • We provide the stock of Ambarella with a ‘Hold’ rating with a revision in the target price.

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Dec 08
0

Daily Brief United States: Salesforce.Com Inc, Crowdstrike Holdings Inc, Synopsys Inc, Zscaler, Kroger Co, General Mills, Hewlett Packard Enterprise Co, Ulta Beauty, Inc., Workday Inc Class A, Netapp Inc and more

By | Daily Briefs, United States

In today’s briefing:

  • Salesforce Inc: New Real-Time CRM Platform & Other Drivers
  • CrowdStrike Inc: Major Drivers
  • Synopsys Inc: Collaboration With SiFive & Other Drivers
  • Zscaler Inc: Zero Configuration Data Protection & Other Developments
  • Kroger Co: Merger With Albertsons & Other Drivers
  • General Mills: Delivering High Returns During Market Downturns
  • Hewlett Packard Enterprises: New Product Launches & Other Drivers
  • Ulta Beauty: Major Drivers
  • Workday Inc: Cloud Transition Collaboration With KPMG & Other Drivers
  • NetApp Inc: The BlueXP Launch & Other Drivers

Salesforce Inc: New Real-Time CRM Platform & Other Drivers

By Baptista Research

  • Salesforce’s stock has been badly hit by the general bearishness in the markets towards tech stocks and is trading at a low.
  • However, the company’s results were decent as it delivered strong sales growth and profitability surpassing Wall Street expectations on all fronts.
  • This quarter, the ARR increased by more than 50% in seven of their 13 industry clouds.

CrowdStrike Inc: Major Drivers

By Baptista Research

  • CrowdStrike had a solid quarter increasing its revenue by 53% year-over-year, surpassing Wall Street expectations.
  • In the enterprise, sales cycles or average days to closure remain marginally higher than the previous quarter.
  • Furthermore, LogScale experienced another solid quarter in Q3 thanks to their wins in the financial services, insurance, technology, retail, energy, and telecommunications industries.

Synopsys Inc: Collaboration With SiFive & Other Drivers

By Baptista Research

  • Synopsys ended the year with a decent result meeting the revenue expectations of Wall Street and managing an earnings beat.
  • The company reached the $5 billion yearly revenue milestone during this quarter as they extended customer relationships and altered their product lineup in order to sharpen their competitive edge.
  • Despite a slowdown in revenue growth for the semiconductor business, design activity is still strong.

Zscaler Inc: Zero Configuration Data Protection & Other Developments

By Baptista Research

  • Zscaler delivered good results in the last quarter surpassing Wall Street expectations in terms of revenues as well as earnings.
  • Consumers are buying Zscaler for users, its complete platform for user protection, including ZDX, ZPA, and ZIA bundled together.
  • We provide the stock of Zscaler a ‘Buy’ rating and a revision in the target price.

Kroger Co: Merger With Albertsons & Other Drivers

By Baptista Research

  • Kroger announced another quarter of quite strong results powered by its strategy of accelerating with digital and leading with fresh.
  • Kroger, along with Albertsons Companies, announces a definitive merger agreement whereby the companies will merge two complementary organizations with deep roots and iconic brands in their local communities.
  • It launched its foremost in-app flash sales and also enabled its customers to clip the digital offers from their cart directly.

General Mills: Delivering High Returns During Market Downturns

By Vladimir Dimitrov, CFA

  • General Mills has significantly outperformed the broader equity market and the consumer staples industry as a whole.
  • The share price seems to be running ahead of fundamentals which reduces expected returns going forward.
  • The company would also need to dial-up investments in the coming year to secure its strong competitive positioning, according to the company.

Hewlett Packard Enterprises: New Product Launches & Other Drivers

By Baptista Research

  • Hewlett Packard Enterprises had a decent fourth quarter as its revenues managed to surpass Wall Street expectations and strong quarterly free cash flow.
  • The company managed to meet Wall Street expectations with respect to earnings.
  • We remain neutral on Hewlett Packard Enterprises and maintain our ‘Hold’ rating with a revised target price.

Ulta Beauty: Major Drivers

By Baptista Research

  • Ulta Beauty delivered a good performance in the last quarter with robust revenue growth driving double-digit earnings growth and operating margin expansion.
  • The double-digit comp of Ulta Beauty in this quarter was an outcome of growth from its core assortment, compelling newness, and price increases.
  • To support guest education and drive discovery, this quarter Ulta Beauty introduced its Skincare We Love All in every store.

