In today’s briefing:
- Novelis Pre-IPO – Leader in Most Categories, Although End Markets’ Aren’t Really Growing Much
- GLOBALFOUNDRIES Inc.: Government Funding Partnership & 3 Critical Growth Drivers
- Crypto Crisp: Crypto vs. Macro
- Wynn Resorts: Macau Operations
- Crocs Inc.: Global Expansion and Revenue Growth through New Store Openings! – Major Drivers
- Datadog Inc.: How Is The Increase in AI Adoption Impacting Their Future Growth Trajectory? – Major Drivers
- Twilio Inc.: Twilio Alpha To Pioneer Early AI Developments & Other Major Drivers
- Henry Schein Inc.: A Tale Of An Improving Market Position with New Products – Major Drivers
- Fund Managers are Long Commodities and Hate Real Estate // Another Cocoa Update
- Rockwell Automation: Does Its Improved Industrial Automation Adoption Warrant A Bullish Rating? – Major Drivers
Novelis Pre-IPO – Leader in Most Categories, Although End Markets’ Aren’t Really Growing Much
- Novelis Corporation (0620365D US) Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The deal will consist of 100% secondary shares.
- Novelis is a global provider of aluminum solutions for the beverage packaging, automotive markets, specialties markets and aerospace.
- In this note, we look at the firm’s past performance.
GLOBALFOUNDRIES Inc.: Government Funding Partnership & 3 Critical Growth Drivers
- GlobalFoundries Inc. has presented its first quarterly financial results for the fiscal year of 2024.
- Despite facing some challenges, the outcomes have exceeded the guidance ranges indicated in the firm’s fourth-quarter earnings call.
- The industry is showing signs of emerging from a period of inventory correction and uncertainty due to ongoing macroeconomic and geopolitical issues.
Crypto Crisp: Crypto vs. Macro
- It comes as no surprise that we have been bearish on the crypto market in recent weeks.
- However, the market seems indifferent to our stance.
- The softer-than-expected US Consumer Price Index (CPI) report last Wednesday boosted risk-on assets, particularly cryptocurrencies, while the prospect of improved liquidity conditions in the economy is also set to benefit the crypto market.
Wynn Resorts: Macau Operations
- The first quarter of 2024 marked a period of continued momentum for Wynn Resorts.
- The company’s earnings call transcript highlighted several significant developments, representing positive and negative factors that could be relevant for potential investors.
- Starting on the bright side, Wynn Resorts reported an all-time record property EBITDAR of $647 million during Q1 2024, owing to the company’s solid team delivering five-star service and unique experiences to their guests.
Crocs Inc.: Global Expansion and Revenue Growth through New Store Openings! – Major Drivers
- Crocs, Inc. reported strong first quarter results that exceeded guidance both on revenue and net profit.
- Revenue rose by 7% compared to the prior year, driven by a 16% increase in Crocs brand sales.
- Adjusted gross margins improved 180 basis points to 56%, and adjusted earnings per share grew 16% to $3.02.
Datadog Inc.: How Is The Increase in AI Adoption Impacting Their Future Growth Trajectory? – Major Drivers
- Datadog, during its First Quarter 2024 Earnings, has revealed optimistic outcomes for the quarter.
- A 27% year-on-year increase in revenue at $611 million, surpassing the higher end of company expectations, signaled solid financial growth.
- Furthermore, the increase in the customer base to approximately 28,000, up from about 25,500 during the same period last year, brings a positive outlook for the company.
Twilio Inc.: Twilio Alpha To Pioneer Early AI Developments & Other Major Drivers
- Twilio Inc., a cloud communications platform, had a strong start to the year, exceeding its first quarter guide and reporting $1.04 billion in revenue and $160 million in non-GAAP income from operations.
- The company’s revenue represents a significant year-over-year increase, driven by a record quarter of non GAAP gross profit of $566 million and strong free cash flow of $177 million.
- Twilio has demonstrated disciplined execution across the board, leading to year-over-year growth and profitability.
Henry Schein Inc.: A Tale Of An Improving Market Position with New Products – Major Drivers
- Henry Schein Inc, the leading global healthcare solutions provider, recently reported its results for the first quarter of 2024.
- The company reported solid earnings driven by gross profit and gross margin expansion as it recovers from last quarter’s cyber-incident.
- It’s worth noting that even with the cyber incident, Henry Schein marked an improvement in its merchandise sales growth.
Fund Managers are Long Commodities and Hate Real Estate // Another Cocoa Update
- Fund Managers are Long Commodities and Hate Real Estate Fund managers positioning in commodities and energy was virtually unchanged compared to last month, according to the latest BofA survey.
- Compared to the longer term z-score fund managers remain quite long commodities and slightly short energy.
- While the amount of fund managers that are overweight commodities has risen, it’s still nothing compared to April 2022 – right after Russia invaded Ukraine.
Rockwell Automation: Does Its Improved Industrial Automation Adoption Warrant A Bullish Rating? – Major Drivers
- Rockwell Automation closed the second quarter of fiscal 2024 on a rather unsteady footing as a result of high inventory levels held by machine builders and slower ramp ups that are impacting shipments for the second half.
- The company has also had to reduce its guidance for the full fiscal year which is proving to be larger than initially expected.
- However, despite what looks like a rocky start to the fiscal year, Rockwell Automation has already set in motion a comprehensive program aimed at expanding margins as the company accelerates actions to align costs with the updated outlook on current year orders.
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