In today’s briefing:
- NVIDIA’s >5x YoY “Singapore” Revenue Growth Is A Red Flag
- Lululemon 2Q’24 Update
- First American Financial Corporation: Managing Technological Advancements In Title Underwriting & The Challenges Related To The Same! – Major Drivers
- Equitable Holdings Inc.: Will Its Enhanced Strategic Focus on Wealth Management and Private Markets Pay Off? – Major Drivers
- American Financial Group: A Bear’s Perspective! – Major Drivers
- Cincinnati Financial Corporation: Expanding Strategic Agency Relationships and Distribution Network To Drive Growth! – Major Drivers
- F&G Annuities & Life: Expanding Product Portfolio and Market Penetration! – Major Drivers
- The Hartford Financial Services Group: These Are The 4 Biggest Challenges Which Drive Our Pessimism! – Major Drivers
- MNOV: Phase 3 ALS Readout in 2025
- ENSC: Substantial Federal Funds Granted
NVIDIA’s >5x YoY “Singapore” Revenue Growth Is A Red Flag
- NVIDIA delivered another blockbuster quarter with record revenues of $30 billion, blowing well past the guided $28 billion, up 15% QoQ and up 122% YoY.
- $5.6 billion in revenues were attributed to Singapore, making up more than 18% of overall revenues and up >5 times YoY
- What the heck is the city state doing with all of those GPUs?
Lululemon 2Q’24 Update
- It is far from common for a stock to be up 4% after missing the revenue guide for the quarter and slashing the full-year revenue guide for the year.
- That’s exactly what happened with Lululemon today which should tell you the kind of sentiment going into the earnings!
- The crux of the bear thesis on Lulu usually circles around their US business.
First American Financial Corporation: Managing Technological Advancements In Title Underwriting & The Challenges Related To The Same! – Major Drivers
- First American Financial Corporation recently disclosed its financial results for the second quarter of 2024, navigating a market fraught with challenges yet buoyed temporarily by a seasonal uplift in demand.
- The company reported a total revenue of $1.6 billion with an adjusted earnings per diluted share of $1.27.
- The title segment, a primary revenue generator for the company, saw an adjusted pretax margin of 11.9%, a slight decrease from the previous year’s 12.6%.
Equitable Holdings Inc.: Will Its Enhanced Strategic Focus on Wealth Management and Private Markets Pay Off? – Major Drivers
- Equitable Holdings’ second quarter earnings report for 2024 highlighted the company’s strategic financial performance and growth initiatives.
- Non-GAAP operating earnings reached $494 million, translating to $1.43 per share, a 23% increase year-over-year.
- Adjusted for non-recurring items, the earnings per share stood at $1.52, surpassing the annual growth target.
American Financial Group: A Bear’s Perspective! – Major Drivers
- American Financial Group delivered a mixed performance in their second quarter of 2024, reflecting strength in several areas alongside areas of strategic pullback.
- The company reported an 18.5% annualized core operating return on equity, denoting a robust utilization of equity in achieving profits.
- Their specialty property and casualty (P&C) businesses continued to show strength with underwriting margins outperforming expectations due to higher rates, driving a 15% year-over-year increase in P&C net investment income excluding alternatives.
Cincinnati Financial Corporation: Expanding Strategic Agency Relationships and Distribution Network To Drive Growth! – Major Drivers
- Cincinnati Financial has reported a strong performance for the second quarter of 2024, reflecting a robust financial position and sustained growth across various segments.
- The company registered a net income of $312 million, bolstered by an after-tax increase of $112 million due to the appreciation in the fair value of equity securities.
- Non-GAAP operating income also saw an uptick, rising by $13 million from the previous year to $204 million, a change attributed primarily to a $17 million increase in investment income.
F&G Annuities & Life: Expanding Product Portfolio and Market Penetration! – Major Drivers
- F&G’s latest quarterly results showcase a robust performance with significant growth across various metrics.
- The company, under the leadership of CEO Christopher Blunt and CFO Wendy Young, has effectively implemented strategies that are yielding fruitful results, aligning with the targets set out during the Investor Day in October 2023.
- Starting with asset growth, F&G reported a substantial increase in assets under management (AUM), which stood at $61.4 billion, marking a 21% increase year-over-year.
The Hartford Financial Services Group: These Are The 4 Biggest Challenges Which Drive Our Pessimism! – Major Drivers
- The Hartford Financial Services Group, Inc. (The Hartford) demonstrated robust results for the second quarter of 2024, marking a continuation of its steady performance during the first half of the year.
- Highlights of the quarter include substantial growth in both commercial and personal lines, a solid core earnings margin from Group Benefits, and strong performance across its investment portfolio.
- 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.
MNOV: Phase 3 ALS Readout in 2025
- On August 8, 2024, MediciNova, Inc. (MNOV) filed form 10-Q with financial results for the second quarter of 2024.
- The company is conducting a Phase 3 clinical trial of MN-166 (ibudilast) in amyotrophic lateral sclerosis (ALS), which includes 12 months of double-blind treatment plus a six-month open label extension period.
- The primary endpoint is change from baseline in ALSFRS-R at Month 12 and survival time.
ENSC: Substantial Federal Funds Granted
- Ensysce Biosciences is committed to finding a solution to the opioid crisis plaguing the US and other developed countries around the world.
- Through its proprietary TAAP technology Ensysce is in the process of receiving approval for an abuse-resistant yet still pain-relieving opioid.
- The company announced that it has received a $14 million grant from the NIH for the continued development of its abuse deterrent opioid-PF614-MPAR.
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