Workday Inc: Cloud Transition Collaboration With KPMG & Other Drivers

By Baptista Research

  • Workday delivered another solid quarter and managed an all around beat.
  • The company’s APA won over a number of clients, including Trip.com, Fletcher Building, Bank of Queensland, and a pharmaceutical company.
  • During the quarter, they also disclosed their collaboration with KPMG to launch Industry Accelerators in two important corporations, including banking and healthcare, based on their Industry Accelerator program.

NetApp Inc: The BlueXP Launch & Other Drivers

By Baptista Research

  • NetApp generated a mixed set of results for the last quarter as it failed to meet Wall Street expectations with respect to revenues and billings but managed an earnings beat.
  • It is evident that their cloud services’ growth has slowed down.
  • Besides, they have significantly adjusted their revenue projection for the remaining months of the fiscal year in light of impending economic headwinds.

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Dec 07
0

Daily Brief United States: Nasdaq-100 Stock Index, S&P 500, Intuit Inc, Silvergate Capital, Mettler Toledo International Inc, Deere & Co, Cooper Cos and more

By | Daily Briefs, United States

In today’s briefing:

  • EQD | SPX Index/NDX Index : Big Data Week Coming Up-We Look at What Is Priced In
  • Failed Breakouts, Banks Crumbling — Get Defensive; Buy Ideas Within Consumer Staples
  • Intuit Inc: The SeedFi Acquisition & Other Drivers
  • Silvergate Capital Corp (SI US)
  • Mettler-Toledo International Inc.: Initiation of Coverage – Business Strategy & Other Drivers
  • Mettler-Toledo International Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
  • The Cooper Companies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
  • Deere & Co: New Product Launches & Other Drivers
  • The Cooper Companies Inc.: Initiation of Coverage – Business Strategy & Key Drivers

EQD | SPX Index/NDX Index : Big Data Week Coming Up-We Look at What Is Priced In

By Simon Harris

  • Next week is the last big week of data releases for the year
  • With CPI data and also a FED meeting there is lots of potential volatility to come
  • We look at what is priced in to the derivatives market and suggest some trade ideas

Failed Breakouts, Banks Crumbling — Get Defensive; Buy Ideas Within Consumer Staples

By Joe Jasper

  • Charts have not changed much from the prior week, with there actually being some deterioration within banks (KRE, KBE). 
  • The $SPX has been unable to sustain a breakout above its 200-day MA/YTD downtrend, the $IWM remains below $190 resistance, and the DJIA could not sustain a breakout above 34,280
  • As long as these indexes are below these levels, we continue to see this as a good time to shift to more defensive areas and/or take profits.

Intuit Inc: The SeedFi Acquisition & Other Drivers

By Baptista Research

  • Intuit had a successful first quarter and managed to surpass Wall Street expectations in terms of revenues as well as earnings.
  • TurboTax also had a strong finish with a number of improvements introduced and tested during the quarter.
  • Intuit is also developing its own bill-pay feature for QuickBooks and intends to make it available in the future.

Silvergate Capital Corp (SI US)

By David Coloretti, CMT

  • SI US declined 78.5% from its August 2022 high of 108.11 to its November 2022 low of 23.20. 
  • Our Trend Sustainability Score (TSS) methodology has triggered a TSS < 10, highlighting extreme short-term momentum failure.
  • A new downtrend low, below 23.20, in the coming 1-2 days will likely fail quickly and deliver a 10% to 20% reversal in the coming 1-2 weeks.

Mettler-Toledo International Inc.: Initiation of Coverage – Business Strategy & Other Drivers

By Baptista Research

  • This is our first report on Mettler-Toledo, one of the largest manufacturers and suppliers of precision instruments and services across the globe.
  • The company delivered an outstanding result in the last quarter, with sales increasing by $985.8 million, a 10% local currency gain, surpassing Wall Street expectations.
  • They recognize that the global supply chain continues to pose risks, but their ability to meet customer demands should remain a competitive advantage.

Mettler-Toledo International Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • Mettler-Toledo is one of the biggest players in the precision instruments and services domain across the world.
  • The management recognizes that the global supply chain continues to pose risks, but their ability to meet customer demands should remain a competitive advantage.
  • Mettler-Toledo should keep investing in brand-new products that will lay the groundwork for expansion in the future.

