In today’s briefing:
- Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade
- AMD Ups The Ante With A Flurry Of Smaller Acquisitions
- Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution
- Can Lululemon Athletica Strike Back? Some Bold Moves to Crush Tariffs & Supply Chain Chaos!
- Circle Internet Group (CRCL US): Rounded US & Global Index Inclusion & Upweight
- PVH Is Reinventing Calvin Klein And Tommy Hilfiger: Inside Its Recent
- Lululemon 1Q’25 Update
- MongoDB: An Insight Into Its Strategic Positioning Amidst AI Revolution & Key Growth Catalysts!
- Apple WWDC25: Nothing Announcements, and Nothing on AI.
- [US Crude Oil Options Weekly 2025/23] WTI Rebounded on Supply Risks and Trade Optimism
Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade
- There are no constituent changes for the S&P 500 INDEX (SPX INDEX) in June but there are capping changes for the Select Sector indices and the Equal Weight Index.
- The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, Communication Services Select Sector SPDR Fund (XLC US) and Energy Select Sector SPDR Fund (XLE US).
- The largest flows are expected in Exxon Mobil, Alphabet, Chevron Corp, Visa, Blackstone, Live Nation Entertainment, Meta, Broadcom, TKO Group Holdings, Dell Technologies and Omnicom Group.
AMD Ups The Ante With A Flurry Of Smaller Acquisitions
- AMD recently announced the acquisition of Enosemi, a silicon-valley based startup specialising in chips for Co-Packaged Optics (CPO), and Brium, a previously unknown startup specialising in compiler optimisation
- AMD is also acquiring the engineering team behind Untether, a canadian AI hardware startup similar in many ways to Graphcore
- Wave Computing, Luminos Computing, Graphcore, Untether, the list of failing would-be NVIDIA challengers keeps growing. Who’s next?
Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution
- The hold-up is based upon how Chime should be valued — either like a fintech darling or just another financial services company.
- The company’s gross profit tells a solid growth story as Chime ramps into the IPO with a healthy 33% gross profit clip based on Q1 2025 financials vs Q1 2024.
- According to our sources, the Chime order book is considered multiple-times oversubscribed.
Can Lululemon Athletica Strike Back? Some Bold Moves to Crush Tariffs & Supply Chain Chaos!
- Lululemon Athletica Inc. reported its financial results for the first quarter of 2025, posting revenue growth that reached the high end of its guidance range with a notable improvement in the United States, where revenues grew by 2%.
- The overall revenue increased by 7% (or 8% in constant currency) reaching $2.4 billion, driven by strong performance across various regions, despite a seemingly cautious consumer sentiment in the U.S. The brand witnessed robust in-market performance with revenues in Canada increasing by 9% and a significant 22% increase in Mainland China.
- The company also saw 17% revenue growth in the rest of the world.
Circle Internet Group (CRCL US): Rounded US & Global Index Inclusion & Upweight
- Circle Internet Group (CRCL US) is forecasted to be added to both US TMI and R1000 at the September 2025 review.
- Circle Internet Group (CRCL US) is forecasted to be added to Global Standard at the November 2025 review and to Global All-World at the December 2025 review.
- A significant upweight is anticipated at the March 2026 review in R1000 and Global All-World following the lock-up expiry.
PVH Is Reinventing Calvin Klein And Tommy Hilfiger: Inside Its Recent
- PVH Corp.’s first-quarter 2025 performance reflects a balance of achievements and challenges in a complex macroeconomic environment.
- On the positive side, PVH delivered revenue growth that surpassed company guidance, attributable to the effective execution of its PVH+ Plan.
- The revenue increased by 2%, exceeding expectations due to stronger-than-projected wholesale performance, early shipments, and the relaunch of Calvin Klein women’s sportswear and jeans in North America.
Lululemon 1Q’25 Update
- Lulu is again back to LSD growth in the US; what makes it more disappointing is they actually had a somewhat easier comparison since 1Q’24 growth was just 2%.
- Canada, despite a low double digit growth in 1Q’24, again had higher growth than the US this quarter.
- China and Rest of the World (RoW) maintained healthy growth rates but growth has materially decelerated.
MongoDB: An Insight Into Its Strategic Positioning Amidst AI Revolution & Key Growth Catalysts!
- MongoDB, Inc., a leading document-oriented database platform provider, has reported its financial results for the first quarter of fiscal year 2026.
- This quarter, MongoDB announced revenues of $549 million, marking a 22% year-over-year increase that surpassed expectations.
- The revenue growth was significantly driven by Atlas, its cloud-based database service, which saw a 26% rise and accounted for 72% of the total revenue.
Apple WWDC25: Nothing Announcements, and Nothing on AI.
- How many times can Apple management say “delightful” when they have nothing to say? WWDC25 highlighted a bunch of small software tweaks, mostly “new designs” and nothing on AI.
- The air pocket continues: very low growth in hardware categories, potentially large negative consequence of the Epic lawsuit, no AI roadmap.
- Consensus expects revenue growth for FY26 and that’s very questionable. The stock trades at 28x FY25 EPS, 26x FY26 with the only driver being share buybacks. Avoid!
[US Crude Oil Options Weekly 2025/23] WTI Rebounded on Supply Risks and Trade Optimism
- WTI futures rose 6.2% for the week ending 06/Jun, as supply disruption fears and U.S.-China trade optimism outweighed concerns over the OPEC+ output hike.
- The U.S. rig count fell by four to 559. The oil rig count fell by nine to 442, while gas rigs grew by five to 114.
- WTI OI PCR remained at 0.83 on 06/Jun compared to 30/May. Call OI rose by 4.1% WoW, while put OI grew by 3.9%.
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