https://www.smartkarma.com/segment/feeds/us.rssSmartkarma Feed US2024-03-28T22:17:22.478583+00:00Smartkarma Analystsinsights@smartkarma.compython-feedgenhttps://www.smartkarma.com/segment/feeds/us.rss/af764a5d-bd98-32f3-bb52-c9d86b6eb83eBrief USA: Astera Labs: Early Lock-Up Expiry Is Coming, ~$450M Worth of Shares Will Be Available For Sale and more2024-03-28T22:17:24.327037+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/astera-labs-early-lock-up-expiry-is-coming-450m-worth-of-shares-will-be-available-for-sale?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Astera Labs: Early Lock-Up Expiry Is Coming, ~$450M Worth of Shares Will Be Available For Sale</a></li><li><a href="https://www.smartkarma.com/insights/tlne-greater-value-pt-to-120?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">TLNE: Greater Value, PT to $120</a></li><li><a href="https://www.smartkarma.com/insights/strategy-washington-policy-weekly-wrap-v-ma-antitrust-settlement-vote-upcoming-on-defense-supplemental?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategy - Washington Policy</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-brokerages-exchanges-trading-volume-preview-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Brokerages & Exchanges</a></li><li><a href="https://www.smartkarma.com/insights/michael-g-rhodes-to-become-ally-financial-s-next-ceo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Michael G. Rhodes to Become Ally Financial's Next CEO</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/astera-labs-early-lock-up-expiry-is-coming-450m-worth-of-shares-will-be-available-for-sale?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Astera Labs: Early Lock-Up Expiry Is Coming, ~$450M Worth of Shares Will Be Available For Sale </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/947/original/image_51957985121711653103100.png?1711653105"/> <ul>
<li>Astera Labs, an overvalued fabless semiconductor company, has completed its IPO and raised ~$565M of net proceeds in the offering. The IPO was priced at $36/share.</li>
<li>Astera Labs shares jumped 70%+ in their first trading day and finished session at $62.03. The stock peaked at $95.21 on Tuesday and fell ~21% over the next 2 days.</li>
<li>According to their prospectus, ~5.9M shares of Astera Labs will be available for sale following the public release of earnings for 1Q’24, which I expect to be announced in April.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/tlne-greater-value-pt-to-120?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. TLNE: Greater Value, PT to $120 </a></h3><p></p><ul>
<li>TLNE announced the sale of three power plants in Texas for a higher figure than we were expecting. TLNE is selling 1.7GW of power in Texas for $785 million</li>
<li>The Texas power plants decrease TLNE’s footprint to thirteen sites and a total of 10.7 GW owned capacity.</li>
<li>After the Texas assets are sold TLNE would have thirteen power plants mostly in Pennsylvania with several across other states. Three of which are minority ownerships.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/strategy-washington-policy-weekly-wrap-v-ma-antitrust-settlement-vote-upcoming-on-defense-supplemental?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Strategy - Washington Policy </a></h3><p></p><ul><li>Week in Review — Trade associations requested the Fifth Circuit to suspend the CFPB's rule capping credit card late fees at $8, down from $41.</li><li>While a stay is possible, we continue to expect the rule to be implemented.</li><li>Visa and Mastercard announced they will cap credit card fees, likely further limiting Senator Durbin’s efforts to pass the Credit Card Competition Act.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/financial-services-others-brokerages-exchanges-trading-volume-preview-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Financial Services - Others - Brokerages & Exchanges </a></h3><p></p><ul><li>SummaryWith one trading day left in the month, trading volume trends in March are mostly mixed versus the year-ago period.</li><li>Average daily volumes (ADV) for U.S. equities, European equities, U.S. Treasuries, and futures are each softer vs. March 2023.</li><li>Conversely, U.S. multi-listed options, index options, U.S. corporate bonds, and crypto volumes are each higher y/y.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/michael-g-rhodes-to-become-ally-financial-s-next-ceo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Michael G. Rhodes to Become Ally Financial's Next CEO </a></h3><p></p><ul><li>After the close on Wednesday, Ally Financial (ALLY) announced Michael G. Rhodes will be the new chief executive officer (CEO) and board member starting April 29, 2024.Mr.</li><li>Rhodes will replace interim CEO and President of Dealer Financial Services, Doug Timmerman, who temporarily took over the CEO position when Jeffrey Brown (JB) stepped down at the end of January 2024.</li><li>Timmerman will continue with his role as president of Dealer Financial Services.Mr.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/astera-labs-early-lock-up-expiry-is-coming-450m-worth-of-shares-will-be-available-for-sale?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Astera Labs: Early Lock-Up Expiry Is Coming, ~$450M Worth of Shares Will Be Available For Sale</a></li><li><a href="https://www.smartkarma.com/insights/tlne-greater-value-pt-to-120?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">TLNE: Greater Value, PT to $120</a></li><li><a href="https://www.smartkarma.com/insights/strategy-washington-policy-weekly-wrap-v-ma-antitrust-settlement-vote-upcoming-on-defense-supplemental?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategy - Washington Policy</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-brokerages-exchanges-trading-volume-preview-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Brokerages & Exchanges</a></li><li><a href="https://www.smartkarma.com/insights/michael-g-rhodes-to-become-ally-financial-s-next-ceo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Michael G. Rhodes to Become Ally Financial's Next CEO</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/astera-labs-early-lock-up-expiry-is-coming-450m-worth-of-shares-will-be-available-for-sale?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Astera Labs: Early Lock-Up Expiry Is Coming, ~$450M Worth of Shares Will Be Available For Sale </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/947/original/image_51957985121711653103100.png?1711653105"/> <ul>
<li>Astera Labs, an overvalued fabless semiconductor company, has completed its IPO and raised ~$565M of net proceeds in the offering. The IPO was priced at $36/share.</li>
<li>Astera Labs shares jumped 70%+ in their first trading day and finished session at $62.03. The stock peaked at $95.21 on Tuesday and fell ~21% over the next 2 days.</li>
<li>According to their prospectus, ~5.9M shares of Astera Labs will be available for sale following the public release of earnings for 1Q’24, which I expect to be announced in April.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/tlne-greater-value-pt-to-120?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. TLNE: Greater Value, PT to $120 </a></h3><p></p><ul>
<li>TLNE announced the sale of three power plants in Texas for a higher figure than we were expecting. TLNE is selling 1.7GW of power in Texas for $785 million</li>
<li>The Texas power plants decrease TLNE’s footprint to thirteen sites and a total of 10.7 GW owned capacity.</li>
<li>After the Texas assets are sold TLNE would have thirteen power plants mostly in Pennsylvania with several across other states. Three of which are minority ownerships.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/strategy-washington-policy-weekly-wrap-v-ma-antitrust-settlement-vote-upcoming-on-defense-supplemental?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Strategy - Washington Policy </a></h3><p></p><ul><li>Week in Review — Trade associations requested the Fifth Circuit to suspend the CFPB's rule capping credit card late fees at $8, down from $41.</li><li>While a stay is possible, we continue to expect the rule to be implemented.</li><li>Visa and Mastercard announced they will cap credit card fees, likely further limiting Senator Durbin’s efforts to pass the Credit Card Competition Act.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/financial-services-others-brokerages-exchanges-trading-volume-preview-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Financial Services - Others - Brokerages & Exchanges </a></h3><p></p><ul><li>SummaryWith one trading day left in the month, trading volume trends in March are mostly mixed versus the year-ago period.</li><li>Average daily volumes (ADV) for U.S. equities, European equities, U.S. Treasuries, and futures are each softer vs. March 2023.</li><li>Conversely, U.S. multi-listed options, index options, U.S. corporate bonds, and crypto volumes are each higher y/y.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/michael-g-rhodes-to-become-ally-financial-s-next-ceo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Michael G. Rhodes to Become Ally Financial's Next CEO </a></h3><p></p><ul><li>After the close on Wednesday, Ally Financial (ALLY) announced Michael G. Rhodes will be the new chief executive officer (CEO) and board member starting April 29, 2024.Mr.</li><li>Rhodes will replace interim CEO and President of Dealer Financial Services, Doug Timmerman, who temporarily took over the CEO position when Jeffrey Brown (JB) stepped down at the end of January 2024.</li><li>Timmerman will continue with his role as president of Dealer Financial Services.Mr.</li></ul>2024-03-29T03:19:11+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "SHORTS"}, {"term": "NORTH AMERICA"}, {"term": "ALAB@US"}, {"term": "RDDT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "UTILITIES"}, {"term": "VALUE"}, {"term": "NORTH AMERICA"}, {"term": "TLNE@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "COIN@US"}, {"term": "MKTX@US"}, {"term": "TW@US"}, {"term": "CBOE@US"}, {"term": "NDAQ@US"}, {"term": "CME@US"}, {"term": "ICE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ALLY@US"}, {"term": "RDDT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TLNE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ICE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALLY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/7e68f56d-3cd3-3162-a591-ebd1b6526ec5Brief USA: Shrinking Inventories Lends Support to Oil Prices in the Near-Term and more2024-03-28T22:17:24.313417+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/shrinking-inventories-lends-support-to-oil-prices-in-the-near-term?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Shrinking Inventories Lends Support to Oil Prices in the Near-Term</a></li><li><a href="https://www.smartkarma.com/insights/ges-snapping-the-store-raising-the-fashion-bar-for-spring-reiterate-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">GES: Snapping the Store: Raising the Fashion Bar for Spring; Reiterate Buy</a></li><li><a href="https://www.smartkarma.com/insights/ugro-4q-review-stuff-happens-reiterate-buy-pt-after-tough-4q?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">UGRO: 4Q Review: Stuff Happens; Reiterate Buy & PT after Tough 4Q</a></li><li><a href="https://www.smartkarma.com/insights/first-take-big-retail-miss-offset-by-tax-rate-and-us-health-cost-cuts-guide-lowered?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Big Retail Miss Offset by Tax Rate and US Health Cost Cuts; Guide Lowered</a></li><li><a href="https://www.smartkarma.com/insights/f2q-ebitda-misses-via-ads-low-end-of-fy24-guide-now-pegged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F2Q EBITDA Misses Via ADS, Low End of FY24 Guide Now Pegged</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/shrinking-inventories-lends-support-to-oil-prices-in-the-near-term?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Shrinking Inventories Lends Support to Oil Prices in the Near-Term </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/719/original/image_64584637691711538106479.png?1711538106"/> <ul>
<li>As of the week ending 15/March, crude inventories fell more than expected (2 million barrels vs 900k barrels expected) led by higher exports and refinery activity.</li>
<li>Refineries operations have picked up faster than anticipated, with the utilization rate jumping from 80% in early February to nearly 88% by 15/Mar.</li>
<li>OPEC members like Iraq, UAE, Gabon, and Kuwait, have exceeded their production quotas, raising concerns about adherence.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ges-snapping-the-store-raising-the-fashion-bar-for-spring-reiterate-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. GES: Snapping the Store: Raising the Fashion Bar for Spring; Reiterate Buy </a></h3><p></p><ul><li>We are reiterating our Buy rating, $37 price target and projections after visiting Guess?</li><li>stores in the Metro NYC area and Long Island.</li><li>We believe, with Spring now beginning to fully flow into stores, Guess?</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ugro-4q-review-stuff-happens-reiterate-buy-pt-after-tough-4q?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. UGRO: 4Q Review: Stuff Happens; Reiterate Buy & PT after Tough 4Q </a></h3><p></p><ul><li>We are reiterating our Buy rating and $8 price target, but lowering our 2024 projections after urban-gro reported disappointing 4Q23 (December) results, as the company had three material commercial contracts shift from late 4Q into 2024, obscuring what would have been a strong end to the year.</li><li>While the contracts are expected to be materially completed in 2024, management has decided to be highly conservative in their guidance and rebuild credibility going forward.</li><li>Given the current valuation, we believe investors are discounting the urban-gro business model and the potential for the company to register positive EBITDA. While we understand investor skepticism, we believe CEO Brad Nattrass and his team have aggressively cut costs and positioned urban-gro to surprise low Street expectations.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/first-take-big-retail-miss-offset-by-tax-rate-and-us-health-cost-cuts-guide-lowered?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. First Take: Big Retail Miss Offset by Tax Rate and US Health Cost Cuts; Guide Lowered </a></h3><p></p><ul><li>Event: This morning, Walgreens reported F2Q24 results that were optically ahead of expectations, but after adjusting for a favorable tax rate (-29.4% vs. RJ: 14.0%), were closer to inline with Street estimates.</li><li>Specifically, the company reported revenue of $37.1B (Street: $35.9B; RJ: $37.2B), which was up +5.7% y/y on a constant currency (CC) basis, with adj. EBIT of $900M (Street: $836M; RJ: $862M), down -26.5% y/y on a CC basis reflecting softer U.S. retail market trends.</li><li>Adj. EPS came in ahead of Street expectations at $1.20 (Street: $0.82; RJ: $0.85), thanks to an effective tax rate of -29.4% (RJ: 14.0%) and was up +2.8% y/y on a CC basis.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/f2q-ebitda-misses-via-ads-low-end-of-fy24-guide-now-pegged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. F2Q EBITDA Misses Via ADS, Low End of FY24 Guide Now Pegged </a></h3><p></p><ul><li>Summary: MSC’s F2Q adjusted EPS mildly beat views, aided by tax.</li><li>Adjusted EBITDA missed via lower than expected sales and associated opex effects, partially offset by a GM beat.</li><li>Organic volumes (-4.5% vs. RJ -5.1%) missed Industrial Production (+0.2%), and pricing fell ~2.4% sequentially (+0.9% y/y).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/shrinking-inventories-lends-support-to-oil-prices-in-the-near-term?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Shrinking Inventories Lends Support to Oil Prices in the Near-Term</a></li><li><a href="https://www.smartkarma.com/insights/ges-snapping-the-store-raising-the-fashion-bar-for-spring-reiterate-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">GES: Snapping the Store: Raising the Fashion Bar for Spring; Reiterate Buy</a></li><li><a href="https://www.smartkarma.com/insights/ugro-4q-review-stuff-happens-reiterate-buy-pt-after-tough-4q?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">UGRO: 4Q Review: Stuff Happens; Reiterate Buy & PT after Tough 4Q</a></li><li><a href="https://www.smartkarma.com/insights/first-take-big-retail-miss-offset-by-tax-rate-and-us-health-cost-cuts-guide-lowered?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Big Retail Miss Offset by Tax Rate and US Health Cost Cuts; Guide Lowered</a></li><li><a href="https://www.smartkarma.com/insights/f2q-ebitda-misses-via-ads-low-end-of-fy24-guide-now-pegged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F2Q EBITDA Misses Via ADS, Low End of FY24 Guide Now Pegged</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/shrinking-inventories-lends-support-to-oil-prices-in-the-near-term?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Shrinking Inventories Lends Support to Oil Prices in the Near-Term </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/719/original/image_64584637691711538106479.png?1711538106"/> <ul>
<li>As of the week ending 15/March, crude inventories fell more than expected (2 million barrels vs 900k barrels expected) led by higher exports and refinery activity.</li>
<li>Refineries operations have picked up faster than anticipated, with the utilization rate jumping from 80% in early February to nearly 88% by 15/Mar.</li>
<li>OPEC members like Iraq, UAE, Gabon, and Kuwait, have exceeded their production quotas, raising concerns about adherence.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ges-snapping-the-store-raising-the-fashion-bar-for-spring-reiterate-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. GES: Snapping the Store: Raising the Fashion Bar for Spring; Reiterate Buy </a></h3><p></p><ul><li>We are reiterating our Buy rating, $37 price target and projections after visiting Guess?</li><li>stores in the Metro NYC area and Long Island.</li><li>We believe, with Spring now beginning to fully flow into stores, Guess?</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ugro-4q-review-stuff-happens-reiterate-buy-pt-after-tough-4q?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. UGRO: 4Q Review: Stuff Happens; Reiterate Buy & PT after Tough 4Q </a></h3><p></p><ul><li>We are reiterating our Buy rating and $8 price target, but lowering our 2024 projections after urban-gro reported disappointing 4Q23 (December) results, as the company had three material commercial contracts shift from late 4Q into 2024, obscuring what would have been a strong end to the year.</li><li>While the contracts are expected to be materially completed in 2024, management has decided to be highly conservative in their guidance and rebuild credibility going forward.</li><li>Given the current valuation, we believe investors are discounting the urban-gro business model and the potential for the company to register positive EBITDA. While we understand investor skepticism, we believe CEO Brad Nattrass and his team have aggressively cut costs and positioned urban-gro to surprise low Street expectations.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/first-take-big-retail-miss-offset-by-tax-rate-and-us-health-cost-cuts-guide-lowered?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. First Take: Big Retail Miss Offset by Tax Rate and US Health Cost Cuts; Guide Lowered </a></h3><p></p><ul><li>Event: This morning, Walgreens reported F2Q24 results that were optically ahead of expectations, but after adjusting for a favorable tax rate (-29.4% vs. RJ: 14.0%), were closer to inline with Street estimates.</li><li>Specifically, the company reported revenue of $37.1B (Street: $35.9B; RJ: $37.2B), which was up +5.7% y/y on a constant currency (CC) basis, with adj. EBIT of $900M (Street: $836M; RJ: $862M), down -26.5% y/y on a CC basis reflecting softer U.S. retail market trends.</li><li>Adj. EPS came in ahead of Street expectations at $1.20 (Street: $0.82; RJ: $0.85), thanks to an effective tax rate of -29.4% (RJ: 14.0%) and was up +2.8% y/y on a CC basis.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/f2q-ebitda-misses-via-ads-low-end-of-fy24-guide-now-pegged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. F2Q EBITDA Misses Via ADS, Low End of FY24 Guide Now Pegged </a></h3><p></p><ul><li>Summary: MSC’s F2Q adjusted EPS mildly beat views, aided by tax.</li><li>Adjusted EBITDA missed via lower than expected sales and associated opex effects, partially offset by a GM beat.</li><li>Organic volumes (-4.5% vs. RJ -5.1%) missed Industrial Production (+0.2%), and pricing fell ~2.4% sequentially (+0.9% y/y).</li></ul>2024-03-28T21:29:03+08:00[{"term": "Commodities"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CL1@COM@COMDTY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "GES@US"}, {"term": "AEO@US"}, {"term": "PVH@US"}, {"term": "ROST@US"}, {"term": "TJX@US"}, {"term": "LULU@US"}, {"term": "TPR@US"}, {"term": "URBN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "UGRO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "WBA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MSM@US"}, {"term": "CL1@COM@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "URBN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "UGRO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WBA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MSM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/485e3d64-5a65-32d6-8ac4-0ce33f4823efBrief USA: Medical Equipment & Svs - Medical Technology and more2024-03-28T22:17:24.306639+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/medical-equipment-svs-medical-technology-sir-meeting-quick-check-in-on-one-of-the-more-exciting-end-markets-in-med-tech?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Medical Equipment & Svs - Medical Technology</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-f9976386-39ee-4d83-ba5a-4eaaf5ad0720?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/mastering-the-world-of-payments?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mastering the World of Payments</a></li><li><a href="https://www.smartkarma.com/insights/messy-1h24-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Messy 1H24 Ahead</a></li><li><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-41bcf680-89af-46e1-bb99-20e20d367606?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating EPS Estimates Ahead of 1Q24 Earnings</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/medical-equipment-svs-medical-technology-sir-meeting-quick-check-in-on-one-of-the-more-exciting-end-markets-in-med-tech?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Medical Equipment & Svs - Medical Technology </a></h3><p></p><ul><li>We spent a day earlier this week at the annual SIR (Society of Interventional Radiology) meeting, which is the largest conference dedicated to the field of interventional radiology.</li><li>The scope of procedures performed by interventional radiologists (IRs) is broad, ranging from image-guided biopsies to kyphoplasty to various venous and peripheral vascular procedures.</li><li>Basically, the focus is minimally invasive procedures outside the heart and the head.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-f9976386-39ee-4d83-ba5a-4eaaf5ad0720?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYOil prices were flat Wednesday on weaker U.S. oil demand signals coming out of the DOE. Crude and gasoline stockpiles had a surprise jump last week indicating weaker demand and higher supply.</li><li>Earlier this week, the Baltimore bridge in Maryland collapsed after a fatal cargo ship collision, delaying coal exports, given that the Baltimore Port is the second-largest coal exporting port in the U.S., according to the EIA. On the global front, Russia has begun to increase gasoline imports from Belarus, following several weeks of Ukrainian drone strikes on oil infrastructure, which could indicate global crude tightness as Russia begins to navigate through resuming oil production.</li><li>The broader market rallied, with the S&P 500 reaching a new record high, up 0.9%, with all eyes on the Fed’s PCE price index, set to release on Friday.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/mastering-the-world-of-payments?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Mastering the World of Payments </a></h3><p></p><ul><li>The electronic financial transactions industry is expanding, with a focus on personalization, the gig economy, and fraud prevention</li><li>Mastercard is well positioned to benefit from the shift away from cash and towards digital payments</li><li>Magellan's portfolio manager Alyssa DeMarco discusses Mastercard's growth and innovation with Devin Core, highlighting the company's evolution over the past decade and its strategic focus on diversification and global expansion</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/messy-1h24-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Messy 1H24 Ahead </a></h3><p></p><ul><li>We recently caught up with UNH and have the following update on what will be — at the risk of gross understatement — an “interesting” 1Q print:There will be “non-GAAP” noise in the print, including the one-time costs of getting Change back online.</li><li>At this point, it is unclear which cost items will qualify for the “one-time” treatment and which costs will be rolled into the P&L. As UNH threw the kitchen sink at this problem, these costs will not be small, but we have no basis to size the charge.Captain Obvious point — both RJ and Street estimates should be taken with a grain of salt.</li><li>As much as we would love to do a “Fun with Numbers,” we would be guessing at best.We think that management will attempt to size the elevated medical spend from its suspension of prior-auth, which will affect not only 1Q but 2Q as a result.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-41bcf680-89af-46e1-bb99-20e20d367606?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Updating EPS Estimates Ahead of 1Q24 Earnings </a></h3><p></p><ul><li>We are reaffirming our Market Perform rating on Trupanion Inc. (TRUP).</li><li>We like TRUP’s high teens to 20%-plus subscription revenue CAGR and solid competitive positioning in the growing pet insurance market but are concerned about veterinary cost inflationary pressures.We are updating our 1Q24 EPS estimate to $(0.25) versus prior $(0.26), and consensus of $(0.20).</li><li>TRUP guides to an elevated loss ratio in 1Q24 given veterinarians typically implement new rate increases at the beginning of the year.We are updating our full-year 2024/2025/2026 EPS estimates to $(0.50)/$0.02/$0.10, versus prior $(0.49)/$0.01/$0.13 and consensus of $(0.45)/$0.05/$0.08.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/medical-equipment-svs-medical-technology-sir-meeting-quick-check-in-on-one-of-the-more-exciting-end-markets-in-med-tech?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Medical Equipment & Svs - Medical Technology</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-f9976386-39ee-4d83-ba5a-4eaaf5ad0720?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/mastering-the-world-of-payments?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mastering the World of Payments</a></li><li><a href="https://www.smartkarma.com/insights/messy-1h24-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Messy 1H24 Ahead</a></li><li><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-41bcf680-89af-46e1-bb99-20e20d367606?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating EPS Estimates Ahead of 1Q24 Earnings</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/medical-equipment-svs-medical-technology-sir-meeting-quick-check-in-on-one-of-the-more-exciting-end-markets-in-med-tech?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Medical Equipment & Svs - Medical Technology </a></h3><p></p><ul><li>We spent a day earlier this week at the annual SIR (Society of Interventional Radiology) meeting, which is the largest conference dedicated to the field of interventional radiology.</li><li>The scope of procedures performed by interventional radiologists (IRs) is broad, ranging from image-guided biopsies to kyphoplasty to various venous and peripheral vascular procedures.</li><li>Basically, the focus is minimally invasive procedures outside the heart and the head.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-f9976386-39ee-4d83-ba5a-4eaaf5ad0720?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYOil prices were flat Wednesday on weaker U.S. oil demand signals coming out of the DOE. Crude and gasoline stockpiles had a surprise jump last week indicating weaker demand and higher supply.</li><li>Earlier this week, the Baltimore bridge in Maryland collapsed after a fatal cargo ship collision, delaying coal exports, given that the Baltimore Port is the second-largest coal exporting port in the U.S., according to the EIA. On the global front, Russia has begun to increase gasoline imports from Belarus, following several weeks of Ukrainian drone strikes on oil infrastructure, which could indicate global crude tightness as Russia begins to navigate through resuming oil production.</li><li>The broader market rallied, with the S&P 500 reaching a new record high, up 0.9%, with all eyes on the Fed’s PCE price index, set to release on Friday.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/mastering-the-world-of-payments?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Mastering the World of Payments </a></h3><p></p><ul><li>The electronic financial transactions industry is expanding, with a focus on personalization, the gig economy, and fraud prevention</li><li>Mastercard is well positioned to benefit from the shift away from cash and towards digital payments</li><li>Magellan's portfolio manager Alyssa DeMarco discusses Mastercard's growth and innovation with Devin Core, highlighting the company's evolution over the past decade and its strategic focus on diversification and global expansion</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/messy-1h24-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Messy 1H24 Ahead </a></h3><p></p><ul><li>We recently caught up with UNH and have the following update on what will be — at the risk of gross understatement — an “interesting” 1Q print:There will be “non-GAAP” noise in the print, including the one-time costs of getting Change back online.</li><li>At this point, it is unclear which cost items will qualify for the “one-time” treatment and which costs will be rolled into the P&L. As UNH threw the kitchen sink at this problem, these costs will not be small, but we have no basis to size the charge.Captain Obvious point — both RJ and Street estimates should be taken with a grain of salt.</li><li>As much as we would love to do a “Fun with Numbers,” we would be guessing at best.We think that management will attempt to size the elevated medical spend from its suspension of prior-auth, which will affect not only 1Q but 2Q as a result.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-41bcf680-89af-46e1-bb99-20e20d367606?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Updating EPS Estimates Ahead of 1Q24 Earnings </a></h3><p></p><ul><li>We are reaffirming our Market Perform rating on Trupanion Inc. (TRUP).</li><li>We like TRUP’s high teens to 20%-plus subscription revenue CAGR and solid competitive positioning in the growing pet insurance market but are concerned about veterinary cost inflationary pressures.We are updating our 1Q24 EPS estimate to $(0.25) versus prior $(0.26), and consensus of $(0.20).</li><li>TRUP guides to an elevated loss ratio in 1Q24 given veterinarians typically implement new rate increases at the beginning of the year.We are updating our full-year 2024/2025/2026 EPS estimates to $(0.50)/$0.02/$0.10, versus prior $(0.49)/$0.01/$0.13 and consensus of $(0.45)/$0.05/$0.08.</li></ul>2024-03-28T20:12:03+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MMSI@US"}, {"term": "MDT@US"}, {"term": "BSX@US"}, {"term": "BDX@US"}, {"term": "ABT@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "MA@US"}, {"term": "AXP@US"}, {"term": "V@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "UNH@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TRUP@US"}, {"term": "ABT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "V@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "UNH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TRUP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/cc9505a2-264b-396e-8984-75293f4478b4Brief USA: Adjusting Model; Outperform and more2024-03-28T22:17:24.283375+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/adjusting-model-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Adjusting Model; Outperform</a></li><li><a href="https://www.smartkarma.com/insights/ibotta-ipo-preview-high-growth-cashback-unicorn-with-robust-ai-powered-capabilities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ibotta IPO Preview: High-Growth Cashback Unicorn With Robust AI-Powered Capabilities</a></li><li><a href="https://www.smartkarma.com/insights/reit-self-storage-reits-march-madness-upgrading-psa-on-revenue-growth-firepower-downgrading-exr?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">REIT - Self Storage REITs</a></li><li><a href="https://www.smartkarma.com/insights/micron-reaffirms-china-expansion-plan-as-government-welcomes-foreign-businesses?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Micron Reaffirms China Expansion Plan as Government Welcomes Foreign Businesses</a></li><li><a href="https://www.smartkarma.com/insights/record-upsell-quarter-highlights-continued-share-gains-stay-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Record Upsell Quarter Highlights Continued Share Gains - Stay Outperform</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/adjusting-model-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Adjusting Model; Outperform </a></h3><p></p><ul><li>We are reiterating our Outperform rating on the shares of WTW. Our rating reflects our outlook for the company to generate ~10%+ adj. EPS growth with improving FCF conversion rates through 2025 as well as the stock’s attractive valuation.</li><li>The stock currently trades at a 5.1% FCF yield based on our 2025 estimates compared with the peer group average of 3.9%.We continue to expect WTW to achieve management’s FY24 financial targets which include revenue of $9.9B+, adj. operating margin of 22.5%-23.5%, and adj. EPS of $15.40-$17.00.</li><li>We expect organic growth to benefit from continued demand for actuarial pension services, moderating benefits from increased productivity of previous hires, improving retention and new business wins in the R&B segment.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ibotta-ipo-preview-high-growth-cashback-unicorn-with-robust-ai-powered-capabilities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Ibotta IPO Preview: High-Growth Cashback Unicorn With Robust AI-Powered Capabilities </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/850/original/image_34426917221711612332326.png?1711612334"/> <ul>
<li>Ibotta, a cashback rewards platform provider, files to list IPO on NYSE. The Denver-based technology company was backed by VC investors, GGV Capital, Walmart and Koch Disruptive Technologies.</li>
<li>Ibotta is a trusted and well-known brand in the cashback space in the United States, and means “I-bought-a”. The company is led by its Founder & CEO, Bryan Leach.</li>
<li>Considering Ibotta's strong and profitable growth, low penetration of the addressable market opportunity, and potential international expansion, they should have a successful IPO.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/reit-self-storage-reits-march-madness-upgrading-psa-on-revenue-growth-firepower-downgrading-exr?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. REIT - Self Storage REITs </a></h3><p></p><ul><li>OverviewWe are upgrading PSA to Strong Buy from Market Perform (target price $330) and downgrading EXR to Outperform from Strong Buy (target price $160, unchanged).</li><li>We also reiterate our Outperform rating on CUBE (target price $48, unchanged) and Overweight recommendation on the self storage REIT sector.</li><li>Our updated 2024 FFO estimates decline 1% on average (PSA +1%) while our AFFO estimates decline 4% on average (PSA -1%) due to higher-than-previously expected maintenance capex, something that has gotten more attention lately across the REIT universe.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/micron-reaffirms-china-expansion-plan-as-government-welcomes-foreign-businesses?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Micron Reaffirms China Expansion Plan as Government Welcomes Foreign Businesses </a></h3><p></p><ul>
<li>U.S. chipmaker Micron Technology Inc. expects deeper cooperation with the Chinese government as Beijing ramps up efforts to boost foreign investment, its CEO said at a forum in the capital Monday.</li>
<li>Speaking at the China Development Forum, Sanjay Mehrotra hailed the recent release by the State Council of a <a href="https://www.caixinglobal.com/2024-03-20/china-releases-action-plan-to-attract-foreign-investment-102177094.html" rel="noopener" target="_blank">24-point plan</a> designed to promote high-level opening-up and attract foreign investment as the latest show of China’s determination to improve its business environment for foreign companies.</li>
<li>Micron cannot grow its business in China without government support, Mehrotra added, while reaffirming the company’s commitment to expand its business in the world’s second-largest economy, where it has a presence in Beijing, Shanghai, Shenzhen and Xi’an.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/record-upsell-quarter-highlights-continued-share-gains-stay-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Record Upsell Quarter Highlights Continued Share Gains - Stay Outperform </a></h3><p></p><ul><li>We’re maintaining our Outperform rating on Braze following F4Q results and a FY25 outlook that confirms BRZE’s continued share gains, including record F4Q upsell activity and an impressive 31% cRPO growth.</li><li>While some investors may pick at the below consensus margin outlook, BRZE hasn’t changed its path to breakeven, while still providing a 20%+ growth outlook that will likely prove conservative.</li><li>With a number of key technology trends including AI and the importance of first party data coming to the forefront, we’re increasingly confident in BRZE’s ability to both add new logos and expand with existing customers.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/adjusting-model-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Adjusting Model; Outperform</a></li><li><a href="https://www.smartkarma.com/insights/ibotta-ipo-preview-high-growth-cashback-unicorn-with-robust-ai-powered-capabilities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ibotta IPO Preview: High-Growth Cashback Unicorn With Robust AI-Powered Capabilities</a></li><li><a href="https://www.smartkarma.com/insights/reit-self-storage-reits-march-madness-upgrading-psa-on-revenue-growth-firepower-downgrading-exr?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">REIT - Self Storage REITs</a></li><li><a href="https://www.smartkarma.com/insights/micron-reaffirms-china-expansion-plan-as-government-welcomes-foreign-businesses?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Micron Reaffirms China Expansion Plan as Government Welcomes Foreign Businesses</a></li><li><a href="https://www.smartkarma.com/insights/record-upsell-quarter-highlights-continued-share-gains-stay-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Record Upsell Quarter Highlights Continued Share Gains - Stay Outperform</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/adjusting-model-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Adjusting Model; Outperform </a></h3><p></p><ul><li>We are reiterating our Outperform rating on the shares of WTW. Our rating reflects our outlook for the company to generate ~10%+ adj. EPS growth with improving FCF conversion rates through 2025 as well as the stock’s attractive valuation.</li><li>The stock currently trades at a 5.1% FCF yield based on our 2025 estimates compared with the peer group average of 3.9%.We continue to expect WTW to achieve management’s FY24 financial targets which include revenue of $9.9B+, adj. operating margin of 22.5%-23.5%, and adj. EPS of $15.40-$17.00.</li><li>We expect organic growth to benefit from continued demand for actuarial pension services, moderating benefits from increased productivity of previous hires, improving retention and new business wins in the R&B segment.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ibotta-ipo-preview-high-growth-cashback-unicorn-with-robust-ai-powered-capabilities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Ibotta IPO Preview: High-Growth Cashback Unicorn With Robust AI-Powered Capabilities </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/850/original/image_34426917221711612332326.png?1711612334"/> <ul>
<li>Ibotta, a cashback rewards platform provider, files to list IPO on NYSE. The Denver-based technology company was backed by VC investors, GGV Capital, Walmart and Koch Disruptive Technologies.</li>
<li>Ibotta is a trusted and well-known brand in the cashback space in the United States, and means “I-bought-a”. The company is led by its Founder & CEO, Bryan Leach.</li>
<li>Considering Ibotta's strong and profitable growth, low penetration of the addressable market opportunity, and potential international expansion, they should have a successful IPO.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/reit-self-storage-reits-march-madness-upgrading-psa-on-revenue-growth-firepower-downgrading-exr?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. REIT - Self Storage REITs </a></h3><p></p><ul><li>OverviewWe are upgrading PSA to Strong Buy from Market Perform (target price $330) and downgrading EXR to Outperform from Strong Buy (target price $160, unchanged).</li><li>We also reiterate our Outperform rating on CUBE (target price $48, unchanged) and Overweight recommendation on the self storage REIT sector.</li><li>Our updated 2024 FFO estimates decline 1% on average (PSA +1%) while our AFFO estimates decline 4% on average (PSA -1%) due to higher-than-previously expected maintenance capex, something that has gotten more attention lately across the REIT universe.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/micron-reaffirms-china-expansion-plan-as-government-welcomes-foreign-businesses?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Micron Reaffirms China Expansion Plan as Government Welcomes Foreign Businesses </a></h3><p></p><ul>
<li>U.S. chipmaker Micron Technology Inc. expects deeper cooperation with the Chinese government as Beijing ramps up efforts to boost foreign investment, its CEO said at a forum in the capital Monday.</li>
<li>Speaking at the China Development Forum, Sanjay Mehrotra hailed the recent release by the State Council of a <a href="https://www.caixinglobal.com/2024-03-20/china-releases-action-plan-to-attract-foreign-investment-102177094.html" rel="noopener" target="_blank">24-point plan</a> designed to promote high-level opening-up and attract foreign investment as the latest show of China’s determination to improve its business environment for foreign companies.</li>
<li>Micron cannot grow its business in China without government support, Mehrotra added, while reaffirming the company’s commitment to expand its business in the world’s second-largest economy, where it has a presence in Beijing, Shanghai, Shenzhen and Xi’an.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/record-upsell-quarter-highlights-continued-share-gains-stay-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Record Upsell Quarter Highlights Continued Share Gains - Stay Outperform </a></h3><p></p><ul><li>We’re maintaining our Outperform rating on Braze following F4Q results and a FY25 outlook that confirms BRZE’s continued share gains, including record F4Q upsell activity and an impressive 31% cRPO growth.</li><li>While some investors may pick at the below consensus margin outlook, BRZE hasn’t changed its path to breakeven, while still providing a 20%+ growth outlook that will likely prove conservative.</li><li>With a number of key technology trends including AI and the importance of first party data coming to the forefront, we’re increasingly confident in BRZE’s ability to both add new logos and expand with existing customers.</li></ul>2024-03-28T17:15:08+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "WTW@US"}, {"term": "WW@US"}, {"term": "Equity Capital Markets"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "IBTA@US"}, {"term": "GS@US"}, {"term": "GDRX@US"}, {"term": "@GRPN@US"}, {"term": "4755@JP"}, {"term": "PYPL@US"}, {"term": "NESN@SW"}, {"term": "KO@US"}, {"term": "WMT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EXR@US"}, {"term": "PSA@US"}, {"term": "CUBE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "MU@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BRZE@US"}, {"term": "WW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WMT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CUBE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MU@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BRZE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/ff769e3e-97f5-36dc-8ed7-f9b6eafbf67aBrief USA: SOTP for the Arb’s — We Have the Beef and more2024-03-28T22:17:24.261664+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/sotp-for-the-arb-s-we-have-the-beef?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">SOTP for the Arb’s — We Have the Beef</a></li><li><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs</a></li><li><a href="https://www.smartkarma.com/insights/it-sector-europe-playbook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IT Sector: Europe playbook</a></li><li><a href="https://www.smartkarma.com/insights/steelcase-inc-tweaking-fy25-estimates-encouraged-by-orders-and-cash-flow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Steelcase, Inc. - Tweaking FY25 Estimates; Encouraged by Orders and Cash Flow</a></li><li><a href="https://www.smartkarma.com/insights/aeye-inc-4q23-cash-burn-lower-new-product-announced?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">AEye, Inc. - 4Q23 Cash Burn Lower, New Product Announced</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/sotp-for-the-arb-s-we-have-the-beef?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. SOTP for the Arb’s — We Have the Beef </a></h3><p></p><ul><li>We are updating our SOTP on Jacobs & Spinco using 2025 forecasts to derive a more “normalized” earnings run-rate for the two businesses compared to management’s guiderails relying on 2023 historical actuals/pro-forma.</li><li>By going out to 2025, we are able to apply bespoke revenue growth by segment, embed synergies in margin assumptions, and project out FCF generation and balance sheet dynamics ~18-months out.</li><li>We are maintaining our Market Perform rating to reflect: 1) execution risk, 2) duration risk, and 3) the reality that it may be better to wait post transaction to acquire shares of J or Spinco as the two companies are vastly different in investment thesis going forward.Jacobs Thesis: This is a pure play on climate transition, MSD+ organic growth, low-to-mid teen EBITDA margins, and a business that can carry a LDD-Mid-Teen EV/EBITDA multiple.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/740/original/image_91026627421711571928910.png?1711571928"/> <ul>
<li>Semiconductor Sector Hits Historic Highs: Record allocations highlight investor confidence in the sector as second phase of bull market drives allocations to fresh peak.</li>
<li>Country Dynamics Shift: Peak Ownership in Taiwan, USA, Netherlands, while German Semiconductor holdings see strategic pullback through Infineon closures. </li>
<li>TSMC, ASML, and NVIDIA establish dominance, reflecting investors’ preference for companies at the forefront of technological innovation, while traditional players like Infineon, Intel, and Texas Instruments face declining investor interest.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/it-sector-europe-playbook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. IT Sector: Europe playbook </a></h3><p></p><ul><li>Over the past five years (CY18-23), the European region has grown at a similar rate to the overall sector at ~7.5% CAGR on a constant currency basis</li><li>However, the European region has outperformed recently driven by large cost optimization deals, increasing outsourcing, high ER&D services activity and delivery relocation following the geopolitical crisis</li><li>Europe is lower indexed on outsourcing as compared to the US which offsets the weaker macro activity in the region</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/steelcase-inc-tweaking-fy25-estimates-encouraged-by-orders-and-cash-flow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Steelcase, Inc. - Tweaking FY25 Estimates; Encouraged by Orders and Cash Flow </a></h3><p></p><ul><li>We are publishing new estimates for our Steelcase economic model after its solid 4QFY24 earnings.</li><li>Adjusted EPS of $0.23 beat our estimate as well as consensus. Revenue of $775.2 million modestly missed estimates.</li><li>1QFY25: We tweaked our non-GAAP (adjusted) EPS estimate to $0.11 ($0.10 previously).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/aeye-inc-4q23-cash-burn-lower-new-product-announced?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. AEye, Inc. - 4Q23 Cash Burn Lower, New Product Announced </a></h3><p></p><ul><li>While AEye announced 4Q23 revenue of $0.1 million and reduced cash burn again, the real story was the signing of a letter-of-intent with a Tier 1 automotive ADAS sensor supplier.</li><li>CEO Matt Fisch said this, “marks the beginning of a new relationship as part of our capital- light, automotive-first strategy.”</li><li>AEye announced its first 4Sight Flex product, Apollo, which will target L2+, L3, and L4 applications in the automotive market. </li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/sotp-for-the-arb-s-we-have-the-beef?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">SOTP for the Arb’s — We Have the Beef</a></li><li><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs</a></li><li><a href="https://www.smartkarma.com/insights/it-sector-europe-playbook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IT Sector: Europe playbook</a></li><li><a href="https://www.smartkarma.com/insights/steelcase-inc-tweaking-fy25-estimates-encouraged-by-orders-and-cash-flow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Steelcase, Inc. - Tweaking FY25 Estimates; Encouraged by Orders and Cash Flow</a></li><li><a href="https://www.smartkarma.com/insights/aeye-inc-4q23-cash-burn-lower-new-product-announced?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">AEye, Inc. - 4Q23 Cash Burn Lower, New Product Announced</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/sotp-for-the-arb-s-we-have-the-beef?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. SOTP for the Arb’s — We Have the Beef </a></h3><p></p><ul><li>We are updating our SOTP on Jacobs & Spinco using 2025 forecasts to derive a more “normalized” earnings run-rate for the two businesses compared to management’s guiderails relying on 2023 historical actuals/pro-forma.</li><li>By going out to 2025, we are able to apply bespoke revenue growth by segment, embed synergies in margin assumptions, and project out FCF generation and balance sheet dynamics ~18-months out.</li><li>We are maintaining our Market Perform rating to reflect: 1) execution risk, 2) duration risk, and 3) the reality that it may be better to wait post transaction to acquire shares of J or Spinco as the two companies are vastly different in investment thesis going forward.Jacobs Thesis: This is a pure play on climate transition, MSD+ organic growth, low-to-mid teen EBITDA margins, and a business that can carry a LDD-Mid-Teen EV/EBITDA multiple.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/740/original/image_91026627421711571928910.png?1711571928"/> <ul>
<li>Semiconductor Sector Hits Historic Highs: Record allocations highlight investor confidence in the sector as second phase of bull market drives allocations to fresh peak.</li>
<li>Country Dynamics Shift: Peak Ownership in Taiwan, USA, Netherlands, while German Semiconductor holdings see strategic pullback through Infineon closures. </li>
<li>TSMC, ASML, and NVIDIA establish dominance, reflecting investors’ preference for companies at the forefront of technological innovation, while traditional players like Infineon, Intel, and Texas Instruments face declining investor interest.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/it-sector-europe-playbook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. IT Sector: Europe playbook </a></h3><p></p><ul><li>Over the past five years (CY18-23), the European region has grown at a similar rate to the overall sector at ~7.5% CAGR on a constant currency basis</li><li>However, the European region has outperformed recently driven by large cost optimization deals, increasing outsourcing, high ER&D services activity and delivery relocation following the geopolitical crisis</li><li>Europe is lower indexed on outsourcing as compared to the US which offsets the weaker macro activity in the region</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/steelcase-inc-tweaking-fy25-estimates-encouraged-by-orders-and-cash-flow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Steelcase, Inc. - Tweaking FY25 Estimates; Encouraged by Orders and Cash Flow </a></h3><p></p><ul><li>We are publishing new estimates for our Steelcase economic model after its solid 4QFY24 earnings.</li><li>Adjusted EPS of $0.23 beat our estimate as well as consensus. Revenue of $775.2 million modestly missed estimates.</li><li>1QFY25: We tweaked our non-GAAP (adjusted) EPS estimate to $0.11 ($0.10 previously).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/aeye-inc-4q23-cash-burn-lower-new-product-announced?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. AEye, Inc. - 4Q23 Cash Burn Lower, New Product Announced </a></h3><p></p><ul><li>While AEye announced 4Q23 revenue of $0.1 million and reduced cash burn again, the real story was the signing of a letter-of-intent with a Tier 1 automotive ADAS sensor supplier.</li><li>CEO Matt Fisch said this, “marks the beginning of a new relationship as part of our capital- light, automotive-first strategy.”</li><li>AEye announced its first 4Sight Flex product, Apollo, which will target L2+, L3, and L4 applications in the automotive market. </li></ul>2024-03-28T08:35:13+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "J@US"}, {"term": "VVX@US"}, {"term": "LDOS@US"}, {"term": "CACI@US"}, {"term": "BAH@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "INTC@US"}, {"term": "IFX@GR"}, {"term": "LRCX@US"}, {"term": "TXN@US"}, {"term": "AVGO@US"}, {"term": "ASML@NA"}, {"term": "NVDA@US"}, {"term": "2330@TT"}, {"term": "Thematic (Sector/Industry)"}, {"term": "UNITED KINGDOM"}, {"term": "INDIA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "SCS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "AEYE@US"}, {"term": "BAH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "2330@TT", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SCS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AEYE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/7b6e7a2f-3d8b-3b9a-b0c0-c3a2797a9a5fBrief USA: Acuity Brands: Initiation of Coverage - 4 Critical Factors Responsible For Its Future Performance! - Financial Forecasts and more2024-03-28T22:17:24.248234+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/acuity-brands-initiation-of-coverage-4-critical-factors-responsible-for-its-future-performance-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Acuity Brands: Initiation of Coverage - 4 Critical Factors Responsible For Its Future Performance! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/sharkninja-inc-initiation-of-coverage-a-story-of-expansion-into-new-markets-categories-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">SharkNinja Inc.: Initiation of Coverage - A Story Of Expansion Into New Markets & Categories! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/aci-worldwide-initiation-of-coverage-expansion-of-saas-businesses-improved-productivity-with-generative-ai-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ACI Worldwide: Initiation Of Coverage - Expansion of SaaS Businesses & Improved Productivity with Generative AI! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/abercrombie-fitch-co-initiation-of-coverage-its-enhanced-product-differentiation-expansion-responsible-for-the-recent-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Abercrombie & Fitch Co: Initiation of Coverage - Its Enhanced Product Differentiation & Expansion Responsible For The Recent Growth? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/le-4q-review-on-track-for-upside-raising-pt-to-14-from-12-reiterate-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">LE: 4Q Review: On Track For Upside; Raising PT to $14 (From $12); Reiterate Buy</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/acuity-brands-initiation-of-coverage-4-critical-factors-responsible-for-its-future-performance-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Acuity Brands: Initiation of Coverage - 4 Critical Factors Responsible For Its Future Performance! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on building management solutions provider, Acuity Brands.</li><li>The company reported fiscal first quarter earnings, indicating positive performance for the period.</li><li>The company demonstrated strong overall execution as it increased its adjusted operating profit, adjusted operating profit margin, and adjusted diluted earnings per share.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/sharkninja-inc-initiation-of-coverage-a-story-of-expansion-into-new-markets-categories-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. SharkNinja Inc.: Initiation of Coverage - A Story Of Expansion Into New Markets & Categories! - Major Drivers </a></h3><p></p><ul><li>This is our our first report on household appliances distributor, SharkNinja.</li><li>The company's Q4 2023 Earnings revealed that it had a robust fourth quarter, with nearly 20% growth in adjusted net sales and more than 70% growth in adjusted EBITDA. The CEO, Mark Barrocas, attributed this to the company's growth strategy, innovation and the support from both consumers and retail partners.</li><li>The company's full year sales grew by over 15% nearing to $4.2 billion and with an adjusted EBITDA increase by nearly 39% reaching $720 million.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/aci-worldwide-initiation-of-coverage-expansion-of-saas-businesses-improved-productivity-with-generative-ai-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. ACI Worldwide: Initiation Of Coverage - Expansion of SaaS Businesses & Improved Productivity with Generative AI! - Major Drivers </a></h3><p></p><ul><li>This is our first report on software player, ACI Worldwide Inc. The company delivered a solid earnings performance for the fourth quarter and full year ended 2023.</li><li>The company witnessed a strong acceleration in growth, with a revenue growth of 9% and an EBITDA growth of 32% in its Biller segment.</li><li>The company also demonstrated growth in its banking segment, with revenue growth of 35% and 24% in its anti-fraud and real-time payment solutions respectively.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/abercrombie-fitch-co-initiation-of-coverage-its-enhanced-product-differentiation-expansion-responsible-for-the-recent-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Abercrombie & Fitch Co: Initiation of Coverage - Its Enhanced Product Differentiation & Expansion Responsible For The Recent Growth? - Major Drivers </a></h3><p></p><ul><li>Abercrombie & Fitch Co.</li><li>emerged from 2023 with significant achievements, marking it as a defining year for the company.</li><li>The brand witnessed a 15.8% increase in sales, reaching $4.28 billion, which not only represents its second highest annual sales level in history but also a testament to its robust growth strategy.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/le-4q-review-on-track-for-upside-raising-pt-to-14-from-12-reiterate-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. LE: 4Q Review: On Track For Upside; Raising PT to $14 (From $12); Reiterate Buy </a></h3><p></p><ul><li>We are reiterating our Buy rating, raising our price target to $14 (from $12), raising our FY24 EPS projection to $0.18 (from $0.07) and rolling out top and bottom line projected growth for FY25 after Lands' End reported a strong end to FY23, driven by a multi-level focus on driving higher pricing, better inventory management and overall higher returns.</li><li>Further, we believe in FY24, as the company continues to shift revenue to higher margin segments (such as licensing and online marketplaces) and heightens the level of newness, innovation and full price selling in the product offerings, the potential for bottom line upside will expand.</li><li>We are also projecting for revenue shift to a plus in FY25, as the gains from product shifts begin to offset the necessary changes to create a higher margin business model.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/acuity-brands-initiation-of-coverage-4-critical-factors-responsible-for-its-future-performance-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Acuity Brands: Initiation of Coverage - 4 Critical Factors Responsible For Its Future Performance! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/sharkninja-inc-initiation-of-coverage-a-story-of-expansion-into-new-markets-categories-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">SharkNinja Inc.: Initiation of Coverage - A Story Of Expansion Into New Markets & Categories! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/aci-worldwide-initiation-of-coverage-expansion-of-saas-businesses-improved-productivity-with-generative-ai-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ACI Worldwide: Initiation Of Coverage - Expansion of SaaS Businesses & Improved Productivity with Generative AI! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/abercrombie-fitch-co-initiation-of-coverage-its-enhanced-product-differentiation-expansion-responsible-for-the-recent-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Abercrombie & Fitch Co: Initiation of Coverage - Its Enhanced Product Differentiation & Expansion Responsible For The Recent Growth? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/le-4q-review-on-track-for-upside-raising-pt-to-14-from-12-reiterate-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">LE: 4Q Review: On Track For Upside; Raising PT to $14 (From $12); Reiterate Buy</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/acuity-brands-initiation-of-coverage-4-critical-factors-responsible-for-its-future-performance-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Acuity Brands: Initiation of Coverage - 4 Critical Factors Responsible For Its Future Performance! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on building management solutions provider, Acuity Brands.</li><li>The company reported fiscal first quarter earnings, indicating positive performance for the period.</li><li>The company demonstrated strong overall execution as it increased its adjusted operating profit, adjusted operating profit margin, and adjusted diluted earnings per share.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/sharkninja-inc-initiation-of-coverage-a-story-of-expansion-into-new-markets-categories-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. SharkNinja Inc.: Initiation of Coverage - A Story Of Expansion Into New Markets & Categories! - Major Drivers </a></h3><p></p><ul><li>This is our our first report on household appliances distributor, SharkNinja.</li><li>The company's Q4 2023 Earnings revealed that it had a robust fourth quarter, with nearly 20% growth in adjusted net sales and more than 70% growth in adjusted EBITDA. The CEO, Mark Barrocas, attributed this to the company's growth strategy, innovation and the support from both consumers and retail partners.</li><li>The company's full year sales grew by over 15% nearing to $4.2 billion and with an adjusted EBITDA increase by nearly 39% reaching $720 million.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/aci-worldwide-initiation-of-coverage-expansion-of-saas-businesses-improved-productivity-with-generative-ai-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. ACI Worldwide: Initiation Of Coverage - Expansion of SaaS Businesses & Improved Productivity with Generative AI! - Major Drivers </a></h3><p></p><ul><li>This is our first report on software player, ACI Worldwide Inc. The company delivered a solid earnings performance for the fourth quarter and full year ended 2023.</li><li>The company witnessed a strong acceleration in growth, with a revenue growth of 9% and an EBITDA growth of 32% in its Biller segment.</li><li>The company also demonstrated growth in its banking segment, with revenue growth of 35% and 24% in its anti-fraud and real-time payment solutions respectively.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/abercrombie-fitch-co-initiation-of-coverage-its-enhanced-product-differentiation-expansion-responsible-for-the-recent-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Abercrombie & Fitch Co: Initiation of Coverage - Its Enhanced Product Differentiation & Expansion Responsible For The Recent Growth? - Major Drivers </a></h3><p></p><ul><li>Abercrombie & Fitch Co.</li><li>emerged from 2023 with significant achievements, marking it as a defining year for the company.</li><li>The brand witnessed a 15.8% increase in sales, reaching $4.28 billion, which not only represents its second highest annual sales level in history but also a testament to its robust growth strategy.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/le-4q-review-on-track-for-upside-raising-pt-to-14-from-12-reiterate-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. LE: 4Q Review: On Track For Upside; Raising PT to $14 (From $12); Reiterate Buy </a></h3><p></p><ul><li>We are reiterating our Buy rating, raising our price target to $14 (from $12), raising our FY24 EPS projection to $0.18 (from $0.07) and rolling out top and bottom line projected growth for FY25 after Lands' End reported a strong end to FY23, driven by a multi-level focus on driving higher pricing, better inventory management and overall higher returns.</li><li>Further, we believe in FY24, as the company continues to shift revenue to higher margin segments (such as licensing and online marketplaces) and heightens the level of newness, innovation and full price selling in the product offerings, the potential for bottom line upside will expand.</li><li>We are also projecting for revenue shift to a plus in FY25, as the gains from product shifts begin to offset the necessary changes to create a higher margin business model.</li></ul>2024-03-28T05:00:30+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "AYI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "SN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ACIW@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ANF@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "LE@US"}, {"term": "PVH@US"}, {"term": "OXM@US"}, {"term": "LEVI@US"}, {"term": "JILL@US"}, {"term": "GPS@US"}, {"term": "GES@US"}, {"term": "AYI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ACIW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ANF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GES@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/4edbb131-5ca5-34b7-8773-5ad35b985531Brief USA: Technology - Others - Data Infrastructure and more2024-03-28T22:17:24.237619+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/technology-others-data-infrastructure-ofc-optical-trade-show-plugfest-cien-csco-nok-infn-lite-cohr-aaoi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Technology - Others - Data Infrastructure</a></li><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-cyclicals-baltimore-bridge-ecb-usdjpy-sentiment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5 Things We Watch – Cyclicals, Baltimore Bridge, ECB, USDJPY & Sentiment</a></li><li><a href="https://www.smartkarma.com/insights/global-fx-an-uncomfortable-setup-for-usd-bulls-and-bears?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global FX: An Uncomfortable Setup for USD Bulls and Bears</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-cre-mortgage-reits-4q23-cecl-reserve-comparison-for-cre-mortgage-reits?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - CRE Mortgage REITs</a></li><li><a href="https://www.smartkarma.com/insights/symbotic-inc-sym-fast-growing-ai-powered-warehouse-automation-supplier?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Symbotic Inc. (SYM): Fast Growing AI-Powered Warehouse Automation Supplier</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/technology-others-data-infrastructure-ofc-optical-trade-show-plugfest-cien-csco-nok-infn-lite-cohr-aaoi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Technology - Others - Data Infrastructure </a></h3><p></p><ul><li>This year's OFC optical trade show in San Diego featured product announcements for both the wide-area-network and datacenter, but the majority of attention focused on A.I. Investor attendance rose dramatically this year.</li><li>The show featured a flood of product announcements, technology presentations and fuel for debate.</li><li>Although some topics are not new, like the need to address limited power, the advent of AI has raised the intensity.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/5-things-we-watch-cyclicals-baltimore-bridge-ecb-usdjpy-sentiment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 5 Things We Watch – Cyclicals, Baltimore Bridge, ECB, USDJPY & Sentiment </a></h3><p></p><ul><li>Loads of stuff are going on in Global Macro, with global equities on the rise yet again, the JPY struggling a bit after unsuccessful attempts from policymakers, including the verbal FX intervention from MoF and BoJ today, and the Spanish HICP numbers, which we hit right on the mark! The benign base effects and dovish outlook has potentially paved the way for a cut in June, but what should you look out for in the meantime?</li><li>We give you 5 topics from our watchlist.</li><li>This week we are watching out for the following 5 topics within global macro.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/global-fx-an-uncomfortable-setup-for-usd-bulls-and-bears?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Global FX: An Uncomfortable Setup for USD Bulls and Bears </a></h3><p></p><ul><li>Powell's dovish tone at the press conference led to initial market reaction, but subsequent dollar rally due to revised growth and inflation forecasts in the SCP release</li><li>Market leaning towards higher median dot in SCP, but overall outlook remains for shallower cutting cycle by Fed</li><li>Yen vulnerability due to negative real yields despite BOJ rate hikes, yen weakening may impact other Asian currencies and markets</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/financial-services-others-cre-mortgage-reits-4q23-cecl-reserve-comparison-for-cre-mortgage-reits?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Financial Services - Others - CRE Mortgage REITs </a></h3><p></p><ul><li>Summary: In this report, we compare year-end CECL reserves for commercial mortgage REITs under coverage.</li><li>During 4Q, 10 of 15 companies increased their total reserves, and 11 of 15 increased their general reserves.</li><li>At December 31, the total reserve range was 22-717 bp, wider than the September 30 range of 35-560 bp, while the general reserve range was 22-492 bp, also wider sequentially versus 35-267 bp.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/symbotic-inc-sym-fast-growing-ai-powered-warehouse-automation-supplier?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Symbotic Inc. (SYM): Fast Growing AI-Powered Warehouse Automation Supplier </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/563/original/image_92573675831711456824812.png?1711456824"/> <ul>
<li>Symbotic is a warehouse automation technology leader and offers end-to-end AI-powered robotic and software platform for supply chains.</li>
<li>SYM’s hi-tech platform forms its deep competitive moat underpinned by significant R&D spend of $800 million and 575 issued or pending patents.</li>
<li>Our positive outlook for SYM is underpinned by its hi-tech platform , a large TAM, robust order backlog ($23.2B) and its JV deal with Softbank that opens a large market.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/technology-others-data-infrastructure-ofc-optical-trade-show-plugfest-cien-csco-nok-infn-lite-cohr-aaoi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Technology - Others - Data Infrastructure</a></li><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-cyclicals-baltimore-bridge-ecb-usdjpy-sentiment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5 Things We Watch – Cyclicals, Baltimore Bridge, ECB, USDJPY & Sentiment</a></li><li><a href="https://www.smartkarma.com/insights/global-fx-an-uncomfortable-setup-for-usd-bulls-and-bears?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global FX: An Uncomfortable Setup for USD Bulls and Bears</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-cre-mortgage-reits-4q23-cecl-reserve-comparison-for-cre-mortgage-reits?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - CRE Mortgage REITs</a></li><li><a href="https://www.smartkarma.com/insights/symbotic-inc-sym-fast-growing-ai-powered-warehouse-automation-supplier?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Symbotic Inc. (SYM): Fast Growing AI-Powered Warehouse Automation Supplier</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/technology-others-data-infrastructure-ofc-optical-trade-show-plugfest-cien-csco-nok-infn-lite-cohr-aaoi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Technology - Others - Data Infrastructure </a></h3><p></p><ul><li>This year's OFC optical trade show in San Diego featured product announcements for both the wide-area-network and datacenter, but the majority of attention focused on A.I. Investor attendance rose dramatically this year.</li><li>The show featured a flood of product announcements, technology presentations and fuel for debate.</li><li>Although some topics are not new, like the need to address limited power, the advent of AI has raised the intensity.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/5-things-we-watch-cyclicals-baltimore-bridge-ecb-usdjpy-sentiment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 5 Things We Watch – Cyclicals, Baltimore Bridge, ECB, USDJPY & Sentiment </a></h3><p></p><ul><li>Loads of stuff are going on in Global Macro, with global equities on the rise yet again, the JPY struggling a bit after unsuccessful attempts from policymakers, including the verbal FX intervention from MoF and BoJ today, and the Spanish HICP numbers, which we hit right on the mark! The benign base effects and dovish outlook has potentially paved the way for a cut in June, but what should you look out for in the meantime?</li><li>We give you 5 topics from our watchlist.</li><li>This week we are watching out for the following 5 topics within global macro.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/global-fx-an-uncomfortable-setup-for-usd-bulls-and-bears?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Global FX: An Uncomfortable Setup for USD Bulls and Bears </a></h3><p></p><ul><li>Powell's dovish tone at the press conference led to initial market reaction, but subsequent dollar rally due to revised growth and inflation forecasts in the SCP release</li><li>Market leaning towards higher median dot in SCP, but overall outlook remains for shallower cutting cycle by Fed</li><li>Yen vulnerability due to negative real yields despite BOJ rate hikes, yen weakening may impact other Asian currencies and markets</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/financial-services-others-cre-mortgage-reits-4q23-cecl-reserve-comparison-for-cre-mortgage-reits?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Financial Services - Others - CRE Mortgage REITs </a></h3><p></p><ul><li>Summary: In this report, we compare year-end CECL reserves for commercial mortgage REITs under coverage.</li><li>During 4Q, 10 of 15 companies increased their total reserves, and 11 of 15 increased their general reserves.</li><li>At December 31, the total reserve range was 22-717 bp, wider than the September 30 range of 35-560 bp, while the general reserve range was 22-492 bp, also wider sequentially versus 35-267 bp.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/symbotic-inc-sym-fast-growing-ai-powered-warehouse-automation-supplier?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Symbotic Inc. (SYM): Fast Growing AI-Powered Warehouse Automation Supplier </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/563/original/image_92573675831711456824812.png?1711456824"/> <ul>
<li>Symbotic is a warehouse automation technology leader and offers end-to-end AI-powered robotic and software platform for supply chains.</li>
<li>SYM’s hi-tech platform forms its deep competitive moat underpinned by significant R&D spend of $800 million and 575 issued or pending patents.</li>
<li>Our positive outlook for SYM is underpinned by its hi-tech platform , a large TAM, robust order backlog ($23.2B) and its JV deal with Softbank that opens a large market.</li>
</ul>2024-03-27T22:54:03+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AAOI@US"}, {"term": "CSCO@US"}, {"term": "CIEN@US"}, {"term": "INFN@US"}, {"term": "NOK@US"}, {"term": "LITE@US"}, {"term": "COHR@US"}, {"term": "Macroeconomics"}, {"term": "GERMANY"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "SPX@INDEX"}, {"term": "EURUSD@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GPMT@US"}, {"term": "LADR@US"}, {"term": "SAFE@US"}, {"term": "TRTX@US"}, {"term": "NREF@US"}, {"term": "LFT@US"}, {"term": "FBRT@US"}, {"term": "BXMT@US"}, {"term": "STWD@US"}, {"term": "ACRE@US"}, {"term": "ABR@US"}, {"term": "KREF@US"}, {"term": "ARI@US"}, {"term": "BRSP@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "SYM@US"}, {"term": "COHR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USDJPY@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USDJPY@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BRSP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SYM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/066d7a9c-ffc2-32fc-8bdb-20c9357a937bBrief USA: Diversifying Distribution With Clinique Launch on U.S. Amazon and more2024-03-28T22:17:24.227108+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/diversifying-distribution-with-clinique-launch-on-u-s-amazon?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Diversifying Distribution With Clinique Launch on U.S. Amazon</a></li><li><a href="https://www.smartkarma.com/insights/f4q24-quick-take-978d89e0-69c4-4a4c-a7d5-8fd2642e5bf1?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q24 Quick Take</a></li><li><a href="https://www.smartkarma.com/insights/follow-up-updating-estimates-after-in-line-4q-results-maintain-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Follow-Up: Updating Estimates After In-Line 4Q Results; Maintain Outperform</a></li><li><a href="https://www.smartkarma.com/insights/reit-residential-reits-sfr-demand-accelerating-into-spring-maintaining-sector-overweight-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">REIT - Residential REITs</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-semiconductors-short-interest-early-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Semiconductor - Semiconductors</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/diversifying-distribution-with-clinique-launch-on-u-s-amazon?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Diversifying Distribution With Clinique Launch on U.S. Amazon </a></h3><p></p><ul><li>Launch Should Improve Competitive Positioning; Minimize Hit From Department Store ExitsAs we have expected for some time and as was hinted at by management on the December 2023 quarter earnings call, EL announced today that Clinique has launched on Amazon’s Premium Beauty store.</li><li>Clinique, which has its roots as a dermatologist brand, is the first of a select group of EL brands that will distribute on Amazon.</li><li>While we expect it will take time to stabilize its U.S. share, this is a positive move in our view as the new distribution will better position EL against competition from both established multinationals and newer independent brands that have been more dominant in U.S. mass-tige skin care in recent years, such as CeraVe from L’Oréal, while also minimizing the impact of department store closures, e.g. Macy’s plan to close 150 doors over the next two years.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/f4q24-quick-take-978d89e0-69c4-4a4c-a7d5-8fd2642e5bf1?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. F4Q24 Quick Take </a></h3><p></p><ul><li>F3Q24 Results(+) Total Revenue: $131.0 million (+33% y/y) beat our $124.8 million model and the Street at $124.9 million, with Subscription revenue of $125.9 million topping our $119.6 million estimate by ~5%.(=) Non-GAAP Operating Income: $(7.5) million implies -5.7% margin and comes in roughly in-line with our $(7.6) million estimate and the Street at $(7.5) million.(+) Non-GAAP EPS: $(0.04) beat our $(0.05) forecast (also consensus).F1Q25 Guidance(+) Total Revenue: $131.0-132.0 million came in above consensus $127.7 million by ~3%.(-) Non-GAAP Operating Income: $(14.0)-(13.0) million is below consensus of $(7.6) million.(-) Non-GAAP EPS: $(0.11)-(0.10) also comes in below consensus of $(0.05).FY25 Guidance(=) Total Revenue: $570.0-575.0 million slightly brackets the Street at $571.5 million.(-) Non-GAAP Operating Income: $(24.0)-(20.0) million comes in below the Street of $(13.4) million.(-) Non-GAAP EPS: $(0.12)-(0.08) comes in below consensus of $(0.02).Quick Take: The F4Q revenue beat of 5% was roughly in-line with the 6% beat in F3Q, while cRPO growth of 31% was also consistent with F3Q levels.</li><li>The 33 net adds moderated a bit from prior quarters, although the $500K+ net adds of 13 was above the TTM average (with $500K+ customers growing 29% y/y).</li><li>The initial FY25 revenue outlook blesses consensus and assumes a 21-22% growth outlook, although we suspect that this assumes some degree of conservatism (especially with an implied 29% growth outlook for F1Q).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/follow-up-updating-estimates-after-in-line-4q-results-maintain-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Follow-Up: Updating Estimates After In-Line 4Q Results; Maintain Outperform </a></h3><p></p><ul><li>Summary:We are updating our estimates and maintaining our Outperform rating on Finance of America (FOA) after largely in-line 4Q results.</li><li>4Q adjusted net income (ANI) and reverse origination volumes were both basically in-line with our estimates, while GAAP EPS easily exceeded our estimate due to positive fair value marks.We believe our Outperform rating appropriately balances the operating headwinds and execution risks while considering targeted ANI if volume growth targets and expense reductions initiatives are achieved.</li><li>We are maintaining our price target of $2.00 per share.Updating estimates:We are updating our estimates to reflect the year-end portfolio, increasing reverse mortgage origination volumes, additional expense reductions, and lower interest rates given the forward yield curve.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/reit-residential-reits-sfr-demand-accelerating-into-spring-maintaining-sector-overweight-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. REIT - Residential REITs </a></h3><p></p><ul><li>Refreshing SFR estimates, reiterating Overweight sector weighting.</li><li>With this industry note, we are reiterating our Overweight sector recommendation and refreshing our single-family rental (SFR) estimates for both Outperform-rated AMH and Invitation Homes following recent 1Q24 operating updates.</li><li>We highlight that both companies are seeing strong indicators of accelerating demand ahead of the spring peak leasing season with strengthening new lease spreads, high occupancy levels, and early stage traffic indicators (both online and in-person) that are “way up” year/year.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/semiconductor-semiconductors-short-interest-early-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Semiconductor - Semiconductors </a></h3><p></p><ul><li>Short Interest data was released overnight for the early March time period.</li><li>Here are the details:Aggregate short interest increased 5.7% in early March vs. late February.Short interest is currently 10% above the trailing three-year average, and 9% above the trailing one-year average.23 (70%) of the companies in our sample saw an increase in SI; 10 (30%) saw a decrease in SI.Biggest SI increases: SWKS (+30%), MCHP (+25%), TXN (+19%), QCOM (+17%), COHR (+17%), and ADI (+16%).Biggest SI decreases: WDC(-17%), ASML(-16%), ENTG(-10%), NXPI(-7%), MU(-6%), and KLAC(-3%).In absolute terms, GFS tops the list (+16% SI ratio), followed by WOLF (+16%), ALGM (+10%), LSCC (+10%), POWI (+7%), and SYNA (+6%).In terms of days to cover, NOVT tops the list (12 days), followed by POWI (10), GFS (8), SYNA (8), LSCC (6), and SLAB (5).Figure 1 - Semis Short InterestSource: FactSet, Raymond James research</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/diversifying-distribution-with-clinique-launch-on-u-s-amazon?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Diversifying Distribution With Clinique Launch on U.S. Amazon</a></li><li><a href="https://www.smartkarma.com/insights/f4q24-quick-take-978d89e0-69c4-4a4c-a7d5-8fd2642e5bf1?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q24 Quick Take</a></li><li><a href="https://www.smartkarma.com/insights/follow-up-updating-estimates-after-in-line-4q-results-maintain-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Follow-Up: Updating Estimates After In-Line 4Q Results; Maintain Outperform</a></li><li><a href="https://www.smartkarma.com/insights/reit-residential-reits-sfr-demand-accelerating-into-spring-maintaining-sector-overweight-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">REIT - Residential REITs</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-semiconductors-short-interest-early-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Semiconductor - Semiconductors</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/diversifying-distribution-with-clinique-launch-on-u-s-amazon?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Diversifying Distribution With Clinique Launch on U.S. Amazon </a></h3><p></p><ul><li>Launch Should Improve Competitive Positioning; Minimize Hit From Department Store ExitsAs we have expected for some time and as was hinted at by management on the December 2023 quarter earnings call, EL announced today that Clinique has launched on Amazon’s Premium Beauty store.</li><li>Clinique, which has its roots as a dermatologist brand, is the first of a select group of EL brands that will distribute on Amazon.</li><li>While we expect it will take time to stabilize its U.S. share, this is a positive move in our view as the new distribution will better position EL against competition from both established multinationals and newer independent brands that have been more dominant in U.S. mass-tige skin care in recent years, such as CeraVe from L’Oréal, while also minimizing the impact of department store closures, e.g. Macy’s plan to close 150 doors over the next two years.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/f4q24-quick-take-978d89e0-69c4-4a4c-a7d5-8fd2642e5bf1?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. F4Q24 Quick Take </a></h3><p></p><ul><li>F3Q24 Results(+) Total Revenue: $131.0 million (+33% y/y) beat our $124.8 million model and the Street at $124.9 million, with Subscription revenue of $125.9 million topping our $119.6 million estimate by ~5%.(=) Non-GAAP Operating Income: $(7.5) million implies -5.7% margin and comes in roughly in-line with our $(7.6) million estimate and the Street at $(7.5) million.(+) Non-GAAP EPS: $(0.04) beat our $(0.05) forecast (also consensus).F1Q25 Guidance(+) Total Revenue: $131.0-132.0 million came in above consensus $127.7 million by ~3%.(-) Non-GAAP Operating Income: $(14.0)-(13.0) million is below consensus of $(7.6) million.(-) Non-GAAP EPS: $(0.11)-(0.10) also comes in below consensus of $(0.05).FY25 Guidance(=) Total Revenue: $570.0-575.0 million slightly brackets the Street at $571.5 million.(-) Non-GAAP Operating Income: $(24.0)-(20.0) million comes in below the Street of $(13.4) million.(-) Non-GAAP EPS: $(0.12)-(0.08) comes in below consensus of $(0.02).Quick Take: The F4Q revenue beat of 5% was roughly in-line with the 6% beat in F3Q, while cRPO growth of 31% was also consistent with F3Q levels.</li><li>The 33 net adds moderated a bit from prior quarters, although the $500K+ net adds of 13 was above the TTM average (with $500K+ customers growing 29% y/y).</li><li>The initial FY25 revenue outlook blesses consensus and assumes a 21-22% growth outlook, although we suspect that this assumes some degree of conservatism (especially with an implied 29% growth outlook for F1Q).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/follow-up-updating-estimates-after-in-line-4q-results-maintain-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Follow-Up: Updating Estimates After In-Line 4Q Results; Maintain Outperform </a></h3><p></p><ul><li>Summary:We are updating our estimates and maintaining our Outperform rating on Finance of America (FOA) after largely in-line 4Q results.</li><li>4Q adjusted net income (ANI) and reverse origination volumes were both basically in-line with our estimates, while GAAP EPS easily exceeded our estimate due to positive fair value marks.We believe our Outperform rating appropriately balances the operating headwinds and execution risks while considering targeted ANI if volume growth targets and expense reductions initiatives are achieved.</li><li>We are maintaining our price target of $2.00 per share.Updating estimates:We are updating our estimates to reflect the year-end portfolio, increasing reverse mortgage origination volumes, additional expense reductions, and lower interest rates given the forward yield curve.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/reit-residential-reits-sfr-demand-accelerating-into-spring-maintaining-sector-overweight-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. REIT - Residential REITs </a></h3><p></p><ul><li>Refreshing SFR estimates, reiterating Overweight sector weighting.</li><li>With this industry note, we are reiterating our Overweight sector recommendation and refreshing our single-family rental (SFR) estimates for both Outperform-rated AMH and Invitation Homes following recent 1Q24 operating updates.</li><li>We highlight that both companies are seeing strong indicators of accelerating demand ahead of the spring peak leasing season with strengthening new lease spreads, high occupancy levels, and early stage traffic indicators (both online and in-person) that are “way up” year/year.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/semiconductor-semiconductors-short-interest-early-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Semiconductor - Semiconductors </a></h3><p></p><ul><li>Short Interest data was released overnight for the early March time period.</li><li>Here are the details:Aggregate short interest increased 5.7% in early March vs. late February.Short interest is currently 10% above the trailing three-year average, and 9% above the trailing one-year average.23 (70%) of the companies in our sample saw an increase in SI; 10 (30%) saw a decrease in SI.Biggest SI increases: SWKS (+30%), MCHP (+25%), TXN (+19%), QCOM (+17%), COHR (+17%), and ADI (+16%).Biggest SI decreases: WDC(-17%), ASML(-16%), ENTG(-10%), NXPI(-7%), MU(-6%), and KLAC(-3%).In absolute terms, GFS tops the list (+16% SI ratio), followed by WOLF (+16%), ALGM (+10%), LSCC (+10%), POWI (+7%), and SYNA (+6%).In terms of days to cover, NOVT tops the list (12 days), followed by POWI (10), GFS (8), SYNA (8), LSCC (6), and SLAB (5).Figure 1 - Semis Short InterestSource: FactSet, Raymond James research</li></ul>2024-03-27T21:00:20+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BRZE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FOA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AMH@US"}, {"term": "PHM@US"}, {"term": "INVH@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MCHP@US"}, {"term": "AMD@US"}, {"term": "ASML@US"}, {"term": "MU@US"}, {"term": "SWKS@US"}, {"term": "INTC@US"}, {"term": "KLAC@US"}, {"term": "AVGO@US"}, {"term": "NXPI@US"}, {"term": "MPWR@US"}, {"term": "LSCC@US"}, {"term": "ON@US"}, {"term": "QCOM@US"}, {"term": "LRCX@US"}, {"term": "WDC@US"}, {"term": "SLAB@US"}, {"term": "MRVL@US"}, {"term": "GFS@US"}, {"term": "NVDA@US"}, {"term": "COHR@US"}, {"term": "ADI@US"}, {"term": "QRVO@US"}, {"term": "AMAT@US"}, {"term": "TXN@US"}, {"term": "IPGP@US"}, {"term": "EL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BRZE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FOA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "INVH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "IPGP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/1c6a1b4a-4b15-3256-969f-706e49861415Brief USA: Initiate at Outperform: Pivot for Enobosarm Muscling Into Obesity Market Has Good Rationale and more2024-03-28T22:17:24.220338+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/initiate-at-outperform-pivot-for-enobosarm-muscling-into-obesity-market-has-good-rationale?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Initiate at Outperform: Pivot for Enobosarm Muscling Into Obesity Market Has Good Rationale</a></li><li><a href="https://www.smartkarma.com/insights/resuming-coverage-horizon-brighter-w-better-diversification-some-uncertainties-to-navigate?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Resuming Coverage: Horizon Brighter w/Better Diversification, Some Uncertainties to Navigate</a></li><li><a href="https://www.smartkarma.com/insights/initiate-at-outperform-this-film-anaphylm-is-nominated-for-best-picture-in-epipen-category?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Initiate at Outperform: This Film (Anaphylm) Is Nominated for Best Picture in EpiPen Category</a></li><li><a href="https://www.smartkarma.com/insights/initiate-at-strong-buy-my-oh-myostatin-selective-inhibition-driving-value-in-sma-and-obesity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Initiate at Strong Buy: My Oh Myostatin Selective Inhibition Driving Value in SMA and Obesity</a></li><li><a href="https://www.smartkarma.com/insights/health-care-providers-svs-hospitals-channel-checks-volumes-warm-but-not-hot-operating-room-minutes-2-ytd?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Health Care Providers & Svs - Hospitals</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/initiate-at-outperform-pivot-for-enobosarm-muscling-into-obesity-market-has-good-rationale?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Initiate at Outperform: Pivot for Enobosarm Muscling Into Obesity Market Has Good Rationale </a></h3><p></p><ul><li>We are initiating coverage of Veru Inc. (VERU) with an Outperform rating and $3 price target.</li><li>Our investment thesis is (see report for additional detail on key positives and risks):VERU has pivoted with its key product Enobosarm to rapidly pursue muscle loss associated with GLP-1 weight loss drugs, with good scientific/strategic rationale behind it.</li><li>Enobosarm is a novel oral selective androgen receptor modulator previously focused primarily within oncology, and is now being explored to preserve the muscle loss associated with the weight loss from GLP-1s.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/resuming-coverage-horizon-brighter-w-better-diversification-some-uncertainties-to-navigate?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Resuming Coverage: Horizon Brighter w/Better Diversification, Some Uncertainties to Navigate </a></h3><p></p><ul><li>Coverage of Amgen (AMGN) is resuming under Gary Nachman with a Market Perform rating.</li><li>Our investment thesis is (see report for additional detail on key positives and risks):AMGN has done a good job building a well diversified portfolio across several high-value therapeutic pillars where it has a strong presence and where there are still large unmet needs including general medicine, oncology, inflammation, rare disease.</li><li>Importantly, diversification has been improving considerably, especially following the recent Horizon deal that was very synergistic and established the rare disease pillar that provides a key platform to become a major growth engine going forward, as well as successful launches/ramps of several new growth drivers of its own over the last few years (e.g., Repatha, Evenity, Tezspire, Blincyto).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/initiate-at-outperform-this-film-anaphylm-is-nominated-for-best-picture-in-epipen-category?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Initiate at Outperform: This Film (Anaphylm) Is Nominated for Best Picture in EpiPen Category </a></h3><p></p><ul><li>We’re initiating coverage of Aquestive (AQST) with an Outperform rating and $7 price target.</li><li>Our investment thesis is (see report for additional detail on key positives and risks):AQST’s lead program Anaphylm has potential to be a transformative product in the very large EpiPen/epinephrine autoinjector market for allergic reactions.Anaphylm leverages the company’s proprietary PharmFilm technology to deliver sublingual (under the tongue) epinephrine in cases of acute allergic reactions including anaphylaxis.</li><li>Anaphylm is well suited to address many of the issues with autoinjectors, with a much smaller and convenient oral formulation allowing for easy transport and needle-free administration.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/initiate-at-strong-buy-my-oh-myostatin-selective-inhibition-driving-value-in-sma-and-obesity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Initiate at Strong Buy: My Oh Myostatin Selective Inhibition Driving Value in SMA and Obesity </a></h3><p></p><ul><li>We’re initiating coverage of Scholar Rock (SRRK) with a Strong Buy rating and $30 price target.</li><li>Our investment thesis is (see report for additional detail on key positives and risks):Lead program apitegromab (selective myostatin inhibitor) for SMA has a Ph3 (SAPPHIRE) ongoing with top-line data expected 4Q24, and that program should be de-risked given solid Ph2 TOPAZ data that helped inform it.</li><li>SMA is an established rare disease category (~$5B) with several effective therapies focused on restoring SMN protein (Biogen/Ionis’ Spinraza, Roche’s Evrysdi, Novartis’ Zolgensma).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/health-care-providers-svs-hospitals-channel-checks-volumes-warm-but-not-hot-operating-room-minutes-2-ytd?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Health Care Providers & Svs - Hospitals </a></h3><p></p><ul><li>We are updating our hospital channel check series with January/February KaufmanHall data, and January propofol data.KaufmanHall “operating room minutes per calendar day” increased +3% y/y in January, and increased +2% y/y in February, with YTD “operating room minutes per calendar day” up +2% y/y.</li><li>Additionally, operating room minutes increased +3%/+4% sequentially in January/February.</li><li>In the South region, operating room minutes increased +3% y/y in January, but fell -1% y/y in February.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/initiate-at-outperform-pivot-for-enobosarm-muscling-into-obesity-market-has-good-rationale?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Initiate at Outperform: Pivot for Enobosarm Muscling Into Obesity Market Has Good Rationale</a></li><li><a href="https://www.smartkarma.com/insights/resuming-coverage-horizon-brighter-w-better-diversification-some-uncertainties-to-navigate?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Resuming Coverage: Horizon Brighter w/Better Diversification, Some Uncertainties to Navigate</a></li><li><a href="https://www.smartkarma.com/insights/initiate-at-outperform-this-film-anaphylm-is-nominated-for-best-picture-in-epipen-category?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Initiate at Outperform: This Film (Anaphylm) Is Nominated for Best Picture in EpiPen Category</a></li><li><a href="https://www.smartkarma.com/insights/initiate-at-strong-buy-my-oh-myostatin-selective-inhibition-driving-value-in-sma-and-obesity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Initiate at Strong Buy: My Oh Myostatin Selective Inhibition Driving Value in SMA and Obesity</a></li><li><a href="https://www.smartkarma.com/insights/health-care-providers-svs-hospitals-channel-checks-volumes-warm-but-not-hot-operating-room-minutes-2-ytd?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Health Care Providers & Svs - Hospitals</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/initiate-at-outperform-pivot-for-enobosarm-muscling-into-obesity-market-has-good-rationale?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Initiate at Outperform: Pivot for Enobosarm Muscling Into Obesity Market Has Good Rationale </a></h3><p></p><ul><li>We are initiating coverage of Veru Inc. (VERU) with an Outperform rating and $3 price target.</li><li>Our investment thesis is (see report for additional detail on key positives and risks):VERU has pivoted with its key product Enobosarm to rapidly pursue muscle loss associated with GLP-1 weight loss drugs, with good scientific/strategic rationale behind it.</li><li>Enobosarm is a novel oral selective androgen receptor modulator previously focused primarily within oncology, and is now being explored to preserve the muscle loss associated with the weight loss from GLP-1s.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/resuming-coverage-horizon-brighter-w-better-diversification-some-uncertainties-to-navigate?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Resuming Coverage: Horizon Brighter w/Better Diversification, Some Uncertainties to Navigate </a></h3><p></p><ul><li>Coverage of Amgen (AMGN) is resuming under Gary Nachman with a Market Perform rating.</li><li>Our investment thesis is (see report for additional detail on key positives and risks):AMGN has done a good job building a well diversified portfolio across several high-value therapeutic pillars where it has a strong presence and where there are still large unmet needs including general medicine, oncology, inflammation, rare disease.</li><li>Importantly, diversification has been improving considerably, especially following the recent Horizon deal that was very synergistic and established the rare disease pillar that provides a key platform to become a major growth engine going forward, as well as successful launches/ramps of several new growth drivers of its own over the last few years (e.g., Repatha, Evenity, Tezspire, Blincyto).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/initiate-at-outperform-this-film-anaphylm-is-nominated-for-best-picture-in-epipen-category?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Initiate at Outperform: This Film (Anaphylm) Is Nominated for Best Picture in EpiPen Category </a></h3><p></p><ul><li>We’re initiating coverage of Aquestive (AQST) with an Outperform rating and $7 price target.</li><li>Our investment thesis is (see report for additional detail on key positives and risks):AQST’s lead program Anaphylm has potential to be a transformative product in the very large EpiPen/epinephrine autoinjector market for allergic reactions.Anaphylm leverages the company’s proprietary PharmFilm technology to deliver sublingual (under the tongue) epinephrine in cases of acute allergic reactions including anaphylaxis.</li><li>Anaphylm is well suited to address many of the issues with autoinjectors, with a much smaller and convenient oral formulation allowing for easy transport and needle-free administration.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/initiate-at-strong-buy-my-oh-myostatin-selective-inhibition-driving-value-in-sma-and-obesity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Initiate at Strong Buy: My Oh Myostatin Selective Inhibition Driving Value in SMA and Obesity </a></h3><p></p><ul><li>We’re initiating coverage of Scholar Rock (SRRK) with a Strong Buy rating and $30 price target.</li><li>Our investment thesis is (see report for additional detail on key positives and risks):Lead program apitegromab (selective myostatin inhibitor) for SMA has a Ph3 (SAPPHIRE) ongoing with top-line data expected 4Q24, and that program should be de-risked given solid Ph2 TOPAZ data that helped inform it.</li><li>SMA is an established rare disease category (~$5B) with several effective therapies focused on restoring SMN protein (Biogen/Ionis’ Spinraza, Roche’s Evrysdi, Novartis’ Zolgensma).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/health-care-providers-svs-hospitals-channel-checks-volumes-warm-but-not-hot-operating-room-minutes-2-ytd?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Health Care Providers & Svs - Hospitals </a></h3><p></p><ul><li>We are updating our hospital channel check series with January/February KaufmanHall data, and January propofol data.KaufmanHall “operating room minutes per calendar day” increased +3% y/y in January, and increased +2% y/y in February, with YTD “operating room minutes per calendar day” up +2% y/y.</li><li>Additionally, operating room minutes increased +3%/+4% sequentially in January/February.</li><li>In the South region, operating room minutes increased +3% y/y in January, but fell -1% y/y in February.</li></ul>2024-03-27T20:15:04+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VERU@US"}, {"term": "SRRK@US"}, {"term": "REGN@US"}, {"term": "JNJ@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AMGN@US"}, {"term": "VRTX@US"}, {"term": "ABBV@US"}, {"term": "REGN@US"}, {"term": "VKTX@US"}, {"term": "BMY@US"}, {"term": "BIIB@US"}, {"term": "ARGX@US"}, {"term": "GILD@US"}, {"term": "JNJ@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AQST@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SRRK@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "JNJ@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "JNJ@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AQST@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SRRK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/9467544c-ec52-3ede-95a7-edf04ed38743Brief USA: Commodities - Overall - Raymond James Energy Daily Update and more2024-03-28T22:17:24.208455+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-21852086-ec21-4d9b-ab30-f92696fd59e7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/finance-companies-banking-short-interest-tracker-mid-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Banking</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-usd-drifts-lower-in-quiet-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Daily - USD Drifts Lower in Quiet Trade</a></li><li><a href="https://www.smartkarma.com/insights/economics-chartbook-global-monetary-policy-approaches-turning-point?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Economics Chartbook - Global monetary policy approaches turning point</a></li><li><a href="https://www.smartkarma.com/insights/cava-group-is-its-emphasis-on-digital-in-store-experience-enhancements-paying-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">CAVA Group: Is Its Emphasis on Digital & In-Store Experience Enhancements Paying Off?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-21852086-ec21-4d9b-ab30-f92696fd59e7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYCrude prices saw a late Tuesday slide despite facing geopolitical supply headwinds from both Russia and the Red Sea, as drones and missiles target oil infrastructure and logistics.</li><li>In Russia, these attacks have knocked offline an estimated 14%, or 900,000 bpd, of production, despite calls from Washington urging Ukraine to halt the strikes.</li><li>To the south, Houthis claimed responsibility for attacks on six vessels in the Red Sea using drones and missiles within the last 72 hours.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/finance-companies-banking-short-interest-tracker-mid-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Finance Companies - Banking </a></h3><p></p><ul><li>This report details short interest for our 138-bank coverage universe split into four groups by market cap size.</li><li>Our analysis of the data, which is released at the middle and end of each month, focuses on the short interest ratio (short interest shares/total float shares) and short interest days-to-cover ratio (short interest shares/average one-year volume).The short interest ratio increased for 70% of our collective coverage universe, down from the prior period: Data released on March 26, 2024, for the two-week period ending March 15, 2024, indicates the short interest ratio increased for 96 (70%) of the 138 banks under coverage relative to February 29, 2024.</li><li>We note that this is down from 97 (70%) of the 138 banks under coverage as of February 29, 2024.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/fx-daily-usd-drifts-lower-in-quiet-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. FX Daily - USD Drifts Lower in Quiet Trade </a></h3><p></p><ul><li>The USD is a little softer for a second day running as it continues to edge away from recent range peaks.</li><li>Trading appears light, with markets not particularly incentivized to move the USD significantly higher, or that much lower, while monetary policy prospects remain unclear.</li><li>A slightly firmer yuan, supported by the PBoC setting another strong fixing rate, has added to pressure on the USD somewhat in broad terms. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/economics-chartbook-global-monetary-policy-approaches-turning-point?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Economics Chartbook - Global monetary policy approaches turning point </a></h3><p></p><ul><li>Global: Global GDP will likely grow by 2.9% this year and by 3.1% next year.</li><li>This is subdued compared to historical averages, reflecting the lagged effects of tight monetary policy, reduced household savings buffers, softening labor markets, and less supportive fiscal policy.</li><li>Disinflation remains on track, despite core inflation being stronger than generally expected at the start of the year. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/cava-group-is-its-emphasis-on-digital-in-store-experience-enhancements-paying-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. CAVA Group: Is Its Emphasis on Digital & In-Store Experience Enhancements Paying Off? </a></h3><p></p><ul>
