In today’s briefing:
- Shockwave Medical Inc (SWAV US): Beat-And-Raise 1Q23 Results; BSX Deal Reportedly Hit Roadblock
- Disney’s Q2 2023 Earnings: Now Is The Time To Deliver
- Southern Copper Corporation: The Best Copper Stock To Own? – Key Drivers
- Meta Platforms Inc.: Riding The New AI Wave? – Market Dominance & Other Drivers
- General Dynamics Corporation: Winning Big With Its Combat Systems – Key Drivers
- Pioneer Natural Resources Company: Making A Real Killing In The Permian Basin – Key Drivers
- Rci Hospitality Holdings, Inc. -Tour of Colorado Shows a Promising Growth Opportunity
- Binance Halts Withdrawals as BTC Fees Surge
- Waste Management Inc.: Cleaning Up With Its Pricing Strategy – Key Drivers
- The Boeing Company: Acquisition Of CloudAhoy & Other Developments
Shockwave Medical Inc (SWAV US): Beat-And-Raise 1Q23 Results; BSX Deal Reportedly Hit Roadblock
- Shockwave Medical Inc (SWAV US) reported better-than-expected Q1 results, due to continued geography expansion and strong demand of its IVL catheters for the treatment of coronary and peripheral artery diseases.
- Shockwave projects 2023 revenue of $700–720M, which represents 43–47% YoY growth. This compares to previous 2023 revenue guidance of $660–680M.
- According to a new media report, the acquisition talks between Boston Scientific (BSX US) and Shockwave have hit a snag as both the parties could not agree on a price.
Disney’s Q2 2023 Earnings: Now Is The Time To Deliver
- Disney is scheduled to release its Q2 2023 results later this week.
- A number of factors are pointing to a strong and a better than expected quarter, but long-term problems remain.
- The macroeconomic environment is also supportive for Disney’s Parks, Experiences and Products segment.
Southern Copper Corporation: The Best Copper Stock To Own? – Key Drivers
- Southern Copper Corporation had a great quarter despite several economic difficulties and managed an all-around beat.
- The company’s other open pit operations reported a decrease in annual copper production, with the exception of the Buenavista operation, where production levels were higher than those in 2021.
- We give Southern Copper Corporation a ‘Hold’ rating with a revised target price.
Meta Platforms Inc.: Riding The New AI Wave? – Market Dominance & Other Drivers
- Meta Platforms had a decent quarter and surpassed Wall Street expectations in terms of revenues as well as earnings.
- The company is progressing in improving its distributed work model, delivering AI tools to improve productivity, and removing unnecessary processes.
- AI recommendations now operate more than 20% of users’ Facebook and Instagram Feeds and over 40% of content on Instagram.
General Dynamics Corporation: Winning Big With Its Combat Systems – Key Drivers
- General Dynamics had a strong quarter and managed an all-around beat with an improving order book position and a company-wide book-to-bill ratio of 0.9:1.
- The Combat Systems group saw particularly robust order activity with a book-to-bill ratio of 5x.
- While Aerospace & Technologies continues to deliver strong cash performance, the Combat Systems group, in particular, produced exceptional free cash flow this quarter.
Pioneer Natural Resources Company: Making A Real Killing In The Permian Basin – Key Drivers
- Pioneer Natural Resources delivered a mixed set of results in the last quarter.
- Pioneer has formed the largest contiguous acreage position in the Midland Basin with its persistent focus on the Permian Basin.
- We give Pioneer Natural Resources Company a ‘Hold’ rating with a revised target price.
Rci Hospitality Holdings, Inc. -Tour of Colorado Shows a Promising Growth Opportunity
- We recently traveled to Colorado to see RCI’s new properties.
- As background, following the purchase of five clubs in the Denver market in late 2021, RCI is planning on investing between $50 million and $80 million in the next two years in Denver and the surrounding areas of Colorado.
- As a result, Colorado is expected to be RCI’s third-largest market, behind Texas and Florida.
Binance Halts Withdrawals as BTC Fees Surge
- The rise in popularity of BRC-20 tokens, essentially memecoins on the Bitcoin blockchain, has pushed Bitcoin fees to 2 year highs.
- BRC-20s have massively increased demand for Bitcoin blockspace for the first time in recent history, with the network suffering from congestion and unconfirmed transactions as a result.
- Over the weekend, Binance had to pause BTC withdrawals twice as they hadn’t accounted for a surge in BTC fees in the amount they pay miners, which had caused many transactions to go unconfirmed.
Waste Management Inc.: Cleaning Up With Its Pricing Strategy – Key Drivers
- Waste Management is off to a good start in 2023, with first-quarter performance exceeding analyst expectations.
- Collection and disposal volume also increased by 0.8% in the first quarter.
- Waste Management believes it is poised for another year of robust financial growth in 2023.
The Boeing Company: Acquisition Of CloudAhoy & Other Developments
- After a series of bad results, Boeing managed a mixed quarter to start the year as its revenues were above Wall Street expectations though company reported wider-than-expected losses.
- However, Boeing still expects to deliver 450 737 airplanes this year and plans to increase its rate to 38 per month later this year.
- The company also delivered 130 commercial airplanes in the quarter, steadily increasing rates across critical programs to meet robust demand.
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