In today’s briefing:
- Micron. Clutching At AI Straws
- Meeting SPX and NDX Buy Levels
- Tesla’s Panicky Q2: Everything Must Go!
- Coeptis Therapeutics Inc. (COEP) YE22 1Q23 & DeSPAC 29062023
Micron. Clutching At AI Straws
- Micron reported FQ3’23 revenues of $3.8 billion, up 2% sequentially and down 57% year-over-year.
- Despite upbeat AI notes among others, Micron quietly delivered more bad news than good with their overall outlook worsening in many key respects.
- In the company’s own words, “Profitability and cash flow will remain extremely challenged for some time”. For “some time”, you could insert “at least 12 months”
Meeting SPX and NDX Buy Levels
- Cycle: Near term pullback a buy for a push into late June/early July (cycle has shifted right). Equities remain well supported. Increased volatility expected in July.
- Met the SPX 4,370 buy level with firmer support at 4,350. Rally bias for a minor new high in the coming week+.
- Measuring rally momentum for signs of a bigger stall cycle in July.
Tesla’s Panicky Q2: Everything Must Go!
- Prices have been slashed and slashed again, on top of expensive incentives like free charging, cheap leases, & juicy subsidies.
- But Tesla has been unable to ease elevated inventory in key markets.
- This signals even record deliveries will produce lower quality revenue and disappointing margins & profits for the second quarter.
Coeptis Therapeutics Inc. (COEP) YE22 1Q23 & DeSPAC 29062023
- C&CE 1Q23A $2.1m, burn 1Q $1.6m, S-1MEF filed for raise
- YE22A Opex $34.2m vs. $14.1 y/y, Δ is redemptions/merger costs
- Warrants booked as liabilities (SEC de-SPAC ruling Apr 12, 2021)
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