<li>CAVA Group's performance in 2023 underscored its burgeoning dominance in the fast-casual Mediterranean dining segment, juxtaposing strong growth against the broader restaurant industry's fluctuating recovery post pandemic.</li>
<li>The company's strategic expansions, coupled with its culinary innovation and emphasis on digital and in-restaurant experiences, have positioned it well for sustained growth.</li>
<li>However, operational adjustments to maintain this trajectory come with their set of challenges and uncertainties, especially in an unpredictable macroeconomic environment.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-21852086-ec21-4d9b-ab30-f92696fd59e7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/finance-companies-banking-short-interest-tracker-mid-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Banking</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-usd-drifts-lower-in-quiet-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Daily - USD Drifts Lower in Quiet Trade</a></li><li><a href="https://www.smartkarma.com/insights/economics-chartbook-global-monetary-policy-approaches-turning-point?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Economics Chartbook - Global monetary policy approaches turning point</a></li><li><a href="https://www.smartkarma.com/insights/cava-group-is-its-emphasis-on-digital-in-store-experience-enhancements-paying-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">CAVA Group: Is Its Emphasis on Digital & In-Store Experience Enhancements Paying Off?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-21852086-ec21-4d9b-ab30-f92696fd59e7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYCrude prices saw a late Tuesday slide despite facing geopolitical supply headwinds from both Russia and the Red Sea, as drones and missiles target oil infrastructure and logistics.</li><li>In Russia, these attacks have knocked offline an estimated 14%, or 900,000 bpd, of production, despite calls from Washington urging Ukraine to halt the strikes.</li><li>To the south, Houthis claimed responsibility for attacks on six vessels in the Red Sea using drones and missiles within the last 72 hours.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/finance-companies-banking-short-interest-tracker-mid-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Finance Companies - Banking </a></h3><p></p><ul><li>This report details short interest for our 138-bank coverage universe split into four groups by market cap size.</li><li>Our analysis of the data, which is released at the middle and end of each month, focuses on the short interest ratio (short interest shares/total float shares) and short interest days-to-cover ratio (short interest shares/average one-year volume).The short interest ratio increased for 70% of our collective coverage universe, down from the prior period: Data released on March 26, 2024, for the two-week period ending March 15, 2024, indicates the short interest ratio increased for 96 (70%) of the 138 banks under coverage relative to February 29, 2024.</li><li>We note that this is down from 97 (70%) of the 138 banks under coverage as of February 29, 2024.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/fx-daily-usd-drifts-lower-in-quiet-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. FX Daily - USD Drifts Lower in Quiet Trade </a></h3><p></p><ul><li>The USD is a little softer for a second day running as it continues to edge away from recent range peaks.</li><li>Trading appears light, with markets not particularly incentivized to move the USD significantly higher, or that much lower, while monetary policy prospects remain unclear.</li><li>A slightly firmer yuan, supported by the PBoC setting another strong fixing rate, has added to pressure on the USD somewhat in broad terms. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/economics-chartbook-global-monetary-policy-approaches-turning-point?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Economics Chartbook - Global monetary policy approaches turning point </a></h3><p></p><ul><li>Global: Global GDP will likely grow by 2.9% this year and by 3.1% next year.</li><li>This is subdued compared to historical averages, reflecting the lagged effects of tight monetary policy, reduced household savings buffers, softening labor markets, and less supportive fiscal policy.</li><li>Disinflation remains on track, despite core inflation being stronger than generally expected at the start of the year. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/cava-group-is-its-emphasis-on-digital-in-store-experience-enhancements-paying-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. CAVA Group: Is Its Emphasis on Digital & In-Store Experience Enhancements Paying Off? </a></h3><p></p><ul>
<li>CAVA Group's performance in 2023 underscored its burgeoning dominance in the fast-casual Mediterranean dining segment, juxtaposing strong growth against the broader restaurant industry's fluctuating recovery post pandemic.</li>
<li>The company's strategic expansions, coupled with its culinary innovation and emphasis on digital and in-restaurant experiences, have positioned it well for sustained growth.</li>
<li>However, operational adjustments to maintain this trajectory come with their set of challenges and uncertainties, especially in an unpredictable macroeconomic environment.</li>
</ul>2024-03-27T19:45:17+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ERII@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "OZK@US"}, {"term": "BANC@US"}, {"term": "BUSE@US"}, {"term": "VBNK@US"}, {"term": "PPBI@US"}, {"term": "TOWN@US"}, {"term": "NWBI@US"}, {"term": "NBTB@US"}, {"term": "NYCB@US"}, {"term": "UBSI@US"}, {"term": "CATC@US"}, {"term": "FFWM@US"}, {"term": "GBCI@US"}, {"term": "STBA@US"}, {"term": "SBCF@US"}, {"term": "IBTX@US"}, {"term": "CAC@US"}, {"term": "KEY@US"}, {"term": "TRMK@US"}, {"term": "HBCP@US"}, {"term": "TCBK@US"}, {"term": "CBSH@US"}, {"term": "HTH@US"}, {"term": "FUNC@US"}, {"term": "FRME@US"}, {"term": "STEL@US"}, {"term": "FMNB@US"}, {"term": "PLBC@US"}, {"term": "FFIC@US"}, {"term": "PB@US"}, {"term": "GNTY@US"}, {"term": "OCFC@US"}, {"term": "CCB@US"}, {"term": "ZION@US"}, {"term": "SFBS@US"}, {"term": "HTBI@US"}, {"term": "THFF@US"}, {"term": "FBIZ@US"}, {"term": "FHN@US"}, {"term": "HBNC@US"}, {"term": "CVCY@US"}, {"term": "ALLY@US"}, {"term": "FBNC@US"}, {"term": "LKFN@US"}, {"term": "WTFC@US"}, {"term": "SPFI@US"}, {"term": "BOKF@US"}, {"term": "CASH@US"}, {"term": "FFBC@US"}, {"term": "MBIN@US"}, {"term": "SNV@US"}, {"term": "AMTB@US"}, {"term": "PEBO@US"}, {"term": "INDB@US"}, {"term": "MSBI@US"}, {"term": "WBS@US"}, {"term": "USB@US"}, {"term": "AMNB@US"}, {"term": "CMA@US"}, {"term": "AUB@US"}, {"term": "BPRN@US"}, {"term": "ONB@US"}, {"term": "FCF@US"}, {"term": "SFNC@US"}, {"term": "ESQ@US"}, {"term": "CFB@US"}, {"term": "CVBF@US"}, {"term": "FCNCA@US"}, {"term": "TCBX@US"}, {"term": "WFC@US"}, {"term": "TFIN@US"}, {"term": "BMRC@US"}, {"term": "FULT@US"}, {"term": "HOMB@US"}, {"term": "TBBK@US"}, {"term": "UCBI@US"}, {"term": "OSBC@US"}, {"term": "MVBF@US"}, {"term": "CFR@US"}, {"term": "HTBK@US"}, {"term": "WSBC@US"}, {"term": "FBK@US"}, {"term": "NTB@US"}, {"term": "CARE@US"}, {"term": "RF@US"}, {"term": "CBU@US"}, {"term": "HFWA@US"}, {"term": "HBAN@US"}, {"term": "TCBI@US"}, {"term": "LOB@US"}, {"term": "CUBI@US"}, {"term": "FITB@US"}, {"term": "SSB@US"}, {"term": "VLY@US"}, {"term": "MBCN@US"}, {"term": "FMBH@US"}, {"term": "COLB@US"}, {"term": "RVSB@US"}, {"term": "CTBI@US"}, {"term": "FSBW@US"}, {"term": "VBTX@US"}, {"term": "SMBK@US"}, {"term": "SYBT@US"}, {"term": "PCB@US"}, {"term": "USCB@US"}, {"term": "CPF@US"}, {"term": "DCOM@US"}, {"term": "UMBF@US"}, {"term": "PNFP@US"}, {"term": "HWC@US"}, {"term": "PFBC@US"}, {"term": "ASB@US"}, {"term": "ALRS@US"}, {"term": "HBT@US"}, {"term": "RNST@US"}, {"term": "BANR@US"}, {"term": "BY@US"}, {"term": "FHB@US"}, {"term": "QCRH@US"}, {"term": "FNB@US"}, {"term": "PFC@US"}, {"term": "BFST@US"}, {"term": "CNOB@US"}, {"term": "BRKL@US"}, {"term": "ABCB@US"}, {"term": "HTLF@US"}, {"term": "GABC@US"}, {"term": "PNC@US"}, {"term": "BSRR@US"}, {"term": "MBWM@US"}, {"term": "NEWT@US"}, {"term": "FCCO@US"}, {"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "USDMXN@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "USDCAD@CURNCY"}, {"term": "Macroeconomics"}, {"term": "PORTUGAL"}, {"term": "GREECE"}, {"term": "AUSTRIA"}, {"term": "SPAIN"}, {"term": "FRANCE"}, {"term": "ITALY"}, {"term": "GERMANY"}, {"term": "UNITED KINGDOM"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "@CAVA@US"}, {"term": "ERII@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FCCO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USDCAD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "@CAVA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/83f5fa0a-4ddb-34bc-82ac-60eccf7bc6e5Brief USA: Fortrea Holdings: Refocusing As A Pure-Play CRO But Will It Pay Off? and more2024-03-28T22:17:24.199115+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fortrea-holdings-refocusing-as-a-pure-play-cro-but-will-it-pay-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fortrea Holdings: Refocusing As A Pure-Play CRO But Will It Pay Off?</a></li><li><a href="https://www.smartkarma.com/insights/madison-square-garden-sports-strong-starts-for-knicks-and-rangers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Madison Square Garden Sports: Strong Starts for Knicks and Rangers</a></li><li><a href="https://www.smartkarma.com/insights/constructive-meetings-with-management-reiterate-outperform-19-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Constructive Meetings With Management; Reiterate Outperform, $19 Price Target</a></li><li><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-0ce890b1-ed12-48fd-abbf-8a6ef0c1df69?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating EPS Estimates Ahead of 1Q24 Earnings</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-pik-share-of-first-lien-loans-continues-to-rise-wide-spread-between-different-bdcs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fortrea-holdings-refocusing-as-a-pure-play-cro-but-will-it-pay-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Fortrea Holdings: Refocusing As A Pure-Play CRO But Will It Pay Off? </a></h3><p></p><ul>
<li>This is our first report on Fortrea Corporation, a renowned contract research organization (CRO).</li>
<li>The company reported its fourth quarter 2023 earnings, recording revenue growth of 1.8% year-over-year to $775.4 million.</li>
<li>CEO Tom Pike praised the company's transformation over 2023, managing to transition from a division within a larger parent company to a stand-alone entity.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/madison-square-garden-sports-strong-starts-for-knicks-and-rangers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Madison Square Garden Sports: Strong Starts for Knicks and Rangers </a></h3><p></p><ul>
<li>This is our first report on Madison Square Garden Sports Corp.</li>
<li>The company's Fiscal 2024 second quarter exhibited a mix of positives and negatives that provide a balanced perspective for potential investors.</li>
<li>Beginning with the positives, the company's performance reflected a positive operational momentum that has resulted in a growth in revenues and adjusted operating income.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/constructive-meetings-with-management-reiterate-outperform-19-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Constructive Meetings With Management; Reiterate Outperform, $19 Price Target </a></h3><p></p><ul><li>We hosted investor meetings with FFIC’s President and CEO John Buran, CFO Susan Cullen, and Director of IR Al Savastano.</li><li>The meetings were positive, with FFIC reiterating its confidence in the underwriting of its loan portfolio, that the NIM should trough in 1H24, and that FFIC has opportunities to add incrementally from the in-market disruptions of larger competitors.</li><li>With FFIC trading at 52% of TBV, largely as the result of NYCB’s credit problems, we reiterate our Outperform rating and $19 price target, as we believe FFIC has been overly punished despite stronger underwriting standards (1.8x DSCR vs. ~1.35x for NYCB), and an attractive franchise should management evaluate strategic alternatives longer-term.Comfortable on credit given more conservative standards.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-0ce890b1-ed12-48fd-abbf-8a6ef0c1df69?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Updating EPS Estimates Ahead of 1Q24 Earnings </a></h3><p></p><ul><li>We reaffirm our Market Perform rating on shares of LNC. As LNC potentially shores up its capital, the stock could see upside.</li><li>However, LNC’s potential reserve deficiencies and track record of charges gives us reason for continued caution.EstimatesWe are updating our 1Q24 EPS estimate to $1.04 versus prior $1.02, and consensus of $1.28, reflecting minor model updates.We are updating our full-year 2024/2025/2026 EPS estimates to $5.69/$6.61/$7.22, versus prior $5.71/$6.64/$7.25 and consensus of $6.57/$7.60/$8.57.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-pik-share-of-first-lien-loans-continues-to-rise-wide-spread-between-different-bdcs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>Key Point: The industry share of first lien loans with attached PIK coupons (all, or partial) hit another all-time high in 4Q23, even though PIK share of income remains relatively stable.</li><li>Roughly 2/3 of major BDCs has seen an increase in share of such loans over the last 12-months, with the biggest increases (for covered BDCs) at ICMB and TCPC.The overall industry PIK share of contractual income remains relatively stable at roughly 10% - with the interest income share leveling out at about 7%, and dividend income at roughly 3% (contractual PIK preferred dividends).</li><li>We expect PIK income as a percentage of reported total investment income to fall in the near-term, driven by more fee income (origination, prepay, and accelerated amortization) - this does not impact our calculation of PIK share of contractual income (Chart 1).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fortrea-holdings-refocusing-as-a-pure-play-cro-but-will-it-pay-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fortrea Holdings: Refocusing As A Pure-Play CRO But Will It Pay Off?</a></li><li><a href="https://www.smartkarma.com/insights/madison-square-garden-sports-strong-starts-for-knicks-and-rangers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Madison Square Garden Sports: Strong Starts for Knicks and Rangers</a></li><li><a href="https://www.smartkarma.com/insights/constructive-meetings-with-management-reiterate-outperform-19-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Constructive Meetings With Management; Reiterate Outperform, $19 Price Target</a></li><li><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-0ce890b1-ed12-48fd-abbf-8a6ef0c1df69?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating EPS Estimates Ahead of 1Q24 Earnings</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-pik-share-of-first-lien-loans-continues-to-rise-wide-spread-between-different-bdcs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fortrea-holdings-refocusing-as-a-pure-play-cro-but-will-it-pay-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Fortrea Holdings: Refocusing As A Pure-Play CRO But Will It Pay Off? </a></h3><p></p><ul>
<li>This is our first report on Fortrea Corporation, a renowned contract research organization (CRO).</li>
<li>The company reported its fourth quarter 2023 earnings, recording revenue growth of 1.8% year-over-year to $775.4 million.</li>
<li>CEO Tom Pike praised the company's transformation over 2023, managing to transition from a division within a larger parent company to a stand-alone entity.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/madison-square-garden-sports-strong-starts-for-knicks-and-rangers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Madison Square Garden Sports: Strong Starts for Knicks and Rangers </a></h3><p></p><ul>
<li>This is our first report on Madison Square Garden Sports Corp.</li>
<li>The company's Fiscal 2024 second quarter exhibited a mix of positives and negatives that provide a balanced perspective for potential investors.</li>
<li>Beginning with the positives, the company's performance reflected a positive operational momentum that has resulted in a growth in revenues and adjusted operating income.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/constructive-meetings-with-management-reiterate-outperform-19-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Constructive Meetings With Management; Reiterate Outperform, $19 Price Target </a></h3><p></p><ul><li>We hosted investor meetings with FFIC’s President and CEO John Buran, CFO Susan Cullen, and Director of IR Al Savastano.</li><li>The meetings were positive, with FFIC reiterating its confidence in the underwriting of its loan portfolio, that the NIM should trough in 1H24, and that FFIC has opportunities to add incrementally from the in-market disruptions of larger competitors.</li><li>With FFIC trading at 52% of TBV, largely as the result of NYCB’s credit problems, we reiterate our Outperform rating and $19 price target, as we believe FFIC has been overly punished despite stronger underwriting standards (1.8x DSCR vs. ~1.35x for NYCB), and an attractive franchise should management evaluate strategic alternatives longer-term.Comfortable on credit given more conservative standards.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-0ce890b1-ed12-48fd-abbf-8a6ef0c1df69?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Updating EPS Estimates Ahead of 1Q24 Earnings </a></h3><p></p><ul><li>We reaffirm our Market Perform rating on shares of LNC. As LNC potentially shores up its capital, the stock could see upside.</li><li>However, LNC’s potential reserve deficiencies and track record of charges gives us reason for continued caution.EstimatesWe are updating our 1Q24 EPS estimate to $1.04 versus prior $1.02, and consensus of $1.28, reflecting minor model updates.We are updating our full-year 2024/2025/2026 EPS estimates to $5.69/$6.61/$7.22, versus prior $5.71/$6.64/$7.25 and consensus of $6.57/$7.60/$8.57.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-pik-share-of-first-lien-loans-continues-to-rise-wide-spread-between-different-bdcs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>Key Point: The industry share of first lien loans with attached PIK coupons (all, or partial) hit another all-time high in 4Q23, even though PIK share of income remains relatively stable.</li><li>Roughly 2/3 of major BDCs has seen an increase in share of such loans over the last 12-months, with the biggest increases (for covered BDCs) at ICMB and TCPC.The overall industry PIK share of contractual income remains relatively stable at roughly 10% - with the interest income share leveling out at about 7%, and dividend income at roughly 3% (contractual PIK preferred dividends).</li><li>We expect PIK income as a percentage of reported total investment income to fall in the near-term, driven by more fee income (origination, prepay, and accelerated amortization) - this does not impact our calculation of PIK share of contractual income (Chart 1).</li></ul>2024-03-27T17:51:40+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "@FTRE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MSGS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FFIC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "LNC@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CCAP@US"}, {"term": "BBDC@US"}, {"term": "GLAD@US"}, {"term": "WHF@US"}, {"term": "GSBD@US"}, {"term": "MAIN@US"}, {"term": "BXSL@US"}, {"term": "FDUS@US"}, {"term": "SAR@US"}, {"term": "PNNT@US"}, {"term": "GBDC@US"}, {"term": "FSK@US"}, {"term": "TSLX@US"}, {"term": "CSWC@US"}, {"term": "SLRC@US"}, {"term": "MFIC@US"}, {"term": "MRCC@US"}, {"term": "ICMB@US"}, {"term": "PSEC@US"}, {"term": "SCM@US"}, {"term": "ARCC@US"}, {"term": "TCPC@US"}, {"term": "@FTRE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MSGS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FFIC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LNC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TCPC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/2060bc07-2e8e-34db-b1f6-950bd1d0aff1Brief USA: Updating EPS Estimates Ahead of 1Q24 Earnings and more2024-03-28T22:17:24.191023+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-bb83d196-c30b-4ae5-ab03-64bd23650864?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating EPS Estimates Ahead of 1Q24 Earnings</a></li><li><a href="https://www.smartkarma.com/insights/zephyr-energy-plc-aim-zphr-potential-for-helium-well-to-be-drilled-mid-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Zephyr Energy Plc (AIM: ZPHR): Potential for helium well to be drilled mid 2024</a></li><li><a href="https://www.smartkarma.com/insights/academy-sports-and-outdoors-inc-initiation-of-coverage-why-are-we-bullish-on-this-sports-products-giant-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Academy Sports and Outdoors Inc.: Initiation of Coverage - Why Are We Bullish On This Sports Products Giant? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/light-wonder-inc-initiation-of-coverage-does-it-have-a-sustainable-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Light & Wonder Inc.: Initiation of Coverage - Does It Have A Sustainable Competitive Advantage? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/after-slow-ramp-in-2023-24-co2-refrigeration-on-the-cusp-of-becoming-a-solid-revenue-driver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">After Slow Ramp in 2023-24, CO2 Refrigeration on the Cusp of Becoming a Solid Revenue Driver</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-bb83d196-c30b-4ae5-ab03-64bd23650864?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Updating EPS Estimates Ahead of 1Q24 Earnings </a></h3><p></p><ul><li>We are reaffirming our Market Perform rating on EQH. EQH has a solid track record of managing its annuities and life segments.</li><li>But, it is a macro sensitive name given its concentration in equity market and interest rate sensitive businesses.EstimatesWe are updating our 1Q24 EPS estimate to $1.26 versus prior $1.37 and consensus of $1.37.</li><li>EQH expects a mid-single digit annual return on its alternative investment portfolio in 1Q24, versus its normalized run-rate of 8-12%; we estimate that this represents a $(0.05) impact to EPS in 1Q24.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/zephyr-energy-plc-aim-zphr-potential-for-helium-well-to-be-drilled-mid-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Zephyr Energy Plc (AIM: ZPHR): Potential for helium well to be drilled mid 2024 </a></h3><p></p><ul><li>• In October 2023, Zephyr announced the acquisition of at least a 75% WI in the Salt Wash field, located ~3 miles to the south of the Paradox project.</li><li>• Salt Wash has a 15 feet oil rim, above which is an inert gas cap (~500 feet of gas column) which consists of ~72% nitrogen, 22% hydrocarbon gases, and 1.4% to 1.7% helium content.</li><li>• The field was abandoned in 2014 after having produced 1.65 mmbbl of oil and 11.7 bcf of natural gas.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/academy-sports-and-outdoors-inc-initiation-of-coverage-why-are-we-bullish-on-this-sports-products-giant-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Academy Sports and Outdoors Inc.: Initiation of Coverage - Why Are We Bullish On This Sports Products Giant? - Major Drivers </a></h3><p></p><ul><li>This is our first report on sports products major, Academy Sports and Outdoors.</li><li>In the Q4 and 2023 fiscal year call of Academy Sports and Outdoors, the management reported impressive sales improvement during the quarter and significant progress in their long-term strategic objectives.</li><li>Sales came in at $1.8 billion, which was a 2.8% increase in total and adjusted earnings per share increased by 8%.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/light-wonder-inc-initiation-of-coverage-does-it-have-a-sustainable-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Light & Wonder Inc.: Initiation of Coverage - Does It Have A Sustainable Competitive Advantage? - Major Drivers </a></h3><p></p><ul><li>This is our first report on gaming major, Light & Wonder.</li><li>The company showed a commendable performance in Q4, reflecting strong execution and continuous momentum, marked by the 11th consecutive quarter of year-over-year growth.</li><li>Following five consecutive quarters of double-digit revenue growth across all three business segments, namely Gaming, SciPlay, and iGaming, the company reported a record consolidated revenue increase of 16%, totalling $2.9 billion for the year.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/after-slow-ramp-in-2023-24-co2-refrigeration-on-the-cusp-of-becoming-a-solid-revenue-driver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. After Slow Ramp in 2023-24, CO2 Refrigeration on the Cusp of Becoming a Solid Revenue Driver </a></h3><p></p><ul><li>Following Energy Recovery’s 4Q23 results reported last month, we are taking this opportunity to zoom in on the company’s newest product line: CO2-based commercial refrigeration.</li><li>The financial contribution remains nascent - less than $1 million in 2023, and guidance is for $1-2 million in 2024 - but the addressable market and associated regulatory frameworks create a high degree of visibility for medium-term growth.</li><li>This part of the story represents more or less pure optionality, above and beyond the core desalination business and the emerging wastewater treatment business.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-bb83d196-c30b-4ae5-ab03-64bd23650864?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating EPS Estimates Ahead of 1Q24 Earnings</a></li><li><a href="https://www.smartkarma.com/insights/zephyr-energy-plc-aim-zphr-potential-for-helium-well-to-be-drilled-mid-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Zephyr Energy Plc (AIM: ZPHR): Potential for helium well to be drilled mid 2024</a></li><li><a href="https://www.smartkarma.com/insights/academy-sports-and-outdoors-inc-initiation-of-coverage-why-are-we-bullish-on-this-sports-products-giant-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Academy Sports and Outdoors Inc.: Initiation of Coverage - Why Are We Bullish On This Sports Products Giant? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/light-wonder-inc-initiation-of-coverage-does-it-have-a-sustainable-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Light & Wonder Inc.: Initiation of Coverage - Does It Have A Sustainable Competitive Advantage? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/after-slow-ramp-in-2023-24-co2-refrigeration-on-the-cusp-of-becoming-a-solid-revenue-driver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">After Slow Ramp in 2023-24, CO2 Refrigeration on the Cusp of Becoming a Solid Revenue Driver</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-bb83d196-c30b-4ae5-ab03-64bd23650864?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Updating EPS Estimates Ahead of 1Q24 Earnings </a></h3><p></p><ul><li>We are reaffirming our Market Perform rating on EQH. EQH has a solid track record of managing its annuities and life segments.</li><li>But, it is a macro sensitive name given its concentration in equity market and interest rate sensitive businesses.EstimatesWe are updating our 1Q24 EPS estimate to $1.26 versus prior $1.37 and consensus of $1.37.</li><li>EQH expects a mid-single digit annual return on its alternative investment portfolio in 1Q24, versus its normalized run-rate of 8-12%; we estimate that this represents a $(0.05) impact to EPS in 1Q24.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/zephyr-energy-plc-aim-zphr-potential-for-helium-well-to-be-drilled-mid-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Zephyr Energy Plc (AIM: ZPHR): Potential for helium well to be drilled mid 2024 </a></h3><p></p><ul><li>• In October 2023, Zephyr announced the acquisition of at least a 75% WI in the Salt Wash field, located ~3 miles to the south of the Paradox project.</li><li>• Salt Wash has a 15 feet oil rim, above which is an inert gas cap (~500 feet of gas column) which consists of ~72% nitrogen, 22% hydrocarbon gases, and 1.4% to 1.7% helium content.</li><li>• The field was abandoned in 2014 after having produced 1.65 mmbbl of oil and 11.7 bcf of natural gas.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/academy-sports-and-outdoors-inc-initiation-of-coverage-why-are-we-bullish-on-this-sports-products-giant-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Academy Sports and Outdoors Inc.: Initiation of Coverage - Why Are We Bullish On This Sports Products Giant? - Major Drivers </a></h3><p></p><ul><li>This is our first report on sports products major, Academy Sports and Outdoors.</li><li>In the Q4 and 2023 fiscal year call of Academy Sports and Outdoors, the management reported impressive sales improvement during the quarter and significant progress in their long-term strategic objectives.</li><li>Sales came in at $1.8 billion, which was a 2.8% increase in total and adjusted earnings per share increased by 8%.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/light-wonder-inc-initiation-of-coverage-does-it-have-a-sustainable-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Light & Wonder Inc.: Initiation of Coverage - Does It Have A Sustainable Competitive Advantage? - Major Drivers </a></h3><p></p><ul><li>This is our first report on gaming major, Light & Wonder.</li><li>The company showed a commendable performance in Q4, reflecting strong execution and continuous momentum, marked by the 11th consecutive quarter of year-over-year growth.</li><li>Following five consecutive quarters of double-digit revenue growth across all three business segments, namely Gaming, SciPlay, and iGaming, the company reported a record consolidated revenue increase of 16%, totalling $2.9 billion for the year.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/after-slow-ramp-in-2023-24-co2-refrigeration-on-the-cusp-of-becoming-a-solid-revenue-driver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. After Slow Ramp in 2023-24, CO2 Refrigeration on the Cusp of Becoming a Solid Revenue Driver </a></h3><p></p><ul><li>Following Energy Recovery’s 4Q23 results reported last month, we are taking this opportunity to zoom in on the company’s newest product line: CO2-based commercial refrigeration.</li><li>The financial contribution remains nascent - less than $1 million in 2023, and guidance is for $1-2 million in 2024 - but the addressable market and associated regulatory frameworks create a high degree of visibility for medium-term growth.</li><li>This part of the story represents more or less pure optionality, above and beyond the core desalination business and the emerging wastewater treatment business.</li></ul>2024-03-27T17:15:10+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EQH@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "UNITED KINGDOM"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ZPHR@LN"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ASO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "LNW@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ERII@US"}, {"term": "EQH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ZPHR@LN", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ASO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LNW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ERII@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/af27771f-9f14-3bf2-88c1-01119c913e23Brief USA: Analyst Day Reiterates an RPP vs. CPP Story; Volume a Wildcard and more2024-03-28T22:17:24.182211+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/analyst-day-reiterates-an-rpp-vs-cpp-story-volume-a-wildcard?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Analyst Day Reiterates an RPP vs. CPP Story; Volume a Wildcard</a></li><li><a href="https://www.smartkarma.com/insights/4q23-solid-guide-as-international-outlook-comes-into-focus-raising-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 - Solid Guide as International Outlook Comes Into Focus; Raising Estimates</a></li><li><a href="https://www.smartkarma.com/insights/ollie-s-bargain-outlet-holdings-initiation-of-coverage-4-critical-growth-drivers-3-major-challenges-in-its-path-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ollie's Bargain Outlet Holdings: Initiation of Coverage - 4 Critical Growth Drivers & 3 Major Challenges In Its Path! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/gamestop-corp-initiation-of-coverage-does-this-meme-stock-still-have-any-steam-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">GameStop Corp.: Initiation of Coverage - Does This Meme Stock Still Have Any Steam? - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/signet-jewelers-limited-initiation-of-coverage-is-the-focus-on-ecommerce-performance-bearing-fruit-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Signet Jewelers Limited: Initiation of Coverage - Is The Focus on eCommerce Performance Bearing Fruit? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/analyst-day-reiterates-an-rpp-vs-cpp-story-volume-a-wildcard?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Analyst Day Reiterates an RPP vs. CPP Story; Volume a Wildcard </a></h3><p></p><ul><li>We maintain our Strong Buy rating on UPS as we believe the preponderance of inverted trends between RPP (rev/piece) & CPP (cost/piece) have (or are in process of) reached a crescendo and are set to improve into the future.</li><li>Further, we continue to view UPS as one of the more idiosyncratic cost reduction stories in our coverage and believe the elixir of strong management and a renewed focus on costs (CPP) sets the stage for an enhanced margin (domestic in particular) & FCF profile going forward, driving positive re-rating opportunities in our view.</li><li>Lastly, while we appreciate some level of skepticism surrounding mgmt.’s updated 2026 guidance (particularly around pricing & volume), with the shares trading at 11.5x our (somewhat) conservative 2026 estimates, we surmise this skepticism is largely baked in driving a positive risk/reward skew.RPP > CPP Still the Story: We had the opportunity to attend UPS’ analyst day at the company’s new hangar in Louisville at their key global air sort.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q23-solid-guide-as-international-outlook-comes-into-focus-raising-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q23 - Solid Guide as International Outlook Comes Into Focus; Raising Estimates </a></h3><p></p><ul><li>We maintain our Outperform rating on shares of GDS ahead of 4Q results.</li><li>For longer-term investors who can weather the mix-shift outside of mainland China, we believe the future growth should be more stable and have substantially less risk.</li><li>GDS is a premium provider with an impeccable record for building and maintaining data centers at the highest level of quality, and that reputation, combined with its current customer base of leading Chinese hyperscalers, should drive future growth from AI outside of China, just as it drove cloud growth previously.Good Numbers and Outlook - Why the Selloff?</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ollie-s-bargain-outlet-holdings-initiation-of-coverage-4-critical-growth-drivers-3-major-challenges-in-its-path-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Ollie's Bargain Outlet Holdings: Initiation of Coverage - 4 Critical Growth Drivers & 3 Major Challenges In Its Path! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on retail major, Ollie's Bargain Outlet Holdings Inc. The company ended its fiscal year 2023 on a strong note, with robust growth recorded in the fourth quarter and across the fiscal year.</li><li>The company reported better-than-expected top and bottom line results for Q4, achieving a 3.9% increase in comparable store sales, its seventh consecutive quarter of positive comps.</li><li>Gross margin increased significantly by 290 basis points to 40.5%, driving a 46% increase in adjusted earnings per share.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/gamestop-corp-initiation-of-coverage-does-this-meme-stock-still-have-any-steam-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. GameStop Corp.: Initiation of Coverage - Does This Meme Stock Still Have Any Steam? - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on popular meme stock, GameStop Corporation.</li><li>GameStop's transformation over the past two years is evident in its financial results and strategic shifts.</li><li>In 2021, it faced bulky debt, a diminishing cash balance and strained vendor relationships.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/signet-jewelers-limited-initiation-of-coverage-is-the-focus-on-ecommerce-performance-bearing-fruit-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Signet Jewelers Limited: Initiation of Coverage - Is The Focus on eCommerce Performance Bearing Fruit? - Major Drivers </a></h3><p></p><ul><li>Signet Jewelers reported its Fourth Quarter Fiscal 2024 Earnings, sharing various critical updates about the company's performance and future outlook.</li><li>The company posted sales of $2.5 billion for the quarter, reflecting a decrease of approximately 6% compared to the same period last year.</li><li>Still, it maintained a strong average transaction value even as industry peers were dealing with heavy declines.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/analyst-day-reiterates-an-rpp-vs-cpp-story-volume-a-wildcard?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Analyst Day Reiterates an RPP vs. CPP Story; Volume a Wildcard</a></li><li><a href="https://www.smartkarma.com/insights/4q23-solid-guide-as-international-outlook-comes-into-focus-raising-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 - Solid Guide as International Outlook Comes Into Focus; Raising Estimates</a></li><li><a href="https://www.smartkarma.com/insights/ollie-s-bargain-outlet-holdings-initiation-of-coverage-4-critical-growth-drivers-3-major-challenges-in-its-path-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ollie's Bargain Outlet Holdings: Initiation of Coverage - 4 Critical Growth Drivers & 3 Major Challenges In Its Path! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/gamestop-corp-initiation-of-coverage-does-this-meme-stock-still-have-any-steam-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">GameStop Corp.: Initiation of Coverage - Does This Meme Stock Still Have Any Steam? - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/signet-jewelers-limited-initiation-of-coverage-is-the-focus-on-ecommerce-performance-bearing-fruit-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Signet Jewelers Limited: Initiation of Coverage - Is The Focus on eCommerce Performance Bearing Fruit? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/analyst-day-reiterates-an-rpp-vs-cpp-story-volume-a-wildcard?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Analyst Day Reiterates an RPP vs. CPP Story; Volume a Wildcard </a></h3><p></p><ul><li>We maintain our Strong Buy rating on UPS as we believe the preponderance of inverted trends between RPP (rev/piece) & CPP (cost/piece) have (or are in process of) reached a crescendo and are set to improve into the future.</li><li>Further, we continue to view UPS as one of the more idiosyncratic cost reduction stories in our coverage and believe the elixir of strong management and a renewed focus on costs (CPP) sets the stage for an enhanced margin (domestic in particular) & FCF profile going forward, driving positive re-rating opportunities in our view.</li><li>Lastly, while we appreciate some level of skepticism surrounding mgmt.’s updated 2026 guidance (particularly around pricing & volume), with the shares trading at 11.5x our (somewhat) conservative 2026 estimates, we surmise this skepticism is largely baked in driving a positive risk/reward skew.RPP > CPP Still the Story: We had the opportunity to attend UPS’ analyst day at the company’s new hangar in Louisville at their key global air sort.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q23-solid-guide-as-international-outlook-comes-into-focus-raising-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q23 - Solid Guide as International Outlook Comes Into Focus; Raising Estimates </a></h3><p></p><ul><li>We maintain our Outperform rating on shares of GDS ahead of 4Q results.</li><li>For longer-term investors who can weather the mix-shift outside of mainland China, we believe the future growth should be more stable and have substantially less risk.</li><li>GDS is a premium provider with an impeccable record for building and maintaining data centers at the highest level of quality, and that reputation, combined with its current customer base of leading Chinese hyperscalers, should drive future growth from AI outside of China, just as it drove cloud growth previously.Good Numbers and Outlook - Why the Selloff?</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ollie-s-bargain-outlet-holdings-initiation-of-coverage-4-critical-growth-drivers-3-major-challenges-in-its-path-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Ollie's Bargain Outlet Holdings: Initiation of Coverage - 4 Critical Growth Drivers & 3 Major Challenges In Its Path! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on retail major, Ollie's Bargain Outlet Holdings Inc. The company ended its fiscal year 2023 on a strong note, with robust growth recorded in the fourth quarter and across the fiscal year.</li><li>The company reported better-than-expected top and bottom line results for Q4, achieving a 3.9% increase in comparable store sales, its seventh consecutive quarter of positive comps.</li><li>Gross margin increased significantly by 290 basis points to 40.5%, driving a 46% increase in adjusted earnings per share.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/gamestop-corp-initiation-of-coverage-does-this-meme-stock-still-have-any-steam-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. GameStop Corp.: Initiation of Coverage - Does This Meme Stock Still Have Any Steam? - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on popular meme stock, GameStop Corporation.</li><li>GameStop's transformation over the past two years is evident in its financial results and strategic shifts.</li><li>In 2021, it faced bulky debt, a diminishing cash balance and strained vendor relationships.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/signet-jewelers-limited-initiation-of-coverage-is-the-focus-on-ecommerce-performance-bearing-fruit-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Signet Jewelers Limited: Initiation of Coverage - Is The Focus on eCommerce Performance Bearing Fruit? - Major Drivers </a></h3><p></p><ul><li>Signet Jewelers reported its Fourth Quarter Fiscal 2024 Earnings, sharing various critical updates about the company's performance and future outlook.</li><li>The company posted sales of $2.5 billion for the quarter, reflecting a decrease of approximately 6% compared to the same period last year.</li><li>Still, it maintained a strong average transaction value even as industry peers were dealing with heavy declines.</li></ul>2024-03-27T14:30:11+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "UPS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CHINA"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "GDS@US"}, {"term": "DLR@US"}, {"term": "DBRG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "OLLI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "GME@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "SIG@US"}, {"term": "UPS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DBRG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "OLLI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GME@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SIG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/5975b15b-a4b9-3dc5-b847-501913e57886Brief USA: Asbury Automotive Group: Initiation of Coverage - A Dive Into Its Core Business Strategy & 5 Pivotal Factors Driving Its Growth! - Financial Forecasts and more2024-03-28T22:17:24.173939+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/asbury-automotive-group-initiation-of-coverage-a-dive-into-its-core-business-strategy-5-pivotal-factors-driving-its-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Asbury Automotive Group: Initiation of Coverage - A Dive Into Its Core Business Strategy & 5 Pivotal Factors Driving Its Growth! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/follow-up-updating-estimates-trimming-target-after-4q-results-maintaining-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Follow-Up: Updating Estimates & Trimming Target After 4Q Results; Maintaining Strong Buy</a></li><li><a href="https://www.smartkarma.com/insights/putting-fy24-in-rearview-growth-re-acceleration-on-the-come?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Putting FY24 in Rearview, Growth Re-Acceleration on the Come</a></li><li><a href="https://www.smartkarma.com/insights/expr-snapping-the-store-spring-activewear-swim-strong?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EXPR: Snapping the Store; Spring, Activewear, Swim Strong</a></li><li><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-nweek-ended-march-22-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly Sustainable Investing Surveyor - NWeek Ended March 22, 2024</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/asbury-automotive-group-initiation-of-coverage-a-dive-into-its-core-business-strategy-5-pivotal-factors-driving-its-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Asbury Automotive Group: Initiation of Coverage - A Dive Into Its Core Business Strategy & 5 Pivotal Factors Driving Its Growth! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on Asbury Automotive Group Inc. The company's fourth quarter 2023 earnings showcased a year of considerable growth and progress.</li><li>The company delivered $14.8 billion in revenue, had a gross profit margin of 18.6%, and an adjusted earnings per share of $32.60.</li><li>Asbury generated an adjusted operating margin of 7.3% and an adjusted EBITDA of over $1.1 billion.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/follow-up-updating-estimates-trimming-target-after-4q-results-maintaining-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Follow-Up: Updating Estimates & Trimming Target After 4Q Results; Maintaining Strong Buy </a></h3><p></p><ul><li>Summary:We are updating our estimates on NexPoint Real Estate Finance (NREF) after solid 4Q results.</li><li>4Q GAAP EPS and CAD exceeded our estimates and EAD was in-line, as earnings benefited from higher than modeled other income.</li><li>Our new estimates reflect the 1Q repayment of SFR loans with capital being redeployed into new investments in 1H24.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/putting-fy24-in-rearview-growth-re-acceleration-on-the-come?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Putting FY24 in Rearview, Growth Re-Acceleration on the Come </a></h3><p></p><ul><li>We’re reiterating our Market Perform rating on NCNO following mixed F4Q24 results that factored +23% y/y gross bookings (best in 2.5 years) and higher profitability levels, offset some by a lower growth outlook (~12% organic sub growth) that could prove irrelevant if NCNO delivers on its higher FY25 bookings forecast.</li><li>With positive commentary around an improving demand backdrop and a snapback in gross retention, we believe NCNO’s 50% higher ACV bookings outlook for FY25 could drive a sizable acceleration in growth in F2H25 and into FY26 (off of its +12% F1Q25 sub growth guide).</li><li>Importantly, bookings diversity continues to increase with 50% outside of commercial lending in F4Q (consumer, mortgage, nIQ all up) demonstrating the value of its platform.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/expr-snapping-the-store-spring-activewear-swim-strong?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. EXPR: Snapping the Store; Spring, Activewear, Swim Strong </a></h3><p></p><ul><li>We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.</li><li>With Spring now in full bloom, Express has been rolling out new looks for the season, from a major activewear collection, an expansion of Body Contour, new men's swim, shorts for both men and women and seasonal suiting and dresses for the next key event or wedding.</li><li>Further, the offerings are keyed by an increased focus on mix and match core basics, offering strong versatility for the Express shopper.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-nweek-ended-march-22-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Weekly Sustainable Investing Surveyor - NWeek Ended March 22, 2024 </a></h3><p></p><ul><li>The WTR Sustainable Index was down by 1.1% W/W versus the S&P 500 Index (up 2.3%), the Russell 2000 Index (up 1.6%), and the Nasdaq Index (up 3.0%).</li><li>Energy Technology (12.5% of the index) was up by 1.5%, while Industrial Climate and Ag Technology (55.5% of the index) was up by 1.4%, ClimateTech Mining was down 3.0% and Advanced Transportation Solutions (24.2% of index) was down 8.1%.</li><li>Top 10 Performers: GOEV, AMTX, ZEV, LICY, LIDR, EVTV, FFIE, <span style="font-size: var(--content-font-size);">KULR, MVST, NEOV</span></li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/asbury-automotive-group-initiation-of-coverage-a-dive-into-its-core-business-strategy-5-pivotal-factors-driving-its-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Asbury Automotive Group: Initiation of Coverage - A Dive Into Its Core Business Strategy & 5 Pivotal Factors Driving Its Growth! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/follow-up-updating-estimates-trimming-target-after-4q-results-maintaining-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Follow-Up: Updating Estimates & Trimming Target After 4Q Results; Maintaining Strong Buy</a></li><li><a href="https://www.smartkarma.com/insights/putting-fy24-in-rearview-growth-re-acceleration-on-the-come?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Putting FY24 in Rearview, Growth Re-Acceleration on the Come</a></li><li><a href="https://www.smartkarma.com/insights/expr-snapping-the-store-spring-activewear-swim-strong?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EXPR: Snapping the Store; Spring, Activewear, Swim Strong</a></li><li><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-nweek-ended-march-22-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly Sustainable Investing Surveyor - NWeek Ended March 22, 2024</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/asbury-automotive-group-initiation-of-coverage-a-dive-into-its-core-business-strategy-5-pivotal-factors-driving-its-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Asbury Automotive Group: Initiation of Coverage - A Dive Into Its Core Business Strategy & 5 Pivotal Factors Driving Its Growth! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on Asbury Automotive Group Inc. The company's fourth quarter 2023 earnings showcased a year of considerable growth and progress.</li><li>The company delivered $14.8 billion in revenue, had a gross profit margin of 18.6%, and an adjusted earnings per share of $32.60.</li><li>Asbury generated an adjusted operating margin of 7.3% and an adjusted EBITDA of over $1.1 billion.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/follow-up-updating-estimates-trimming-target-after-4q-results-maintaining-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Follow-Up: Updating Estimates & Trimming Target After 4Q Results; Maintaining Strong Buy </a></h3><p></p><ul><li>Summary:We are updating our estimates on NexPoint Real Estate Finance (NREF) after solid 4Q results.</li><li>4Q GAAP EPS and CAD exceeded our estimates and EAD was in-line, as earnings benefited from higher than modeled other income.</li><li>Our new estimates reflect the 1Q repayment of SFR loans with capital being redeployed into new investments in 1H24.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/putting-fy24-in-rearview-growth-re-acceleration-on-the-come?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Putting FY24 in Rearview, Growth Re-Acceleration on the Come </a></h3><p></p><ul><li>We’re reiterating our Market Perform rating on NCNO following mixed F4Q24 results that factored +23% y/y gross bookings (best in 2.5 years) and higher profitability levels, offset some by a lower growth outlook (~12% organic sub growth) that could prove irrelevant if NCNO delivers on its higher FY25 bookings forecast.</li><li>With positive commentary around an improving demand backdrop and a snapback in gross retention, we believe NCNO’s 50% higher ACV bookings outlook for FY25 could drive a sizable acceleration in growth in F2H25 and into FY26 (off of its +12% F1Q25 sub growth guide).</li><li>Importantly, bookings diversity continues to increase with 50% outside of commercial lending in F4Q (consumer, mortgage, nIQ all up) demonstrating the value of its platform.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/expr-snapping-the-store-spring-activewear-swim-strong?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. EXPR: Snapping the Store; Spring, Activewear, Swim Strong </a></h3><p></p><ul><li>We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.</li><li>With Spring now in full bloom, Express has been rolling out new looks for the season, from a major activewear collection, an expansion of Body Contour, new men's swim, shorts for both men and women and seasonal suiting and dresses for the next key event or wedding.</li><li>Further, the offerings are keyed by an increased focus on mix and match core basics, offering strong versatility for the Express shopper.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-nweek-ended-march-22-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Weekly Sustainable Investing Surveyor - NWeek Ended March 22, 2024 </a></h3><p></p><ul><li>The WTR Sustainable Index was down by 1.1% W/W versus the S&P 500 Index (up 2.3%), the Russell 2000 Index (up 1.6%), and the Nasdaq Index (up 3.0%).</li><li>Energy Technology (12.5% of the index) was up by 1.5%, while Industrial Climate and Ag Technology (55.5% of the index) was up by 1.4%, ClimateTech Mining was down 3.0% and Advanced Transportation Solutions (24.2% of index) was down 8.1%.</li><li>Top 10 Performers: GOEV, AMTX, ZEV, LICY, LIDR, EVTV, FFIE, <span style="font-size: var(--content-font-size);">KULR, MVST, NEOV</span></li></ul>2024-03-27T14:00:12+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ABG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NREF@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NCNO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "EXPR@US"}, {"term": "AEO@US"}, {"term": "GPS@US"}, {"term": "GIII@US"}, {"term": "TJX@US"}, {"term": "LULU@US"}, {"term": "TPR@US"}, {"term": "ROST@US"}, {"term": "GES@US"}, {"term": "PVH@US"}, {"term": "URBN@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "NEOV@US"}, {"term": "MVST@US"}, {"term": "KULR@US"}, {"term": "FFIE@US"}, {"term": "EVTV@US"}, {"term": "LIDR@US"}, {"term": "LICY@US"}, {"term": "ZEV@US"}, {"term": "AMTX@US"}, {"term": "GOEV@US"}, {"term": "RTY@INDEX"}, {"term": "SPX@INDEX"}, {"term": "ABG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NREF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NCNO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "URBN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SPX@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/d71f5d93-011a-38a7-8d76-fbd72e9db441Brief USA: Bakkt Holdings, Inc. - New CEO Comments on 4Q23 Earnings and the Way Forward and more2024-03-28T22:17:24.162678+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/bakkt-holdings-inc-new-ceo-comments-on-4q23-earnings-and-the-way-forward?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Bakkt Holdings, Inc. - New CEO Comments on 4Q23 Earnings and the Way Forward</a></li><li><a href="https://www.smartkarma.com/insights/downgrading-real-estate-to-underweight-bullish-outlook-intact-broadening-participation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrading Real Estate to Underweight; Bullish Outlook Intact; Broadening Participation</a></li><li><a href="https://www.smartkarma.com/insights/positioning-watch-time-to-get-out-of-the-cyclical-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Positioning Watch – Time to get out of the cyclical trade?</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-52bf7046-de20-4885-a64b-8f1e1caf3065?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/great-game-moscow-terror-netanyahu-furious-and-biden-climbing-polls?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Great Game – Moscow terror, Netanyahu Furious and Biden climbing polls</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/bakkt-holdings-inc-new-ceo-comments-on-4q23-earnings-and-the-way-forward?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Bakkt Holdings, Inc. - New CEO Comments on 4Q23 Earnings and the Way Forward </a></h3><p></p><ul><li>Bakkt’s new President and CEO Andy Main led the earnings call, where net revenue of $16.7 million was better than pre-announced, while the GAAP EPS loss of $0.29 was worse than our expectation of a $0.19 loss, driven by higher restructuring and goodwill write-downs.</li><li>While 4Q23 was pretty much old news, Main highlighted how strong tailwinds in 1Q24 have led to significant notional crypto trading volume increases.</li><li>He stated that, “QTD notional traded volumes have been very strong, with March QTD up over ~260% from 4Q23 versus overall market activity up ~65%.”</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/downgrading-real-estate-to-underweight-bullish-outlook-intact-broadening-participation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Downgrading Real Estate to Underweight; Bullish Outlook Intact; Broadening Participation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/576/original/image_7529857421711471387323.png?1711471754"/> <ul>
<li>Our bullish outlook initiated on November 7, 2023 remains intact; this intermediate-to-long-term outlook is likely to stay in place as long as 4800 support holds on the SPX (7-10% downside).</li>
<li>To be clear, we aren't calling for a pullback to 4800; we view it as a worst-case scenario for the S&P 500, and we want to be prepared for anything.</li>
<li>Shorter-Term, we remain bullish on the S&P 500 and Nasdaq 100 (QQQ) as they both refuse to close below their 20-day MAs for more than 2-3 consecutive days.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/positioning-watch-time-to-get-out-of-the-cyclical-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Positioning Watch – Time to get out of the cyclical trade? </a></h3><p></p><ul><li>Hello everyone, and welcome back to our weekly positioning watch! The weather in Copenhagen is sunny, and so is the mood in markets, with aggregate equity fund flows in the US reaching 2-year highs this week.</li><li>Markets are certainly back into full risk-on mode, with the Fed promising rate cuts amidst reflationary trends in the US, which is a trend that is slowly but surely spreading to the rest of the world.</li><li>The cyclical rebound is not truly there yet in Europe, which means that European indices are starting to get flagged as overpriced in our quant-models.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-52bf7046-de20-4885-a64b-8f1e1caf3065?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYEquities slipped to start the week with the S&P 500 drifting down 0.3%, taking a breather after reaching record highs last week.</li><li>Energy markets were a bit more lively as Russia ordered oil output cuts with Russian Deputy Prime Minister Alexander Novak implying nearly a half million in cuts and production down to nearly 9 million bpd in June if actually implemented.</li><li>Unsurprisingly, crude jumped on the news with WTI up 1.7% to $82.04/bbl and Brent up 1.4% to 86.04.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/great-game-moscow-terror-netanyahu-furious-and-biden-climbing-polls?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Great Game – Moscow terror, Netanyahu Furious and Biden climbing polls </a></h3><p></p><ul><li>Welcome to this week’s Great Game.</li><li>We’re going to try out a slightly new format this time.</li><li>Instead of unfolding one major topic, we will cover a couple stories more briefly, so you are covered on the most important stories in geopolitics right now.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/bakkt-holdings-inc-new-ceo-comments-on-4q23-earnings-and-the-way-forward?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Bakkt Holdings, Inc. - New CEO Comments on 4Q23 Earnings and the Way Forward</a></li><li><a href="https://www.smartkarma.com/insights/downgrading-real-estate-to-underweight-bullish-outlook-intact-broadening-participation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrading Real Estate to Underweight; Bullish Outlook Intact; Broadening Participation</a></li><li><a href="https://www.smartkarma.com/insights/positioning-watch-time-to-get-out-of-the-cyclical-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Positioning Watch – Time to get out of the cyclical trade?</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-52bf7046-de20-4885-a64b-8f1e1caf3065?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/great-game-moscow-terror-netanyahu-furious-and-biden-climbing-polls?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Great Game – Moscow terror, Netanyahu Furious and Biden climbing polls</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/bakkt-holdings-inc-new-ceo-comments-on-4q23-earnings-and-the-way-forward?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Bakkt Holdings, Inc. - New CEO Comments on 4Q23 Earnings and the Way Forward </a></h3><p></p><ul><li>Bakkt’s new President and CEO Andy Main led the earnings call, where net revenue of $16.7 million was better than pre-announced, while the GAAP EPS loss of $0.29 was worse than our expectation of a $0.19 loss, driven by higher restructuring and goodwill write-downs.</li><li>While 4Q23 was pretty much old news, Main highlighted how strong tailwinds in 1Q24 have led to significant notional crypto trading volume increases.</li><li>He stated that, “QTD notional traded volumes have been very strong, with March QTD up over ~260% from 4Q23 versus overall market activity up ~65%.”</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/downgrading-real-estate-to-underweight-bullish-outlook-intact-broadening-participation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Downgrading Real Estate to Underweight; Bullish Outlook Intact; Broadening Participation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/576/original/image_7529857421711471387323.png?1711471754"/> <ul>
<li>Our bullish outlook initiated on November 7, 2023 remains intact; this intermediate-to-long-term outlook is likely to stay in place as long as 4800 support holds on the SPX (7-10% downside).</li>
<li>To be clear, we aren't calling for a pullback to 4800; we view it as a worst-case scenario for the S&P 500, and we want to be prepared for anything.</li>
<li>Shorter-Term, we remain bullish on the S&P 500 and Nasdaq 100 (QQQ) as they both refuse to close below their 20-day MAs for more than 2-3 consecutive days.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/positioning-watch-time-to-get-out-of-the-cyclical-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Positioning Watch – Time to get out of the cyclical trade? </a></h3><p></p><ul><li>Hello everyone, and welcome back to our weekly positioning watch! The weather in Copenhagen is sunny, and so is the mood in markets, with aggregate equity fund flows in the US reaching 2-year highs this week.</li><li>Markets are certainly back into full risk-on mode, with the Fed promising rate cuts amidst reflationary trends in the US, which is a trend that is slowly but surely spreading to the rest of the world.</li><li>The cyclical rebound is not truly there yet in Europe, which means that European indices are starting to get flagged as overpriced in our quant-models.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-52bf7046-de20-4885-a64b-8f1e1caf3065?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYEquities slipped to start the week with the S&P 500 drifting down 0.3%, taking a breather after reaching record highs last week.</li><li>Energy markets were a bit more lively as Russia ordered oil output cuts with Russian Deputy Prime Minister Alexander Novak implying nearly a half million in cuts and production down to nearly 9 million bpd in June if actually implemented.</li><li>Unsurprisingly, crude jumped on the news with WTI up 1.7% to $82.04/bbl and Brent up 1.4% to 86.04.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/great-game-moscow-terror-netanyahu-furious-and-biden-climbing-polls?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Great Game – Moscow terror, Netanyahu Furious and Biden climbing polls </a></h3><p></p><ul><li>Welcome to this week’s Great Game.</li><li>We’re going to try out a slightly new format this time.</li><li>Instead of unfolding one major topic, we will cover a couple stories more briefly, so you are covered on the most important stories in geopolitics right now.</li></ul>2024-03-27T04:52:13+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "BKKT@US"}, {"term": "Technical Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GT10@GOVT"}, {"term": "ALTG@US"}, {"term": "HEES@US"}, {"term": "@HRI@US"}, {"term": "URI@US"}, {"term": "KOP@US"}, {"term": "BAK@US"}, {"term": "CBT@US"}, {"term": "VVV@US"}, {"term": "WLK@US"}, {"term": "MTRX@US"}, {"term": "WLDN@US"}, {"term": "AGX@US"}, {"term": "TPC@US"}, {"term": "PRIM@US"}, {"term": "IESC@US"}, {"term": "ROAD@US"}, {"term": "GVA@US"}, {"term": "MYRG@US"}, {"term": "STRL@US"}, {"term": "DY@US"}, {"term": "ARCAD@NA"}, {"term": "FLR@US"}, {"term": "BWXT@US"}, {"term": "MTZ@US"}, {"term": "KBR@US"}, {"term": "ACM@US"}, {"term": "EME@US"}, {"term": "J@US"}, {"term": "PWR@US"}, {"term": "AWAY@US"}, {"term": "MDY@US"}, {"term": "IJH@US"}, {"term": "VNQ@US"}, {"term": "XLRE@US"}, {"term": "DXY@CURNCY"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "USDJPY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "MTUM@US"}, {"term": "CL1@COM@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "COPPER@COMDTY"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MTDR@US"}, {"term": "FSR@US"}, {"term": "Macroeconomics"}, {"term": "PALESTINE"}, {"term": "ISRAEL"}, {"term": "RUSSIA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "BKKT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DXY@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "COPPER@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FSR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/70c2acfa-fdbf-3c39-92f3-b553848c36c5Brief USA: Adjusting Model; Reiterate Outperform and more2024-03-28T22:17:24.156548+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/adjusting-model-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Adjusting Model; Reiterate Outperform</a></li><li><a href="https://www.smartkarma.com/insights/10-k-tidbits?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">10-K Tidbits</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-the-spread-origination-trends-the-seesaw-rocks-back?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li><li><a href="https://www.smartkarma.com/insights/immix-biopharma-marching-towards-us-clinical-trials-for-nxc-201?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Immix Biopharma - Marching towards US clinical trials for NXC-201</a></li><li><a href="https://www.smartkarma.com/insights/mural-oncology-plc-mura-tuesday-dec-26-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mural Oncology Plc (MURA) - Tuesday, Dec 26, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/adjusting-model-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Adjusting Model; Reiterate Outperform </a></h3><p></p><ul><li>We are reiterating our Outperform rating on the shares of Brown & Brown, Inc. (BRO) reflecting our outlook for the company to report above peer average adj. EBITDAC margins and FCF conversion rates with strong organic growth through 2025.We believe BRO could continue to report organic growth above its historical average reflecting in part a favorable, but moderating, commercial lines pricing environment, strong retention, and new business wins.</li><li>In 1Q24, we expect an ~$8M headwind on organic growth in the Programs segment associated with claims revenue in 1Q23.</li><li>In 4Q24, we expect the ~$19M payment related to captive reinsurance changes in 4Q23 to be a tailwind to organic growth in the Programs segment.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/10-k-tidbits?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 10-K Tidbits </a></h3><p></p><ul><li>We’re providing some quick thoughts after reviewing Veeva’s 10-K filing, which offers some incremental perspective on numbers provided in the quarterly earnings presentations and conference calls.</li><li>Note that the comparability and utility of some metrics in FY24 is much lower than in prior years given the adjustments in Termination for Convenience (TFC) terms, which created a 4 point headwind to revenue growth.</li><li>With TFC in customers’ contracts, VEEV will no longer be providing RPO, with normalized billings the best metric to track new business activity.As it relates to CRM-related headcount, we note that accrued fees payable to Salesforce declined 1% y/y and 3% q/q.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-the-spread-origination-trends-the-seesaw-rocks-back?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>Key Point: Pretty much as expected, new origination spreads in the public BDC segment of the direct lending market have compressed more than 50 bp since 2Q23 — the offset has been a significant increase in new origination activity.</li><li>We expect new relationship origination spreads to compress further (they are still ~25 bp wide of 2H21, the last peak activity period) as activity levels continue to rebound in 2H24.Chart 1 shows new origination spreads and origination volumes for first lien (1L), new borrower relationships.</li><li>There was a pick up in activity volume and a decline in the spreads in 4Q23 since we last did this analysis (2Q23: Expect the Seesaw to Rock Back).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/immix-biopharma-marching-towards-us-clinical-trials-for-nxc-201?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Immix Biopharma - Marching towards US clinical trials for NXC-201 </a></h3><p></p><p>Immix Biopharma is closer to dosing its first US patient for lead CAR-T asset NXC-201, with the appointment of the Memorial Sloan Kettering Cancer Center as the main clinical site for the company’s US multi-site NEXICART-2 trial assessing NXC-201 in relapsed/refractory (r/r) amyloid light chain amyloidosis (ALA). NXC-201 targets B-cell maturation antigen (BCMA) and is differentiated by its low neurotoxicity and short cytokine release syndrome (CRS) duration to date, supporting Immix’s long-term aspiration to launch the first outpatient CAR-T therapy. The NEXICART-2 study will aim to reproduce the initial results from the Phase Ib/IIa NEXICART-1 study, which reported an overall response rate (ORR) of 100% for the first 10 patients treated. Top-line data from the first 40 patients in the NEXICART-2 trial are expected in 2025, which, if positive, will likely be followed by a biologic license application, a significant milestone for the Immix. The pipeline remains engaged, with IMX-110 in Phase Ib/IIa studies for solid tumors and NXC-201 also targeting multiple myeloma (MM) and, potentially, other autoimmune indications (starting H124).</p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mural-oncology-plc-mura-tuesday-dec-26-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Mural Oncology Plc (MURA) - Tuesday, Dec 26, 2023 </a></h3><p></p><ul><li>MURA is a micro-cap, speculative, pre-revenue, and non-compounder company that spun off from Alkermes</li><li>Despite a rough start, it is gaining attention and has a market cap of $74 million with $16/share in cash</li><li>Morgan Stanley projects a trading value range estimate of $32-$63/share based on potential sales from their lead pipeline candidate; company is funded with $275 million in cash until 2025</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/adjusting-model-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Adjusting Model; Reiterate Outperform</a></li><li><a href="https://www.smartkarma.com/insights/10-k-tidbits?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">10-K Tidbits</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-the-spread-origination-trends-the-seesaw-rocks-back?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li><li><a href="https://www.smartkarma.com/insights/immix-biopharma-marching-towards-us-clinical-trials-for-nxc-201?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Immix Biopharma - Marching towards US clinical trials for NXC-201</a></li><li><a href="https://www.smartkarma.com/insights/mural-oncology-plc-mura-tuesday-dec-26-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mural Oncology Plc (MURA) - Tuesday, Dec 26, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/adjusting-model-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Adjusting Model; Reiterate Outperform </a></h3><p></p><ul><li>We are reiterating our Outperform rating on the shares of Brown & Brown, Inc. (BRO) reflecting our outlook for the company to report above peer average adj. EBITDAC margins and FCF conversion rates with strong organic growth through 2025.We believe BRO could continue to report organic growth above its historical average reflecting in part a favorable, but moderating, commercial lines pricing environment, strong retention, and new business wins.</li><li>In 1Q24, we expect an ~$8M headwind on organic growth in the Programs segment associated with claims revenue in 1Q23.</li><li>In 4Q24, we expect the ~$19M payment related to captive reinsurance changes in 4Q23 to be a tailwind to organic growth in the Programs segment.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/10-k-tidbits?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 10-K Tidbits </a></h3><p></p><ul><li>We’re providing some quick thoughts after reviewing Veeva’s 10-K filing, which offers some incremental perspective on numbers provided in the quarterly earnings presentations and conference calls.</li><li>Note that the comparability and utility of some metrics in FY24 is much lower than in prior years given the adjustments in Termination for Convenience (TFC) terms, which created a 4 point headwind to revenue growth.</li><li>With TFC in customers’ contracts, VEEV will no longer be providing RPO, with normalized billings the best metric to track new business activity.As it relates to CRM-related headcount, we note that accrued fees payable to Salesforce declined 1% y/y and 3% q/q.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-the-spread-origination-trends-the-seesaw-rocks-back?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>Key Point: Pretty much as expected, new origination spreads in the public BDC segment of the direct lending market have compressed more than 50 bp since 2Q23 — the offset has been a significant increase in new origination activity.</li><li>We expect new relationship origination spreads to compress further (they are still ~25 bp wide of 2H21, the last peak activity period) as activity levels continue to rebound in 2H24.Chart 1 shows new origination spreads and origination volumes for first lien (1L), new borrower relationships.</li><li>There was a pick up in activity volume and a decline in the spreads in 4Q23 since we last did this analysis (2Q23: Expect the Seesaw to Rock Back).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/immix-biopharma-marching-towards-us-clinical-trials-for-nxc-201?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Immix Biopharma - Marching towards US clinical trials for NXC-201 </a></h3><p></p><p>Immix Biopharma is closer to dosing its first US patient for lead CAR-T asset NXC-201, with the appointment of the Memorial Sloan Kettering Cancer Center as the main clinical site for the company’s US multi-site NEXICART-2 trial assessing NXC-201 in relapsed/refractory (r/r) amyloid light chain amyloidosis (ALA). NXC-201 targets B-cell maturation antigen (BCMA) and is differentiated by its low neurotoxicity and short cytokine release syndrome (CRS) duration to date, supporting Immix’s long-term aspiration to launch the first outpatient CAR-T therapy. The NEXICART-2 study will aim to reproduce the initial results from the Phase Ib/IIa NEXICART-1 study, which reported an overall response rate (ORR) of 100% for the first 10 patients treated. Top-line data from the first 40 patients in the NEXICART-2 trial are expected in 2025, which, if positive, will likely be followed by a biologic license application, a significant milestone for the Immix. The pipeline remains engaged, with IMX-110 in Phase Ib/IIa studies for solid tumors and NXC-201 also targeting multiple myeloma (MM) and, potentially, other autoimmune indications (starting H124).</p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mural-oncology-plc-mura-tuesday-dec-26-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Mural Oncology Plc (MURA) - Tuesday, Dec 26, 2023 </a></h3><p></p><ul><li>MURA is a micro-cap, speculative, pre-revenue, and non-compounder company that spun off from Alkermes</li><li>Despite a rough start, it is gaining attention and has a market cap of $74 million with $16/share in cash</li><li>Morgan Stanley projects a trading value range estimate of $32-$63/share based on potential sales from their lead pipeline candidate; company is funded with $275 million in cash until 2025</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>2024-03-26T19:45:20+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BRO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VEEV@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GBDC@US"}, {"term": "FSK@US"}, {"term": "BXSL@US"}, {"term": "ARCC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "IMMX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "@MURA@US"}, {"term": "BRO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VEEV@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ARCC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "IMMX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "@MURA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/3ab3e2f1-892b-38e8-98dc-a98296a18f48Brief USA: Charter Communications Inc (CHTR) - Tuesday, Dec 26, 2023 and more2024-03-28T22:17:24.145611+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/charter-communications-inc-chtr-tuesday-dec-26-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Charter Communications Inc (CHTR) - Tuesday, Dec 26, 2023</a></li><li><a href="https://www.smartkarma.com/insights/harley-davidson-inc-initiation-of-coverage-an-analysis-of-its-competitive-advantage?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Harley-Davidson Inc.: Initiation of Coverage - An Analysis Of Its Competitive Advantage</a></li><li><a href="https://www.smartkarma.com/insights/boise-cascade-corporation-these-4-pivotal-factors-are-needle-movers-for-its-stock-in-2024-beyond?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Boise Cascade Corporation: These 4 Pivotal Factors Are Needle-Movers For Its Stock In 2024 & Beyond!</a></li><li><a href="https://www.smartkarma.com/insights/meritage-homes-corporation-these-are-the-3-biggest-growth-catalysts-for-the-company?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Meritage Homes Corporation: These Are The 3 Biggest Growth Catalysts For The Company!</a></li><li><a href="https://www.smartkarma.com/insights/red-rock-resorts-changing-market-dynamics-and-loyalty-program-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Red Rock Resorts: Changing Market Dynamics and Loyalty Program Expansion!</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/charter-communications-inc-chtr-tuesday-dec-26-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Charter Communications Inc (CHTR) - Tuesday, Dec 26, 2023 </a></h3><p></p><ul><li>Charter Communications is contending with a narrowing competitive advantage in the cable industry due to the entrance of new rivals like fiber overbuilders and fixed wireless providers.</li><li>The company must make ongoing capital investments to stay competitive, despite uncertain returns on these investments.</li><li>Charter's aggressive capital allocation approach, motivated by management incentives, is raising doubts about the company's investment potential and future outlook.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/harley-davidson-inc-initiation-of-coverage-an-analysis-of-its-competitive-advantage?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Harley-Davidson Inc.: Initiation of Coverage - An Analysis Of Its Competitive Advantage </a></h3><p></p><ul><li>This is our first report on motorcycle giant, Harley-Davidson.</li><li>The company has demonstrated progress in key aspects of its strategic plan, the Hardwire strategy, despite challenges due to high-interest-rate environment and consumer confidence and affordability concerns impacting premium discretionary products.</li><li>The company's focus on its profitable categories, innovation, and enhancing the customer experience has enhanced its business and contributed to long-term value creation.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/boise-cascade-corporation-these-4-pivotal-factors-are-needle-movers-for-its-stock-in-2024-beyond?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Boise Cascade Corporation: These 4 Pivotal Factors Are Needle-Movers For Its Stock In 2024 & Beyond! </a></h3><p></p><ul>
<li>This is our first report on building and wooden products producer, Boise Cascade.</li>
<li>The company, which operates in the building materials and wood products sectors, reported full-year net income of $483.7 million or $12.12 per diluted share on sales of $6.8 billion.</li>
<li>This showcase of profitability came along with successful execution of the company's growth strategy with a mix of organic and acquisition initiatives.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/meritage-homes-corporation-these-are-the-3-biggest-growth-catalysts-for-the-company?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Meritage Homes Corporation: These Are The 3 Biggest Growth Catalysts For The Company! </a></h3><p></p><ul>
<li>This is our first report on Meritage Homes Corp.</li>
<li>The company's Q4 2023 sales orders increased 60% year on year, with strong home buying demand and a slight pullback in interest rates.</li>
<li>The company achieved a record backlog conversion of 110%, leading to home closing revenue of $1.6 billion.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/red-rock-resorts-changing-market-dynamics-and-loyalty-program-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Red Rock Resorts: Changing Market Dynamics and Loyalty Program Expansion! </a></h3><p></p><ul>
<li>This is our first report on casino and gaming player, Red Rock Resorts.</li>
<li>The company has presented a strong fourth quarter and full year report for 2023 in their recent earnings conference call.</li>
<li>The Las Vegas operations of the company saw its best-ever adjusted EBITDA in Q4.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/charter-communications-inc-chtr-tuesday-dec-26-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Charter Communications Inc (CHTR) - Tuesday, Dec 26, 2023</a></li><li><a href="https://www.smartkarma.com/insights/harley-davidson-inc-initiation-of-coverage-an-analysis-of-its-competitive-advantage?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Harley-Davidson Inc.: Initiation of Coverage - An Analysis Of Its Competitive Advantage</a></li><li><a href="https://www.smartkarma.com/insights/boise-cascade-corporation-these-4-pivotal-factors-are-needle-movers-for-its-stock-in-2024-beyond?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Boise Cascade Corporation: These 4 Pivotal Factors Are Needle-Movers For Its Stock In 2024 & Beyond!</a></li><li><a href="https://www.smartkarma.com/insights/meritage-homes-corporation-these-are-the-3-biggest-growth-catalysts-for-the-company?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Meritage Homes Corporation: These Are The 3 Biggest Growth Catalysts For The Company!</a></li><li><a href="https://www.smartkarma.com/insights/red-rock-resorts-changing-market-dynamics-and-loyalty-program-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Red Rock Resorts: Changing Market Dynamics and Loyalty Program Expansion!</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/charter-communications-inc-chtr-tuesday-dec-26-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Charter Communications Inc (CHTR) - Tuesday, Dec 26, 2023 </a></h3><p></p><ul><li>Charter Communications is contending with a narrowing competitive advantage in the cable industry due to the entrance of new rivals like fiber overbuilders and fixed wireless providers.</li><li>The company must make ongoing capital investments to stay competitive, despite uncertain returns on these investments.</li><li>Charter's aggressive capital allocation approach, motivated by management incentives, is raising doubts about the company's investment potential and future outlook.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/harley-davidson-inc-initiation-of-coverage-an-analysis-of-its-competitive-advantage?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Harley-Davidson Inc.: Initiation of Coverage - An Analysis Of Its Competitive Advantage </a></h3><p></p><ul><li>This is our first report on motorcycle giant, Harley-Davidson.</li><li>The company has demonstrated progress in key aspects of its strategic plan, the Hardwire strategy, despite challenges due to high-interest-rate environment and consumer confidence and affordability concerns impacting premium discretionary products.</li><li>The company's focus on its profitable categories, innovation, and enhancing the customer experience has enhanced its business and contributed to long-term value creation.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/boise-cascade-corporation-these-4-pivotal-factors-are-needle-movers-for-its-stock-in-2024-beyond?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Boise Cascade Corporation: These 4 Pivotal Factors Are Needle-Movers For Its Stock In 2024 & Beyond! </a></h3><p></p><ul>
<li>This is our first report on building and wooden products producer, Boise Cascade.</li>
<li>The company, which operates in the building materials and wood products sectors, reported full-year net income of $483.7 million or $12.12 per diluted share on sales of $6.8 billion.</li>
<li>This showcase of profitability came along with successful execution of the company's growth strategy with a mix of organic and acquisition initiatives.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/meritage-homes-corporation-these-are-the-3-biggest-growth-catalysts-for-the-company?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Meritage Homes Corporation: These Are The 3 Biggest Growth Catalysts For The Company! </a></h3><p></p><ul>
<li>This is our first report on Meritage Homes Corp.</li>
<li>The company's Q4 2023 sales orders increased 60% year on year, with strong home buying demand and a slight pullback in interest rates.</li>
<li>The company achieved a record backlog conversion of 110%, leading to home closing revenue of $1.6 billion.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/red-rock-resorts-changing-market-dynamics-and-loyalty-program-expansion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Red Rock Resorts: Changing Market Dynamics and Loyalty Program Expansion! </a></h3><p></p><ul>
<li>This is our first report on casino and gaming player, Red Rock Resorts.</li>
<li>The company has presented a strong fourth quarter and full year report for 2023 in their recent earnings conference call.</li>
<li>The Las Vegas operations of the company saw its best-ever adjusted EBITDA in Q4.</li>
</ul>2024-03-26T18:52:00+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "CHTR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "HOG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BCC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MTH@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "RRR@US"}, {"term": "CHTR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HOG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BCC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MTH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RRR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/086d54c2-ef5a-30d8-9751-0ff8ba8bee6cBrief USA: Polaris: A Story Of Margin Expansion Through Operational Improvement and Cost Savings! and more2024-03-28T22:17:24.138999+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/polaris-a-story-of-margin-expansion-through-operational-improvement-and-cost-savings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Polaris: A Story Of Margin Expansion Through Operational Improvement and Cost Savings!</a></li><li><a href="https://www.smartkarma.com/insights/dutch-bros-inc-initiation-of-coverage-an-improving-digital-footprint-is-changing-the-game-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dutch Bros Inc.: Initiation of Coverage - An Improving Digital Footprint Is Changing The Game! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-azek-company-initiation-of-coverage-is-the-robust-demand-in-residential-markets-likely-to-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The AZEK Company: Initiation of Coverage - Is The Robust Demand in Residential Markets Likely To Last? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/taylor-morrison-home-corporation-initiation-of-coverage-a-shift-towards-affordable-housing-benefiting-them-immensely-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Taylor Morrison Home Corporation: Initiation of Coverage - A Shift Towards Affordable Housing Benefiting Them Immensely? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/planet-fitness-initiation-of-coverage-real-estate-constraints-3-major-challenges-in-its-path-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Planet Fitness: Initiation of Coverage - Real Estate Constraints & 3 Major Challenges In Its Path! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/polaris-a-story-of-margin-expansion-through-operational-improvement-and-cost-savings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Polaris: A Story Of Margin Expansion Through Operational Improvement and Cost Savings! </a></h3><p></p><ul>
<li>This is our first report on power sports vehicles manufacturer, Polaris.</li>
<li>The company's latest earnings revealed a mixed picture of the year's results, shedding light on its performance, challenges, and plans for the future.</li>
<li>Despite facing numerous hurdles during 2023, Polaris managed to gain shares across all three of its segments.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/dutch-bros-inc-initiation-of-coverage-an-improving-digital-footprint-is-changing-the-game-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Dutch Bros Inc.: Initiation of Coverage - An Improving Digital Footprint Is Changing The Game! - Major Drivers </a></h3><p></p><ul><li>This is our first report on drive-thru shops franchisor, Dutch Bros, Inc. The company reported an impressive performance in the fourth quarter and fiscal year 2023 in their earnings call.</li><li>They noted an exceptional year, and that they began 2024 with robust momentum.</li><li>Their revenue and adjusted EBITDA increased by 31% and 76% respectively year-over-year.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-azek-company-initiation-of-coverage-is-the-robust-demand-in-residential-markets-likely-to-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. The AZEK Company: Initiation of Coverage - Is The Robust Demand in Residential Markets Likely To Last? - Major Drivers </a></h3><p></p><ul><li>This is our first report on the AZEK Company, leading manufacturer of eco-friendly building products.</li><li>The company reported an 11% net sales increase year-over-year in Q1 2024.</li><li>Excluding the recently divested Vycom business, net sales increased 22% year-over-year, driven by the strong performance of its residential sector.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/taylor-morrison-home-corporation-initiation-of-coverage-a-shift-towards-affordable-housing-benefiting-them-immensely-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Taylor Morrison Home Corporation: Initiation of Coverage - A Shift Towards Affordable Housing Benefiting Them Immensely? - Major Drivers </a></h3><p></p><ul><li>This is our first report on public homebuilder, Taylor Morrison Home Corp.</li><li>The company reported strong performance in 2023, with total home deliveries amounting to 11,495, generating $7.2 billion in homebuilding revenue.</li><li>This yielded a healthy adjusted home closings gross margin of 24%, driving adjusted earnings of $7.54 per diluted share.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/planet-fitness-initiation-of-coverage-real-estate-constraints-3-major-challenges-in-its-path-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Planet Fitness: Initiation of Coverage - Real Estate Constraints & 3 Major Challenges In Its Path! - Major Drivers </a></h3><p></p><ul><li>This is our first report on Planet Fitness Inc. The company had a positive performance in Q4 2023, as it reportedly ended with 18.7 million members and a system-wide same-store sales growth of 8.7% primarily driven by new member growth.</li><li>The fitness company also notched a 19% adjusted EBITDA growth and successfully opened 165 new locations globally.</li><li>It also saw improvements in the age demographic of its members, with increased participation across all age groups, led by the Gen Z segment which now comprises over 25% of Planet Fitness's total membership.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/polaris-a-story-of-margin-expansion-through-operational-improvement-and-cost-savings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Polaris: A Story Of Margin Expansion Through Operational Improvement and Cost Savings!</a></li><li><a href="https://www.smartkarma.com/insights/dutch-bros-inc-initiation-of-coverage-an-improving-digital-footprint-is-changing-the-game-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dutch Bros Inc.: Initiation of Coverage - An Improving Digital Footprint Is Changing The Game! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-azek-company-initiation-of-coverage-is-the-robust-demand-in-residential-markets-likely-to-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The AZEK Company: Initiation of Coverage - Is The Robust Demand in Residential Markets Likely To Last? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/taylor-morrison-home-corporation-initiation-of-coverage-a-shift-towards-affordable-housing-benefiting-them-immensely-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Taylor Morrison Home Corporation: Initiation of Coverage - A Shift Towards Affordable Housing Benefiting Them Immensely? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/planet-fitness-initiation-of-coverage-real-estate-constraints-3-major-challenges-in-its-path-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Planet Fitness: Initiation of Coverage - Real Estate Constraints & 3 Major Challenges In Its Path! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/polaris-a-story-of-margin-expansion-through-operational-improvement-and-cost-savings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Polaris: A Story Of Margin Expansion Through Operational Improvement and Cost Savings! </a></h3><p></p><ul>
<li>This is our first report on power sports vehicles manufacturer, Polaris.</li>
<li>The company's latest earnings revealed a mixed picture of the year's results, shedding light on its performance, challenges, and plans for the future.</li>