The Cooper Companies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • Cooper Companies Inc is one of the largest manufacturers of contact lenses across the globe.
  • Daily silicones are still the primary factor in the contact lens industry’s growth.
  • They also have the widest portfolio on the market with MyDay and clariti, which are available on various spheres, toric, and multifocal lenses.

Deere & Co: New Product Launches & Other Drivers

By Baptista Research

  • Deere had a challenging start to the new fiscal as a result of a work stoppage at some of its biggest U.S. plants, but managed to resolve the situation with the help of a new contract.
  • The company delivered another all-around beat and the performance across its segments was fueled by persistently high demand and increased production rates.
  • Furthermore, they launched several large wheel loaders, including 744 P-tier, 824 P-tier, 844 P-tier, and brand-new 904 P-tier.

The Cooper Companies Inc.: Initiation of Coverage – Business Strategy & Key Drivers

By Baptista Research

  • This is our first report on Cooper Companies, one of the largest producers of contact lenses in the world.
  • Daily silicones are still the primary factor in the contact lens industry’s growth.
  • We initiate coverage on the stock of The Cooper Companies with a ‘Hold’ rating.

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Dec 06
0

Daily Brief United States: Netgear Inc, Crude Oil, Perella Weinberg Partners, NFT, Baxter International, Binance Coin and more

By | Daily Briefs, United States

In today’s briefing:

  • NTGR: Routing Thru Investor Day
  • The Commodity Report #80
  • Too Big to Fail?
  • Sporting Crypto – Dec 5th: The Casino and The Factory
  • Baxter International Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
  • Baxter International Inc.: Initiation of Coverage – Recent FDA Approvals & Other Drivers
  • Bearish Sentiment Hits Binance’s BNB Token

NTGR: Routing Thru Investor Day

By Hamed Khorsand

  • NTGR held its annual investor day reflecting on the challenges it has incurred within retail and highlighting how consumer demand has remained strong for high-end devices and its 5G hotspot
  • NTGR’s stock has been trading at levels valuing the Company near its working capital on fears the business would continue to generate losses
  • NTGR’s transition in becoming a super-premium brand started over a year ago, but only in recent quarters has it began to take a bigger role on the consumer 

The Commodity Report #80

By The Commodity Report

  • US manufacturing contracted in November for the first time since May 2020 as output weakened in the face of a third-straight month of shrinking orders.
  • According to data released Thursday, the ISM’s gauge of factory activity slid to 49 from 50.2 in the prior month.
  • The measure has fallen in five of the last six months and stands below 50, the threshold separating expansion and contraction, for the first time since the pandemic lockdowns.

Too Big to Fail?

By subSPAC

  • Investment Banks and Advisory firms have thrived over the past two years as the rapid pace of dealmaking induced by the post-pandemic era led to significant profits.
  • New York City-based Perella Weinberg Partners took advantage of the free-flowing capital market conditions by closing some of the biggest M&A deals over the last decade and choosing to list on public markets through a SPAC.
  • With all the talk of an economic slowdown going into 2023, Investment Banks are cautious heading into next year, focusing on preserving cash and switching to ancillary advisory services rather than staying on the hunt for big deals.

Sporting Crypto – Dec 5th: The Casino and The Factory

By Sporting Crypto

  • Instead of going on a long rant about why this next iteration of NFTs is important more broadly – let’s contextualise this for the sports industry.
  • After all, this is a newsletter called Sporting Crypto.
  • The sports industry has seen some pretty amazing things when it comes to Web3.

Baxter International Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • Baxter International is a giant within the space of dialysis therapies and other healthcare products.
  • The company’s recent financial results have been decent despite the fact that sales were impacted by specific supply chain-related issues.
  • The overall demand for products across the Baxter and traditional Hillrom portfolios continues to be strong.

Baxter International Inc.: Initiation of Coverage – Recent FDA Approvals & Other Drivers

By Baptista Research

  • This is our first report on Baxter International, one of the largest players in the domain of dialysis therapies and other healthcare products.
  • The overall demand for products across the Baxter and traditional Hillrom portfolios continues to be strong.
  • We initiate coverage on the stock of Baxter International with a ‘Buy’ rating.

Bearish Sentiment Hits Binance’s BNB Token

By Kaiko

  • Price Movements: The tokens for the decentralized derivatives exchanges dYdX and GMX have surged since the collapse of FTX.
  • Market Liquidity: Dollar trading volumes for BTC markets dropped to two year lows relative to Tether. 
  • Derivatives: BNB funding rates dip to their most negative this year.

