In today’s briefing:
- Global Commodities: Takeaways from CESCO Copper Week — The only way out is up
- Crypto Crisp: Stripe Returns to Crypto
- Cadence Design Systems: A Tale Of Artificial Intelligence (AI) Tools and Technology Proliferation! – Major Drivers
- Security Token Journal: Private Debt Tokens
- The Procter & Gamble Company: What Are Our Growth Expectations For P&G In A Highly Dynamic Market? – Major Drivers
- CSX Corporation: Will Its Investments In Industrial Development Projects Yield Dividends? – Major Drivers
- Schlumberger Limited: The ChampionX Acquisition
- Wheat Breakout & Commodity Positioning Update
- Equifax Inc.: Successful price/product strategy in the face of competition and customer price sensitivity! – Major Drivers
- D.R. Horton: Effective Use of Land Resources & 4 Critical Growth Drivers! – Financial Forecasts
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Global Commodities: Takeaways from CESCO Copper Week — The only way out is up
- Copper market may be running ahead of a fundamental story, with extreme tightening in the copper concentrate market
- Chinese demand has stepped back due to surging copper prices, but expected to acclimatize to higher price levels
- Supply side challenges may take a couple more quarters to resolve, leading towards a tighter refined market in the future and potential supply shortfalls by 2030.
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Crypto Crisp: Stripe Returns to Crypto
- It is no surprise that we have maintained a bullish stance in crypto over the past month, given the uptick in US dollar liquidity and the easing tensions between Israel and Iran.
- Despite these factors, the market adopted a predominantly pessimistic view, highlighted by a negative futures funding rate.
- This suggested to us that the market was misaligned with the outside environment.
Cadence Design Systems: A Tale Of Artificial Intelligence (AI) Tools and Technology Proliferation! – Major Drivers
- Cadence demonstrated a robust start to 2024 with a strong first quarter that exceeded its guidance range on all critical financial metrics.
- Due to this exceptional performance, Cadence is increasing its financial outlook for the year.
- Cadence finished the first quarter with an unexpected record backlog of $6 billion, placing the company in a strong position for the remainder of 2024 and beyond.
Security Token Journal: Private Debt Tokens
- We have been of the opinion that tokenized real world assets (RWAs), especially tokenized debt will represent a more understandable underlying value of tokens or cryptocurrencies than Bitcoin.
- We are positive on tokens backed by risk-free assets such as US Treasuries or even investment-grade bonds as rates products for crypto funds and fractional investments for retail investors.
- Private debt could be the next in line to enjoy mass adoption if the legal elements and credit protection have been put in place to gain trust of institutional investors.
The Procter & Gamble Company: What Are Our Growth Expectations For P&G In A Highly Dynamic Market? – Major Drivers
- Proctor & Gamble’s recent earnings reveals a company navigating a complex yet profitable environment.
- The company announced strong sales and market share results, largely driven by the execution of its integrated strategy.
- Impressively, the figures for the first three quarters of fiscal ’24 indicate a raise in its outlook for core earnings per share, keeping it within fiscal year guidance ranges for organic sales growth, cash productivity and cash return to shareholders.
CSX Corporation: Will Its Investments In Industrial Development Projects Yield Dividends? – Major Drivers
- CSX Corporation had a solid start to 2024, dealing with a number of challenges, including severe weather in January and the Francis Scott Key Bridge collapse.
- Despite these difficulties, the corporation managed to maintain a consistent momentum with a volume performance that kept moving forward.
- The company’s management remains committed to mitigating the impact of these challenges for its customers.
Schlumberger Limited: The ChampionX Acquisition
- During Schlumberger’s (SLB) first quarter 2024 earnings, the company’s evenue grew by 13% YoY, and EBITDA grew in the mid-teens, in line with SLB’s full-year financial ambitions.
- International activity fuelled the growth, with revenue increases observed in 21 of the 25 international GeoUnits.
- North America, however, showed a decrease in activity, resulting in a 6% YoY fall in revenue.
Wheat Breakout & Commodity Positioning Update
Going forward, Energy could face some selling flows from CTAs according to the latest CTA flow update by UBSS
UBS ‘Contrarian’ trades: bullish Agriculturals and LME Lead, bearish Energy, Cocoa, Lean Hogs and Platinum
UBS ‘Go with momentum’ trades: bullish Zinc, Aluminium, bearish Cotton, Sugar and Palladium
Equifax Inc.: Successful price/product strategy in the face of competition and customer price sensitivity! – Major Drivers
- Equifax Inc.’s strong start in 2024 is evident from its Q1 reported revenue of $1.389 billion, up 7%, resulting from sustained strength in mortgage revenue and global non-mortgage businesses.
- Equifax’s adjusted EBITDA margins of 29.1% were also slightly above expectations.
- Moreover, their adjusted earnings per share (EPS) of $1.50 a share exceeded the high end of their guidance.
D.R. Horton: Effective Use of Land Resources & 4 Critical Growth Drivers! – Financial Forecasts
- D.R. Horton, the largest builder in the United States, presented its strong results from the second quarter of fiscal 2024, with its earnings per diluted share summing to $3.52.
- The company managed to increase its consolidated pretax income to $1.5 billion, a 23% increase and basis for a reported 14% increase in revenues, amounting to $9.1 billion.
- The pretax profit margin came in at 16.8%.