<li>Despite facing numerous hurdles during 2023, Polaris managed to gain shares across all three of its segments.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/dutch-bros-inc-initiation-of-coverage-an-improving-digital-footprint-is-changing-the-game-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Dutch Bros Inc.: Initiation of Coverage - An Improving Digital Footprint Is Changing The Game! - Major Drivers </a></h3><p></p><ul><li>This is our first report on drive-thru shops franchisor, Dutch Bros, Inc. The company reported an impressive performance in the fourth quarter and fiscal year 2023 in their earnings call.</li><li>They noted an exceptional year, and that they began 2024 with robust momentum.</li><li>Their revenue and adjusted EBITDA increased by 31% and 76% respectively year-over-year.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-azek-company-initiation-of-coverage-is-the-robust-demand-in-residential-markets-likely-to-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. The AZEK Company: Initiation of Coverage - Is The Robust Demand in Residential Markets Likely To Last? - Major Drivers </a></h3><p></p><ul><li>This is our first report on the AZEK Company, leading manufacturer of eco-friendly building products.</li><li>The company reported an 11% net sales increase year-over-year in Q1 2024.</li><li>Excluding the recently divested Vycom business, net sales increased 22% year-over-year, driven by the strong performance of its residential sector.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/taylor-morrison-home-corporation-initiation-of-coverage-a-shift-towards-affordable-housing-benefiting-them-immensely-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Taylor Morrison Home Corporation: Initiation of Coverage - A Shift Towards Affordable Housing Benefiting Them Immensely? - Major Drivers </a></h3><p></p><ul><li>This is our first report on public homebuilder, Taylor Morrison Home Corp.</li><li>The company reported strong performance in 2023, with total home deliveries amounting to 11,495, generating $7.2 billion in homebuilding revenue.</li><li>This yielded a healthy adjusted home closings gross margin of 24%, driving adjusted earnings of $7.54 per diluted share.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/planet-fitness-initiation-of-coverage-real-estate-constraints-3-major-challenges-in-its-path-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Planet Fitness: Initiation of Coverage - Real Estate Constraints & 3 Major Challenges In Its Path! - Major Drivers </a></h3><p></p><ul><li>This is our first report on Planet Fitness Inc. The company had a positive performance in Q4 2023, as it reportedly ended with 18.7 million members and a system-wide same-store sales growth of 8.7% primarily driven by new member growth.</li><li>The fitness company also notched a 19% adjusted EBITDA growth and successfully opened 165 new locations globally.</li><li>It also saw improvements in the age demographic of its members, with increased participation across all age groups, led by the Gen Z segment which now comprises over 25% of Planet Fitness's total membership.</li></ul>2024-03-26T16:12:54+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "PII@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BROS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "AZEK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "TMHC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "PLNT@US"}, {"term": "PII@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BROS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AZEK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TMHC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PLNT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/559530f6-febe-35b3-a943-eccd4d8ccdb1Brief USA: Mohawk Industries Inc.: Initiation of Coverage - These Are The 4 Fundamental Factors Influencing Its Performance In 2024 & Beyond! - Major Drivers and more2024-03-28T22:17:24.128429+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/mohawk-industries-inc-initiation-of-coverage-these-are-the-4-fundamental-factors-influencing-its-performance-in-2024-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mohawk Industries Inc.: Initiation of Coverage - These Are The 4 Fundamental Factors Influencing Its Performance In 2024 & Beyond! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/international-game-technology-initiation-of-coverage-is-the-immense-growth-in-gaming-digital-segments-a-valid-reason-for-a-bullish-rating-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">International Game Technology: Initiation of Coverage - Is The Immense Growth In Gaming & Digital Segments A Valid Reason For A Bullish Rating? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/brunswick-corporation-initiation-of-coverage-does-it-have-a-sustainable-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Brunswick Corporation - Initiation Of Coverage - Does It Have A Sustainable Competitive Advantage? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/mattel-inc-initiation-of-coverage-is-its-strategic-turnaround-working-out-well-for-shareholders-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mattel Inc.: Initiation of Coverage - Is Its Strategic Turnaround Working Out Well For Shareholders? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/autonation-inc-initiation-of-coverage-what-is-their-core-business-strategy-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Autonation Inc.: Initiation Of Coverage - What Is Their Core Business Strategy? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/mohawk-industries-inc-initiation-of-coverage-these-are-the-4-fundamental-factors-influencing-its-performance-in-2024-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Mohawk Industries Inc.: Initiation of Coverage - These Are The 4 Fundamental Factors Influencing Its Performance In 2024 & Beyond! - Major Drivers </a></h3><p></p><ul><li>This is our first report on flooring products manufacturer, Mohawk Industries.</li><li>The company reported its fourth quarter performance and provided guidance for the first quarter of 2024.</li><li>Net sales for the quarter were approximately $2.6 billion, down 1.4% or 4.1% on a constant and legacy basis.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/international-game-technology-initiation-of-coverage-is-the-immense-growth-in-gaming-digital-segments-a-valid-reason-for-a-bullish-rating-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. International Game Technology: Initiation of Coverage - Is The Immense Growth In Gaming & Digital Segments A Valid Reason For A Bullish Rating? - Major Drivers </a></h3><p></p><ul><li>This is our first report on gaming technology player, International Game Technology PLC (IGT).</li><li>The company ended fiscal year 2023 with an impressive set of accomplishments, with their Q4 operating income growing 11% and significant free cash flow generation.</li><li>This enabled them to meet their fiscal year 2023 financial goals which were raised twice during the year.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/brunswick-corporation-initiation-of-coverage-does-it-have-a-sustainable-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Brunswick Corporation - Initiation Of Coverage - Does It Have A Sustainable Competitive Advantage? - Major Drivers </a></h3><p></p><ul><li>This is our first report on recreation products manufacturer, Brunswick Corporation.</li><li>Despite market headwinds, the company reports another successful year, claiming to have accomplished the second highest sales and adjusted earnings per share in its existence.</li><li>In particular, Brunswick stresses the progress of its strategic initiatives, continued market share increases, cost control, the launch of new products, and an enhancement in operational efficiency.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/mattel-inc-initiation-of-coverage-is-its-strategic-turnaround-working-out-well-for-shareholders-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Mattel Inc.: Initiation of Coverage - Is Its Strategic Turnaround Working Out Well For Shareholders? - Major Drivers </a></h3><p></p><ul><li>This is our first report on children's entertainment giant, Mattel, Inc. The company's fourth-quarter 2023 and full-year earnings call reveal that the company has successfully navigated a challenging year.</li><li>Despite global toy industry declines and retail inventory headwinds, Mattel achieved significant market share gains, meaningful sales growth, and margin expansion.</li><li>In particular, Mattel's Barbie, Hot Wheels, and Fisher-Price brands stood out as strong performers.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/autonation-inc-initiation-of-coverage-what-is-their-core-business-strategy-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Autonation Inc.: Initiation Of Coverage - What Is Their Core Business Strategy? - Major Drivers </a></h3><p></p><ul><li>This is our first report on automotive retail major, AutoNation Inc. The company reported strong growth figures in its fourth quarter earnings call of 2023, with particularly robust demand for new vehicles.</li><li>New vehicle revenue increased 7% while unit sales were up 8%, driven by strong Import growth and an uptick in Premium Luxury sales.</li><li>AutoNation also experienced an increase in new vehicle inventory levels that are projected to continue growing in 2024.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/mohawk-industries-inc-initiation-of-coverage-these-are-the-4-fundamental-factors-influencing-its-performance-in-2024-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mohawk Industries Inc.: Initiation of Coverage - These Are The 4 Fundamental Factors Influencing Its Performance In 2024 & Beyond! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/international-game-technology-initiation-of-coverage-is-the-immense-growth-in-gaming-digital-segments-a-valid-reason-for-a-bullish-rating-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">International Game Technology: Initiation of Coverage - Is The Immense Growth In Gaming & Digital Segments A Valid Reason For A Bullish Rating? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/brunswick-corporation-initiation-of-coverage-does-it-have-a-sustainable-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Brunswick Corporation - Initiation Of Coverage - Does It Have A Sustainable Competitive Advantage? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/mattel-inc-initiation-of-coverage-is-its-strategic-turnaround-working-out-well-for-shareholders-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mattel Inc.: Initiation of Coverage - Is Its Strategic Turnaround Working Out Well For Shareholders? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/autonation-inc-initiation-of-coverage-what-is-their-core-business-strategy-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Autonation Inc.: Initiation Of Coverage - What Is Their Core Business Strategy? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/mohawk-industries-inc-initiation-of-coverage-these-are-the-4-fundamental-factors-influencing-its-performance-in-2024-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Mohawk Industries Inc.: Initiation of Coverage - These Are The 4 Fundamental Factors Influencing Its Performance In 2024 & Beyond! - Major Drivers </a></h3><p></p><ul><li>This is our first report on flooring products manufacturer, Mohawk Industries.</li><li>The company reported its fourth quarter performance and provided guidance for the first quarter of 2024.</li><li>Net sales for the quarter were approximately $2.6 billion, down 1.4% or 4.1% on a constant and legacy basis.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/international-game-technology-initiation-of-coverage-is-the-immense-growth-in-gaming-digital-segments-a-valid-reason-for-a-bullish-rating-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. International Game Technology: Initiation of Coverage - Is The Immense Growth In Gaming & Digital Segments A Valid Reason For A Bullish Rating? - Major Drivers </a></h3><p></p><ul><li>This is our first report on gaming technology player, International Game Technology PLC (IGT).</li><li>The company ended fiscal year 2023 with an impressive set of accomplishments, with their Q4 operating income growing 11% and significant free cash flow generation.</li><li>This enabled them to meet their fiscal year 2023 financial goals which were raised twice during the year.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/brunswick-corporation-initiation-of-coverage-does-it-have-a-sustainable-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Brunswick Corporation - Initiation Of Coverage - Does It Have A Sustainable Competitive Advantage? - Major Drivers </a></h3><p></p><ul><li>This is our first report on recreation products manufacturer, Brunswick Corporation.</li><li>Despite market headwinds, the company reports another successful year, claiming to have accomplished the second highest sales and adjusted earnings per share in its existence.</li><li>In particular, Brunswick stresses the progress of its strategic initiatives, continued market share increases, cost control, the launch of new products, and an enhancement in operational efficiency.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/mattel-inc-initiation-of-coverage-is-its-strategic-turnaround-working-out-well-for-shareholders-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Mattel Inc.: Initiation of Coverage - Is Its Strategic Turnaround Working Out Well For Shareholders? - Major Drivers </a></h3><p></p><ul><li>This is our first report on children's entertainment giant, Mattel, Inc. The company's fourth-quarter 2023 and full-year earnings call reveal that the company has successfully navigated a challenging year.</li><li>Despite global toy industry declines and retail inventory headwinds, Mattel achieved significant market share gains, meaningful sales growth, and margin expansion.</li><li>In particular, Mattel's Barbie, Hot Wheels, and Fisher-Price brands stood out as strong performers.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/autonation-inc-initiation-of-coverage-what-is-their-core-business-strategy-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Autonation Inc.: Initiation Of Coverage - What Is Their Core Business Strategy? - Major Drivers </a></h3><p></p><ul><li>This is our first report on automotive retail major, AutoNation Inc. The company reported strong growth figures in its fourth quarter earnings call of 2023, with particularly robust demand for new vehicles.</li><li>New vehicle revenue increased 7% while unit sales were up 8%, driven by strong Import growth and an uptick in Premium Luxury sales.</li><li>AutoNation also experienced an increase in new vehicle inventory levels that are projected to continue growing in 2024.</li></ul>2024-03-26T16:00:32+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MHK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "IGT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MAT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "AN@US"}, {"term": "MHK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "IGT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MAT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/7276b8f5-4710-3c0b-a5aa-35616c575fbeBrief USA: The New York Times Company: Initiation Of Coverage - Will The Rising ARPU Last? and more2024-03-28T22:17:24.122354+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-new-york-times-company-initiation-of-coverage-will-the-rising-arpu-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The New York Times Company: Initiation Of Coverage - Will The Rising ARPU Last?</a></li><li><a href="https://www.smartkarma.com/insights/uipath-inc-elevating-enterprise-ai-with-customizable-genai-innovations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">UiPath Inc: Elevating Enterprise AI with Customizable GenAI Innovations!</a></li><li><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-eg-unlocked?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">VAALCO Energy (NYSE: EGY): EG unlocked</a></li><li><a href="https://www.smartkarma.com/insights/asana-inc-will-the-increasing-ai-integration-adoption-help-catalyze-top-line-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Asana Inc: Will The Increasing AI Integration & Adoption Help Catalyze Top-line Growth? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/boyd-gaming-corporation-4-major-growth-drivers-3-challenges-in-front-of-this-company-that-you-must-know-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Boyd Gaming Corporation - 4 Major Growth Drivers & 3 Challenges In Front Of This Company That You Must Know! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-new-york-times-company-initiation-of-coverage-will-the-rising-arpu-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. The New York Times Company: Initiation Of Coverage - Will The Rising ARPU Last? </a></h3><p></p><ul>
<li>This is our first report on the New York Times Company.</li>
<li>In its latest earnings, despite the adverse implications of the ongoing shifts from the largest tech platforms and heightened market volatility facing the ad business, The Times has managed to drive business growth and penetrate a more extensive market with its indispensable and original news reporting and lifestyle products.</li>
<li>Highlighting the company's achievements, The New York Times added 880,000 net new digital subscribers in 2023, bringing the total to nearly 10.4 million and moving towards the goal of 15 million.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/uipath-inc-elevating-enterprise-ai-with-customizable-genai-innovations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. UiPath Inc: Elevating Enterprise AI with Customizable GenAI Innovations! </a></h3><p></p><ul>
<li>This is our first report on UiPath, a leading automation company.</li>
<li>The company has reported its Q4 results for the fiscal year 2024 and exudes confidence in its future performance.</li>
<li>On this front, the company exceeded its guidance across top and bottom-line metrics, demonstrating strong demand for its platform and successful team focus on customer success.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-eg-unlocked?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. VAALCO Energy (NYSE: EGY): EG unlocked </a></h3><p></p><ul><li>• The final documents for the Joint Operating agreement (JOA) for the Venus-Block P Plan of Development have now been signed by all the partners.</li><li>The JOA has also been approved by the EG government.</li><li> • The Block P PSC is for 25 years from the date of approval.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/asana-inc-will-the-increasing-ai-integration-adoption-help-catalyze-top-line-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Asana Inc: Will The Increasing AI Integration & Adoption Help Catalyze Top-line Growth? - Major Drivers </a></h3><p></p><ul><li>Asana, a work management platform, closed its fourth quarter and fiscal year 2024 on a high note, outperforming operational guidance and making substantial strides in its overall business strategy.</li><li>The company's Q4 revenues grew by 14% year-over-year and annual revenues stood at a 19% increase compared to the previous year.</li><li>Significantly, their non-GAAP operating loss margin was at 9% for Q4, marking a considerable improvement of 16 percentage points compared to the prior year’s Q4.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/boyd-gaming-corporation-4-major-growth-drivers-3-challenges-in-front-of-this-company-that-you-must-know-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Boyd Gaming Corporation - 4 Major Growth Drivers & 3 Challenges In Front Of This Company That You Must Know! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on Boyd Gaming Corporation.</li><li>The company's fourth-quarter earnings call wrapped up another successful year for the company.</li><li>Throughout 2023, they maintained strong performances and achieved record revenues and EBITDAR. This success is largely thanks to a diverse portfolio which includes strong growth from their online and managed businesses.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-new-york-times-company-initiation-of-coverage-will-the-rising-arpu-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The New York Times Company: Initiation Of Coverage - Will The Rising ARPU Last?</a></li><li><a href="https://www.smartkarma.com/insights/uipath-inc-elevating-enterprise-ai-with-customizable-genai-innovations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">UiPath Inc: Elevating Enterprise AI with Customizable GenAI Innovations!</a></li><li><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-eg-unlocked?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">VAALCO Energy (NYSE: EGY): EG unlocked</a></li><li><a href="https://www.smartkarma.com/insights/asana-inc-will-the-increasing-ai-integration-adoption-help-catalyze-top-line-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Asana Inc: Will The Increasing AI Integration & Adoption Help Catalyze Top-line Growth? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/boyd-gaming-corporation-4-major-growth-drivers-3-challenges-in-front-of-this-company-that-you-must-know-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Boyd Gaming Corporation - 4 Major Growth Drivers & 3 Challenges In Front Of This Company That You Must Know! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-new-york-times-company-initiation-of-coverage-will-the-rising-arpu-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. The New York Times Company: Initiation Of Coverage - Will The Rising ARPU Last? </a></h3><p></p><ul>
<li>This is our first report on the New York Times Company.</li>
<li>In its latest earnings, despite the adverse implications of the ongoing shifts from the largest tech platforms and heightened market volatility facing the ad business, The Times has managed to drive business growth and penetrate a more extensive market with its indispensable and original news reporting and lifestyle products.</li>
<li>Highlighting the company's achievements, The New York Times added 880,000 net new digital subscribers in 2023, bringing the total to nearly 10.4 million and moving towards the goal of 15 million.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/uipath-inc-elevating-enterprise-ai-with-customizable-genai-innovations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. UiPath Inc: Elevating Enterprise AI with Customizable GenAI Innovations! </a></h3><p></p><ul>
<li>This is our first report on UiPath, a leading automation company.</li>
<li>The company has reported its Q4 results for the fiscal year 2024 and exudes confidence in its future performance.</li>
<li>On this front, the company exceeded its guidance across top and bottom-line metrics, demonstrating strong demand for its platform and successful team focus on customer success.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-eg-unlocked?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. VAALCO Energy (NYSE: EGY): EG unlocked </a></h3><p></p><ul><li>• The final documents for the Joint Operating agreement (JOA) for the Venus-Block P Plan of Development have now been signed by all the partners.</li><li>The JOA has also been approved by the EG government.</li><li> • The Block P PSC is for 25 years from the date of approval.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/asana-inc-will-the-increasing-ai-integration-adoption-help-catalyze-top-line-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Asana Inc: Will The Increasing AI Integration & Adoption Help Catalyze Top-line Growth? - Major Drivers </a></h3><p></p><ul><li>Asana, a work management platform, closed its fourth quarter and fiscal year 2024 on a high note, outperforming operational guidance and making substantial strides in its overall business strategy.</li><li>The company's Q4 revenues grew by 14% year-over-year and annual revenues stood at a 19% increase compared to the previous year.</li><li>Significantly, their non-GAAP operating loss margin was at 9% for Q4, marking a considerable improvement of 16 percentage points compared to the prior year’s Q4.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/boyd-gaming-corporation-4-major-growth-drivers-3-challenges-in-front-of-this-company-that-you-must-know-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Boyd Gaming Corporation - 4 Major Growth Drivers & 3 Challenges In Front Of This Company That You Must Know! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on Boyd Gaming Corporation.</li><li>The company's fourth-quarter earnings call wrapped up another successful year for the company.</li><li>Throughout 2023, they maintained strong performances and achieved record revenues and EBITDAR. This success is largely thanks to a diverse portfolio which includes strong growth from their online and managed businesses.</li></ul>2024-03-26T15:36:26+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "NYT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "PATH@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "EGY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ASAN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BYD@US"}, {"term": "NYT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PATH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EGY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ASAN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BYD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/2aee3b7f-cf09-36bd-a231-b8cf7121a9ecBrief USA: Lucid Group: Initiation of Coverage - These Are The 3 Biggest Challenges On The Road Ahead For This EV Maker! - Major Drivers and more2024-03-28T22:17:24.111364+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/lucid-group-initiation-of-coverage-these-are-the-3-biggest-challenges-on-the-road-ahead-for-this-ev-maker-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Lucid Group: Initiation of Coverage - These Are The 3 Biggest Challenges On The Road Ahead For This EV Maker! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/ulta-beauty-will-its-international-expansion-efforts-bear-fruit-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ulta Beauty: Will Its International Expansion Efforts Bear Fruit? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/casey-s-general-stores-will-its-focus-on-store-simplification-efficiency-provide-a-strategic-edge-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Casey's General Stores: Will Its Focus On Store Simplification & Efficiency Provide A Strategic Edge? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/oracle-corporation-how-long-will-the-cloud-revenue-growth-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Oracle Corporation: How Long Will The Cloud Revenue Growth Last? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/wingstop-inc-what-is-its-core-business-strategy-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Wingstop Inc.: What Is Its Core Business Strategy? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/lucid-group-initiation-of-coverage-these-are-the-3-biggest-challenges-on-the-road-ahead-for-this-ev-maker-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Lucid Group: Initiation of Coverage - These Are The 3 Biggest Challenges On The Road Ahead For This EV Maker! - Major Drivers </a></h3><p></p><ul><li>This is our first report on EV major, Lucid Group.</li><li>The company's Fourth Quarter 2023 Earnings recognized Lucid’s leaps in gaining industry credibility and numerous accolades over the past few years.</li><li>The company has also made significant strides in proving its technological competency, through the launch of Lucid Air Sapphire and the Lucid Air Pure, underscoring Lucid's extension into new total addressable market segments.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ulta-beauty-will-its-international-expansion-efforts-bear-fruit-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Ulta Beauty: Will Its International Expansion Efforts Bear Fruit? - Major Drivers </a></h3><p></p><ul><li>Ulta Beauty's Q4 and fiscal 2023 results present an investment thesis focused on continued growth, strategic expansion, and platform transformation.</li><li>Ulta Beauty carries forward a positive momentum with Q4 net sales recording an increase of 10.2% to $3.6 billion and fiscal year net sales bumping up by 9.8% to $11.2 billion.</li><li>The company robustly exceeded its internal expectations in sales, operating margin, and EPS. Ulta Beauty’s strategic move of curating an assortment, enhancing marketing strategies, and incorporating new fulfillment and technology capabilities have catalyzed their sustainable growth.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/casey-s-general-stores-will-its-focus-on-store-simplification-efficiency-provide-a-strategic-edge-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Casey's General Stores: Will Its Focus On Store Simplification & Efficiency Provide A Strategic Edge? - Major Drivers </a></h3><p></p><ul><li>Casey's General Stores recently reported its third quarter results for fiscal 2024, showcasing growth in certain sectors, as well as some areas of decline.</li><li>There were both promising and underperforming aspects of the company's performance.</li><li>Diluted earnings per share ended at $2.33, a 13% decrease from the prior year.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/oracle-corporation-how-long-will-the-cloud-revenue-growth-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Oracle Corporation: How Long Will The Cloud Revenue Growth Last? - Major Drivers </a></h3><p></p><ul><li>Oracle Corporation had a strong performance in its third-quarter fiscal year 2024, with revenue in-line with expectations and EPS $0.02 above the high-end guidance.</li><li>However, both potential future performance and inherent risks were noted, which investors should closely observe.</li><li>A significant part of the discussion was centered on Oracle Cloud Infrastructure (OCI), tagged as the primary driver for the company's overall revenue acceleration.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/wingstop-inc-what-is-its-core-business-strategy-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Wingstop Inc.: What Is Its Core Business Strategy? - Major Drivers </a></h3><p></p><ul><li>Wingstop Inc posted high performance for fiscal 2024 as reflected in its latest fourth quarter and full year results.</li><li>The industry-leading results demonstrate the strength and resilience of the strategies executed by the company, delivering a record-breaking 20th consecutive year of same-store sales growth.</li><li>The strategy aims at primarily driving transactions - a key growth metric for the business.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/lucid-group-initiation-of-coverage-these-are-the-3-biggest-challenges-on-the-road-ahead-for-this-ev-maker-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Lucid Group: Initiation of Coverage - These Are The 3 Biggest Challenges On The Road Ahead For This EV Maker! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/ulta-beauty-will-its-international-expansion-efforts-bear-fruit-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ulta Beauty: Will Its International Expansion Efforts Bear Fruit? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/casey-s-general-stores-will-its-focus-on-store-simplification-efficiency-provide-a-strategic-edge-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Casey's General Stores: Will Its Focus On Store Simplification & Efficiency Provide A Strategic Edge? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/oracle-corporation-how-long-will-the-cloud-revenue-growth-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Oracle Corporation: How Long Will The Cloud Revenue Growth Last? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/wingstop-inc-what-is-its-core-business-strategy-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Wingstop Inc.: What Is Its Core Business Strategy? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/lucid-group-initiation-of-coverage-these-are-the-3-biggest-challenges-on-the-road-ahead-for-this-ev-maker-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Lucid Group: Initiation of Coverage - These Are The 3 Biggest Challenges On The Road Ahead For This EV Maker! - Major Drivers </a></h3><p></p><ul><li>This is our first report on EV major, Lucid Group.</li><li>The company's Fourth Quarter 2023 Earnings recognized Lucid’s leaps in gaining industry credibility and numerous accolades over the past few years.</li><li>The company has also made significant strides in proving its technological competency, through the launch of Lucid Air Sapphire and the Lucid Air Pure, underscoring Lucid's extension into new total addressable market segments.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ulta-beauty-will-its-international-expansion-efforts-bear-fruit-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Ulta Beauty: Will Its International Expansion Efforts Bear Fruit? - Major Drivers </a></h3><p></p><ul><li>Ulta Beauty's Q4 and fiscal 2023 results present an investment thesis focused on continued growth, strategic expansion, and platform transformation.</li><li>Ulta Beauty carries forward a positive momentum with Q4 net sales recording an increase of 10.2% to $3.6 billion and fiscal year net sales bumping up by 9.8% to $11.2 billion.</li><li>The company robustly exceeded its internal expectations in sales, operating margin, and EPS. Ulta Beauty’s strategic move of curating an assortment, enhancing marketing strategies, and incorporating new fulfillment and technology capabilities have catalyzed their sustainable growth.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/casey-s-general-stores-will-its-focus-on-store-simplification-efficiency-provide-a-strategic-edge-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Casey's General Stores: Will Its Focus On Store Simplification & Efficiency Provide A Strategic Edge? - Major Drivers </a></h3><p></p><ul><li>Casey's General Stores recently reported its third quarter results for fiscal 2024, showcasing growth in certain sectors, as well as some areas of decline.</li><li>There were both promising and underperforming aspects of the company's performance.</li><li>Diluted earnings per share ended at $2.33, a 13% decrease from the prior year.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/oracle-corporation-how-long-will-the-cloud-revenue-growth-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Oracle Corporation: How Long Will The Cloud Revenue Growth Last? - Major Drivers </a></h3><p></p><ul><li>Oracle Corporation had a strong performance in its third-quarter fiscal year 2024, with revenue in-line with expectations and EPS $0.02 above the high-end guidance.</li><li>However, both potential future performance and inherent risks were noted, which investors should closely observe.</li><li>A significant part of the discussion was centered on Oracle Cloud Infrastructure (OCI), tagged as the primary driver for the company's overall revenue acceleration.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/wingstop-inc-what-is-its-core-business-strategy-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Wingstop Inc.: What Is Its Core Business Strategy? - Major Drivers </a></h3><p></p><ul><li>Wingstop Inc posted high performance for fiscal 2024 as reflected in its latest fourth quarter and full year results.</li><li>The industry-leading results demonstrate the strength and resilience of the strategies executed by the company, delivering a record-breaking 20th consecutive year of same-store sales growth.</li><li>The strategy aims at primarily driving transactions - a key growth metric for the business.</li></ul>2024-03-26T15:00:27+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "LCID@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ULTA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CASY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ORCL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "WING@US"}, {"term": "LCID@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ULTA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CASY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ORCL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WING@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/874b6382-e901-3044-970b-70cb2072048aBrief USA: Simpson Manufacturing Co.: Initiation Of Coverage - 4 Pivotal Factors Shaping Its Growth Trajectory! - Financial Forecasts and more2024-03-28T22:17:24.104821+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/simpson-manufacturing-co-initiation-of-coverage-4-pivotal-factors-shaping-its-growth-trajectory-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Simpson Manufacturing Co.: Initiation Of Coverage - 4 Pivotal Factors Shaping Its Growth Trajectory! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/energy-cable-62-biden-is-selling-crude-straddles-while-something-is-cooking-in-china?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Energy Cable #62: Biden is selling crude straddles, while something is cooking in China</a></li><li><a href="https://www.smartkarma.com/insights/micron-s-earnings-and-broadcom-s-accelerators?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Micron's Earnings and Broadcom's Accelerators</a></li><li><a href="https://www.smartkarma.com/insights/crypto-crisp-larry-fink-vs-gary-gensler?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Crisp: Larry Fink vs. Gary Gensler</a></li><li><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Are Chair Powell and I on the Same Page?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/simpson-manufacturing-co-initiation-of-coverage-4-pivotal-factors-shaping-its-growth-trajectory-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Simpson Manufacturing Co.: Initiation Of Coverage - 4 Pivotal Factors Shaping Its Growth Trajectory! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on building construction product manufacturer, Simpson Manufacturing Company.</li><li>The company showcased strong execution in 2023 amid a challenging year, outperforming the housing market via robust customer demand and expansion of production lines.</li><li>With annual net sales of $2.2 billion, a 21.5% operating income margin, and a record $8.26 of earnings per diluted share, the company emerged resilient.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/energy-cable-62-biden-is-selling-crude-straddles-while-something-is-cooking-in-china?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Energy Cable #62: Biden is selling crude straddles, while something is cooking in China </a></h3><p></p><ul><li>Last week we took healthy profits in some of our global reflation bets.</li><li>We got out of silver and copper, but remain in the broad materials ETF.</li><li>Data out of China is a bit unclear with some prints being bullish and others bearish and then ambiguous data points such as the BOOMING copper stock. </li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/micron-s-earnings-and-broadcom-s-accelerators?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Micron's Earnings and Broadcom's Accelerators </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/457/original/image?1711420797"/> <ul><li>I wrote about this in my recent post about HBM, and it seems almost everything I talked about became true. HBM is going to bail out the memory markets meaningfully.</li><li>Let’s talk about earnings, but I was hoping you could keep this post in mind while I discuss Micron.</li><li><p>These are the kinds of beats we start to see when the cycle turns. Now, the stocks have begun to anticipate this, but given the pricing dynamics of HBM, I feel very confident in Micron’s ability to hit a new cycle high in profitability.</p></li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/crypto-crisp-larry-fink-vs-gary-gensler?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Crypto Crisp: Larry Fink vs. Gary Gensler </a></h3><p></p><ul><li>We are witnessing an unexpected showdown in the crypto world.</li><li>On one side stands Larry Fink, co-founder and CEO of BlackRock, the world’s largest asset manager.</li><li>On the opposite side is Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Are Chair Powell and I on the Same Page? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/438/original/image_68336532531711414100378.png?1711414100"/> <ul>
<li>The ongoing Fed pause puts emphasis on the interactions between financial conditions and headline growth </li>
<li>My proprietary measure of financial market conditions seems to be broadly consistent with the Fed Board’s indicator of financial conditions </li>
<li>Chair Powell alluded to the prospect that financial conditions are currently "weighing on economic activity" </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/simpson-manufacturing-co-initiation-of-coverage-4-pivotal-factors-shaping-its-growth-trajectory-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Simpson Manufacturing Co.: Initiation Of Coverage - 4 Pivotal Factors Shaping Its Growth Trajectory! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/energy-cable-62-biden-is-selling-crude-straddles-while-something-is-cooking-in-china?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Energy Cable #62: Biden is selling crude straddles, while something is cooking in China</a></li><li><a href="https://www.smartkarma.com/insights/micron-s-earnings-and-broadcom-s-accelerators?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Micron's Earnings and Broadcom's Accelerators</a></li><li><a href="https://www.smartkarma.com/insights/crypto-crisp-larry-fink-vs-gary-gensler?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Crisp: Larry Fink vs. Gary Gensler</a></li><li><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Are Chair Powell and I on the Same Page?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/simpson-manufacturing-co-initiation-of-coverage-4-pivotal-factors-shaping-its-growth-trajectory-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Simpson Manufacturing Co.: Initiation Of Coverage - 4 Pivotal Factors Shaping Its Growth Trajectory! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on building construction product manufacturer, Simpson Manufacturing Company.</li><li>The company showcased strong execution in 2023 amid a challenging year, outperforming the housing market via robust customer demand and expansion of production lines.</li><li>With annual net sales of $2.2 billion, a 21.5% operating income margin, and a record $8.26 of earnings per diluted share, the company emerged resilient.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/energy-cable-62-biden-is-selling-crude-straddles-while-something-is-cooking-in-china?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Energy Cable #62: Biden is selling crude straddles, while something is cooking in China </a></h3><p></p><ul><li>Last week we took healthy profits in some of our global reflation bets.</li><li>We got out of silver and copper, but remain in the broad materials ETF.</li><li>Data out of China is a bit unclear with some prints being bullish and others bearish and then ambiguous data points such as the BOOMING copper stock. </li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/micron-s-earnings-and-broadcom-s-accelerators?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Micron's Earnings and Broadcom's Accelerators </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/457/original/image?1711420797"/> <ul><li>I wrote about this in my recent post about HBM, and it seems almost everything I talked about became true. HBM is going to bail out the memory markets meaningfully.</li><li>Let’s talk about earnings, but I was hoping you could keep this post in mind while I discuss Micron.</li><li><p>These are the kinds of beats we start to see when the cycle turns. Now, the stocks have begun to anticipate this, but given the pricing dynamics of HBM, I feel very confident in Micron’s ability to hit a new cycle high in profitability.</p></li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/crypto-crisp-larry-fink-vs-gary-gensler?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Crypto Crisp: Larry Fink vs. Gary Gensler </a></h3><p></p><ul><li>We are witnessing an unexpected showdown in the crypto world.</li><li>On one side stands Larry Fink, co-founder and CEO of BlackRock, the world’s largest asset manager.</li><li>On the opposite side is Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Are Chair Powell and I on the Same Page? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/438/original/image_68336532531711414100378.png?1711414100"/> <ul>
<li>The ongoing Fed pause puts emphasis on the interactions between financial conditions and headline growth </li>
<li>My proprietary measure of financial market conditions seems to be broadly consistent with the Fed Board’s indicator of financial conditions </li>
<li>Chair Powell alluded to the prospect that financial conditions are currently "weighing on economic activity" </li>
</ul>2024-03-26T14:00:11+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "SSD@US"}, {"term": "Macroeconomics"}, {"term": "INDIA"}, {"term": "SAUDI ARABIA"}, {"term": "ISRAEL"}, {"term": "UKRAINE"}, {"term": "RUSSIA"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "CL1@COM@COMDTY"}, {"term": "USDCNY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "COPPER@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "MU@US"}, {"term": "AMD@US"}, {"term": "MRVL@US"}, {"term": "NVDA@US"}, {"term": "AVGO@US"}, {"term": "Crypto"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "XBTUSD@CURNCY"}, {"term": "XETUSD@CURNCY"}, {"term": "Macroeconomics"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "MACAU"}, {"term": "BRUNEI"}, {"term": "SRI LANKA"}, {"term": "SINGAPORE"}, {"term": "MONGOLIA"}, {"term": "VIETNAM"}, {"term": "HK"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "ARGENTINA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "MALAYSIA"}, {"term": "EGYPT"}, {"term": "CHILE"}, {"term": "THAILAND"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "INDONESIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "PHILIPPINES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "TURKEY"}, {"term": "KOREA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "SSD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SILVER@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AVGO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XETUSD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/2495158f-647b-375b-8b2d-4ccc917c43c7Brief USA: Episode 60: Takeaways, observations, and insights from Nvidia GTC and more2024-03-28T22:17:24.093581+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/episode-60-takeaways-observations-and-insights-from-nvidia-gtc?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Episode 60: Takeaways, observations, and insights from Nvidia GTC</a></li><li><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities</a></li><li><a href="https://www.smartkarma.com/insights/tesla-q1-trends-rockslide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Tesla Q1 Trends: Rockslide</a></li><li><a href="https://www.smartkarma.com/insights/fallacy-alarm-s-elevator-pitch-party?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fallacy Alarm's Elevator Pitch Party</a></li><li><a href="https://www.smartkarma.com/insights/weekly-note-bulls-are-still-loose-japan-shifts-gear-and-europeans-start-to-talk-about-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly note – Bulls are still loose, Japan shifts gear and Europeans start to talk about AI</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/episode-60-takeaways-observations-and-insights-from-nvidia-gtc?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Episode 60: Takeaways, observations, and insights from Nvidia GTC </a></h3><p></p><ul><li>Jensen Huang showcased Nvidia's dominance in the data center during his keynote address</li><li>Nvidia's new Blackwell architecture involves stitching together two monolithic cores, not using chiplets, to create a single functioning chip</li><li>The innovation behind Blackwell and its impact on Nvidia's technological advancements were not fully appreciated during the event, highlighting the complexity and ingenuity of the design.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/353/original/image_24348615151711362500160.png?1711362501"/> <ul>
<li>Central banks have set the stage for the next inflationary wave by moving to an easing bias despite higher inflation</li>
<li>The Federal Reserve, the BoJ, the ECB and the SNB all tilt to easing</li>
<li>US deficit spending together with China and Germany exiting an industrial recession bode well for industrial commodities</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/tesla-q1-trends-rockslide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Tesla Q1 Trends: Rockslide </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/426/original/image?1711404087"/> <ul>
<li>You know it's bad when Tesla's delivery trends blow through even my lowest estimates, which already had trailed market projections.</li>
<li>With no help from the hapless CyberTruck which, not surprisingly, continues to shoot Tesla in the foot.</li>
<li>See my latest Q1 and full-year estimates—which still prove to be too high.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/fallacy-alarm-s-elevator-pitch-party?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Fallacy Alarm's Elevator Pitch Party </a></h3><p></p><ul><li>Fiscal spending has been the key driver for this bull market as it reaccelerated in late 2022 following the inflation and subsequent interest rate shock.</li><li>This impulse will likely diminish over the next months. It will be replaced by a credit impulse from rate cuts, the first few of which will be very powerful.</li><li>Market mechanics will be accommodating. Leverage in the system is low. In fact, the pain trade is still higher.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/weekly-note-bulls-are-still-loose-japan-shifts-gear-and-europeans-start-to-talk-about-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Weekly note – Bulls are still loose, Japan shifts gear and Europeans start to talk about AI </a></h3><p></p><ul><li>In straightforward terms, we are still in a risk-on environment with many analysts and market observers now thinking that US equities – a key momentum driver for all risk assets – are heading towards 6000 at some stage.</li><li>The chart below from analysts at French investment bank SocGen is a useful tool for quickly mapping global, cross-asset class sentiment.</li><li>It measures “<em>market sentiment by looking at the short-term dynamics of six risk-related variables across different asset classes. </em></li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/episode-60-takeaways-observations-and-insights-from-nvidia-gtc?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Episode 60: Takeaways, observations, and insights from Nvidia GTC</a></li><li><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities</a></li><li><a href="https://www.smartkarma.com/insights/tesla-q1-trends-rockslide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Tesla Q1 Trends: Rockslide</a></li><li><a href="https://www.smartkarma.com/insights/fallacy-alarm-s-elevator-pitch-party?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fallacy Alarm's Elevator Pitch Party</a></li><li><a href="https://www.smartkarma.com/insights/weekly-note-bulls-are-still-loose-japan-shifts-gear-and-europeans-start-to-talk-about-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly note – Bulls are still loose, Japan shifts gear and Europeans start to talk about AI</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/episode-60-takeaways-observations-and-insights-from-nvidia-gtc?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Episode 60: Takeaways, observations, and insights from Nvidia GTC </a></h3><p></p><ul><li>Jensen Huang showcased Nvidia's dominance in the data center during his keynote address</li><li>Nvidia's new Blackwell architecture involves stitching together two monolithic cores, not using chiplets, to create a single functioning chip</li><li>The innovation behind Blackwell and its impact on Nvidia's technological advancements were not fully appreciated during the event, highlighting the complexity and ingenuity of the design.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/353/original/image_24348615151711362500160.png?1711362501"/> <ul>
<li>Central banks have set the stage for the next inflationary wave by moving to an easing bias despite higher inflation</li>
<li>The Federal Reserve, the BoJ, the ECB and the SNB all tilt to easing</li>
<li>US deficit spending together with China and Germany exiting an industrial recession bode well for industrial commodities</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/tesla-q1-trends-rockslide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Tesla Q1 Trends: Rockslide </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/426/original/image?1711404087"/> <ul>
<li>You know it's bad when Tesla's delivery trends blow through even my lowest estimates, which already had trailed market projections.</li>
<li>With no help from the hapless CyberTruck which, not surprisingly, continues to shoot Tesla in the foot.</li>
<li>See my latest Q1 and full-year estimates—which still prove to be too high.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/fallacy-alarm-s-elevator-pitch-party?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Fallacy Alarm's Elevator Pitch Party </a></h3><p></p><ul><li>Fiscal spending has been the key driver for this bull market as it reaccelerated in late 2022 following the inflation and subsequent interest rate shock.</li><li>This impulse will likely diminish over the next months. It will be replaced by a credit impulse from rate cuts, the first few of which will be very powerful.</li><li>Market mechanics will be accommodating. Leverage in the system is low. In fact, the pain trade is still higher.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/weekly-note-bulls-are-still-loose-japan-shifts-gear-and-europeans-start-to-talk-about-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Weekly note – Bulls are still loose, Japan shifts gear and Europeans start to talk about AI </a></h3><p></p><ul><li>In straightforward terms, we are still in a risk-on environment with many analysts and market observers now thinking that US equities – a key momentum driver for all risk assets – are heading towards 6000 at some stage.</li><li>The chart below from analysts at French investment bank SocGen is a useful tool for quickly mapping global, cross-asset class sentiment.</li><li>It measures “<em>market sentiment by looking at the short-term dynamics of six risk-related variables across different asset classes. </em></li></ul>2024-03-26T09:21:22+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "NVDA@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "BRAZIL"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "PUERTO RICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "3330@HK"}, {"term": "2099@HK"}, {"term": "601088@CH"}, {"term": "1088@HK"}, {"term": "1898@HK"}, {"term": "1171@HK"}, {"term": "883@HK"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "TSLA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "ROOT@US"}, {"term": "LMND@US"}, {"term": "META@US"}, {"term": "KRE@US"}, {"term": "XLE@US"}, {"term": "RKT@US"}, {"term": "WGO@US"}, {"term": "ABNB@US"}, {"term": "TSLA@US"}, {"term": "CVNA@US"}, {"term": "Cross Asset Strategy"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "NVDA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "883@HK", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TSLA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CVNA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/a5e3652d-f8f4-382b-9fd4-f6781fa43193Brief USA: Furniture/Furnishings Weekly - SCS Results In Line; Home Sales Surprise on the Upside and more2024-03-28T22:17:24.086715+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-scs-results-in-line-home-sales-surprise-on-the-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Furniture/Furnishings Weekly - SCS Results In Line; Home Sales Surprise on the Upside</a></li><li><a href="https://www.smartkarma.com/insights/ecvt-rearranging-the-year-not-cash-flow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ECVT: Rearranging the Year, Not Cash Flow</a></li><li><a href="https://www.smartkarma.com/insights/approval-timeline-decelerated-model-tweak-for-odronextamab-crl?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Approval Timeline Decelerated, Model Tweak for Odronextamab CRL</a></li><li><a href="https://www.smartkarma.com/insights/announces-retirement-of-cfo-glenn-macinnes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Announces Retirement of CFO Glenn MacInnes</a></li><li><a href="https://www.smartkarma.com/insights/quick-thoughts-on-ceo-departure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Quick Thoughts on CEO Departure</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-scs-results-in-line-home-sales-surprise-on-the-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Furniture/Furnishings Weekly - SCS Results In Line; Home Sales Surprise on the Upside </a></h3><p></p><ul><li>Steelcase delivered a solid fourth quarter and provided guidance consistent with our pre-release outlook.</li><li>Orders and pre-order customer activity remains positive. The results confirm that the post-pandemic slump in office furniture is ending, if not over.</li><li>Corporate customers are more active, particularly in the US.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ecvt-rearranging-the-year-not-cash-flow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. ECVT: Rearranging the Year, Not Cash Flow </a></h3><p></p><ul>
<li>The macroeconomic conditions continue to pose as a tailwind for Ecovyst (ECVT) with commodity prices holding and the USA’s GDP expected to remain positive in 2024</li>
<li>ECVT faced several challenges in 2023 that should be a non-factor in 2024’s financial results. ECVT has already set expectations for a soft first half of the year</li>
<li>The scheduled maintenance cycle at oil refineries played a role in ECVT’s fourth quarter results and how ECVT is projecting 2024 to pan out</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/approval-timeline-decelerated-model-tweak-for-odronextamab-crl?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Approval Timeline Decelerated, Model Tweak for Odronextamab CRL </a></h3><p></p><ul><li>Monday morning, before market open, Regeneron announced that it had received complete response letters (CRLs) for odronextamab in follicular lymphoma (FL) and diffuse large B-cell lymphoma (DLBCL) for the BLA submitted based on outcomes from the Phase 1 ELM-1 study and pivotal Phase 2 ELM-2 trial.</li><li>The drug was up for accelerated approval, and the CRLs, per the company, were not the result of deficiencies in the safety, efficacy, or manufacturing of the drug in these settings, but instead the lack of visibility/agreement with the FDA on the timelines for the confirmatory portion of ongoing Phase 3 studies.</li><li>Regeneron is currently running numerous Phase 3 studies of odronextamab, however the FDA required it to include dose finding/safety run-in periods for these studies, which have not yet completed as they’ve all been initiated fairly recently.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/announces-retirement-of-cfo-glenn-macinnes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Announces Retirement of CFO Glenn MacInnes </a></h3><p></p><ul><li>Event: This evening, Outperform-rated Webster Financial (WBS) announced that Chief Financial Officer, Glenn MacInnes, intends to retire (LINK).</li><li>Specifically, Mr.</li><li>MacInnes will continue to operate as CFO until a new successor is announced; subsequently, he will serve in an advisory capacity to ensure a smooth transition with the newly-appointed CFO. Webster has retained the executive search firm Spencer Stuart to assist in conducting their search for a new CFO.Our take: Mr.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/quick-thoughts-on-ceo-departure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Quick Thoughts on CEO Departure </a></h3><p></p><ul><li>This morning, LPRO announced that Keith Jezek is stepping down as CEO and from the Board of Directors, and CFO Charles Jehl will also become Chief Operating Officer and Interim CEO, effective immediately (as well as keep current CFO duties in the interim).</li><li>While it is disappointing that Keith is moving on, it appears to be a personal decision.</li><li>Importantly, the 1Q cert guide was reiterated, and while there were no comments on the revenue/EBITDA outlook, this is likely related to ASC 606 and the fact the company won’t have a clear view until after the quarter as it involves several forward-looking indicators (Manheim, loss rates, etc).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-scs-results-in-line-home-sales-surprise-on-the-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Furniture/Furnishings Weekly - SCS Results In Line; Home Sales Surprise on the Upside</a></li><li><a href="https://www.smartkarma.com/insights/ecvt-rearranging-the-year-not-cash-flow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ECVT: Rearranging the Year, Not Cash Flow</a></li><li><a href="https://www.smartkarma.com/insights/approval-timeline-decelerated-model-tweak-for-odronextamab-crl?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Approval Timeline Decelerated, Model Tweak for Odronextamab CRL</a></li><li><a href="https://www.smartkarma.com/insights/announces-retirement-of-cfo-glenn-macinnes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Announces Retirement of CFO Glenn MacInnes</a></li><li><a href="https://www.smartkarma.com/insights/quick-thoughts-on-ceo-departure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Quick Thoughts on CEO Departure</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-scs-results-in-line-home-sales-surprise-on-the-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Furniture/Furnishings Weekly - SCS Results In Line; Home Sales Surprise on the Upside </a></h3><p></p><ul><li>Steelcase delivered a solid fourth quarter and provided guidance consistent with our pre-release outlook.</li><li>Orders and pre-order customer activity remains positive. The results confirm that the post-pandemic slump in office furniture is ending, if not over.</li><li>Corporate customers are more active, particularly in the US.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ecvt-rearranging-the-year-not-cash-flow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. ECVT: Rearranging the Year, Not Cash Flow </a></h3><p></p><ul>
<li>The macroeconomic conditions continue to pose as a tailwind for Ecovyst (ECVT) with commodity prices holding and the USA’s GDP expected to remain positive in 2024</li>
<li>ECVT faced several challenges in 2023 that should be a non-factor in 2024’s financial results. ECVT has already set expectations for a soft first half of the year</li>
<li>The scheduled maintenance cycle at oil refineries played a role in ECVT’s fourth quarter results and how ECVT is projecting 2024 to pan out</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/approval-timeline-decelerated-model-tweak-for-odronextamab-crl?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Approval Timeline Decelerated, Model Tweak for Odronextamab CRL </a></h3><p></p><ul><li>Monday morning, before market open, Regeneron announced that it had received complete response letters (CRLs) for odronextamab in follicular lymphoma (FL) and diffuse large B-cell lymphoma (DLBCL) for the BLA submitted based on outcomes from the Phase 1 ELM-1 study and pivotal Phase 2 ELM-2 trial.</li><li>The drug was up for accelerated approval, and the CRLs, per the company, were not the result of deficiencies in the safety, efficacy, or manufacturing of the drug in these settings, but instead the lack of visibility/agreement with the FDA on the timelines for the confirmatory portion of ongoing Phase 3 studies.</li><li>Regeneron is currently running numerous Phase 3 studies of odronextamab, however the FDA required it to include dose finding/safety run-in periods for these studies, which have not yet completed as they’ve all been initiated fairly recently.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/announces-retirement-of-cfo-glenn-macinnes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Announces Retirement of CFO Glenn MacInnes </a></h3><p></p><ul><li>Event: This evening, Outperform-rated Webster Financial (WBS) announced that Chief Financial Officer, Glenn MacInnes, intends to retire (LINK).</li><li>Specifically, Mr.</li><li>MacInnes will continue to operate as CFO until a new successor is announced; subsequently, he will serve in an advisory capacity to ensure a smooth transition with the newly-appointed CFO. Webster has retained the executive search firm Spencer Stuart to assist in conducting their search for a new CFO.Our take: Mr.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/quick-thoughts-on-ceo-departure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Quick Thoughts on CEO Departure </a></h3><p></p><ul><li>This morning, LPRO announced that Keith Jezek is stepping down as CEO and from the Board of Directors, and CFO Charles Jehl will also become Chief Operating Officer and Interim CEO, effective immediately (as well as keep current CFO duties in the interim).</li><li>While it is disappointing that Keith is moving on, it appears to be a personal decision.</li><li>Importantly, the 1Q cert guide was reiterated, and while there were no comments on the revenue/EBITDA outlook, this is likely related to ASC 606 and the fact the company won’t have a clear view until after the quarter as it involves several forward-looking indicators (Manheim, loss rates, etc).</li></ul>2024-03-26T04:40:02+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "PRPL@US"}, {"term": "LZB@US"}, {"term": "LOVE@US"}, {"term": "LEG@US"}, {"term": "HOFT@US"}, {"term": "FLXS@US"}, {"term": "ETD@US"}, {"term": "CULP@US"}, {"term": "BSET@US"}, {"term": "SCS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "VALUE"}, {"term": "NORTH AMERICA"}, {"term": "ECVT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "REGN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "WBS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "LPRO@US"}, {"term": "SCS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ECVT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "REGN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WBS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LPRO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/0d9f0306-76f4-3f92-8ef4-0747800da7fcBrief USA: Fund Managers Commodity Positioning // Cocoa’s Historic Run Continues… and more2024-03-28T22:17:24.075866+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fund-managers-commodity-positioning-cocoa-s-historic-run-continues?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fund Managers Commodity Positioning // Cocoa’s Historic Run Continues…</a></li><li><a href="https://www.smartkarma.com/insights/vra-snapping-the-store-belle-shines-getting-new-day-ready-reiterate-buy-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">VRA: Snapping the Store: Belle Shines, Getting New Day Ready, Reiterate Buy, PT</a></li><li><a href="https://www.smartkarma.com/insights/elf-beauty-inc-stcb-4q-preview-shooting-higher-in-2024-reiterate-buy-0-25-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">elf Beauty Inc - STCB: 4Q Preview; Shooting Higher in 2024; Reiterate Buy, $0.25 PT</a></li><li><a href="https://www.smartkarma.com/insights/baozun-bzun-us-gap-revitalization-making-good-progress?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Baozun (BZUN US) - GAP Revitalization Making Good Progress</a></li><li><a href="https://www.smartkarma.com/insights/ktx-ahead-commodities-from-destocking-to-restocking-march-25-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ktx Ahead - Commodities: From “destocking to Restocking” - MARCH 25, 2024</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fund-managers-commodity-positioning-cocoa-s-historic-run-continues?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Fund Managers Commodity Positioning // Cocoa’s Historic Run Continues… </a></h3><p></p><ul><li>Fund Manager Positioning In March fund managers added to their energy position but reduced overall commodities like grains, softs and metals on a MoM basis — the latest BofA survey shows.</li><li>Investors have been underweight commodities now for the past 4 months (longest underweight streak since Aug'19) Compared to the past 20-year z-score, fund managers remain heavily underweight in commodities and even more in energy.</li><li>In March fund managers added to their energy position but reduced overall commodities like grains, softs and metals on a MoM basis — the latest BofA survey shows.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/vra-snapping-the-store-belle-shines-getting-new-day-ready-reiterate-buy-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. VRA: Snapping the Store: Belle Shines, Getting New Day Ready, Reiterate Buy, PT </a></h3><p></p><ul><li>We are reiterating our Buy rating, $10 price target and projections for Vera Bradley after visiting stores in Connecticut and Long Island.</li><li>We believe, as we near the launch of management's full vision for Vera Bradley in July, both the outlets and main line locations increasingly reflect what is being added and what will be discarded in the shift.</li><li>As such, we are seeing less inventory, especially in the outlet stores, flow in; further, there is an increasing emphasis on core categories, especially handbags, totes and luggage.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/elf-beauty-inc-stcb-4q-preview-shooting-higher-in-2024-reiterate-buy-0-25-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. elf Beauty Inc - STCB: 4Q Preview; Shooting Higher in 2024; Reiterate Buy, $0.25 PT </a></h3><p></p><ul><li>We are reiterating our Buy rating and $0.25 price target for Starco Brands with the company announcing 4Q23 (December) results after the close on Monday.</li><li>We believe 2024, with a full compliment of unique, value-added brands which leverage Starco's aerosol and marketing infrastructure in hand, and a laser focus on adding key categories and new relationships, is shaping up as another year of material progress for Starco.</li><li>We believe there are also continued margin expansion opportunities from both economies of scale and the company's manufacturing expertise.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/baozun-bzun-us-gap-revitalization-making-good-progress?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Baozun (BZUN US) - GAP Revitalization Making Good Progress </a></h3><p></p><ul><li>Baozun delivered mixed 4Q23 results with in-line revenue (+9% YoY) but soft bottom line.</li><li>For 1Q24E, we expect a low-single-digit YoY decline in revenue, with a net loss position, for slower BEC (Baozun E-commerce) recovery with soft consumption sentiment.</li><li>Despite that, BBM (Baozun Brand Management) was making good progress, and we expect BBM to see 20% YoY revenue growth in FY24E, backed by brand revitalization, new store opening and scaling back of discounts. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ktx-ahead-commodities-from-destocking-to-restocking-march-25-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Ktx Ahead - Commodities: From “destocking to Restocking” - MARCH 25, 2024 </a></h3><p></p><ul><li><strong>China</strong>: As a result of the economic stimulus, China’s economic figures in February 2024 recovered, with exports at +7.1% YoY (vs. +2.3% YoY in January), headline inflation at +0.7% YoY (vs. -0.8% YoY in the previous month), industrial output at +7.0% YoY (vs. +6.8% YoY), the Caixin manufacturing PMI at 50.9 (vs. 50.8), and fixed asset investment at +4.2% YoY (vs. +3.0% YoY) (Figure 1).</li><li><strong>Japan</strong>: The BoJ ended its ultra-low interest rate policy after key economic data returned to normal: i) the Tokyo CPI marked at +2.6% YoY in February, higher than the average of +2.4% during 1971-2024 and the target of +2.0%; ii) the economy managed to avoid a technical recession after the 4Q23 GDP returned to expansion at +0.1% QoQ; and iii) Japan’s largest labor union reached an agreement to increase wages by 5.25%, the highest in 30 years (Figure 2).</li><li><p><strong>The UK</strong>: The economy has begun to show signs of recovery in 1Q24 after GDP in January 2024 managed to expand again (+0.2% MoM vs. -0.1% MoM in December 2023). Meanwhile, monthly inflation in February returned to accelerate sharply at +0.6% MoM (vs. -0.6% MoM in January); this prompted the BoE to maintain its policy interest rate at the highest level of 5.25% for the fifth consecutive month.</p></li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fund-managers-commodity-positioning-cocoa-s-historic-run-continues?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fund Managers Commodity Positioning // Cocoa’s Historic Run Continues…</a></li><li><a href="https://www.smartkarma.com/insights/vra-snapping-the-store-belle-shines-getting-new-day-ready-reiterate-buy-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">VRA: Snapping the Store: Belle Shines, Getting New Day Ready, Reiterate Buy, PT</a></li><li><a href="https://www.smartkarma.com/insights/elf-beauty-inc-stcb-4q-preview-shooting-higher-in-2024-reiterate-buy-0-25-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">elf Beauty Inc - STCB: 4Q Preview; Shooting Higher in 2024; Reiterate Buy, $0.25 PT</a></li><li><a href="https://www.smartkarma.com/insights/baozun-bzun-us-gap-revitalization-making-good-progress?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Baozun (BZUN US) - GAP Revitalization Making Good Progress</a></li><li><a href="https://www.smartkarma.com/insights/ktx-ahead-commodities-from-destocking-to-restocking-march-25-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ktx Ahead - Commodities: From “destocking to Restocking” - MARCH 25, 2024</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fund-managers-commodity-positioning-cocoa-s-historic-run-continues?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Fund Managers Commodity Positioning // Cocoa’s Historic Run Continues… </a></h3><p></p><ul><li>Fund Manager Positioning In March fund managers added to their energy position but reduced overall commodities like grains, softs and metals on a MoM basis — the latest BofA survey shows.</li><li>Investors have been underweight commodities now for the past 4 months (longest underweight streak since Aug'19) Compared to the past 20-year z-score, fund managers remain heavily underweight in commodities and even more in energy.</li><li>In March fund managers added to their energy position but reduced overall commodities like grains, softs and metals on a MoM basis — the latest BofA survey shows.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/vra-snapping-the-store-belle-shines-getting-new-day-ready-reiterate-buy-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. VRA: Snapping the Store: Belle Shines, Getting New Day Ready, Reiterate Buy, PT </a></h3><p></p><ul><li>We are reiterating our Buy rating, $10 price target and projections for Vera Bradley after visiting stores in Connecticut and Long Island.</li><li>We believe, as we near the launch of management's full vision for Vera Bradley in July, both the outlets and main line locations increasingly reflect what is being added and what will be discarded in the shift.</li><li>As such, we are seeing less inventory, especially in the outlet stores, flow in; further, there is an increasing emphasis on core categories, especially handbags, totes and luggage.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/elf-beauty-inc-stcb-4q-preview-shooting-higher-in-2024-reiterate-buy-0-25-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. elf Beauty Inc - STCB: 4Q Preview; Shooting Higher in 2024; Reiterate Buy, $0.25 PT </a></h3><p></p><ul><li>We are reiterating our Buy rating and $0.25 price target for Starco Brands with the company announcing 4Q23 (December) results after the close on Monday.</li><li>We believe 2024, with a full compliment of unique, value-added brands which leverage Starco's aerosol and marketing infrastructure in hand, and a laser focus on adding key categories and new relationships, is shaping up as another year of material progress for Starco.</li><li>We believe there are also continued margin expansion opportunities from both economies of scale and the company's manufacturing expertise.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/baozun-bzun-us-gap-revitalization-making-good-progress?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Baozun (BZUN US) - GAP Revitalization Making Good Progress </a></h3><p></p><ul><li>Baozun delivered mixed 4Q23 results with in-line revenue (+9% YoY) but soft bottom line.</li><li>For 1Q24E, we expect a low-single-digit YoY decline in revenue, with a net loss position, for slower BEC (Baozun E-commerce) recovery with soft consumption sentiment.</li><li>Despite that, BBM (Baozun Brand Management) was making good progress, and we expect BBM to see 20% YoY revenue growth in FY24E, backed by brand revitalization, new store opening and scaling back of discounts. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ktx-ahead-commodities-from-destocking-to-restocking-march-25-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Ktx Ahead - Commodities: From “destocking to Restocking” - MARCH 25, 2024 </a></h3><p></p><ul><li><strong>China</strong>: As a result of the economic stimulus, China’s economic figures in February 2024 recovered, with exports at +7.1% YoY (vs. +2.3% YoY in January), headline inflation at +0.7% YoY (vs. -0.8% YoY in the previous month), industrial output at +7.0% YoY (vs. +6.8% YoY), the Caixin manufacturing PMI at 50.9 (vs. 50.8), and fixed asset investment at +4.2% YoY (vs. +3.0% YoY) (Figure 1).</li><li><strong>Japan</strong>: The BoJ ended its ultra-low interest rate policy after key economic data returned to normal: i) the Tokyo CPI marked at +2.6% YoY in February, higher than the average of +2.4% during 1971-2024 and the target of +2.0%; ii) the economy managed to avoid a technical recession after the 4Q23 GDP returned to expansion at +0.1% QoQ; and iii) Japan’s largest labor union reached an agreement to increase wages by 5.25%, the highest in 30 years (Figure 2).</li><li><p><strong>The UK</strong>: The economy has begun to show signs of recovery in 1Q24 after GDP in January 2024 managed to expand again (+0.2% MoM vs. -0.1% MoM in December 2023). Meanwhile, monthly inflation in February returned to accelerate sharply at +0.6% MoM (vs. -0.6% MoM in January); this prompted the BoE to maintain its policy interest rate at the highest level of 5.25% for the fifth consecutive month.</p></li></ul>2024-03-25T21:07:43+08:00[{"term": "Commodities"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "CCA@COMDTY"}, {"term": "XB1@COMDTY"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "BOA@COMDTY"}, {"term": "KOA@COMDTY"}, {"term": "CL1@COM@COMDTY"}, {"term": "COPPER@COMDTY"}, {"term": "PLATINUM@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "GOLD@COMDTY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "VRA@US"}, {"term": "TPR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ELF@US"}, {"term": "IPAR@US"}, {"term": "EPC@US"}, {"term": "EL@US"}, {"term": "DGE@LN"}, {"term": "COTY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "BZUN@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "THAILAND"}, {"term": "UNITED KINGDOM"}, {"term": "JAPAN"}, {"term": "CHINA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "ASEAN"}, {"term": "GOLD@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TPR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "COTY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BZUN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/a4e5cca1-e0fe-3b63-8361-b0f47843a79aBrief USA: Commodities - Overall - Raymond James Energy Daily Update and more2024-03-28T22:17:24.068346+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-e72a6859-64a5-4494-8a27-73cb48e43c10?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/downgrade-to-market-perform-more-balanced-risk-reward-nt-comps-soft-as-enter-key-comp-test?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrade to Market Perform; More Balanced Risk/Reward; NT Comps Soft as Enter Key Comp Test</a></li><li><a href="https://www.smartkarma.com/insights/shedding-consumer-the-right-shareholder-friendly-move?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Shedding Consumer, the Right (Shareholder Friendly) Move</a></li><li><a href="https://www.smartkarma.com/insights/samsonite-1910-hk-dual-listing-musings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Samsonite (1910 HK): Dual-Listing Musings</a></li><li><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-e007caf6-5a91-4ced-93c0-0ebb7675f324?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating EPS Estimates Ahead of 1Q24 Earnings</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-e72a6859-64a5-4494-8a27-73cb48e43c10?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul>
<li>SUMMARYLast Friday’sISIS attackat a Moscow-area concert hall highlighted how the threat of terrorism remains a depressing reality around the world.</li>
<li>Meanwhile, Russia is continuing its missile strikes against Ukrainian power plants, and Ukraine is fighting back with a similar tactic:drone strikes against Russian refineries.</li>
<li>The Ukrainian drone strikes are so effective thatWashington has asked Ukraineto exercise restraint in this regard, given the knock-on effects for the global oil market.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/downgrade-to-market-perform-more-balanced-risk-reward-nt-comps-soft-as-enter-key-comp-test?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Downgrade to Market Perform; More Balanced Risk/Reward; NT Comps Soft as Enter Key Comp Test </a></h3><p></p><ul>
<li>We are downgrading our rating on PLAY to Market Perform from Outperform ahead of the company’s F4Q (ended February 4) release scheduled for Tuesday, April 2 (AMC).</li>
<li>We see a more balanced risk/reward following the stock’s strong recent gains and as the story enters an important phase where y/y comps need to turn positive (by May, in our view) to support the bull case.</li>
<li>Near-term Comp Setup: We see risk to F4Q comps (RJE down 7.5%) and F1Q comp expectations (May; lowering RJE to down 2% vs. consensus down 0.3%).</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/shedding-consumer-the-right-shareholder-friendly-move?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Shedding Consumer, the Right (Shareholder Friendly) Move </a></h3><p></p><ul>
<li>News: After the close on Friday, MASI announced (8k here) that it will explore separating its Consumer business (~38% of revenue, ~8% of EPS, RJe) from its core Healthcare business.</li>
<li>While the news is not surprising, the timing is earlier than expected as management has consistently talked about a mid-2025 decision timeframe (roughly three years after the Sound United deal closed).</li>
<li>That said, given the likely proxy battle that we expect to play out over the next few months, the timing should not be a shock to investors.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/samsonite-1910-hk-dual-listing-musings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Samsonite (1910 HK): Dual-Listing Musings </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/318/original/image_12940198121711354909550.png?1711354910"/> <ul>
<li>It seems like every week, Bloomberg reports a HK-listed company weighing privatisation options. <strong><a data-smartkarma-citation="entities:289:1" href="https://www.smartkarma.com/entities/hkbn-ltd" rel="noopener" target="_blank">HKBN (1310 HK)</a></strong>, <a data-smartkarma-citation="entities:27983:1" href="https://www.smartkarma.com/entities/esr-group-ltd" rel="noopener" target="_blank"><strong>ESR (1821 HK)</strong></a>, and <strong><a data-smartkarma-citation="entities:12790:1" href="https://www.smartkarma.com/entities/samsonite-international-sa" rel="noopener" target="_blank">Samsonite (1910 HK)</a></strong> have all been rumoured of late.</li>
<li>Last Friday, Samsonite <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0322/2024032200048.pdf" rel="noopener" target="_blank">announced</a> it was focused on pursuing the listing of its shares on a second exchange.</li>
<li>No preferred exchange was mentioned. Nor whether the goal is to secure a dual primary listing, or a secondary listing. A buyout, for now, <em>appears</em> to be on the backburner.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-e007caf6-5a91-4ced-93c0-0ebb7675f324?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Updating EPS Estimates Ahead of 1Q24 Earnings </a></h3><p></p><ul>
<li>We are reaffirming our Market Perform rating on Brighthouse Financial (BHF).</li>
<li>BHF has a solid track record of managing its annuities, life segments and the recent interest rate hedges put in place.</li>
<li>But, it is a macro sensitive name given its concentration in equity market and interest rate sensitive businesses.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-e72a6859-64a5-4494-8a27-73cb48e43c10?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/downgrade-to-market-perform-more-balanced-risk-reward-nt-comps-soft-as-enter-key-comp-test?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrade to Market Perform; More Balanced Risk/Reward; NT Comps Soft as Enter Key Comp Test</a></li><li><a href="https://www.smartkarma.com/insights/shedding-consumer-the-right-shareholder-friendly-move?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Shedding Consumer, the Right (Shareholder Friendly) Move</a></li><li><a href="https://www.smartkarma.com/insights/samsonite-1910-hk-dual-listing-musings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Samsonite (1910 HK): Dual-Listing Musings</a></li><li><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-e007caf6-5a91-4ced-93c0-0ebb7675f324?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating EPS Estimates Ahead of 1Q24 Earnings</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-e72a6859-64a5-4494-8a27-73cb48e43c10?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul>
<li>SUMMARYLast Friday’sISIS attackat a Moscow-area concert hall highlighted how the threat of terrorism remains a depressing reality around the world.</li>
<li>Meanwhile, Russia is continuing its missile strikes against Ukrainian power plants, and Ukraine is fighting back with a similar tactic:drone strikes against Russian refineries.</li>
<li>The Ukrainian drone strikes are so effective thatWashington has asked Ukraineto exercise restraint in this regard, given the knock-on effects for the global oil market.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/downgrade-to-market-perform-more-balanced-risk-reward-nt-comps-soft-as-enter-key-comp-test?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Downgrade to Market Perform; More Balanced Risk/Reward; NT Comps Soft as Enter Key Comp Test </a></h3><p></p><ul>
<li>We are downgrading our rating on PLAY to Market Perform from Outperform ahead of the company’s F4Q (ended February 4) release scheduled for Tuesday, April 2 (AMC).</li>
<li>We see a more balanced risk/reward following the stock’s strong recent gains and as the story enters an important phase where y/y comps need to turn positive (by May, in our view) to support the bull case.</li>
<li>Near-term Comp Setup: We see risk to F4Q comps (RJE down 7.5%) and F1Q comp expectations (May; lowering RJE to down 2% vs. consensus down 0.3%).</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/shedding-consumer-the-right-shareholder-friendly-move?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Shedding Consumer, the Right (Shareholder Friendly) Move </a></h3><p></p><ul>
<li>News: After the close on Friday, MASI announced (8k here) that it will explore separating its Consumer business (~38% of revenue, ~8% of EPS, RJe) from its core Healthcare business.</li>
<li>While the news is not surprising, the timing is earlier than expected as management has consistently talked about a mid-2025 decision timeframe (roughly three years after the Sound United deal closed).</li>
<li>That said, given the likely proxy battle that we expect to play out over the next few months, the timing should not be a shock to investors.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/samsonite-1910-hk-dual-listing-musings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Samsonite (1910 HK): Dual-Listing Musings </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/318/original/image_12940198121711354909550.png?1711354910"/> <ul>
<li>It seems like every week, Bloomberg reports a HK-listed company weighing privatisation options. <strong><a data-smartkarma-citation="entities:289:1" href="https://www.smartkarma.com/entities/hkbn-ltd" rel="noopener" target="_blank">HKBN (1310 HK)</a></strong>, <a data-smartkarma-citation="entities:27983:1" href="https://www.smartkarma.com/entities/esr-group-ltd" rel="noopener" target="_blank"><strong>ESR (1821 HK)</strong></a>, and <strong><a data-smartkarma-citation="entities:12790:1" href="https://www.smartkarma.com/entities/samsonite-international-sa" rel="noopener" target="_blank">Samsonite (1910 HK)</a></strong> have all been rumoured of late.</li>
<li>Last Friday, Samsonite <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0322/2024032200048.pdf" rel="noopener" target="_blank">announced</a> it was focused on pursuing the listing of its shares on a second exchange.</li>
<li>No preferred exchange was mentioned. Nor whether the goal is to secure a dual primary listing, or a secondary listing. A buyout, for now, <em>appears</em> to be on the backburner.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-e007caf6-5a91-4ced-93c0-0ebb7675f324?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Updating EPS Estimates Ahead of 1Q24 Earnings </a></h3><p></p><ul>
<li>We are reaffirming our Market Perform rating on Brighthouse Financial (BHF).</li>
<li>BHF has a solid track record of managing its annuities, life segments and the recent interest rate hedges put in place.</li>
<li>But, it is a macro sensitive name given its concentration in equity market and interest rate sensitive businesses.</li>
</ul>2024-03-25T19:15:15+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PLAY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MASI@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "NORTH AMERICA"}, {"term": "1910@HK"}, {"term": "COMBA@SP"}, {"term": "2342@HK"}, {"term": "1299@HK"}, {"term": "@2378@HK"}, {"term": "807@HK"}, {"term": "SIIC@SP"}, {"term": "1821@HK"}, {"term": "1310@HK"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BHF@US"}, {"term": "PLAY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MASI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "1310@HK", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BHF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/6be363f1-5798-39d8-b737-76aff734a201Brief USA: Insurance - Overall - Insurance and more2024-03-28T22:17:24.055674+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-2023-commercial-lines-loss-pick-analysis-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insurance - Overall - Insurance</a></li><li><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-as-recent-rally-has-pushed-the-stock-into-fair-value-territory?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrading to Market Perform, as Recent Rally Has Pushed the Stock Into Fair Value Territory</a></li><li><a href="https://www.smartkarma.com/insights/ipp-clean-tech-energy-stat-whichever-way-india-s-election-goes-diversification-away-from-coal-will-be-a-key-trend-to-watch?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IPP - Clean Tech</a></li><li><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-examining-trends-in-commercial-re-loan-commitment-activity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Banking</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-business-development-company-weekly-f2b568cb-7096-4f50-8bb9-295f3c66304a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-2023-commercial-lines-loss-pick-analysis-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Insurance - Overall - Insurance </a></h3><p></p><ul>
<li>Takeaways and OutlookThe consolidated P&C industry reported a lower initial 2023 accident year loss pick when compared with the initial 2022 accident year loss pick.</li>
<li>Consolidated loss picks for the industry improved in the most recent 1-year trend (2023 compared with 2022) for 6 accident years (2022, 2021, 2020, 2017, 2015, and 2014).</li>
<li>In our coverage, ORI (MO-2) was the only company to report lower consolidated loss picks for all accident years in the most recent 1-year trend.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-as-recent-rally-has-pushed-the-stock-into-fair-value-territory?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Downgrading to Market Perform, as Recent Rally Has Pushed the Stock Into Fair Value Territory </a></h3><p></p><ul><li>Downgrading SMG to Market Perform.</li><li>Downgrading SMG to Market Perform.</li><li>We’re downgrading the shares of Scotts Miracle-Gro (SMG) from Strong Buy to Market Perform and removing our prior $70 target price.</li><li>We’re downgrading the shares of Scotts Miracle-Gro (SMG) from Strong Buy to Market Perform and removing our prior $70 target price.</li><li>Based on Friday’s closing price of $73.35, the stock is now up a healthy 15% YTD — and up a very robust 37% in just the past seven weeks after closing at $53.53 on 2/5.</li><li>Based on Friday’s closing price of $73.35, the stock is now up a healthy 15% YTD — and up a very robust 37% in just the past seven weeks after closing at $53.53 on 2/5.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ipp-clean-tech-energy-stat-whichever-way-india-s-election-goes-diversification-away-from-coal-will-be-a-key-trend-to-watch?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. IPP - Clean Tech </a></h3><p></p><ul><li>This year is unusually full of marquee elections around the world - upcoming highlights include Mexico, South Africa, and the UK - and for many of our readers, the “main event” will come on November 5.</li><li>This year is unusually full of marquee elections around the world - upcoming highlights include Mexico, South Africa, and the UK - and for many of our readers, the “main event” will come on November 5.</li><li>Rest assured, we will have plenty to say, in collaboration with our Washington policy team, about the political landscape in the U.S. and its read-through for climate and energy policy.</li><li>Rest assured, we will have plenty to say, in collaboration with our Washington policy team, about the political landscape in the U.S. and its read-through for climate and energy policy.</li><li>Today, however, our focus is on India, where voters will go to the polls in stages, from April 19 through June 1.</li><li>Today, however, our focus is on India, where voters will go to the polls in stages, from April 19 through June 1.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-examining-trends-in-commercial-re-loan-commitment-activity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Finance Companies - Banking </a></h3><p></p><ul><li>Examining commercial real estate (CRE) loan commitment trends.</li><li>Examining commercial real estate (CRE) loan commitment trends.</li><li>Following up recent discussions on the CRE lending market (LINK,LINK) given enhanced scrutiny on the asset class amid recent industry events, we continue to seek further insights into the lending segment given the potential credit implications of a weaker CRE segment (hyper focused on office CRE) considering interest rate rollover risk of loans originated in a low rate environment and lower collateral values on properties.</li><li>Following up recent discussions on the CRE lending market (LINK,LINK) given enhanced scrutiny on the asset class amid recent industry events, we continue to seek further insights into the lending segment given the potential credit implications of a weaker CRE segment (hyper focused on office CRE) considering interest rate rollover risk of loans originated in a low rate environment and lower collateral values on properties.</li><li>In this week’s mini-stat we dive into bank-level call report data and examine commercial RE commitments to evaluate trends of the lending environment over the past year to determine who has pulled back the most or, conversely, continues to possess an appetite for the asset class.</li><li>In this week’s mini-stat we dive into bank-level call report data and examine commercial RE commitments to evaluate trends of the lending environment over the past year to determine who has pulled back the most or, conversely, continues to possess an appetite for the asset class.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-business-development-company-weekly-f2b568cb-7096-4f50-8bb9-295f3c66304a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>BDC relative historical valuations:The BDC group average P/NAV currently sits at 0.96x, compared to 0.96x the previous week and 0.91x over the past five years.</li><li>BDC relative historical valuations:The BDC group average P/NAV currently sits at 0.96x, compared to 0.96x the previous week and 0.91x over the past five years.</li><li>A P/NAV at this level has historically led to an average one-year absolute forward total return of -2.7%, with 40% of such instances showing positive returns.The BDC group dividend yield currently sits at 10.9%, versus 10.8% the previous week and 9.9% over the past five years.</li><li>A P/NAV at this level has historically led to an average one-year absolute forward total return of -2.7%, with 40% of such instances showing positive returns.The BDC group dividend yield currently sits at 10.9%, versus 10.8% the previous week and 9.9% over the past five years.</li><li>A dividend yield at this level has historically led to an average one-year absolute forward total return of 19.2%, with 95% of such instances showing positive returns.BDC relative yield valuations:The BDC group dividend yield spread currently sits at 6.5% over the 10-year Treasury.</li><li>A dividend yield at this level has historically led to an average one-year absolute forward total return of 19.2%, with 95% of such instances showing positive returns.BDC relative yield valuations:The BDC group dividend yield spread currently sits at 6.5% over the 10-year Treasury.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-2023-commercial-lines-loss-pick-analysis-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insurance - Overall - Insurance</a></li><li><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-as-recent-rally-has-pushed-the-stock-into-fair-value-territory?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrading to Market Perform, as Recent Rally Has Pushed the Stock Into Fair Value Territory</a></li><li><a href="https://www.smartkarma.com/insights/ipp-clean-tech-energy-stat-whichever-way-india-s-election-goes-diversification-away-from-coal-will-be-a-key-trend-to-watch?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IPP - Clean Tech</a></li><li><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-examining-trends-in-commercial-re-loan-commitment-activity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Banking</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-business-development-company-weekly-f2b568cb-7096-4f50-8bb9-295f3c66304a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-2023-commercial-lines-loss-pick-analysis-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Insurance - Overall - Insurance </a></h3><p></p><ul>
<li>Takeaways and OutlookThe consolidated P&C industry reported a lower initial 2023 accident year loss pick when compared with the initial 2022 accident year loss pick.</li>
<li>Consolidated loss picks for the industry improved in the most recent 1-year trend (2023 compared with 2022) for 6 accident years (2022, 2021, 2020, 2017, 2015, and 2014).</li>
<li>In our coverage, ORI (MO-2) was the only company to report lower consolidated loss picks for all accident years in the most recent 1-year trend.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-as-recent-rally-has-pushed-the-stock-into-fair-value-territory?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Downgrading to Market Perform, as Recent Rally Has Pushed the Stock Into Fair Value Territory </a></h3><p></p><ul><li>Downgrading SMG to Market Perform.</li><li>Downgrading SMG to Market Perform.</li><li>We’re downgrading the shares of Scotts Miracle-Gro (SMG) from Strong Buy to Market Perform and removing our prior $70 target price.</li><li>We’re downgrading the shares of Scotts Miracle-Gro (SMG) from Strong Buy to Market Perform and removing our prior $70 target price.</li><li>Based on Friday’s closing price of $73.35, the stock is now up a healthy 15% YTD — and up a very robust 37% in just the past seven weeks after closing at $53.53 on 2/5.</li><li>Based on Friday’s closing price of $73.35, the stock is now up a healthy 15% YTD — and up a very robust 37% in just the past seven weeks after closing at $53.53 on 2/5.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ipp-clean-tech-energy-stat-whichever-way-india-s-election-goes-diversification-away-from-coal-will-be-a-key-trend-to-watch?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. IPP - Clean Tech </a></h3><p></p><ul><li>This year is unusually full of marquee elections around the world - upcoming highlights include Mexico, South Africa, and the UK - and for many of our readers, the “main event” will come on November 5.</li><li>This year is unusually full of marquee elections around the world - upcoming highlights include Mexico, South Africa, and the UK - and for many of our readers, the “main event” will come on November 5.</li><li>Rest assured, we will have plenty to say, in collaboration with our Washington policy team, about the political landscape in the U.S. and its read-through for climate and energy policy.</li><li>Rest assured, we will have plenty to say, in collaboration with our Washington policy team, about the political landscape in the U.S. and its read-through for climate and energy policy.</li><li>Today, however, our focus is on India, where voters will go to the polls in stages, from April 19 through June 1.</li><li>Today, however, our focus is on India, where voters will go to the polls in stages, from April 19 through June 1.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-examining-trends-in-commercial-re-loan-commitment-activity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Finance Companies - Banking </a></h3><p></p><ul><li>Examining commercial real estate (CRE) loan commitment trends.</li><li>Examining commercial real estate (CRE) loan commitment trends.</li><li>Following up recent discussions on the CRE lending market (LINK,LINK) given enhanced scrutiny on the asset class amid recent industry events, we continue to seek further insights into the lending segment given the potential credit implications of a weaker CRE segment (hyper focused on office CRE) considering interest rate rollover risk of loans originated in a low rate environment and lower collateral values on properties.</li><li>Following up recent discussions on the CRE lending market (LINK,LINK) given enhanced scrutiny on the asset class amid recent industry events, we continue to seek further insights into the lending segment given the potential credit implications of a weaker CRE segment (hyper focused on office CRE) considering interest rate rollover risk of loans originated in a low rate environment and lower collateral values on properties.</li><li>In this week’s mini-stat we dive into bank-level call report data and examine commercial RE commitments to evaluate trends of the lending environment over the past year to determine who has pulled back the most or, conversely, continues to possess an appetite for the asset class.</li><li>In this week’s mini-stat we dive into bank-level call report data and examine commercial RE commitments to evaluate trends of the lending environment over the past year to determine who has pulled back the most or, conversely, continues to possess an appetite for the asset class.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-business-development-company-weekly-f2b568cb-7096-4f50-8bb9-295f3c66304a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>BDC relative historical valuations:The BDC group average P/NAV currently sits at 0.96x, compared to 0.96x the previous week and 0.91x over the past five years.</li><li>BDC relative historical valuations:The BDC group average P/NAV currently sits at 0.96x, compared to 0.96x the previous week and 0.91x over the past five years.</li><li>A P/NAV at this level has historically led to an average one-year absolute forward total return of -2.7%, with 40% of such instances showing positive returns.The BDC group dividend yield currently sits at 10.9%, versus 10.8% the previous week and 9.9% over the past five years.</li><li>A P/NAV at this level has historically led to an average one-year absolute forward total return of -2.7%, with 40% of such instances showing positive returns.The BDC group dividend yield currently sits at 10.9%, versus 10.8% the previous week and 9.9% over the past five years.</li><li>A dividend yield at this level has historically led to an average one-year absolute forward total return of 19.2%, with 95% of such instances showing positive returns.BDC relative yield valuations:The BDC group dividend yield spread currently sits at 6.5% over the 10-year Treasury.</li><li>A dividend yield at this level has historically led to an average one-year absolute forward total return of 19.2%, with 95% of such instances showing positive returns.BDC relative yield valuations:The BDC group dividend yield spread currently sits at 6.5% over the 10-year Treasury.</li></ul>2024-03-25T17:15:13+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "HIG@US"}, {"term": "MCY@US"}, {"term": "CINF@US"}, {"term": "AFG@US"}, {"term": "PGR@US"}, {"term": "KMPR@US"}, {"term": "ORI@US"}, {"term": "ALL@US"}, {"term": "VRSK@US"}, {"term": "WTW@US"}, {"term": "SKWD@US"}, {"term": "AON@US"}, {"term": "HQY@US"}, {"term": "MMC@US"}, {"term": "CB@US"}, {"term": "BRP@US"}, {"term": "ACIC@US"}, {"term": "BRO@US"}, {"term": "RLI@US"}, {"term": "AJG@US"}, {"term": "PRA@US"}, {"term": "TRV@US"}, {"term": "HGTY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SMG@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TPIC@US"}, {"term": "GTLS@US"}, {"term": "FSLR@US"}, {"term": "FLNC@US"}, {"term": "BE@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CCAP@US"}, {"term": "BBDC@US"}, {"term": "GLAD@US"}, {"term": "FDUS@US"}, {"term": "SAR@US"}, {"term": "PNNT@US"}, {"term": "GBDC@US"}, {"term": "FSK@US"}, {"term": "TSLX@US"}, {"term": "CSWC@US"}, {"term": "SLRC@US"}, {"term": "MAIN@US"}, {"term": "MFIC@US"}, {"term": "PSEC@US"}, {"term": "ARCC@US"}, {"term": "SCM@US"}, {"term": "WHF@US"}, {"term": "OCSL@US"}, {"term": "ICMB@US"}, {"term": "MRCC@US"}, {"term": "TCPC@US"}, {"term": "GSBD@US"}, {"term": "BXSL@US"}, {"term": "HGTY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SMG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BXSL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/56b584f0-e39b-3415-919d-441c665363dcBrief USA: Building Materials - Building Products and more2024-03-28T22:17:24.044259+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-c2586ad0-edb9-4985-9b2e-8191ba828e1a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Building Materials - Building Products</a></li><li><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-small-bank-deposit-balances-expand?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Banks - Banking</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-92-the-head-fake-reflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Steno Signals #92 – The head fake reflation?</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-data-green-lighting-continued-rally-cautious-metals-however?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Portfolio Watch: Data green-lighting continued rally – cautious metals however</a></li><li><a href="https://www.smartkarma.com/insights/this-bull-run-is-nowhere-near-finished?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">This Bull Run Is Nowhere Near Finished</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-c2586ad0-edb9-4985-9b2e-8191ba828e1a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Building Materials - Building Products </a></h3><p></p><ul><li>Last Week in Review:Source: FactSet, Raymond James researchThe Week to Come:Tuesday, March 26The S&P/Case-Shiller Home Price Index for January is reported at 9:00 a.m. ET. Consensus for the seasonally adjusted index is +0.15% sequentially vs.</li><li>December (December was +0.20% vs.</li><li>Last Week in Review:Source: FactSet, Raymond James researchThe Week to Come:Tuesday, March 26The S&P/Case-Shiller Home Price Index for January is reported at 9:00 a.m. ET. Consensus for the seasonally adjusted index is +0.15% sequentially vs. December (December was +0.20% vs. November and +6.1% y/y; Figures 5-7).</li><li>November and +6.1% y/y; Figures 5-7).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-small-bank-deposit-balances-expand?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Banks - Banking </a></h3><p></p><ul><li>Data released by the Federal Reserve on Friday, March 22, for the week ending March 13, indicated that total deposit balances were down 0.1% for the nation's 25 largest domestically chartered banks, but were up 0.6% for the nation’s small banks from the previous week.</li><li>Data released by the Federal Reserve on Friday, March 22, for the week ending March 13, indicated that total deposit balances were down 0.1% for the nation's 25 largest domestically chartered banks, but were up 0.6% for the nation’s small banks from the previous week.</li><li>Quarter-to-date, the 0.9% increase at the small banks has exceeded the 0.1% increase at the large banks.Loan balances remained flat from the prior week at the large banks and at the small banks.</li><li>Quarter-to-date, the 0.9% increase at the small banks has exceeded the 0.1% increase at the large banks.Loan balances remained flat from the prior week at the large banks and at the small banks.</li><li>At the large banks, no change in total loans reflected the 0.2% increase in commercial real estate (CRE) loans, the 0.1% increase in consumer real estate loans, and the 0.1% increase in other loans, offset by the 0.3% decrease in commercial and industrial (C&I) loans, and no change in consumer loans.</li><li>At the large banks, no change in total loans reflected the 0.2% increase in commercial real estate (CRE) loans, the 0.1% increase in consumer real estate loans, and the 0.1% increase in other loans, offset by the 0.3% decrease in commercial and industrial (C&I) loans, and no change in consumer loans.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/steno-signals-92-the-head-fake-reflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Steno Signals #92 – The head fake reflation? </a></h3><p></p><ul><li>It is always lovely to get back on the road and meet a load of fund managers, and it is nice to see that a few reflation skepticals are still found out there.</li><li>I went to London to meet with a bunch of the big funds in town, hot on the heels of Powell’s reflationary Fed meeting on Wednesday.</li><li>It almost annoyed me how “vanilla” my analysis had to be on the back of it, as the Fed is moving the needle lower and lower and lower on the implied Real Fed Funds rate every meeting currently, no matter the underlying developments in inflation and/or growth.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/portfolio-watch-data-green-lighting-continued-rally-cautious-metals-however?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Portfolio Watch: Data green-lighting continued rally – cautious metals however </a></h3><p></p><ul><li>Our early conviction in pro-cyclical trends keeps getting confirmed.</li><li>Initially, our nowcast indicator for China signaled a positive outlook, and most notably this week, the Li Keqiang Index has experienced its strongest monthly surge since 1999.</li><li>Consequently, Asian currencies and the AUD still appear undervalued when compared to the early yet unfolding expansion outside the US.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/this-bull-run-is-nowhere-near-finished?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. This Bull Run Is Nowhere Near Finished </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/199/original/image_5152175841711240942109.png?1711240818"/> <ul>
<li>A review of the structure of the stock market makes us long-term bullish.</li>
<li>Growth stocks, as proxied by the NASDAQ 100, are weakening but a rotating correction is evident as value stocks are taking up the leadership mantle.</li>