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Dec 05
0

Daily Brief United States: S&P 500 and more

By | Daily Briefs, United States

In today’s briefing:

  • SPX Tactical Buy Dips

SPX Tactical Buy Dips

By Thomas Schroeder

  • Our SPX bull view to 4,100 was satisfied, (Layer out of weaker longs) and now shifting to a more tactical stance of buying the 3,950-support zone to retest 4,100.
  • The current rise shares a number of characteristics with the summer counter trend rally. Weak spots are noted in small caps, NDX and Japan.
  • DXY 103 is our turn zone for a low in yield and SPX peak and topping process in December head of a more bearish Q1

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Dec 04
0

Daily Brief United States: Bitcoin, Fleetcor Technologies, Palo Alto Networks, Warner Music Group and more

By | Daily Briefs, United States

In today’s briefing:

  • Web3 Mini Report 2022
  • FLEETCOR Technologies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
  • Palo Alto Networks: Acquisition of Cider Security & Other Drivers
  • Warner Music Group Corp.: Detailed Credit Analysis & Financial Strength Evaluation Report

Web3 Mini Report 2022

By Etherbridge

  • Last year Etherbridge published a Web3 mini report where we reviewed some of the most significant Web3 sectors and a few up-and-coming ones. 
  • The year has been challenging for all markets in general, and crypto has been no exception. Internal human errors and poorly designed token mechanics resulted in a crypto credit crisis, exacerbating the market crash further.
  • Nevertheless, the underlying technology across the blockchain stack has continued to evolve and improve, with some fundamental breakthroughs happening in scaling and other critical infrastructure. 

FLEETCOR Technologies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • FLEETCOR Technologies is a well-known digital payment solutions provider to businesses across the world.
  • The company’s financial results have been reasonably good in recent times and have exceeded management expectations in terms of revenues as well as earnings.
  • Corporate payments have been increasing in double-digits as per the company’s recent results due to strong new sales, domestically and abroad.

Palo Alto Networks: Acquisition of Cider Security & Other Drivers

By Baptista Research

  • Palo Alto had a strong first quarter and managed to surpass Wall Street expectations in terms of top-line growth as well as profitability.
  • As the macroeconomic situation shifts, the company is ramping up its efforts to create incremental operating leverage in its business.
  • Another interesting fact is that Palo Alto has consistently outperformed other tech and cybersecurity stocks even in market lows.

Warner Music Group Corp.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • Warner Music Group is one of the top three giants in the music entertainment business across the world.
  • Despite the numerous macro challenges, the company achieved double-digit growth for the previous year and outperformed management expectations in several important metrics, such as total revenue, and operating cash flow.
  • The company’s music publishing business has shown a remarkable performance and the highlight remains its strong digital revenues which have witnessed a strong momentum given the growth in streaming.

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Dec 03
0

Daily Brief United States: Terra, Triumph Bancorp and more

By | Daily Briefs, United States

In today’s briefing:

  • Fighting for the Soul of Crypto
  • 90: Adventures In Accounting: Triumph Bancorp ($TBK) Charge-Off Analysis

Fighting for the Soul of Crypto

By Michael McCarty

  • FTX collapsed causing the crypto market to fall into shambles.
  • FUD (Fear, uncertainty, and doubt) are spreading like wildfire throughout the industry and people have every right to be scared.
  • The fallout of the FTX collapse will be the battle for the soul of crypto. 

90: Adventures In Accounting: Triumph Bancorp ($TBK) Charge-Off Analysis

By Watchlist Investing

  • Included in bank earnings is a provision for loan losses.
  • In a perfect world, management would know exactly which loans would go bad and how much money they would lose on those loans.
  • In reality, estimates are required. Like insurance companies, banks typically apply a statistical model based on the risk rating classification of their loan book plus any specific reserves.

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Dec 02
0

Daily Brief United States: Asana, Snowflake Inc, Binance Coin, Zoom Video Communications Inc, Dell Technologies Inc, Gap Inc/The, Macy’s Inc, Ross Stores Inc, Ethereum, Analog Devices and more

By | Daily Briefs, United States

In today’s briefing:

  • Liquidity Risk Short Candidates: Luminar Tech, Asana, Appian, Oak Street Health
  • Snowflake FY3Q23 Earnings: Stabilizing Growth in FY2024
  • Crypto.com, Independent Reserve in Top 5 for Strong AML; Binance Places 42nd
  • Zoom Video Communications: Product Updates & Other Developments
  • Dell Technologies: Major Drivers
  • Gap Inc: Gap Store On Amazon & Other Developments
  • Macy’s Inc: Digital Marketplace & Other Drivers
  • Ross Stores: Store Additions & Other Drivers
  • The Long and Short of Aave
  • Analog Devices Inc: New SPoE PESE & PD Solutions & Other Drivers

Liquidity Risk Short Candidates: Luminar Tech, Asana, Appian, Oak Street Health

By Eric Fernandez, CFA

  • Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. 
  • Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.
  • Today we are flagging Luminar Tech, Asana, Appian, Oak Street Health

Snowflake FY3Q23 Earnings: Stabilizing Growth in FY2024

By Aaron Gabin

  • Snowflake guided below consensus for 4Q2023 revenue growth on a mix of macro conservatism and a quirky point that more vacation travel will reduce the amount of workloads run.
  • Margins continue to beat to the upside and management is guiding FY2024 FCF marginst to 23%, just 2pts below the LT guidance.
  • Very conservative management team also guided for a stabilization in revenue growth for FY2024 at 47%, a bit below consensus, but better than feared given the earnings reports recently.

Crypto.com, Independent Reserve in Top 5 for Strong AML; Binance Places 42nd

By Tech in Asia

  • Familiar names in Singapore landed in the top five of a list featuring crypto exchanges with strong anti-money laundering (AML) systems.

  • Blockchain.com and Independent Reserve, which are both licensed to operate in Singapore, ranked first and third place respectively. Crypto.com, which has in-principle approval, placed fifth.

  • Binance, the largest crypto exchange in the world, in the 42nd  spot.

Zoom Video Communications: Product Updates & Other Developments

By Baptista Research

  • Zoom Video Communications delivered a decent quarter and managed an all-around beat.
  • From a product perspective, the company had robust growth in Zoom Phone, along with contributions from Zoom Rooms and other products.
  • Zoom Video Communications has recently announced a wide range of updates in different business units like Zoom IQ for sales, Zoom Events, Zoom Spaces, Zoom Contact Centre, and Zoom One.

Dell Technologies: Major Drivers

By Baptista Research

  • After announcing a weak outlook in the last quarter and causing its stock price to plummet, Dell has shown a decent recovery.
  • Its stock price has continued to recover after the company delivered an all-around beat in a challenging demand environment.
  • Overall, we remain neutral on Dell and give it a ‘Hold’ rating with a revised target price.

Gap Inc: Gap Store On Amazon & Other Developments

By Baptista Research

  • Gap delivered a strong set of results in the quarter surpassing Wall Street expectations in terms of revenues as well as earnings.
  • The company has taken steps to maximize profitability and cash flow while rebalancing and lowering inventory to drive short-term and long-term improvements across its entire business.
  • However, the company is proving strength in lifestyle segments, which are growing at an accelerated rate in the current market.

Macy’s Inc: Digital Marketplace & Other Drivers

By Baptista Research

  • Macy’s delivered a strong set of results surpassing Wall Street expectations in terms of revenues as well as earnings.
  • Besides, they created permanent Toys “R” Us shop-in-shops within every Macy’s site, offering a unique experience not offered nationally anywhere else.
  • Macy’s also has a flexible pricing plan to change discounts and markdowns if demand materializes slowly.

Ross Stores: Store Additions & Other Drivers

By Baptista Research

  • Ross Stores’ results were well above market expectations in terms of revenues as well as earnings as it increased storewide values.
  • On the other hand, given their third-quarter sales growth and enhanced holiday assortments, they face their easiest sales and earnings comparisons in the fourth quarter.
  • We maintain our ‘Hold’ rating on Ross Stores with a revised target price.

The Long and Short of Aave

By Kaiko

  • Lending and borrowing in DeFi follows the same basic principles as it does in traditional finance: I supply some asset as collateral and I am able to borrow a certain amount of some other asset.
  • However, this being DeFi, there are some important differences from TradFi.
  • The most important is that the protocol has no way of knowing how trustworthy I am, and thus will require any loan to be overcollateralized.

Analog Devices Inc: New SPoE PESE & PD Solutions & Other Drivers

By Baptista Research

  • Analog Devices delivered another all-around beat in the recent quarterly result.
  • In Communications, Analog Devices expanded its 5G radio systems leadership with its transceiver portfolio, winning some additional share at key suppliers.
  • We provide the stock of Analog Devices with a ‘Hold’ rating with a revision in the target price.

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