<li>That said, the S&P 500 is short-term extended and can pull back at any time, with initial support at about 5000 and strong secondary support at about 4800.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-c2586ad0-edb9-4985-9b2e-8191ba828e1a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Building Materials - Building Products</a></li><li><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-small-bank-deposit-balances-expand?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Banks - Banking</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-92-the-head-fake-reflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Steno Signals #92 – The head fake reflation?</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-data-green-lighting-continued-rally-cautious-metals-however?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Portfolio Watch: Data green-lighting continued rally – cautious metals however</a></li><li><a href="https://www.smartkarma.com/insights/this-bull-run-is-nowhere-near-finished?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">This Bull Run Is Nowhere Near Finished</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-c2586ad0-edb9-4985-9b2e-8191ba828e1a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Building Materials - Building Products </a></h3><p></p><ul><li>Last Week in Review:Source: FactSet, Raymond James researchThe Week to Come:Tuesday, March 26The S&P/Case-Shiller Home Price Index for January is reported at 9:00 a.m. ET. Consensus for the seasonally adjusted index is +0.15% sequentially vs.</li><li>December (December was +0.20% vs.</li><li>Last Week in Review:Source: FactSet, Raymond James researchThe Week to Come:Tuesday, March 26The S&P/Case-Shiller Home Price Index for January is reported at 9:00 a.m. ET. Consensus for the seasonally adjusted index is +0.15% sequentially vs. December (December was +0.20% vs. November and +6.1% y/y; Figures 5-7).</li><li>November and +6.1% y/y; Figures 5-7).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-small-bank-deposit-balances-expand?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Banks - Banking </a></h3><p></p><ul><li>Data released by the Federal Reserve on Friday, March 22, for the week ending March 13, indicated that total deposit balances were down 0.1% for the nation's 25 largest domestically chartered banks, but were up 0.6% for the nation’s small banks from the previous week.</li><li>Data released by the Federal Reserve on Friday, March 22, for the week ending March 13, indicated that total deposit balances were down 0.1% for the nation's 25 largest domestically chartered banks, but were up 0.6% for the nation’s small banks from the previous week.</li><li>Quarter-to-date, the 0.9% increase at the small banks has exceeded the 0.1% increase at the large banks.Loan balances remained flat from the prior week at the large banks and at the small banks.</li><li>Quarter-to-date, the 0.9% increase at the small banks has exceeded the 0.1% increase at the large banks.Loan balances remained flat from the prior week at the large banks and at the small banks.</li><li>At the large banks, no change in total loans reflected the 0.2% increase in commercial real estate (CRE) loans, the 0.1% increase in consumer real estate loans, and the 0.1% increase in other loans, offset by the 0.3% decrease in commercial and industrial (C&I) loans, and no change in consumer loans.</li><li>At the large banks, no change in total loans reflected the 0.2% increase in commercial real estate (CRE) loans, the 0.1% increase in consumer real estate loans, and the 0.1% increase in other loans, offset by the 0.3% decrease in commercial and industrial (C&I) loans, and no change in consumer loans.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/steno-signals-92-the-head-fake-reflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Steno Signals #92 – The head fake reflation? </a></h3><p></p><ul><li>It is always lovely to get back on the road and meet a load of fund managers, and it is nice to see that a few reflation skepticals are still found out there.</li><li>I went to London to meet with a bunch of the big funds in town, hot on the heels of Powell’s reflationary Fed meeting on Wednesday.</li><li>It almost annoyed me how “vanilla” my analysis had to be on the back of it, as the Fed is moving the needle lower and lower and lower on the implied Real Fed Funds rate every meeting currently, no matter the underlying developments in inflation and/or growth.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/portfolio-watch-data-green-lighting-continued-rally-cautious-metals-however?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Portfolio Watch: Data green-lighting continued rally – cautious metals however </a></h3><p></p><ul><li>Our early conviction in pro-cyclical trends keeps getting confirmed.</li><li>Initially, our nowcast indicator for China signaled a positive outlook, and most notably this week, the Li Keqiang Index has experienced its strongest monthly surge since 1999.</li><li>Consequently, Asian currencies and the AUD still appear undervalued when compared to the early yet unfolding expansion outside the US.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/this-bull-run-is-nowhere-near-finished?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. This Bull Run Is Nowhere Near Finished </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/199/original/image_5152175841711240942109.png?1711240818"/> <ul>
<li>A review of the structure of the stock market makes us long-term bullish.</li>
<li>Growth stocks, as proxied by the NASDAQ 100, are weakening but a rotating correction is evident as value stocks are taking up the leadership mantle.</li>
<li>That said, the S&P 500 is short-term extended and can pull back at any time, with initial support at about 5000 and strong secondary support at about 4800.</li>
</ul>2024-03-25T12:30:27+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GMS@US"}, {"term": "FAST@US"}, {"term": "HLMN@US"}, {"term": "MHK@US"}, {"term": "WHR@US"}, {"term": "GWW@US"}, {"term": "TGLS@US"}, {"term": "GPC@US"}, {"term": "SWK@US"}, {"term": "GFF@US"}, {"term": "TTC@US"}, {"term": "MAS@US"}, {"term": "MSM@US"}, {"term": "BECN@US"}, {"term": "WCC@US"}, {"term": "LKQ@US"}, {"term": "FERG@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Macroeconomics"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "FRANCE"}, {"term": "ITALY"}, {"term": "GERMANY"}, {"term": "UNITED KINGDOM"}, {"term": "JAPAN"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "COPPER@COMDTY"}, {"term": "EURUSD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "NDX@INDEX"}, {"term": "GT10@GOVT"}, {"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "KOREA"}, {"term": "THAILAND"}, {"term": "MALAYSIA"}, {"term": "AUSTRALIA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "ASEAN"}, {"term": "XBTUSD@CURNCY"}, {"term": "BITO@US"}, {"term": "SLV@US"}, {"term": "SILVER@COMDTY"}, {"term": "COPPER@COMDTY"}, {"term": "USDTHB@CURNCY"}, {"term": "USDMYR@CURNCY"}, {"term": "USDSEK@CURNCY"}, {"term": "USDAUD@CURNCY"}, {"term": "USDCNY@CURNCY"}, {"term": "Technical Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SPY@US"}, {"term": "IWF@US"}, {"term": "IWD@US"}, {"term": "QQQ@US"}, {"term": "FERG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GT10@GOVT", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USDCNY@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "QQQ@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/2d86c61f-46dd-39f2-b75c-64c7a5d88585Brief USA: Social Surge and more2024-03-28T22:17:24.037171+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/social-surge?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Social Surge</a></li><li><a href="https://www.smartkarma.com/insights/marathon-digital-holdngs-inc-mara-sunday-dec-24-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Marathon Digital Holdngs Inc (MARA) - Sunday, Dec 24, 2023</a></li><li><a href="https://www.smartkarma.com/insights/io-biotech-inc-iobt-sunday-dec-24-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Io Biotech Inc (IOBT) - Sunday, Dec 24, 2023</a></li><li><a href="https://www.smartkarma.com/insights/the-investor-s-cyclical-mystery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Investor's Cyclical Mystery</a></li><li><a href="https://www.smartkarma.com/insights/airlines-airlines-aam-step-by-step-day-by-day-weekly-trends-stat-u-s-seat-overlap-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Airlines - Airlines & AAM</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/social-surge?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Social Surge </a></h3><p></p><ul><li>The last week was packed with SPAC activity including deals, terminations, and new IPOs.</li><li>A high-profile SPAC merger was approved by shareholders potentially netting billions to the former president.</li><li>Also, a sustainable plastics company terminates a previously announced deal, and a SPAC plans to take an IoT-focused firm public. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/marathon-digital-holdngs-inc-mara-sunday-dec-24-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Marathon Digital Holdngs Inc (MARA) - Sunday, Dec 24, 2023 </a></h3><p></p><ul><li>Crypto mining requires high capital investment, faces volatile bitcoin prices, and will experience upcoming revenue cuts due to the halving on April 16th</li><li>Experts believe the risks outweigh the potential for short-term success in crypto mining, making it unlikely to generate significant free cash flow in the long term</li><li>Examples like MARA, which saw a significant increase in revenue at a small fraction of its market value, showcase the precarious nature of the industry</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/io-biotech-inc-iobt-sunday-dec-24-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Io Biotech Inc (IOBT) - Sunday, Dec 24, 2023 </a></h3><p></p><ul><li>Despite struggles in the biotech sector, there are opportunities for value investors in undervalued companies like IO Biotech (IOBT)</li><li>IOBT is trading at a deep discount to net cash and is fully funded through 2025, making it an attractive investment option</li><li>Previous recommendation from a well-regarded investor highlights the potential for success in IOBT's ongoing Phase 3 trials, with a potential upcoming catalyst for significant upside</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-investor-s-cyclical-mystery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The Investor's Cyclical Mystery </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/188/original/image_11949147661711240625377.png?1711240501"/> <ul>
<li>Cyclically sensitive copper is rallying, but the copper/gold ratio has been trading sideways. Are the markets signaling a cyclical rebound, or not?</li>
<li>We find that the market is signaling the prospect of a cyclical recovery through its price action.</li>
<li>Stock prices have run ahead by expanding the forward P/E ratio. The upcoming earnings season will be an acid test of the cyclical recovery narrative.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/airlines-airlines-aam-step-by-step-day-by-day-weekly-trends-stat-u-s-seat-overlap-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Airlines - Airlines & AAM </a></h3><p></p><ul><li>With this weekly report, we look to keep track of developing trends and company updates across our global coverage.Stat — Overlap:In thisweek’s Stat, we review competitor seat overlap for U.S. airlines in 2Q24 (Tables 1-2).Avianca 4Q23 report: Revenue/EBITDAR of $4.7B/$1.2B in 2023 was ahead of the $3.8B/$0.9B projected in the Aug-2021 Business Plan (BP) — notably, Avianca’s peso-denominated revenue/expenses are roughly equal.</li><li>With this weekly report, we look to keep track of developing trends and company updates across our global coverage.Stat — Overlap:In thisweek’s Stat, we review competitor seat overlap for U.S. airlines in 2Q24 (Tables 1-2).Avianca 4Q23 report: Revenue/EBITDAR of $4.7B/$1.2B in 2023 was ahead of the $3.8B/$0.9B projected in the Aug-2021 Business Plan (BP) — notably, Avianca’s peso-denominated revenue/expenses are roughly equal.</li><li>Compared to the BP, 2023 ASK is slightly below (54.7B vs.</li><li>55.1B) while the 2024 guide of +20% brings ASKs slightly ahead (65.6B vs.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/social-surge?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Social Surge</a></li><li><a href="https://www.smartkarma.com/insights/marathon-digital-holdngs-inc-mara-sunday-dec-24-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Marathon Digital Holdngs Inc (MARA) - Sunday, Dec 24, 2023</a></li><li><a href="https://www.smartkarma.com/insights/io-biotech-inc-iobt-sunday-dec-24-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Io Biotech Inc (IOBT) - Sunday, Dec 24, 2023</a></li><li><a href="https://www.smartkarma.com/insights/the-investor-s-cyclical-mystery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Investor's Cyclical Mystery</a></li><li><a href="https://www.smartkarma.com/insights/airlines-airlines-aam-step-by-step-day-by-day-weekly-trends-stat-u-s-seat-overlap-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Airlines - Airlines & AAM</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/social-surge?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Social Surge </a></h3><p></p><ul><li>The last week was packed with SPAC activity including deals, terminations, and new IPOs.</li><li>A high-profile SPAC merger was approved by shareholders potentially netting billions to the former president.</li><li>Also, a sustainable plastics company terminates a previously announced deal, and a SPAC plans to take an IoT-focused firm public. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/marathon-digital-holdngs-inc-mara-sunday-dec-24-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Marathon Digital Holdngs Inc (MARA) - Sunday, Dec 24, 2023 </a></h3><p></p><ul><li>Crypto mining requires high capital investment, faces volatile bitcoin prices, and will experience upcoming revenue cuts due to the halving on April 16th</li><li>Experts believe the risks outweigh the potential for short-term success in crypto mining, making it unlikely to generate significant free cash flow in the long term</li><li>Examples like MARA, which saw a significant increase in revenue at a small fraction of its market value, showcase the precarious nature of the industry</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/io-biotech-inc-iobt-sunday-dec-24-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Io Biotech Inc (IOBT) - Sunday, Dec 24, 2023 </a></h3><p></p><ul><li>Despite struggles in the biotech sector, there are opportunities for value investors in undervalued companies like IO Biotech (IOBT)</li><li>IOBT is trading at a deep discount to net cash and is fully funded through 2025, making it an attractive investment option</li><li>Previous recommendation from a well-regarded investor highlights the potential for success in IOBT's ongoing Phase 3 trials, with a potential upcoming catalyst for significant upside</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-investor-s-cyclical-mystery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The Investor's Cyclical Mystery </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/188/original/image_11949147661711240625377.png?1711240501"/> <ul>
<li>Cyclically sensitive copper is rallying, but the copper/gold ratio has been trading sideways. Are the markets signaling a cyclical rebound, or not?</li>
<li>We find that the market is signaling the prospect of a cyclical recovery through its price action.</li>
<li>Stock prices have run ahead by expanding the forward P/E ratio. The upcoming earnings season will be an acid test of the cyclical recovery narrative.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/airlines-airlines-aam-step-by-step-day-by-day-weekly-trends-stat-u-s-seat-overlap-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Airlines - Airlines & AAM </a></h3><p></p><ul><li>With this weekly report, we look to keep track of developing trends and company updates across our global coverage.Stat — Overlap:In thisweek’s Stat, we review competitor seat overlap for U.S. airlines in 2Q24 (Tables 1-2).Avianca 4Q23 report: Revenue/EBITDAR of $4.7B/$1.2B in 2023 was ahead of the $3.8B/$0.9B projected in the Aug-2021 Business Plan (BP) — notably, Avianca’s peso-denominated revenue/expenses are roughly equal.</li><li>With this weekly report, we look to keep track of developing trends and company updates across our global coverage.Stat — Overlap:In thisweek’s Stat, we review competitor seat overlap for U.S. airlines in 2Q24 (Tables 1-2).Avianca 4Q23 report: Revenue/EBITDAR of $4.7B/$1.2B in 2023 was ahead of the $3.8B/$0.9B projected in the Aug-2021 Business Plan (BP) — notably, Avianca’s peso-denominated revenue/expenses are roughly equal.</li><li>Compared to the BP, 2023 ASK is slightly below (54.7B vs.</li><li>55.1B) while the 2024 guide of +20% brings ASKs slightly ahead (65.6B vs.</li></ul>2024-03-25T07:09:25+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "WTMA@US"}, {"term": "SUAC@US"}, {"term": "DWAC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "MARA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "IOBT@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SKYW@US"}, {"term": "AAL@US"}, {"term": "ULCC@US"}, {"term": "RYAAY@US"}, {"term": "LILM@US"}, {"term": "JOBY@US"}, {"term": "ALK@US"}, {"term": "CPA@US"}, {"term": "ACHR@US"}, {"term": "AZUL@US"}, {"term": "LUV@US"}, {"term": "DAL@US"}, {"term": "ALGT@US"}, {"term": "SAVE@US"}, {"term": "UAL@US"}, {"term": "EVTL@US"}, {"term": "JBLU@US"}, {"term": "EVEX@US"}, {"term": "DWAC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MARA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "IOBT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EVEX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/9f20be5a-8234-3391-9d32-b221895e226dBrief USA: Latest Fed Policy Guidance Signals Green Light for Melt-Up in US Risky Assets and more2024-03-28T22:17:24.025483+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/latest-fed-policy-guidance-signals-green-light-for-melt-up-in-us-risky-assets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Latest Fed Policy Guidance Signals Green Light for Melt-Up in US Risky Assets</a></li><li><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Siltronic To Exit Small Diameter Wafer Market by 2025</a></li><li><a href="https://www.smartkarma.com/insights/modivcare-modv-us-decelerating-revenue-growth-and-margin-erosion-bumpy-road-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ModivCare (MODV US): Decelerating Revenue Growth and Margin Erosion; Bumpy Road Ahead</a></li><li><a href="https://www.smartkarma.com/insights/topbuild-corp-bld-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Topbuild Corp (BLD) - Thursday, Dec 21, 2023</a></li><li><a href="https://www.smartkarma.com/insights/esperion-therapeutics-inc-espr-friday-dec-22-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Esperion Therapeutics Inc (ESPR) - Friday, Dec 22, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/latest-fed-policy-guidance-signals-green-light-for-melt-up-in-us-risky-assets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Latest Fed Policy Guidance Signals Green Light for Melt-Up in US Risky Assets </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/147/original/fredgraph%20%281%29.png?1711192112"/> <ul>
<li>The Fed's forward guidance remains unchanged from December. Three potential policy rate reductions in 2024. Economic growth expectations were revised upward, providing a bullish backdrop for higher corporate profit expectations. </li>
<li>The early tapering of quantitative tightening (QT) will reduce the supply of notes and bonds to private investors, thereby boosting the attraction of risky assets and further easing financial conditions. </li>
<li>Recent Bank of Japan policy changes need not be disastrous for US Treasuries, particularly as the Fed's buying capacity will soon be enhanced by the arrival of QT tapering. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Siltronic To Exit Small Diameter Wafer Market by 2025 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/230/original/image?1711269313"/> <ul>
<li>Ferrotec's production of 150mm wafers in China has increased >6x since 2019</li>
<li>Siltronic's production of 150mm and smaller wafer diameters is no longer profitable</li>
<li>China likely now self-sufficient in the supply of 150mm and smaller diameter silicon wafers. Next milestone: 200mm wafers. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/modivcare-modv-us-decelerating-revenue-growth-and-margin-erosion-bumpy-road-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. ModivCare (MODV US): Decelerating Revenue Growth and Margin Erosion; Bumpy Road Ahead </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/183/original/Pic%201.png?1711212803"/> <ul>
<li>
<a data-smartkarma-citation="entities:3746:1" href="https://www.smartkarma.com/entities/modivcare-inc" rel="noopener" target="_blank">ModivCare (MODV US)</a> issued 2024 revenue guidance, which fell short of consensus. The company anticipates 2024 adjusted EBITDA to be $190–210M, down 2% YoY at mid-point.</li>
<li>NEMT segment is witnessing decelerating quarterly revenue growth and lower margins. Gross profit per trip of NEMT segment is expected to decline 25% YoY and QoQ to $5.69 in 1Q24.</li>
<li>Modivcare will see improvement in financial performance no sooner than 2H24. Shares plunged 44% YTD. No recovery is expected in near-term.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/topbuild-corp-bld-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Topbuild Corp (BLD) - Thursday, Dec 21, 2023 </a></h3><p></p><ul><li>BLD offers comprehensive services for roofing, including material selection, expert installation, and post-installation service.</li><li>They are known for their focus on high-quality materials, professional installation, and exceptional customer service.</li><li>BLD has established itself as a leader in the industry, serving both residential and commercial markets with a commitment to meeting the evolving needs of the construction industry.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/esperion-therapeutics-inc-espr-friday-dec-22-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Esperion Therapeutics Inc (ESPR) - Friday, Dec 22, 2023 </a></h3><p></p><ul><li>ESPR pharmaceutical company has two commercialized drugs and could potentially double in value with a $300 million milestone payout</li><li>Ongoing litigation with DSE due to failure to meet payment obligations under a milestone agreement</li><li>ESPR entitled to a Regulatory Milestone Payment pending regulatory approval for a licensed product in DSE territory, making it a strong investment opportunity with potential for high returns</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/latest-fed-policy-guidance-signals-green-light-for-melt-up-in-us-risky-assets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Latest Fed Policy Guidance Signals Green Light for Melt-Up in US Risky Assets</a></li><li><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Siltronic To Exit Small Diameter Wafer Market by 2025</a></li><li><a href="https://www.smartkarma.com/insights/modivcare-modv-us-decelerating-revenue-growth-and-margin-erosion-bumpy-road-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ModivCare (MODV US): Decelerating Revenue Growth and Margin Erosion; Bumpy Road Ahead</a></li><li><a href="https://www.smartkarma.com/insights/topbuild-corp-bld-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Topbuild Corp (BLD) - Thursday, Dec 21, 2023</a></li><li><a href="https://www.smartkarma.com/insights/esperion-therapeutics-inc-espr-friday-dec-22-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Esperion Therapeutics Inc (ESPR) - Friday, Dec 22, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/latest-fed-policy-guidance-signals-green-light-for-melt-up-in-us-risky-assets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Latest Fed Policy Guidance Signals Green Light for Melt-Up in US Risky Assets </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/147/original/fredgraph%20%281%29.png?1711192112"/> <ul>
<li>The Fed's forward guidance remains unchanged from December. Three potential policy rate reductions in 2024. Economic growth expectations were revised upward, providing a bullish backdrop for higher corporate profit expectations. </li>
<li>The early tapering of quantitative tightening (QT) will reduce the supply of notes and bonds to private investors, thereby boosting the attraction of risky assets and further easing financial conditions. </li>
<li>Recent Bank of Japan policy changes need not be disastrous for US Treasuries, particularly as the Fed's buying capacity will soon be enhanced by the arrival of QT tapering. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Siltronic To Exit Small Diameter Wafer Market by 2025 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/230/original/image?1711269313"/> <ul>
<li>Ferrotec's production of 150mm wafers in China has increased >6x since 2019</li>
<li>Siltronic's production of 150mm and smaller wafer diameters is no longer profitable</li>
<li>China likely now self-sufficient in the supply of 150mm and smaller diameter silicon wafers. Next milestone: 200mm wafers. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/modivcare-modv-us-decelerating-revenue-growth-and-margin-erosion-bumpy-road-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. ModivCare (MODV US): Decelerating Revenue Growth and Margin Erosion; Bumpy Road Ahead </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/183/original/Pic%201.png?1711212803"/> <ul>
<li>
<a data-smartkarma-citation="entities:3746:1" href="https://www.smartkarma.com/entities/modivcare-inc" rel="noopener" target="_blank">ModivCare (MODV US)</a> issued 2024 revenue guidance, which fell short of consensus. The company anticipates 2024 adjusted EBITDA to be $190–210M, down 2% YoY at mid-point.</li>
<li>NEMT segment is witnessing decelerating quarterly revenue growth and lower margins. Gross profit per trip of NEMT segment is expected to decline 25% YoY and QoQ to $5.69 in 1Q24.</li>
<li>Modivcare will see improvement in financial performance no sooner than 2H24. Shares plunged 44% YTD. No recovery is expected in near-term.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/topbuild-corp-bld-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Topbuild Corp (BLD) - Thursday, Dec 21, 2023 </a></h3><p></p><ul><li>BLD offers comprehensive services for roofing, including material selection, expert installation, and post-installation service.</li><li>They are known for their focus on high-quality materials, professional installation, and exceptional customer service.</li><li>BLD has established itself as a leader in the industry, serving both residential and commercial markets with a commitment to meeting the evolving needs of the construction industry.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/esperion-therapeutics-inc-espr-friday-dec-22-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Esperion Therapeutics Inc (ESPR) - Friday, Dec 22, 2023 </a></h3><p></p><ul><li>ESPR pharmaceutical company has two commercialized drugs and could potentially double in value with a $300 million milestone payout</li><li>Ongoing litigation with DSE due to failure to meet payment obligations under a milestone agreement</li><li>ESPR entitled to a Regulatory Milestone Payment pending regulatory approval for a licensed product in DSE territory, making it a strong investment opportunity with potential for high returns</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>2024-03-24T19:15:16+08:00[{"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "SOI@FP"}, {"term": "4063@JP"}, {"term": "6488@TT"}, {"term": "3436@JP"}, {"term": "WAF@GR"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "SHORTS"}, {"term": "NORTH AMERICA"}, {"term": "MODV@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "BLD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "ESPR@US"}, {"term": "WAF@GR", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MODV@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BLD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ESPR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/f7834f20-6f51-3b67-b15e-215bf0a6b6a5Brief USA: Compass Inc (COMP) - Friday, Dec 22, 2023 and more2024-03-28T22:17:24.015266+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/compass-inc-comp-friday-dec-22-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Compass Inc (COMP) - Friday, Dec 22, 2023</a></li><li><a href="https://www.smartkarma.com/insights/yellow-corp-yellq-friday-dec-22-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Yellow Corp (YELLQ) - Friday, Dec 22, 2023</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-usd-mixed-as-chf-slides-on-surprise-snb-rate-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Daily - USD Mixed as CHF Slides on Surprise SNB Rate Cut</a></li><li><a href="https://www.smartkarma.com/insights/fed-watch-still-on-track-for-june-rate-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fed Watch - Still on track for June rate cut</a></li><li><a href="https://www.smartkarma.com/insights/tech-talk-wtr-technology-conference-ai-and-crypto?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Tech Talk - WTR Technology Conference - AI and Crypto</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/compass-inc-comp-friday-dec-22-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Compass Inc (COMP) - Friday, Dec 22, 2023 </a></h3><p></p><ul><li>COMP is a residential real estate brokerage firm with a market cap of around $1.7B founded to disrupt the low-tech residential market.</li><li>Despite a decline in share value due to high mortgage rates, COMP has shifted focus to profitability and cost-cutting measures.</li><li>With interest rates expected to decrease and potential for a rebound in the residential market, COMP is well-positioned for growth and has potential for significant upside in share price.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/yellow-corp-yellq-friday-dec-22-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Yellow Corp (YELLQ) - Friday, Dec 22, 2023 </a></h3><p></p><ul><li>Yellow Corp. filed for Chapter 11 bankruptcy in August 2023 after a walkout by the Teamster union, leading to no workers or customers.</li><li>The company is now pursuing Chapter 11 liquidation with potential for significant returns for investors.</li><li>Recent progress in the case has de-risked the story, with the debtor's financial advisor expecting a recovery to the equity with values ranging from $3.26 to $29.72.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/fx-daily-usd-mixed-as-chf-slides-on-surprise-snb-rate-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. FX Daily - USD Mixed as CHF Slides on Surprise SNB Rate Cut </a></h3><p></p><ul><li>Yesterday’s FOMC failed to deliver the hawkish policy messaging that many in the market feared.</li><li>The policy statement was all but unchanged and the dots continued to reflect a median expectation that rates would drop 75bps this year.</li><li>Longer run rate projections were lifted a little though and the economic projections reflected a bias towards stronger growth and somewhat higher inflation.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/fed-watch-still-on-track-for-june-rate-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Fed Watch - Still on track for June rate cut </a></h3><p></p><ul><li data-component-type="container"><span style="font-family: 'pt serif', serif; font-size: var(--content-font-size);">Most notably, the Committee still expects three 25bp rate cuts this year – as we had </span><span style="font-family: 'pt serif', serif; font-size: var(--content-font-size);">flagged </span><span style="font-family: 'pt serif', serif; font-size: var(--content-font-size);">in our preview, though there was some expectation in the market that the number of rate cuts projected would decline. </span></li><li data-component-type="container"><span style="font-family: 'pt serif', serif; font-size: var(--content-font-size);">This caused markets to price in a somewhat higher probability of a June rate cut (with a 25bp cut now around 80% priced vs 65% pre-FOMC). </span></li><li data-component-type="container"><span style="font-family: 'pt serif', serif; font-size: var(--content-font-size);">The Committee does however now expect one less rate cut in 2025, leaving the fed funds rate somewhat higher at the end of the forecast horizon (3.1% in 2026 vs 2.9% in December).</span></li></ul><div data-component-type="container"><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/tech-talk-wtr-technology-conference-ai-and-crypto?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Tech Talk - WTR Technology Conference - AI and Crypto </a></h3><p></p><ul><li>Artificial intelligence (AI) is all the buzz, but for good reason.</li><li>AI is being used to automate and optimize many tasks previously thought to be beyond computers.</li><li>WTR will be hosting a hybrid conference on April 10-11 in New York City to discuss how AI can propel the business prospects of smaller companies. </li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/compass-inc-comp-friday-dec-22-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Compass Inc (COMP) - Friday, Dec 22, 2023</a></li><li><a href="https://www.smartkarma.com/insights/yellow-corp-yellq-friday-dec-22-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Yellow Corp (YELLQ) - Friday, Dec 22, 2023</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-usd-mixed-as-chf-slides-on-surprise-snb-rate-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Daily - USD Mixed as CHF Slides on Surprise SNB Rate Cut</a></li><li><a href="https://www.smartkarma.com/insights/fed-watch-still-on-track-for-june-rate-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fed Watch - Still on track for June rate cut</a></li><li><a href="https://www.smartkarma.com/insights/tech-talk-wtr-technology-conference-ai-and-crypto?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Tech Talk - WTR Technology Conference - AI and Crypto</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/compass-inc-comp-friday-dec-22-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Compass Inc (COMP) - Friday, Dec 22, 2023 </a></h3><p></p><ul><li>COMP is a residential real estate brokerage firm with a market cap of around $1.7B founded to disrupt the low-tech residential market.</li><li>Despite a decline in share value due to high mortgage rates, COMP has shifted focus to profitability and cost-cutting measures.</li><li>With interest rates expected to decrease and potential for a rebound in the residential market, COMP is well-positioned for growth and has potential for significant upside in share price.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/yellow-corp-yellq-friday-dec-22-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Yellow Corp (YELLQ) - Friday, Dec 22, 2023 </a></h3><p></p><ul><li>Yellow Corp. filed for Chapter 11 bankruptcy in August 2023 after a walkout by the Teamster union, leading to no workers or customers.</li><li>The company is now pursuing Chapter 11 liquidation with potential for significant returns for investors.</li><li>Recent progress in the case has de-risked the story, with the debtor's financial advisor expecting a recovery to the equity with values ranging from $3.26 to $29.72.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/fx-daily-usd-mixed-as-chf-slides-on-surprise-snb-rate-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. FX Daily - USD Mixed as CHF Slides on Surprise SNB Rate Cut </a></h3><p></p><ul><li>Yesterday’s FOMC failed to deliver the hawkish policy messaging that many in the market feared.</li><li>The policy statement was all but unchanged and the dots continued to reflect a median expectation that rates would drop 75bps this year.</li><li>Longer run rate projections were lifted a little though and the economic projections reflected a bias towards stronger growth and somewhat higher inflation.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/fed-watch-still-on-track-for-june-rate-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Fed Watch - Still on track for June rate cut </a></h3><p></p><ul><li data-component-type="container"><span style="font-family: 'pt serif', serif; font-size: var(--content-font-size);">Most notably, the Committee still expects three 25bp rate cuts this year – as we had </span><span style="font-family: 'pt serif', serif; font-size: var(--content-font-size);">flagged </span><span style="font-family: 'pt serif', serif; font-size: var(--content-font-size);">in our preview, though there was some expectation in the market that the number of rate cuts projected would decline. </span></li><li data-component-type="container"><span style="font-family: 'pt serif', serif; font-size: var(--content-font-size);">This caused markets to price in a somewhat higher probability of a June rate cut (with a 25bp cut now around 80% priced vs 65% pre-FOMC). </span></li><li data-component-type="container"><span style="font-family: 'pt serif', serif; font-size: var(--content-font-size);">The Committee does however now expect one less rate cut in 2025, leaving the fed funds rate somewhat higher at the end of the forecast horizon (3.1% in 2026 vs 2.9% in December).</span></li></ul><div data-component-type="container"><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/tech-talk-wtr-technology-conference-ai-and-crypto?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Tech Talk - WTR Technology Conference - AI and Crypto </a></h3><p></p><ul><li>Artificial intelligence (AI) is all the buzz, but for good reason.</li><li>AI is being used to automate and optimize many tasks previously thought to be beyond computers.</li><li>WTR will be hosting a hybrid conference on April 10-11 in New York City to discuss how AI can propel the business prospects of smaller companies. </li></ul>2024-03-23T05:44:41+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "COMP@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "YELL@US"}, {"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "USDMXN@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "USDCAD@CURNCY"}, {"term": "Macroeconomics"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "SES@AU"}, {"term": "PERF@US"}, {"term": "GRRR@US"}, {"term": "CXDO@US"}, {"term": "LIDR@US"}, {"term": "LSEG@LN"}, {"term": "COMP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "YELL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USDCAD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LSEG@LN", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/274530ac-5b86-3703-b9f2-ca383c0cdef9Brief USA: Wheaton Precious Metals Corp.: Initiation Of Coverage - These Are The 4 Biggest Growth Catalysts For The Mining Player! - Financial Forecasts and more2024-03-28T22:17:24.006702+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/wheaton-precious-metals-corp-initiation-of-coverage-these-are-the-4-biggest-growth-catalysts-for-the-mining-player-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Wheaton Precious Metals Corp.: Initiation Of Coverage - These Are The 4 Biggest Growth Catalysts For The Mining Player! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/dick-s-sporting-goods-initiation-of-coverage-is-there-anything-unique-about-their-business-strategy-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">DICK'S Sporting Goods: Initiation Of Coverage - Is There Anything Unique About Their Business Strategy? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/lithia-motors-initiation-of-coverage-a-story-of-uk-market-growth-through-the-pendragon-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Lithia Motors: Initiation Of Coverage - A Story Of UK Market Growth Through The Pendragon Acquisition</a></li><li><a href="https://www.smartkarma.com/insights/williams-sonoma-inc-macro-economic-uncertainty-3-major-challenges-in-its-path-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Williams-Sonoma Inc.: Macro-Economic Uncertainty & 3 Major Challenges In Its Path - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/archer-daniels-midland-company-unfolding-competitive-landscape-financial-prospects-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Archer-Daniels-Midland Company: Unfolding Competitive Landscape & Financial Prospects! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/wheaton-precious-metals-corp-initiation-of-coverage-these-are-the-4-biggest-growth-catalysts-for-the-mining-player-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Wheaton Precious Metals Corp.: Initiation Of Coverage - These Are The 4 Biggest Growth Catalysts For The Mining Player! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on mining player, Wheaton Precious Metals' (WPM).</li><li>The company's recent fourth quarter and full year 2023 earnings exhibited a positive business outlook along with certain challenges.</li><li>During the year, the company achieved solid financial performance by meeting its production guidance of 620,000 gold equivalent ounces (GEO's).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/dick-s-sporting-goods-initiation-of-coverage-is-there-anything-unique-about-their-business-strategy-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. DICK'S Sporting Goods: Initiation Of Coverage - Is There Anything Unique About Their Business Strategy? - Major Drivers </a></h3><p></p><ul><li>This is our first report on DICK'S Sporting Goods.</li><li>The leading sports goods and outdoor retailer is significant in its sales growth, paired with its impressive development project, House of Sport.</li><li>Full year sales reached $13 billion, marking a notable increase in market share.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/lithia-motors-initiation-of-coverage-a-story-of-uk-market-growth-through-the-pendragon-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Lithia Motors: Initiation Of Coverage - A Story Of UK Market Growth Through The Pendragon Acquisition </a></h3><p></p><ul><li>This is our first report on automotive retailer, Lithia Motors.</li><li>The company had a strong Q4 2023, with revenues growing by 11% from last year to reach $7.7 billion.</li><li>The company's revenue increase was primarily driven by robust new vehicle sales, with same-store units increasing by 10% and aftersales revenues growing by 3%.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/williams-sonoma-inc-macro-economic-uncertainty-3-major-challenges-in-its-path-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Williams-Sonoma Inc.: Macro-Economic Uncertainty & 3 Major Challenges In Its Path - Major Drivers </a></h3><p></p><ul><li>In its latest earnings, Williams-Sonoma, Inc.</li><li>recorded a performance marked by both successes and challenges.</li><li>In Q4, the company saw a -6.8% comp, -7.4% in the 2-year comp, and a +29.1% in the 4-year comp.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/archer-daniels-midland-company-unfolding-competitive-landscape-financial-prospects-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Archer-Daniels-Midland Company: Unfolding Competitive Landscape & Financial Prospects! - Major Drivers </a></h3><p></p><ul><li>According to the Q4 2023 earnings of Archer-Daniels-Midland Company (ADM), the company reported adjusted earnings per share (EPS) of $1.36 for the quarter.</li><li>For the fiscal year, the company reported adjusted EPS of $6.98.</li><li>The firm had an adjusted Return on Invested Capital (ROIC) of 12.2%.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/wheaton-precious-metals-corp-initiation-of-coverage-these-are-the-4-biggest-growth-catalysts-for-the-mining-player-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Wheaton Precious Metals Corp.: Initiation Of Coverage - These Are The 4 Biggest Growth Catalysts For The Mining Player! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/dick-s-sporting-goods-initiation-of-coverage-is-there-anything-unique-about-their-business-strategy-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">DICK'S Sporting Goods: Initiation Of Coverage - Is There Anything Unique About Their Business Strategy? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/lithia-motors-initiation-of-coverage-a-story-of-uk-market-growth-through-the-pendragon-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Lithia Motors: Initiation Of Coverage - A Story Of UK Market Growth Through The Pendragon Acquisition</a></li><li><a href="https://www.smartkarma.com/insights/williams-sonoma-inc-macro-economic-uncertainty-3-major-challenges-in-its-path-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Williams-Sonoma Inc.: Macro-Economic Uncertainty & 3 Major Challenges In Its Path - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/archer-daniels-midland-company-unfolding-competitive-landscape-financial-prospects-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Archer-Daniels-Midland Company: Unfolding Competitive Landscape & Financial Prospects! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/wheaton-precious-metals-corp-initiation-of-coverage-these-are-the-4-biggest-growth-catalysts-for-the-mining-player-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Wheaton Precious Metals Corp.: Initiation Of Coverage - These Are The 4 Biggest Growth Catalysts For The Mining Player! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on mining player, Wheaton Precious Metals' (WPM).</li><li>The company's recent fourth quarter and full year 2023 earnings exhibited a positive business outlook along with certain challenges.</li><li>During the year, the company achieved solid financial performance by meeting its production guidance of 620,000 gold equivalent ounces (GEO's).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/dick-s-sporting-goods-initiation-of-coverage-is-there-anything-unique-about-their-business-strategy-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. DICK'S Sporting Goods: Initiation Of Coverage - Is There Anything Unique About Their Business Strategy? - Major Drivers </a></h3><p></p><ul><li>This is our first report on DICK'S Sporting Goods.</li><li>The leading sports goods and outdoor retailer is significant in its sales growth, paired with its impressive development project, House of Sport.</li><li>Full year sales reached $13 billion, marking a notable increase in market share.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/lithia-motors-initiation-of-coverage-a-story-of-uk-market-growth-through-the-pendragon-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Lithia Motors: Initiation Of Coverage - A Story Of UK Market Growth Through The Pendragon Acquisition </a></h3><p></p><ul><li>This is our first report on automotive retailer, Lithia Motors.</li><li>The company had a strong Q4 2023, with revenues growing by 11% from last year to reach $7.7 billion.</li><li>The company's revenue increase was primarily driven by robust new vehicle sales, with same-store units increasing by 10% and aftersales revenues growing by 3%.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/williams-sonoma-inc-macro-economic-uncertainty-3-major-challenges-in-its-path-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Williams-Sonoma Inc.: Macro-Economic Uncertainty & 3 Major Challenges In Its Path - Major Drivers </a></h3><p></p><ul><li>In its latest earnings, Williams-Sonoma, Inc.</li><li>recorded a performance marked by both successes and challenges.</li><li>In Q4, the company saw a -6.8% comp, -7.4% in the 2-year comp, and a +29.1% in the 4-year comp.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/archer-daniels-midland-company-unfolding-competitive-landscape-financial-prospects-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Archer-Daniels-Midland Company: Unfolding Competitive Landscape & Financial Prospects! - Major Drivers </a></h3><p></p><ul><li>According to the Q4 2023 earnings of Archer-Daniels-Midland Company (ADM), the company reported adjusted earnings per share (EPS) of $1.36 for the quarter.</li><li>For the fiscal year, the company reported adjusted EPS of $6.98.</li><li>The firm had an adjusted Return on Invested Capital (ROIC) of 12.2%.</li></ul>2024-03-23T03:00:19+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "WPM@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "DKS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "LAD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "WSM@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ADM@US"}, {"term": "WPM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DKS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LAD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WSM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ADM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/8c9ef82f-29ca-3e9a-86a0-0378dfca8d10Brief USA: Jabil Inc.: What Are Its Latest Advancements In AI? - Major Drivers and more2024-03-28T22:17:23.998435+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/jabil-inc-what-are-its-latest-advancements-in-ai-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Jabil Inc.: What Are Its Latest Advancements In AI? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/science-applications-international-corporation-saic-a-new-444-million-contract-4-other-growth-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Science Applications International Corporation (SAIC) - A New $444 Million Contract & 4 Other Growth Drivers</a></li><li><a href="https://www.smartkarma.com/insights/dollar-general-will-its-expansion-of-the-mini-market-format-work-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dollar General: Will Its Expansion Of The Mini-Market Format Work? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/pagerduty-inc-will-its-accelerated-adoption-of-operations-cloud-platform-catalyze-revenue-growth-in-2024-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">PagerDuty Inc.: Will Its Accelerated Adoption of Operations Cloud Platform Catalyze Revenue Growth In 2024 & Beyond? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/texas-roadhouse-inc-initiation-of-coverage-will-its-investments-in-digital-technology-pay-off-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Texas Roadhouse Inc.: Initiation Of Coverage - Will Its Investments In Digital Technology Pay Off? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/jabil-inc-what-are-its-latest-advancements-in-ai-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Jabil Inc.: What Are Its Latest Advancements In AI? - Major Drivers </a></h3><p></p><ul><li>The second quarter of fiscal year 2024 saw Jabil Inc.</li><li>achieve approximately $6.8 billion in revenue.</li><li>This performance was in line with the guidance for the majority of the company's businesses.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/science-applications-international-corporation-saic-a-new-444-million-contract-4-other-growth-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Science Applications International Corporation (SAIC) - A New $444 Million Contract & 4 Other Growth Drivers </a></h3><p></p><ul><li>Science Applications International Corporation (SAIC) delivered strong performance in the fourth quarter of fiscal year 2024 due to its focus on value provision to customers and a favorable funding environment.</li><li>This resulted in significant revenue growth and throughout the fiscal year, pro-forma revenue increased by over 7%.</li><li>The underlying business execution remains robust, as evidenced by the 11% increase in free cash flow per share and a 50 basis point increase in EBITDA margins, over last year.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/dollar-general-will-its-expansion-of-the-mini-market-format-work-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Dollar General: Will Its Expansion Of The Mini-Market Format Work? - Major Drivers </a></h3><p></p><ul><li>Dollar General Corporation reported its fourth-quarter 2023 earnings and the company reported a decrease in sales, with net sales dropping 3.4% to $9.9 billion in Q4, an outcome mainly attributed to the lapping sales of $678 million from the 53rd week in fiscal 2022.</li><li>Todd Vasos underscored that the decrease was partially offset by the market share growth in both dollars and units in highly consumable product sales, as well as market share growth in dollars in nonconsumable product sales.</li><li>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.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/pagerduty-inc-will-its-accelerated-adoption-of-operations-cloud-platform-catalyze-revenue-growth-in-2024-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. PagerDuty Inc.: Will Its Accelerated Adoption of Operations Cloud Platform Catalyze Revenue Growth In 2024 & Beyond? - Major Drivers </a></h3><p></p><ul><li>In the Fourth Quarter and Full Fiscal Year 2024 Results, PagerDuty demonstrated solid growth, indicating the company's steady progression in the market.</li><li>The full-year revenue grew 16% year over-year, and non-GAAP operating margin expanded to 13%.</li><li>Similarly, in the fourth quarter, revenue grew 10% to $111 million, exceeding the high end of the company's guidance range.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/texas-roadhouse-inc-initiation-of-coverage-will-its-investments-in-digital-technology-pay-off-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Texas Roadhouse Inc.: Initiation Of Coverage - Will Its Investments In Digital Technology Pay Off? - Major Drivers </a></h3><p></p><ul><li>This is our first report on dining restaurant chain, Texas Roadhouse Inc.</li><li>The year 2023 proved to be a successful year for the company.</li><li>Texas Roadhouse generated over $4.6 billion in revenue and saw an increase in average unit volumes to more than $7.6 million.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/jabil-inc-what-are-its-latest-advancements-in-ai-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Jabil Inc.: What Are Its Latest Advancements In AI? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/science-applications-international-corporation-saic-a-new-444-million-contract-4-other-growth-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Science Applications International Corporation (SAIC) - A New $444 Million Contract & 4 Other Growth Drivers</a></li><li><a href="https://www.smartkarma.com/insights/dollar-general-will-its-expansion-of-the-mini-market-format-work-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dollar General: Will Its Expansion Of The Mini-Market Format Work? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/pagerduty-inc-will-its-accelerated-adoption-of-operations-cloud-platform-catalyze-revenue-growth-in-2024-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">PagerDuty Inc.: Will Its Accelerated Adoption of Operations Cloud Platform Catalyze Revenue Growth In 2024 & Beyond? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/texas-roadhouse-inc-initiation-of-coverage-will-its-investments-in-digital-technology-pay-off-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Texas Roadhouse Inc.: Initiation Of Coverage - Will Its Investments In Digital Technology Pay Off? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/jabil-inc-what-are-its-latest-advancements-in-ai-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Jabil Inc.: What Are Its Latest Advancements In AI? - Major Drivers </a></h3><p></p><ul><li>The second quarter of fiscal year 2024 saw Jabil Inc.</li><li>achieve approximately $6.8 billion in revenue.</li><li>This performance was in line with the guidance for the majority of the company's businesses.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/science-applications-international-corporation-saic-a-new-444-million-contract-4-other-growth-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Science Applications International Corporation (SAIC) - A New $444 Million Contract & 4 Other Growth Drivers </a></h3><p></p><ul><li>Science Applications International Corporation (SAIC) delivered strong performance in the fourth quarter of fiscal year 2024 due to its focus on value provision to customers and a favorable funding environment.</li><li>This resulted in significant revenue growth and throughout the fiscal year, pro-forma revenue increased by over 7%.</li><li>The underlying business execution remains robust, as evidenced by the 11% increase in free cash flow per share and a 50 basis point increase in EBITDA margins, over last year.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/dollar-general-will-its-expansion-of-the-mini-market-format-work-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Dollar General: Will Its Expansion Of The Mini-Market Format Work? - Major Drivers </a></h3><p></p><ul><li>Dollar General Corporation reported its fourth-quarter 2023 earnings and the company reported a decrease in sales, with net sales dropping 3.4% to $9.9 billion in Q4, an outcome mainly attributed to the lapping sales of $678 million from the 53rd week in fiscal 2022.</li><li>Todd Vasos underscored that the decrease was partially offset by the market share growth in both dollars and units in highly consumable product sales, as well as market share growth in dollars in nonconsumable product sales.</li><li>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.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/pagerduty-inc-will-its-accelerated-adoption-of-operations-cloud-platform-catalyze-revenue-growth-in-2024-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. PagerDuty Inc.: Will Its Accelerated Adoption of Operations Cloud Platform Catalyze Revenue Growth In 2024 & Beyond? - Major Drivers </a></h3><p></p><ul><li>In the Fourth Quarter and Full Fiscal Year 2024 Results, PagerDuty demonstrated solid growth, indicating the company's steady progression in the market.</li><li>The full-year revenue grew 16% year over-year, and non-GAAP operating margin expanded to 13%.</li><li>Similarly, in the fourth quarter, revenue grew 10% to $111 million, exceeding the high end of the company's guidance range.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/texas-roadhouse-inc-initiation-of-coverage-will-its-investments-in-digital-technology-pay-off-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Texas Roadhouse Inc.: Initiation Of Coverage - Will Its Investments In Digital Technology Pay Off? - Major Drivers </a></h3><p></p><ul><li>This is our first report on dining restaurant chain, Texas Roadhouse Inc.</li><li>The year 2023 proved to be a successful year for the company.</li><li>Texas Roadhouse generated over $4.6 billion in revenue and saw an increase in average unit volumes to more than $7.6 million.</li></ul>2024-03-23T02:00:39+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "JBL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "SAIC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "DG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "PD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "TXRH@US"}, {"term": "JBL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SAIC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TXRH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/1017b6ed-023f-37dd-be34-1eee4896a37eBrief USA: Dollar Tree: How Long Will The Family Dollar Underperformance Continue? - Major Drivers and more2024-03-28T22:17:23.990652+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/dollar-tree-how-long-will-the-family-dollar-underperformance-continue-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dollar Tree: How Long Will The Family Dollar Underperformance Continue? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/adobe-inc-when-will-its-adoption-of-generative-ai-reflect-on-its-top-line-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Adobe Inc.: When Will Its Adoption Of Generative AI Reflect On Its Top-Line? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/smartsheet-inc-its-improving-emphasis-on-ai-should-pay-off-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Smartsheet Inc: Its Improving Emphasis On AI Should Pay Off! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/dentsply-international-xray-us-sombre-growth-outlook-and-pricey-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dentsply International (XRAY US): Sombre Growth Outlook and Pricey Valuation</a></li><li><a href="https://www.smartkarma.com/insights/intel-chips-act-funding-ceremony-overshadowed-by-reports-of-new-fab-delays?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Intel. CHIPS Act Funding Ceremony Overshadowed By Reports Of New Fab Delays</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/dollar-tree-how-long-will-the-family-dollar-underperformance-continue-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Dollar Tree: How Long Will The Family Dollar Underperformance Continue? - Major Drivers </a></h3><p></p><ul><li>Dollar Tree, Inc., in their latest quarterly earnings, reported continued progress in their organizational transformation towards establishing a foundation for sustainable growth.</li><li>The company experienced growth across the retail metrics of sales per square foot, transactions, and units sold, indicating an overall positive momentum in the business.</li><li>It reported an increase of 12% in consolidated net sales to $8.6 billion in the fourth quarter of 2023, including a $560 million benefit from the year's 53rd week.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/adobe-inc-when-will-its-adoption-of-generative-ai-reflect-on-its-top-line-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Adobe Inc.: When Will Its Adoption Of Generative AI Reflect On Its Top-Line? - Major Drivers </a></h3><p></p><ul><li>Adobe Inc.</li><li>delivered robust financial results for the first quarter of fiscal year 2024, with a revenue of $5.18 billion.</li><li>This represents a 12% year-over-year growth, demonstrating the significant role of Adobe products in powering the global digital economy.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/smartsheet-inc-its-improving-emphasis-on-ai-should-pay-off-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Smartsheet Inc: Its Improving Emphasis On AI Should Pay Off! - Major Drivers </a></h3><p></p><ul><li>Smartsheet Inc., a leading platform for dynamic work, reported its fourth-quarter results for the fiscal year 2024, highlighting key financial and operational milestones that signal its competitive positioning in challenging macro conditions.</li><li>Notably, the company crossed the $1 billion annual recurring revenue (ARR) threshold in Q4, demonstrating the capability to drive revenue growth while progressing significantly in profitability and free cash flow.</li><li>The successful performance was underpinned by strength in the enterprise segment coupled with robust progress in key growth opportunities.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/dentsply-international-xray-us-sombre-growth-outlook-and-pricey-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Dentsply International (XRAY US): Sombre Growth Outlook and Pricey Valuation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/988/original/Pic%201.png?1711122190"/> <ul>
<li>
<a data-smartkarma-citation="entities:10926:1" href="https://www.smartkarma.com/entities/dentsply-international-inc" rel="noopener" target="_blank">Dentsply International (XRAY US)</a> guided for 2024 revenue of $3.96–4.02B, flat to up 1.5% on an organic basis and 12% growth in 2024 EPS at midpoint.</li>
<li>The macro environment continues to be challenging. The company anticipates the ongoing softness in imaging will continue in 2024. Cost savings will support the bottom-line growth.</li>
<li>In terms of every valuation metrics, Dentsply is overpriced compared to its U.S.-listed peers. Strong balance sheet, accelerating dividend, and buyback do not justify the pricey valuation.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/intel-chips-act-funding-ceremony-overshadowed-by-reports-of-new-fab-delays?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Intel. CHIPS Act Funding Ceremony Overshadowed By Reports Of New Fab Delays </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/984/original/image?1711119688"/> <ul>
<li>Intel snags $8.5 billion in direct funding through the CHIPS and Science Act to advance its commercial semiconductor projects in Arizona, New Mexico, Ohio and Oregon.</li>
<li>Investment Tax Credit (ITC) of up to 25% on > $100 billion in qualified investments and eligibility for federal loans up to $11 billion are also on offer</li>
<li>Meanwhile, two separate reports suggest delays of up to two years in Ohio and suppliers in Arizona unable/unwilling to meet previous commitments to establish local supply chains. Ouch!</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/dollar-tree-how-long-will-the-family-dollar-underperformance-continue-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dollar Tree: How Long Will The Family Dollar Underperformance Continue? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/adobe-inc-when-will-its-adoption-of-generative-ai-reflect-on-its-top-line-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Adobe Inc.: When Will Its Adoption Of Generative AI Reflect On Its Top-Line? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/smartsheet-inc-its-improving-emphasis-on-ai-should-pay-off-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Smartsheet Inc: Its Improving Emphasis On AI Should Pay Off! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/dentsply-international-xray-us-sombre-growth-outlook-and-pricey-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dentsply International (XRAY US): Sombre Growth Outlook and Pricey Valuation</a></li><li><a href="https://www.smartkarma.com/insights/intel-chips-act-funding-ceremony-overshadowed-by-reports-of-new-fab-delays?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Intel. CHIPS Act Funding Ceremony Overshadowed By Reports Of New Fab Delays</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/dollar-tree-how-long-will-the-family-dollar-underperformance-continue-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Dollar Tree: How Long Will The Family Dollar Underperformance Continue? - Major Drivers </a></h3><p></p><ul><li>Dollar Tree, Inc., in their latest quarterly earnings, reported continued progress in their organizational transformation towards establishing a foundation for sustainable growth.</li><li>The company experienced growth across the retail metrics of sales per square foot, transactions, and units sold, indicating an overall positive momentum in the business.</li><li>It reported an increase of 12% in consolidated net sales to $8.6 billion in the fourth quarter of 2023, including a $560 million benefit from the year's 53rd week.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/adobe-inc-when-will-its-adoption-of-generative-ai-reflect-on-its-top-line-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Adobe Inc.: When Will Its Adoption Of Generative AI Reflect On Its Top-Line? - Major Drivers </a></h3><p></p><ul><li>Adobe Inc.</li><li>delivered robust financial results for the first quarter of fiscal year 2024, with a revenue of $5.18 billion.</li><li>This represents a 12% year-over-year growth, demonstrating the significant role of Adobe products in powering the global digital economy.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/smartsheet-inc-its-improving-emphasis-on-ai-should-pay-off-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Smartsheet Inc: Its Improving Emphasis On AI Should Pay Off! - Major Drivers </a></h3><p></p><ul><li>Smartsheet Inc., a leading platform for dynamic work, reported its fourth-quarter results for the fiscal year 2024, highlighting key financial and operational milestones that signal its competitive positioning in challenging macro conditions.</li><li>Notably, the company crossed the $1 billion annual recurring revenue (ARR) threshold in Q4, demonstrating the capability to drive revenue growth while progressing significantly in profitability and free cash flow.</li><li>The successful performance was underpinned by strength in the enterprise segment coupled with robust progress in key growth opportunities.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/dentsply-international-xray-us-sombre-growth-outlook-and-pricey-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Dentsply International (XRAY US): Sombre Growth Outlook and Pricey Valuation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/988/original/Pic%201.png?1711122190"/> <ul>
<li>
<a data-smartkarma-citation="entities:10926:1" href="https://www.smartkarma.com/entities/dentsply-international-inc" rel="noopener" target="_blank">Dentsply International (XRAY US)</a> guided for 2024 revenue of $3.96–4.02B, flat to up 1.5% on an organic basis and 12% growth in 2024 EPS at midpoint.</li>
<li>The macro environment continues to be challenging. The company anticipates the ongoing softness in imaging will continue in 2024. Cost savings will support the bottom-line growth.</li>
<li>In terms of every valuation metrics, Dentsply is overpriced compared to its U.S.-listed peers. Strong balance sheet, accelerating dividend, and buyback do not justify the pricey valuation.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/intel-chips-act-funding-ceremony-overshadowed-by-reports-of-new-fab-delays?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Intel. CHIPS Act Funding Ceremony Overshadowed By Reports Of New Fab Delays </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/984/original/image?1711119688"/> <ul>
<li>Intel snags $8.5 billion in direct funding through the CHIPS and Science Act to advance its commercial semiconductor projects in Arizona, New Mexico, Ohio and Oregon.</li>
<li>Investment Tax Credit (ITC) of up to 25% on > $100 billion in qualified investments and eligibility for federal loans up to $11 billion are also on offer</li>
<li>Meanwhile, two separate reports suggest delays of up to two years in Ohio and suppliers in Arizona unable/unwilling to meet previous commitments to establish local supply chains. Ouch!</li>
</ul>2024-03-23T02:00:15+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "DLTR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ADBE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "SMAR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "SHORTS"}, {"term": "NORTH AMERICA"}, {"term": "XRAY@US"}, {"term": "STMN@SW"}, {"term": "NVST@US"}, {"term": "HSIC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "INTC@US"}, {"term": "2330@TT"}, {"term": "DLTR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ADBE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SMAR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HSIC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "2330@TT", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/689bf1b0-c09b-39f1-b8c2-ecb836ae5d34Brief USA: Telco - Overall - Telecommunications Services and more2024-03-28T22:17:23.981080+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-wireline-telecommunications-services-weekly-sector-review-33fc5187-e8e6-402a-8acf-f9cac7d7a544?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Telco - Overall - Telecommunications Services</a></li><li><a href="https://www.smartkarma.com/insights/dropping-coverage-acquisition-by-gilead-completed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dropping Coverage; Acquisition by Gilead Completed</a></li><li><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-global-monetary-policy-easing-has-begun?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Weekly Market Monitor – Global Monetary Policy Easing Has Begun!</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-95039403-e582-4f15-8a81-471defbfd10d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/slower-2024-growth-plan-weighs-on-the-narrative-but-lt-potential-intact?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Slower 2024 Growth Plan Weighs on the Narrative, but LT Potential Intact</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-wireline-telecommunications-services-weekly-sector-review-33fc5187-e8e6-402a-8acf-f9cac7d7a544?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Telco - Overall - Telecommunications Services </a></h3><p></p><ul><li>Table 1 - Relevant IndicesSource: Factset & Raymond James ResearchAttendance at one or more of these events may be limited.</li><li>For additional details, including registration for any of the above, please contact your Raymond James sales representative.This Week in TelecomWell, in what was supposed to be a slow Wednesday of continuing education, we got bombarded with a short report from a well-known enemy of the REIT sector.Much like the media not giving the glory to the criminals, we won't mention the firm, but this week they tried to attack EQIX. While some parts of the report were reminiscent of Jim Chanos’s short report (that went badly), the majority of the report displayed a remarkable lack of understanding about the data center industry and REITs in general, while the rest threw out some accusations around accounting.</li><li>The report was timed right in between a surprise announcement of a CEO change and a European debt deal that got pulled.Most investors we talked to were unimpressed but did want to focus on how various capitalization thresholds are calculated, and we tend to see this more of a buying opportunity.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/dropping-coverage-acquisition-by-gilead-completed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Dropping Coverage; Acquisition by Gilead Completed </a></h3><p></p><ul><li>We are dropping coverage of CymaBay (CBAY) as Gilead Sciences (GILD/$73.09/Market Perform) has completed the acquisition of CBAY (here) for $32.50/share.</li><li>Our final rating for the company was Market Perform.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-global-monetary-policy-easing-has-begun?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. The Weekly Market Monitor – Global Monetary Policy Easing Has Begun! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/958/original/image?1711108761"/> <ul>
<li>Switzerland sparks the start of a global wave of monetary policy easing. And it’s only March!</li>
<li>Why are central banks already contemplating rate cuts when inflation levels are significantly above target, and the global economy is at full employment?</li>
<li>I explain why investors should pay more attention to the MOVE Index and less to the VIX Index. It comes down to the answer to the question above.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-95039403-e582-4f15-8a81-471defbfd10d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYOil prices were broadly steady on March 21, shored up by a surprise U.S. crude stock drop and the U.S. Federal Reserve sticking to its outlook on rate cuts for the year.</li><li>Brent Crude futures for May were down by 0.2%, to $85.78/bbl while WTI futures for May were down 0.3%, to $81.07/bbl after a fall of about 1.8% in the previous session.</li><li>Crude inventories in the U.S., the world's biggest oil consumer, fell for a second week, the U.S. Energy Information Administration (EIA) reported on March 20.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/slower-2024-growth-plan-weighs-on-the-narrative-but-lt-potential-intact?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Slower 2024 Growth Plan Weighs on the Narrative, but LT Potential Intact </a></h3><p></p><ul><li>LULU’s 4Q EPS of $5.29 beat RJe $5.03/Street $5.00 on better revenue of +16% y/y (RJe & Street +15%), GM% +200bp to 59.4% (RJe & Street +125bp), and EBIT% +20bp to 28.5% (RJe -20bp/Street -30bp).We previewed that LULU’s beats were narrowing and saw risk to 2024 guidance being below the Street.</li><li>New guide: EPS +10-11% y/y to $14.00-14.20 (RJe $14.02; Street $14.26), revenue +11-12% y/y to $10.7-10.8B (RJe +12%; Street +14%) and +10-11% excluding 53rd week, and EBIT% +10bp (RJe +30bp/Street -10bp).</li><li>This reflects softer U.S. demand in 1Q (also guided below consensus) even as international growth remains strong across geos.We think the market will penalize LULU for the decel, but there’s wiggle room in the plan to drive beats, and see upside potential to guidance.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-wireline-telecommunications-services-weekly-sector-review-33fc5187-e8e6-402a-8acf-f9cac7d7a544?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Telco - Overall - Telecommunications Services</a></li><li><a href="https://www.smartkarma.com/insights/dropping-coverage-acquisition-by-gilead-completed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dropping Coverage; Acquisition by Gilead Completed</a></li><li><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-global-monetary-policy-easing-has-begun?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Weekly Market Monitor – Global Monetary Policy Easing Has Begun!</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-95039403-e582-4f15-8a81-471defbfd10d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/slower-2024-growth-plan-weighs-on-the-narrative-but-lt-potential-intact?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Slower 2024 Growth Plan Weighs on the Narrative, but LT Potential Intact</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-wireline-telecommunications-services-weekly-sector-review-33fc5187-e8e6-402a-8acf-f9cac7d7a544?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Telco - Overall - Telecommunications Services </a></h3><p></p><ul><li>Table 1 - Relevant IndicesSource: Factset & Raymond James ResearchAttendance at one or more of these events may be limited.</li><li>For additional details, including registration for any of the above, please contact your Raymond James sales representative.This Week in TelecomWell, in what was supposed to be a slow Wednesday of continuing education, we got bombarded with a short report from a well-known enemy of the REIT sector.Much like the media not giving the glory to the criminals, we won't mention the firm, but this week they tried to attack EQIX. While some parts of the report were reminiscent of Jim Chanos’s short report (that went badly), the majority of the report displayed a remarkable lack of understanding about the data center industry and REITs in general, while the rest threw out some accusations around accounting.</li><li>The report was timed right in between a surprise announcement of a CEO change and a European debt deal that got pulled.Most investors we talked to were unimpressed but did want to focus on how various capitalization thresholds are calculated, and we tend to see this more of a buying opportunity.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/dropping-coverage-acquisition-by-gilead-completed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Dropping Coverage; Acquisition by Gilead Completed </a></h3><p></p><ul><li>We are dropping coverage of CymaBay (CBAY) as Gilead Sciences (GILD/$73.09/Market Perform) has completed the acquisition of CBAY (here) for $32.50/share.</li><li>Our final rating for the company was Market Perform.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-global-monetary-policy-easing-has-begun?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. The Weekly Market Monitor – Global Monetary Policy Easing Has Begun! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/958/original/image?1711108761"/> <ul>
<li>Switzerland sparks the start of a global wave of monetary policy easing. And it’s only March!</li>
<li>Why are central banks already contemplating rate cuts when inflation levels are significantly above target, and the global economy is at full employment?</li>
<li>I explain why investors should pay more attention to the MOVE Index and less to the VIX Index. It comes down to the answer to the question above.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-95039403-e582-4f15-8a81-471defbfd10d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYOil prices were broadly steady on March 21, shored up by a surprise U.S. crude stock drop and the U.S. Federal Reserve sticking to its outlook on rate cuts for the year.</li><li>Brent Crude futures for May were down by 0.2%, to $85.78/bbl while WTI futures for May were down 0.3%, to $81.07/bbl after a fall of about 1.8% in the previous session.</li><li>Crude inventories in the U.S., the world's biggest oil consumer, fell for a second week, the U.S. Energy Information Administration (EIA) reported on March 20.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/slower-2024-growth-plan-weighs-on-the-narrative-but-lt-potential-intact?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Slower 2024 Growth Plan Weighs on the Narrative, but LT Potential Intact </a></h3><p></p><ul><li>LULU’s 4Q EPS of $5.29 beat RJe $5.03/Street $5.00 on better revenue of +16% y/y (RJe & Street +15%), GM% +200bp to 59.4% (RJe & Street +125bp), and EBIT% +20bp to 28.5% (RJe -20bp/Street -30bp).We previewed that LULU’s beats were narrowing and saw risk to 2024 guidance being below the Street.</li><li>New guide: EPS +10-11% y/y to $14.00-14.20 (RJe $14.02; Street $14.26), revenue +11-12% y/y to $10.7-10.8B (RJe +12%; Street +14%) and +10-11% excluding 53rd week, and EBIT% +10bp (RJe +30bp/Street -10bp).</li><li>This reflects softer U.S. demand in 1Q (also guided below consensus) even as international growth remains strong across geos.We think the market will penalize LULU for the decel, but there’s wiggle room in the plan to drive beats, and see upside potential to guidance.</li></ul>2024-03-22T23:15:14+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CMCSA@US"}, {"term": "WOW@US"}, {"term": "EQIX@US"}, {"term": "DBRG@US"}, {"term": "FSLY@US"}, {"term": "CABO@US"}, {"term": "PARA@US"}, {"term": "GDS@US"}, {"term": "CCOI@US"}, {"term": "WBD@US"}, {"term": "CCI@US"}, {"term": "SATS@US"}, {"term": "SBAC@US"}, {"term": "SHEN@US"}, {"term": "AMT@US"}, {"term": "NFLX@US"}, {"term": "ATUS@US"}, {"term": "GOOG@US"}, {"term": "USM@US"}, {"term": "DY@US"}, {"term": "VZ@US"}, {"term": "T@US"}, {"term": "DLR@US"}, {"term": "LUMN@US"}, {"term": "FYBR@US"}, {"term": "TMUS@US"}, {"term": "DIS@US"}, {"term": "CHTR@US"}, {"term": "AAPL@US"}, {"term": "AKAM@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CBAY@US"}, {"term": "GILD@US"}, {"term": "Cross Asset Strategy"}, {"term": "UNITED KINGDOM"}, {"term": "SWITZERLAND"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "SPX@INDEX"}, {"term": "ICOM@LN"}, {"term": "REET@US"}, {"term": "XBTUSD@CURNCY"}, {"term": "TLT@US"}, {"term": "MOVE@INDEX"}, {"term": "VIX@INDEX"}, {"term": "DXY@CURNCY"}, {"term": "GOLD@COMDTY"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "LULU@US"}, {"term": "AKAM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GILD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GOLD@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LULU@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/4c55e8be-0e03-32b7-98d9-1c6b77b97b0eBrief USA: Takeaways From Management Meetings and more2024-03-28T22:17:23.973357+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/takeaways-from-management-meetings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways From Management Meetings</a></li><li><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-with-management-7b912d2e-5dd9-42bf-9c8f-17a89821a120?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Highlights From Investor Meetings With Management</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-interest-rate-sensitivity-snapshot-analysis-versus-modeling?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li><li><a href="https://www.smartkarma.com/insights/reducing-2024-eps-estimate-reiterate-underperform-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reducing 2024 EPS Estimate; Reiterate Underperform Rating</a></li><li><a href="https://www.smartkarma.com/insights/updating-model-for-quarterly-investor-call-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating Model for Quarterly Investor Call; Market Perform</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/takeaways-from-management-meetings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Takeaways From Management Meetings </a></h3><p></p><ul><li>We hosted investor meetings with CFO Anne Mehlman, SVP of IR/Strategy Erinn Murphy, and Sr.</li><li>Analyst of IR/Strategy Abigail Ritter.</li><li>The meetings reinforced our positive view on CROX which has robust momentum for the Crocs brand, turnaround potential for HEYDUDE, and likely EBIT% upside (our view) relative to 2024 guidance.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-with-management-7b912d2e-5dd9-42bf-9c8f-17a89821a120?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Highlights From Investor Meetings With Management </a></h3><p></p><ul><li>We reiterate our Outperform rating on GABC shares after hosting virtual investor meetings featuring Chairman and CEO Neil Dauby as well as President, CFO, and COO Brad Rust.</li><li>The meetings carried an up-beat tone as investors recognized the safe haven status of German American’s impressive long-term track record of superior growth, credit quality, and profitability metrics.</li><li>It is clear German American is operating from a position of strength, as it is actively looking for new lending opportunities as many competitors have pulled back.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-interest-rate-sensitivity-snapshot-analysis-versus-modeling?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>Key Point: The regularly disclosed (by the companies) snapshot of earnings sensitivity to base rate changes tends to somewhat understate forward projected NII trends (using out published models) versus implications from base rates alone.Forward earnings projections for BDCs are now declining, we project a 3-4% average decline for earnings in 2024 versus 2023, for the most part as a direct consequence of projected declining base rates (particularly 3-month term SOFR).</li><li>Somewhat helpfully, BDCs provide mandatory disclosure on interest rate sensitivity in regulatory filings — and our Return on Equity Sensitivity (RES) estimates (see Chart 1) relate to an expanded version of that; calculated on the same basis across BDCs, and including the impact of incentive fee which is not usually the case in BDC disclosures.Chart 1 - Return On Equity Sensitivity to Base Rates Changes, Net of Incentive Fees (4Q23 Snapshot)Source: Company filings and Raymond James research.The downside of such a snapshot analysis is the same as any other ‘all other things being equal’: they never are.</li><li>Charts 3 & 4 show the correlation between calculated RES (snapshot) and projected ROE or project (adjusted) NII trends from our financial models.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/reducing-2024-eps-estimate-reiterate-underperform-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Reducing 2024 EPS Estimate; Reiterate Underperform Rating </a></h3><p></p><ul><li>We reiterate our Underperform rating on shares of Ally Financial.</li><li>We are reducing our 1Q24 EPS estimate by $0.43 to $0.23, as its guide for its NIM, noninterest income, operating expenses and NCOs from early March (LINK) is worse than we and the Street anticipated.</li><li>We continue to believe the two components of the Bull case (4.00% NIM and NCOs peak in 1H24) cannot happen simultaneously for a number of years.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/updating-model-for-quarterly-investor-call-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Updating Model for Quarterly Investor Call; Market Perform </a></h3><p></p><ul><li>We are reiterating our Market Perform rating on the shares of Arthur J. Gallagher (AJG).</li><li>We believe the current stock price appropriately reflects the positive outlook for the company to generate above-peer-average organic growth and margins which could limit upside.The stock was down ~2% after the company’s quarterly investor call reflecting in part management’s lower corporate segment guidance (~$30M) which could lead to downward pressure on estimates.Management continues to expect 2024 Brokerage segment organic growth of 7-9% with 60 bp of margin expansion at 8% organic.</li><li>In 1Q24, management expects Brokerage segment organic growth of 8-8.5% with margins down 50-60 bp y/y.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/takeaways-from-management-meetings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways From Management Meetings</a></li><li><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-with-management-7b912d2e-5dd9-42bf-9c8f-17a89821a120?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Highlights From Investor Meetings With Management</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-interest-rate-sensitivity-snapshot-analysis-versus-modeling?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li><li><a href="https://www.smartkarma.com/insights/reducing-2024-eps-estimate-reiterate-underperform-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reducing 2024 EPS Estimate; Reiterate Underperform Rating</a></li><li><a href="https://www.smartkarma.com/insights/updating-model-for-quarterly-investor-call-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating Model for Quarterly Investor Call; Market Perform</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/takeaways-from-management-meetings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Takeaways From Management Meetings </a></h3><p></p><ul><li>We hosted investor meetings with CFO Anne Mehlman, SVP of IR/Strategy Erinn Murphy, and Sr.</li><li>Analyst of IR/Strategy Abigail Ritter.</li><li>The meetings reinforced our positive view on CROX which has robust momentum for the Crocs brand, turnaround potential for HEYDUDE, and likely EBIT% upside (our view) relative to 2024 guidance.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-with-management-7b912d2e-5dd9-42bf-9c8f-17a89821a120?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Highlights From Investor Meetings With Management </a></h3><p></p><ul><li>We reiterate our Outperform rating on GABC shares after hosting virtual investor meetings featuring Chairman and CEO Neil Dauby as well as President, CFO, and COO Brad Rust.</li><li>The meetings carried an up-beat tone as investors recognized the safe haven status of German American’s impressive long-term track record of superior growth, credit quality, and profitability metrics.</li><li>It is clear German American is operating from a position of strength, as it is actively looking for new lending opportunities as many competitors have pulled back.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-interest-rate-sensitivity-snapshot-analysis-versus-modeling?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>Key Point: The regularly disclosed (by the companies) snapshot of earnings sensitivity to base rate changes tends to somewhat understate forward projected NII trends (using out published models) versus implications from base rates alone.Forward earnings projections for BDCs are now declining, we project a 3-4% average decline for earnings in 2024 versus 2023, for the most part as a direct consequence of projected declining base rates (particularly 3-month term SOFR).</li><li>Somewhat helpfully, BDCs provide mandatory disclosure on interest rate sensitivity in regulatory filings — and our Return on Equity Sensitivity (RES) estimates (see Chart 1) relate to an expanded version of that; calculated on the same basis across BDCs, and including the impact of incentive fee which is not usually the case in BDC disclosures.Chart 1 - Return On Equity Sensitivity to Base Rates Changes, Net of Incentive Fees (4Q23 Snapshot)Source: Company filings and Raymond James research.The downside of such a snapshot analysis is the same as any other ‘all other things being equal’: they never are.</li><li>Charts 3 & 4 show the correlation between calculated RES (snapshot) and projected ROE or project (adjusted) NII trends from our financial models.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/reducing-2024-eps-estimate-reiterate-underperform-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Reducing 2024 EPS Estimate; Reiterate Underperform Rating </a></h3><p></p><ul><li>We reiterate our Underperform rating on shares of Ally Financial.</li><li>We are reducing our 1Q24 EPS estimate by $0.43 to $0.23, as its guide for its NIM, noninterest income, operating expenses and NCOs from early March (LINK) is worse than we and the Street anticipated.</li><li>We continue to believe the two components of the Bull case (4.00% NIM and NCOs peak in 1H24) cannot happen simultaneously for a number of years.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/updating-model-for-quarterly-investor-call-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Updating Model for Quarterly Investor Call; Market Perform </a></h3><p></p><ul><li>We are reiterating our Market Perform rating on the shares of Arthur J. Gallagher (AJG).</li><li>We believe the current stock price appropriately reflects the positive outlook for the company to generate above-peer-average organic growth and margins which could limit upside.The stock was down ~2% after the company’s quarterly investor call reflecting in part management’s lower corporate segment guidance (~$30M) which could lead to downward pressure on estimates.Management continues to expect 2024 Brokerage segment organic growth of 7-9% with 60 bp of margin expansion at 8% organic.</li><li>In 1Q24, management expects Brokerage segment organic growth of 8-8.5% with margins down 50-60 bp y/y.</li></ul>2024-03-22T18:15:19+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CROX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GABC@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CCAP@US"}, {"term": "BBDC@US"}, {"term": "GLAD@US"}, {"term": "FDUS@US"}, {"term": "SAR@US"}, {"term": "TCPC@US"}, {"term": "MRCC@US"}, {"term": "PNNT@US"}, {"term": "GBDC@US"}, {"term": "BXSL@US"}, {"term": "GSBD@US"}, {"term": "FSK@US"}, {"term": "TSLX@US"}, {"term": "CSWC@US"}, {"term": "SLRC@US"}, {"term": "MAIN@US"}, {"term": "MFIC@US"}, {"term": "PSEC@US"}, {"term": "ARCC@US"}, {"term": "ICMB@US"}, {"term": "SCM@US"}, {"term": "WHF@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ALLY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AJG@US"}, {"term": "CROX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GABC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WHF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALLY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AJG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/e70e533a-5d93-3eba-9ec4-9520eca83811Brief USA: Financial Services - Others - CBRE/CWK/JLL/NMRK and more2024-03-28T22:17:23.964588+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/financial-services-others-cbre-cwk-jll-nmrk-resilient-business-strength-increasingly-impactful?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - CBRE/CWK/JLL/NMRK</a></li><li><a href="https://www.smartkarma.com/insights/origin-bancorp-inc-obk-reiterate-outperform-34-pt-following-investor-meetings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Origin Bancorp, Inc. - OBK</a></li><li><a href="https://www.smartkarma.com/insights/downgrading-to-outperform-raising-tp-to-16-aml-bites-the-dust-all-in-on-autoimmune?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrading to Outperform & Raising TP to $16; AML Bites the Dust, All in on Autoimmune</a></li><li><a href="https://www.smartkarma.com/insights/ipp-power-3-eu-members-3-vastly-different-stances-on-nuclear-power-finland-germany-and-spain-are-intriguing-case-studies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IPP - Power</a></li><li><a href="https://www.smartkarma.com/insights/f3q24-ahead-guide-tightened-drive-continues-to-drive-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F3Q24 Ahead; Guide Tightened, DRIVE Continues to Drive Ahead</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/financial-services-others-cbre-cwk-jll-nmrk-resilient-business-strength-increasingly-impactful?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Financial Services - Others - CBRE/CWK/JLL/NMRK </a></h3><p></p><ul><li>Key TakeawayBeyond growing conviction that 2023 will prove to be the cyclical low for brokerage revenue, a key part of our constructive thesis on the CRE service provider group is that resilient (non-transactional and largely non-cyclical) revenue streams have been and will continue to provide steady and attractive growth for the firms.</li><li>Resilient revenues represent roughly half of total fee revenue at CBRE, JLL, and Cushman, and have grown at a 6%+ CAGR at all three firms over the past five years.Resilient businesses are an important and growing part of CRE service provider revenueIn 2023, revenue from resilient businesses represented more than half of CBRE and Cushman & Wakefield’s total fee revenue, and just shy of 50% at Jones Lang LaSalle and Colliers.</li><li>Newmark is the relative outlier on this measure at just 25% of fee revenue coming from resilient businesses.Note: There are different definitions of “resilient” businesses in this industry.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/origin-bancorp-inc-obk-reiterate-outperform-34-pt-following-investor-meetings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Origin Bancorp, Inc. - OBK </a></h3><p></p><ul><li>We reiterate our Outperform rating on OBK shares post investor meetings we hosted with management this week.</li><li>Notable meeting topics included: (1) thoughts on the NIM/ NII given the forward curve now projects three rate cuts this year (link, link) vs. six when it reported earnings on 1/25/24; (2) updated thoughts on credit with CRE back in the spotlight post the recent events surrounding NYCB; (3) greater detail around its loan/ deposit growth outlook of 4-7% this year; (4) color around crossing the $10 billion threshold and what it means from a regulatory/ financial standpoint; (5) an update on its recently-announced expansion into South Alabama/ Florida (link); (6) updates on the redeployment of proceeds from its second tranche of securities portfolio repositioning; and (7) the outlook for its fee lines of business and the “call option” on its insurance business.</li><li>Net-net, we continue to view risk-reward positively given a solid growth outlook, stout capital base, and improving franchise value from its burgeoning Texas franchise.NIM/ NII outlook helped by less rate cuts: When it reported earnings in January, the forward curve’s highest probability was for six 25 bp rate cuts where management acknowledged that the first 100 bp of cuts would cause ~15-20 bp of NIM compression (4Q23: 3.19%).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/downgrading-to-outperform-raising-tp-to-16-aml-bites-the-dust-all-in-on-autoimmune?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Downgrading to Outperform & Raising TP to $16; AML Bites the Dust, All in on Autoimmune </a></h3><p></p><ul><li>On Thursday, after market close, Nkarta (NKTX) disclosed 4Q23/2023 financial results and announced deprioritization of NKX101 in AML to focus resources on advancement of NKX019 in autoimmune indications — NKTX did not host a call.</li><li>Net loss for the year was $117.5M versus $113.8M in 2022.</li><li>As of December 31, 2023, NKTX had cash, cash equivalents, restricted cash, and investments of $250.9M, which is expected provide a cash runway into 2026.We are downgrading our rating to Outperform from Strong Buy not due to any decrease in confidence in our view of the company, but to better reflect remaining upside given recent strength.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ipp-power-3-eu-members-3-vastly-different-stances-on-nuclear-power-finland-germany-and-spain-are-intriguing-case-studies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. IPP - Power </a></h3><p></p><ul><li>As part of the UNC Clean Tech Summit, we participated yesterday in a small group session with government officials from Finland, Germany, and Spain, on the topic of European energy security and diversification.</li><li>The overarching energy roadmaps for these countries, along with all other European Union members, point to net zero CO2 emissions (carbon neutrality) by 2050, and it goes without saying that renewables are a top priority across the board.</li><li>However, there is a striking difference of opinion when it comes to the role of nuclear power in the European electricity mix, and that is where we will zoom in today.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/f3q24-ahead-guide-tightened-drive-continues-to-drive-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. F3Q24 Ahead; Guide Tightened, DRIVE Continues to Drive Ahead </a></h3><p></p><ul><li>We are maintaining our Outperform rating as we believe that palpable change is afoot as FDX’s DRIVE initiatives continue to take hold likely driving better margins, earnings, and FCF in out years than appreciated.</li><li>Simply, we believe that mgmt’s shift toward integrating its Express & Ground offering (Network 2.0), its focus on attacking costs across various functional buckets (backbone of DRIVE), enhanced capital allocation scrutiny (capex), and a more shareholder-friendly capital return program (new buyback program) all set the stage to drive improved shareholder returns.F3Q24 Ahead; EPS Guide Tightened: FDX reported F3Q24 adj. EPS of $3.86 (+13% y/y), ahead of both the Street/RJe at $3.44/$=3.42, as the execution of DRIVE continues to trim costs and focus on rev quality despite a tough demand.</li><li>To this point, despite that revs of $21.7B (-2% y/y) were behind the Street/RJe at $22.0/22.1B, adj. EBIT was above ($1.36B vs. Street/RJe $1.23/1.21B).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/financial-services-others-cbre-cwk-jll-nmrk-resilient-business-strength-increasingly-impactful?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - CBRE/CWK/JLL/NMRK</a></li><li><a href="https://www.smartkarma.com/insights/origin-bancorp-inc-obk-reiterate-outperform-34-pt-following-investor-meetings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Origin Bancorp, Inc. - OBK</a></li><li><a href="https://www.smartkarma.com/insights/downgrading-to-outperform-raising-tp-to-16-aml-bites-the-dust-all-in-on-autoimmune?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrading to Outperform & Raising TP to $16; AML Bites the Dust, All in on Autoimmune</a></li><li><a href="https://www.smartkarma.com/insights/ipp-power-3-eu-members-3-vastly-different-stances-on-nuclear-power-finland-germany-and-spain-are-intriguing-case-studies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IPP - Power</a></li><li><a href="https://www.smartkarma.com/insights/f3q24-ahead-guide-tightened-drive-continues-to-drive-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F3Q24 Ahead; Guide Tightened, DRIVE Continues to Drive Ahead</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/financial-services-others-cbre-cwk-jll-nmrk-resilient-business-strength-increasingly-impactful?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Financial Services - Others - CBRE/CWK/JLL/NMRK </a></h3><p></p><ul><li>Key TakeawayBeyond growing conviction that 2023 will prove to be the cyclical low for brokerage revenue, a key part of our constructive thesis on the CRE service provider group is that resilient (non-transactional and largely non-cyclical) revenue streams have been and will continue to provide steady and attractive growth for the firms.</li><li>Resilient revenues represent roughly half of total fee revenue at CBRE, JLL, and Cushman, and have grown at a 6%+ CAGR at all three firms over the past five years.Resilient businesses are an important and growing part of CRE service provider revenueIn 2023, revenue from resilient businesses represented more than half of CBRE and Cushman & Wakefield’s total fee revenue, and just shy of 50% at Jones Lang LaSalle and Colliers.</li><li>Newmark is the relative outlier on this measure at just 25% of fee revenue coming from resilient businesses.Note: There are different definitions of “resilient” businesses in this industry.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/origin-bancorp-inc-obk-reiterate-outperform-34-pt-following-investor-meetings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Origin Bancorp, Inc. - OBK </a></h3><p></p><ul><li>We reiterate our Outperform rating on OBK shares post investor meetings we hosted with management this week.</li><li>Notable meeting topics included: (1) thoughts on the NIM/ NII given the forward curve now projects three rate cuts this year (link, link) vs. six when it reported earnings on 1/25/24; (2) updated thoughts on credit with CRE back in the spotlight post the recent events surrounding NYCB; (3) greater detail around its loan/ deposit growth outlook of 4-7% this year; (4) color around crossing the $10 billion threshold and what it means from a regulatory/ financial standpoint; (5) an update on its recently-announced expansion into South Alabama/ Florida (link); (6) updates on the redeployment of proceeds from its second tranche of securities portfolio repositioning; and (7) the outlook for its fee lines of business and the “call option” on its insurance business.</li><li>Net-net, we continue to view risk-reward positively given a solid growth outlook, stout capital base, and improving franchise value from its burgeoning Texas franchise.NIM/ NII outlook helped by less rate cuts: When it reported earnings in January, the forward curve’s highest probability was for six 25 bp rate cuts where management acknowledged that the first 100 bp of cuts would cause ~15-20 bp of NIM compression (4Q23: 3.19%).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/downgrading-to-outperform-raising-tp-to-16-aml-bites-the-dust-all-in-on-autoimmune?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Downgrading to Outperform & Raising TP to $16; AML Bites the Dust, All in on Autoimmune </a></h3><p></p><ul><li>On Thursday, after market close, Nkarta (NKTX) disclosed 4Q23/2023 financial results and announced deprioritization of NKX101 in AML to focus resources on advancement of NKX019 in autoimmune indications — NKTX did not host a call.</li><li>Net loss for the year was $117.5M versus $113.8M in 2022.</li><li>As of December 31, 2023, NKTX had cash, cash equivalents, restricted cash, and investments of $250.9M, which is expected provide a cash runway into 2026.We are downgrading our rating to Outperform from Strong Buy not due to any decrease in confidence in our view of the company, but to better reflect remaining upside given recent strength.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ipp-power-3-eu-members-3-vastly-different-stances-on-nuclear-power-finland-germany-and-spain-are-intriguing-case-studies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. IPP - Power </a></h3><p></p><ul><li>As part of the UNC Clean Tech Summit, we participated yesterday in a small group session with government officials from Finland, Germany, and Spain, on the topic of European energy security and diversification.</li><li>The overarching energy roadmaps for these countries, along with all other European Union members, point to net zero CO2 emissions (carbon neutrality) by 2050, and it goes without saying that renewables are a top priority across the board.</li><li>However, there is a striking difference of opinion when it comes to the role of nuclear power in the European electricity mix, and that is where we will zoom in today.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/f3q24-ahead-guide-tightened-drive-continues-to-drive-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. F3Q24 Ahead; Guide Tightened, DRIVE Continues to Drive Ahead </a></h3><p></p><ul><li>We are maintaining our Outperform rating as we believe that palpable change is afoot as FDX’s DRIVE initiatives continue to take hold likely driving better margins, earnings, and FCF in out years than appreciated.</li><li>Simply, we believe that mgmt’s shift toward integrating its Express & Ground offering (Network 2.0), its focus on attacking costs across various functional buckets (backbone of DRIVE), enhanced capital allocation scrutiny (capex), and a more shareholder-friendly capital return program (new buyback program) all set the stage to drive improved shareholder returns.F3Q24 Ahead; EPS Guide Tightened: FDX reported F3Q24 adj. EPS of $3.86 (+13% y/y), ahead of both the Street/RJe at $3.44/$=3.42, as the execution of DRIVE continues to trim costs and focus on rev quality despite a tough demand.</li><li>To this point, despite that revs of $21.7B (-2% y/y) were behind the Street/RJe at $22.0/22.1B, adj. EBIT was above ($1.36B vs. Street/RJe $1.23/1.21B).</li></ul>2024-03-22T16:15:25+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NMRK@US"}, {"term": "JLL@US"}, {"term": "CWK@US"}, {"term": "CIGI@US"}, {"term": "CBRE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "OBNK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NKTX@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FDX@US"}, {"term": "CBRE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "OBNK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NKTX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FDX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/99c69878-2be8-367c-9fb8-1a82d01aefabBrief USA: Crypto Moves #20 – Ethereum Will Never Be the Same and more2024-03-28T22:17:23.956806+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/crypto-moves-20-ethereum-will-never-be-the-same?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Moves #20 – Ethereum Will Never Be the Same</a></li><li><a href="https://www.smartkarma.com/insights/tesla-increases-price-of-model-y-in-china-in-sign-that-price-war-is-easing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Tesla Increases Price of Model Y in China in Sign That Price War Is Easing</a></li><li><a href="https://www.smartkarma.com/insights/petrotal-corp-aim-ptal-delivering-on-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">PetroTal Corp (AIM: PTAL): Delivering on Guidance</a></li><li><a href="https://www.smartkarma.com/insights/united-states-economy-quarterly-macro-note?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">United States Economy - Quarterly Macro Note</a></li><li><a href="https://www.smartkarma.com/insights/steelcase-inc-4q-results-guidance-roughly-in-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Steelcase, Inc. - 4Q Results; Guidance Roughly In Line</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/crypto-moves-20-ethereum-will-never-be-the-same?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Crypto Moves #20 – Ethereum Will Never Be the Same </a></h3><p></p><ul><li>Last Wednesday, on March 13th, Ethereum launched its biggest upgrade in the past 18 months, marking a significant milestone since the Ethereum Merge on September 15, 2022.</li><li>Dubbed Dencun or Cancun-Deneb, this upgrade introduced the eagerly awaited Proto-Danksharding feature, aimed at dramatically enhancing the scalability of Ethereum’s Layer 2, also known as rollups, and slashing the costs associated with rollup transactions, while making them less volatile.</li><li>Proto-Danksharding brought to the table so-called ‘blobs’.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/tesla-increases-price-of-model-y-in-china-in-sign-that-price-war-is-easing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Tesla Increases Price of Model Y in China in Sign That Price War Is Easing </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/913/original/Tesla%E2%80%99s%20Model%20Y%20was%20the%20best-selling%20vehicle%20in%20the%20world%20in%202023%2C%20according%20to%20automotive%20business%20data%20provider%20Jato%20Dynamics?1711077588"/> <ul><li><strong>Tesla Inc.</strong> will increase the price of its popular Model Y crossover by 5,000 yuan ($694) in China, a move that offers rivals a temporary reprieve as a raging price war engulfs the world's largest auto market.</li><li>The price rise on China-made Model Y vehicles will start on April 1, Tesla confirmed with Caixin Wednesday. Meanwhile, some of the extras offered by Tesla to its Chinese customers, including an 8,000-yuan insurance subsidy, will expire on March 31.</li><li>Tesla previously announced a price increase of $1,000 for the Model Y in the United States and 2,000 euros ($2,542) in Europe.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/petrotal-corp-aim-ptal-delivering-on-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. PetroTal Corp (AIM: PTAL): Delivering on Guidance </a></h3><p></p><ul>
<li>FY23 production of 14,248 bbl/d had been reported previously and the YE23 cash position of US$105 mm (including ~US$15 mm of restricted cash) is very close to previous indications.</li>
<li>PetroTal is re-iterating its FY24 production guidance of ~17 mbbl/d with US$134 mm capex.</li>
<li>Production currently trends ahead of guidance with 24,453 bbl/d in January and 17,411 bbl/d in February.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/united-states-economy-quarterly-macro-note?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. United States Economy - Quarterly Macro Note </a></h3><p></p><ul><li>In 2023, the United States economy registered robust growth, with a Gross Domestic Product increase of 3.3% in the fourth quarter, resulting in an overall annual growth rate of 3.1%.</li><li>This expansion was mainly driven by a 2.8% increase in consumer spending, despite the prevailing challenges caused by elevated interest rates, persistent inflation, and looming recession fears.</li><li>The positive momentum entering the current year is bolstered by carry-over effects from the preceding year, suggesting a continuation of economic expansion.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/steelcase-inc-4q-results-guidance-roughly-in-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Steelcase, Inc. - 4Q Results; Guidance Roughly In Line </a></h3><p></p><ul><li>After the close Wednesday, Steelcase reported 4QFY24 non-GAAP adjusted EPS of $0.23, ahead of our $0.22 estimate and consensus of $0.21.</li><li>4QFY24 global revenue was $775 million, modestly missing our estimate by ~$9 million.</li><li>FY24 non-GAAP adjusted EPS was $0.93, up from $0.56 in FY23, and revenue was $3.16 billion, down 2.6%.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/crypto-moves-20-ethereum-will-never-be-the-same?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Moves #20 – Ethereum Will Never Be the Same</a></li><li><a href="https://www.smartkarma.com/insights/tesla-increases-price-of-model-y-in-china-in-sign-that-price-war-is-easing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Tesla Increases Price of Model Y in China in Sign That Price War Is Easing</a></li><li><a href="https://www.smartkarma.com/insights/petrotal-corp-aim-ptal-delivering-on-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">PetroTal Corp (AIM: PTAL): Delivering on Guidance</a></li><li><a href="https://www.smartkarma.com/insights/united-states-economy-quarterly-macro-note?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">United States Economy - Quarterly Macro Note</a></li><li><a href="https://www.smartkarma.com/insights/steelcase-inc-4q-results-guidance-roughly-in-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Steelcase, Inc. - 4Q Results; Guidance Roughly In Line</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/crypto-moves-20-ethereum-will-never-be-the-same?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Crypto Moves #20 – Ethereum Will Never Be the Same </a></h3><p></p><ul><li>Last Wednesday, on March 13th, Ethereum launched its biggest upgrade in the past 18 months, marking a significant milestone since the Ethereum Merge on September 15, 2022.</li><li>Dubbed Dencun or Cancun-Deneb, this upgrade introduced the eagerly awaited Proto-Danksharding feature, aimed at dramatically enhancing the scalability of Ethereum’s Layer 2, also known as rollups, and slashing the costs associated with rollup transactions, while making them less volatile.</li><li>Proto-Danksharding brought to the table so-called ‘blobs’.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/tesla-increases-price-of-model-y-in-china-in-sign-that-price-war-is-easing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Tesla Increases Price of Model Y in China in Sign That Price War Is Easing </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/913/original/Tesla%E2%80%99s%20Model%20Y%20was%20the%20best-selling%20vehicle%20in%20the%20world%20in%202023%2C%20according%20to%20automotive%20business%20data%20provider%20Jato%20Dynamics?1711077588"/> <ul><li><strong>Tesla Inc.</strong> will increase the price of its popular Model Y crossover by 5,000 yuan ($694) in China, a move that offers rivals a temporary reprieve as a raging price war engulfs the world's largest auto market.</li><li>The price rise on China-made Model Y vehicles will start on April 1, Tesla confirmed with Caixin Wednesday. Meanwhile, some of the extras offered by Tesla to its Chinese customers, including an 8,000-yuan insurance subsidy, will expire on March 31.</li><li>Tesla previously announced a price increase of $1,000 for the Model Y in the United States and 2,000 euros ($2,542) in Europe.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/petrotal-corp-aim-ptal-delivering-on-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. PetroTal Corp (AIM: PTAL): Delivering on Guidance </a></h3><p></p><ul>
<li>FY23 production of 14,248 bbl/d had been reported previously and the YE23 cash position of US$105 mm (including ~US$15 mm of restricted cash) is very close to previous indications.</li>
<li>PetroTal is re-iterating its FY24 production guidance of ~17 mbbl/d with US$134 mm capex.</li>
<li>Production currently trends ahead of guidance with 24,453 bbl/d in January and 17,411 bbl/d in February.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/united-states-economy-quarterly-macro-note?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. United States Economy - Quarterly Macro Note </a></h3><p></p><ul><li>In 2023, the United States economy registered robust growth, with a Gross Domestic Product increase of 3.3% in the fourth quarter, resulting in an overall annual growth rate of 3.1%.</li><li>This expansion was mainly driven by a 2.8% increase in consumer spending, despite the prevailing challenges caused by elevated interest rates, persistent inflation, and looming recession fears.</li><li>The positive momentum entering the current year is bolstered by carry-over effects from the preceding year, suggesting a continuation of economic expansion.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/steelcase-inc-4q-results-guidance-roughly-in-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Steelcase, Inc. - 4Q Results; Guidance Roughly In Line </a></h3><p></p><ul><li>After the close Wednesday, Steelcase reported 4QFY24 non-GAAP adjusted EPS of $0.23, ahead of our $0.22 estimate and consensus of $0.21.</li><li>4QFY24 global revenue was $775 million, modestly missing our estimate by ~$9 million.</li><li>FY24 non-GAAP adjusted EPS was $0.93, up from $0.56 in FY23, and revenue was $3.16 billion, down 2.6%.</li></ul>2024-03-22T12:05:20+08:00[{"term": "Crypto"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "XETUSD@CURNCY"}, {"term": "SOL@CURNCY"}, {"term": "AVAX@CURNCY"}, {"term": "XADBGN@CURNCY"}, {"term": "XRP@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TSLA@US"}, {"term": "1211@HK"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "PTAL@LN"}, {"term": "Macroeconomics"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "SCS@US"}, {"term": "XRP@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "1211@HK", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PTAL@LN", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SCS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/03f7d8c1-f755-33fc-9ef3-d9f74297a70dBrief USA: Rate-Cutting Agenda Stays, Growth Buoyed by Massive Fiscal Stimulus and more2024-03-28T22:17:23.946447+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/rate-cutting-agenda-stays-growth-buoyed-by-massive-fiscal-stimulus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Rate-Cutting Agenda Stays, Growth Buoyed by Massive Fiscal Stimulus</a></li><li><a href="https://www.smartkarma.com/insights/closes-combination-with-bkcc-nav-down-8-since-december?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Closes Combination With BKCC — NAV Down 8% Since December</a></li><li><a href="https://www.smartkarma.com/insights/chinese-momentum-driving-markets-or-a-crowded-consensus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Chinese Momentum: Driving Markets or a Crowded Consensus?</a></li><li><a href="https://www.smartkarma.com/insights/dianthus-therapeutics-inc-dnth-4q23-model-update-full-speed-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dianthus Therapeutics, Inc. - DNTH</a></li><li><a href="https://www.smartkarma.com/insights/pepsico-inc-pep-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Pepsico Inc (PEP) - Thursday, Dec 21, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/rate-cutting-agenda-stays-growth-buoyed-by-massive-fiscal-stimulus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Rate-Cutting Agenda Stays, Growth Buoyed by Massive Fiscal Stimulus </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/851/original/image_37826486251711044752348.jpg?1711044752"/> <ul>
<li>The exceptional Covid-induced monetary and fiscal stimulus is being wound down, but not fast enough. Fiscal deficits averaged 10% of GDP for 4 years, far larger and longer than 2009-11. </li>
<li>QT was abandoned in Jul'23, and M2 has contracted at a modest pace. Upside growth surprises are thus likely to continue, and will require Q2CY24 M2 to decline more sharply. </li>
<li>Once core CPE inflation abates below 2.5%YoY (likely Jun'24) the first 25bp rate cut will occur at the Jul'24 FOMC, then similar cuts in Sep'24 and Dec'24. Benign for markets. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/closes-combination-with-bkcc-nav-down-8-since-december?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Closes Combination With BKCC — NAV Down 8% Since December </a></h3><p></p><ul><li>Combination with BKCC: BlackRock TCP Capital Corp.</li><li>(TCPC) announced that it completed the merger combination with BlackRock Capital Investment Corp.</li><li>(BKCC) on March 18, 2024.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/chinese-momentum-driving-markets-or-a-crowded-consensus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Chinese Momentum: Driving Markets or a Crowded Consensus? </a></h3><p></p><ul><li>China’s government is targeting an economic expansion of approximately 5% again this year.</li><li>A challenging objective considering the myriad of challenges facing the world’s second-largest economy.</li><li>These challenges include weak consumer spending, a real estate sector in turmoil, efforts by the US to limit its technological advancements, unprecedented youth unemployment rates, and significant debt levels among local governments.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/dianthus-therapeutics-inc-dnth-4q23-model-update-full-speed-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Dianthus Therapeutics, Inc. - DNTH </a></h3><p></p><ul><li>We remain Outperform on DNTH following 4Q23 earnings based on our conviction DNTH103 is a complement inhibitor with significant potential.</li><li>Dianthus' MaGic Phase 2 gMG study is proceeding with data on track for 2H25.Safety and tolerability are primary endpoints for the study while the established efficacy metrics such as MG-ADL and QMG are key secondaries.</li><li>We expect DNTH103 to deliver similar efficacy as approved C5 complement inhibitors with convenient Q2W SubQ dosing.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/pepsico-inc-pep-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Pepsico Inc (PEP) - Thursday, Dec 21, 2023 </a></h3><p></p><ul><li>PepsiCo is a global company with significant presence in both snacks and beverages, generating around $80 billion in revenue</li><li>Despite the impact of COVID-19 on its business, PepsiCo has maintained strong performance</li><li>The company's Beverages North America segment contributes a third of sales but only 22% of EBIT, while Frito Lay North America accounts for 25% of sales but 50% of EBIT</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/rate-cutting-agenda-stays-growth-buoyed-by-massive-fiscal-stimulus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Rate-Cutting Agenda Stays, Growth Buoyed by Massive Fiscal Stimulus</a></li><li><a href="https://www.smartkarma.com/insights/closes-combination-with-bkcc-nav-down-8-since-december?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Closes Combination With BKCC — NAV Down 8% Since December</a></li><li><a href="https://www.smartkarma.com/insights/chinese-momentum-driving-markets-or-a-crowded-consensus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Chinese Momentum: Driving Markets or a Crowded Consensus?</a></li><li><a href="https://www.smartkarma.com/insights/dianthus-therapeutics-inc-dnth-4q23-model-update-full-speed-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dianthus Therapeutics, Inc. - DNTH</a></li><li><a href="https://www.smartkarma.com/insights/pepsico-inc-pep-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Pepsico Inc (PEP) - Thursday, Dec 21, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/rate-cutting-agenda-stays-growth-buoyed-by-massive-fiscal-stimulus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Rate-Cutting Agenda Stays, Growth Buoyed by Massive Fiscal Stimulus </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/851/original/image_37826486251711044752348.jpg?1711044752"/> <ul>
<li>The exceptional Covid-induced monetary and fiscal stimulus is being wound down, but not fast enough. Fiscal deficits averaged 10% of GDP for 4 years, far larger and longer than 2009-11. </li>
<li>QT was abandoned in Jul'23, and M2 has contracted at a modest pace. Upside growth surprises are thus likely to continue, and will require Q2CY24 M2 to decline more sharply. </li>
<li>Once core CPE inflation abates below 2.5%YoY (likely Jun'24) the first 25bp rate cut will occur at the Jul'24 FOMC, then similar cuts in Sep'24 and Dec'24. Benign for markets. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/closes-combination-with-bkcc-nav-down-8-since-december?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Closes Combination With BKCC — NAV Down 8% Since December </a></h3><p></p><ul><li>Combination with BKCC: BlackRock TCP Capital Corp.</li><li>(TCPC) announced that it completed the merger combination with BlackRock Capital Investment Corp.</li><li>(BKCC) on March 18, 2024.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/chinese-momentum-driving-markets-or-a-crowded-consensus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Chinese Momentum: Driving Markets or a Crowded Consensus? </a></h3><p></p><ul><li>China’s government is targeting an economic expansion of approximately 5% again this year.</li><li>A challenging objective considering the myriad of challenges facing the world’s second-largest economy.</li><li>These challenges include weak consumer spending, a real estate sector in turmoil, efforts by the US to limit its technological advancements, unprecedented youth unemployment rates, and significant debt levels among local governments.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/dianthus-therapeutics-inc-dnth-4q23-model-update-full-speed-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Dianthus Therapeutics, Inc. - DNTH </a></h3><p></p><ul><li>We remain Outperform on DNTH following 4Q23 earnings based on our conviction DNTH103 is a complement inhibitor with significant potential.</li><li>Dianthus' MaGic Phase 2 gMG study is proceeding with data on track for 2H25.Safety and tolerability are primary endpoints for the study while the established efficacy metrics such as MG-ADL and QMG are key secondaries.</li><li>We expect DNTH103 to deliver similar efficacy as approved C5 complement inhibitors with convenient Q2W SubQ dosing.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/pepsico-inc-pep-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Pepsico Inc (PEP) - Thursday, Dec 21, 2023 </a></h3><p></p><ul><li>PepsiCo is a global company with significant presence in both snacks and beverages, generating around $80 billion in revenue</li><li>Despite the impact of COVID-19 on its business, PepsiCo has maintained strong performance</li><li>The company's Beverages North America segment contributes a third of sales but only 22% of EBIT, while Frito Lay North America accounts for 25% of sales but 50% of EBIT</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>2024-03-22T03:07:56+08:00[{"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TLT@US"}, {"term": "USD@CURNCY"}, {"term": "SPX@INDEX"}, {"term": "MTUM@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TCPC@US"}, {"term": "TSLX@US"}, {"term": "PSEC@US"}, {"term": "MRCC@US"}, {"term": "GSBD@US"}, {"term": "ARCC@US"}, {"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "PEP@US"}, {"term": "MTUM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ARCC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PEP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/250a9aa0-cfc8-35c8-8f5c-173f6c2dab9fBrief USA: Wk Kellogg Co -Spn (KLG) - Thursday, Dec 21, 2023 and more2024-03-28T22:17:23.939455+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/wk-kellogg-co-spn-klg-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Wk Kellogg Co -Spn (KLG) - Thursday, Dec 21, 2023</a></li><li><a href="https://www.smartkarma.com/insights/blackline-inc-bl-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Blackline Inc. (BL) - Thursday, Dec 21, 2023</a></li><li><a href="https://www.smartkarma.com/insights/xponential-fitness-inc-xpof-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Xponential Fitness, Inc. (XPOF) - Thursday, Dec 21, 2023</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-usd-strengthens-into-fed-decision?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Daily - USD Strengthens into Fed Decision</a></li><li><a href="https://www.smartkarma.com/insights/macro-watch-wage-growth-how-far-does-it-need-to-fall?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Macro Watch - Wage growth: How far does it need to fall?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/wk-kellogg-co-spn-klg-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Wk Kellogg Co -Spn (KLG) - Thursday, Dec 21, 2023 </a></h3><p></p><ul><li>WK Kellogg is a consumer staple company with low risk and attractive valuation</li><li>Recent spin-off has unlocked self-help opportunities for potential upside for patient shareholders</li><li>Projections show EBITDA margin growth, significant upside in sales growth and free cash flow, with focus on cereal brands and achieving mid-teens EBITDA margins by end of 2026, projected 100-250% total upside over three years.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/blackline-inc-bl-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Blackline Inc. (BL) - Thursday, Dec 21, 2023 </a></h3><p></p><ul><li>BlackLine is a company that sells accounting software and Director Mika Yamamoto sold 35% of her holdings in November 2023 at $54/share.</li><li>The sale was below previous highs, raising questions about the company's prospects in the accounting software market.</li><li>BlackLine's niche position in bridging the gap between internal systems and third-party software streamlines manual processes for controllers, and Yamamoto's insider behavior adds an interesting component to the company's outlook.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/xponential-fitness-inc-xpof-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Xponential Fitness, Inc. (XPOF) - Thursday, Dec 21, 2023 </a></h3><p></p><ul>
<li>Xponential Fitness has shown strong financial performance post IPO, with adjusted EBITDA increasing significantly</li>
<li>The company faced a coordinated short attack leading to a major drop in share price in 2023</li>
<li>Shares are currently undervalued with strong growth potential and valuable assets, making it an attractive investment opportunity</li>
</ul>
<p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/fx-daily-usd-strengthens-into-fed-decision?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. FX Daily - USD Strengthens into Fed Decision </a></h3><p></p><ul><li>The USD is trading firmer across the board against the major currencies and markets generally have a cautious undertone as investors look ahead to the FOMC meeting outcome.</li><li>Stocks are trading lower in Europe and US equity futures are softer. Bonds are marginally better bid, pushing 10Y yields down 1-2bps.</li><li>The JPY is particularly weak, trading at its lowest since 2008 against the EUR and nearing recent, multi-year lows against the USD just under 152.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/macro-watch-wage-growth-how-far-does-it-need-to-fall?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Macro Watch - Wage growth: How far does it need to fall? </a></h3><p></p><ul><li>The key to disinflation continuing will be a timely normalization in wage growth</li><li>We estimate wage growth needs to fall to ranges of 2.7-3.0% for the eurozone, 2.2-2.8% for the Netherlands, and 3.3-4.0% for the US in order for to inflation to fall to – and stay at – 2%</li><li>But central banks will likely cut rates before wages fall this far – otherwise they could be too late</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/wk-kellogg-co-spn-klg-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Wk Kellogg Co -Spn (KLG) - Thursday, Dec 21, 2023</a></li><li><a href="https://www.smartkarma.com/insights/blackline-inc-bl-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Blackline Inc. (BL) - Thursday, Dec 21, 2023</a></li><li><a href="https://www.smartkarma.com/insights/xponential-fitness-inc-xpof-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Xponential Fitness, Inc. (XPOF) - Thursday, Dec 21, 2023</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-usd-strengthens-into-fed-decision?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Daily - USD Strengthens into Fed Decision</a></li><li><a href="https://www.smartkarma.com/insights/macro-watch-wage-growth-how-far-does-it-need-to-fall?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Macro Watch - Wage growth: How far does it need to fall?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/wk-kellogg-co-spn-klg-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Wk Kellogg Co -Spn (KLG) - Thursday, Dec 21, 2023 </a></h3><p></p><ul><li>WK Kellogg is a consumer staple company with low risk and attractive valuation</li><li>Recent spin-off has unlocked self-help opportunities for potential upside for patient shareholders</li><li>Projections show EBITDA margin growth, significant upside in sales growth and free cash flow, with focus on cereal brands and achieving mid-teens EBITDA margins by end of 2026, projected 100-250% total upside over three years.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/blackline-inc-bl-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Blackline Inc. (BL) - Thursday, Dec 21, 2023 </a></h3><p></p><ul><li>BlackLine is a company that sells accounting software and Director Mika Yamamoto sold 35% of her holdings in November 2023 at $54/share.</li><li>The sale was below previous highs, raising questions about the company's prospects in the accounting software market.</li><li>BlackLine's niche position in bridging the gap between internal systems and third-party software streamlines manual processes for controllers, and Yamamoto's insider behavior adds an interesting component to the company's outlook.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/xponential-fitness-inc-xpof-thursday-dec-21-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Xponential Fitness, Inc. (XPOF) - Thursday, Dec 21, 2023 </a></h3><p></p><ul>
<li>Xponential Fitness has shown strong financial performance post IPO, with adjusted EBITDA increasing significantly</li>
<li>The company faced a coordinated short attack leading to a major drop in share price in 2023</li>
<li>Shares are currently undervalued with strong growth potential and valuable assets, making it an attractive investment opportunity</li>
</ul>
<p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/fx-daily-usd-strengthens-into-fed-decision?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. FX Daily - USD Strengthens into Fed Decision </a></h3><p></p><ul><li>The USD is trading firmer across the board against the major currencies and markets generally have a cautious undertone as investors look ahead to the FOMC meeting outcome.</li><li>Stocks are trading lower in Europe and US equity futures are softer. Bonds are marginally better bid, pushing 10Y yields down 1-2bps.</li><li>The JPY is particularly weak, trading at its lowest since 2008 against the EUR and nearing recent, multi-year lows against the USD just under 152.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/macro-watch-wage-growth-how-far-does-it-need-to-fall?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Macro Watch - Wage growth: How far does it need to fall? </a></h3><p></p><ul><li>The key to disinflation continuing will be a timely normalization in wage growth</li><li>We estimate wage growth needs to fall to ranges of 2.7-3.0% for the eurozone, 2.2-2.8% for the Netherlands, and 3.3-4.0% for the US in order for to inflation to fall to – and stay at – 2%</li><li>But central banks will likely cut rates before wages fall this far – otherwise they could be too late</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>2024-03-21T22:57:17+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "@KLG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "BL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "XPOF@US"}, {"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "USDMXN@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "USDCAD@CURNCY"}, {"term": "Macroeconomics"}, {"term": "NETHERLANDS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "@KLG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XPOF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USDCAD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/094985fe-0bad-3a2b-adf0-2030e7fc9051Brief USA: Huya (HUYA US) - Margin Improvement to Continue and more2024-03-28T22:17:23.928689+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/huya-huya-us-margin-improvement-to-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Huya (HUYA US) - Margin Improvement to Continue</a></li><li><a href="https://www.smartkarma.com/insights/micron-back-in-the-black-no-going-back?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Micron. Back In The Black & No Going Back</a></li><li><a href="https://www.smartkarma.com/insights/fomc-review-not-getting-more-confident?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FOMC Review: Not Getting More Confident</a></li><li><a href="https://www.smartkarma.com/insights/biotechnology-argx-imvt-overhang-removed-as-roche-s-enspryng-fails-to-meet-expectations-in-phase-3-gmg-trial?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Biotechnology - ARGX; IMVT</a></li><li><a href="https://www.smartkarma.com/insights/ges-4q-review-best-still-in-store-for-guess-reiterate-buy-raising-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">GES; 4Q Review: Best Still in Store for GUESS?; Reiterate Buy & Raising PT</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/huya-huya-us-margin-improvement-to-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Huya (HUYA US) - Margin Improvement to Continue </a></h3><p></p><ul><li>Huya delivered upbeat 4Q23 results, with revenue 2% above consensus and adj. NPM at -12.4% (vs. consensus of -13.9%).</li><li>Looking into FY24E, we suggest to focus on its margin improvement and game monetization from more titles cooperation.</li><li>We forecast stable topline YoY in FY24E, with advertising & other revenues at tripledigit-growth YoY. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/micron-back-in-the-black-no-going-back?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Micron. Back In The Black & No Going Back </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/840/original/image?1711029162"/> <ul>
<li>Q224 revenues of $5.8 billion, up 23% QoQ and up 58% YoY. It also well above the high end of the guided range of $5.5 billion.</li>
<li>Net income turned positive & amounted to $476 million. This compares to a loss of $1 billion in Q124</li>
<li>Forecasting current quarter revenues of $6.6 billion & gross margin of 26.5% at their respective midpoints</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/fomc-review-not-getting-more-confident?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. FOMC Review: Not Getting More Confident </a></h3><p></p><ul><li>The Fed kept rates unchanged as everyone expected at today's meeting.</li><li>The improvemnet in economic data since Decemeber led to higher forecasts for inflation and growth this year, but only a minor tweak to the statement, acknowledging the ongoing strength in the labour market.</li><li>The median outlook for the policy rate still sits at 3 cuts this year, as only one member shifted their forecast from 3 to 2 cuts.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/biotechnology-argx-imvt-overhang-removed-as-roche-s-enspryng-fails-to-meet-expectations-in-phase-3-gmg-trial?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Biotechnology - ARGX; IMVT </a></h3><p></p><ul><li>This morning, Roche/ Chugai announced that their Phase 3 trial of Enspryng (satralizumab) in generalized myasthenia gravis (gMG) hit stat-sig, but “failed to meet expectations” (link).</li><li>Recall, Enspryng is an anti-IL6 receptor mAb currently approved for NMOSD. Based on our comparative analysis of Enspryng and Soliris in the same disorder (Exhibit 1), our expectations were low for Enspryng leading up to the gMG readout.</li><li>That said, ARGX and IMVT shares have been under pressure ahead of these data due to concerns that Roche would capture significant market-share if Enspryng’s safety/efficacy profile looked comparable to ARGX’s Vyvgart.No data details were provided (to be shared at AAN), but undoubtedly the results fell well short of the high bar set by Vyvgart.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ges-4q-review-best-still-in-store-for-guess-reiterate-buy-raising-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. GES; 4Q Review: Best Still in Store for GUESS?; Reiterate Buy & Raising PT </a></h3><p></p><ul><li>We are reiterating our Buy rating on GES, raising our price target to $37 (from $32.50) and rolling out FY26 projections after Guess?</li><li>ended FY24 with a strong 4Q which easily beat both top and bottom line Street expectations and announced a $2.25 per share special dividend.</li><li>Further, initial FY25 projections, which incorporate the acquisition of Rag & Bone, handily beat Street top line projections and bracket bottom line expectations, even as Guess?</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/huya-huya-us-margin-improvement-to-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Huya (HUYA US) - Margin Improvement to Continue</a></li><li><a href="https://www.smartkarma.com/insights/micron-back-in-the-black-no-going-back?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Micron. Back In The Black & No Going Back</a></li><li><a href="https://www.smartkarma.com/insights/fomc-review-not-getting-more-confident?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FOMC Review: Not Getting More Confident</a></li><li><a href="https://www.smartkarma.com/insights/biotechnology-argx-imvt-overhang-removed-as-roche-s-enspryng-fails-to-meet-expectations-in-phase-3-gmg-trial?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Biotechnology - ARGX; IMVT</a></li><li><a href="https://www.smartkarma.com/insights/ges-4q-review-best-still-in-store-for-guess-reiterate-buy-raising-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">GES; 4Q Review: Best Still in Store for GUESS?; Reiterate Buy & Raising PT</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/huya-huya-us-margin-improvement-to-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Huya (HUYA US) - Margin Improvement to Continue </a></h3><p></p><ul><li>Huya delivered upbeat 4Q23 results, with revenue 2% above consensus and adj. NPM at -12.4% (vs. consensus of -13.9%).</li><li>Looking into FY24E, we suggest to focus on its margin improvement and game monetization from more titles cooperation.</li><li>We forecast stable topline YoY in FY24E, with advertising & other revenues at tripledigit-growth YoY. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/micron-back-in-the-black-no-going-back?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Micron. Back In The Black & No Going Back </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/840/original/image?1711029162"/> <ul>
<li>Q224 revenues of $5.8 billion, up 23% QoQ and up 58% YoY. It also well above the high end of the guided range of $5.5 billion.</li>
<li>Net income turned positive & amounted to $476 million. This compares to a loss of $1 billion in Q124</li>
<li>Forecasting current quarter revenues of $6.6 billion & gross margin of 26.5% at their respective midpoints</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/fomc-review-not-getting-more-confident?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. FOMC Review: Not Getting More Confident </a></h3><p></p><ul><li>The Fed kept rates unchanged as everyone expected at today's meeting.</li><li>The improvemnet in economic data since Decemeber led to higher forecasts for inflation and growth this year, but only a minor tweak to the statement, acknowledging the ongoing strength in the labour market.</li><li>The median outlook for the policy rate still sits at 3 cuts this year, as only one member shifted their forecast from 3 to 2 cuts.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/biotechnology-argx-imvt-overhang-removed-as-roche-s-enspryng-fails-to-meet-expectations-in-phase-3-gmg-trial?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Biotechnology - ARGX; IMVT </a></h3><p></p><ul><li>This morning, Roche/ Chugai announced that their Phase 3 trial of Enspryng (satralizumab) in generalized myasthenia gravis (gMG) hit stat-sig, but “failed to meet expectations” (link).</li><li>Recall, Enspryng is an anti-IL6 receptor mAb currently approved for NMOSD. Based on our comparative analysis of Enspryng and Soliris in the same disorder (Exhibit 1), our expectations were low for Enspryng leading up to the gMG readout.</li><li>That said, ARGX and IMVT shares have been under pressure ahead of these data due to concerns that Roche would capture significant market-share if Enspryng’s safety/efficacy profile looked comparable to ARGX’s Vyvgart.No data details were provided (to be shared at AAN), but undoubtedly the results fell well short of the high bar set by Vyvgart.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ges-4q-review-best-still-in-store-for-guess-reiterate-buy-raising-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. GES; 4Q Review: Best Still in Store for GUESS?; Reiterate Buy & Raising PT </a></h3><p></p><ul><li>We are reiterating our Buy rating on GES, raising our price target to $37 (from $32.50) and rolling out FY26 projections after Guess?</li><li>ended FY24 with a strong 4Q which easily beat both top and bottom line Street expectations and announced a $2.25 per share special dividend.</li><li>Further, initial FY25 projections, which incorporate the acquisition of Rag & Bone, handily beat Street top line projections and bracket bottom line expectations, even as Guess?</li></ul>2024-03-21T22:35:50+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "HUYA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MU@US"}, {"term": "6600@JP"}, {"term": "WDC@US"}, {"term": "2344@TT"}, {"term": "2408@TT"}, {"term": "005930@KS"}, {"term": "000660@KS"}, {"term": "Macroeconomics"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "IMVT@US"}, {"term": "ARGX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "GES@US"}, {"term": "AEO@US"}, {"term": "LULU@US"}, {"term": "TJX@US"}, {"term": "ROST@US"}, {"term": "TPR@US"}, {"term": "URBN@US"}, {"term": "PVH@US"}, {"term": "HUYA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "000660@KS", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ARGX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PVH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/1657b04a-892c-3096-8068-3ff7fe2f765fBrief USA: Quick Take: F2Q Mixed as Margins Offset Revenue Shortfall, Mid-Cycle Targets Introduced and more2024-03-28T22:17:23.922079+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/quick-take-f2q-mixed-as-margins-offset-revenue-shortfall-mid-cycle-targets-introduced?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Quick Take: F2Q Mixed as Margins Offset Revenue Shortfall, Mid-Cycle Targets Introduced</a></li><li><a href="https://www.smartkarma.com/insights/first-take-mixed-f3q-soft-sales-in-line-eps-reiterates-fy24-eps-guide-lowers-comp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Mixed F3Q - Soft Sales, In-Line EPS; Reiterates FY24 EPS Guide, Lowers Comp</a></li><li><a href="https://www.smartkarma.com/insights/f2q24-first-take-expense-driven-eps-beat-revenue-and-asv-trending-towards-low-end-of-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F2Q24 First Take: Expense-Driven EPS Beat; Revenue and ASV Trending Towards Low End of Guide</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-d5346202-3071-4d28-a346-1d8ca372b409?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-4q23-results-review-earnings-exceed-expectations-forward-projections-begin-to-decline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/quick-take-f2q-mixed-as-margins-offset-revenue-shortfall-mid-cycle-targets-introduced?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Quick Take: F2Q Mixed as Margins Offset Revenue Shortfall, Mid-Cycle Targets Introduced </a></h3><p></p><ul><li>F2Q mixed, as margins offset revenue shortfall.</li><li>Winnebago Industries (WGO) reported mixed F2Q results Thursday morning that reflected further volume softness across its segments on continued dealer cautiousness, though margin contraction was less than feared, thus resulting in a bottom-line beat.</li><li>For the quarter, adj. EPS decreased 51% y/y to $0.93 vs. RJe $0.87 and Street $0.86, while adj. EBITDA fell 44% y/y to $50M vs. RJe $46M and Street $47M.Continued broad volume softness.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/first-take-mixed-f3q-soft-sales-in-line-eps-reiterates-fy24-eps-guide-lowers-comp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. First Take: Mixed F3Q - Soft Sales, In-Line EPS; Reiterates FY24 EPS Guide, Lowers Comp </a></h3><p></p><ul><li>This morning, Darden reported mixed F3Q results reflecting softer than expected comps offset by better margins (COGS, effective labor controls), resulting in in-line F3Q EPS. Blended comps declined 1.0% (vs.</li><li>RJE +0.4%) driven by softer Olive Garden comps (down 1.8% vs. RJE +1.0%) which saw its outperformance vs. peers narrow to ~100 bp in the period (vs. ~300 bp in F2Q).</li><li>Longhorn comps were in line (+2.3%) reflecting continued strong relative outperformance (~500 bp), while its Fine Dining and Other Business segments were each down in the mid 2% range y/y (in line with RJE, below consensus).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/f2q24-first-take-expense-driven-eps-beat-revenue-and-asv-trending-towards-low-end-of-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. F2Q24 First Take: Expense-Driven EPS Beat; Revenue and ASV Trending Towards Low End of Guide </a></h3><p></p><ul><li>Bottom lineFactSet’s F2Q24 results were a mixed bag.</li><li>On the positive side of the ledger, adjusted operating margins and non-GAAP EPS finished well ahead of consensus as FactSet’s cost savings initiatives begin to materialize.</li><li>In addition, the company’s full-year operating margin and non-GAAP EPS outlook were unchanged.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-d5346202-3071-4d28-a346-1d8ca372b409?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYOil prices slipped Wednesday as investors digested the Fed’s decision to maintain interest rates.</li><li>As for the DOE, we saw a larger-than-expected “Big Three” inventory draw following higher crude exports and increased U.S. refinery utilization.</li><li>Meanwhile, attacks in the Red Sea against shipping cargoes continue, while Kuwait oil executives warn that the ongoing attacks could increase shipping premiums further and lead to a global tanker shortage.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-4q23-results-review-earnings-exceed-expectations-forward-projections-begin-to-decline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>For 4Q23, roughly 70% of covered BDCs met or exceeded our earnings projections.</li><li>Covered BDC average leverage is now at 1.22x debt/equity on a total basis (was 1.24x) and 1.14x on a regulatory basis (unchanged).</li><li>First lien assets are at 77% of average portfolios.Chart 1 - 3Q23 Core NII / Share Beats (Misses) Vs. RJeSource: Company filings and Raymond James research.Consensus EPS:Chart 2 shows the indexed value of NTM consensus EPS and RJ estimates for our covered BDC group (market cap-weighted index).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/quick-take-f2q-mixed-as-margins-offset-revenue-shortfall-mid-cycle-targets-introduced?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Quick Take: F2Q Mixed as Margins Offset Revenue Shortfall, Mid-Cycle Targets Introduced</a></li><li><a href="https://www.smartkarma.com/insights/first-take-mixed-f3q-soft-sales-in-line-eps-reiterates-fy24-eps-guide-lowers-comp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Mixed F3Q - Soft Sales, In-Line EPS; Reiterates FY24 EPS Guide, Lowers Comp</a></li><li><a href="https://www.smartkarma.com/insights/f2q24-first-take-expense-driven-eps-beat-revenue-and-asv-trending-towards-low-end-of-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F2Q24 First Take: Expense-Driven EPS Beat; Revenue and ASV Trending Towards Low End of Guide</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-d5346202-3071-4d28-a346-1d8ca372b409?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-4q23-results-review-earnings-exceed-expectations-forward-projections-begin-to-decline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/quick-take-f2q-mixed-as-margins-offset-revenue-shortfall-mid-cycle-targets-introduced?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Quick Take: F2Q Mixed as Margins Offset Revenue Shortfall, Mid-Cycle Targets Introduced </a></h3><p></p><ul><li>F2Q mixed, as margins offset revenue shortfall.</li><li>Winnebago Industries (WGO) reported mixed F2Q results Thursday morning that reflected further volume softness across its segments on continued dealer cautiousness, though margin contraction was less than feared, thus resulting in a bottom-line beat.</li><li>For the quarter, adj. EPS decreased 51% y/y to $0.93 vs. RJe $0.87 and Street $0.86, while adj. EBITDA fell 44% y/y to $50M vs. RJe $46M and Street $47M.Continued broad volume softness.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/first-take-mixed-f3q-soft-sales-in-line-eps-reiterates-fy24-eps-guide-lowers-comp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. First Take: Mixed F3Q - Soft Sales, In-Line EPS; Reiterates FY24 EPS Guide, Lowers Comp </a></h3><p></p><ul><li>This morning, Darden reported mixed F3Q results reflecting softer than expected comps offset by better margins (COGS, effective labor controls), resulting in in-line F3Q EPS. Blended comps declined 1.0% (vs.</li><li>RJE +0.4%) driven by softer Olive Garden comps (down 1.8% vs. RJE +1.0%) which saw its outperformance vs. peers narrow to ~100 bp in the period (vs. ~300 bp in F2Q).</li><li>Longhorn comps were in line (+2.3%) reflecting continued strong relative outperformance (~500 bp), while its Fine Dining and Other Business segments were each down in the mid 2% range y/y (in line with RJE, below consensus).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/f2q24-first-take-expense-driven-eps-beat-revenue-and-asv-trending-towards-low-end-of-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. F2Q24 First Take: Expense-Driven EPS Beat; Revenue and ASV Trending Towards Low End of Guide </a></h3><p></p><ul><li>Bottom lineFactSet’s F2Q24 results were a mixed bag.</li><li>On the positive side of the ledger, adjusted operating margins and non-GAAP EPS finished well ahead of consensus as FactSet’s cost savings initiatives begin to materialize.</li><li>In addition, the company’s full-year operating margin and non-GAAP EPS outlook were unchanged.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-d5346202-3071-4d28-a346-1d8ca372b409?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYOil prices slipped Wednesday as investors digested the Fed’s decision to maintain interest rates.</li><li>As for the DOE, we saw a larger-than-expected “Big Three” inventory draw following higher crude exports and increased U.S. refinery utilization.</li><li>Meanwhile, attacks in the Red Sea against shipping cargoes continue, while Kuwait oil executives warn that the ongoing attacks could increase shipping premiums further and lead to a global tanker shortage.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-4q23-results-review-earnings-exceed-expectations-forward-projections-begin-to-decline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>For 4Q23, roughly 70% of covered BDCs met or exceeded our earnings projections.</li><li>Covered BDC average leverage is now at 1.22x debt/equity on a total basis (was 1.24x) and 1.14x on a regulatory basis (unchanged).</li><li>First lien assets are at 77% of average portfolios.Chart 1 - 3Q23 Core NII / Share Beats (Misses) Vs. RJeSource: Company filings and Raymond James research.Consensus EPS:Chart 2 shows the indexed value of NTM consensus EPS and RJ estimates for our covered BDC group (market cap-weighted index).</li></ul>2024-03-21T20:46:33+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "WGO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DRI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FDS@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CCAP@US"}, {"term": "BBDC@US"}, {"term": "GLAD@US"}, {"term": "FDUS@US"}, {"term": "SAR@US"}, {"term": "TCPC@US"}, {"term": "MRCC@US"}, {"term": "GSBD@US"}, {"term": "SCM@US"}, {"term": "FSK@US"}, {"term": "PNNT@US"}, {"term": "TSLX@US"}, {"term": "GBDC@US"}, {"term": "BXSL@US"}, {"term": "ICMB@US"}, {"term": "WHF@US"}, {"term": "CSWC@US"}, {"term": "SLRC@US"}, {"term": "MAIN@US"}, {"term": "MFIC@US"}, {"term": "PSEC@US"}, {"term": "ARCC@US"}, {"term": "WGO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DRI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FDS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ARCC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/4538a354-2273-3818-a6cb-d4c7b4b0c923Brief USA: Hack on Apex Pros Contained; Blunting Season 20 Momentum but Reversible and more2024-03-28T22:17:23.911460+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/hack-on-apex-pros-contained-blunting-season-20-momentum-but-reversible?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hack on Apex Pros Contained; Blunting Season 20 Momentum but Reversible</a></li><li><a href="https://www.smartkarma.com/insights/strategy-healthcare-policy-wegovy-medicare-coverage-and-broader-legislation-on-obesity-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategy - Healthcare Policy</a></li><li><a href="https://www.smartkarma.com/insights/initiating-at-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Initiating at Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/up-cycle-on-track-hbm-progress-accelerating-margin-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Up-Cycle on Track; HBM Progress Accelerating Margin Recovery</a></li><li><a href="https://www.smartkarma.com/insights/takeaways-from-enabling-ai-infrastructure-event?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways From "Enabling AI Infrastructure" Event</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/hack-on-apex-pros-contained-blunting-season-20-momentum-but-reversible?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Hack on Apex Pros Contained; Blunting Season 20 Momentum but Reversible </a></h3><p></p><ul><li>Apex Legends suffered a limited (but high-profile) security breach during a professional tournament this past weekend.</li><li>During Sunday’s live broadcast of the North American Regional Finals of the Apex Legends Global Series (ALGS), a hacker accessed the accounts of pro players Genburten and ImperialHal (two of Apex’s most prominent professionals).</li><li>The hacker was able to remotely install cheating software on the players’ machines, giving the two players the ability to see through walls and shoot with perfect aim.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/strategy-healthcare-policy-wegovy-medicare-coverage-and-broader-legislation-on-obesity-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Strategy - Healthcare Policy </a></h3><p></p><ul><li>With the FDA expansion of Wegovy’s label “to reduce the risk of cardiovascular death, heart attack and stroke in adults with cardiovascular disease and either obesity or overweight,” there are increased conversations concerning whether Medicare will cover this new indication, whether this impacts the Congressional Budget Office (CBO) score for legislation to have Medicare cover the weight loss drugs for obesity, and what the future prospects of that legislation are now.</li><li>In this brief update, we attempt to address those three points.Medicare coverage for cardio: Medicare may allow these drugs to be covered for the FDA approved cardio indication, but we are skeptical there will be easy and widespread adoption for this new indication.</li><li>A CMS spokesperson stated CMS “is reviewing the FDA’s action to expand use of Wegovy to reduce the risk of cardiovascular death, heart attack and stroke in adults with cardiovascular disease and either obesity or overweight.” If Medicare permits coverage, what class it puts the drugs in, if there is discretion, could impact coverage.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/initiating-at-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Initiating at Market Perform </a></h3><p></p><ul><li>We are initiating coverage of Ameriprise Financial (AMP) with a Market Performrating, based on sum-of-parts analysis.</li><li>AMP trades at 12.4x our 2024 EPS estimate, vs. LPLA at 16.6x on consensus 2024 EPS, but its Asset Management (AM) and Retirement & Protection Solutions (RPS) insurance businesses drag on valuation.</li><li>Advice & Wealth Management (A&WM) composes two-thirds of earnings, with the balance split between AM and RPS. Also, AMP’s long-term care insurance (LTC) block warrants a discount.We expect AMP to perform well in a wide range of interest rate environments due to its diversified revenue mix.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/up-cycle-on-track-hbm-progress-accelerating-margin-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Up-Cycle on Track; HBM Progress Accelerating Margin Recovery </a></h3><p></p><ul><li>MU’s F2Q results and F3Q outlook were both significantly better, driven by pricing strength and slightly better volume.</li><li>Industry supply/demand balance continues to tighten on the back of structurally lower wafer output and improving demand across markets.</li><li>In addition, MU’s progress in HBM and other high-value products is helping to accelerate margin recovery.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/takeaways-from-enabling-ai-infrastructure-event?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Takeaways From "Enabling AI Infrastructure" Event </a></h3><p></p><ul><li>AVGO management highlighted its leadership in custom silicon, network switching, and data center connectivity markets at its AI event.</li><li>The company added a third ASIC customer and reiterated its guidance for $10B+ of AI revenue in FY24.</li><li>We believe AVGO has been supplying custom silicon for Google (TPU) and Meta.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/hack-on-apex-pros-contained-blunting-season-20-momentum-but-reversible?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hack on Apex Pros Contained; Blunting Season 20 Momentum but Reversible</a></li><li><a href="https://www.smartkarma.com/insights/strategy-healthcare-policy-wegovy-medicare-coverage-and-broader-legislation-on-obesity-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategy - Healthcare Policy</a></li><li><a href="https://www.smartkarma.com/insights/initiating-at-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Initiating at Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/up-cycle-on-track-hbm-progress-accelerating-margin-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Up-Cycle on Track; HBM Progress Accelerating Margin Recovery</a></li><li><a href="https://www.smartkarma.com/insights/takeaways-from-enabling-ai-infrastructure-event?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways From "Enabling AI Infrastructure" Event</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/hack-on-apex-pros-contained-blunting-season-20-momentum-but-reversible?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Hack on Apex Pros Contained; Blunting Season 20 Momentum but Reversible </a></h3><p></p><ul><li>Apex Legends suffered a limited (but high-profile) security breach during a professional tournament this past weekend.</li><li>During Sunday’s live broadcast of the North American Regional Finals of the Apex Legends Global Series (ALGS), a hacker accessed the accounts of pro players Genburten and ImperialHal (two of Apex’s most prominent professionals).</li><li>The hacker was able to remotely install cheating software on the players’ machines, giving the two players the ability to see through walls and shoot with perfect aim.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/strategy-healthcare-policy-wegovy-medicare-coverage-and-broader-legislation-on-obesity-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Strategy - Healthcare Policy </a></h3><p></p><ul><li>With the FDA expansion of Wegovy’s label “to reduce the risk of cardiovascular death, heart attack and stroke in adults with cardiovascular disease and either obesity or overweight,” there are increased conversations concerning whether Medicare will cover this new indication, whether this impacts the Congressional Budget Office (CBO) score for legislation to have Medicare cover the weight loss drugs for obesity, and what the future prospects of that legislation are now.</li><li>In this brief update, we attempt to address those three points.Medicare coverage for cardio: Medicare may allow these drugs to be covered for the FDA approved cardio indication, but we are skeptical there will be easy and widespread adoption for this new indication.</li><li>A CMS spokesperson stated CMS “is reviewing the FDA’s action to expand use of Wegovy to reduce the risk of cardiovascular death, heart attack and stroke in adults with cardiovascular disease and either obesity or overweight.” If Medicare permits coverage, what class it puts the drugs in, if there is discretion, could impact coverage.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/initiating-at-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Initiating at Market Perform </a></h3><p></p><ul><li>We are initiating coverage of Ameriprise Financial (AMP) with a Market Performrating, based on sum-of-parts analysis.</li><li>AMP trades at 12.4x our 2024 EPS estimate, vs. LPLA at 16.6x on consensus 2024 EPS, but its Asset Management (AM) and Retirement & Protection Solutions (RPS) insurance businesses drag on valuation.</li><li>Advice & Wealth Management (A&WM) composes two-thirds of earnings, with the balance split between AM and RPS. Also, AMP’s long-term care insurance (LTC) block warrants a discount.We expect AMP to perform well in a wide range of interest rate environments due to its diversified revenue mix.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/up-cycle-on-track-hbm-progress-accelerating-margin-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Up-Cycle on Track; HBM Progress Accelerating Margin Recovery </a></h3><p></p><ul><li>MU’s F2Q results and F3Q outlook were both significantly better, driven by pricing strength and slightly better volume.</li><li>Industry supply/demand balance continues to tighten on the back of structurally lower wafer output and improving demand across markets.</li><li>In addition, MU’s progress in HBM and other high-value products is helping to accelerate margin recovery.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/takeaways-from-enabling-ai-infrastructure-event?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Takeaways From "Enabling AI Infrastructure" Event </a></h3><p></p><ul><li>AVGO management highlighted its leadership in custom silicon, network switching, and data center connectivity markets at its AI event.</li><li>The company added a third ASIC customer and reiterated its guidance for $10B+ of AI revenue in FY24.</li><li>We believe AVGO has been supplying custom silicon for Google (TPU) and Meta.</li></ul>2024-03-21T18:30:08+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EA@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AMP@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MU@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AVGO@US"}, {"term": "NVDA@US"}, {"term": "MSFT@US"}, {"term": "META@US"}, {"term": "GOOG@US"}, {"term": "EA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AMP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MU@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GOOG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/3dcabba3-2717-3520-bbae-211d826474e5Brief USA: Fed Snap (March 20 Meeting): Current & Future Takeaways and more2024-03-28T22:17:23.904529+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fed Snap (March 20 Meeting): Current & Future Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/resume-at-outperform-well-positioned-in-attr-cm-several-value-driving-opportunities-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Resume at Outperform: Well Positioned in ATTR-CM & Several Value Driving Opportunities Ahead</a></li><li><a href="https://www.smartkarma.com/insights/federal-reserve-signals-victory-over-inflation-setting-the-stage-for-the-next-round-of-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Federal Reserve Signals “Victory” over Inflation Setting the Stage for the Next Round of Inflation</a></li><li><a href="https://www.smartkarma.com/insights/micron-earnings-hbm-driving-price-increases-in-other-sectors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Micron Earnings: HBM Driving Price Increases in Other Sectors</a></li><li><a href="https://www.smartkarma.com/insights/encore-capital-group-inc-ecpg-wednesday-dec-20-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Encore Capital Group Inc (ECPG) - Wednesday, Dec 20, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Fed Snap (March 20 Meeting): Current & Future Takeaways </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/724/original/image_42216944631710993089093.png?1710993091"/> <ul>
<li>Financial markets reacted partly to Chair Powell's presser and the updated projections </li>
<li>The new median dot, while still anticipating three rate cuts in 2024, shows a somewhat shallower Fed easing path in 2025 and 2026</li>
<li>The current market implied odds, though fluid and unsettled, repriced aggressively following the March meeting</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/resume-at-outperform-well-positioned-in-attr-cm-several-value-driving-opportunities-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Resume at Outperform: Well Positioned in ATTR-CM & Several Value Driving Opportunities Ahead </a></h3><p></p><ul><li>We are assuming coverage of BBIO at Outperform and a $45 PT. Our investment thesis is predicated on the following:We believe oral TTR-stabilizers (BBIO’s acoramidis/ PFE’s tafamidis) will remain as the gold-standard first-line therapy for patients with ATTR-CM. While there was some concern that the silencers (i.e., ALNY’s vutrisiran) might have a strong case for use ahead of the stabilizers, that now seems highly unlikely given the recent setback and change of stats plans for ALNY’s Ph 3 HELIOS-B trial.</li><li>There is still an IP overhang on BBIO, as PFE continues to litigate with generic filers — but we are cautiously optimistic that PFE’s patent estate will be protected until 2035.</li><li>As the lawsuit progresses, there have been positive signs that PFE will be successful in defending their IP. If PFE’s patent holds, we think BBIO could capture ~20% of the projected $15B TAM, which translates to ~$3B in peak sales.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/federal-reserve-signals-victory-over-inflation-setting-the-stage-for-the-next-round-of-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Federal Reserve Signals “Victory” over Inflation Setting the Stage for the Next Round of Inflation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/694/original/image_57888415571710977195774.jpg?1710977197"/> <ul>
<li>Three 25 bps rate cuts signaled for the remainder of 2024 and 175bps by the end of 2025</li>
<li>Bank of Japan, despite a rate hike keeps monetary policy extremely accommodative</li>
<li>Reported inflation will return making sector selection in equities key</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/micron-earnings-hbm-driving-price-increases-in-other-sectors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Micron Earnings: HBM Driving Price Increases in Other Sectors </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/687/original/image_72208407021710976772152.png?1710976774"/> <ul>
<li>Micron Technology reported very positive revenues this quarter and a return to profitability</li>
<li>A large part of this stems from the impact that HBM demand is constraining production of standard DDR5 DRAM, driving it into a shortage</li>
<li>This is good news for Micron and its DRAM competitors Samsung and SK hynix</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/encore-capital-group-inc-ecpg-wednesday-dec-20-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Encore Capital Group Inc (ECPG) - Wednesday, Dec 20, 2023 </a></h3><p></p><ul><li>Debt buyers like ECPG can accelerate growth during times of increased charge offs by credit card issuers</li><li>Growth is impacted by tough collections environment with an abundance of cheap charged off paper</li><li>Investors must consider buying these stocks when growth prospects are high and expectations have factored in collection challenges, as industry may soon enter a favorable cycle for debt buyers</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fed Snap (March 20 Meeting): Current & Future Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/resume-at-outperform-well-positioned-in-attr-cm-several-value-driving-opportunities-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Resume at Outperform: Well Positioned in ATTR-CM & Several Value Driving Opportunities Ahead</a></li><li><a href="https://www.smartkarma.com/insights/federal-reserve-signals-victory-over-inflation-setting-the-stage-for-the-next-round-of-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Federal Reserve Signals “Victory” over Inflation Setting the Stage for the Next Round of Inflation</a></li><li><a href="https://www.smartkarma.com/insights/micron-earnings-hbm-driving-price-increases-in-other-sectors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Micron Earnings: HBM Driving Price Increases in Other Sectors</a></li><li><a href="https://www.smartkarma.com/insights/encore-capital-group-inc-ecpg-wednesday-dec-20-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Encore Capital Group Inc (ECPG) - Wednesday, Dec 20, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Fed Snap (March 20 Meeting): Current & Future Takeaways </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/724/original/image_42216944631710993089093.png?1710993091"/> <ul>
<li>Financial markets reacted partly to Chair Powell's presser and the updated projections </li>
<li>The new median dot, while still anticipating three rate cuts in 2024, shows a somewhat shallower Fed easing path in 2025 and 2026</li>
<li>The current market implied odds, though fluid and unsettled, repriced aggressively following the March meeting</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/resume-at-outperform-well-positioned-in-attr-cm-several-value-driving-opportunities-ahead?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Resume at Outperform: Well Positioned in ATTR-CM & Several Value Driving Opportunities Ahead </a></h3><p></p><ul><li>We are assuming coverage of BBIO at Outperform and a $45 PT. Our investment thesis is predicated on the following:We believe oral TTR-stabilizers (BBIO’s acoramidis/ PFE’s tafamidis) will remain as the gold-standard first-line therapy for patients with ATTR-CM. While there was some concern that the silencers (i.e., ALNY’s vutrisiran) might have a strong case for use ahead of the stabilizers, that now seems highly unlikely given the recent setback and change of stats plans for ALNY’s Ph 3 HELIOS-B trial.</li><li>There is still an IP overhang on BBIO, as PFE continues to litigate with generic filers — but we are cautiously optimistic that PFE’s patent estate will be protected until 2035.</li><li>As the lawsuit progresses, there have been positive signs that PFE will be successful in defending their IP. If PFE’s patent holds, we think BBIO could capture ~20% of the projected $15B TAM, which translates to ~$3B in peak sales.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/federal-reserve-signals-victory-over-inflation-setting-the-stage-for-the-next-round-of-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Federal Reserve Signals “Victory” over Inflation Setting the Stage for the Next Round of Inflation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/694/original/image_57888415571710977195774.jpg?1710977197"/> <ul>
<li>Three 25 bps rate cuts signaled for the remainder of 2024 and 175bps by the end of 2025</li>
<li>Bank of Japan, despite a rate hike keeps monetary policy extremely accommodative</li>
<li>Reported inflation will return making sector selection in equities key</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/micron-earnings-hbm-driving-price-increases-in-other-sectors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Micron Earnings: HBM Driving Price Increases in Other Sectors </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/687/original/image_72208407021710976772152.png?1710976774"/> <ul>
<li>Micron Technology reported very positive revenues this quarter and a return to profitability</li>
<li>A large part of this stems from the impact that HBM demand is constraining production of standard DDR5 DRAM, driving it into a shortage</li>
<li>This is good news for Micron and its DRAM competitors Samsung and SK hynix</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/encore-capital-group-inc-ecpg-wednesday-dec-20-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Encore Capital Group Inc (ECPG) - Wednesday, Dec 20, 2023 </a></h3><p></p><ul><li>Debt buyers like ECPG can accelerate growth during times of increased charge offs by credit card issuers</li><li>Growth is impacted by tough collections environment with an abundance of cheap charged off paper</li><li>Investors must consider buying these stocks when growth prospects are high and expectations have factored in collection challenges, as industry may soon enter a favorable cycle for debt buyers</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>2024-03-21T12:29:01+08:00[{"term": "Macroeconomics"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "HK"}, {"term": "BRUNEI"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "MALAYSIA"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "KOREA"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BBIO@US"}, {"term": "Macroeconomics"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ASIA PACIFIC"}, {"term": "CRB@CMDT@INDEX"}, {"term": "TPX@INDEX"}, {"term": "FXY@US"}, {"term": "2099@HK"}, {"term": "3330@HK"}, {"term": "GDX@US"}, {"term": "GLD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "MU@US"}, {"term": "SMSN@LI"}, {"term": "000660@KS"}, {"term": "9888@HK"}, {"term": "TCEHY@US"}, {"term": "MSFT@US"}, {"term": "META@US"}, {"term": "AMZN@US"}, {"term": "GOOG@US"}, {"term": "INTC@US"}, {"term": "AMD@US"}, {"term": "NVDA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "ECPG@US"}, {"term": "BBIO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GLD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NVDA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ECPG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/7627577c-e428-3b25-a472-f58bd8fa8a24Brief USA: Sunpower (SPWR) - Wednesday, Dec 20, 2023 and more2024-03-28T22:17:23.893834+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/sunpower-spwr-wednesday-dec-20-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Sunpower (SPWR) - Wednesday, Dec 20, 2023</a></li><li><a href="https://www.smartkarma.com/insights/the-first-semi-micron-to-guide-2q24-all-good-news-except-moi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The First Semi-Micron to Guide 2Q24; All Good News Except MOI</a></li><li><a href="https://www.smartkarma.com/insights/march-fomc-meeting-conclusion-powell-likes-his-balance-sheet-big?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">March FOMC Meeting Conclusion: Powell Likes His Balance Sheet ‘BIG!</a></li><li><a href="https://www.smartkarma.com/insights/boku-making-the-complex-simple-for-global-merchants?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Boku - Making the complex simple for global merchants</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-energy-doe-petroleum-inventories-weekly-5f290cc5-c4a2-4036-a92e-41890fc7760d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Energy</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/sunpower-spwr-wednesday-dec-20-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Sunpower (SPWR) - Wednesday, Dec 20, 2023 </a></h3><p></p><ul><li>Sunpower is facing a severe liquidity problem and may need to raise $100-300 million before January to avoid bankruptcy</li><li>The company operates as a wholesaler of residential retail solar panel systems, providing equipment to third-party developers or selling directly to residential customers</li><li>Trade credit tightening terms and potential customer hesitation due to financial instability are contributing to Sunpower's uncertain future</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/the-first-semi-micron-to-guide-2q24-all-good-news-except-moi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. The First Semi-Micron to Guide 2Q24; All Good News Except MOI </a></h3><p></p><ul>
<li>Earlier expectation on Micron will have rooms to raise becoming a reality, largely driven by over 30% q/q NAND bit price jump for storage business in 1Q24.</li>
<li>10ppts stronger 2Q24 sales guidance and 3-6ppts higher gross margin guidance are driving free cash flow improvement.</li>
<li>AI server, PC, and smartphone driving DRAM bit demand and HBM3e/HBM4 and 1-gamma EUV DRAM slowing bit supply growth both are positive except MOI remains 15% above 5 years average. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/march-fomc-meeting-conclusion-powell-likes-his-balance-sheet-big?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. March FOMC Meeting Conclusion: Powell Likes His Balance Sheet ‘BIG! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/678/original/image?1710965178"/> <ul>
<li>The Fed stuck with its intention to cut rates three times this year while penciling in one rate cut less for 2025 and 2026.</li>
<li>The key takeaway was that Powell is really keen on maintaining ample liquidity instead of what he calls abundant liquidity now. </li>
<li>Stocks, Gold, and Bitcoin love ample liquidity, especially when it becomes abundant again when the economy heads south.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/boku-making-the-complex-simple-for-global-merchants?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Boku - Making the complex simple for global merchants </a></h3><p></p><p>Boku’s strategy to widen its offering within the local payment method (LPM) market accelerated FY23 revenue growth to 30%, with 15% growth from the core direct carrier billing (DCB) business and supplemented by 153% growth from eWallets and real-time payments. EBITDA grew 27% y o y as the company continued to invest in building out its LPM network from a technological and regulatory perspective. With all major merchants using or planning to use Boku’s wider portfolio of payment methods, the company should benefit from faster growth in the non-card payment market and be able to leverage the investment it has made in its mobile-first platform to drive growth in earnings and cash generation.</p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/commodities-overall-energy-doe-petroleum-inventories-weekly-5f290cc5-c4a2-4036-a92e-41890fc7760d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Commodities - Overall - Energy </a></h3><p></p><ul><li>The Department of Energy (DOE) reported the following for the week ended March 15, 2024.This week's petroleum inventories update was bullish relative to consensus.</li><li>“Big Three” petroleum inventories (crude, gasoline, distillates) were down 3.9 MMbbls, versus consensus estimates calling for a draw of 3.5 MMBbls.</li><li>Turning to crude, total inventories were down 1.2 MMBbls, versus consensus calling for a draw of 0.2 MMBbls and a normal seasonal build of 5.4 MMBbls.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/sunpower-spwr-wednesday-dec-20-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Sunpower (SPWR) - Wednesday, Dec 20, 2023</a></li><li><a href="https://www.smartkarma.com/insights/the-first-semi-micron-to-guide-2q24-all-good-news-except-moi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The First Semi-Micron to Guide 2Q24; All Good News Except MOI</a></li><li><a href="https://www.smartkarma.com/insights/march-fomc-meeting-conclusion-powell-likes-his-balance-sheet-big?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">March FOMC Meeting Conclusion: Powell Likes His Balance Sheet ‘BIG!</a></li><li><a href="https://www.smartkarma.com/insights/boku-making-the-complex-simple-for-global-merchants?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Boku - Making the complex simple for global merchants</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-energy-doe-petroleum-inventories-weekly-5f290cc5-c4a2-4036-a92e-41890fc7760d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Energy</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/sunpower-spwr-wednesday-dec-20-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Sunpower (SPWR) - Wednesday, Dec 20, 2023 </a></h3><p></p><ul><li>Sunpower is facing a severe liquidity problem and may need to raise $100-300 million before January to avoid bankruptcy</li><li>The company operates as a wholesaler of residential retail solar panel systems, providing equipment to third-party developers or selling directly to residential customers</li><li>Trade credit tightening terms and potential customer hesitation due to financial instability are contributing to Sunpower's uncertain future</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/the-first-semi-micron-to-guide-2q24-all-good-news-except-moi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. The First Semi-Micron to Guide 2Q24; All Good News Except MOI </a></h3><p></p><ul>
<li>Earlier expectation on Micron will have rooms to raise becoming a reality, largely driven by over 30% q/q NAND bit price jump for storage business in 1Q24.</li>
<li>10ppts stronger 2Q24 sales guidance and 3-6ppts higher gross margin guidance are driving free cash flow improvement.</li>
<li>AI server, PC, and smartphone driving DRAM bit demand and HBM3e/HBM4 and 1-gamma EUV DRAM slowing bit supply growth both are positive except MOI remains 15% above 5 years average. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/march-fomc-meeting-conclusion-powell-likes-his-balance-sheet-big?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. March FOMC Meeting Conclusion: Powell Likes His Balance Sheet ‘BIG! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/678/original/image?1710965178"/> <ul>
<li>The Fed stuck with its intention to cut rates three times this year while penciling in one rate cut less for 2025 and 2026.</li>
<li>The key takeaway was that Powell is really keen on maintaining ample liquidity instead of what he calls abundant liquidity now. </li>
<li>Stocks, Gold, and Bitcoin love ample liquidity, especially when it becomes abundant again when the economy heads south.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/boku-making-the-complex-simple-for-global-merchants?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Boku - Making the complex simple for global merchants </a></h3><p></p><p>Boku’s strategy to widen its offering within the local payment method (LPM) market accelerated FY23 revenue growth to 30%, with 15% growth from the core direct carrier billing (DCB) business and supplemented by 153% growth from eWallets and real-time payments. EBITDA grew 27% y o y as the company continued to invest in building out its LPM network from a technological and regulatory perspective. With all major merchants using or planning to use Boku’s wider portfolio of payment methods, the company should benefit from faster growth in the non-card payment market and be able to leverage the investment it has made in its mobile-first platform to drive growth in earnings and cash generation.</p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/commodities-overall-energy-doe-petroleum-inventories-weekly-5f290cc5-c4a2-4036-a92e-41890fc7760d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Commodities - Overall - Energy </a></h3><p></p><ul><li>The Department of Energy (DOE) reported the following for the week ended March 15, 2024.This week's petroleum inventories update was bullish relative to consensus.</li><li>“Big Three” petroleum inventories (crude, gasoline, distillates) were down 3.9 MMbbls, versus consensus estimates calling for a draw of 3.5 MMBbls.</li><li>Turning to crude, total inventories were down 1.2 MMBbls, versus consensus calling for a draw of 0.2 MMBbls and a normal seasonal build of 5.4 MMBbls.</li></ul>2024-03-21T07:04:53+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "SPWR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "MU@US"}, {"term": "AMD@US"}, {"term": "NVDA@US"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "XBTUSD@CURNCY"}, {"term": "GOLD@COMDTY"}, {"term": "MXWO@LN"}, {"term": "SPX@INDEX"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "BOKU@LN"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SPWR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NVDA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SPX@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BOKU@LN", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/76dfa5e5-fd89-34c4-b43f-174b52797257Brief USA: Apollo 11 (Billion) - But the Eagle Has Not Landed Yet for APO and Paramount's Studios and more2024-03-28T22:17:23.887242+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/apollo-11-billion-but-the-eagle-has-not-landed-yet-for-apo-and-paramount-s-studios?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Apollo 11 (Billion) - But the Eagle Has Not Landed Yet for APO and Paramount's Studios</a></li><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-boj-germany-commodities-canada-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5 Things We Watch: BoJ, Germany, Commodities, Canada, Inflation</a></li><li><a href="https://www.smartkarma.com/insights/fahrvergnugen?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fahrvergnügen!</a></li><li><a href="https://www.smartkarma.com/insights/announces-50-for-1-stock-split-pt-to-3-200-reit-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Announces 50-for-1 Stock Split; PT to $3,200, Reit. Outperform</a></li><li><a href="https://www.smartkarma.com/insights/notes-from-our-virtual-ndr-with-ceo-olson-cfo-drake?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Notes From Our Virtual NDR With CEO Olson, CFO Drake</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/apollo-11-billion-but-the-eagle-has-not-landed-yet-for-apo-and-paramount-s-studios?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Apollo 11 (Billion) - But the Eagle Has Not Landed Yet for APO and Paramount's Studios </a></h3><p></p><ul><li>Wednesday afternoon, the WSJ reported (see article HERE) that private equity firm Apollo Global Management has made an $11B offer for Paramount’s studios, marking the latest in a slew of reports over the last several months regarding potential M&A at Paramount.</li><li>The $11B figure equals just over half of PARA’s $21.3B Enterprise Value ($8.2B Market Cap + $13.1B Net Debt) which is up from a $20.4B EV since PARA shares finished Wednesday up 11.8% following the report.</li><li>Based on the report, we believe this offer would consist of PARA’s Filmed Entertainment segment ($3.0B in 2023 Revenue, -$0.1B of OIBDA) along with the TV Studios that are reported within the TV Media segment (TV Media Licensing and Other Revenue was $3.8B in 2023; it is unclear what portion of this would apply to studio assets Apollo is interested in).The Merger Rumor Background: As discussed in our note HERE, it seems clear that PARA and parent company National Amusements, Inc.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/5-things-we-watch-boj-germany-commodities-canada-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 5 Things We Watch: BoJ, Germany, Commodities, Canada, Inflation </a></h3><p></p><ul><li>This week we are looking at the BoJ hiking rates for the first time since 2007 and its effects on the Japanese economy.</li><li>Afterwards we will have a look at the improving sentiment in Germany and then at a dive into the commodity rally currently underway.</li><li>The we’ll talk about Canada where rates finally look to be impacting the economy and then we’ll end up with a short look at US inflation expectations.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/fahrvergnugen?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Fahrvergnügen! </a></h3><p></p><ul><li>Mobileye announced that its previously disclosed “Western OEM” customer is VW Group this morning.</li><li>While the customer identity and announcement were largely anticipated, there are several key takeaways from the news that are positive to the story:The Emphasis — the dual press releases are important given they highlight VWG’s approach of promoting their strategy and partnership with Mobileye.</li><li>This has multiple impacts given it allows Mobileye to be more candid in their relationship with VW and adds a bit of pressure on other OEMs to follow suit.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/announces-50-for-1-stock-split-pt-to-3-200-reit-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Announces 50-for-1 Stock Split; PT to $3,200, Reit. Outperform </a></h3><p></p><ul><li>We reiterate our Outperform rating on CMG after the company announced 1) that its BOD has approved a 50-for-1 stock split (first split in the company’s history) and 2) a special one-time equity grant for its tenured managers and staff (>20 years of service).</li><li>While spreads can vary, third-party data suggest Chipotle’s comps continue to strongly outperform segment trends and may have strengthened in recent weeks.</li><li>We are optimistic that the recent relaunch (3/12) of Chicken al Pastor can drive continued strong comp outperformance (recall most popular LTO, ran Mar-Aug 2023 and comprised ~20% of transactions),While the stock’s valuation is towards the upper end of its historical range (2024/2025 P/E 53x/44x), we see room for further upside driven 1) tangible throughput opportunities that we believe could be a mid-SD% traffic opportunity (12-18 months), 2) accelerating unit growth into 2025 (likely 9%+) supported by exceptional cash-on-cash ROI’s (60-70%), and 3) potential ops/margin benefits over the next few years related to new automation equipment (piloting Hyphen second make lines and Autocado in 2024).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/notes-from-our-virtual-ndr-with-ceo-olson-cfo-drake?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Notes From Our Virtual NDR With CEO Olson, CFO Drake </a></h3><p></p><ul><li>We hosted a well-attended virtual NDR with Toro’s senior management on March 20.</li><li>The company was represented by CEO Rick Olson, CFO Angie Drake, Treasurer Julie Kerekes, and Director - IR Jeremy Steffan.</li><li>Highlights are as follows:The majority of investor questions centered around an attempt to understand the scale and durability of underlying demand for the underground construction and golf.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/apollo-11-billion-but-the-eagle-has-not-landed-yet-for-apo-and-paramount-s-studios?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Apollo 11 (Billion) - But the Eagle Has Not Landed Yet for APO and Paramount's Studios</a></li><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-boj-germany-commodities-canada-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5 Things We Watch: BoJ, Germany, Commodities, Canada, Inflation</a></li><li><a href="https://www.smartkarma.com/insights/fahrvergnugen?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fahrvergnügen!</a></li><li><a href="https://www.smartkarma.com/insights/announces-50-for-1-stock-split-pt-to-3-200-reit-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Announces 50-for-1 Stock Split; PT to $3,200, Reit. Outperform</a></li><li><a href="https://www.smartkarma.com/insights/notes-from-our-virtual-ndr-with-ceo-olson-cfo-drake?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Notes From Our Virtual NDR With CEO Olson, CFO Drake</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/apollo-11-billion-but-the-eagle-has-not-landed-yet-for-apo-and-paramount-s-studios?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Apollo 11 (Billion) - But the Eagle Has Not Landed Yet for APO and Paramount's Studios </a></h3><p></p><ul><li>Wednesday afternoon, the WSJ reported (see article HERE) that private equity firm Apollo Global Management has made an $11B offer for Paramount’s studios, marking the latest in a slew of reports over the last several months regarding potential M&A at Paramount.</li><li>The $11B figure equals just over half of PARA’s $21.3B Enterprise Value ($8.2B Market Cap + $13.1B Net Debt) which is up from a $20.4B EV since PARA shares finished Wednesday up 11.8% following the report.</li><li>Based on the report, we believe this offer would consist of PARA’s Filmed Entertainment segment ($3.0B in 2023 Revenue, -$0.1B of OIBDA) along with the TV Studios that are reported within the TV Media segment (TV Media Licensing and Other Revenue was $3.8B in 2023; it is unclear what portion of this would apply to studio assets Apollo is interested in).The Merger Rumor Background: As discussed in our note HERE, it seems clear that PARA and parent company National Amusements, Inc.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/5-things-we-watch-boj-germany-commodities-canada-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 5 Things We Watch: BoJ, Germany, Commodities, Canada, Inflation </a></h3><p></p><ul><li>This week we are looking at the BoJ hiking rates for the first time since 2007 and its effects on the Japanese economy.</li><li>Afterwards we will have a look at the improving sentiment in Germany and then at a dive into the commodity rally currently underway.</li><li>The we’ll talk about Canada where rates finally look to be impacting the economy and then we’ll end up with a short look at US inflation expectations.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/fahrvergnugen?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Fahrvergnügen! </a></h3><p></p><ul><li>Mobileye announced that its previously disclosed “Western OEM” customer is VW Group this morning.</li><li>While the customer identity and announcement were largely anticipated, there are several key takeaways from the news that are positive to the story:The Emphasis — the dual press releases are important given they highlight VWG’s approach of promoting their strategy and partnership with Mobileye.</li><li>This has multiple impacts given it allows Mobileye to be more candid in their relationship with VW and adds a bit of pressure on other OEMs to follow suit.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/announces-50-for-1-stock-split-pt-to-3-200-reit-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Announces 50-for-1 Stock Split; PT to $3,200, Reit. Outperform </a></h3><p></p><ul><li>We reiterate our Outperform rating on CMG after the company announced 1) that its BOD has approved a 50-for-1 stock split (first split in the company’s history) and 2) a special one-time equity grant for its tenured managers and staff (>20 years of service).</li><li>While spreads can vary, third-party data suggest Chipotle’s comps continue to strongly outperform segment trends and may have strengthened in recent weeks.</li><li>We are optimistic that the recent relaunch (3/12) of Chicken al Pastor can drive continued strong comp outperformance (recall most popular LTO, ran Mar-Aug 2023 and comprised ~20% of transactions),While the stock’s valuation is towards the upper end of its historical range (2024/2025 P/E 53x/44x), we see room for further upside driven 1) tangible throughput opportunities that we believe could be a mid-SD% traffic opportunity (12-18 months), 2) accelerating unit growth into 2025 (likely 9%+) supported by exceptional cash-on-cash ROI’s (60-70%), and 3) potential ops/margin benefits over the next few years related to new automation equipment (piloting Hyphen second make lines and Autocado in 2024).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/notes-from-our-virtual-ndr-with-ceo-olson-cfo-drake?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Notes From Our Virtual NDR With CEO Olson, CFO Drake </a></h3><p></p><ul><li>We hosted a well-attended virtual NDR with Toro’s senior management on March 20.</li><li>The company was represented by CEO Rick Olson, CFO Angie Drake, Treasurer Julie Kerekes, and Director - IR Jeremy Steffan.</li><li>Highlights are as follows:The majority of investor questions centered around an attempt to understand the scale and durability of underlying demand for the underground construction and golf.</li></ul>2024-03-20T22:54:04+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PARA@US"}, {"term": "Macroeconomics"}, {"term": "CANADA"}, {"term": "GERMANY"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "COPPER@COMDTY"}, {"term": "GOLD@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "XLB@US"}, {"term": "USD@CURNCY"}, {"term": "BNO@US"}, {"term": "CL1@COM@COMDTY"}, {"term": "NKY@INDEX"}, {"term": "USDJPY@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ISRAEL"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "MBLY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CMG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TTC@US"}, {"term": "LOW@US"}, {"term": "PARA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USDJPY@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MBLY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CMG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LOW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/77db745e-ba90-3c60-9567-0501375b6668Brief USA: Maintaining Positive Thesis Following Hilton's Investor Day; Updating Estimates, PT To $230 and more2024-03-28T22:17:23.877788+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/maintaining-positive-thesis-following-hilton-s-investor-day-updating-estimates-pt-to-230?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Maintaining Positive Thesis Following Hilton's Investor Day; Updating Estimates, PT To $230</a></li><li><a href="https://www.smartkarma.com/insights/4q23-update-adjusting-model-to-accommodate-shifting-igan-market-dynamics-pt-to-57?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Update: Adjusting Model to Accommodate Shifting IgAN Market Dynamics; PT to $57</a></li><li><a href="https://www.smartkarma.com/insights/strategy-healthcare-policy-twhcp-gov-funding-ldt-criticism-dual-eligible-bill-and-biodefense-spending?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategy - Healthcare Policy</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-d0bdb44c-20c9-4f94-8869-76efb7260c02?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/finance-companies-banking-federal-reserve-maintains-fed-funds-rate-as-anticipated-dot-plot-moves-slightly-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Banking</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/maintaining-positive-thesis-following-hilton-s-investor-day-updating-estimates-pt-to-230?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Maintaining Positive Thesis Following Hilton's Investor Day; Updating Estimates, PT To $230 </a></h3><p></p><ul><li>On Tuesday, Hilton hosted a well attended investor day at the Conrad Washington D.C. — its first such event since December 2016.</li><li>The investor day: (1) allowed Hilton to showcase the company’s tremendous executive team beyond the CEO/CFO/IR, (2) allowed management to take a victory lap highlighting post-IPO growth (system grew 75%, Honors membership quadrupled, the pipeline doubled, the brand count doubled to 22, fees per room increased 20%, and shareholders enjoyed a 420% return); (3) provided an opportunity to highlight the building blocks for strong future growth or, as management noted more than once, “we’ve done it before, we’ll do it again;” and (4) allowed Hilton to offer three year performance expectations for many of the most critical KPIs (highlighted in more detail below).As one might expect—and similar to 2023 analyst days hosted by peers Marriott and Hyatt — Hilton highlighted growth and strength of its brand portfolio (the brand-wide RevPAR Index now stands at 116, a powerful advantage when attracting owners), its recent acquisition (Graduate Hotels, underserved college markets) and partnership (Small Luxury Hotels of the World, dramatically increases Hilton’s luxury reach), the powerful growth engines that are its workhorse upscale, upper midscale and midscale brands, the company’s large investment in technology as a way to connect with the consumer and lower costs for owners, the strength of its loyalty program (Honors now drives an impressive 64% of room night demand), its partnerships (non RevPAR driven fees now account for 22% of total fees), and its ongoing appetite for capital returns to shareholders (mostly share repurchases).The Hilton model remains unchanged and in, our view, compelling: its well-ahead-of-industry RevPAR Index attracts owners/developers which drives NUG, which drives high-margin fee income and perpetuates earnings growth and share repurchases.</li><li>Hilton’s market share continues to grow as its share of the worldwide development pipeline remains about 4x its current 5% market share.The three-year outlook (management suggests that it is not guidance) was largely in-line with/slightly above Street views, so while Hilton shares moved higher yesterday, the reaction was a bit muted.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q23-update-adjusting-model-to-accommodate-shifting-igan-market-dynamics-pt-to-57?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q23 Update: Adjusting Model to Accommodate Shifting IgAN Market Dynamics; PT to $57 </a></h3><p></p><ul><li>We remain Strong Buy rated on VERA following 4Q23 earnings.</li><li>We continue to view atacicept as the most derisked development candidate in the IgAN indication, and we are making substantial changes to our market model based on our developing thesis that disease modifying therapies that stabilize kidney function (as atacicept’s datasets suggest it potentially is) may eventually be considered putative first-line treatments in IgAN along with ACEi/ARBs.Key changes to our model:We are shifting from ACEi/ARB-refractory status to a proteinuria cutoff (UPCR>0.88g/g) as the major driver of patient stratification, given this approximate cutoff is associated with high risk of progressive CKD. While it’s unclear if atacicept’s potential label would reflect 1L usage in parallel with ACEi/ARBs, our assumption based on KOL feedback is that nephrologists will want their high-risk biopsy-proven IgAN patients on a disease modifying therapy that can stabilize eGFR as soon as possible to prevent further nephron loss.</li><li>Diagnosed IgAN patients with UPCR ≤0.88g/g (moderate- and low-risk patients) are considered upside to our model.We are modestly increasing biopsy-proven IgAN prevalence in the U.S. to be more in-line with VERA’s updated market research.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/strategy-healthcare-policy-twhcp-gov-funding-ldt-criticism-dual-eligible-bill-and-biodefense-spending?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Strategy - Healthcare Policy </a></h3><p></p><ul><li>This installment covers funding levels for the remaining portions of HHS, new legislation on dual-eligible plans, movement with the House CBO bill, newly-released funding priorities for Public Health Emergency Medical Countermeasures Enterprise, forthcoming CMS guidance for Medicaid Managed Care, tensions surrounding the LDT rule, and other FDA updates.Big thought: Congress appears to have reached an agreement on funding levels for the remaining portions of HHS (though exact funding levels have not been released) as well as other programs.</li><li>Despite a late push from some in Congress, healthcare provisions like those involving PBMs, site neutral payment, and price transparency do not appear to have made it into the bill.</li><li>This was a prime opportunity, but disagreements between the committees in the House and Senate and an agreement that appears to have come too late, resulted in Congress missing this opportunity.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-d0bdb44c-20c9-4f94-8869-76efb7260c02?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYCrude prices continued to climb, reaching their highest mark since October of last year amid bullish commentary at CERAWeek.</li><li>Saudi Aramco CEO Amin Nasser noted he expects more than 104 MMbpd of demand in 2025 while calling the phaseout of fossil fuels a "fantasy" and dismissing the idea of peak oil by 2025.</li><li>This followed U.S. Energy Secretary Jennifer Granholm's announcement of very ambitious plans to replenish SPR inventories to pre-sale levels earlier in the conference.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/finance-companies-banking-federal-reserve-maintains-fed-funds-rate-as-anticipated-dot-plot-moves-slightly-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Finance Companies - Banking </a></h3><p></p><ul><li>With the fed funds futures implying a 99.0% chance of an unchanged fed funds rate prior to the release, the decision to maintain the current fed funds rate was anticipated.</li><li>We note that inflation and core inflation have declined to 3.2% and 3.8% as of February 2024, respectively, after peaking in June 2022 at 9.1% and September 2022 at 6.6%, respectively.The central tendency of the Federal Reserve’s dot plot moved higher when compared to the December dot plot.</li><li>The median remained three 25 bp cuts in 2024 and a move from four 25 bp cuts in December for 2025 down to three cuts in the current dot plot.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/maintaining-positive-thesis-following-hilton-s-investor-day-updating-estimates-pt-to-230?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Maintaining Positive Thesis Following Hilton's Investor Day; Updating Estimates, PT To $230</a></li><li><a href="https://www.smartkarma.com/insights/4q23-update-adjusting-model-to-accommodate-shifting-igan-market-dynamics-pt-to-57?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Update: Adjusting Model to Accommodate Shifting IgAN Market Dynamics; PT to $57</a></li><li><a href="https://www.smartkarma.com/insights/strategy-healthcare-policy-twhcp-gov-funding-ldt-criticism-dual-eligible-bill-and-biodefense-spending?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategy - Healthcare Policy</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-d0bdb44c-20c9-4f94-8869-76efb7260c02?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/finance-companies-banking-federal-reserve-maintains-fed-funds-rate-as-anticipated-dot-plot-moves-slightly-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Banking</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/maintaining-positive-thesis-following-hilton-s-investor-day-updating-estimates-pt-to-230?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Maintaining Positive Thesis Following Hilton's Investor Day; Updating Estimates, PT To $230 </a></h3><p></p><ul><li>On Tuesday, Hilton hosted a well attended investor day at the Conrad Washington D.C. — its first such event since December 2016.</li><li>The investor day: (1) allowed Hilton to showcase the company’s tremendous executive team beyond the CEO/CFO/IR, (2) allowed management to take a victory lap highlighting post-IPO growth (system grew 75%, Honors membership quadrupled, the pipeline doubled, the brand count doubled to 22, fees per room increased 20%, and shareholders enjoyed a 420% return); (3) provided an opportunity to highlight the building blocks for strong future growth or, as management noted more than once, “we’ve done it before, we’ll do it again;” and (4) allowed Hilton to offer three year performance expectations for many of the most critical KPIs (highlighted in more detail below).As one might expect—and similar to 2023 analyst days hosted by peers Marriott and Hyatt — Hilton highlighted growth and strength of its brand portfolio (the brand-wide RevPAR Index now stands at 116, a powerful advantage when attracting owners), its recent acquisition (Graduate Hotels, underserved college markets) and partnership (Small Luxury Hotels of the World, dramatically increases Hilton’s luxury reach), the powerful growth engines that are its workhorse upscale, upper midscale and midscale brands, the company’s large investment in technology as a way to connect with the consumer and lower costs for owners, the strength of its loyalty program (Honors now drives an impressive 64% of room night demand), its partnerships (non RevPAR driven fees now account for 22% of total fees), and its ongoing appetite for capital returns to shareholders (mostly share repurchases).The Hilton model remains unchanged and in, our view, compelling: its well-ahead-of-industry RevPAR Index attracts owners/developers which drives NUG, which drives high-margin fee income and perpetuates earnings growth and share repurchases.</li><li>Hilton’s market share continues to grow as its share of the worldwide development pipeline remains about 4x its current 5% market share.The three-year outlook (management suggests that it is not guidance) was largely in-line with/slightly above Street views, so while Hilton shares moved higher yesterday, the reaction was a bit muted.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q23-update-adjusting-model-to-accommodate-shifting-igan-market-dynamics-pt-to-57?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q23 Update: Adjusting Model to Accommodate Shifting IgAN Market Dynamics; PT to $57 </a></h3><p></p><ul><li>We remain Strong Buy rated on VERA following 4Q23 earnings.</li><li>We continue to view atacicept as the most derisked development candidate in the IgAN indication, and we are making substantial changes to our market model based on our developing thesis that disease modifying therapies that stabilize kidney function (as atacicept’s datasets suggest it potentially is) may eventually be considered putative first-line treatments in IgAN along with ACEi/ARBs.Key changes to our model:We are shifting from ACEi/ARB-refractory status to a proteinuria cutoff (UPCR>0.88g/g) as the major driver of patient stratification, given this approximate cutoff is associated with high risk of progressive CKD. While it’s unclear if atacicept’s potential label would reflect 1L usage in parallel with ACEi/ARBs, our assumption based on KOL feedback is that nephrologists will want their high-risk biopsy-proven IgAN patients on a disease modifying therapy that can stabilize eGFR as soon as possible to prevent further nephron loss.</li><li>Diagnosed IgAN patients with UPCR ≤0.88g/g (moderate- and low-risk patients) are considered upside to our model.We are modestly increasing biopsy-proven IgAN prevalence in the U.S. to be more in-line with VERA’s updated market research.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/strategy-healthcare-policy-twhcp-gov-funding-ldt-criticism-dual-eligible-bill-and-biodefense-spending?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Strategy - Healthcare Policy </a></h3><p></p><ul><li>This installment covers funding levels for the remaining portions of HHS, new legislation on dual-eligible plans, movement with the House CBO bill, newly-released funding priorities for Public Health Emergency Medical Countermeasures Enterprise, forthcoming CMS guidance for Medicaid Managed Care, tensions surrounding the LDT rule, and other FDA updates.Big thought: Congress appears to have reached an agreement on funding levels for the remaining portions of HHS (though exact funding levels have not been released) as well as other programs.</li><li>Despite a late push from some in Congress, healthcare provisions like those involving PBMs, site neutral payment, and price transparency do not appear to have made it into the bill.</li><li>This was a prime opportunity, but disagreements between the committees in the House and Senate and an agreement that appears to have come too late, resulted in Congress missing this opportunity.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-d0bdb44c-20c9-4f94-8869-76efb7260c02?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYCrude prices continued to climb, reaching their highest mark since October of last year amid bullish commentary at CERAWeek.</li><li>Saudi Aramco CEO Amin Nasser noted he expects more than 104 MMbpd of demand in 2025 while calling the phaseout of fossil fuels a "fantasy" and dismissing the idea of peak oil by 2025.</li><li>This followed U.S. Energy Secretary Jennifer Granholm's announcement of very ambitious plans to replenish SPR inventories to pre-sale levels earlier in the conference.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/finance-companies-banking-federal-reserve-maintains-fed-funds-rate-as-anticipated-dot-plot-moves-slightly-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Finance Companies - Banking </a></h3><p></p><ul><li>With the fed funds futures implying a 99.0% chance of an unchanged fed funds rate prior to the release, the decision to maintain the current fed funds rate was anticipated.</li><li>We note that inflation and core inflation have declined to 3.2% and 3.8% as of February 2024, respectively, after peaking in June 2022 at 9.1% and September 2022 at 6.6%, respectively.The central tendency of the Federal Reserve’s dot plot moved higher when compared to the December dot plot.</li><li>The median remained three 25 bp cuts in 2024 and a move from four 25 bp cuts in December for 2025 down to three cuts in the current dot plot.</li></ul>2024-03-20T20:57:04+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "@HLT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VERA@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ADSE@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "@HLT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VERA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ADSE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/74c2bdc7-dfb3-3897-b9fb-16f7541195c0Brief USA: Weekly CFTC Sentiment Report - USD Sentiment Slips into Neutral and more2024-03-28T22:17:23.870983+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/weekly-cftc-sentiment-report-usd-sentiment-slips-into-neutral?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly CFTC Sentiment Report - USD Sentiment Slips into Neutral</a></li><li><a href="https://www.smartkarma.com/insights/semi-nvidia-gtc-2024-a-quick-take?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Semi - Nvidia GTC 2024: A Quick Take</a></li><li><a href="https://www.smartkarma.com/insights/positive-outlook-for-cash-yields-to-increase-over-next-several-years-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Positive Outlook for Cash Yields to Increase Over Next Several Years; Outperform</a></li><li><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-7a74fa56-8479-4b70-8e6b-c38db655e0f3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating EPS Estimates Ahead of 1Q24 Earnings</a></li><li><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-d40f2b91-ba57-4e3a-9d9d-cd28045a7842?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating EPS Estimates Ahead of 1Q24 Earnings</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/weekly-cftc-sentiment-report-usd-sentiment-slips-into-neutral?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Weekly CFTC Sentiment Report - USD Sentiment Slips into Neutral </a></h3><p></p><ul><li>Bullish dollar sentiment has failed to develop significant momentum over the past weeks and the latest snapshot of positioning amongst IMM-based Non-Commercial traders reflects a further pullback in the speculative USD mood.</li><li>Non-Commercial accounts’ exposure to the (net) long USD trade fell USD1.7bn this week to leave the aggregate bull bet on the USD at just USD445mn.</li><li>Additional data showed Real Money (institutional traders) added around USD6bn to their persistent net USD short positioning, however, while Leveraged Accounts (hedge funds) added USD4bn to a still relatively small net USD long. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/semi-nvidia-gtc-2024-a-quick-take?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Semi - Nvidia GTC 2024: A Quick Take </a></h3><p></p><ul><li>Nvidia hosted GTC 2024 this morning, showcasing its latest developments in various sectors, including healthcare, auto, and quantum computing, along with the introduction of the most powerful GPU architecture named Blackwell, featuring 208bn transistors and using a 4nm process from TSMC.</li><li>The Blackwell GPU consists of two reticle-sized chips, each with 104bn transistors, connected by NVLink 5.0 interconnects that join them seamlessly.</li><li>The first Blackwell chip is called GB200 and is planned for shipment later in 2024. When comparing to its predecessor, H100, as well as competing products from AMD, Intel, and others, the new Blackwell GPU accelerators are poised to offer a huge upgrade for AI companies.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/positive-outlook-for-cash-yields-to-increase-over-next-several-years-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Positive Outlook for Cash Yields to Increase Over Next Several Years; Outperform </a></h3><p></p><ul><li>We are reiterating our Outperform rating on the shares of HealthEquity (HQY) reflecting our outlook for the company to generate 15%+ revenue growth with strong margin expansion.</li><li>Our rating also reflects the stock’s valuation which trades at a 5.0% FCF yield based on our FY26 estimates.The stock was up ~3% after-hours following better-than-expected F4Q24 results and management reaffirming its FY25 guidance.</li><li>Additional details of the results can be found in our note, First Look at F4Q24 Results.Management’s FY25 guidance includes revenue of $1.14-1.16B, adj. EBITDA of $438-458M, and adj. EPS of $2.79-2.96.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-7a74fa56-8479-4b70-8e6b-c38db655e0f3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Updating EPS Estimates Ahead of 1Q24 Earnings </a></h3><p></p><ul><li>We reiterate our Strong Buy rating on VOYA. The company’s core businesses are attractive, and it does not have any remaining long-tailed liabilities.</li><li>We think VOYA’s high quality Wealth Solutions, Health Solutions, and Investment Management businesses are poised for growth.EstimatesWe are updating our 1Q24 EPS estimate to $1.67 versus prior $1.89 and consensus of $1.71.</li><li>Our updates reflect VOYA’s 1Q24 guidance and minor model refinements.We are updating our 2024/2025/2026 EPS estimates to $8.40/$9.30/$10.37, versus prior $8.65/$9.77/$11.09 and consensus of $8.46/$9.56/$10.48.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-d40f2b91-ba57-4e3a-9d9d-cd28045a7842?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Updating EPS Estimates Ahead of 1Q24 Earnings </a></h3><p></p><ul><li>We maintain our Market Perform rating on PRU. We recently downgraded the shares as the stock had neared our prior target price while benchmark multiples have declined.We are updating our 1Q24 EPS estimate to $3.13 versus prior $3.31, and consensus of $3.30.PRU cites 1Q24 baseline EPS of $3.36, which does not reflect market impacts, business growth, share repurchases, or Somerset Re transaction closing costs of pre-tax ~$(65) million (PRU has not announced a deal close yet, but we anticipate these costs are likely to be posted in 1Q24).</li><li>Additionally, PRU’s 10K outlines expectations for pre-tax ~$(20) million of elevated long-term incentive compensation in segments other than PGIM and Corporate.</li><li>We also reflect some impact from seasonally lower Assurance IQ revenues.Our full-year 2024/2025/2026 EPS estimates are $13.61/$14.68/$15.31, versus prior $13.78/$14.68/$15.31 and consensus of $13.54/$14.48/$15.42.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/weekly-cftc-sentiment-report-usd-sentiment-slips-into-neutral?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly CFTC Sentiment Report - USD Sentiment Slips into Neutral</a></li><li><a href="https://www.smartkarma.com/insights/semi-nvidia-gtc-2024-a-quick-take?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Semi - Nvidia GTC 2024: A Quick Take</a></li><li><a href="https://www.smartkarma.com/insights/positive-outlook-for-cash-yields-to-increase-over-next-several-years-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Positive Outlook for Cash Yields to Increase Over Next Several Years; Outperform</a></li><li><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-7a74fa56-8479-4b70-8e6b-c38db655e0f3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating EPS Estimates Ahead of 1Q24 Earnings</a></li><li><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-d40f2b91-ba57-4e3a-9d9d-cd28045a7842?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating EPS Estimates Ahead of 1Q24 Earnings</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/weekly-cftc-sentiment-report-usd-sentiment-slips-into-neutral?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Weekly CFTC Sentiment Report - USD Sentiment Slips into Neutral </a></h3><p></p><ul><li>Bullish dollar sentiment has failed to develop significant momentum over the past weeks and the latest snapshot of positioning amongst IMM-based Non-Commercial traders reflects a further pullback in the speculative USD mood.</li><li>Non-Commercial accounts’ exposure to the (net) long USD trade fell USD1.7bn this week to leave the aggregate bull bet on the USD at just USD445mn.</li><li>Additional data showed Real Money (institutional traders) added around USD6bn to their persistent net USD short positioning, however, while Leveraged Accounts (hedge funds) added USD4bn to a still relatively small net USD long. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/semi-nvidia-gtc-2024-a-quick-take?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Semi - Nvidia GTC 2024: A Quick Take </a></h3><p></p><ul><li>Nvidia hosted GTC 2024 this morning, showcasing its latest developments in various sectors, including healthcare, auto, and quantum computing, along with the introduction of the most powerful GPU architecture named Blackwell, featuring 208bn transistors and using a 4nm process from TSMC.</li><li>The Blackwell GPU consists of two reticle-sized chips, each with 104bn transistors, connected by NVLink 5.0 interconnects that join them seamlessly.</li><li>The first Blackwell chip is called GB200 and is planned for shipment later in 2024. When comparing to its predecessor, H100, as well as competing products from AMD, Intel, and others, the new Blackwell GPU accelerators are poised to offer a huge upgrade for AI companies.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/positive-outlook-for-cash-yields-to-increase-over-next-several-years-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Positive Outlook for Cash Yields to Increase Over Next Several Years; Outperform </a></h3><p></p><ul><li>We are reiterating our Outperform rating on the shares of HealthEquity (HQY) reflecting our outlook for the company to generate 15%+ revenue growth with strong margin expansion.</li><li>Our rating also reflects the stock’s valuation which trades at a 5.0% FCF yield based on our FY26 estimates.The stock was up ~3% after-hours following better-than-expected F4Q24 results and management reaffirming its FY25 guidance.</li><li>Additional details of the results can be found in our note, First Look at F4Q24 Results.Management’s FY25 guidance includes revenue of $1.14-1.16B, adj. EBITDA of $438-458M, and adj. EPS of $2.79-2.96.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-7a74fa56-8479-4b70-8e6b-c38db655e0f3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Updating EPS Estimates Ahead of 1Q24 Earnings </a></h3><p></p><ul><li>We reiterate our Strong Buy rating on VOYA. The company’s core businesses are attractive, and it does not have any remaining long-tailed liabilities.</li><li>We think VOYA’s high quality Wealth Solutions, Health Solutions, and Investment Management businesses are poised for growth.EstimatesWe are updating our 1Q24 EPS estimate to $1.67 versus prior $1.89 and consensus of $1.71.</li><li>Our updates reflect VOYA’s 1Q24 guidance and minor model refinements.We are updating our 2024/2025/2026 EPS estimates to $8.40/$9.30/$10.37, versus prior $8.65/$9.77/$11.09 and consensus of $8.46/$9.56/$10.48.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings-d40f2b91-ba57-4e3a-9d9d-cd28045a7842?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Updating EPS Estimates Ahead of 1Q24 Earnings </a></h3><p></p><ul><li>We maintain our Market Perform rating on PRU. We recently downgraded the shares as the stock had neared our prior target price while benchmark multiples have declined.We are updating our 1Q24 EPS estimate to $3.13 versus prior $3.31, and consensus of $3.30.PRU cites 1Q24 baseline EPS of $3.36, which does not reflect market impacts, business growth, share repurchases, or Somerset Re transaction closing costs of pre-tax ~$(65) million (PRU has not announced a deal close yet, but we anticipate these costs are likely to be posted in 1Q24).</li><li>Additionally, PRU’s 10K outlines expectations for pre-tax ~$(20) million of elevated long-term incentive compensation in segments other than PGIM and Corporate.</li><li>We also reflect some impact from seasonally lower Assurance IQ revenues.Our full-year 2024/2025/2026 EPS estimates are $13.61/$14.68/$15.31, versus prior $13.78/$14.68/$15.31 and consensus of $13.54/$14.48/$15.42.</li></ul>2024-03-20T19:06:16+08:00[{"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "NVDA@US"}, {"term": "INTC@US"}, {"term": "AMD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "HQY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VOYA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PRU@US"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AMD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HQY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VOYA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PRU@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/e2ea84b0-a40a-386c-8d7d-c36193c5967dBrief USA: Finance Companies - Specialty Consumer Finance and more2024-03-28T22:17:23.860873+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/finance-companies-specialty-consumer-finance-supply-purchase-expectations-for-card-charge-offs-2024-2025-should-show-significant-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Specialty Consumer Finance</a></li><li><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating EPS Estimates Ahead of 1Q24 Earnings</a></li><li><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-with-management-e19dc236-27fe-4c7c-b113-2acade45d54e?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Highlights From Investor Meetings With Management</a></li><li><a href="https://www.smartkarma.com/insights/too-many-charging-sites-there-is-no-such-thing-the-netherlands-is-a-good-case-study?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Too Many Charging Sites? There Is No Such Thing... The Netherlands Is a Good Case Study</a></li><li><a href="https://www.smartkarma.com/insights/reddit-ipo-quick-thoughts-on-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reddit IPO - Quick Thoughts on Valuation</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/finance-companies-specialty-consumer-finance-supply-purchase-expectations-for-card-charge-offs-2024-2025-should-show-significant-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Finance Companies - Specialty Consumer Finance </a></h3><p></p><ul><li>Key Point: Based on continuing trends in credit card balance growth, and charge-off rate increases we continue to believe that our projections for ECPG / PRAA purchase volume growth of ~25% CAGR over 2023-2025 remain reasonable and grounded in current market data trends.We are systematicalkly reviewing the underpinnings of our financial projections for ECPG and PRAA starting here with U.S. credit card receivable purchase volumes.Chart 1 shows the trends in major issue MasterTrust net-charge offs, and the directionally similar trend for all banks — note that all bank net charge-offs are roughly 2x MasterTrust levels, and have deteriorated more quickly than the major issuer MasterTrust averages.</li><li>Chart 2 shows the trends in revolving balances and net charge-off rates for all banks over a longer period.</li><li>For 1Q24-4Q25 the charts show the underlying assumptions embedded within our projections for overall bank card net chart-off volumes.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Updating EPS Estimates Ahead of 1Q24 Earnings </a></h3><p></p><ul><li>We like PRI’s underappreciated distribution-focused business model and limited balance sheet risk.</li><li>We reaffirm our Market Perform rating on PRI.EstimatesWe are updating our 2024/2025 EPS estimates to $17.57/19.29, versus prior $17.56/19.29 and consensus of $17.84/$19.68.</li><li>We introduce our full-year 2026 EPS estimate of $21.30 versus consensus of $21.45.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-with-management-e19dc236-27fe-4c7c-b113-2acade45d54e?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Highlights From Investor Meetings With Management </a></h3><p></p><ul><li>We reiterate our Market Perform rating on SYBT shares after hosting investor meetings featuring CEO and Chairman Ja Hillebrand, CFO Clay Stinnett, and Principal Accounting Officer Michael Newton.</li><li>The meetings carried a positive tone as investors recognized the safe haven status of Stock Yards attractive business model and conservative underwriting.</li><li>The discussions primarily centered around Stock Yards organic growth opportunities, plan as it approaches $10 billion in assets, and overall credit position.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/too-many-charging-sites-there-is-no-such-thing-the-netherlands-is-a-good-case-study?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Too Many Charging Sites? There Is No Such Thing... The Netherlands Is a Good Case Study </a></h3><p></p><ul><li>In the charging infrastructure section of our recently published EV market report, we noted that charger availability varies a great deal within the U.S. (state by state) and Europe (country by country).</li><li>One of the questions we periodically encounter: is there a point beyond which there are simply too many chargers?</li><li>While there are areas of life where too much of a good thing becomes problematic, this is not one of them.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/reddit-ipo-quick-thoughts-on-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Reddit IPO - Quick Thoughts on Valuation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/565/original/image?1710911741"/> <ul>
<li>
<a data-smartkarma-citation="entities:40917:1" href="https://www.smartkarma.com/entities/reddit-inc" rel="noopener" target="_blank">Reddit (RDDT US)</a> is looking to raise up to US$750m in its US IPO.</li>
<li>Reddit is an online social media platform where users are able to join communities, engage in conversations, research, exchange goods and services as well as create new communities.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we share our quick thoughts on valuation.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/finance-companies-specialty-consumer-finance-supply-purchase-expectations-for-card-charge-offs-2024-2025-should-show-significant-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Specialty Consumer Finance</a></li><li><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating EPS Estimates Ahead of 1Q24 Earnings</a></li><li><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-with-management-e19dc236-27fe-4c7c-b113-2acade45d54e?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Highlights From Investor Meetings With Management</a></li><li><a href="https://www.smartkarma.com/insights/too-many-charging-sites-there-is-no-such-thing-the-netherlands-is-a-good-case-study?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Too Many Charging Sites? There Is No Such Thing... The Netherlands Is a Good Case Study</a></li><li><a href="https://www.smartkarma.com/insights/reddit-ipo-quick-thoughts-on-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reddit IPO - Quick Thoughts on Valuation</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/finance-companies-specialty-consumer-finance-supply-purchase-expectations-for-card-charge-offs-2024-2025-should-show-significant-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Finance Companies - Specialty Consumer Finance </a></h3><p></p><ul><li>Key Point: Based on continuing trends in credit card balance growth, and charge-off rate increases we continue to believe that our projections for ECPG / PRAA purchase volume growth of ~25% CAGR over 2023-2025 remain reasonable and grounded in current market data trends.We are systematicalkly reviewing the underpinnings of our financial projections for ECPG and PRAA starting here with U.S. credit card receivable purchase volumes.Chart 1 shows the trends in major issue MasterTrust net-charge offs, and the directionally similar trend for all banks — note that all bank net charge-offs are roughly 2x MasterTrust levels, and have deteriorated more quickly than the major issuer MasterTrust averages.</li><li>Chart 2 shows the trends in revolving balances and net charge-off rates for all banks over a longer period.</li><li>For 1Q24-4Q25 the charts show the underlying assumptions embedded within our projections for overall bank card net chart-off volumes.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/updating-eps-estimates-ahead-of-1q24-earnings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Updating EPS Estimates Ahead of 1Q24 Earnings </a></h3><p></p><ul><li>We like PRI’s underappreciated distribution-focused business model and limited balance sheet risk.</li><li>We reaffirm our Market Perform rating on PRI.EstimatesWe are updating our 2024/2025 EPS estimates to $17.57/19.29, versus prior $17.56/19.29 and consensus of $17.84/$19.68.</li><li>We introduce our full-year 2026 EPS estimate of $21.30 versus consensus of $21.45.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-with-management-e19dc236-27fe-4c7c-b113-2acade45d54e?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Highlights From Investor Meetings With Management </a></h3><p></p><ul><li>We reiterate our Market Perform rating on SYBT shares after hosting investor meetings featuring CEO and Chairman Ja Hillebrand, CFO Clay Stinnett, and Principal Accounting Officer Michael Newton.</li><li>The meetings carried a positive tone as investors recognized the safe haven status of Stock Yards attractive business model and conservative underwriting.</li><li>The discussions primarily centered around Stock Yards organic growth opportunities, plan as it approaches $10 billion in assets, and overall credit position.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/too-many-charging-sites-there-is-no-such-thing-the-netherlands-is-a-good-case-study?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Too Many Charging Sites? There Is No Such Thing... The Netherlands Is a Good Case Study </a></h3><p></p><ul><li>In the charging infrastructure section of our recently published EV market report, we noted that charger availability varies a great deal within the U.S. (state by state) and Europe (country by country).</li><li>One of the questions we periodically encounter: is there a point beyond which there are simply too many chargers?</li><li>While there are areas of life where too much of a good thing becomes problematic, this is not one of them.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/reddit-ipo-quick-thoughts-on-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Reddit IPO - Quick Thoughts on Valuation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/565/original/image?1710911741"/> <ul>
<li>
<a data-smartkarma-citation="entities:40917:1" href="https://www.smartkarma.com/entities/reddit-inc" rel="noopener" target="_blank">Reddit (RDDT US)</a> is looking to raise up to US$750m in its US IPO.</li>
<li>Reddit is an online social media platform where users are able to join communities, engage in conversations, research, exchange goods and services as well as create new communities.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we share our quick thoughts on valuation.</li>
</ul>2024-03-20T17:30:31+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PRAA@US"}, {"term": "ECPG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PRI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SYBT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "IRELAND"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ADSE@US"}, {"term": "Equity Capital Markets"}, {"term": "COMMUNICATION SERVICES"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "RDDT@US"}, {"term": "PINS@US"}, {"term": "PINS@IN"}, {"term": "SNPO@US"}, {"term": "SNA@US"}, {"term": "SNAP@US"}, {"term": "GOOGL@US"}, {"term": "GOOG@US"}, {"term": "TSLA@US"}, {"term": "AMZN@US"}, {"term": "META@US"}, {"term": "ECPG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PRI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SYBT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ADSE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "META@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/774aa6bb-5231-31c1-8202-19ea406addd1Brief USA: Tempur Sealy International: What Is The Latest Update On The Mattress Firm Acquisition? and more2024-03-28T22:17:23.853884+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/tempur-sealy-international-what-is-the-latest-update-on-the-mattress-firm-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Tempur Sealy International: What Is The Latest Update On The Mattress Firm Acquisition?</a></li><li><a href="https://www.smartkarma.com/insights/zanidatamab-r-d-day-highlights-promise-in-multiple-her2-cancers-still-some-wood-to-chop?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Zanidatamab R&D Day Highlights Promise in Multiple HER2+ Cancers, Still Some Wood to Chop</a></li><li><a href="https://www.smartkarma.com/insights/eve-creates-vector-for-the-sector-waiting-on-flight-tests?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Eve Creates Vector for the Sector; Waiting on Flight Tests</a></li><li><a href="https://www.smartkarma.com/insights/jensen-s-world-compressing-reality?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Jensen's World: Compressing Reality</a></li><li><a href="https://www.smartkarma.com/insights/ocean-power-technologies-inc-3qfy24-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ocean Power Technologies, Inc. - 3QFY24 Results</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/tempur-sealy-international-what-is-the-latest-update-on-the-mattress-firm-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Tempur Sealy International: What Is The Latest Update On The Mattress Firm Acquisition? </a></h3><p></p><ul>
<li>This is our first report on Tempur Sealy International Inc., a global bedding company.</li>
<li>The company released its Q4 2023 earnings recently.</li>
<li>The company emphasized its strong business model, highlighting significant cash flow and a robust balance sheet.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/zanidatamab-r-d-day-highlights-promise-in-multiple-her2-cancers-still-some-wood-to-chop?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Zanidatamab R&D Day Highlights Promise in Multiple HER2+ Cancers, Still Some Wood to Chop </a></h3><p></p><ul><li>JAZZ hosted an informative virtual R&D Day for its key oncology product Zanidatamab, a differentiated and de-risked bispecific HER2-Targeted monoclonal antibody that has shown good promise thus far in BTC, GEA and breast cancer.</li><li>JAZZ provided a deep dive on the various programs with several KOL presentations, with the biggest update being a planned initiation of a Ph3 study in advanced metastatic breast cancer after progression on Enhertu in 2H24.</li><li>JAZZ also confirmed the previously disclosed timelines in BTC (2L rolling BLA with potential launch in 2025, 1L trial initiated) and in GEA (1L Ph3 data in 2H24).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/eve-creates-vector-for-the-sector-waiting-on-flight-tests?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Eve Creates Vector for the Sector; Waiting on Flight Tests </a></h3><p></p><ul><li>We are updating our forecasts for EVEX following last week’s 4Q23 earnings report, notably reflecting a somewhat lower FCF burn outlook than previously anticipated.</li><li>Eve remains the furthest behind among our coverage universe in terms of developing and flight testing a full-scale eVTOL, with flight testing of the first full scale prototype still on track for 2H24.</li><li>Encouragingly, Eve is making good process in mapping out the Service and Operations solution and the vehicle agnostic UATM (Urban Air Traffic Management) software solution (named Vector).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/jensen-s-world-compressing-reality?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Jensen's World: Compressing Reality </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/485/original/image?1710900304"/> <ul>
<li>"It is so much cheaper to do simulations than real experiments, so much more flexible in testing...we can even do things which cannot be done in any lab… So it’s inevitable this trend will continue for some time." - Richard Hamming, <a href="https://www.amazon.com/Art-Doing-Science-Engineering-Learning/dp/1732265178" rel="noopener" target="_blank">The Art of Doing Science and Engineering</a>.</li>
<li>Richard Hamming said this to the President of Bell Labs in the 1950s. And I think this insight rings more accurate than ever. Simulations of reality are much more flexible and cheaper than observing and interacting with reality.</li>
<li>I will assert that LLMs and “AI” are effectively the logical conclusion of this trend. A large language model is trained on the largest amount of data possible, often the entire crawlable Internet<a href="https://kili-technology.com/large-language-models-llms/9-open-sourced-datasets-for-training-large-language-models" rel="noopener" target="_blank">, all the books ever written, and so much more</a>.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ocean-power-technologies-inc-3qfy24-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Ocean Power Technologies, Inc. - 3QFY24 Results </a></h3><p></p><ul><li>Ocean Power Technologies reported 3QFY24 revenue of $1.8 million, up 144% Y/Y from $0.7 million in 3QFY23, driven by sales of WAM-V autonomous vehicles and the contract with the Department of Energy.</li><li>The company has an order book of $3.4 million YTD and growing, with backlogs standing at $3.3 million as of January 31, 2024.</li><li>The company reported 3QFY24 gross profit of $0.8 million, compared with a profit of $0.1 million in 3QFY23.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/tempur-sealy-international-what-is-the-latest-update-on-the-mattress-firm-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Tempur Sealy International: What Is The Latest Update On The Mattress Firm Acquisition?</a></li><li><a href="https://www.smartkarma.com/insights/zanidatamab-r-d-day-highlights-promise-in-multiple-her2-cancers-still-some-wood-to-chop?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Zanidatamab R&D Day Highlights Promise in Multiple HER2+ Cancers, Still Some Wood to Chop</a></li><li><a href="https://www.smartkarma.com/insights/eve-creates-vector-for-the-sector-waiting-on-flight-tests?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Eve Creates Vector for the Sector; Waiting on Flight Tests</a></li><li><a href="https://www.smartkarma.com/insights/jensen-s-world-compressing-reality?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Jensen's World: Compressing Reality</a></li><li><a href="https://www.smartkarma.com/insights/ocean-power-technologies-inc-3qfy24-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ocean Power Technologies, Inc. - 3QFY24 Results</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/tempur-sealy-international-what-is-the-latest-update-on-the-mattress-firm-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Tempur Sealy International: What Is The Latest Update On The Mattress Firm Acquisition? </a></h3><p></p><ul>
<li>This is our first report on Tempur Sealy International Inc., a global bedding company.</li>
<li>The company released its Q4 2023 earnings recently.</li>
<li>The company emphasized its strong business model, highlighting significant cash flow and a robust balance sheet.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/zanidatamab-r-d-day-highlights-promise-in-multiple-her2-cancers-still-some-wood-to-chop?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Zanidatamab R&D Day Highlights Promise in Multiple HER2+ Cancers, Still Some Wood to Chop </a></h3><p></p><ul><li>JAZZ hosted an informative virtual R&D Day for its key oncology product Zanidatamab, a differentiated and de-risked bispecific HER2-Targeted monoclonal antibody that has shown good promise thus far in BTC, GEA and breast cancer.</li><li>JAZZ provided a deep dive on the various programs with several KOL presentations, with the biggest update being a planned initiation of a Ph3 study in advanced metastatic breast cancer after progression on Enhertu in 2H24.</li><li>JAZZ also confirmed the previously disclosed timelines in BTC (2L rolling BLA with potential launch in 2025, 1L trial initiated) and in GEA (1L Ph3 data in 2H24).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/eve-creates-vector-for-the-sector-waiting-on-flight-tests?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Eve Creates Vector for the Sector; Waiting on Flight Tests </a></h3><p></p><ul><li>We are updating our forecasts for EVEX following last week’s 4Q23 earnings report, notably reflecting a somewhat lower FCF burn outlook than previously anticipated.</li><li>Eve remains the furthest behind among our coverage universe in terms of developing and flight testing a full-scale eVTOL, with flight testing of the first full scale prototype still on track for 2H24.</li><li>Encouragingly, Eve is making good process in mapping out the Service and Operations solution and the vehicle agnostic UATM (Urban Air Traffic Management) software solution (named Vector).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/jensen-s-world-compressing-reality?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Jensen's World: Compressing Reality </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/485/original/image?1710900304"/> <ul>
<li>"It is so much cheaper to do simulations than real experiments, so much more flexible in testing...we can even do things which cannot be done in any lab… So it’s inevitable this trend will continue for some time." - Richard Hamming, <a href="https://www.amazon.com/Art-Doing-Science-Engineering-Learning/dp/1732265178" rel="noopener" target="_blank">The Art of Doing Science and Engineering</a>.</li>
<li>Richard Hamming said this to the President of Bell Labs in the 1950s. And I think this insight rings more accurate than ever. Simulations of reality are much more flexible and cheaper than observing and interacting with reality.</li>
<li>I will assert that LLMs and “AI” are effectively the logical conclusion of this trend. A large language model is trained on the largest amount of data possible, often the entire crawlable Internet<a href="https://kili-technology.com/large-language-models-llms/9-open-sourced-datasets-for-training-large-language-models" rel="noopener" target="_blank">, all the books ever written, and so much more</a>.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ocean-power-technologies-inc-3qfy24-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Ocean Power Technologies, Inc. - 3QFY24 Results </a></h3><p></p><ul><li>Ocean Power Technologies reported 3QFY24 revenue of $1.8 million, up 144% Y/Y from $0.7 million in 3QFY23, driven by sales of WAM-V autonomous vehicles and the contract with the Department of Energy.</li><li>The company has an order book of $3.4 million YTD and growing, with backlogs standing at $3.3 million as of January 31, 2024.</li><li>The company reported 3QFY24 gross profit of $0.8 million, compared with a profit of $0.1 million in 3QFY23.</li></ul>2024-03-20T10:39:49+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "TPX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "IRELAND"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "JAZZ@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EVEX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "NVDA@US"}, {"term": "GOOGL@US"}, {"term": "BRCM@US"}, {"term": "AAPL@US"}, {"term": "2193707D@US"}, {"term": "AMZN@US"}, {"term": "MSFT@US"}, {"term": "AMD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "OPTT@US"}, {"term": "TPX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "JAZZ@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EVEX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AMD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "OPTT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/b1bd45aa-4216-3ecc-b783-5bdfda5a5ea6Brief USA: Aspira Women's Health, Inc. - Aspira Women's Health Expands Senior Leadership Team and more2024-03-28T22:17:23.842696+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/aspira-women-s-health-inc-aspira-women-s-health-expands-senior-leadership-team?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Aspira Women's Health, Inc. - Aspira Women's Health Expands Senior Leadership Team</a></li><li><a href="https://www.smartkarma.com/insights/upgrading-materials-to-market-weight-rotation-into-commodity-sectors-spx-ndx-holding-above-support?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Upgrading Materials to Market Weight; Rotation into Commodity Sectors; SPX/NDX Holding Above Support</a></li><li><a href="https://www.smartkarma.com/insights/goodrx-holdings-inc-initiation-of-coverage-4-pivotal-factors-that-are-shaping-its-growth-journey-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">GoodRx Holdings Inc.: Initiation Of Coverage - 4 Pivotal Factors That Are Shaping Its Growth Journey! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/global-business-travel-group-inc-initiation-of-coverage-emphasis-on-digital-transactions?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global Business Travel Group Inc.: Initiation Of Coverage - Emphasis on Digital Transactions</a></li><li><a href="https://www.smartkarma.com/insights/vail-resorts-initiation-of-coverage-its-dynamic-pricing-strategy-high-customer-loyalty-are-potential-game-changers-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Vail Resorts: Initiation Of Coverage - Its Dynamic Pricing Strategy & High Customer Loyalty Are Potential Game Changers! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/aspira-women-s-health-inc-aspira-women-s-health-expands-senior-leadership-team?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Aspira Women's Health, Inc. - Aspira Women's Health Expands Senior Leadership Team </a></h3><p></p><ul><li>Aspira Women’s Health expands senior management team with the addition of Sandra Milligan, MD, JD as President effective April 1, 2024.</li><li>Dr. Milligan will report to CEO Nicole Sandford. She has more than 25 years of experience in the healthcare sector, with corporate experience that includes executive roles at biopharmaceutical companies Amgen, Genentech, Merck, and Organon.</li><li>Dr. Milligan supported pipeline and product development in both oncology and non-oncology disease areas, with recent emphasis in women’s health. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/upgrading-materials-to-market-weight-rotation-into-commodity-sectors-spx-ndx-holding-above-support?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Upgrading Materials to Market Weight; Rotation into Commodity Sectors; SPX/NDX Holding Above Support </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/328/original/image_67239601821710874216421.png?1710874580"/> <ul>
<li>We have discussed for weeks that we will need to see the SPX and Nasdaq 100 close below their 20-day MAs for 2-3 consecutive days in order to get cautious.</li>
<li>This still hasn't happened (short-term trend remains bullish). If we get 2-3 closes below the 20-dayMAs, next support would be 4983-5050 on SPX, $425-$433 on QQQ (gap supports from 2/22/24)</li>
<li>If some or all of these gaps remain unfilled, it is a sign that bulls remain in control. We are seeing a rotation into commodity Sectors, we highlight several buys</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/goodrx-holdings-inc-initiation-of-coverage-4-pivotal-factors-that-are-shaping-its-growth-journey-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. GoodRx Holdings Inc.: Initiation Of Coverage - 4 Pivotal Factors That Are Shaping Its Growth Journey! - Major Drivers </a></h3><p></p><ul><li>This is our first report on GoodRx Holdings Inc.</li><li>The company announced its fourth-quarter earnings and highlighted significant progress which included saving consumers approximately $15 billion last year, increasing their access to affordable medications while expanding their relationships with retail partners through hybrid retail direct and Pharmacy Benefit Manager (PBM) contracting and cost savings initiatives.</li><li>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.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-business-travel-group-inc-initiation-of-coverage-emphasis-on-digital-transactions?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Global Business Travel Group Inc.: Initiation Of Coverage - Emphasis on Digital Transactions </a></h3><p></p><ul><li>This is our first report on American Express Global Business Travel (GBT).</li><li>The company recently released Q4 2023 earnings.</li><li>On a positive note, the company delivered impressive financial results, with standout numbers including 24% year-over-year revenue growth and a roughly fourfold increase in adjusted EBITDA. Paul Abbott, CEO, attributed this strong performance to share gains and a focus on margin expansion.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/vail-resorts-initiation-of-coverage-its-dynamic-pricing-strategy-high-customer-loyalty-are-potential-game-changers-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Vail Resorts: Initiation Of Coverage - Its Dynamic Pricing Strategy & High Customer Loyalty Are Potential Game Changers! - Major Drivers </a></h3><p></p><ul><li>This is our first report on Vail Resorts.</li><li>The company' fiscal 2024 second quarter results, presented during their recent earnings call, reflect a business model demonstrating resilience despite unfavorable conditions across its North American resorts.</li><li>There was approximately 42% lower snowfall across their Western North American resorts compared to the same period in the previous year.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/aspira-women-s-health-inc-aspira-women-s-health-expands-senior-leadership-team?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Aspira Women's Health, Inc. - Aspira Women's Health Expands Senior Leadership Team</a></li><li><a href="https://www.smartkarma.com/insights/upgrading-materials-to-market-weight-rotation-into-commodity-sectors-spx-ndx-holding-above-support?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Upgrading Materials to Market Weight; Rotation into Commodity Sectors; SPX/NDX Holding Above Support</a></li><li><a href="https://www.smartkarma.com/insights/goodrx-holdings-inc-initiation-of-coverage-4-pivotal-factors-that-are-shaping-its-growth-journey-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">GoodRx Holdings Inc.: Initiation Of Coverage - 4 Pivotal Factors That Are Shaping Its Growth Journey! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/global-business-travel-group-inc-initiation-of-coverage-emphasis-on-digital-transactions?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global Business Travel Group Inc.: Initiation Of Coverage - Emphasis on Digital Transactions</a></li><li><a href="https://www.smartkarma.com/insights/vail-resorts-initiation-of-coverage-its-dynamic-pricing-strategy-high-customer-loyalty-are-potential-game-changers-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Vail Resorts: Initiation Of Coverage - Its Dynamic Pricing Strategy & High Customer Loyalty Are Potential Game Changers! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/aspira-women-s-health-inc-aspira-women-s-health-expands-senior-leadership-team?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Aspira Women's Health, Inc. - Aspira Women's Health Expands Senior Leadership Team </a></h3><p></p><ul><li>Aspira Women’s Health expands senior management team with the addition of Sandra Milligan, MD, JD as President effective April 1, 2024.</li><li>Dr. Milligan will report to CEO Nicole Sandford. She has more than 25 years of experience in the healthcare sector, with corporate experience that includes executive roles at biopharmaceutical companies Amgen, Genentech, Merck, and Organon.</li><li>Dr. Milligan supported pipeline and product development in both oncology and non-oncology disease areas, with recent emphasis in women’s health. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/upgrading-materials-to-market-weight-rotation-into-commodity-sectors-spx-ndx-holding-above-support?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Upgrading Materials to Market Weight; Rotation into Commodity Sectors; SPX/NDX Holding Above Support </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/328/original/image_67239601821710874216421.png?1710874580"/> <ul>
<li>We have discussed for weeks that we will need to see the SPX and Nasdaq 100 close below their 20-day MAs for 2-3 consecutive days in order to get cautious.</li>
<li>This still hasn't happened (short-term trend remains bullish). If we get 2-3 closes below the 20-dayMAs, next support would be 4983-5050 on SPX, $425-$433 on QQQ (gap supports from 2/22/24)</li>
<li>If some or all of these gaps remain unfilled, it is a sign that bulls remain in control. We are seeing a rotation into commodity Sectors, we highlight several buys</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/goodrx-holdings-inc-initiation-of-coverage-4-pivotal-factors-that-are-shaping-its-growth-journey-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. GoodRx Holdings Inc.: Initiation Of Coverage - 4 Pivotal Factors That Are Shaping Its Growth Journey! - Major Drivers </a></h3><p></p><ul><li>This is our first report on GoodRx Holdings Inc.</li><li>The company announced its fourth-quarter earnings and highlighted significant progress which included saving consumers approximately $15 billion last year, increasing their access to affordable medications while expanding their relationships with retail partners through hybrid retail direct and Pharmacy Benefit Manager (PBM) contracting and cost savings initiatives.</li><li>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.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-business-travel-group-inc-initiation-of-coverage-emphasis-on-digital-transactions?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Global Business Travel Group Inc.: Initiation Of Coverage - Emphasis on Digital Transactions </a></h3><p></p><ul><li>This is our first report on American Express Global Business Travel (GBT).</li><li>The company recently released Q4 2023 earnings.</li><li>On a positive note, the company delivered impressive financial results, with standout numbers including 24% year-over-year revenue growth and a roughly fourfold increase in adjusted EBITDA. Paul Abbott, CEO, attributed this strong performance to share gains and a focus on margin expansion.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/vail-resorts-initiation-of-coverage-its-dynamic-pricing-strategy-high-customer-loyalty-are-potential-game-changers-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Vail Resorts: Initiation Of Coverage - Its Dynamic Pricing Strategy & High Customer Loyalty Are Potential Game Changers! - Major Drivers </a></h3><p></p><ul><li>This is our first report on Vail Resorts.</li><li>The company' fiscal 2024 second quarter results, presented during their recent earnings call, reflect a business model demonstrating resilience despite unfavorable conditions across its North American resorts.</li><li>There was approximately 42% lower snowfall across their Western North American resorts compared to the same period in the previous year.</li></ul>2024-03-20T07:57:13+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "AWH@US"}, {"term": "Technical Analysis"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SCCO@US"}, {"term": "GT10@GOVT"}, {"term": "RYE@US"}, {"term": "XLE@US"}, {"term": "APA@US"}, {"term": "MRO@US"}, {"term": "DVN@US"}, {"term": "FANG@US"}, {"term": "HES@US"}, {"term": "OXY@US"}, {"term": "PXD@US"}, {"term": "EOG@US"}, {"term": "COP@US"}, {"term": "WRN@US"}, {"term": "TKO@CN"}, {"term": "TGB@US"}, {"term": "LUN@CN"}, {"term": "TECK@US"}, {"term": "FCX@US"}, {"term": "CPAC@US"}, {"term": "SLCA@US"}, {"term": "USLM@US"}, {"term": "SUM@US"}, {"term": "CEMEXCPO@MM"}, {"term": "CX@US"}, {"term": "VMC@US"}, {"term": "MLM@US"}, {"term": "CENX@US"}, {"term": "KALU@US"}, {"term": "AWC@AU"}, {"term": "CSTM@US"}, {"term": "AA@US"}, {"term": "HWM@US"}, {"term": "XLB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "GDRX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "GBTG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MTN@US"}, {"term": "AWH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XLB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GDRX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GBTG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MTN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/ab8f14d9-0137-378f-b12e-49cf1cbeae6eBrief USA: e.l.f. Beauty Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers and more2024-03-28T22:17:23.836580+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/e-l-f-beauty-inc-initiation-of-coverage-the-4-fundamental-aspects-fueling-its-growth-uncovered-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">e.l.f. Beauty Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/bj-s-wholesale-club-holdings-initiation-of-coverage-decoding-the-4-primary-contributors-to-its-growth-surge-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">BJ's Wholesale Club Holdings: Initiation Of Coverage - Decoding the 4 Primary Contributors to Its Growth Surge! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/autozone-inc-6-pivotal-factors-that-are-shaping-its-growth-journey-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">AutoZone Inc.: 6 Pivotal Factors That Are Shaping Its Growth Journey! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/perficient-inc-initiation-of-coverage-how-its-expansion-in-the-artificial-intelligence-ai-domain-can-amplify-its-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Perficient Inc.: Initiation Of Coverage - How Its Expansion In The Artificial Intelligence (AI) Domain Can Amplify Its Growth! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-back-on-and-so-are-cyclical-equities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Positioning Watch – Commodities are back on, and so are cyclical equities</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/e-l-f-beauty-inc-initiation-of-coverage-the-4-fundamental-aspects-fueling-its-growth-uncovered-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. e.l.f. Beauty Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers </a></h3><p></p><ul><li>This is our first report on cosmetics player, e.l.f Beauty.</li><li>The company's third quarter 2022 earnings call ended with the company experiencing significant growth across the board.</li><li>CEO, Tarang Amin highlighted that net sales increased by 85%, gross margin by nearly 350 basis points and adjusted EBITDA by 61%, compared to the previous year.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/bj-s-wholesale-club-holdings-initiation-of-coverage-decoding-the-4-primary-contributors-to-its-growth-surge-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. BJ's Wholesale Club Holdings: Initiation Of Coverage - Decoding the 4 Primary Contributors to Its Growth Surge! - Major Drivers </a></h3><p></p><ul><li>This is our first report on BJ's Wholesale Club.</li><li>In the fourth quarter of 2023, BJ's Wholesale Club Holdings delivered strong results underpinned by the growth in membership, traffic, and market share.</li><li>The company achieved comparable club sales growth (excluding gas sales) of 0.5% for the quarter, bringing the full-year figure to 1.7%.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/autozone-inc-6-pivotal-factors-that-are-shaping-its-growth-journey-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. AutoZone Inc.: 6 Pivotal Factors That Are Shaping Its Growth Journey! - Major Drivers </a></h3><p></p><ul><li>AutoZone's Q2 2024 earnings were decent and the company reported an increase in total sales by 4.6%, and same-store sales by 1.5% on a constant currency basis.</li><li>The management is banking on strong international growth prospects for the short and long terms and has plans to accelerate new store openings over the coming years.</li><li>Operating profit and earnings per share grew by double-digit rates, a continuation of the strong performance seen in recent years.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/perficient-inc-initiation-of-coverage-how-its-expansion-in-the-artificial-intelligence-ai-domain-can-amplify-its-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Perficient Inc.: Initiation Of Coverage - How Its Expansion In The Artificial Intelligence (AI) Domain Can Amplify Its Growth! - Major Drivers </a></h3><p></p><ul><li>This is our first report on digital consultancy firm, Perficient Inc.</li><li>The company reported its 2023 fourth quarter and full year results while also sharing its outlook for 2024.</li><li>The second half of 2023 posed a challenge due to extended sales cycles and a shift in client buying behavior.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-back-on-and-so-are-cyclical-equities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Positioning Watch – Commodities are back on, and so are cyclical equities </a></h3><p></p><ul><li>Finally some action from the BoJ earlier today with a 10 bps hike, in line with market expectations after it was rumored that they would tweak policy last week.</li><li>The BoJ has, with barely no exceptions, leaked all their policy moves to the press before actually moving the needle, and dynamics post the meeting is nothing less than a classic “buy the rumor sell the news”.</li><li>It looks like markets had hoped for some clarity on the path for the policy rate, which they weren’t given this morning (more on the BoJ meeting here).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/e-l-f-beauty-inc-initiation-of-coverage-the-4-fundamental-aspects-fueling-its-growth-uncovered-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">e.l.f. Beauty Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/bj-s-wholesale-club-holdings-initiation-of-coverage-decoding-the-4-primary-contributors-to-its-growth-surge-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">BJ's Wholesale Club Holdings: Initiation Of Coverage - Decoding the 4 Primary Contributors to Its Growth Surge! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/autozone-inc-6-pivotal-factors-that-are-shaping-its-growth-journey-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">AutoZone Inc.: 6 Pivotal Factors That Are Shaping Its Growth Journey! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/perficient-inc-initiation-of-coverage-how-its-expansion-in-the-artificial-intelligence-ai-domain-can-amplify-its-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Perficient Inc.: Initiation Of Coverage - How Its Expansion In The Artificial Intelligence (AI) Domain Can Amplify Its Growth! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-back-on-and-so-are-cyclical-equities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Positioning Watch – Commodities are back on, and so are cyclical equities</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/e-l-f-beauty-inc-initiation-of-coverage-the-4-fundamental-aspects-fueling-its-growth-uncovered-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. e.l.f. Beauty Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers </a></h3><p></p><ul><li>This is our first report on cosmetics player, e.l.f Beauty.</li><li>The company's third quarter 2022 earnings call ended with the company experiencing significant growth across the board.</li><li>CEO, Tarang Amin highlighted that net sales increased by 85%, gross margin by nearly 350 basis points and adjusted EBITDA by 61%, compared to the previous year.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/bj-s-wholesale-club-holdings-initiation-of-coverage-decoding-the-4-primary-contributors-to-its-growth-surge-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. BJ's Wholesale Club Holdings: Initiation Of Coverage - Decoding the 4 Primary Contributors to Its Growth Surge! - Major Drivers </a></h3><p></p><ul><li>This is our first report on BJ's Wholesale Club.</li><li>In the fourth quarter of 2023, BJ's Wholesale Club Holdings delivered strong results underpinned by the growth in membership, traffic, and market share.</li><li>The company achieved comparable club sales growth (excluding gas sales) of 0.5% for the quarter, bringing the full-year figure to 1.7%.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/autozone-inc-6-pivotal-factors-that-are-shaping-its-growth-journey-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. AutoZone Inc.: 6 Pivotal Factors That Are Shaping Its Growth Journey! - Major Drivers </a></h3><p></p><ul><li>AutoZone's Q2 2024 earnings were decent and the company reported an increase in total sales by 4.6%, and same-store sales by 1.5% on a constant currency basis.</li><li>The management is banking on strong international growth prospects for the short and long terms and has plans to accelerate new store openings over the coming years.</li><li>Operating profit and earnings per share grew by double-digit rates, a continuation of the strong performance seen in recent years.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/perficient-inc-initiation-of-coverage-how-its-expansion-in-the-artificial-intelligence-ai-domain-can-amplify-its-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Perficient Inc.: Initiation Of Coverage - How Its Expansion In The Artificial Intelligence (AI) Domain Can Amplify Its Growth! - Major Drivers </a></h3><p></p><ul><li>This is our first report on digital consultancy firm, Perficient Inc.</li><li>The company reported its 2023 fourth quarter and full year results while also sharing its outlook for 2024.</li><li>The second half of 2023 posed a challenge due to extended sales cycles and a shift in client buying behavior.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-back-on-and-so-are-cyclical-equities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Positioning Watch – Commodities are back on, and so are cyclical equities </a></h3><p></p><ul><li>Finally some action from the BoJ earlier today with a 10 bps hike, in line with market expectations after it was rumored that they would tweak policy last week.</li><li>The BoJ has, with barely no exceptions, leaked all their policy moves to the press before actually moving the needle, and dynamics post the meeting is nothing less than a classic “buy the rumor sell the news”.</li><li>It looks like markets had hoped for some clarity on the path for the policy rate, which they weren’t given this morning (more on the BoJ meeting here).</li></ul>2024-03-20T03:00:23+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ELF@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BJ@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "AZO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "PRFT@US"}, {"term": "Macroeconomics"}, {"term": "JAPAN"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "AUDSGD@CURNCY"}, {"term": "USDMXN@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "QQQ@US"}, {"term": "XLB@US"}, {"term": "SLV@US"}, {"term": "SILVER@COMDTY"}, {"term": "ELF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BJ@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AZO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PRFT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SILVER@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/8eec0566-8f1e-3de4-834e-342bd185e874Brief USA: "Suite" Treats at the FY25 Analyst Day; Reiterate Outperform and more2024-03-28T22:17:23.822999+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/suite-treats-at-the-fy25-analyst-day-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">"Suite" Treats at the FY25 Analyst Day; Reiterate Outperform</a></li><li><a href="https://www.smartkarma.com/insights/technology-others-data-infrastructure-the-a-i-bandwidth-opportunity-updating-model-for-blackwell-etc?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Technology - Others - Data Infrastructure</a></li><li><a href="https://www.smartkarma.com/insights/dropping-coverage-following-the-completion-of-its-acquisition-by-clearlake-insight?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dropping Coverage Following The Completion of its Acquisition by Clearlake & Insight</a></li><li><a href="https://www.smartkarma.com/insights/endeavor-group-holdings-edr-tuesday-dec-19-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Endeavor Group Holdings (EDR) - Tuesday, Dec 19, 2023</a></li><li><a href="https://www.smartkarma.com/insights/synopsys-inc-snps-tuesday-dec-19-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Synopsys Inc (SNPS) - Tuesday, Dec 19, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/suite-treats-at-the-fy25-analyst-day-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. "Suite" Treats at the FY25 Analyst Day; Reiterate Outperform </a></h3><p></p><ul><li>We’re providing our thoughts following BOX’s Virtual Analyst Day, which highlighted the company’s expanded workflow automation and AI functionality, revamped GTM including SI/ISV initiatives, and continued focus on profitable growth.</li><li>Box has long pushed the envelope in terms of enterprise features around cloud-based ECM, and we suspect that the company’s expanded application functionality should continue to drive higher price points (seat prices up at a 4% CAGR).</li><li>With pricing becoming an increasingly important part of the growth algorithm, we’re encouraged to see plans to monetize the broadened functionality with a higher price point plan launching later this year (helping growth in FY26).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/technology-others-data-infrastructure-the-a-i-bandwidth-opportunity-updating-model-for-blackwell-etc?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Technology - Others - Data Infrastructure </a></h3><p></p><ul><li>We update our proprietary A.I. transceiver model for the recent NVIDIA Blackwell GPU release, our semiconductor analyst’s updated datacenter estimates, and other refinements to our assumptions.</li><li>Despite a modest headwind from NVL72, a rack-scale platform featuring the new Blackwell GPU, displacing some NVLink Spine optical transceivers, our A.I. Bandwidth model and TAM estimates increase.</li><li>Our proprietary A.I. transceiver model now forecasts $6.7B in sales by 2027, representing a ~63% CAGR, vs. $6.2B and ~58% CAGR previously.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/dropping-coverage-following-the-completion-of-its-acquisition-by-clearlake-insight?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Dropping Coverage Following The Completion of its Acquisition by Clearlake & Insight </a></h3><p></p><ul><li>We are dropping coverage on Alteryx following the completion of its acquisition by Clearlake Capital and Insight Partners for $4.4 billion.</li><li>As a result of the acquisition, AYX shares will no longer be publicly traded and holders will receive $48.25 per share in cash, which represented ~4x 2024E ARR and ~27x EBITDA.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/endeavor-group-holdings-edr-tuesday-dec-19-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Endeavor Group Holdings (EDR) - Tuesday, Dec 19, 2023 </a></h3><p></p><ul><li>EDR is likely to be acquired at a premium price in the near future, offering an attractive risk-reward opportunity for investors.</li><li>Key assets like a stake in TKO, talent representation business (WME), and events business (EE&R) are considered valuable to potential buyers.</li><li>EDR announced a review of strategic alternatives on 10/25/23, with CEO Ariel Emanuel noting the need to maximize value for shareholders due to a disconnection between stock price and asset value.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/synopsys-inc-snps-tuesday-dec-19-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Synopsys Inc (SNPS) - Tuesday, Dec 19, 2023 </a></h3><p></p><ul><li>Synopsys (SNPS) is recommended as a good long-term holding</li><li>Software Integrity business likely to be divested to improve overall profitability</li><li>EDA and IP divisions of the company have been performing well with adjusted operating margins of over 30%</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/suite-treats-at-the-fy25-analyst-day-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">"Suite" Treats at the FY25 Analyst Day; Reiterate Outperform</a></li><li><a href="https://www.smartkarma.com/insights/technology-others-data-infrastructure-the-a-i-bandwidth-opportunity-updating-model-for-blackwell-etc?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Technology - Others - Data Infrastructure</a></li><li><a href="https://www.smartkarma.com/insights/dropping-coverage-following-the-completion-of-its-acquisition-by-clearlake-insight?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dropping Coverage Following The Completion of its Acquisition by Clearlake & Insight</a></li><li><a href="https://www.smartkarma.com/insights/endeavor-group-holdings-edr-tuesday-dec-19-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Endeavor Group Holdings (EDR) - Tuesday, Dec 19, 2023</a></li><li><a href="https://www.smartkarma.com/insights/synopsys-inc-snps-tuesday-dec-19-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Synopsys Inc (SNPS) - Tuesday, Dec 19, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/suite-treats-at-the-fy25-analyst-day-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. "Suite" Treats at the FY25 Analyst Day; Reiterate Outperform </a></h3><p></p><ul><li>We’re providing our thoughts following BOX’s Virtual Analyst Day, which highlighted the company’s expanded workflow automation and AI functionality, revamped GTM including SI/ISV initiatives, and continued focus on profitable growth.</li><li>Box has long pushed the envelope in terms of enterprise features around cloud-based ECM, and we suspect that the company’s expanded application functionality should continue to drive higher price points (seat prices up at a 4% CAGR).</li><li>With pricing becoming an increasingly important part of the growth algorithm, we’re encouraged to see plans to monetize the broadened functionality with a higher price point plan launching later this year (helping growth in FY26).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/technology-others-data-infrastructure-the-a-i-bandwidth-opportunity-updating-model-for-blackwell-etc?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Technology - Others - Data Infrastructure </a></h3><p></p><ul><li>We update our proprietary A.I. transceiver model for the recent NVIDIA Blackwell GPU release, our semiconductor analyst’s updated datacenter estimates, and other refinements to our assumptions.</li><li>Despite a modest headwind from NVL72, a rack-scale platform featuring the new Blackwell GPU, displacing some NVLink Spine optical transceivers, our A.I. Bandwidth model and TAM estimates increase.</li><li>Our proprietary A.I. transceiver model now forecasts $6.7B in sales by 2027, representing a ~63% CAGR, vs. $6.2B and ~58% CAGR previously.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/dropping-coverage-following-the-completion-of-its-acquisition-by-clearlake-insight?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Dropping Coverage Following The Completion of its Acquisition by Clearlake & Insight </a></h3><p></p><ul><li>We are dropping coverage on Alteryx following the completion of its acquisition by Clearlake Capital and Insight Partners for $4.4 billion.</li><li>As a result of the acquisition, AYX shares will no longer be publicly traded and holders will receive $48.25 per share in cash, which represented ~4x 2024E ARR and ~27x EBITDA.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/endeavor-group-holdings-edr-tuesday-dec-19-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Endeavor Group Holdings (EDR) - Tuesday, Dec 19, 2023 </a></h3><p></p><ul><li>EDR is likely to be acquired at a premium price in the near future, offering an attractive risk-reward opportunity for investors.</li><li>Key assets like a stake in TKO, talent representation business (WME), and events business (EE&R) are considered valuable to potential buyers.</li><li>EDR announced a review of strategic alternatives on 10/25/23, with CEO Ariel Emanuel noting the need to maximize value for shareholders due to a disconnection between stock price and asset value.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/synopsys-inc-snps-tuesday-dec-19-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Synopsys Inc (SNPS) - Tuesday, Dec 19, 2023 </a></h3><p></p><ul><li>Synopsys (SNPS) is recommended as a good long-term holding</li><li>Software Integrity business likely to be divested to improve overall profitability</li><li>EDA and IP divisions of the company have been performing well with adjusted operating margins of over 30%</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>2024-03-19T23:51:04+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BOX@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NVDA@US"}, {"term": "LITE@US"}, {"term": "COHR@US"}, {"term": "AAOI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AYX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "EDR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "SNPS@US"}, {"term": "BOX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AAOI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AYX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EDR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SNPS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/c5f7c563-9bf2-3185-8008-fbad51194077Brief USA: LE: 4Q Preview: Further Progress On Tap; Reiterate Buy Rating, $12 PT and more2024-03-28T22:17:23.812065+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/le-4q-preview-further-progress-on-tap-reiterate-buy-rating-12-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">LE: 4Q Preview: Further Progress On Tap; Reiterate Buy Rating, $12 PT</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-54f4278b-7b3d-44e3-b733-a43325ecf625?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/japan-removes-negative-interest-rate-policy-the-end-of-an-era-and-long-yen?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Japan Removes Negative Interest Rate Policy – The End of an Era and Long Yen?</a></li><li><a href="https://www.smartkarma.com/insights/expect-soft-f3q-weather-unchanged-fy24-guide-price-target-to-185-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Expect Soft F3Q (Weather), Unchanged FY24 Guide; Price Target to $185; Reiterate Outperform</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-4q23-bdc-credit-review-weighted-average-non-accruals-rise-driven-by-larger-bdc-dispersion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/le-4q-preview-further-progress-on-tap-reiterate-buy-rating-12-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. LE: 4Q Preview: Further Progress On Tap; Reiterate Buy Rating, $12 PT </a></h3><p></p><ul><li>We are reiterating our Buy rating, $12 price target and projections for Lands' End with the company announcing 4QFY23 (January) results before the open on Wednesday, March 27th.</li><li>We believe management's focus on driving higher margins and overall returns via less discounting, more product newness, a focus on key categories (i.e. swimwear and outerwear) where Lands' End is dominant, expansion to incremental online marketplaces and, beginning in FY24, licensing secondary categories, will register solid 4Q results and position Lands' End to return to profitability in FY24.</li><li>As such, and with LE trading at 6.6X our FY24 EBITDA, we believe myopic top-line focused investors are missing a compelling turnaround story, with management creating a superior business model with multiple catalysts; we reiterate our Buy rating and $12 price target.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-54f4278b-7b3d-44e3-b733-a43325ecf625?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYOil prices climbed about 2% to a four-month high on Monday on lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the U.S. Brent rose 1.8%, to settle at $86.89 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 2.1%, to settle at $82.72.</li><li>That pushed both benchmarks into technically overbought territory with Brent closing at its highest since October 31 and WTI closing at its highest since October 27.</li><li>Stocks rose ahead of a busy week for central banks around the world that could dictate where interest rates go next.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/japan-removes-negative-interest-rate-policy-the-end-of-an-era-and-long-yen?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Japan Removes Negative Interest Rate Policy – The End of an Era and Long Yen? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/267/original/image?1710844175"/> <ul>
<li>Zooming out reveals that the Bank of Japan has not shifted to a different monetary policy regime.</li>
<li>The negative relationship between total debt-to-GDP and interest rates has been confirmed once again.</li>
<li>With the Federal Reserve poised to cut rates more than three times this year, the case for a short yen position is thin.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/expect-soft-f3q-weather-unchanged-fy24-guide-price-target-to-185-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Expect Soft F3Q (Weather), Unchanged FY24 Guide; Price Target to $185; Reiterate Outperform </a></h3><p></p><ul><li>We reiterate our Outperform rating on DRI ahead of the company’s F3Q EPS release (BMO on Thursday, March 21).We believe softer F3Q (ended February 25) results are expected by most investors given softer industry trends in January/February (weather, tough compares), but expect Olive Garden and Longhorn to sustain strong market share gains vs. peers.We expect management’s FY24 (May) guidance to remain unchanged likely reflecting 1) “comfort” at the lower end of its guided comp range (+2.5-3.0%) offset by 2) potentially lower than expected commodity inflation in F3Q/F4Q (temporary relief on beef vs. guided high single-digit % y/y inflation with 55% locked).We continue to monitor casual dining segment trends closely as y/y comps remain in slightly negative territory over the last few weeks (see here for details)...a marked improvement vs. weaker trends in January, though y/y traffic growth seems to have slipped 50-100 bp compared to 4Q. Broader jobs and income growth dynamics seem supportive, though we wonder if other dynamics could be weighing on demand such as 1) lagged impact of student loan repayments, 2) increased price sensitivity or “inflation fatigue” as y/y inflation differentials begin to widen across different categories, and/or 3) temporary tax refund delays (catching up more recently).We believe Darden is well positioned to continue to gain share in the current environment given its strong brand portfolio (high AUVs and consumer preference), scale advantages, and advertising “dry powder” (annual spend ~$100M below pre-COVID levels).</li><li>Combined with the stock’s FY25 P/E at 17.5x (slightly below mid-point of historical 16-20x range), we believe DRI can continue to grind higher in a stable macro/industry backdrop.F3Q Preview: We expect F3Q24 adjusted EPS of $2.53 vs. $2.34 (prior year), $0.10 below consensus.</li><li>We are modeling F3Q revenue of $3.0B (+8.3% y/y) reflecting blended comps +0.4% (OG +1.0%, LH +2.5%).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-4q23-bdc-credit-review-weighted-average-non-accruals-rise-driven-by-larger-bdc-dispersion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>Key point:Industry weighted average non-accruals increased by over 50 bp in 4Q23, with default rates also trending higher (and write-offs of old non-accruals slowed).</li><li>We have been projecting a rising non-accrual/default rate for some time but this is the first 50 bp increase since 1Q/2Q20 - we are hesitant to call this the beginning of a sustained trend across the industry given no significant upward trend in watch lists.Industry weighted averagenon-accrual rates (at cost) were up 52 bpin 4Q23 versus 3Q23, with both first lien and junior capital showing increase — see Chart 1.</li><li>This was not attributable to broad based deterioration however, with fewer loan tranches on non-accrual in 4Q23 than in 3Q23, and two BDCs accounting for the entirety of the increase in non-accrual dollar balances.The overall trailing 12-month default rate was up 30 bp sequentially, as the first lien continued its upward trend and junior capital defaults also increased.Chart 1 - BDC Industry Non-Accrual (Tranche) Rates (1Q12-4Q23)Source: Company filings and Raymond James Research.Chart 2 - BDC Industry Default (Tranche) Rates (1Q12-4Q23)Source: Company filings and Raymond James Research.Watch list rates (see Chart 3) also rose modestly — and are at their highest levels since 1Q21 (when they were falling after the COVID related spike of 2020).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/le-4q-preview-further-progress-on-tap-reiterate-buy-rating-12-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">LE: 4Q Preview: Further Progress On Tap; Reiterate Buy Rating, $12 PT</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-54f4278b-7b3d-44e3-b733-a43325ecf625?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/japan-removes-negative-interest-rate-policy-the-end-of-an-era-and-long-yen?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Japan Removes Negative Interest Rate Policy – The End of an Era and Long Yen?</a></li><li><a href="https://www.smartkarma.com/insights/expect-soft-f3q-weather-unchanged-fy24-guide-price-target-to-185-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Expect Soft F3Q (Weather), Unchanged FY24 Guide; Price Target to $185; Reiterate Outperform</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-4q23-bdc-credit-review-weighted-average-non-accruals-rise-driven-by-larger-bdc-dispersion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/le-4q-preview-further-progress-on-tap-reiterate-buy-rating-12-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. LE: 4Q Preview: Further Progress On Tap; Reiterate Buy Rating, $12 PT </a></h3><p></p><ul><li>We are reiterating our Buy rating, $12 price target and projections for Lands' End with the company announcing 4QFY23 (January) results before the open on Wednesday, March 27th.</li><li>We believe management's focus on driving higher margins and overall returns via less discounting, more product newness, a focus on key categories (i.e. swimwear and outerwear) where Lands' End is dominant, expansion to incremental online marketplaces and, beginning in FY24, licensing secondary categories, will register solid 4Q results and position Lands' End to return to profitability in FY24.</li><li>As such, and with LE trading at 6.6X our FY24 EBITDA, we believe myopic top-line focused investors are missing a compelling turnaround story, with management creating a superior business model with multiple catalysts; we reiterate our Buy rating and $12 price target.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-54f4278b-7b3d-44e3-b733-a43325ecf625?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYOil prices climbed about 2% to a four-month high on Monday on lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the U.S. Brent rose 1.8%, to settle at $86.89 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 2.1%, to settle at $82.72.</li><li>That pushed both benchmarks into technically overbought territory with Brent closing at its highest since October 31 and WTI closing at its highest since October 27.</li><li>Stocks rose ahead of a busy week for central banks around the world that could dictate where interest rates go next.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/japan-removes-negative-interest-rate-policy-the-end-of-an-era-and-long-yen?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Japan Removes Negative Interest Rate Policy – The End of an Era and Long Yen? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/267/original/image?1710844175"/> <ul>
<li>Zooming out reveals that the Bank of Japan has not shifted to a different monetary policy regime.</li>
<li>The negative relationship between total debt-to-GDP and interest rates has been confirmed once again.</li>
<li>With the Federal Reserve poised to cut rates more than three times this year, the case for a short yen position is thin.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/expect-soft-f3q-weather-unchanged-fy24-guide-price-target-to-185-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Expect Soft F3Q (Weather), Unchanged FY24 Guide; Price Target to $185; Reiterate Outperform </a></h3><p></p><ul><li>We reiterate our Outperform rating on DRI ahead of the company’s F3Q EPS release (BMO on Thursday, March 21).We believe softer F3Q (ended February 25) results are expected by most investors given softer industry trends in January/February (weather, tough compares), but expect Olive Garden and Longhorn to sustain strong market share gains vs. peers.We expect management’s FY24 (May) guidance to remain unchanged likely reflecting 1) “comfort” at the lower end of its guided comp range (+2.5-3.0%) offset by 2) potentially lower than expected commodity inflation in F3Q/F4Q (temporary relief on beef vs. guided high single-digit % y/y inflation with 55% locked).We continue to monitor casual dining segment trends closely as y/y comps remain in slightly negative territory over the last few weeks (see here for details)...a marked improvement vs. weaker trends in January, though y/y traffic growth seems to have slipped 50-100 bp compared to 4Q. Broader jobs and income growth dynamics seem supportive, though we wonder if other dynamics could be weighing on demand such as 1) lagged impact of student loan repayments, 2) increased price sensitivity or “inflation fatigue” as y/y inflation differentials begin to widen across different categories, and/or 3) temporary tax refund delays (catching up more recently).We believe Darden is well positioned to continue to gain share in the current environment given its strong brand portfolio (high AUVs and consumer preference), scale advantages, and advertising “dry powder” (annual spend ~$100M below pre-COVID levels).</li><li>Combined with the stock’s FY25 P/E at 17.5x (slightly below mid-point of historical 16-20x range), we believe DRI can continue to grind higher in a stable macro/industry backdrop.F3Q Preview: We expect F3Q24 adjusted EPS of $2.53 vs. $2.34 (prior year), $0.10 below consensus.</li><li>We are modeling F3Q revenue of $3.0B (+8.3% y/y) reflecting blended comps +0.4% (OG +1.0%, LH +2.5%).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-4q23-bdc-credit-review-weighted-average-non-accruals-rise-driven-by-larger-bdc-dispersion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>Key point:Industry weighted average non-accruals increased by over 50 bp in 4Q23, with default rates also trending higher (and write-offs of old non-accruals slowed).</li><li>We have been projecting a rising non-accrual/default rate for some time but this is the first 50 bp increase since 1Q/2Q20 - we are hesitant to call this the beginning of a sustained trend across the industry given no significant upward trend in watch lists.Industry weighted averagenon-accrual rates (at cost) were up 52 bpin 4Q23 versus 3Q23, with both first lien and junior capital showing increase — see Chart 1.</li><li>This was not attributable to broad based deterioration however, with fewer loan tranches on non-accrual in 4Q23 than in 3Q23, and two BDCs accounting for the entirety of the increase in non-accrual dollar balances.The overall trailing 12-month default rate was up 30 bp sequentially, as the first lien continued its upward trend and junior capital defaults also increased.Chart 1 - BDC Industry Non-Accrual (Tranche) Rates (1Q12-4Q23)Source: Company filings and Raymond James Research.Chart 2 - BDC Industry Default (Tranche) Rates (1Q12-4Q23)Source: Company filings and Raymond James Research.Watch list rates (see Chart 3) also rose modestly — and are at their highest levels since 1Q21 (when they were falling after the COVID related spike of 2020).</li></ul>2024-03-19T21:00:29+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "LE@US"}, {"term": "PVH@US"}, {"term": "OXM@US"}, {"term": "LEVI@US"}, {"term": "JILL@US"}, {"term": "GPS@US"}, {"term": "GES@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Macroeconomics"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ASIA PACIFIC"}, {"term": "USDJPY@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DRI@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CCAP@US"}, {"term": "BBDC@US"}, {"term": "GLAD@US"}, {"term": "FDUS@US"}, {"term": "SAR@US"}, {"term": "TCPC@US"}, {"term": "MRCC@US"}, {"term": "GSBD@US"}, {"term": "SCM@US"}, {"term": "FSK@US"}, {"term": "PNNT@US"}, {"term": "TSLX@US"}, {"term": "OCSL@US"}, {"term": "GBDC@US"}, {"term": "ICMB@US"}, {"term": "WHF@US"}, {"term": "CSWC@US"}, {"term": "SLRC@US"}, {"term": "MAIN@US"}, {"term": "BXSL@US"}, {"term": "MFIC@US"}, {"term": "PSEC@US"}, {"term": "ARCC@US"}, {"term": "GES@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USDJPY@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DRI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ARCC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/7065c92a-b7c1-381d-be3d-d6c2a3e9c158Brief USA: Minor Adjustments to Model; Strong Buy and more2024-03-28T22:17:23.805181+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/minor-adjustments-to-model-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Minor Adjustments to Model; Strong Buy</a></li><li><a href="https://www.smartkarma.com/insights/reddit-ipo-well-known-brand-but-sustainability-of-growth-is-questionable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reddit IPO - Well-Known Brand but Sustainability of Growth Is Questionable</a></li><li><a href="https://www.smartkarma.com/insights/hospitality-restaurants-antennas-up-as-feb-industry-sales-improve-vs-weak-jan-but-remain-below-4q-trend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hospitality - Restaurants</a></li><li><a href="https://www.smartkarma.com/insights/oil-gas-overall-midstream-suppliers-upgrading-dkl-to-outperform-downgrading-wes-to-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Oil & Gas - Overall - Midstream Suppliers</a></li><li><a href="https://www.smartkarma.com/insights/gtc-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">GTC Takeaways</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/minor-adjustments-to-model-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Minor Adjustments to Model; Strong Buy </a></h3><p></p><ul><li>We are reiterating our Strong Buy rating on the shares of BRP Group, Inc.</li><li>(BRP).</li><li>Our rating reflects our outlook for the company to report above peer average organic growth, margin expansion, and improving FCF over the next several years.While contingent earn-out payments will pressure FCF in the near-term, we expect significant improvements in conversion rates over the next several years.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/reddit-ipo-well-known-brand-but-sustainability-of-growth-is-questionable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Reddit IPO - Well-Known Brand but Sustainability of Growth Is Questionable </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/233/original/image?1710835910"/> <ul>
<li>
<a data-smartkarma-citation="entities:40917:1" href="https://www.smartkarma.com/entities/reddit-inc" rel="noopener" target="_blank">Reddit (RDDT US)</a> is looking to raise up to US$750m in its US IPO. </li>
<li>Reddit is an online social media platform where users are able to join communities, engage in conversations, research, exchange goods and services as well as create new communities. </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/hospitality-restaurants-antennas-up-as-feb-industry-sales-improve-vs-weak-jan-but-remain-below-4q-trend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Hospitality - Restaurants </a></h3><p></p><ul><li>Restaurant industry comp trends showed sequential improvement in February within the limited service and full service sectors, though y/y traffic trends remained below levels seen in 4Q for both segments.</li><li>Knapp also noted that weather (Exh.</li><li>7) negatively impacted results to varying degrees in the first three weeks of the month.Broader jobs and income growth dynamics seem supportive, though we wonder if other factors could be weighing on demand such as 1) potential lagged impact of student loan repayments now that many consumers have made 5-6 payments, 2) increased price sensitivity or “inflation fatigue” as y/y inflation differentials begin to emerge across different consumer spending categories, and/or 3) temporary tax refund delays (catching up more recently).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/oil-gas-overall-midstream-suppliers-upgrading-dkl-to-outperform-downgrading-wes-to-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Oil & Gas - Overall - Midstream Suppliers </a></h3><p></p><ul><li>Upgrading DKL from Market Perform to Outperform: Opportunistic upgrade as DKL trades near the bottom of a 3+ year range, valuation looks more attractive.</li><li>With the retreat in DKL from above $60/unit in September to near $40/unit in recent trading, we’re upgrading the stock to Outperform.</li><li>Our call is detailed in the pages that follow and summarized below — mostly reflecting improved risk/reward view on lower valuation, with optionality from potential catalysts.Attractive risk/reward: DKL has been one of the worst performing equities in our coverage YTD, down nearly 10% in 2024.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/gtc-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. GTC Takeaways </a></h3><p></p><ul><li>NVDA’s AI leadership was on full display at the GTC conference with management labeling Gen AI as a “brand new industry”.</li><li>We continue to be impressed with the company’s full-stack strategy and product offerings including chips, hardware platforms, software, and microservices.</li><li>The star of the show was the new Blackwell chip architecture, which is expected to offer 3x improvement in training performance and 15x improvement in inferencing (B200 HGX vs H100 HGX, for GPT-MoE-1.8T).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/minor-adjustments-to-model-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Minor Adjustments to Model; Strong Buy</a></li><li><a href="https://www.smartkarma.com/insights/reddit-ipo-well-known-brand-but-sustainability-of-growth-is-questionable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reddit IPO - Well-Known Brand but Sustainability of Growth Is Questionable</a></li><li><a href="https://www.smartkarma.com/insights/hospitality-restaurants-antennas-up-as-feb-industry-sales-improve-vs-weak-jan-but-remain-below-4q-trend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hospitality - Restaurants</a></li><li><a href="https://www.smartkarma.com/insights/oil-gas-overall-midstream-suppliers-upgrading-dkl-to-outperform-downgrading-wes-to-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Oil & Gas - Overall - Midstream Suppliers</a></li><li><a href="https://www.smartkarma.com/insights/gtc-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">GTC Takeaways</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/minor-adjustments-to-model-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Minor Adjustments to Model; Strong Buy </a></h3><p></p><ul><li>We are reiterating our Strong Buy rating on the shares of BRP Group, Inc.</li><li>(BRP).</li><li>Our rating reflects our outlook for the company to report above peer average organic growth, margin expansion, and improving FCF over the next several years.While contingent earn-out payments will pressure FCF in the near-term, we expect significant improvements in conversion rates over the next several years.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/reddit-ipo-well-known-brand-but-sustainability-of-growth-is-questionable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Reddit IPO - Well-Known Brand but Sustainability of Growth Is Questionable </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/233/original/image?1710835910"/> <ul>
<li>
<a data-smartkarma-citation="entities:40917:1" href="https://www.smartkarma.com/entities/reddit-inc" rel="noopener" target="_blank">Reddit (RDDT US)</a> is looking to raise up to US$750m in its US IPO. </li>
<li>Reddit is an online social media platform where users are able to join communities, engage in conversations, research, exchange goods and services as well as create new communities. </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/hospitality-restaurants-antennas-up-as-feb-industry-sales-improve-vs-weak-jan-but-remain-below-4q-trend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Hospitality - Restaurants </a></h3><p></p><ul><li>Restaurant industry comp trends showed sequential improvement in February within the limited service and full service sectors, though y/y traffic trends remained below levels seen in 4Q for both segments.</li><li>Knapp also noted that weather (Exh.</li><li>7) negatively impacted results to varying degrees in the first three weeks of the month.Broader jobs and income growth dynamics seem supportive, though we wonder if other factors could be weighing on demand such as 1) potential lagged impact of student loan repayments now that many consumers have made 5-6 payments, 2) increased price sensitivity or “inflation fatigue” as y/y inflation differentials begin to emerge across different consumer spending categories, and/or 3) temporary tax refund delays (catching up more recently).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/oil-gas-overall-midstream-suppliers-upgrading-dkl-to-outperform-downgrading-wes-to-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Oil & Gas - Overall - Midstream Suppliers </a></h3><p></p><ul><li>Upgrading DKL from Market Perform to Outperform: Opportunistic upgrade as DKL trades near the bottom of a 3+ year range, valuation looks more attractive.</li><li>With the retreat in DKL from above $60/unit in September to near $40/unit in recent trading, we’re upgrading the stock to Outperform.</li><li>Our call is detailed in the pages that follow and summarized below — mostly reflecting improved risk/reward view on lower valuation, with optionality from potential catalysts.Attractive risk/reward: DKL has been one of the worst performing equities in our coverage YTD, down nearly 10% in 2024.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/gtc-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. GTC Takeaways </a></h3><p></p><ul><li>NVDA’s AI leadership was on full display at the GTC conference with management labeling Gen AI as a “brand new industry”.</li><li>We continue to be impressed with the company’s full-stack strategy and product offerings including chips, hardware platforms, software, and microservices.</li><li>The star of the show was the new Blackwell chip architecture, which is expected to offer 3x improvement in training performance and 15x improvement in inferencing (B200 HGX vs H100 HGX, for GPT-MoE-1.8T).</li></ul>2024-03-19T17:30:14+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BRP@US"}, {"term": "Equity Capital Markets"}, {"term": "COMMUNICATION SERVICES"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "RDDT@US"}, {"term": "LI@US"}, {"term": "9868@HK"}, {"term": "XPEV@US"}, {"term": "NIO@US"}, {"term": "TSLA@US"}, {"term": "AMZN@US"}, {"term": "META@US"}, {"term": "PINS@US"}, {"term": "SNAP@US"}, {"term": "TWTR@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BLMN@US"}, {"term": "CHUY@US"}, {"term": "CAKE@US"}, {"term": "TXRH@US"}, {"term": "MCD@US"}, {"term": "DRI@US"}, {"term": "CMG@US"}, {"term": "EAT@US"}, {"term": "WING@US"}, {"term": "PLAY@US"}, {"term": "SHAK@US"}, {"term": "DIN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DKL@US"}, {"term": "NS@US"}, {"term": "TRGP@US"}, {"term": "ARIS@US"}, {"term": "KMI@US"}, {"term": "WES@US"}, {"term": "DK@US"}, {"term": "OXY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NVDA@US"}, {"term": "BRP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TWTR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DIN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "OXY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NVDA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/23772abf-b3dc-32a2-a110-26fd13d03504Brief USA: Fastly Inc: What Is Its Biggest Competitive Advantage? - Major Drivers and more2024-03-28T22:17:23.794797+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fastly-inc-what-is-its-biggest-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fastly Inc: What Is Its Biggest Competitive Advantage? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/monday-macro-asset-allocation-update-the-nvidia-show-stubborn-rates-and-gold?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Monday Macro – Asset allocation update, the Nvidia show, stubborn rates, and Gold</a></li><li><a href="https://www.smartkarma.com/insights/evolution-petroleum-corp-organic-development-portfolio-creates-capital-allocation-choices?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Evolution Petroleum Corp. - Organic Development Portfolio Creates Capital Allocation Choices</a></li><li><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-week-ended-march-15-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly Sustainable Investing Surveyor - Week Ended March 15, 2024</a></li><li><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-contract-furniture-and-office-seating-in-the-spotlight?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Furniture/Furnishings Weekly - Contract Furniture and Office Seating in the Spotlight</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fastly-inc-what-is-its-biggest-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Fastly Inc: What Is Its Biggest Competitive Advantage? - Major Drivers </a></h3><p></p><ul>
<li>This is our first report on edge cloud platform provider, Fastly.</li>
<li>The company reported its fourth quarter 2023 earnings with revenue of $506 million, a 17% year-over-year growth.</li>
<li>The company also reported a record fourth-quarter revenue of $137.8 million, a 15% year-over-year and 8% quarter-over-quarter increase.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/monday-macro-asset-allocation-update-the-nvidia-show-stubborn-rates-and-gold?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Monday Macro – Asset allocation update, the Nvidia show, stubborn rates, and Gold </a></h3><p></p><ul><li>I’ve promised to keep updating my asset allocation tables every couple of months – and, on cue, here they are!</li><li>They come in two guises. The first, below, is my overall take on the range of asset classes. There aren’t any changes this time. I’m still wary of equities, especially US equities, though, paradoxically, if I must own US equities, I would rather own the really big mega-cap tech names.</li><li>I have a neutral position overall in equities, which implies a 60/40 equities/bonds balance, which hasn’t changed for a while – I wouldn’t be racing to put even more money to work in equities. </li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/evolution-petroleum-corp-organic-development-portfolio-creates-capital-allocation-choices?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Evolution Petroleum Corp. - Organic Development Portfolio Creates Capital Allocation Choices </a></h3><p></p><ul><li>Encouraging initial results from both the Chaveroo Oilfield Strategic Partnership and the recently closed SCOOP/STACK acquisition point to the merits of adding an organic growth element to Evolution’s asset base.</li><li>The addition increases management’s capital allocation choices to balance reinvesting in the underlying asset base, reducing leverage, and returning cash to shareholders.</li><li>The first three horizontal wells in the Chaveroo field have met or exceeded pre-drill expectations.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-week-ended-march-15-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Weekly Sustainable Investing Surveyor - Week Ended March 15, 2024 </a></h3><p></p><ul><li>The WTR Sustainable Index was down by 1.9% W/W versus the S&P 500 Index (down 0.1%), the Russell 2000 Index (down 2.1%), and the Nasdaq Index (down 1.2%).</li><li>Energy Technology (12.5% of the index) was down by 6.2%, while Industrial Climate and Ag Technology (55.5% of the index) was down by 1.2%, ClimateTech Mining was down 3.7% and Advanced Transportation Solutions (26% of index) was down 1.8%.</li><li>Top 10 Performers<span style="font-size: var(--content-font-size);">: LICY, ADES, ARVL, SMR, EH, EGT, RIDE, FF, CVW, LIS</span></li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-contract-furniture-and-office-seating-in-the-spotlight?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Furniture/Furnishings Weekly - Contract Furniture and Office Seating in the Spotlight </a></h3><p></p><ul>
<li>Office furniture will be in our spotlight for the next two weeks.</li>
<li>Steelcase reports 4QFY24 on Thursday, March 21 after the close and MillerKnoll reports its 3QFY24 on Wednesday, March 27 after the close.</li>
<li>Earlier this month, a Bloomberg News Service article highlighted competition in task seating, which is among the most profitable and important categories for industry players.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fastly-inc-what-is-its-biggest-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fastly Inc: What Is Its Biggest Competitive Advantage? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/monday-macro-asset-allocation-update-the-nvidia-show-stubborn-rates-and-gold?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Monday Macro – Asset allocation update, the Nvidia show, stubborn rates, and Gold</a></li><li><a href="https://www.smartkarma.com/insights/evolution-petroleum-corp-organic-development-portfolio-creates-capital-allocation-choices?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Evolution Petroleum Corp. - Organic Development Portfolio Creates Capital Allocation Choices</a></li><li><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-week-ended-march-15-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly Sustainable Investing Surveyor - Week Ended March 15, 2024</a></li><li><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-contract-furniture-and-office-seating-in-the-spotlight?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Furniture/Furnishings Weekly - Contract Furniture and Office Seating in the Spotlight</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fastly-inc-what-is-its-biggest-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Fastly Inc: What Is Its Biggest Competitive Advantage? - Major Drivers </a></h3><p></p><ul>
<li>This is our first report on edge cloud platform provider, Fastly.</li>
<li>The company reported its fourth quarter 2023 earnings with revenue of $506 million, a 17% year-over-year growth.</li>
<li>The company also reported a record fourth-quarter revenue of $137.8 million, a 15% year-over-year and 8% quarter-over-quarter increase.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/monday-macro-asset-allocation-update-the-nvidia-show-stubborn-rates-and-gold?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Monday Macro – Asset allocation update, the Nvidia show, stubborn rates, and Gold </a></h3><p></p><ul><li>I’ve promised to keep updating my asset allocation tables every couple of months – and, on cue, here they are!</li><li>They come in two guises. The first, below, is my overall take on the range of asset classes. There aren’t any changes this time. I’m still wary of equities, especially US equities, though, paradoxically, if I must own US equities, I would rather own the really big mega-cap tech names.</li><li>I have a neutral position overall in equities, which implies a 60/40 equities/bonds balance, which hasn’t changed for a while – I wouldn’t be racing to put even more money to work in equities. </li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/evolution-petroleum-corp-organic-development-portfolio-creates-capital-allocation-choices?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Evolution Petroleum Corp. - Organic Development Portfolio Creates Capital Allocation Choices </a></h3><p></p><ul><li>Encouraging initial results from both the Chaveroo Oilfield Strategic Partnership and the recently closed SCOOP/STACK acquisition point to the merits of adding an organic growth element to Evolution’s asset base.</li><li>The addition increases management’s capital allocation choices to balance reinvesting in the underlying asset base, reducing leverage, and returning cash to shareholders.</li><li>The first three horizontal wells in the Chaveroo field have met or exceeded pre-drill expectations.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-week-ended-march-15-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Weekly Sustainable Investing Surveyor - Week Ended March 15, 2024 </a></h3><p></p><ul><li>The WTR Sustainable Index was down by 1.9% W/W versus the S&P 500 Index (down 0.1%), the Russell 2000 Index (down 2.1%), and the Nasdaq Index (down 1.2%).</li><li>Energy Technology (12.5% of the index) was down by 6.2%, while Industrial Climate and Ag Technology (55.5% of the index) was down by 1.2%, ClimateTech Mining was down 3.7% and Advanced Transportation Solutions (26% of index) was down 1.8%.</li><li>Top 10 Performers<span style="font-size: var(--content-font-size);">: LICY, ADES, ARVL, SMR, EH, EGT, RIDE, FF, CVW, LIS</span></li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-contract-furniture-and-office-seating-in-the-spotlight?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Furniture/Furnishings Weekly - Contract Furniture and Office Seating in the Spotlight </a></h3><p></p><ul>
<li>Office furniture will be in our spotlight for the next two weeks.</li>
<li>Steelcase reports 4QFY24 on Thursday, March 21 after the close and MillerKnoll reports its 3QFY24 on Wednesday, March 27 after the close.</li>
<li>Earlier this month, a Bloomberg News Service article highlighted competition in task seating, which is among the most profitable and important categories for industry players.</li>
</ul>2024-03-19T09:22:58+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "FSLY@US"}, {"term": "Cross Asset Strategy"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GOLD@COMDTY"}, {"term": "NVDA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "EPM@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "FF@US"}, {"term": "RIDE@US"}, {"term": "EGT@US"}, {"term": "EH@US"}, {"term": "SMR@US"}, {"term": "@ARVL@US"}, {"term": "ADES@US"}, {"term": "LICY@US"}, {"term": "SPX@INDEX"}, {"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "TPX@US"}, {"term": "PRPL@US"}, {"term": "LZB@US"}, {"term": "LOVE@US"}, {"term": "LEG@US"}, {"term": "HOFT@US"}, {"term": "FLXS@US"}, {"term": "ETD@US"}, {"term": "CULP@US"}, {"term": "BSET@US"}, {"term": "FSLY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NVDA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EPM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SPX@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BSET@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/a270c61b-2879-3317-9e92-c45041261dc2Brief USA: The Highlights - Cannabis News for the Week Ending March 15, 2024 and more2024-03-28T22:17:23.788387+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-highlights-cannabis-news-for-the-week-ending-march-15-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Highlights - Cannabis News for the Week Ending March 15, 2024</a></li><li><a href="https://www.smartkarma.com/insights/alternus-clean-energy-inc-going-vertical-with-alternus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Alternus Clean Energy, Inc. - Going Vertical with Alternus</a></li><li><a href="https://www.smartkarma.com/insights/n-able-inc-initiation-of-coverage-investment-operation-with-a-growing-total-addressable-market-tam-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">N-able Inc.: Initiation Of Coverage - Investment & Operation With A Growing Total Addressable Market (TAM)! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/resideo-technologies-inc-initiation-of-coverage-the-4-fundamental-aspects-fueling-its-growth-uncovered-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Resideo Technologies Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/q2-holdings-inc-initiation-of-coverage-4-pivotal-factors-that-are-shaping-its-growth-journey-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Q2 Holdings Inc.: Initiation Of Coverage - 4 Pivotal Factors That Are Shaping Its Growth Journey! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-highlights-cannabis-news-for-the-week-ending-march-15-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. The Highlights - Cannabis News for the Week Ending March 15, 2024 </a></h3><p></p><ul><li>The US cannabis MSOS ETF broke a two-week slide and gained 9.51% over the last five sessions.</li><li>The week was shaping up to be negative, until optimism around federal reform caused MSOS to jump 14.91% on Friday.</li><li>This was the biggest one-day return since September 5 and 14.58 million shares traded is the most since September 15.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/alternus-clean-energy-inc-going-vertical-with-alternus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Alternus Clean Energy, Inc. - Going Vertical with Alternus </a></h3><p></p><ul><li>Alternus Clean Energy, Inc. (Alternus) is a transatlantic clean energy independent power producer (IPP) that develops, installs, owns, and operates small utility-scale and community solar parks (5 MW to 200 MW) in the US and Europe.</li><li>The company aims to reach 1.5 GW of operational projects through organic development and strategic acquisition within the next three years.</li><li>Alternus differentiates itself by focusing on small utility-scale and community solar projects with a fully vertically integrated execution strategy ranging from project development through to long- term asset management.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/n-able-inc-initiation-of-coverage-investment-operation-with-a-growing-total-addressable-market-tam-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. N-able Inc.: Initiation Of Coverage - Investment & Operation With A Growing Total Addressable Market (TAM)! - Major Drivers </a></h3><p></p><ul><li>This is our first report on cloud-based solutions provider, N-able Technologies Inc.</li><li>The company reported a solid performance for the fourth quarter and fiscal year 2023, celebrating a revenue growth of 14% in constant currency for the whole year, and 11% for the fourth quarter.</li><li>The adjusted EBITDA in the fourth quarter was reported as $39.2 million, showing a 36% margin, and $143.4 million for the full year, indicating a 34% margin.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/resideo-technologies-inc-initiation-of-coverage-the-4-fundamental-aspects-fueling-its-growth-uncovered-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Resideo Technologies Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers </a></h3><p></p><ul><li>This is our first report on renowned manufacturer of comfort, residential thermal, and security solutions, Resideo Technologies, Inc.</li><li>The company concluded 2023 with solid Q4 revenue and profitability, beating the midpoint of its comprehension, underpinned by a vigorous cash generation with a full-year operating cash flow of $440 million.</li><li>The company gained traction throughout the year in order activity within Products and Solutions and made substantial strides in key strategic operational initiatives and significantly curbing structural costs.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/q2-holdings-inc-initiation-of-coverage-4-pivotal-factors-that-are-shaping-its-growth-journey-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Q2 Holdings Inc.: Initiation Of Coverage - 4 Pivotal Factors That Are Shaping Its Growth Journey! - Major Drivers </a></h3><p></p><ul><li>This is our first report on digital banking solutions provider, Q2 Holdings Inc.</li><li>The company reported strong financial results for the fourth quarter and full year 2023, driven by strong sales execution and a robust product portfolio.</li><li>Non-GAAP revenue in Q4 stood at $162.2 million, marking an 11% year-over-year rise.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-highlights-cannabis-news-for-the-week-ending-march-15-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Highlights - Cannabis News for the Week Ending March 15, 2024</a></li><li><a href="https://www.smartkarma.com/insights/alternus-clean-energy-inc-going-vertical-with-alternus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Alternus Clean Energy, Inc. - Going Vertical with Alternus</a></li><li><a href="https://www.smartkarma.com/insights/n-able-inc-initiation-of-coverage-investment-operation-with-a-growing-total-addressable-market-tam-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">N-able Inc.: Initiation Of Coverage - Investment & Operation With A Growing Total Addressable Market (TAM)! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/resideo-technologies-inc-initiation-of-coverage-the-4-fundamental-aspects-fueling-its-growth-uncovered-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Resideo Technologies Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/q2-holdings-inc-initiation-of-coverage-4-pivotal-factors-that-are-shaping-its-growth-journey-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Q2 Holdings Inc.: Initiation Of Coverage - 4 Pivotal Factors That Are Shaping Its Growth Journey! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-highlights-cannabis-news-for-the-week-ending-march-15-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. The Highlights - Cannabis News for the Week Ending March 15, 2024 </a></h3><p></p><ul><li>The US cannabis MSOS ETF broke a two-week slide and gained 9.51% over the last five sessions.</li><li>The week was shaping up to be negative, until optimism around federal reform caused MSOS to jump 14.91% on Friday.</li><li>This was the biggest one-day return since September 5 and 14.58 million shares traded is the most since September 15.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/alternus-clean-energy-inc-going-vertical-with-alternus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Alternus Clean Energy, Inc. - Going Vertical with Alternus </a></h3><p></p><ul><li>Alternus Clean Energy, Inc. (Alternus) is a transatlantic clean energy independent power producer (IPP) that develops, installs, owns, and operates small utility-scale and community solar parks (5 MW to 200 MW) in the US and Europe.</li><li>The company aims to reach 1.5 GW of operational projects through organic development and strategic acquisition within the next three years.</li><li>Alternus differentiates itself by focusing on small utility-scale and community solar projects with a fully vertically integrated execution strategy ranging from project development through to long- term asset management.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/n-able-inc-initiation-of-coverage-investment-operation-with-a-growing-total-addressable-market-tam-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. N-able Inc.: Initiation Of Coverage - Investment & Operation With A Growing Total Addressable Market (TAM)! - Major Drivers </a></h3><p></p><ul><li>This is our first report on cloud-based solutions provider, N-able Technologies Inc.</li><li>The company reported a solid performance for the fourth quarter and fiscal year 2023, celebrating a revenue growth of 14% in constant currency for the whole year, and 11% for the fourth quarter.</li><li>The adjusted EBITDA in the fourth quarter was reported as $39.2 million, showing a 36% margin, and $143.4 million for the full year, indicating a 34% margin.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/resideo-technologies-inc-initiation-of-coverage-the-4-fundamental-aspects-fueling-its-growth-uncovered-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Resideo Technologies Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers </a></h3><p></p><ul><li>This is our first report on renowned manufacturer of comfort, residential thermal, and security solutions, Resideo Technologies, Inc.</li><li>The company concluded 2023 with solid Q4 revenue and profitability, beating the midpoint of its comprehension, underpinned by a vigorous cash generation with a full-year operating cash flow of $440 million.</li><li>The company gained traction throughout the year in order activity within Products and Solutions and made substantial strides in key strategic operational initiatives and significantly curbing structural costs.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/q2-holdings-inc-initiation-of-coverage-4-pivotal-factors-that-are-shaping-its-growth-journey-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Q2 Holdings Inc.: Initiation Of Coverage - 4 Pivotal Factors That Are Shaping Its Growth Journey! - Major Drivers </a></h3><p></p><ul><li>This is our first report on digital banking solutions provider, Q2 Holdings Inc.</li><li>The company reported strong financial results for the fourth quarter and full year 2023, driven by strong sales execution and a robust product portfolio.</li><li>Non-GAAP revenue in Q4 stood at $162.2 million, marking an 11% year-over-year rise.</li></ul>2024-03-19T07:22:32+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "MRMD@US"}, {"term": "TCNNF@US"}, {"term": "MSOS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "ALCE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "NABL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "REZI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "QTWO@US"}, {"term": "MSOS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALCE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NABL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "REZI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "QTWO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/de8bf465-eeff-3311-b12b-ae0ada3c6e30Brief USA: IonQ Inc.: Initiation Of Coverage - Accelerating Innovation Through Hybrid Quantum Computing! - Major Drivers and more2024-03-28T22:17:23.778277+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ionq-inc-initiation-of-coverage-accelerating-innovation-through-hybrid-quantum-computing-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IonQ Inc.: Initiation Of Coverage - Accelerating Innovation Through Hybrid Quantum Computing! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/energy-cable-61-commodities-are-breaking-out-2?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Energy Cable #61: Commodities are breaking out #2!</a></li><li><a href="https://www.smartkarma.com/insights/crypto-crisp-profit-taking?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Crisp: Profit-Taking</a></li><li><a href="https://www.smartkarma.com/insights/g5-rates-watch-mirror-mirror-on-the-wall-who-s-the-biggest-interest-rate-cutter-of-them-all?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">G5 Rates Watch: Mirror mirror on the wall, who’s the biggest interest rate cutter of them all?</a></li><li><a href="https://www.smartkarma.com/insights/wheaton-precious-metals-celebrating-the-ides-of-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Wheaton Precious Metals - Celebrating the Ides of March</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ionq-inc-initiation-of-coverage-accelerating-innovation-through-hybrid-quantum-computing-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. IonQ Inc.: Initiation Of Coverage - Accelerating Innovation Through Hybrid Quantum Computing! - Major Drivers </a></h3><p></p><ul><li>This is our first report on quantum computing systems producer, IONQ. The company has reported its Fourth Quarter and Full Year 2023 earnings, showing strong performance within the quantum computing sector.</li><li>The company generated $6.1 million in Q4, bringing the total recognized revenue to over $22 million for the full year, exceeding the upper end of their projected range.</li><li>For the year, IonQ achieved $65.1 million in bookings, greatly surpassing its original bookings midpoint of $40 million, providing evidence of successful performance by both the technical and commercial team.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/energy-cable-61-commodities-are-breaking-out-2?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Energy Cable #61: Commodities are breaking out #2! </a></h3><p></p><ul><li>Last week we wrote about the price action in commodities and the week ended in some strong gains across the space.</li><li>Our portfolio remains tilted strongly towards cyclical / inflationary bets such as materials and crude.</li><li>For the whole portfolio click here: Steno Research Portfolio.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/crypto-crisp-profit-taking?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Crypto Crisp: Profit-Taking </a></h3><p></p><ul><li>Recently, we have voiced our concerns about the excessive use of leverage in the crypto market.</li><li>Just last week, traders were facing annual rates of up to 150% to maintain long positions in Bitcoin on the perpetual market.</li><li>By the end of the week, it became evident that this approach was unsustainable, leading to a significant market correction and extensive liquidations in the futures market.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/g5-rates-watch-mirror-mirror-on-the-wall-who-s-the-biggest-interest-rate-cutter-of-them-all?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. G5 Rates Watch: Mirror mirror on the wall, who’s the biggest interest rate cutter of them all? </a></h3><p></p><ul><li>The central bank outlook looks surprisingly uniform as the market has homed in on June as the first timing for the cutting cycle from most major central banks (except the BoJ).</li><li>Markets feel certain that the SNB and the ECB cuts in June (we agree), but Fed, RBA, BOC and BoE pricing is closing on 50/50 calls after a series of sticky inflation numbers from North America.</li><li>The Fed is priced hawkishly relative to the 75bps dot plot for 2024, while the ECB is the most dovish central bank in forward pricing for 2024 but yet falls short of the 100bps hinted by the Greek member Stournaras last week.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/wheaton-precious-metals-celebrating-the-ides-of-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Wheaton Precious Metals - Celebrating the Ides of March </a></h3><p></p><p>Wheaton’s (WPM’s) Q4/FY23 results were released after the market close on 14 March, within the context of known metals sales and almost known production. Even so, net earnings were US$2.9m (or 1.8%) better than our prior forecast for the quarter, largely as a result of achieved metals prices that were higher than average market prices. Otherwise, the quarter was characterised by accelerated levels of investment into underlying mineral streams and the announcement of a new, progressive dividend policy.</p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ionq-inc-initiation-of-coverage-accelerating-innovation-through-hybrid-quantum-computing-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IonQ Inc.: Initiation Of Coverage - Accelerating Innovation Through Hybrid Quantum Computing! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/energy-cable-61-commodities-are-breaking-out-2?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Energy Cable #61: Commodities are breaking out #2!</a></li><li><a href="https://www.smartkarma.com/insights/crypto-crisp-profit-taking?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Crisp: Profit-Taking</a></li><li><a href="https://www.smartkarma.com/insights/g5-rates-watch-mirror-mirror-on-the-wall-who-s-the-biggest-interest-rate-cutter-of-them-all?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">G5 Rates Watch: Mirror mirror on the wall, who’s the biggest interest rate cutter of them all?</a></li><li><a href="https://www.smartkarma.com/insights/wheaton-precious-metals-celebrating-the-ides-of-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Wheaton Precious Metals - Celebrating the Ides of March</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ionq-inc-initiation-of-coverage-accelerating-innovation-through-hybrid-quantum-computing-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. IonQ Inc.: Initiation Of Coverage - Accelerating Innovation Through Hybrid Quantum Computing! - Major Drivers </a></h3><p></p><ul><li>This is our first report on quantum computing systems producer, IONQ. The company has reported its Fourth Quarter and Full Year 2023 earnings, showing strong performance within the quantum computing sector.</li><li>The company generated $6.1 million in Q4, bringing the total recognized revenue to over $22 million for the full year, exceeding the upper end of their projected range.</li><li>For the year, IonQ achieved $65.1 million in bookings, greatly surpassing its original bookings midpoint of $40 million, providing evidence of successful performance by both the technical and commercial team.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/energy-cable-61-commodities-are-breaking-out-2?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Energy Cable #61: Commodities are breaking out #2! </a></h3><p></p><ul><li>Last week we wrote about the price action in commodities and the week ended in some strong gains across the space.</li><li>Our portfolio remains tilted strongly towards cyclical / inflationary bets such as materials and crude.</li><li>For the whole portfolio click here: Steno Research Portfolio.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/crypto-crisp-profit-taking?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Crypto Crisp: Profit-Taking </a></h3><p></p><ul><li>Recently, we have voiced our concerns about the excessive use of leverage in the crypto market.</li><li>Just last week, traders were facing annual rates of up to 150% to maintain long positions in Bitcoin on the perpetual market.</li><li>By the end of the week, it became evident that this approach was unsustainable, leading to a significant market correction and extensive liquidations in the futures market.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/g5-rates-watch-mirror-mirror-on-the-wall-who-s-the-biggest-interest-rate-cutter-of-them-all?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. G5 Rates Watch: Mirror mirror on the wall, who’s the biggest interest rate cutter of them all? </a></h3><p></p><ul><li>The central bank outlook looks surprisingly uniform as the market has homed in on June as the first timing for the cutting cycle from most major central banks (except the BoJ).</li><li>Markets feel certain that the SNB and the ECB cuts in June (we agree), but Fed, RBA, BOC and BoE pricing is closing on 50/50 calls after a series of sticky inflation numbers from North America.</li><li>The Fed is priced hawkishly relative to the 75bps dot plot for 2024, while the ECB is the most dovish central bank in forward pricing for 2024 but yet falls short of the 100bps hinted by the Greek member Stournaras last week.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/wheaton-precious-metals-celebrating-the-ides-of-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Wheaton Precious Metals - Celebrating the Ides of March </a></h3><p></p><p>Wheaton’s (WPM’s) Q4/FY23 results were released after the market close on 14 March, within the context of known metals sales and almost known production. Even so, net earnings were US$2.9m (or 1.8%) better than our prior forecast for the quarter, largely as a result of achieved metals prices that were higher than average market prices. Otherwise, the quarter was characterised by accelerated levels of investment into underlying mineral streams and the announcement of a new, progressive dividend policy.</p>2024-03-19T02:00:12+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "IONQ@US"}, {"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "COPPER@COMDTY"}, {"term": "USD@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "XLB@US"}, {"term": "CL1@COM@COMDTY"}, {"term": "Crypto"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "XBTUSD@CURNCY"}, {"term": "SOL@CURNCY"}, {"term": "XETUSD@CURNCY"}, {"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "SPAIN"}, {"term": "FRANCE"}, {"term": "JAPAN"}, {"term": "UNITED KINGDOM"}, {"term": "ITALY"}, {"term": "GERMANY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "GBPUSD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "WPM@US"}, {"term": "IONQ@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CL1@COM@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XETUSD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WPM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/46394fd6-3b4a-3ae2-ab97-437b315716f0Brief USA: Where is Apple Spreading the AI Seeds? +Qk MM1 Whitepaper Teardown and more2024-03-28T22:17:23.772326+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/where-is-apple-spreading-the-ai-seeds-qk-mm1-whitepaper-teardown?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Where is Apple Spreading the AI Seeds? +Qk MM1 Whitepaper Teardown</a></li><li><a href="https://www.smartkarma.com/insights/dropping-coverage-after-cisco-completes-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dropping Coverage After Cisco Completes Acquisition</a></li><li><a href="https://www.smartkarma.com/insights/our-thoughts-on-cfo-change?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Our Thoughts on CFO Change</a></li><li><a href="https://www.smartkarma.com/insights/model-update-post-resmetirom-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update Post Resmetirom Approval</a></li><li><a href="https://www.smartkarma.com/insights/updating-model-for-splunk-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating Model for Splunk Acquisition</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/where-is-apple-spreading-the-ai-seeds-qk-mm1-whitepaper-teardown?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Where is Apple Spreading the AI Seeds? +Qk MM1 Whitepaper Teardown </a></h3><p></p><ul><li>Bloomberg cites that Apple may be in negotiations for text and image generation GenAI technologies with Google/Gemini and OpenAI/ChatGPT. Interestingly enough, Apple recently published a MMLLM whitepaper (key excerpts below) outlining a family of MM1 models up to 30B parameters that scored well in MM tasks like Q&A based on image/text (VQAv2 test) and text Q&A on image (TextVQA) that highlighted the importance of image tags (think Apple image search) and pre-training data.</li><li>We believe the mobile-computing interface could fundamentally change as agents/voice augment the touch-centric model prevalent today and the decisions of players like Apple could have outsized influence (RJ GenAI deep dive here).</li><li>Investors debate whether Apple is likely to maintain/expand Google technology dependence (e.g. ~$18B ‘21 Safari search TAC payment per NYT) or open the door to become less reliant on Google via developed, acquired or other 3P (e.g. OpenAI, Anthropic, Mistral, etc) GenAI technologies.Apple recently published the MM1: Methods, Analysis & Insights from Multimodal LLM Pre-training whitepaper highlights the importance of large-scale multi-modal pre-training that carefully combines image-caption, interleaved image-text and text-only data sets to achieve and that image encoder (i.e., extracts visual details) combined with image resolution has higher importance than the vision language connector (i.e., fuse info from text and images).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/dropping-coverage-after-cisco-completes-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Dropping Coverage After Cisco Completes Acquisition </a></h3><p></p><ul><li>We are dropping coverage of Splunk Inc.</li><li>(SPLK), as Cisco (CSCO) completed its $28B acquisition of the company today, after receiving EU approval last week.</li><li>SPLK shareholders will receive $157 per common share in cash.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/our-thoughts-on-cfo-change?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Our Thoughts on CFO Change </a></h3><p></p><ul><li>The News: This morning, MeridianLink announced the resignation of Sean Blitchok from his role as CFO effective as of April 1, 2024, with the appointment of Laurence E. Katz as a new CFO and Director on the Board.</li><li>Mr.</li><li>Katz joins MeridianLink with prior experience as a partner of WestCap, CFO of StubHub, CFO of Genesys, and various executive leadership roles in JPMorgan Chase & Co.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/model-update-post-resmetirom-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Model Update Post Resmetirom Approval </a></h3><p></p><ul><li>We are adjusting the model to reflect resmetirom approval in the U.S. (i.e., removing 75% probability-adjustment).</li><li>We remain Market Perform on MDGL. Our rating is mostly driven by lack of conviction in early launch trajectory (see initial thoughts here).</li><li>Early doc feedback suggests launch could significantly outpace consensus and our estimates.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/updating-model-for-splunk-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Updating Model for Splunk Acquisition </a></h3><p></p><ul><li>We maintain ourMarket Performrating on Cisco and update our model for the Splunk acquisition.</li><li>Our first pass suggests the deal can meet Cisco’s targets for margin and cash accretion, but we would not consider it transformational.</li><li>We see Splunk as a good strategic fit, and trust Cisco management regarding the cultural fit.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/where-is-apple-spreading-the-ai-seeds-qk-mm1-whitepaper-teardown?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Where is Apple Spreading the AI Seeds? +Qk MM1 Whitepaper Teardown</a></li><li><a href="https://www.smartkarma.com/insights/dropping-coverage-after-cisco-completes-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dropping Coverage After Cisco Completes Acquisition</a></li><li><a href="https://www.smartkarma.com/insights/our-thoughts-on-cfo-change?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Our Thoughts on CFO Change</a></li><li><a href="https://www.smartkarma.com/insights/model-update-post-resmetirom-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update Post Resmetirom Approval</a></li><li><a href="https://www.smartkarma.com/insights/updating-model-for-splunk-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating Model for Splunk Acquisition</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/where-is-apple-spreading-the-ai-seeds-qk-mm1-whitepaper-teardown?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Where is Apple Spreading the AI Seeds? +Qk MM1 Whitepaper Teardown </a></h3><p></p><ul><li>Bloomberg cites that Apple may be in negotiations for text and image generation GenAI technologies with Google/Gemini and OpenAI/ChatGPT. Interestingly enough, Apple recently published a MMLLM whitepaper (key excerpts below) outlining a family of MM1 models up to 30B parameters that scored well in MM tasks like Q&A based on image/text (VQAv2 test) and text Q&A on image (TextVQA) that highlighted the importance of image tags (think Apple image search) and pre-training data.</li><li>We believe the mobile-computing interface could fundamentally change as agents/voice augment the touch-centric model prevalent today and the decisions of players like Apple could have outsized influence (RJ GenAI deep dive here).</li><li>Investors debate whether Apple is likely to maintain/expand Google technology dependence (e.g. ~$18B ‘21 Safari search TAC payment per NYT) or open the door to become less reliant on Google via developed, acquired or other 3P (e.g. OpenAI, Anthropic, Mistral, etc) GenAI technologies.Apple recently published the MM1: Methods, Analysis & Insights from Multimodal LLM Pre-training whitepaper highlights the importance of large-scale multi-modal pre-training that carefully combines image-caption, interleaved image-text and text-only data sets to achieve and that image encoder (i.e., extracts visual details) combined with image resolution has higher importance than the vision language connector (i.e., fuse info from text and images).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/dropping-coverage-after-cisco-completes-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Dropping Coverage After Cisco Completes Acquisition </a></h3><p></p><ul><li>We are dropping coverage of Splunk Inc.</li><li>(SPLK), as Cisco (CSCO) completed its $28B acquisition of the company today, after receiving EU approval last week.</li><li>SPLK shareholders will receive $157 per common share in cash.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/our-thoughts-on-cfo-change?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Our Thoughts on CFO Change </a></h3><p></p><ul><li>The News: This morning, MeridianLink announced the resignation of Sean Blitchok from his role as CFO effective as of April 1, 2024, with the appointment of Laurence E. Katz as a new CFO and Director on the Board.</li><li>Mr.</li><li>Katz joins MeridianLink with prior experience as a partner of WestCap, CFO of StubHub, CFO of Genesys, and various executive leadership roles in JPMorgan Chase & Co.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/model-update-post-resmetirom-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Model Update Post Resmetirom Approval </a></h3><p></p><ul><li>We are adjusting the model to reflect resmetirom approval in the U.S. (i.e., removing 75% probability-adjustment).</li><li>We remain Market Perform on MDGL. Our rating is mostly driven by lack of conviction in early launch trajectory (see initial thoughts here).</li><li>Early doc feedback suggests launch could significantly outpace consensus and our estimates.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/updating-model-for-splunk-acquisition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Updating Model for Splunk Acquisition </a></h3><p></p><ul><li>We maintain ourMarket Performrating on Cisco and update our model for the Splunk acquisition.</li><li>Our first pass suggests the deal can meet Cisco’s targets for margin and cash accretion, but we would not consider it transformational.</li><li>We see Splunk as a good strategic fit, and trust Cisco management regarding the cultural fit.</li></ul>2024-03-18T23:30:24+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GOOG@US"}, {"term": "AAPL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SPLK@US"}, {"term": "CSCO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MLNK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MDGL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CSCO@US"}, {"term": "AAPL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CSCO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MLNK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MDGL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CSCO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/ab5d5883-f93e-3a3a-8879-8b984d579e7cBrief USA: Announces 1.25 million Share Repurchase Program and more2024-03-28T22:17:23.762370+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/announces-1-25-million-share-repurchase-program?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Announces 1.25 million Share Repurchase Program</a></li><li><a href="https://www.smartkarma.com/insights/jamf-holding-corp-initiation-of-coverage-unveiling-the-4-major-forces-propelling-its-success-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Jamf Holding Corp.: Initiation Of Coverage - Unveiling The 4 Major Forces Propelling Its Success! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/progress-software-corporation-initiation-of-coverage-decoding-the-4-primary-contributors-to-its-growth-surge-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Progress Software Corporation: Initiation Of Coverage - Decoding the 4 Primary Contributors to Its Growth Surge! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/stockbroking-exchanges-mco-spgi-mid-march-global-bond-issuance-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Stockbroking & Exchanges - MCO/SPGI</a></li><li><a href="https://www.smartkarma.com/insights/ges-4q-preview-showing-the-way-reiterate-buy-rating-32-50-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">GES: 4Q Preview: Showing the Way; Reiterate Buy Rating, $32.50 PT</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/announces-1-25-million-share-repurchase-program?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Announces 1.25 million Share Repurchase Program </a></h3><p></p><ul><li>Event: After the close, Guaranty announced (link) that its board authorized a new share repurchase program that will permit the company to repurchase up to 1,250,000 shares of common stock.</li><li>This program will take effect when its current 1,000,000 share repurchase program expires on April, 21, 2024 (370,814 shares remain under the current authorization as of 12/31/2023) and it is scheduled to expire on April 21, 2026.Bottom line: In 2023, the company repurchased 435,000 shares (4Q23: 24,800) as it bought back ~3.5% of outstanding shares.</li><li>Moreover, with respect to its appetite for future share repurchases, we note that on the 4Q23 earnings call, it stated that given the share price of its stock that it would likely not be in the market buying back stock.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/jamf-holding-corp-initiation-of-coverage-unveiling-the-4-major-forces-propelling-its-success-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Jamf Holding Corp.: Initiation Of Coverage - Unveiling The 4 Major Forces Propelling Its Success! - Major Drivers </a></h3><p></p><ul><li>This is our first report on cloud platform provider, Jamf.</li><li>The company's Q4 release highlighted strong financial results with the company exceeding expectations for the 15th consecutive quarter.</li><li>The year-over-year revenue growth was 16%, the strongest since Q2 2021, leading to a record non GAAP operating income of $21.1 million.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/progress-software-corporation-initiation-of-coverage-decoding-the-4-primary-contributors-to-its-growth-surge-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Progress Software Corporation: Initiation Of Coverage - Decoding the 4 Primary Contributors to Its Growth Surge! - Major Drivers </a></h3><p></p><ul><li>Progress Software Corporation concluded its fourth fiscal quarter of 2023 with strong performance across its portfolio, especially in its OpenEdge, DataDirect, and Sitefinity products.</li><li>The company recorded top-line revenues of $178 million, which can be attributed to stable demand for its products.</li><li>Further, the company's net retention rate was commendable, remaining at a steady 100%, and operating margins were better than expected.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/stockbroking-exchanges-mco-spgi-mid-march-global-bond-issuance-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Stockbroking & Exchanges - MCO/SPGI </a></h3><p></p><ul><li>Summary: As of March 15, 2024, 1Q24-to-date global bond issuance remains notably positive, although yields have ticked higher in recent weeks as the prospect of multiple interest rate cuts by the Federal Reserve in 2024 becomes less certain.</li><li>That said, corporate spreads remain quite tight and activity within non-financial corporate debt continues to be universally positive versus the prior-year period: investment grade corporate bond activity is up 38% y/y, high-yield is up 44%, and leveraged loans are up a notable 243% against a light prior-year comp.</li><li>Within structured finance, ABS is up 35% versus the year-ago period, while CLOs and CMBS are up 37% and 125%, respectively, against notably subdued comps.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ges-4q-preview-showing-the-way-reiterate-buy-rating-32-50-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. GES: 4Q Preview: Showing the Way; Reiterate Buy Rating, $32.50 PT </a></h3><p></p><ul><li>We are reiterating our Buy rating, $32.50 price target and projections for Guess?</li><li>with the company announcing 4QFY24 (January) results after the close on Wednesday.</li><li>We believe management remained conservative in their 4Q projections, already incorporating a tough domestic environment, which should allow the company to achieve top and bottom line results in their projected range.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/announces-1-25-million-share-repurchase-program?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Announces 1.25 million Share Repurchase Program</a></li><li><a href="https://www.smartkarma.com/insights/jamf-holding-corp-initiation-of-coverage-unveiling-the-4-major-forces-propelling-its-success-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Jamf Holding Corp.: Initiation Of Coverage - Unveiling The 4 Major Forces Propelling Its Success! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/progress-software-corporation-initiation-of-coverage-decoding-the-4-primary-contributors-to-its-growth-surge-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Progress Software Corporation: Initiation Of Coverage - Decoding the 4 Primary Contributors to Its Growth Surge! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/stockbroking-exchanges-mco-spgi-mid-march-global-bond-issuance-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Stockbroking & Exchanges - MCO/SPGI</a></li><li><a href="https://www.smartkarma.com/insights/ges-4q-preview-showing-the-way-reiterate-buy-rating-32-50-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">GES: 4Q Preview: Showing the Way; Reiterate Buy Rating, $32.50 PT</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/announces-1-25-million-share-repurchase-program?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Announces 1.25 million Share Repurchase Program </a></h3><p></p><ul><li>Event: After the close, Guaranty announced (link) that its board authorized a new share repurchase program that will permit the company to repurchase up to 1,250,000 shares of common stock.</li><li>This program will take effect when its current 1,000,000 share repurchase program expires on April, 21, 2024 (370,814 shares remain under the current authorization as of 12/31/2023) and it is scheduled to expire on April 21, 2026.Bottom line: In 2023, the company repurchased 435,000 shares (4Q23: 24,800) as it bought back ~3.5% of outstanding shares.</li><li>Moreover, with respect to its appetite for future share repurchases, we note that on the 4Q23 earnings call, it stated that given the share price of its stock that it would likely not be in the market buying back stock.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/jamf-holding-corp-initiation-of-coverage-unveiling-the-4-major-forces-propelling-its-success-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Jamf Holding Corp.: Initiation Of Coverage - Unveiling The 4 Major Forces Propelling Its Success! - Major Drivers </a></h3><p></p><ul><li>This is our first report on cloud platform provider, Jamf.</li><li>The company's Q4 release highlighted strong financial results with the company exceeding expectations for the 15th consecutive quarter.</li><li>The year-over-year revenue growth was 16%, the strongest since Q2 2021, leading to a record non GAAP operating income of $21.1 million.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/progress-software-corporation-initiation-of-coverage-decoding-the-4-primary-contributors-to-its-growth-surge-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Progress Software Corporation: Initiation Of Coverage - Decoding the 4 Primary Contributors to Its Growth Surge! - Major Drivers </a></h3><p></p><ul><li>Progress Software Corporation concluded its fourth fiscal quarter of 2023 with strong performance across its portfolio, especially in its OpenEdge, DataDirect, and Sitefinity products.</li><li>The company recorded top-line revenues of $178 million, which can be attributed to stable demand for its products.</li><li>Further, the company's net retention rate was commendable, remaining at a steady 100%, and operating margins were better than expected.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/stockbroking-exchanges-mco-spgi-mid-march-global-bond-issuance-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Stockbroking & Exchanges - MCO/SPGI </a></h3><p></p><ul><li>Summary: As of March 15, 2024, 1Q24-to-date global bond issuance remains notably positive, although yields have ticked higher in recent weeks as the prospect of multiple interest rate cuts by the Federal Reserve in 2024 becomes less certain.</li><li>That said, corporate spreads remain quite tight and activity within non-financial corporate debt continues to be universally positive versus the prior-year period: investment grade corporate bond activity is up 38% y/y, high-yield is up 44%, and leveraged loans are up a notable 243% against a light prior-year comp.</li><li>Within structured finance, ABS is up 35% versus the year-ago period, while CLOs and CMBS are up 37% and 125%, respectively, against notably subdued comps.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ges-4q-preview-showing-the-way-reiterate-buy-rating-32-50-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. GES: 4Q Preview: Showing the Way; Reiterate Buy Rating, $32.50 PT </a></h3><p></p><ul><li>We are reiterating our Buy rating, $32.50 price target and projections for Guess?</li><li>with the company announcing 4QFY24 (January) results after the close on Wednesday.</li><li>We believe management remained conservative in their 4Q projections, already incorporating a tough domestic environment, which should allow the company to achieve top and bottom line results in their projected range.</li></ul>2024-03-18T22:24:05+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GNTY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "JAMF@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "PRGS@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SPGI@US"}, {"term": "MCO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "GES@US"}, {"term": "AEO@US"}, {"term": "TPR@US"}, {"term": "ROST@US"}, {"term": "TJX@US"}, {"term": "LULU@US"}, {"term": "URBN@US"}, {"term": "PVH@US"}, {"term": "GNTY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "JAMF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PRGS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MCO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PVH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/453b4704-1679-32c2-b1bc-3df1d4498deaBrief USA: Tripadvisor Inc (TRIP) - Monday, Dec 18, 2023 and more2024-03-28T22:17:23.749781+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/tripadvisor-inc-trip-monday-dec-18-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Tripadvisor Inc (TRIP) - Monday, Dec 18, 2023</a></li><li><a href="https://www.smartkarma.com/insights/establishmnt-lbs-hldng-esta-monday-dec-18-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Establishmnt Lbs Hldng (ESTA) - Monday, Dec 18, 2023</a></li><li><a href="https://www.smartkarma.com/insights/gold-and-bitcoin-rallye-cta-positioning-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Gold and Bitcoin Rallye & CTA Positioning Update</a></li><li><a href="https://www.smartkarma.com/insights/seeking-to-add-growth-to-the-narrative-while-overpaying-the-dividend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Seeking to Add Growth to the Narrative While Overpaying the Dividend</a></li><li><a href="https://www.smartkarma.com/insights/attractive-valuation-but-still-struggling-to-attract-investor-interest?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Attractive Valuation but Still Struggling to Attract Investor Interest</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/tripadvisor-inc-trip-monday-dec-18-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Tripadvisor Inc (TRIP) - Monday, Dec 18, 2023 </a></h3><p></p><ul><li>Viator offers a wide range of unique activities and tours around the world</li><li>The Fork allows users to book tables at restaurants globally</li><li>TripAdvisor remains a key player in the travel industry with an undervalued stock, presenting an attractive investment opportunity</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/establishmnt-lbs-hldng-esta-monday-dec-18-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Establishmnt Lbs Hldng (ESTA) - Monday, Dec 18, 2023 </a></h3><p></p><ul><li>Establishment Labs is a Costa Rican company known for manufacturing and selling breast implants, with their Motiva implant gaining market share from competitors.</li><li>The stock price of ESTA has recently dropped significantly due to a weak Q3 and lowered guidance, presenting an opportunity for investors to get into the dominant player in the breast augmentation market at a discounted price.</li><li>With Motiva having a low rupture rate and no cases of associated cancers, analysts value ESTA at approximately $100 a share on a DCF basis, making it a compelling investment opportunity for potential growth.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/gold-and-bitcoin-rallye-cta-positioning-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Gold and Bitcoin Rallye & CTA Positioning Update </a></h3><p></p><ul><li>Gold and Bitcoin prices both remain massively supported by easing financial conditions and a bunch of liquidity in the market.</li><li>While the Fed Funds Rate remains high at 5,5% - liquidity conditions in the market is what really matters for both safe haven assets.</li><li>Meanwhile, J.P. Morgan announced that gold is their number one pick in the commodities market. According to them, the price has room to rise towards $2.500.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/seeking-to-add-growth-to-the-narrative-while-overpaying-the-dividend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Seeking to Add Growth to the Narrative While Overpaying the Dividend </a></h3><p></p><ul><li>We are maintaining our Market Performrating on DEA shares following in-line 4Q results and initial 2024 FFO/share guidance that was ahead of consensus views.</li><li>Overall, we continue to point to the unique aspects of DEA’s portfolio: (1) its nearly 100% exposure to stable U.S. GSA or state government agency tenants; (2) its net-lease like structure that helps mitigate the impact from operating cost inflation; long duration leases (weighted average lease term of 10+ years); (3) the integral role the properties tend to play in tenant day-to-day operations; and (4) the special build-out that many of the properties have received to accommodate tenant needs.</li><li>These attributes result in a relatively safe albeit slow growth investment vehicle with typically steady opportunities for spread investment when its cost of capital permits.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/attractive-valuation-but-still-struggling-to-attract-investor-interest?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Attractive Valuation but Still Struggling to Attract Investor Interest </a></h3><p></p><ul><li>We maintain ourMarket Performrating on AHH shares following largely in-line 4Q results but with 2024 FFO/share guidance that was below consensus views.</li><li>Armada Hoffler’s portfolio results have consistently exceeded broader expectations/results for the office, multifamily, and retail sectors.</li><li>While there seems to be plentiful growth opportunities, we continue to believe the company’s biggest challenge is its struggle to deliver consistent growth and to balance its growth opportunities with a high cost of capital and a reasonable but not necessarily growth-accommodating leverage level.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/tripadvisor-inc-trip-monday-dec-18-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Tripadvisor Inc (TRIP) - Monday, Dec 18, 2023</a></li><li><a href="https://www.smartkarma.com/insights/establishmnt-lbs-hldng-esta-monday-dec-18-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Establishmnt Lbs Hldng (ESTA) - Monday, Dec 18, 2023</a></li><li><a href="https://www.smartkarma.com/insights/gold-and-bitcoin-rallye-cta-positioning-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Gold and Bitcoin Rallye & CTA Positioning Update</a></li><li><a href="https://www.smartkarma.com/insights/seeking-to-add-growth-to-the-narrative-while-overpaying-the-dividend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Seeking to Add Growth to the Narrative While Overpaying the Dividend</a></li><li><a href="https://www.smartkarma.com/insights/attractive-valuation-but-still-struggling-to-attract-investor-interest?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Attractive Valuation but Still Struggling to Attract Investor Interest</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/tripadvisor-inc-trip-monday-dec-18-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Tripadvisor Inc (TRIP) - Monday, Dec 18, 2023 </a></h3><p></p><ul><li>Viator offers a wide range of unique activities and tours around the world</li><li>The Fork allows users to book tables at restaurants globally</li><li>TripAdvisor remains a key player in the travel industry with an undervalued stock, presenting an attractive investment opportunity</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/establishmnt-lbs-hldng-esta-monday-dec-18-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Establishmnt Lbs Hldng (ESTA) - Monday, Dec 18, 2023 </a></h3><p></p><ul><li>Establishment Labs is a Costa Rican company known for manufacturing and selling breast implants, with their Motiva implant gaining market share from competitors.</li><li>The stock price of ESTA has recently dropped significantly due to a weak Q3 and lowered guidance, presenting an opportunity for investors to get into the dominant player in the breast augmentation market at a discounted price.</li><li>With Motiva having a low rupture rate and no cases of associated cancers, analysts value ESTA at approximately $100 a share on a DCF basis, making it a compelling investment opportunity for potential growth.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/gold-and-bitcoin-rallye-cta-positioning-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Gold and Bitcoin Rallye & CTA Positioning Update </a></h3><p></p><ul><li>Gold and Bitcoin prices both remain massively supported by easing financial conditions and a bunch of liquidity in the market.</li><li>While the Fed Funds Rate remains high at 5,5% - liquidity conditions in the market is what really matters for both safe haven assets.</li><li>Meanwhile, J.P. Morgan announced that gold is their number one pick in the commodities market. According to them, the price has room to rise towards $2.500.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/seeking-to-add-growth-to-the-narrative-while-overpaying-the-dividend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Seeking to Add Growth to the Narrative While Overpaying the Dividend </a></h3><p></p><ul><li>We are maintaining our Market Performrating on DEA shares following in-line 4Q results and initial 2024 FFO/share guidance that was ahead of consensus views.</li><li>Overall, we continue to point to the unique aspects of DEA’s portfolio: (1) its nearly 100% exposure to stable U.S. GSA or state government agency tenants; (2) its net-lease like structure that helps mitigate the impact from operating cost inflation; long duration leases (weighted average lease term of 10+ years); (3) the integral role the properties tend to play in tenant day-to-day operations; and (4) the special build-out that many of the properties have received to accommodate tenant needs.</li><li>These attributes result in a relatively safe albeit slow growth investment vehicle with typically steady opportunities for spread investment when its cost of capital permits.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/attractive-valuation-but-still-struggling-to-attract-investor-interest?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Attractive Valuation but Still Struggling to Attract Investor Interest </a></h3><p></p><ul><li>We maintain ourMarket Performrating on AHH shares following largely in-line 4Q results but with 2024 FFO/share guidance that was below consensus views.</li><li>Armada Hoffler’s portfolio results have consistently exceeded broader expectations/results for the office, multifamily, and retail sectors.</li><li>While there seems to be plentiful growth opportunities, we continue to believe the company’s biggest challenge is its struggle to deliver consistent growth and to balance its growth opportunities with a high cost of capital and a reasonable but not necessarily growth-accommodating leverage level.</li></ul>2024-03-18T20:36:09+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "TRIP@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "ESTA@US"}, {"term": "Commodities"}, {"term": "BLD"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GOLD@COMDTY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DEA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AHH@US"}, {"term": "TRIP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ESTA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GOLD@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DEA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AHH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/0dd1cba8-5882-3ab8-83d9-ccf6b40c8f51Brief USA: Looking for Real Results, Not Hopes, to Get More Constructive and more2024-03-28T22:17:23.739504+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/looking-for-real-results-not-hopes-to-get-more-constructive?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Looking for Real Results, Not Hopes, to Get More Constructive</a></li><li><a href="https://www.smartkarma.com/insights/quiddity-leaderboard-s-p-500-jun-24-rebal-many-intra-review-changes-possible-due-to-m-a-spin-offs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-a0be21fa-0c98-40d1-b4d8-e7f78c9450ac?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/siga-technologies-onwards-and-upwards-with-strong-fy23?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">SIGA Technologies - Onwards and upwards with strong FY23</a></li><li><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-connecting-the-dots-on-4q-earnings-march-week-2-adidas-on-running-kohl-s-dick-s-hibbet-g-iii-apparel-retail-sales?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Consumer Discretionary - overall - Connecting the Dots on 4Q Earnings (March Week 2): Adidas, On Running, Kohl’s, Dick’s, Hibbet, G-III Apparel + Retail Sales</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/looking-for-real-results-not-hopes-to-get-more-constructive?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Looking for Real Results, Not Hopes, to Get More Constructive </a></h3><p></p><ul><li>We maintain ourMarket Performrating on City Office shares following in-line 4Q results and 2024 FFO/share guidance below consensus views.</li><li>Office fundamentals remain challenged, as vacancy rates remain elevated, tenant downsizing continues, financing challenges abound, and slower economic growth—and corporate downsizing—seem destined to continue.</li><li>Overall, while we see no catalysts in the horizon to get excited about anytime soon, we believe that recent operating metrics point to a relatively better environment compared to the sky-is-falling, fear-driven office real estate sentiment that permeated much of 2023.As for City Office, we continue to favor its Sunbelt markets, which appear relatively healthier.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/quiddity-leaderboard-s-p-500-jun-24-rebal-many-intra-review-changes-possible-due-to-m-a-spin-offs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/112/original/image?1710755834"/> <ul>
<li>The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.</li>
<li>In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-a0be21fa-0c98-40d1-b4d8-e7f78c9450ac?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYSome predictions are hard: where will commodity prices be next year, or even next week?</li><li>Here is an example from the opposite end of the spectrum: will Vladimir Putin be reelected as president of Russia?</li><li>We wrote last month that the only question is whether Putin will end up surpassing his 2018 “official” vote share of 78% - and, this past weekend he got (again, “officially”) 87%.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/siga-technologies-onwards-and-upwards-with-strong-fy23?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. SIGA Technologies - Onwards and upwards with strong FY23 </a></h3><p></p><p>SIGA Technologies has delivered its best top-line performance in the last five years, supported by a late surge in TPOXX deliveries across both domestic and international markets. FY23 product revenues grew 50.8% to $130.7m, driven by Q423 BARDA deliveries and international orders, resulting in overall revenues increasing to $139.9m (+26.3% y-o-y). Barring packaging-related bottlenecks, which delayed some deliveries to Q124, there could have been incremental upside to meet our $172.6m revenue estimate. The strong cash flow generation and healthy balance sheet (year-end net cash balance of $150.1m) was reflected in the company’s declaration of a special cash dividend of $0.6/share ($42.7m total; >60% payout ratio). Given sales visibility on further BARDA stockpile replenishments and increasing international market traction, we expect FY24 to be another strong year. We revise our FY24 estimates and now expect PEP and pediatric launches in 2026 (2025 previously), resulting in our valuation adjusting to $16.51/share (versus $17.24/share previously).</p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-connecting-the-dots-on-4q-earnings-march-week-2-adidas-on-running-kohl-s-dick-s-hibbet-g-iii-apparel-retail-sales?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Consumer Discretionary - overall - Connecting the Dots on 4Q Earnings (March Week 2): Adidas, On Running, Kohl’s, Dick’s, Hibbet, G-III Apparel + Retail Sales </a></h3><p></p><ul><li>We highlight important company nuggets from last week’s 4Q earnings to better understand industry trends.</li><li>For March week 2, we added Adidas, On Holdings (ONON), Kohl's (KSS), Dick's Sporting Goods (DKS), and G-III Apparel (GIII) to the running list of companies we’ve tracked.</li><li>We also take a look at QTD beats/misses and highlight takeaways from February Retail Sales.4Q Results Mostly Above Expectations With Stronger Gross Margins and EPS:Revenues have been mostly ahead of expectations, with 25 beats, 15 misses, and 3 in-line; the average beat has been 0.5% versus consensus.GM% has been better than expected with 25 beats, 11 misses, and 4 in-line; the average beat has been 70 bp.EBIT% margins have been mixed with 15 beats vs. 16 misses; the average across 31 companies has been a miss of 110 bp (though this is affected by some outlier companies).EPS has mostly exceeded consensus, with 27 beats vs. 10 misses.Source: Raymond James research, FactsetRetail Sales Below Expectations: February 2024 retail sales were +0.6% m/m, below expectations of +0.8% m/m.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/looking-for-real-results-not-hopes-to-get-more-constructive?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Looking for Real Results, Not Hopes, to Get More Constructive</a></li><li><a href="https://www.smartkarma.com/insights/quiddity-leaderboard-s-p-500-jun-24-rebal-many-intra-review-changes-possible-due-to-m-a-spin-offs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-a0be21fa-0c98-40d1-b4d8-e7f78c9450ac?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/siga-technologies-onwards-and-upwards-with-strong-fy23?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">SIGA Technologies - Onwards and upwards with strong FY23</a></li><li><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-connecting-the-dots-on-4q-earnings-march-week-2-adidas-on-running-kohl-s-dick-s-hibbet-g-iii-apparel-retail-sales?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Consumer Discretionary - overall - Connecting the Dots on 4Q Earnings (March Week 2): Adidas, On Running, Kohl’s, Dick’s, Hibbet, G-III Apparel + Retail Sales</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/looking-for-real-results-not-hopes-to-get-more-constructive?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Looking for Real Results, Not Hopes, to Get More Constructive </a></h3><p></p><ul><li>We maintain ourMarket Performrating on City Office shares following in-line 4Q results and 2024 FFO/share guidance below consensus views.</li><li>Office fundamentals remain challenged, as vacancy rates remain elevated, tenant downsizing continues, financing challenges abound, and slower economic growth—and corporate downsizing—seem destined to continue.</li><li>Overall, while we see no catalysts in the horizon to get excited about anytime soon, we believe that recent operating metrics point to a relatively better environment compared to the sky-is-falling, fear-driven office real estate sentiment that permeated much of 2023.As for City Office, we continue to favor its Sunbelt markets, which appear relatively healthier.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/quiddity-leaderboard-s-p-500-jun-24-rebal-many-intra-review-changes-possible-due-to-m-a-spin-offs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/112/original/image?1710755834"/> <ul>
<li>The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.</li>
<li>In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-a0be21fa-0c98-40d1-b4d8-e7f78c9450ac?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYSome predictions are hard: where will commodity prices be next year, or even next week?</li><li>Here is an example from the opposite end of the spectrum: will Vladimir Putin be reelected as president of Russia?</li><li>We wrote last month that the only question is whether Putin will end up surpassing his 2018 “official” vote share of 78% - and, this past weekend he got (again, “officially”) 87%.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/siga-technologies-onwards-and-upwards-with-strong-fy23?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. SIGA Technologies - Onwards and upwards with strong FY23 </a></h3><p></p><p>SIGA Technologies has delivered its best top-line performance in the last five years, supported by a late surge in TPOXX deliveries across both domestic and international markets. FY23 product revenues grew 50.8% to $130.7m, driven by Q423 BARDA deliveries and international orders, resulting in overall revenues increasing to $139.9m (+26.3% y-o-y). Barring packaging-related bottlenecks, which delayed some deliveries to Q124, there could have been incremental upside to meet our $172.6m revenue estimate. The strong cash flow generation and healthy balance sheet (year-end net cash balance of $150.1m) was reflected in the company’s declaration of a special cash dividend of $0.6/share ($42.7m total; >60% payout ratio). Given sales visibility on further BARDA stockpile replenishments and increasing international market traction, we expect FY24 to be another strong year. We revise our FY24 estimates and now expect PEP and pediatric launches in 2026 (2025 previously), resulting in our valuation adjusting to $16.51/share (versus $17.24/share previously).</p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-connecting-the-dots-on-4q-earnings-march-week-2-adidas-on-running-kohl-s-dick-s-hibbet-g-iii-apparel-retail-sales?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Consumer Discretionary - overall - Connecting the Dots on 4Q Earnings (March Week 2): Adidas, On Running, Kohl’s, Dick’s, Hibbet, G-III Apparel + Retail Sales </a></h3><p></p><ul><li>We highlight important company nuggets from last week’s 4Q earnings to better understand industry trends.</li><li>For March week 2, we added Adidas, On Holdings (ONON), Kohl's (KSS), Dick's Sporting Goods (DKS), and G-III Apparel (GIII) to the running list of companies we’ve tracked.</li><li>We also take a look at QTD beats/misses and highlight takeaways from February Retail Sales.4Q Results Mostly Above Expectations With Stronger Gross Margins and EPS:Revenues have been mostly ahead of expectations, with 25 beats, 15 misses, and 3 in-line; the average beat has been 0.5% versus consensus.GM% has been better than expected with 25 beats, 11 misses, and 4 in-line; the average beat has been 70 bp.EBIT% margins have been mixed with 15 beats vs. 16 misses; the average across 31 companies has been a miss of 110 bp (though this is affected by some outlier companies).EPS has mostly exceeded consensus, with 27 beats vs. 10 misses.Source: Raymond James research, FactsetRetail Sales Below Expectations: February 2024 retail sales were +0.6% m/m, below expectations of +0.8% m/m.</li></ul>2024-03-18T20:15:17+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CIO@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "NORTH AMERICA"}, {"term": "SSP@US"}, {"term": "VFC@US"}, {"term": "XRAY@US"}, {"term": "HES@US"}, {"term": "GNRC@US"}, {"term": "IVZ@US"}, {"term": "XOM@US"}, {"term": "VST@US"}, {"term": "CELH@US"}, {"term": "GE@US"}, {"term": "PXD@US"}, {"term": "RS@US"}, {"term": "CVX@US"}, {"term": "CMA@US"}, {"term": "MMM@US"}, {"term": "DELL@US"}, {"term": "CRWD@US"}, {"term": "WDAY@US"}, {"term": "KKR@US"}, {"term": "NFBK@US"}, {"term": "MODV@US"}, {"term": "MED@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "SIGA@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "WWW@US"}, {"term": "HIBB@US"}, {"term": "RL@US"}, {"term": "W@US"}, {"term": "RVLV@US"}, {"term": "CPRI@US"}, {"term": "DKS@US"}, {"term": "ONON@US"}, {"term": "FIGS@US"}, {"term": "REAL@US"}, {"term": "GIII@US"}, {"term": "SKX@US"}, {"term": "TPR@US"}, {"term": "EBAY@US"}, {"term": "WMT@US"}, {"term": "TDUP@US"}, {"term": "DECK@US"}, {"term": "UAA@US"}, {"term": "GOOS@CN"}, {"term": "COLM@US"}, {"term": "ANF@US"}, {"term": "AMZN@US"}, {"term": "ETSY@US"}, {"term": "CROX@US"}, {"term": "CIO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MED@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SIGA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CROX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/b7851a8e-d06f-324b-9444-d8174df750c3Brief USA: Generative AI. Innovation Turns To Litigation, Licensing & Regulation and more2024-03-28T22:17:23.728310+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/generative-ai-innovation-turns-to-litigation-licensing-regulation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Generative AI. Innovation Turns To Litigation, Licensing & Regulation</a></li><li><a href="https://www.smartkarma.com/insights/positioned-to-potentially-increase-market-share-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Positioned to Potentially Increase Market Share; Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/updating-estimates-for-sales-results-management-s-guidance-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating Estimates for Sales Results & Management's Guidance; Outperform</a></li><li><a href="https://www.smartkarma.com/insights/finance-companies-specialty-consumer-finance-monthly-consumer-credit-dashboard-delinquencies-and-recovery-rates-improve?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Specialty Consumer Finance</a></li><li><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-net-written-premium-growth-price-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insurance - Overall - Insurance</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/generative-ai-innovation-turns-to-litigation-licensing-regulation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Generative AI. Innovation Turns To Litigation, Licensing & Regulation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/103/original/image?1710754257"/> <ul>
<li>The EU has just launched the World's first AI Act</li>
<li>OpenAI claims the NYT tried to hack ChatGPT in order to prove they used their archive material during one of its training phases. </li>
<li>Google's licensing of Reddit's content in advance of the latter's impending IPO is a win-win for both, and likely how content creators can expect to be rewarded in the future</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/positioned-to-potentially-increase-market-share-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Positioned to Potentially Increase Market Share; Market Perform </a></h3><p></p><ul><li>We are reiterating our Market Perform rating on the shares of The Progressive Corporation (PGR).</li><li>While we expect the company to report strong growth and underwriting results, we continue to believe PGR could report a slower rate of y/y improvement in the combined ratio relative to its personal auto peers.</li><li>We expect PGR to report 204 and 12 bp of y/y improvement in its consolidated combined ratio in 2024/2025.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/updating-estimates-for-sales-results-management-s-guidance-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Updating Estimates for Sales Results & Management's Guidance; Outperform </a></h3><p></p><ul><li>We are reiterating our Outperform rating on the shares of HealthEquity (HQY) reflecting our outlook for the company to report double-digit top-line growth with strong margin expansion and FCF conversion rates over the next several years.</li><li>Our rating also reflects the potential for continued market share gains.The stock has outperformed YTD up ~24% reflecting in part the 5-year treasury yield increasing ~49 bp, management providing a new 3-year target of doubling non-GAAP net income per share and increasing FY24 guidance intra-quarter.</li><li>HQY reports F4Q24 earnings this week on 3/19/2024.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/finance-companies-specialty-consumer-finance-monthly-consumer-credit-dashboard-delinquencies-and-recovery-rates-improve?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Finance Companies - Specialty Consumer Finance </a></h3><p></p><ul><li>This is our monthly Consumer Credit analysis focusing on major card issuer master trust data, consumer debt/deposit balances, and NY Fed Survey of Consumer Expectations data.</li><li>All provide insight into the health of the consumer and supply trends at ECPG and PRAA.Key highlights for December – 30+ Delinquencies Decline, Recoveries Improve - But tax season may be impactingRecoveries:Net Recoveries improved 4 bp m/m to 0.48%, though still below the trailing one-year (0.51%) and three-year (0.67%) averages.Delinquencies, 30 days+:Average major issuer delinquencies (30D+) were down 3 bp m/m and up 27 bp y/y at 1.38%.</li><li>The sequential monthly decline may be simple seasonality, though the year over year increase is slower than seen over the last 9-12 months.Revolving debt:Balances are up 9.6% y/y the highest growth rate of 2024 and are showing no signs of leveling off.Deposit balances:Balances improved slightly to be down ~1% year-over-year (was down 2% or greater throughout 2023).NY Fed Survey of Consumer Expectations:Fears of a much worse household financial situation a year from now declined materially, while much better rose: the ‘much better future’ responses now exceed ’much worse future’ by levels not seen since before COVID. No other material changes in the survey outputs.Other points of interest:Chart 1 shows the major issuer recovery rate (cash collection on previously charged-off balances).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-net-written-premium-growth-price-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Insurance - Overall - Insurance </a></h3><p></p><ul><li>Takeaways and OutlookCommercial and personal lines net written premium growth continues to benefit from the favorable rate environment (in most LOB).</li><li>Commercial lines NWP increased on average by ~10% y/y compared with ~6% in 3Q23 and ~14% in 2Q23.</li><li>Personal lines NWP increased on average by ~20% in 4Q23 compared with ~11% in 3Q23 and ~10% in 2Q23.We believe most commercial lines carriers could continue to report strong, but moderating NWP growth into 2024 as rate increases in most lines of business remain favorable.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/generative-ai-innovation-turns-to-litigation-licensing-regulation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Generative AI. Innovation Turns To Litigation, Licensing & Regulation</a></li><li><a href="https://www.smartkarma.com/insights/positioned-to-potentially-increase-market-share-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Positioned to Potentially Increase Market Share; Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/updating-estimates-for-sales-results-management-s-guidance-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating Estimates for Sales Results & Management's Guidance; Outperform</a></li><li><a href="https://www.smartkarma.com/insights/finance-companies-specialty-consumer-finance-monthly-consumer-credit-dashboard-delinquencies-and-recovery-rates-improve?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Specialty Consumer Finance</a></li><li><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-net-written-premium-growth-price-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insurance - Overall - Insurance</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/generative-ai-innovation-turns-to-litigation-licensing-regulation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Generative AI. Innovation Turns To Litigation, Licensing & Regulation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/103/original/image?1710754257"/> <ul>
<li>The EU has just launched the World's first AI Act</li>
<li>OpenAI claims the NYT tried to hack ChatGPT in order to prove they used their archive material during one of its training phases. </li>
<li>Google's licensing of Reddit's content in advance of the latter's impending IPO is a win-win for both, and likely how content creators can expect to be rewarded in the future</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/positioned-to-potentially-increase-market-share-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Positioned to Potentially Increase Market Share; Market Perform </a></h3><p></p><ul><li>We are reiterating our Market Perform rating on the shares of The Progressive Corporation (PGR).</li><li>While we expect the company to report strong growth and underwriting results, we continue to believe PGR could report a slower rate of y/y improvement in the combined ratio relative to its personal auto peers.</li><li>We expect PGR to report 204 and 12 bp of y/y improvement in its consolidated combined ratio in 2024/2025.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/updating-estimates-for-sales-results-management-s-guidance-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Updating Estimates for Sales Results & Management's Guidance; Outperform </a></h3><p></p><ul><li>We are reiterating our Outperform rating on the shares of HealthEquity (HQY) reflecting our outlook for the company to report double-digit top-line growth with strong margin expansion and FCF conversion rates over the next several years.</li><li>Our rating also reflects the potential for continued market share gains.The stock has outperformed YTD up ~24% reflecting in part the 5-year treasury yield increasing ~49 bp, management providing a new 3-year target of doubling non-GAAP net income per share and increasing FY24 guidance intra-quarter.</li><li>HQY reports F4Q24 earnings this week on 3/19/2024.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/finance-companies-specialty-consumer-finance-monthly-consumer-credit-dashboard-delinquencies-and-recovery-rates-improve?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Finance Companies - Specialty Consumer Finance </a></h3><p></p><ul><li>This is our monthly Consumer Credit analysis focusing on major card issuer master trust data, consumer debt/deposit balances, and NY Fed Survey of Consumer Expectations data.</li><li>All provide insight into the health of the consumer and supply trends at ECPG and PRAA.Key highlights for December – 30+ Delinquencies Decline, Recoveries Improve - But tax season may be impactingRecoveries:Net Recoveries improved 4 bp m/m to 0.48%, though still below the trailing one-year (0.51%) and three-year (0.67%) averages.Delinquencies, 30 days+:Average major issuer delinquencies (30D+) were down 3 bp m/m and up 27 bp y/y at 1.38%.</li><li>The sequential monthly decline may be simple seasonality, though the year over year increase is slower than seen over the last 9-12 months.Revolving debt:Balances are up 9.6% y/y the highest growth rate of 2024 and are showing no signs of leveling off.Deposit balances:Balances improved slightly to be down ~1% year-over-year (was down 2% or greater throughout 2023).NY Fed Survey of Consumer Expectations:Fears of a much worse household financial situation a year from now declined materially, while much better rose: the ‘much better future’ responses now exceed ’much worse future’ by levels not seen since before COVID. No other material changes in the survey outputs.Other points of interest:Chart 1 shows the major issuer recovery rate (cash collection on previously charged-off balances).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-net-written-premium-growth-price-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Insurance - Overall - Insurance </a></h3><p></p><ul><li>Takeaways and OutlookCommercial and personal lines net written premium growth continues to benefit from the favorable rate environment (in most LOB).</li><li>Commercial lines NWP increased on average by ~10% y/y compared with ~6% in 3Q23 and ~14% in 2Q23.</li><li>Personal lines NWP increased on average by ~20% in 4Q23 compared with ~11% in 3Q23 and ~10% in 2Q23.We believe most commercial lines carriers could continue to report strong, but moderating NWP growth into 2024 as rate increases in most lines of business remain favorable.</li></ul>2024-03-18T17:48:26+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "KOREA"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "AMD@US"}, {"term": "INTC@US"}, {"term": "NYT@US"}, {"term": "RDDT@US"}, {"term": "META@US"}, {"term": "GOOG@US"}, {"term": "2193707D@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PGR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "HQY@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PRAA@US"}, {"term": "ECPG@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "HIG@US"}, {"term": "MCY@US"}, {"term": "CINF@US"}, {"term": "AFG@US"}, {"term": "PGR@US"}, {"term": "KINS@US"}, {"term": "KMPR@US"}, {"term": "HCI@US"}, {"term": "ALL@US"}, {"term": "HQY@US"}, {"term": "SIGI@US"}, {"term": "VRSK@US"}, {"term": "AXS@US"}, {"term": "ARGO@US"}, {"term": "CB@US"}, {"term": "ORI@US"}, {"term": "BRP@US"}, {"term": "AON@US"}, {"term": "BRO@US"}, {"term": "RLI@US"}, {"term": "MMC@US"}, {"term": "TRV@US"}, {"term": "AIG@US"}, {"term": "ACIC@US"}, {"term": "AJG@US"}, {"term": "ROOT@US"}, {"term": "LMND@US"}, {"term": "WTW@US"}, {"term": "HGTY@US"}, {"term": "PRA@US"}, {"term": "2193707D@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PGR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HQY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ECPG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PRA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/733dc932-407f-3d87-ad8f-9ab2c4bec1c5Brief USA: Financial Services - Others - Business Development Companies and more2024-03-28T22:17:23.721841+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-business-development-company-weekly-07b5da56-e42c-494e-a1cc-a1ea7ea02bb6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li><li><a href="https://www.smartkarma.com/insights/calix-inc-these-4-pivotal-factors-are-shaping-its-growth-journey?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Calix Inc: These 4 Pivotal Factors Are Shaping Its Growth Journey!</a></li><li><a href="https://www.smartkarma.com/insights/downgrade-to-underperform-as-credit-is-likely-to-impair-earnings-and-franchise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrade to Underperform as Credit Is Likely to Impair Earnings and Franchise</a></li><li><a href="https://www.smartkarma.com/insights/reit-multifamily-reits-refreshing-estimates-resetting-ratings-upgrade-ess-to-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">REIT - Multifamily REITs</a></li><li><a href="https://www.smartkarma.com/insights/certara-inc-initiation-of-coverage-a-diverse-product-portfolio-interesting-ai-initiatives-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Certara Inc.: Initiation Of Coverage - A Diverse Product Portfolio & Interesting AI Initiatives! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-business-development-company-weekly-07b5da56-e42c-494e-a1cc-a1ea7ea02bb6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>BDC relative historical valuations:The BDC group average P/NAV currently sits at 0.96x, compared to 0.97x the previous week and 0.91x over the past five years.</li><li>A P/NAV at this level has historically led to an average one-year absolute forward total return of -2.7%, with 40% of such instances showing positive returns.The BDC group dividend yield currently sits at 10.8%, versus 10.6% the previous week and 9.9% over the past five years.</li><li>A dividend yield at this level has historically led to an average one-year absolute forward total return of 19.2%, with 95% of such instances showing positive returns.BDC relative yield valuations:The BDC group dividend yield spread currently sits at 6.5% over the 10-year Treasury.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/calix-inc-these-4-pivotal-factors-are-shaping-its-growth-journey?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Calix Inc: These 4 Pivotal Factors Are Shaping Its Growth Journey! </a></h3><p></p><ul>
<li>This is our first report on cloud and software platform provider, Calix.</li>
<li>The company has completed its fourth year of significant revenue growth, gross margin expansion, and disciplined operating expense investments, according to its latest earnings call.</li>
<li>Despite this success, the company's CEO, Michael Weening, stated the upcoming year and beyond present both challenges and unique opportunities.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/downgrade-to-underperform-as-credit-is-likely-to-impair-earnings-and-franchise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Downgrade to Underperform as Credit Is Likely to Impair Earnings and Franchise </a></h3><p></p><ul><li>We downgrade NYCB shares to Underperform from Market Perform and establish a fair value estimate of $3 to reflect our view that credit costs are likely to impair earnings for the next several years, as incremental disclosures in the bank’s 10-K suggest that several years of earnings will be needed to support the balance sheet remix.</li><li>While the $1.05B equity raise brought the bank’s CET1 ratio in-line with Category IV peers and bought the bank time to work through its credit issues, the 10-K confirmed our suspicion that the bank’s interest-only, rent-regulated multi-family exposure is significant at $7B. This suggests underwriting was aggressive relative to peers for rent-regulated apartments, as NYCB chose to compete against the agencies to support growth, which likely required NYCB to compete aggressively on rate and/or structure.</li><li>We believe this will result in an expensive resolution through PPNR, given new management’s stated intention to sharply reduce CRE exposure.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/reit-multifamily-reits-refreshing-estimates-resetting-ratings-upgrade-ess-to-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. REIT - Multifamily REITs </a></h3><p></p><ul><li>Updating multifamily estimates; re-shuffling ratings based on YTD trends.</li><li>Following the recent mid-quarter operating updates posted by several multifamily REITs during the March conference season, we are taking this opportunity to refresh our sector-wide estimates, initiate new 2025 projections, and re-shuffle several ratings based on the shifting YTD trends we see developing.</li><li>Regarding the new ratings, we are upgrading Essex Property Trust (ESS/$239.07) to Outperform and Equity Residential (EQR/$63.03) to Market Perform, both relating to surprisingly strong YTD demand trends in several West Coast markets.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/certara-inc-initiation-of-coverage-a-diverse-product-portfolio-interesting-ai-initiatives-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Certara Inc.: Initiation Of Coverage - A Diverse Product Portfolio & Interesting AI Initiatives! - Major Drivers </a></h3><p></p><ul><li>This is our first report on Certara, a renowned biosimulation player.</li><li>The company recently released its Fourth Quarter 2023 Earnings.</li><li>In terms of performance, the company reported revenue growth of 6% for the year, in line with their guidance from August 2023.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-business-development-company-weekly-07b5da56-e42c-494e-a1cc-a1ea7ea02bb6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li><li><a href="https://www.smartkarma.com/insights/calix-inc-these-4-pivotal-factors-are-shaping-its-growth-journey?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Calix Inc: These 4 Pivotal Factors Are Shaping Its Growth Journey!</a></li><li><a href="https://www.smartkarma.com/insights/downgrade-to-underperform-as-credit-is-likely-to-impair-earnings-and-franchise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrade to Underperform as Credit Is Likely to Impair Earnings and Franchise</a></li><li><a href="https://www.smartkarma.com/insights/reit-multifamily-reits-refreshing-estimates-resetting-ratings-upgrade-ess-to-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">REIT - Multifamily REITs</a></li><li><a href="https://www.smartkarma.com/insights/certara-inc-initiation-of-coverage-a-diverse-product-portfolio-interesting-ai-initiatives-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Certara Inc.: Initiation Of Coverage - A Diverse Product Portfolio & Interesting AI Initiatives! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-business-development-company-weekly-07b5da56-e42c-494e-a1cc-a1ea7ea02bb6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>BDC relative historical valuations:The BDC group average P/NAV currently sits at 0.96x, compared to 0.97x the previous week and 0.91x over the past five years.</li><li>A P/NAV at this level has historically led to an average one-year absolute forward total return of -2.7%, with 40% of such instances showing positive returns.The BDC group dividend yield currently sits at 10.8%, versus 10.6% the previous week and 9.9% over the past five years.</li><li>A dividend yield at this level has historically led to an average one-year absolute forward total return of 19.2%, with 95% of such instances showing positive returns.BDC relative yield valuations:The BDC group dividend yield spread currently sits at 6.5% over the 10-year Treasury.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/calix-inc-these-4-pivotal-factors-are-shaping-its-growth-journey?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Calix Inc: These 4 Pivotal Factors Are Shaping Its Growth Journey! </a></h3><p></p><ul>
<li>This is our first report on cloud and software platform provider, Calix.</li>
<li>The company has completed its fourth year of significant revenue growth, gross margin expansion, and disciplined operating expense investments, according to its latest earnings call.</li>
<li>Despite this success, the company's CEO, Michael Weening, stated the upcoming year and beyond present both challenges and unique opportunities.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/downgrade-to-underperform-as-credit-is-likely-to-impair-earnings-and-franchise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Downgrade to Underperform as Credit Is Likely to Impair Earnings and Franchise </a></h3><p></p><ul><li>We downgrade NYCB shares to Underperform from Market Perform and establish a fair value estimate of $3 to reflect our view that credit costs are likely to impair earnings for the next several years, as incremental disclosures in the bank’s 10-K suggest that several years of earnings will be needed to support the balance sheet remix.</li><li>While the $1.05B equity raise brought the bank’s CET1 ratio in-line with Category IV peers and bought the bank time to work through its credit issues, the 10-K confirmed our suspicion that the bank’s interest-only, rent-regulated multi-family exposure is significant at $7B. This suggests underwriting was aggressive relative to peers for rent-regulated apartments, as NYCB chose to compete against the agencies to support growth, which likely required NYCB to compete aggressively on rate and/or structure.</li><li>We believe this will result in an expensive resolution through PPNR, given new management’s stated intention to sharply reduce CRE exposure.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/reit-multifamily-reits-refreshing-estimates-resetting-ratings-upgrade-ess-to-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. REIT - Multifamily REITs </a></h3><p></p><ul><li>Updating multifamily estimates; re-shuffling ratings based on YTD trends.</li><li>Following the recent mid-quarter operating updates posted by several multifamily REITs during the March conference season, we are taking this opportunity to refresh our sector-wide estimates, initiate new 2025 projections, and re-shuffle several ratings based on the shifting YTD trends we see developing.</li><li>Regarding the new ratings, we are upgrading Essex Property Trust (ESS/$239.07) to Outperform and Equity Residential (EQR/$63.03) to Market Perform, both relating to surprisingly strong YTD demand trends in several West Coast markets.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/certara-inc-initiation-of-coverage-a-diverse-product-portfolio-interesting-ai-initiatives-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Certara Inc.: Initiation Of Coverage - A Diverse Product Portfolio & Interesting AI Initiatives! - Major Drivers </a></h3><p></p><ul><li>This is our first report on Certara, a renowned biosimulation player.</li><li>The company recently released its Fourth Quarter 2023 Earnings.</li><li>In terms of performance, the company reported revenue growth of 6% for the year, in line with their guidance from August 2023.</li></ul>2024-03-18T17:30:18+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CCAP@US"}, {"term": "BBDC@US"}, {"term": "GLAD@US"}, {"term": "FDUS@US"}, {"term": "SAR@US"}, {"term": "TCPC@US"}, {"term": "MRCC@US"}, {"term": "GSBD@US"}, {"term": "SCM@US"}, {"term": "FSK@US"}, {"term": "ICMB@US"}, {"term": "PNNT@US"}, {"term": "TSLX@US"}, {"term": "OCSL@US"}, {"term": "GBDC@US"}, {"term": "WHF@US"}, {"term": "CSWC@US"}, {"term": "MFIC@US"}, {"term": "SLRC@US"}, {"term": "MAIN@US"}, {"term": "BXSL@US"}, {"term": "PSEC@US"}, {"term": "ARCC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CALX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NYCB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AIRC@US"}, {"term": "NXRT@US"}, {"term": "ESS@US"}, {"term": "EQR@US"}, {"term": "CSR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CERT@US"}, {"term": "ARCC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CALX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NYCB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CSR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CERT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/2f95d84a-0af9-3027-ba9a-0b0d8d8b45bdBrief USA: Multi-Faceted Factors Driving Gold Prices Higher in a Great Debasement and Geopolitical Trade and more2024-03-28T22:17:23.711802+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/multi-faceted-factors-driving-gold-prices-higher-in-a-great-debasement-and-geopolitical-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Multi-Faceted Factors Driving Gold Prices Higher in a Great Debasement and Geopolitical Trade</a></li><li><a href="https://www.smartkarma.com/insights/adjusting-1q24-estimates-for-current-trends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Adjusting 1Q24 Estimates for Current Trends</a></li><li><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-wireline-telecommunications-services-weekly-sector-review-eb8b5379-7855-4a73-a786-cd673855b555?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Telco - Overall - Telecommunications Services</a></li><li><a href="https://www.smartkarma.com/insights/ipp-power-once-again-investor-sentiment-on-residential-solar-is-brutal-but-are-the-fundamentals-really-that-bad?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IPP - Power</a></li><li><a href="https://www.smartkarma.com/insights/sitime-corporation-initiation-of-coverage-is-the-growth-from-ai-data-center-markets-here-to-stay-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">SiTime Corporation: Initiation Of Coverage - Is The Growth From AI & Data Center Markets Here To Stay? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/multi-faceted-factors-driving-gold-prices-higher-in-a-great-debasement-and-geopolitical-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Multi-Faceted Factors Driving Gold Prices Higher in a Great Debasement and Geopolitical Trade </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/834/original/fredgraph%20%281%29.png?1710587057"/> <ul>
<li>Theories to explain gold price movements have a long history. Since the GFC, gold has increasingly become a proxy for rising risks of sovereign debt default and fiat money debasement. </li>
<li>Floating exchange rates made gold prices very sensitive to changes in US monetary conditions via a robust inverse relationship lasting until the GFC when new theories began to emerge.</li>
<li>There are numerous buyers augmenting gold demand, including central banks, retail investors and hedge funds. Weaponisation of the US dollar has increased the attraction of gold in international reserve management. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/adjusting-1q24-estimates-for-current-trends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Adjusting 1Q24 Estimates for Current Trends </a></h3><p></p><ul><li>We remain at Outperform on shares of Verizon (VZ).</li><li>The name remains defensive and trades near all-time low valuation, making the total return story compelling for patient investors.</li><li>The longer term fundamentals of Verizon remain in good shape, with consistent results and mostly domestic, predictable, recurring revenue, and with a ~6.5% yield, we believe the shares remain attractive.Wireless Trends.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-wireline-telecommunications-services-weekly-sector-review-eb8b5379-7855-4a73-a786-cd673855b555?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Telco - Overall - Telecommunications Services </a></h3><p></p><ul><li>Table 1 - Relevant IndicesSource: Factset & Raymond James ResearchAttendance at one or more of these events may be limited.</li><li>For additional details, including registration for any of the above, please contact your Raymond James sales representative.This Week in TelecomWell, Washington certainly didn't disappoint this week!.</li><li>Quite a bit going on from ACP to spectrum authority to arguing over what TikTok really does – harmless productivity killer, or the world's greatest espionage app – that debate raged on and filled a lot of airtime.ACP was getting attention toward the end of the week with several approaches from 3 billion to 7 billion for the year, but the real debate was whether the funding should be topped off or if a “rip and replace” solution should be employed, and you will be shocked to hear those two solutions were controversial!</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ipp-power-once-again-investor-sentiment-on-residential-solar-is-brutal-but-are-the-fundamentals-really-that-bad?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. IPP - Power </a></h3><p></p><ul><li>In August 2023, just as the interest rate panic was close to peaking, we made a prediction that U.S. residential solar installations would be stable in 2023 (in contrast to widespread expectations for a decline), and then grow in 2024.</li><li>Well, it turns out that our above-consensus view was still too cautious.</li><li>Recently released data shows that 2023 was an up year, despite the headwinds from net metering reform (NEM 3.0) in California and the nationwide backdrop of the highest benchmark interest rates in more than a decade.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/sitime-corporation-initiation-of-coverage-is-the-growth-from-ai-data-center-markets-here-to-stay-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. SiTime Corporation: Initiation Of Coverage - Is The Growth From AI & Data Center Markets Here To Stay? - Major Drivers </a></h3><p></p><ul><li>This is our first report on silicon timing systems provider, SiTime Corporation.</li><li>The company's fourth quarter revenue figures were $42.4 million, with non-GAAP gross margins at 58.3%.</li><li>The increase in non-GAAP EPS to $0.24 per share (from $0.06 in Q3) suggests that SiTime continues to see profit growth.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/multi-faceted-factors-driving-gold-prices-higher-in-a-great-debasement-and-geopolitical-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Multi-Faceted Factors Driving Gold Prices Higher in a Great Debasement and Geopolitical Trade</a></li><li><a href="https://www.smartkarma.com/insights/adjusting-1q24-estimates-for-current-trends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Adjusting 1Q24 Estimates for Current Trends</a></li><li><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-wireline-telecommunications-services-weekly-sector-review-eb8b5379-7855-4a73-a786-cd673855b555?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Telco - Overall - Telecommunications Services</a></li><li><a href="https://www.smartkarma.com/insights/ipp-power-once-again-investor-sentiment-on-residential-solar-is-brutal-but-are-the-fundamentals-really-that-bad?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IPP - Power</a></li><li><a href="https://www.smartkarma.com/insights/sitime-corporation-initiation-of-coverage-is-the-growth-from-ai-data-center-markets-here-to-stay-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">SiTime Corporation: Initiation Of Coverage - Is The Growth From AI & Data Center Markets Here To Stay? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/multi-faceted-factors-driving-gold-prices-higher-in-a-great-debasement-and-geopolitical-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Multi-Faceted Factors Driving Gold Prices Higher in a Great Debasement and Geopolitical Trade </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/834/original/fredgraph%20%281%29.png?1710587057"/> <ul>
<li>Theories to explain gold price movements have a long history. Since the GFC, gold has increasingly become a proxy for rising risks of sovereign debt default and fiat money debasement. </li>
<li>Floating exchange rates made gold prices very sensitive to changes in US monetary conditions via a robust inverse relationship lasting until the GFC when new theories began to emerge.</li>
<li>There are numerous buyers augmenting gold demand, including central banks, retail investors and hedge funds. Weaponisation of the US dollar has increased the attraction of gold in international reserve management. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/adjusting-1q24-estimates-for-current-trends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Adjusting 1Q24 Estimates for Current Trends </a></h3><p></p><ul><li>We remain at Outperform on shares of Verizon (VZ).</li><li>The name remains defensive and trades near all-time low valuation, making the total return story compelling for patient investors.</li><li>The longer term fundamentals of Verizon remain in good shape, with consistent results and mostly domestic, predictable, recurring revenue, and with a ~6.5% yield, we believe the shares remain attractive.Wireless Trends.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-wireline-telecommunications-services-weekly-sector-review-eb8b5379-7855-4a73-a786-cd673855b555?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Telco - Overall - Telecommunications Services </a></h3><p></p><ul><li>Table 1 - Relevant IndicesSource: Factset & Raymond James ResearchAttendance at one or more of these events may be limited.</li><li>For additional details, including registration for any of the above, please contact your Raymond James sales representative.This Week in TelecomWell, Washington certainly didn't disappoint this week!.</li><li>Quite a bit going on from ACP to spectrum authority to arguing over what TikTok really does – harmless productivity killer, or the world's greatest espionage app – that debate raged on and filled a lot of airtime.ACP was getting attention toward the end of the week with several approaches from 3 billion to 7 billion for the year, but the real debate was whether the funding should be topped off or if a “rip and replace” solution should be employed, and you will be shocked to hear those two solutions were controversial!</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ipp-power-once-again-investor-sentiment-on-residential-solar-is-brutal-but-are-the-fundamentals-really-that-bad?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. IPP - Power </a></h3><p></p><ul><li>In August 2023, just as the interest rate panic was close to peaking, we made a prediction that U.S. residential solar installations would be stable in 2023 (in contrast to widespread expectations for a decline), and then grow in 2024.</li><li>Well, it turns out that our above-consensus view was still too cautious.</li><li>Recently released data shows that 2023 was an up year, despite the headwinds from net metering reform (NEM 3.0) in California and the nationwide backdrop of the highest benchmark interest rates in more than a decade.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/sitime-corporation-initiation-of-coverage-is-the-growth-from-ai-data-center-markets-here-to-stay-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. SiTime Corporation: Initiation Of Coverage - Is The Growth From AI & Data Center Markets Here To Stay? - Major Drivers </a></h3><p></p><ul><li>This is our first report on silicon timing systems provider, SiTime Corporation.</li><li>The company's fourth quarter revenue figures were $42.4 million, with non-GAAP gross margins at 58.3%.</li><li>The increase in non-GAAP EPS to $0.24 per share (from $0.06 in Q3) suggests that SiTime continues to see profit growth.</li></ul>2024-03-18T14:35:19+08:00[{"term": "Cross Asset Strategy"}, {"term": "RUSSIA"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VZ@US"}, {"term": "CMCSA@US"}, {"term": "WOW@US"}, {"term": "ATUS@US"}, {"term": "CHTR@US"}, {"term": "SHEN@US"}, {"term": "LUMN@US"}, {"term": "FYBR@US"}, {"term": "CCOI@US"}, {"term": "DY@US"}, {"term": "T@US"}, {"term": "CABO@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CMCSA@US"}, {"term": "WOW@US"}, {"term": "DBRG@US"}, {"term": "VZ@US"}, {"term": "WBD@US"}, {"term": "SBAC@US"}, {"term": "ATUS@US"}, {"term": "CCI@US"}, {"term": "DIS@US"}, {"term": "AMT@US"}, {"term": "EQIX@US"}, {"term": "GDS@US"}, {"term": "CHTR@US"}, {"term": "SHEN@US"}, {"term": "USM@US"}, {"term": "LUMN@US"}, {"term": "TMUS@US"}, {"term": "FYBR@US"}, {"term": "CCOI@US"}, {"term": "NFLX@US"}, {"term": "DY@US"}, {"term": "AKAM@US"}, {"term": "PARA@US"}, {"term": "T@US"}, {"term": "DLR@US"}, {"term": "FSLY@US"}, {"term": "CABO@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SPWR@US"}, {"term": "NOVA@US"}, {"term": "MAXN@US"}, {"term": "ENPH@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "SITM@US"}, {"term": "CABO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CABO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ENPH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SITM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/5aaedc5b-9f6b-3da2-802f-e8c725bf8b5fBrief USA: Envestnet Inc.: Initiation Of Coverage - Discover the Top 6 Drivers Behind Its Rapid Expansion! - Financial Forecasts and more2024-03-28T22:17:23.705341+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/envestnet-inc-initiation-of-coverage-discover-the-top-6-drivers-behind-its-rapid-expansion-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Envestnet Inc.: Initiation Of Coverage - Discover the Top 6 Drivers Behind Its Rapid Expansion! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/interdigital-inc-initiation-of-coverage-its-expanding-reach-in-ai-technology-market-is-a-real-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">InterDigital Inc.: Initiation Of Coverage - Its Expanding Reach In AI Technology Market Is A Real Game Changer? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/cargurus-inc-initiation-of-coverage-does-its-value-proposition-truly-constitute-a-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">CarGurus Inc.: Initiation Of Coverage - Does Its Value Proposition Truly Constitute A Competitive Advantage? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-banks-with-most-flexibility-to-manage-rate-sensitivity-by-deploying-excess-liquidity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Banking</a></li><li><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-9953d930-54d3-4a35-a12f-7013167ed7e3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Building Materials - Building Products</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/envestnet-inc-initiation-of-coverage-discover-the-top-6-drivers-behind-its-rapid-expansion-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Envestnet Inc.: Initiation Of Coverage - Discover the Top 6 Drivers Behind Its Rapid Expansion! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on Envestnet, a leading provider of integrated wealth management solutions.</li><li>The company announced strong financial results for the fourth quarter and full year of 2023 in its latest earnings call.</li><li>The company reported solid growth and successfully executed its strategic initiatives, leading to significant margin expansion.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/interdigital-inc-initiation-of-coverage-its-expanding-reach-in-ai-technology-market-is-a-real-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. InterDigital Inc.: Initiation Of Coverage - Its Expanding Reach In AI Technology Market Is A Real Game Changer? - Major Drivers </a></h3><p></p><ul><li>This is our first report on wireless communications player, InterDigital.</li><li>The management brought to light the significant progress the company has made, facilitating an investment discussion around it.</li><li>The year 2023 was particularly outstanding for InterDigital, with the firm accomplishing milestones across the business, contributing to a substantial increase in annual revenue and net income.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/cargurus-inc-initiation-of-coverage-does-its-value-proposition-truly-constitute-a-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. CarGurus Inc.: Initiation Of Coverage - Does Its Value Proposition Truly Constitute A Competitive Advantage? - Major Drivers </a></h3><p></p><ul><li>This is our first report on online automotive marketplace, CarGurus.</li><li>The company ended 2023 on a strong note, surpassing expectations and successfully accelerating their revenue growth across their platform.</li><li>Despite challenges faced by customers, such as weak consumer demand, the lack of affordability, and increased costs linked to floor plan financing, CarGurus' listings business demonstrated commendable resilience, pricing power, and growth acceleration.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-banks-with-most-flexibility-to-manage-rate-sensitivity-by-deploying-excess-liquidity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Finance Companies - Banking </a></h3><p></p><ul><li>Inflationary pressures has led the Fed to maintain an aggressive policy stance, raising rates at a rapid pace.</li><li>In turn, rate sensitivity has been an important driver of bank stock performance, supporting NIM and profitability improvement, although liquidity issues and quantitative tightening has led to funding challenges across the industry.</li><li>With the economy showing signs of deceleration, many expect the Fed to pivot towards more accommodative policy, with rate cuts potentially beginning in mid-2024 (link).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-9953d930-54d3-4a35-a12f-7013167ed7e3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Building Materials - Building Products </a></h3><p></p><ul><li>Last Week in Review:Source: FactSet, Raymond James researchThe Week to Come:Tuesday, March 19The U.S. Census Bureau reports Housing Starts for February at 8:30 a.m. EST. The consensus forecast for seasonally adjusted total starts is 1.450M (+11% vs. January, +1% y/y).</li><li>January was 1.331M (-15% vs. December and -1% y/y).</li><li>Unadjusted single-family starts are a component of the Leading Indicator of Remodeling Activity (LIRA) (Figures 5-7).Wednesday, March 20We are hosting a virtual NDR with the senior management team of The Toro Company (TTC/Outperform), including CEO Rick Olson and CFO Angie Drake.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/envestnet-inc-initiation-of-coverage-discover-the-top-6-drivers-behind-its-rapid-expansion-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Envestnet Inc.: Initiation Of Coverage - Discover the Top 6 Drivers Behind Its Rapid Expansion! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/interdigital-inc-initiation-of-coverage-its-expanding-reach-in-ai-technology-market-is-a-real-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">InterDigital Inc.: Initiation Of Coverage - Its Expanding Reach In AI Technology Market Is A Real Game Changer? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/cargurus-inc-initiation-of-coverage-does-its-value-proposition-truly-constitute-a-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">CarGurus Inc.: Initiation Of Coverage - Does Its Value Proposition Truly Constitute A Competitive Advantage? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-banks-with-most-flexibility-to-manage-rate-sensitivity-by-deploying-excess-liquidity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Banking</a></li><li><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-9953d930-54d3-4a35-a12f-7013167ed7e3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Building Materials - Building Products</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/envestnet-inc-initiation-of-coverage-discover-the-top-6-drivers-behind-its-rapid-expansion-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Envestnet Inc.: Initiation Of Coverage - Discover the Top 6 Drivers Behind Its Rapid Expansion! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on Envestnet, a leading provider of integrated wealth management solutions.</li><li>The company announced strong financial results for the fourth quarter and full year of 2023 in its latest earnings call.</li><li>The company reported solid growth and successfully executed its strategic initiatives, leading to significant margin expansion.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/interdigital-inc-initiation-of-coverage-its-expanding-reach-in-ai-technology-market-is-a-real-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. InterDigital Inc.: Initiation Of Coverage - Its Expanding Reach In AI Technology Market Is A Real Game Changer? - Major Drivers </a></h3><p></p><ul><li>This is our first report on wireless communications player, InterDigital.</li><li>The management brought to light the significant progress the company has made, facilitating an investment discussion around it.</li><li>The year 2023 was particularly outstanding for InterDigital, with the firm accomplishing milestones across the business, contributing to a substantial increase in annual revenue and net income.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/cargurus-inc-initiation-of-coverage-does-its-value-proposition-truly-constitute-a-competitive-advantage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. CarGurus Inc.: Initiation Of Coverage - Does Its Value Proposition Truly Constitute A Competitive Advantage? - Major Drivers </a></h3><p></p><ul><li>This is our first report on online automotive marketplace, CarGurus.</li><li>The company ended 2023 on a strong note, surpassing expectations and successfully accelerating their revenue growth across their platform.</li><li>Despite challenges faced by customers, such as weak consumer demand, the lack of affordability, and increased costs linked to floor plan financing, CarGurus' listings business demonstrated commendable resilience, pricing power, and growth acceleration.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-banks-with-most-flexibility-to-manage-rate-sensitivity-by-deploying-excess-liquidity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Finance Companies - Banking </a></h3><p></p><ul><li>Inflationary pressures has led the Fed to maintain an aggressive policy stance, raising rates at a rapid pace.</li><li>In turn, rate sensitivity has been an important driver of bank stock performance, supporting NIM and profitability improvement, although liquidity issues and quantitative tightening has led to funding challenges across the industry.</li><li>With the economy showing signs of deceleration, many expect the Fed to pivot towards more accommodative policy, with rate cuts potentially beginning in mid-2024 (link).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-9953d930-54d3-4a35-a12f-7013167ed7e3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Building Materials - Building Products </a></h3><p></p><ul><li>Last Week in Review:Source: FactSet, Raymond James researchThe Week to Come:Tuesday, March 19The U.S. Census Bureau reports Housing Starts for February at 8:30 a.m. EST. The consensus forecast for seasonally adjusted total starts is 1.450M (+11% vs. January, +1% y/y).</li><li>January was 1.331M (-15% vs. December and -1% y/y).</li><li>Unadjusted single-family starts are a component of the Leading Indicator of Remodeling Activity (LIRA) (Figures 5-7).Wednesday, March 20We are hosting a virtual NDR with the senior management team of The Toro Company (TTC/Outperform), including CEO Rick Olson and CFO Angie Drake.</li></ul>2024-03-18T14:00:25+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ENV@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "IDCC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CARG@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "WFC@US"}, {"term": "CCB@US"}, {"term": "TBBK@US"}, {"term": "MVBF@US"}, {"term": "TCBI@US"}, {"term": "CUBI@US"}, {"term": "SMBK@US"}, {"term": "UMBF@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GMS@US"}, {"term": "FAST@US"}, {"term": "HLMN@US"}, {"term": "MSM@US"}, {"term": "MHK@US"}, {"term": "GPC@US"}, {"term": "WHR@US"}, {"term": "GWW@US"}, {"term": "GFF@US"}, {"term": "FERG@US"}, {"term": "TGLS@US"}, {"term": "MAS@US"}, {"term": "SWK@US"}, {"term": "BECN@US"}, {"term": "TTC@US"}, {"term": "LKQ@US"}, {"term": "WCC@US"}, {"term": "ENV@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "IDCC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CARG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "UMBF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WCC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/389653c3-8c61-3eb7-a521-377bb72f55f4Brief USA: Highlights From Investor Meetings; APEX 2030 Outlook Achievable and more2024-03-28T22:17:23.695345+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-apex-2030-outlook-achievable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Highlights From Investor Meetings; APEX 2030 Outlook Achievable</a></li><li><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-deposit-and-securities-balances-expand-for-large-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Banks - Banking</a></li><li><a href="https://www.smartkarma.com/insights/first-blush-solid-4q-results-as-nii-distributable-eps-in-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Blush: Solid 4Q Results as NII & Distributable EPS In-Line</a></li><li><a href="https://www.smartkarma.com/insights/coursera-inc-initiation-of-coverage-what-makes-this-ed-tech-giant-tick-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Coursera Inc.: Initiation Of Coverage - What Makes This Ed-Tech Giant Tick? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/c3-ai-ai-expansion-of-the-generative-ai-market-3-other-fundamental-aspects-fueling-its-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">C3.ai (AI):- Expansion Of The Generative AI Market & 3 Other Fundamental Aspects Fueling Its Growth!</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-apex-2030-outlook-achievable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Highlights From Investor Meetings; APEX 2030 Outlook Achievable </a></h3><p></p><ul><li>We reiterate our Outperform rating on shares of TBBK following investor meetings we hosted with management.</li><li>Our meetings focused on the BaaS competitive landscape, regulatory backdrop, its APEX 2030 strategy, opportunities as it approaches $10 billion in assets, and credit trends with a notable focus on the multifamily NPA disclosed in its 10-K. This issue has materially weighed on the stock of late (-23% since 2/29 vs. BANK -1%), and after our meetings we came away confident this is an isolated issue with no expected losses, and is not indicative of any broader deterioration in its portfolio or weaknesses in its underwriting.</li><li>That said, the market’s hyper-focus on credit, especially within CRE, and optics of this NPA likely remain an overhang near-term until resolved.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-deposit-and-securities-balances-expand-for-large-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Banks - Banking </a></h3><p></p><ul><li>Data released by the Federal Reserve on Friday, March 15, for the week ending March 6, indicated that total deposit balances were up 0.5% for the nation's 25 largest domestically chartered banks, but remained flat for the nation’s small banks from the previous week.</li><li>Quarter-to-date, the 0.3% increase at the small banks has exceeded the 0.2% increase at the large banks.Loan balances fell 0.2% from the prior week at the large banks, but remained flat at the small banks.</li><li>At the large banks, the 0.2% decrease in total loans reflected the 0.5% decrease in commercial and industrial (C&I) loans, the 0.4% decrease in consumer real estate loans, and the 0.3% decrease in consumer loans, partially offset by the 0.2% increase in other loans, and no change in commercial real estate (CRE) loans.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/first-blush-solid-4q-results-as-nii-distributable-eps-in-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. First Blush: Solid 4Q Results as NII & Distributable EPS In-Line </a></h3><p></p><ul><li>4Q23 Headline Results:( = ) Distributable EPS: $0.10 per share, which was in-line with our estimate.( - ) GAAP EPS: $0.07 per share, which was below estimate of $0.09 per share due to the reserve build.( +/= ) Book value: $3.46 per share, which was slightly above our estimate of $3.44 per share and flat sequentially.Other:( = ) Net interest income (NII): $9.1 million, which was basically in-line with our estimate of $9.2 million.( - ) Provision for loan losses: $1.4 million, or $0.03 per share, which higher than our estimate of $0.7 million, or $0.01 per share.4Q portfolio activity: Loan fundings of $77 million were basically in line with our estimate of $75 million, while repayments of $43 million were below our estimate of $75 million.Subsequent events: Since year-end, LFT received an insurance payment related to a Columbus, OH multifamily loan that reduces the carrying value of this loan to zero and is expected to result in the recognition of $1.9 million of income in 1Q. Additionally, LFT modified a Virginia Beach, VA multifamily loan that resulted in the recovery of past due interest and will result in additional interest of $0.5 million being recorded in 1Q. Both loans were 5-rated at year-end.Conference call: LFT will host a conference call Monday, March 18 at 8:30 a.m. ET. The dial-in number is 800-836-8184.Quick Thoughts:LFT reported solid 4Q results, as net interest income and distributable earnings were both in line with our estimates.</li><li>GAAP EPS was slightly below our estimate due to a larger than modeled CECL reserve build.</li><li>Portfolio performance remained solid with 96.7% performing (up sequentially from 95.0%), while 24% of the portfolio was 4- or 5-rated (a slight improvement from 25%).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/coursera-inc-initiation-of-coverage-what-makes-this-ed-tech-giant-tick-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Coursera Inc.: Initiation Of Coverage - What Makes This Ed-Tech Giant Tick? - Major Drivers </a></h3><p></p><ul>
<li>This is our first report on ed-tech major, Coursera.</li>
<li>The company had a successful fourth quarter, marking a strong close to the year.</li>
<li>The company welcomed 24 million new learners in this period, bringing their base to more than 140 million and seeing an increase in annual revenue of 21% over the previous year.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/c3-ai-ai-expansion-of-the-generative-ai-market-3-other-fundamental-aspects-fueling-its-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. C3.ai (AI):- Expansion Of The Generative AI Market & 3 Other Fundamental Aspects Fueling Its Growth! </a></h3><p></p><ul>
<li>This is our first report on AI software platform company, C3 AI. The company has demonstrated positive performance in their third-quarter fiscal 2024 results with a total revenue of $78.4 million, marking an 18% YoY growth and surpassing their guidance range.</li>
<li>The total number of customer engagements has also seen an increase of 80% compared to the previous year.</li>
<li>The company reported a non-GAAP gross profit of $54.7 million with a gross margin standing at 70%.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-apex-2030-outlook-achievable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Highlights From Investor Meetings; APEX 2030 Outlook Achievable</a></li><li><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-deposit-and-securities-balances-expand-for-large-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Banks - Banking</a></li><li><a href="https://www.smartkarma.com/insights/first-blush-solid-4q-results-as-nii-distributable-eps-in-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Blush: Solid 4Q Results as NII & Distributable EPS In-Line</a></li><li><a href="https://www.smartkarma.com/insights/coursera-inc-initiation-of-coverage-what-makes-this-ed-tech-giant-tick-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Coursera Inc.: Initiation Of Coverage - What Makes This Ed-Tech Giant Tick? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/c3-ai-ai-expansion-of-the-generative-ai-market-3-other-fundamental-aspects-fueling-its-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">C3.ai (AI):- Expansion Of The Generative AI Market & 3 Other Fundamental Aspects Fueling Its Growth!</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-apex-2030-outlook-achievable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Highlights From Investor Meetings; APEX 2030 Outlook Achievable </a></h3><p></p><ul><li>We reiterate our Outperform rating on shares of TBBK following investor meetings we hosted with management.</li><li>Our meetings focused on the BaaS competitive landscape, regulatory backdrop, its APEX 2030 strategy, opportunities as it approaches $10 billion in assets, and credit trends with a notable focus on the multifamily NPA disclosed in its 10-K. This issue has materially weighed on the stock of late (-23% since 2/29 vs. BANK -1%), and after our meetings we came away confident this is an isolated issue with no expected losses, and is not indicative of any broader deterioration in its portfolio or weaknesses in its underwriting.</li><li>That said, the market’s hyper-focus on credit, especially within CRE, and optics of this NPA likely remain an overhang near-term until resolved.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-deposit-and-securities-balances-expand-for-large-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Banks - Banking </a></h3><p></p><ul><li>Data released by the Federal Reserve on Friday, March 15, for the week ending March 6, indicated that total deposit balances were up 0.5% for the nation's 25 largest domestically chartered banks, but remained flat for the nation’s small banks from the previous week.</li><li>Quarter-to-date, the 0.3% increase at the small banks has exceeded the 0.2% increase at the large banks.Loan balances fell 0.2% from the prior week at the large banks, but remained flat at the small banks.</li><li>At the large banks, the 0.2% decrease in total loans reflected the 0.5% decrease in commercial and industrial (C&I) loans, the 0.4% decrease in consumer real estate loans, and the 0.3% decrease in consumer loans, partially offset by the 0.2% increase in other loans, and no change in commercial real estate (CRE) loans.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/first-blush-solid-4q-results-as-nii-distributable-eps-in-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. First Blush: Solid 4Q Results as NII & Distributable EPS In-Line </a></h3><p></p><ul><li>4Q23 Headline Results:( = ) Distributable EPS: $0.10 per share, which was in-line with our estimate.( - ) GAAP EPS: $0.07 per share, which was below estimate of $0.09 per share due to the reserve build.( +/= ) Book value: $3.46 per share, which was slightly above our estimate of $3.44 per share and flat sequentially.Other:( = ) Net interest income (NII): $9.1 million, which was basically in-line with our estimate of $9.2 million.( - ) Provision for loan losses: $1.4 million, or $0.03 per share, which higher than our estimate of $0.7 million, or $0.01 per share.4Q portfolio activity: Loan fundings of $77 million were basically in line with our estimate of $75 million, while repayments of $43 million were below our estimate of $75 million.Subsequent events: Since year-end, LFT received an insurance payment related to a Columbus, OH multifamily loan that reduces the carrying value of this loan to zero and is expected to result in the recognition of $1.9 million of income in 1Q. Additionally, LFT modified a Virginia Beach, VA multifamily loan that resulted in the recovery of past due interest and will result in additional interest of $0.5 million being recorded in 1Q. Both loans were 5-rated at year-end.Conference call: LFT will host a conference call Monday, March 18 at 8:30 a.m. ET. The dial-in number is 800-836-8184.Quick Thoughts:LFT reported solid 4Q results, as net interest income and distributable earnings were both in line with our estimates.</li><li>GAAP EPS was slightly below our estimate due to a larger than modeled CECL reserve build.</li><li>Portfolio performance remained solid with 96.7% performing (up sequentially from 95.0%), while 24% of the portfolio was 4- or 5-rated (a slight improvement from 25%).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/coursera-inc-initiation-of-coverage-what-makes-this-ed-tech-giant-tick-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Coursera Inc.: Initiation Of Coverage - What Makes This Ed-Tech Giant Tick? - Major Drivers </a></h3><p></p><ul>
<li>This is our first report on ed-tech major, Coursera.</li>
<li>The company had a successful fourth quarter, marking a strong close to the year.</li>
<li>The company welcomed 24 million new learners in this period, bringing their base to more than 140 million and seeing an increase in annual revenue of 21% over the previous year.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/c3-ai-ai-expansion-of-the-generative-ai-market-3-other-fundamental-aspects-fueling-its-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. C3.ai (AI):- Expansion Of The Generative AI Market & 3 Other Fundamental Aspects Fueling Its Growth! </a></h3><p></p><ul>
<li>This is our first report on AI software platform company, C3 AI. The company has demonstrated positive performance in their third-quarter fiscal 2024 results with a total revenue of $78.4 million, marking an 18% YoY growth and surpassing their guidance range.</li>
<li>The total number of customer engagements has also seen an increase of 80% compared to the previous year.</li>
<li>The company reported a non-GAAP gross profit of $54.7 million with a gross margin standing at 70%.</li>
</ul>2024-03-18T12:30:31+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TBBK@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "LFT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "COUR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "AI@US"}, {"term": "TBBK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LFT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "COUR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/1944d064-bb0e-32ca-a444-36270fe0de0aBrief USA: Kulicke and Soffa Industries: A Story Of Continued Leadership in Core Markets and more2024-03-28T22:17:23.688941+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/kulicke-and-soffa-industries-a-story-of-continued-leadership-in-core-markets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Kulicke and Soffa Industries: A Story Of Continued Leadership in Core Markets</a></li><li><a href="https://www.smartkarma.com/insights/cencora-inc-these-are-the-3-biggest-challenges-in-its-path-for-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Cencora Inc.: These Are The 3 Biggest Challenges In Its Path For Growth! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-91-no-more-recessions-ever?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Steno Signals #91 – No more recessions ever!?</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-markets-sniffing-out-the-chinese-resurgence-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Portfolio Watch: Markets sniffing out the Chinese resurgence case</a></li><li><a href="https://www.smartkarma.com/insights/the-stealth-breakout-you-may-have-missed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Stealth Breakout You May Have Missed</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/kulicke-and-soffa-industries-a-story-of-continued-leadership-in-core-markets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Kulicke and Soffa Industries: A Story Of Continued Leadership in Core Markets </a></h3><p></p><ul>
<li>This is our first report on capital equipment manufacturer, Kulicke and Soffa Industries Inc.</li>
<li>The company delivered their Q1 2024 earnings recently, announcing an impressive revenue of $171.2 million for the December quarter.</li>
<li>However, not all news from the call was as positive because GAAP net income stood at only $9.3 million, alongside non-GAAP earnings per share at $0.3. However, this was still slightly higher than the guidance midpoint.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/cencora-inc-these-are-the-3-biggest-challenges-in-its-path-for-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Cencora Inc.: These Are The 3 Biggest Challenges In Its Path For Growth! - Key Drivers </a></h3><p></p><ul>
<li>Cencora announced during its First Quarter 2024 Earnings, a year-over-year increase in revenue of 15% to over $72 billion, with adjusted earnings per share also increasing year-over-year by 21%.</li>
<li>Recognizing the strong first quarter performance, the company has raised its full-year guidance for fiscal 2024.</li>
<li>The company's performance was fueled by the execution of commercial partnerships and strategic positioning, with teams prioritizing customer-centricity and enhancing service provision.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/steno-signals-91-no-more-recessions-ever?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Steno Signals #91 – No more recessions ever!? </a></h3><p></p><ul><li>Happy Sunday from Sunny Copenhagen and welcome to our flagship editorial! Is the business cycle dead?</li><li>It is a fair question to ask after what seems like years of recession chasing once again ending in tears for the macro bears.</li><li>This sublime graphic created by the great Lee Coppock is exceptionally telling.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/portfolio-watch-markets-sniffing-out-the-chinese-resurgence-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Portfolio Watch: Markets sniffing out the Chinese resurgence case </a></h3><p></p><ul><li>Macro Portfolio: Markets sniffing out the Chinese resurgence case. Our conviction in pro-cyclical trends have been confirmed in markets this week, and the case for a Chinese revitalisation is becoming increasingly stronger.</li><li>The continued surge in Copper this morning is noteworthy, particularly given the buildup of inventory by China in the past few months.</li><li>An increasing stockpile can be a positive indicator, especially if it results from a deliberate effort by China to restock in anticipation of an economic stimulus.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/the-stealth-breakout-you-may-have-missed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. The Stealth Breakout You May Have Missed </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/891/original/image_50981750021710623957500.png?1710623836"/> <ul>
<li>Gold prices have staged a convincing long-term upside breakout against a backdrop of skepticism, which is contrarian bullish.</li>
<li>Point and figure charts indicate a measured objective of 2576 over a probable 6–18-month time horizon and a measured objective of 3372 over a probable 3–5-year time frame.</li>
<li>Gold mining stocks are cheap relative to gold and could offer even more upside potential on an intermediate- and long-term basis.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/kulicke-and-soffa-industries-a-story-of-continued-leadership-in-core-markets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Kulicke and Soffa Industries: A Story Of Continued Leadership in Core Markets</a></li><li><a href="https://www.smartkarma.com/insights/cencora-inc-these-are-the-3-biggest-challenges-in-its-path-for-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Cencora Inc.: These Are The 3 Biggest Challenges In Its Path For Growth! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-91-no-more-recessions-ever?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Steno Signals #91 – No more recessions ever!?</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-markets-sniffing-out-the-chinese-resurgence-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Portfolio Watch: Markets sniffing out the Chinese resurgence case</a></li><li><a href="https://www.smartkarma.com/insights/the-stealth-breakout-you-may-have-missed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Stealth Breakout You May Have Missed</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/kulicke-and-soffa-industries-a-story-of-continued-leadership-in-core-markets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Kulicke and Soffa Industries: A Story Of Continued Leadership in Core Markets </a></h3><p></p><ul>
<li>This is our first report on capital equipment manufacturer, Kulicke and Soffa Industries Inc.</li>
<li>The company delivered their Q1 2024 earnings recently, announcing an impressive revenue of $171.2 million for the December quarter.</li>
<li>However, not all news from the call was as positive because GAAP net income stood at only $9.3 million, alongside non-GAAP earnings per share at $0.3. However, this was still slightly higher than the guidance midpoint.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/cencora-inc-these-are-the-3-biggest-challenges-in-its-path-for-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Cencora Inc.: These Are The 3 Biggest Challenges In Its Path For Growth! - Key Drivers </a></h3><p></p><ul>
<li>Cencora announced during its First Quarter 2024 Earnings, a year-over-year increase in revenue of 15% to over $72 billion, with adjusted earnings per share also increasing year-over-year by 21%.</li>
<li>Recognizing the strong first quarter performance, the company has raised its full-year guidance for fiscal 2024.</li>
<li>The company's performance was fueled by the execution of commercial partnerships and strategic positioning, with teams prioritizing customer-centricity and enhancing service provision.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/steno-signals-91-no-more-recessions-ever?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Steno Signals #91 – No more recessions ever!? </a></h3><p></p><ul><li>Happy Sunday from Sunny Copenhagen and welcome to our flagship editorial! Is the business cycle dead?</li><li>It is a fair question to ask after what seems like years of recession chasing once again ending in tears for the macro bears.</li><li>This sublime graphic created by the great Lee Coppock is exceptionally telling.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/portfolio-watch-markets-sniffing-out-the-chinese-resurgence-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Portfolio Watch: Markets sniffing out the Chinese resurgence case </a></h3><p></p><ul><li>Macro Portfolio: Markets sniffing out the Chinese resurgence case. Our conviction in pro-cyclical trends have been confirmed in markets this week, and the case for a Chinese revitalisation is becoming increasingly stronger.</li><li>The continued surge in Copper this morning is noteworthy, particularly given the buildup of inventory by China in the past few months.</li><li>An increasing stockpile can be a positive indicator, especially if it results from a deliberate effort by China to restock in anticipation of an economic stimulus.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/the-stealth-breakout-you-may-have-missed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. The Stealth Breakout You May Have Missed </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/891/original/image_50981750021710623957500.png?1710623836"/> <ul>
<li>Gold prices have staged a convincing long-term upside breakout against a backdrop of skepticism, which is contrarian bullish.</li>
<li>Point and figure charts indicate a measured objective of 2576 over a probable 6–18-month time horizon and a measured objective of 3372 over a probable 3–5-year time frame.</li>
<li>Gold mining stocks are cheap relative to gold and could offer even more upside potential on an intermediate- and long-term basis.</li>
</ul>2024-03-18T11:00:59+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "KLIC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "@COR@US"}, {"term": "Macroeconomics"}, {"term": "UNITED KINGDOM"}, {"term": "JAPAN"}, {"term": "GERMANY"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "CL1@COM@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "COPPER@COMDTY"}, {"term": "GT10@GOVT"}, {"term": "USD@CURNCY"}, {"term": "Macroeconomics"}, {"term": "KOREA"}, {"term": "CHINA"}, {"term": "JAPAN"}, {"term": "SWITZERLAND"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "XETUSD@CURNCY"}, {"term": "XBTUSD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "USDSEK@CURNCY"}, {"term": "CL1@COM@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "COPPER@COMDTY"}, {"term": "USDCNY@CURNCY"}, {"term": "Technical Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLD@US"}, {"term": "GDX@US"}, {"term": "KLIC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "@COR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USDCNY@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GDX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/4e5409b5-693d-3f2d-b1c1-a00d22e04521Brief USA: A Reply to Grantham's AI Warning and more2024-03-28T22:17:23.678510+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/a-reply-to-grantham-s-ai-warning?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">A Reply to Grantham's AI Warning</a></li><li><a href="https://www.smartkarma.com/insights/future-fuel-forward?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Future Fuel Forward</a></li><li><a href="https://www.smartkarma.com/insights/hershey-co-hsy-sunday-dec-17-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hershey Co (HSY) - Sunday, Dec 17, 2023</a></li><li><a href="https://www.smartkarma.com/insights/the-week-ahead-18-22-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The week ahead: 18 – 22 March 2024</a></li><li><a href="https://www.smartkarma.com/insights/nokia-optical-steps-into-the-spotlight-teeing-up-ofc-tradeshow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Nokia Optical Steps Into the Spotlight — Teeing up OFC Tradeshow</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/a-reply-to-grantham-s-ai-warning?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. A Reply to Grantham's AI Warning </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/904/original/image_735911005101710624468066.png?1710624347"/> <ul>
<li>Well-Known value investor Jeremy Grantham recently sounded warnings about an AI bubble.</li>
<li>While we respect Grantham’s views, he suffers from the value investor problem of being too early and overly reliant on valuation for his views.</li>
<li>The market is starting to blow a bubble in AI-related plays, but we think it’s far too early to declare that a top is near.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/future-fuel-forward?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Future Fuel Forward </a></h3><p></p><ul><li>SPAC Activity returned to full pace in the past week, with several deals being announced, including with a Sustainable Fuels Maker and a Gold Producer from South Africa.</li><li>Also, Trump tried to sell his stake in his social media company to Elon Musk as his SPAC deal stalled, and Fisker could be the latest EV De-SPAC to run out of cash. Read on to find out the latest about all things SPACs. </li><li><p>Sustainable Aviation Fuel (SAF) and clean biofuels producer XCF Global Capital is merging with SPAC BH3 Acquisition, in a deal valuing the combined company at $1.84 billion. </p></li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/hershey-co-hsy-sunday-dec-17-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Hershey Co (HSY) - Sunday, Dec 17, 2023 </a></h3><p></p><ul><li>Hershey stock trading at 52-week low, making it attractive investment opportunity</li><li>Drop in 10-year treasury yield making dividend-paying companies like Hershey more appealing to investors</li><li>Challenges from new weight loss drugs affecting consumer appetite, but temporary dip creating discounted buying opportunity for strong brand</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-week-ahead-18-22-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The week ahead: 18 – 22 March 2024 </a></h3><p></p><div data-component-type="container"><ul><li>The composite PMI is expected to have increased in March, with the biggest part of the rise probably due to a jump in the manufacturing PMI.</li><li>The manufacturing PMI still was well below the 50 boom-bust mark in February, but its forward looking new orders component rose markedly during the past four months, indicating that output is bottoming out after it has contracted sharply throughout 2023.</li><li>The services PMI is expected to be more stable at a level just above 50.</li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nokia-optical-steps-into-the-spotlight-teeing-up-ofc-tradeshow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Nokia Optical Steps Into the Spotlight — Teeing up OFC Tradeshow </a></h3><p></p><ul><li>We maintain an Outperform rating on Nokia following a group call between investors and James Watt, VP and GM for the Optical Networks Division.</li><li>Nokia has demonstrated its recommitment to its optical business, and has refreshed its key technology.</li><li>Low-to-mid-single-digit sales growth seems achievable near term for the unit (~9% of sales), assuming a 2% Optical Transport TAM CAGR over 2022-2025, with upside to Nokia from Huawei swaps.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/a-reply-to-grantham-s-ai-warning?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">A Reply to Grantham's AI Warning</a></li><li><a href="https://www.smartkarma.com/insights/future-fuel-forward?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Future Fuel Forward</a></li><li><a href="https://www.smartkarma.com/insights/hershey-co-hsy-sunday-dec-17-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hershey Co (HSY) - Sunday, Dec 17, 2023</a></li><li><a href="https://www.smartkarma.com/insights/the-week-ahead-18-22-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The week ahead: 18 – 22 March 2024</a></li><li><a href="https://www.smartkarma.com/insights/nokia-optical-steps-into-the-spotlight-teeing-up-ofc-tradeshow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Nokia Optical Steps Into the Spotlight — Teeing up OFC Tradeshow</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/a-reply-to-grantham-s-ai-warning?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. A Reply to Grantham's AI Warning </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/904/original/image_735911005101710624468066.png?1710624347"/> <ul>
<li>Well-Known value investor Jeremy Grantham recently sounded warnings about an AI bubble.</li>
<li>While we respect Grantham’s views, he suffers from the value investor problem of being too early and overly reliant on valuation for his views.</li>
<li>The market is starting to blow a bubble in AI-related plays, but we think it’s far too early to declare that a top is near.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/future-fuel-forward?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Future Fuel Forward </a></h3><p></p><ul><li>SPAC Activity returned to full pace in the past week, with several deals being announced, including with a Sustainable Fuels Maker and a Gold Producer from South Africa.</li><li>Also, Trump tried to sell his stake in his social media company to Elon Musk as his SPAC deal stalled, and Fisker could be the latest EV De-SPAC to run out of cash. Read on to find out the latest about all things SPACs. </li><li><p>Sustainable Aviation Fuel (SAF) and clean biofuels producer XCF Global Capital is merging with SPAC BH3 Acquisition, in a deal valuing the combined company at $1.84 billion. </p></li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/hershey-co-hsy-sunday-dec-17-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Hershey Co (HSY) - Sunday, Dec 17, 2023 </a></h3><p></p><ul><li>Hershey stock trading at 52-week low, making it attractive investment opportunity</li><li>Drop in 10-year treasury yield making dividend-paying companies like Hershey more appealing to investors</li><li>Challenges from new weight loss drugs affecting consumer appetite, but temporary dip creating discounted buying opportunity for strong brand</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-week-ahead-18-22-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The week ahead: 18 – 22 March 2024 </a></h3><p></p><div data-component-type="container"><ul><li>The composite PMI is expected to have increased in March, with the biggest part of the rise probably due to a jump in the manufacturing PMI.</li><li>The manufacturing PMI still was well below the 50 boom-bust mark in February, but its forward looking new orders component rose markedly during the past four months, indicating that output is bottoming out after it has contracted sharply throughout 2023.</li><li>The services PMI is expected to be more stable at a level just above 50.</li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nokia-optical-steps-into-the-spotlight-teeing-up-ofc-tradeshow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Nokia Optical Steps Into the Spotlight — Teeing up OFC Tradeshow </a></h3><p></p><ul><li>We maintain an Outperform rating on Nokia following a group call between investors and James Watt, VP and GM for the Optical Networks Division.</li><li>Nokia has demonstrated its recommitment to its optical business, and has refreshed its key technology.</li><li>Low-to-mid-single-digit sales growth seems achievable near term for the unit (~9% of sales), assuming a 2% Optical Transport TAM CAGR over 2022-2025, with upside to Nokia from Huawei swaps.</li></ul>2024-03-18T07:00:04+08:00[{"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "BHAC@US"}, {"term": "DWAC@US"}, {"term": "BTTX@US"}, {"term": "FSR@US"}, {"term": "RRAC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "HSY@US"}, {"term": "Macroeconomics"}, {"term": "NETHERLANDS"}, {"term": "CHINA"}, {"term": "UNITED KINGDOM"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FINLAND"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "NOK@US"}, {"term": "RRAC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HSY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NOK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/05816ecf-f6c2-3190-bf2a-421c88e0e988Brief USA: Airlines - Airlines & AAM and more2024-03-28T22:17:23.671613+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/airlines-airlines-aam-step-by-step-day-by-day-weekly-trends-stat-u-s-feb-inbound-outbound-travel-trends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Airlines - Airlines & AAM</a></li><li><a href="https://www.smartkarma.com/insights/ziff-davis-inc-initiation-of-coverage-huge-potential-for-incremental-licensing-revenue-through-ai-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ziff Davis Inc.: Initiation Of Coverage - Huge Potential for Incremental Licensing Revenue Through AI! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/vishay-intertechnology-inc-initiation-of-coverage-is-the-strategic-m-a-enough-to-broaden-portfolio-strengthen-its-position-in-crucial-markets-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Vishay Intertechnology Inc.: Initiation Of Coverage - Is The Strategic M&A Enough To Broaden Portfolio & Strengthen Its Position In Crucial Markets? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/alarm-com-holdings-inc-initiation-of-coverage-4-pivotal-factors-that-are-shaping-its-growth-journey-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Alarm.com Holdings Inc.: Initiation Of Coverage - 4 Pivotal Factors That Are Shaping Its Growth Journey! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/formfactor-inc-initiation-of-coverage-these-are-the-4-biggest-growth-catalysts-for-the-company-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FormFactor Inc.: Initiation Of Coverage - These Are The 4 Biggest Growth Catalysts For The Company! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/airlines-airlines-aam-step-by-step-day-by-day-weekly-trends-stat-u-s-feb-inbound-outbound-travel-trends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Airlines - Airlines & AAM </a></h3><p></p><ul><li>With this weekly report, we look to keep track of developing trends and company updates across our global coverage.Stat — U.S. February inbound-outbound travel trends:In thisweek’s Stat, we review travel to/from the U.S. (Tables 1-5).</li><li>The data seems to indicate strong U.S. outbound travel around holiday periods, with Inbound outpacing Outbound travel in Jan-2024 short-lived.Outbound outpaced Inbound again in Feb-2024, consistent with every month in 2023 andin contrast tothe trend inFeb-2019.</li><li>Specifically,Outboundstepped upto anew post-COVID peak of 126%of 2019 whileInboundrecovery has remained steady ~90-92%.Japan Outbound is very strong, consistent with trends over the LTM, with42% of total Outbound-Inbound in Feb-2024up meaningfully from the26% in Feb-2019but downs slightly from the47% in Feb-2023.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ziff-davis-inc-initiation-of-coverage-huge-potential-for-incremental-licensing-revenue-through-ai-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Ziff Davis Inc.: Initiation Of Coverage - Huge Potential for Incremental Licensing Revenue Through AI! - Major Drivers </a></h3><p></p><ul><li>This is our first report on internet information and services provider, Ziff Davis.</li><li>The company has projected an optimistic growth outlook for 2024 as it reported a solid fourth quarter performance for the fiscal year of 2023.</li><li>The company's CEO, Vivek Shah expressed his confidence over the company's business set up for notable growth in 2024 provided the depreciation 1.4% over the last two years.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/vishay-intertechnology-inc-initiation-of-coverage-is-the-strategic-m-a-enough-to-broaden-portfolio-strengthen-its-position-in-crucial-markets-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Vishay Intertechnology Inc.: Initiation Of Coverage - Is The Strategic M&A Enough To Broaden Portfolio & Strengthen Its Position In Crucial Markets? - Major Drivers </a></h3><p></p><ul><li>This is our first report on Vishay Intertechnology, a renowned manufacturer of semiconductors and electronic components.</li><li>In the last quarter, the company disclosed revenues of $785.2 million, within the guidance range of $770 million to $810 million.</li><li>Notably, the lower industry demand was led by higher levels of finished goods inventories.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/alarm-com-holdings-inc-initiation-of-coverage-4-pivotal-factors-that-are-shaping-its-growth-journey-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Alarm.com Holdings Inc.: Initiation Of Coverage - 4 Pivotal Factors That Are Shaping Its Growth Journey! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on cloud-based solutions provider, Alarm.com.</li><li>The company posted robust fourth quarter and full-year results for 2023 that surpassed expectations.</li><li>The company's software-as-a-service (SaaS) and license revenue reached $148.3 million in Q4, reflecting a 10.3% increase compared to the previous year.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/formfactor-inc-initiation-of-coverage-these-are-the-4-biggest-growth-catalysts-for-the-company-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. FormFactor Inc.: Initiation Of Coverage - These Are The 4 Biggest Growth Catalysts For The Company! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on FormFactor Inc., a leader in the semiconductor industry known for providing necessary equipment for the testing and measurement of chips before they hit the market.</li><li>The company recently reported their fourth quarter 2023 earnings.</li><li>FormFactor has achieved a consistent performance throughout the past year with CEO, Mike Slessor, confirming top-line results to be steady across the four quarters.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/airlines-airlines-aam-step-by-step-day-by-day-weekly-trends-stat-u-s-feb-inbound-outbound-travel-trends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Airlines - Airlines & AAM</a></li><li><a href="https://www.smartkarma.com/insights/ziff-davis-inc-initiation-of-coverage-huge-potential-for-incremental-licensing-revenue-through-ai-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ziff Davis Inc.: Initiation Of Coverage - Huge Potential for Incremental Licensing Revenue Through AI! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/vishay-intertechnology-inc-initiation-of-coverage-is-the-strategic-m-a-enough-to-broaden-portfolio-strengthen-its-position-in-crucial-markets-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Vishay Intertechnology Inc.: Initiation Of Coverage - Is The Strategic M&A Enough To Broaden Portfolio & Strengthen Its Position In Crucial Markets? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/alarm-com-holdings-inc-initiation-of-coverage-4-pivotal-factors-that-are-shaping-its-growth-journey-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Alarm.com Holdings Inc.: Initiation Of Coverage - 4 Pivotal Factors That Are Shaping Its Growth Journey! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/formfactor-inc-initiation-of-coverage-these-are-the-4-biggest-growth-catalysts-for-the-company-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FormFactor Inc.: Initiation Of Coverage - These Are The 4 Biggest Growth Catalysts For The Company! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/airlines-airlines-aam-step-by-step-day-by-day-weekly-trends-stat-u-s-feb-inbound-outbound-travel-trends?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Airlines - Airlines & AAM </a></h3><p></p><ul><li>With this weekly report, we look to keep track of developing trends and company updates across our global coverage.Stat — U.S. February inbound-outbound travel trends:In thisweek’s Stat, we review travel to/from the U.S. (Tables 1-5).</li><li>The data seems to indicate strong U.S. outbound travel around holiday periods, with Inbound outpacing Outbound travel in Jan-2024 short-lived.Outbound outpaced Inbound again in Feb-2024, consistent with every month in 2023 andin contrast tothe trend inFeb-2019.</li><li>Specifically,Outboundstepped upto anew post-COVID peak of 126%of 2019 whileInboundrecovery has remained steady ~90-92%.Japan Outbound is very strong, consistent with trends over the LTM, with42% of total Outbound-Inbound in Feb-2024up meaningfully from the26% in Feb-2019but downs slightly from the47% in Feb-2023.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ziff-davis-inc-initiation-of-coverage-huge-potential-for-incremental-licensing-revenue-through-ai-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Ziff Davis Inc.: Initiation Of Coverage - Huge Potential for Incremental Licensing Revenue Through AI! - Major Drivers </a></h3><p></p><ul><li>This is our first report on internet information and services provider, Ziff Davis.</li><li>The company has projected an optimistic growth outlook for 2024 as it reported a solid fourth quarter performance for the fiscal year of 2023.</li><li>The company's CEO, Vivek Shah expressed his confidence over the company's business set up for notable growth in 2024 provided the depreciation 1.4% over the last two years.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/vishay-intertechnology-inc-initiation-of-coverage-is-the-strategic-m-a-enough-to-broaden-portfolio-strengthen-its-position-in-crucial-markets-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Vishay Intertechnology Inc.: Initiation Of Coverage - Is The Strategic M&A Enough To Broaden Portfolio & Strengthen Its Position In Crucial Markets? - Major Drivers </a></h3><p></p><ul><li>This is our first report on Vishay Intertechnology, a renowned manufacturer of semiconductors and electronic components.</li><li>In the last quarter, the company disclosed revenues of $785.2 million, within the guidance range of $770 million to $810 million.</li><li>Notably, the lower industry demand was led by higher levels of finished goods inventories.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/alarm-com-holdings-inc-initiation-of-coverage-4-pivotal-factors-that-are-shaping-its-growth-journey-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Alarm.com Holdings Inc.: Initiation Of Coverage - 4 Pivotal Factors That Are Shaping Its Growth Journey! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on cloud-based solutions provider, Alarm.com.</li><li>The company posted robust fourth quarter and full-year results for 2023 that surpassed expectations.</li><li>The company's software-as-a-service (SaaS) and license revenue reached $148.3 million in Q4, reflecting a 10.3% increase compared to the previous year.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/formfactor-inc-initiation-of-coverage-these-are-the-4-biggest-growth-catalysts-for-the-company-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. FormFactor Inc.: Initiation Of Coverage - These Are The 4 Biggest Growth Catalysts For The Company! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on FormFactor Inc., a leader in the semiconductor industry known for providing necessary equipment for the testing and measurement of chips before they hit the market.</li><li>The company recently reported their fourth quarter 2023 earnings.</li><li>FormFactor has achieved a consistent performance throughout the past year with CEO, Mike Slessor, confirming top-line results to be steady across the four quarters.</li></ul>2024-03-17T22:21:04+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SKYW@US"}, {"term": "AAL@US"}, {"term": "ULCC@US"}, {"term": "RYAAY@US"}, {"term": "LILM@US"}, {"term": "JOBY@US"}, {"term": "ALK@US"}, {"term": "ALGT@US"}, {"term": "ACHR@US"}, {"term": "AZUL@US"}, {"term": "LUV@US"}, {"term": "UAL@US"}, {"term": "DAL@US"}, {"term": "EVEX@US"}, {"term": "EVTL@US"}, {"term": "SAVE@US"}, {"term": "CPA@US"}, {"term": "JBLU@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ZD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "VSH@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ALRM@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "FORM@US"}, {"term": "JBLU@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ZD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VSH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALRM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FORM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/170a6289-311d-349a-9d51-67458acc2b0fBrief USA: Intapp Inc: Initiation Of Coverage - Can The Latest AI Company Acquisition Propel Them Into Another League? - Major Drivers and more2024-03-28T22:17:23.661560+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/intapp-inc-initiation-of-coverage-can-the-latest-ai-company-acquisition-propel-them-into-another-league-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Intapp Inc: Initiation Of Coverage - Can The Latest AI Company Acquisition Propel Them Into Another League? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/cable-one-inc-initiation-of-coverage-unveiling-the-4-major-forces-propelling-its-success-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Cable One Inc.: Initiation Of Coverage - Unveiling the 4 Major Forces Propelling Its Success! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/digitalocean-holdings-inc-initiation-of-coverage-are-its-solid-investments-in-r-d-gpu-capacity-enough-to-warrant-a-bullish-outlook-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">DigitalOcean Holdings Inc.: Initiation Of Coverage - Are Its Solid Investments In R&D & GPU Capacity Enough To Warrant A Bullish Outlook? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher</a></li><li><a href="https://www.smartkarma.com/insights/sanmina-corporation-initiation-of-coverage-these-are-the-4-biggest-factors-catalyzing-their-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Sanmina Corporation: Initiation Of Coverage - These Are The 4 Biggest Factors Catalyzing Their Growth! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/intapp-inc-initiation-of-coverage-can-the-latest-ai-company-acquisition-propel-them-into-another-league-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Intapp Inc: Initiation Of Coverage - Can The Latest AI Company Acquisition Propel Them Into Another League? - Major Drivers </a></h3><p></p><ul><li>This is our first report on cloud-based solutions provider, Intapp.</li><li>The company's fiscal second quarter 2024 financial results highlighted year-over-year increases in cloud ARR and SaaS and Support revenue, both of which went up 34% and 25%, respectively.</li><li>The cloud now represents 70% of their total ARR of $365 million with total revenue standing at $103.9 million, 23% up from the previous year.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/cable-one-inc-initiation-of-coverage-unveiling-the-4-major-forces-propelling-its-success-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Cable One Inc.: Initiation Of Coverage - Unveiling the 4 Major Forces Propelling Its Success! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on Cable One.</li><li>The balancing growth strategy of the company indicated the progress during the fourth quarter of 2023, as the company reported customer growth driven by improvement in new connects year-over-year and sustained low churn rates.</li><li>Focusing on specific new customer segments and adjusted market approach, the company has re-engineered its go-to-market approach to counter competition and expand network footprint.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/digitalocean-holdings-inc-initiation-of-coverage-are-its-solid-investments-in-r-d-gpu-capacity-enough-to-warrant-a-bullish-outlook-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. DigitalOcean Holdings Inc.: Initiation Of Coverage - Are Its Solid Investments In R&D & GPU Capacity Enough To Warrant A Bullish Outlook? - Major Drivers </a></h3><p></p><ul><li>This is our first report on cloud platform operator, DigitalOcean.</li><li>The company's Fourth Quarter and year-end 2023 results included a revenue of $181 million, an 11% increase YoY. The financial results reflected stable net dollar retention and effectiveness in their financial operations, with Chief Financial Officer Matt Steinfort elaborating on a bottoming trend in Q3 at 96% NDR (Net Dollar Retention).</li><li>This was a significant turnaround in a year where the platform faced a slowing revenue growth and persistent macroeconomic headwinds.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/979/original/image_52331875141710676400058.png?1710676399"/> <ul>
<li>The main driver of asset prices looks set to stall, albeit temporarily. Global Liquidity is at a new all-time peak, but it is flat-lining</li>
<li>Global Liquidity compromised by a stumbling US Fed as it copes with the errant RRP and TGA, and by an erratic People's Bank of China. Q2 could prove tricky</li>
<li>Look to diversify elsewhere. Commodity markets are on the move. But strong economies do not always have strong financial markets</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/sanmina-corporation-initiation-of-coverage-these-are-the-4-biggest-factors-catalyzing-their-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Sanmina Corporation: Initiation Of Coverage - These Are The 4 Biggest Factors Catalyzing Their Growth! - Financial Forecasts </a></h3><p></p><ul><li>Sanmina Corporation began fiscal year 2024 by meeting its outlook, demonstrating the firm's strong cost management and operational execution, key ingredients to its adaptability amidst dynamic market conditions.</li><li>However, the firm has had to navigate ongoing customer inventory adjustments and softer demand across the industry, which has led to a decline in revenue to $1.87 billion for the first quarter.</li><li>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.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/intapp-inc-initiation-of-coverage-can-the-latest-ai-company-acquisition-propel-them-into-another-league-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Intapp Inc: Initiation Of Coverage - Can The Latest AI Company Acquisition Propel Them Into Another League? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/cable-one-inc-initiation-of-coverage-unveiling-the-4-major-forces-propelling-its-success-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Cable One Inc.: Initiation Of Coverage - Unveiling the 4 Major Forces Propelling Its Success! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/digitalocean-holdings-inc-initiation-of-coverage-are-its-solid-investments-in-r-d-gpu-capacity-enough-to-warrant-a-bullish-outlook-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">DigitalOcean Holdings Inc.: Initiation Of Coverage - Are Its Solid Investments In R&D & GPU Capacity Enough To Warrant A Bullish Outlook? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher</a></li><li><a href="https://www.smartkarma.com/insights/sanmina-corporation-initiation-of-coverage-these-are-the-4-biggest-factors-catalyzing-their-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Sanmina Corporation: Initiation Of Coverage - These Are The 4 Biggest Factors Catalyzing Their Growth! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/intapp-inc-initiation-of-coverage-can-the-latest-ai-company-acquisition-propel-them-into-another-league-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Intapp Inc: Initiation Of Coverage - Can The Latest AI Company Acquisition Propel Them Into Another League? - Major Drivers </a></h3><p></p><ul><li>This is our first report on cloud-based solutions provider, Intapp.</li><li>The company's fiscal second quarter 2024 financial results highlighted year-over-year increases in cloud ARR and SaaS and Support revenue, both of which went up 34% and 25%, respectively.</li><li>The cloud now represents 70% of their total ARR of $365 million with total revenue standing at $103.9 million, 23% up from the previous year.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/cable-one-inc-initiation-of-coverage-unveiling-the-4-major-forces-propelling-its-success-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Cable One Inc.: Initiation Of Coverage - Unveiling the 4 Major Forces Propelling Its Success! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on Cable One.</li><li>The balancing growth strategy of the company indicated the progress during the fourth quarter of 2023, as the company reported customer growth driven by improvement in new connects year-over-year and sustained low churn rates.</li><li>Focusing on specific new customer segments and adjusted market approach, the company has re-engineered its go-to-market approach to counter competition and expand network footprint.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/digitalocean-holdings-inc-initiation-of-coverage-are-its-solid-investments-in-r-d-gpu-capacity-enough-to-warrant-a-bullish-outlook-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. DigitalOcean Holdings Inc.: Initiation Of Coverage - Are Its Solid Investments In R&D & GPU Capacity Enough To Warrant A Bullish Outlook? - Major Drivers </a></h3><p></p><ul><li>This is our first report on cloud platform operator, DigitalOcean.</li><li>The company's Fourth Quarter and year-end 2023 results included a revenue of $181 million, an 11% increase YoY. The financial results reflected stable net dollar retention and effectiveness in their financial operations, with Chief Financial Officer Matt Steinfort elaborating on a bottoming trend in Q3 at 96% NDR (Net Dollar Retention).</li><li>This was a significant turnaround in a year where the platform faced a slowing revenue growth and persistent macroeconomic headwinds.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/979/original/image_52331875141710676400058.png?1710676399"/> <ul>
<li>The main driver of asset prices looks set to stall, albeit temporarily. Global Liquidity is at a new all-time peak, but it is flat-lining</li>
<li>Global Liquidity compromised by a stumbling US Fed as it copes with the errant RRP and TGA, and by an erratic People's Bank of China. Q2 could prove tricky</li>
<li>Look to diversify elsewhere. Commodity markets are on the move. But strong economies do not always have strong financial markets</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/sanmina-corporation-initiation-of-coverage-these-are-the-4-biggest-factors-catalyzing-their-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Sanmina Corporation: Initiation Of Coverage - These Are The 4 Biggest Factors Catalyzing Their Growth! - Financial Forecasts </a></h3><p></p><ul><li>Sanmina Corporation began fiscal year 2024 by meeting its outlook, demonstrating the firm's strong cost management and operational execution, key ingredients to its adaptability amidst dynamic market conditions.</li><li>However, the firm has had to navigate ongoing customer inventory adjustments and softer demand across the industry, which has led to a decline in revenue to $1.87 billion for the first quarter.</li><li>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.</li></ul>2024-03-17T21:00:23+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "INTA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CABO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "DOCN@US"}, {"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "ARGENTINA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "PERU"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "TUNISIA"}, {"term": "BERMUDA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "MEXICO"}, {"term": "EGYPT"}, {"term": "CHILE"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "GBTC@US"}, {"term": "MXWO@LN"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "SANM@US"}, {"term": "INTA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CABO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DOCN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MXWO@LN", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SANM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/040f9228-14cc-3d64-a789-8b8171ad9812Brief USA: Viasat Inc.: Initiation Of Coverage - Potential for Non-Terrestrial Network (NTN) Direct-to-Device Service & 3 Major Drivers and more2024-03-28T22:17:23.655107+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/viasat-inc-initiation-of-coverage-potential-for-non-terrestrial-network-ntn-direct-to-device-service-3-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Viasat Inc.: Initiation Of Coverage - Potential for Non-Terrestrial Network (NTN) Direct-to-Device Service & 3 Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/credo-technology-group-initiation-of-coverage-how-are-they-adapting-to-the-artificial-intelligence-ai-triggered-market-shift-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Credo Technology Group: Initiation Of Coverage - How Are They Adapting To The Artificial Intelligence (AI)-Triggered Market Shift? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/belden-inc-initiation-of-coverage-these-are-the-3-biggest-challenges-in-its-path-for-success-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Belden Inc.: Initiation Of Coverage - These Are The 3 Biggest Challenges In Its Path For Success! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-the-end-of-goldilocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Weekly Market Monitor – The End of Goldilocks?</a></li><li><a href="https://www.smartkarma.com/insights/itron-inc-initiation-of-coverage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Itron Inc.: Initiation Of Coverage - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/viasat-inc-initiation-of-coverage-potential-for-non-terrestrial-network-ntn-direct-to-device-service-3-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Viasat Inc.: Initiation Of Coverage - Potential for Non-Terrestrial Network (NTN) Direct-to-Device Service & 3 Major Drivers </a></h3><p></p><ul><li>This is our first report on broadband and communications provider, Viasat Inc.</li><li>The company's financial results for Q3 FY24 in the conference call were highlighted by strong revenue and adjusted EBITDA growth.</li><li>The company reported a year-over-year revenue increase of 73%, reaching $1.1 billion.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/credo-technology-group-initiation-of-coverage-how-are-they-adapting-to-the-artificial-intelligence-ai-triggered-market-shift-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Credo Technology Group: Initiation Of Coverage - How Are They Adapting To The Artificial Intelligence (AI)-Triggered Market Shift? - Major Drivers </a></h3><p></p><ul><li>This is our first report on high-speed connectivity solutions provider, Credo.</li><li>The company reported Q3 FY24 earnings, with revenue at $53.1 million and non-GAAP gross margin at 62.2%.</li><li>Credo's results and future growth expectations are being fueled by the growing market for high-speed, energy-efficient connectivity solutions in data infrastructure.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/belden-inc-initiation-of-coverage-these-are-the-3-biggest-challenges-in-its-path-for-success-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Belden Inc.: Initiation Of Coverage - These Are The 3 Biggest Challenges In Its Path For Success! - Major Drivers </a></h3><p></p><ul><li>This is our first report on Belden, a networking, connectivity, and cable products player.</li><li>The company experienced high revenue and EPS in Q4 2023, both exceeding previous guidance.</li><li>The solutions transformation has been cited as driving incremental demand and margin expansion.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-the-end-of-goldilocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The Weekly Market Monitor – The End of Goldilocks? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/858/original/image?1710588192"/> <ul>
<li>US retail sales are off to a lousy start in 2024. Excess savings are gone, and the regular savings rate is low. The end of extraordinary US GDP growth?</li>
<li>The higher-than-expected producer price data robbed investors of the ‘Fed must cut rates soon’ narrative. Interestingly, the PPI suggests lower inflation from here.</li>
<li>Will the Bank of Japan finally remove its long-lasting negative interest rate policy? Wage growth says ‘yes.’</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/itron-inc-initiation-of-coverage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Itron Inc.: Initiation Of Coverage - Major Drivers </a></h3><p></p><ul><li>This is our first report on Itron Inc., a leading provider of end-to-end solutions that measure, manage and analyze energy and water use.</li><li>The company reported a strong performance for the fourth quarter of 2023 during its recent earnings conference call.</li><li>The company posted year-on-year revenue growth of 23% to $577 million, driven by robust customer demand and improved supply chain balance.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/viasat-inc-initiation-of-coverage-potential-for-non-terrestrial-network-ntn-direct-to-device-service-3-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Viasat Inc.: Initiation Of Coverage - Potential for Non-Terrestrial Network (NTN) Direct-to-Device Service & 3 Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/credo-technology-group-initiation-of-coverage-how-are-they-adapting-to-the-artificial-intelligence-ai-triggered-market-shift-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Credo Technology Group: Initiation Of Coverage - How Are They Adapting To The Artificial Intelligence (AI)-Triggered Market Shift? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/belden-inc-initiation-of-coverage-these-are-the-3-biggest-challenges-in-its-path-for-success-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Belden Inc.: Initiation Of Coverage - These Are The 3 Biggest Challenges In Its Path For Success! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-the-end-of-goldilocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Weekly Market Monitor – The End of Goldilocks?</a></li><li><a href="https://www.smartkarma.com/insights/itron-inc-initiation-of-coverage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Itron Inc.: Initiation Of Coverage - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/viasat-inc-initiation-of-coverage-potential-for-non-terrestrial-network-ntn-direct-to-device-service-3-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Viasat Inc.: Initiation Of Coverage - Potential for Non-Terrestrial Network (NTN) Direct-to-Device Service & 3 Major Drivers </a></h3><p></p><ul><li>This is our first report on broadband and communications provider, Viasat Inc.</li><li>The company's financial results for Q3 FY24 in the conference call were highlighted by strong revenue and adjusted EBITDA growth.</li><li>The company reported a year-over-year revenue increase of 73%, reaching $1.1 billion.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/credo-technology-group-initiation-of-coverage-how-are-they-adapting-to-the-artificial-intelligence-ai-triggered-market-shift-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Credo Technology Group: Initiation Of Coverage - How Are They Adapting To The Artificial Intelligence (AI)-Triggered Market Shift? - Major Drivers </a></h3><p></p><ul><li>This is our first report on high-speed connectivity solutions provider, Credo.</li><li>The company reported Q3 FY24 earnings, with revenue at $53.1 million and non-GAAP gross margin at 62.2%.</li><li>Credo's results and future growth expectations are being fueled by the growing market for high-speed, energy-efficient connectivity solutions in data infrastructure.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/belden-inc-initiation-of-coverage-these-are-the-3-biggest-challenges-in-its-path-for-success-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Belden Inc.: Initiation Of Coverage - These Are The 3 Biggest Challenges In Its Path For Success! - Major Drivers </a></h3><p></p><ul><li>This is our first report on Belden, a networking, connectivity, and cable products player.</li><li>The company experienced high revenue and EPS in Q4 2023, both exceeding previous guidance.</li><li>The solutions transformation has been cited as driving incremental demand and margin expansion.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-the-end-of-goldilocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The Weekly Market Monitor – The End of Goldilocks? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/858/original/image?1710588192"/> <ul>
<li>US retail sales are off to a lousy start in 2024. Excess savings are gone, and the regular savings rate is low. The end of extraordinary US GDP growth?</li>
<li>The higher-than-expected producer price data robbed investors of the ‘Fed must cut rates soon’ narrative. Interestingly, the PPI suggests lower inflation from here.</li>
<li>Will the Bank of Japan finally remove its long-lasting negative interest rate policy? Wage growth says ‘yes.’</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/itron-inc-initiation-of-coverage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Itron Inc.: Initiation Of Coverage - Major Drivers </a></h3><p></p><ul><li>This is our first report on Itron Inc., a leading provider of end-to-end solutions that measure, manage and analyze energy and water use.</li><li>The company reported a strong performance for the fourth quarter of 2023 during its recent earnings conference call.</li><li>The company posted year-on-year revenue growth of 23% to $577 million, driven by robust customer demand and improved supply chain balance.</li></ul>2024-03-17T20:00:17+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "VSAT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CRDO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BDC@US"}, {"term": "Cross Asset Strategy"}, {"term": "JAPAN"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ITRI@US"}, {"term": "VSAT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CRDO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BDC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ITRI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/f860188f-304e-3a08-b3ec-6c37a5820944Brief USA: Newmont Corporation: Will Its Balanced Capital Allocation Strategy Work? - Major Drivers and more2024-03-28T22:17:23.645590+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/newmont-corporation-will-its-balanced-capital-allocation-strategy-work-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Newmont Corporation: Will Its Balanced Capital Allocation Strategy Work? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/clear-secure-inc-initiation-of-coverage-4-major-growth-drivers-for-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Clear Secure Inc.: Initiation Of Coverage - 4 Major Growth Drivers For 2024 & Beyond! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/norfolk-southern-corporation-a-tale-of-expansion-investment-in-intermodal-operations-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Norfolk Southern Corporation: A Tale Of Expansion & Investment in Intermodal Operations! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/schlumberger-limited-advancements-in-new-energy-markets-5-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Schlumberger Limited: Advancements In New Energy Markets & 5 Other Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/oracle-corporation-will-the-expansion-in-application-subscription-revenues-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Oracle Corporation: Will The Expansion In Application Subscription Revenues Last? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/newmont-corporation-will-its-balanced-capital-allocation-strategy-work-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Newmont Corporation: Will Its Balanced Capital Allocation Strategy Work? - Major Drivers </a></h3><p></p><ul><li>Newmont Corporation recently released its fourth-quarter 2023 earnings and 2024 guidance.</li><li>Operationally, the company managed to produce 5.5 million ounces of gold at an all-in sustaining cost of $1,444 an ounce with additional production of nearly 900,000 gold equivalent ounces from copper, silver, lead, and zinc in 2023.</li><li>This performance delivered adjusted EBITDA of $4.2 billion and allowed the company to return more than $1.4 billion to shareholders, ending the year with liquidity of above $6 billion.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/clear-secure-inc-initiation-of-coverage-4-major-growth-drivers-for-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Clear Secure Inc.: Initiation Of Coverage - 4 Major Growth Drivers For 2024 & Beyond! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on CLEAR, an American technology company.</li><li>In its Q4 result, the management revealed significant achievements and areas for improvement.</li><li>Following the year 2023, the company's CEO, Caryn Seidman-Becker, highlights the surpass of 20 million registered members on their platform and reported revenue growth of 40%.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/norfolk-southern-corporation-a-tale-of-expansion-investment-in-intermodal-operations-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Norfolk Southern Corporation: A Tale Of Expansion & Investment in Intermodal Operations! - Major Drivers </a></h3><p></p><ul><li>Norfolk Southern Corporation reported mixed results for its Fourth Quarter 2023 Earnings.</li><li>The company experienced inconsistencies due to network disruptions and a persistently weak freight market, impacted further by a major train derailment in Eastern Ohio at the start of the year.</li><li>Despite these challenges, the company persevered, demonstrating resilience and commitment to both safety and service.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/schlumberger-limited-advancements-in-new-energy-markets-5-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Schlumberger Limited: Advancements In New Energy Markets & 5 Other Major Drivers </a></h3><p></p><ul><li>Schlumberger, the world’s largest oilfield services company, demonstrated its resilience and adaptability with strong financial results for the fourth quarter and full year 2023, despite the challenges posed by the energy market.</li><li>During the quarterly conference call that featured CEO Olivier Le Peuch and CFO Stephane Biguet, the company reported robust revenue growth, increased margins, and indications of a favorable outlook for 2024 and beyond.</li><li>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.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/oracle-corporation-will-the-expansion-in-application-subscription-revenues-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Oracle Corporation: Will The Expansion In Application Subscription Revenues Last? - Major Drivers </a></h3><p></p><ul><li>Oracle Corporation's Third Quarter Fiscal Year 2024 Earnings presented a mixed but predominantly positive picture.</li><li>Chief Executive Officer Safra Catz noted excellent overall quarterly performance, with quarterly revenue meeting expectations and earnings per share exceeding it by $0.02.</li><li>The company's infrastructure cloud business (OCI) was singled out for significant praise, as it has become the main factor accelerating the overall revenue growth rate, even outpacing their cloud competitors.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/newmont-corporation-will-its-balanced-capital-allocation-strategy-work-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Newmont Corporation: Will Its Balanced Capital Allocation Strategy Work? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/clear-secure-inc-initiation-of-coverage-4-major-growth-drivers-for-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Clear Secure Inc.: Initiation Of Coverage - 4 Major Growth Drivers For 2024 & Beyond! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/norfolk-southern-corporation-a-tale-of-expansion-investment-in-intermodal-operations-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Norfolk Southern Corporation: A Tale Of Expansion & Investment in Intermodal Operations! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/schlumberger-limited-advancements-in-new-energy-markets-5-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Schlumberger Limited: Advancements In New Energy Markets & 5 Other Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/oracle-corporation-will-the-expansion-in-application-subscription-revenues-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Oracle Corporation: Will The Expansion In Application Subscription Revenues Last? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/newmont-corporation-will-its-balanced-capital-allocation-strategy-work-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Newmont Corporation: Will Its Balanced Capital Allocation Strategy Work? - Major Drivers </a></h3><p></p><ul><li>Newmont Corporation recently released its fourth-quarter 2023 earnings and 2024 guidance.</li><li>Operationally, the company managed to produce 5.5 million ounces of gold at an all-in sustaining cost of $1,444 an ounce with additional production of nearly 900,000 gold equivalent ounces from copper, silver, lead, and zinc in 2023.</li><li>This performance delivered adjusted EBITDA of $4.2 billion and allowed the company to return more than $1.4 billion to shareholders, ending the year with liquidity of above $6 billion.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/clear-secure-inc-initiation-of-coverage-4-major-growth-drivers-for-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Clear Secure Inc.: Initiation Of Coverage - 4 Major Growth Drivers For 2024 & Beyond! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on CLEAR, an American technology company.</li><li>In its Q4 result, the management revealed significant achievements and areas for improvement.</li><li>Following the year 2023, the company's CEO, Caryn Seidman-Becker, highlights the surpass of 20 million registered members on their platform and reported revenue growth of 40%.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/norfolk-southern-corporation-a-tale-of-expansion-investment-in-intermodal-operations-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Norfolk Southern Corporation: A Tale Of Expansion & Investment in Intermodal Operations! - Major Drivers </a></h3><p></p><ul><li>Norfolk Southern Corporation reported mixed results for its Fourth Quarter 2023 Earnings.</li><li>The company experienced inconsistencies due to network disruptions and a persistently weak freight market, impacted further by a major train derailment in Eastern Ohio at the start of the year.</li><li>Despite these challenges, the company persevered, demonstrating resilience and commitment to both safety and service.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/schlumberger-limited-advancements-in-new-energy-markets-5-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Schlumberger Limited: Advancements In New Energy Markets & 5 Other Major Drivers </a></h3><p></p><ul><li>Schlumberger, the world’s largest oilfield services company, demonstrated its resilience and adaptability with strong financial results for the fourth quarter and full year 2023, despite the challenges posed by the energy market.</li><li>During the quarterly conference call that featured CEO Olivier Le Peuch and CFO Stephane Biguet, the company reported robust revenue growth, increased margins, and indications of a favorable outlook for 2024 and beyond.</li><li>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.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/oracle-corporation-will-the-expansion-in-application-subscription-revenues-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Oracle Corporation: Will The Expansion In Application Subscription Revenues Last? - Major Drivers </a></h3><p></p><ul><li>Oracle Corporation's Third Quarter Fiscal Year 2024 Earnings presented a mixed but predominantly positive picture.</li><li>Chief Executive Officer Safra Catz noted excellent overall quarterly performance, with quarterly revenue meeting expectations and earnings per share exceeding it by $0.02.</li><li>The company's infrastructure cloud business (OCI) was singled out for significant praise, as it has become the main factor accelerating the overall revenue growth rate, even outpacing their cloud competitors.</li></ul>2024-03-16T04:00:16+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "NEM@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "YOU@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "NSC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "SLB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ORCL@US"}, {"term": "NEM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "YOU@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NSC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SLB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ORCL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/9892f742-0e82-39a1-98a1-3e0583a19d25Brief USA: Peloton Interactive: What Is The Impact Of The Recent TikTok & Lululemon Partnerships - Major Drivers and more2024-03-28T22:17:23.639200+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/peloton-interactive-what-is-the-impact-of-the-recent-tiktok-lululemon-partnerships-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Peloton Interactive: What Is The Impact Of The Recent TikTok & Lululemon Partnerships - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/tlne-the-tale-of-the-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">TLNE: The Tale of the Quarter</a></li><li><a href="https://www.smartkarma.com/insights/4q23-earnings-miss-but-strong-revenue-result-and-solid-aum-aua-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Earnings Miss, but Strong Revenue Result and Solid AUM/AUA Growth</a></li><li><a href="https://www.smartkarma.com/insights/carvana-co-cvna-friday-dec-15-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Carvana Co (CVNA) - Friday, Dec 15, 2023</a></li><li><a href="https://www.smartkarma.com/insights/allegion-plc-alle-friday-dec-15-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Allegion Plc (ALLE) - Friday, Dec 15, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/peloton-interactive-what-is-the-impact-of-the-recent-tiktok-lululemon-partnerships-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Peloton Interactive: What Is The Impact Of The Recent TikTok & Lululemon Partnerships - Major Drivers </a></h3><p></p><ul><li>Peloton Interactive, Inc., the manufacturer and seller of indoor exercise bicycles and treadmills, released its Q2 2024 result addressing several impactful issues regarding market penetration and sustainability.</li><li>During the earnings, several overarching themes were pointed out, such as Tread and Tread+ growth, the strengthening of the all-important second leg to support growth, and the area's substantial rise in renewal growth.</li><li>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.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/tlne-the-tale-of-the-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. TLNE: The Tale of the Quarter </a></h3><p></p><ul>
<li>TLNE reported fourth quarter results impacted by two unplanned maintenance issues and yet managed to report operating income and adjusted EBITDA for the period.</li>
<li>TLNE reported revenue of $527 million in the quarter compared to our forecast of $507 million. Energy related revenue dropped in the quarter due to two maintenance issues and seasonality.</li>
<li>TLNE’s stock has started to inch closer to our original target of $96, but we believe there is upside from there if TLNE is valued closer to other nuclear peers.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q23-earnings-miss-but-strong-revenue-result-and-solid-aum-aua-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q23 Earnings Miss, but Strong Revenue Result and Solid AUM/AUA Growth </a></h3><p></p><ul><li>Adjusted net earnings of $(5.5)M vs. RJ estimated $4.2M; miss vs. our model largely on operating expenses of $(107)M vs. RJ estimated $(71.2)M. ALTI cites operating expenses (ex. notables and professional fees) of $(82)M, above our estimate due to higher incentive compensation costs driven by strong performance in ALTI’s merger arbitrage fund.</li><li>Total revenue of $92M, up 86% q/q on strong incentive fees.</li><li>Adjusted EBITDA of $9.7M vs. $(3)M q/q.Stock Call: Perform in-line with peers on March 18 given adjusted net loss, offset by strong growth in AUM/AUA and revenue.Consolidated AUM/AUA of $71.4B vs. RJ estimated $69.8B, and up 5% vs. $68.2B q/q, driven largely by market performance.Wealth Management adjusted EBITDA of $(6.6)M, down vs. $2.7M q/q driven by higher incentive compensation costs.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/carvana-co-cvna-friday-dec-15-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Carvana Co (CVNA) - Friday, Dec 15, 2023 </a></h3><p></p><ul><li>Carvana has seen a big increase in its stock price despite concerns over bankruptcy that did not come to fruition</li><li>The company has advantages in unit economics and is well-positioned to gain market share in the auto retail industry</li><li>Carvana offers competitive pricing, quality, convenience, and selection, making it an attractive option for customers and investors alike</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/allegion-plc-alle-friday-dec-15-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Allegion Plc (ALLE) - Friday, Dec 15, 2023 </a></h3><p></p><ul><li>VIC pitch remains relevant as Allegion is undervalued compared to historical P/E ratio</li><li>Majority of sales from resilient aftermarket and institutional sectors make Allegion's business more stable than perceived</li><li>Strong presence in North America provides solid revenue base with high margins, presenting a strong investment opportunity for long-term growth and value appreciation</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/peloton-interactive-what-is-the-impact-of-the-recent-tiktok-lululemon-partnerships-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Peloton Interactive: What Is The Impact Of The Recent TikTok & Lululemon Partnerships - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/tlne-the-tale-of-the-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">TLNE: The Tale of the Quarter</a></li><li><a href="https://www.smartkarma.com/insights/4q23-earnings-miss-but-strong-revenue-result-and-solid-aum-aua-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Earnings Miss, but Strong Revenue Result and Solid AUM/AUA Growth</a></li><li><a href="https://www.smartkarma.com/insights/carvana-co-cvna-friday-dec-15-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Carvana Co (CVNA) - Friday, Dec 15, 2023</a></li><li><a href="https://www.smartkarma.com/insights/allegion-plc-alle-friday-dec-15-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Allegion Plc (ALLE) - Friday, Dec 15, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/peloton-interactive-what-is-the-impact-of-the-recent-tiktok-lululemon-partnerships-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Peloton Interactive: What Is The Impact Of The Recent TikTok & Lululemon Partnerships - Major Drivers </a></h3><p></p><ul><li>Peloton Interactive, Inc., the manufacturer and seller of indoor exercise bicycles and treadmills, released its Q2 2024 result addressing several impactful issues regarding market penetration and sustainability.</li><li>During the earnings, several overarching themes were pointed out, such as Tread and Tread+ growth, the strengthening of the all-important second leg to support growth, and the area's substantial rise in renewal growth.</li><li>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.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/tlne-the-tale-of-the-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. TLNE: The Tale of the Quarter </a></h3><p></p><ul>
<li>TLNE reported fourth quarter results impacted by two unplanned maintenance issues and yet managed to report operating income and adjusted EBITDA for the period.</li>
<li>TLNE reported revenue of $527 million in the quarter compared to our forecast of $507 million. Energy related revenue dropped in the quarter due to two maintenance issues and seasonality.</li>
<li>TLNE’s stock has started to inch closer to our original target of $96, but we believe there is upside from there if TLNE is valued closer to other nuclear peers.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q23-earnings-miss-but-strong-revenue-result-and-solid-aum-aua-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q23 Earnings Miss, but Strong Revenue Result and Solid AUM/AUA Growth </a></h3><p></p><ul><li>Adjusted net earnings of $(5.5)M vs. RJ estimated $4.2M; miss vs. our model largely on operating expenses of $(107)M vs. RJ estimated $(71.2)M. ALTI cites operating expenses (ex. notables and professional fees) of $(82)M, above our estimate due to higher incentive compensation costs driven by strong performance in ALTI’s merger arbitrage fund.</li><li>Total revenue of $92M, up 86% q/q on strong incentive fees.</li><li>Adjusted EBITDA of $9.7M vs. $(3)M q/q.Stock Call: Perform in-line with peers on March 18 given adjusted net loss, offset by strong growth in AUM/AUA and revenue.Consolidated AUM/AUA of $71.4B vs. RJ estimated $69.8B, and up 5% vs. $68.2B q/q, driven largely by market performance.Wealth Management adjusted EBITDA of $(6.6)M, down vs. $2.7M q/q driven by higher incentive compensation costs.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/carvana-co-cvna-friday-dec-15-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Carvana Co (CVNA) - Friday, Dec 15, 2023 </a></h3><p></p><ul><li>Carvana has seen a big increase in its stock price despite concerns over bankruptcy that did not come to fruition</li><li>The company has advantages in unit economics and is well-positioned to gain market share in the auto retail industry</li><li>Carvana offers competitive pricing, quality, convenience, and selection, making it an attractive option for customers and investors alike</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/allegion-plc-alle-friday-dec-15-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Allegion Plc (ALLE) - Friday, Dec 15, 2023 </a></h3><p></p><ul><li>VIC pitch remains relevant as Allegion is undervalued compared to historical P/E ratio</li><li>Majority of sales from resilient aftermarket and institutional sectors make Allegion's business more stable than perceived</li><li>Strong presence in North America provides solid revenue base with high margins, presenting a strong investment opportunity for long-term growth and value appreciation</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>2024-03-16T03:00:12+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "WDC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "UTILITIES"}, {"term": "VALUE"}, {"term": "NORTH AMERICA"}, {"term": "TLNE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ALTI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "CVNA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "ALLE@US"}, {"term": "WDC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TLNE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALTI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CVNA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALLE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/9ab118e0-ea53-3b83-b173-f105dec3ba0dBrief USA: Intuitive Surgical (ISRG US): Fifth-Generation Device Approval Adds to Secular Growth Story and more2024-03-28T22:17:23.628638+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/intuitive-surgical-isrg-us-fifth-generation-device-approval-adds-to-secular-growth-story?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Intuitive Surgical (ISRG US): Fifth-Generation Device Approval Adds to Secular Growth Story</a></li><li><a href="https://www.smartkarma.com/insights/chart-of-the-week-fed-s-nightmare-stop-and-go-tightening?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Chart of the Week - Fed’s Nightmare: Stop-And-Go Tightening</a></li><li><a href="https://www.smartkarma.com/insights/model-update-for-10-k-and-breyanzi-cll-sll-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update for 10-K and Breyanzi CLL/SLL Approval</a></li><li><a href="https://www.smartkarma.com/insights/first-look-at-february-2024-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Look at February 2024 Results</a></li><li><a href="https://www.smartkarma.com/insights/consumer-staples-overall-convenience-stores-fuel-margin-volume-update-fuel-margins-were-a-mixed-bag-during-early-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Consumer Staples - Overall - Convenience Stores</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/intuitive-surgical-isrg-us-fifth-generation-device-approval-adds-to-secular-growth-story?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Intuitive Surgical (ISRG US): Fifth-Generation Device Approval Adds to Secular Growth Story </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/636/original/Pic%201.png?1710513246"/> <ul>
<li>On March 14, <a data-smartkarma-citation="entities:15853:1" href="https://www.smartkarma.com/entities/intuitive-surgical-inc" rel="noopener" target="_blank">Intuitive Surgical (ISRG US)</a> received FDA approval for its fifth-generation multiport robotic system, da Vinci 5. The device will deliver meaningful improvements in surgery.</li>
<li>The company reported strong 4Q23 result, with revenue and EPS beating consensus. 2023 procedure growth of 22% matched the higher end of the company’s guidance range of 21–22%. </li>
<li>Management has guided for a worldwide da Vinci procedure volume growth of 13–16% YoY in 2024. In the medium-term, ISRG aims to improve gross margin to above 70% level.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/chart-of-the-week-fed-s-nightmare-stop-and-go-tightening?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Chart of the Week - Fed’s Nightmare: Stop-And-Go Tightening </a></h3><p></p><ul><li>Despite 525bp of rate hikes, a hard landing for the US economy seems to have been avoided in favor of moderate softening in activity, with inflation slowly moving towards the Fed's 2% target.</li><li>In such a situation, the dilemma for the Fed is to identify the right time to cut rates.</li><li>Wait too long and the economy might fall into a recession; act too soon and inflation might reaccelerate. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/model-update-for-10-k-and-breyanzi-cll-sll-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Model Update for 10-K and Breyanzi CLL/SLL Approval </a></h3><p></p><ul><li>Thursday evening, Bristol Myers Squibb announced (link) that Breyzani (label) was approved for the treatment of 3L+ chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL), based on results from the Phase 1/2 TRANSCEND CLL 004 study.</li><li>While the study did include patients without prior venetoclax, the approved indication is for patients after exposure to both BTK inhibitor and BCL-2 inhibitor (~60% of the study population).</li><li>The approved dose is 90-110 x 106 CAR+ viable T cells, which is concordant with the effective dose level from TRANSCEND (DL2, 100 x 106 cells) and consistent with the indicated dose in 2L DLBCL. Within TRANSCEND CLL 004 the CR/CRi rate was 18%, the mPFS in the BTKi progression/venetoclax failure subset at DL2 was 11.9 months (18 months for the full DL2 population), and mOS was 30.3 months vs 24.2 for the full DL2 population.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/first-look-at-february-2024-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. First Look at February 2024 Results </a></h3><p></p><ul><li>The Progressive Corp.</li><li>(PGR) reported operating EPS of $1.13 in February 2024 compared with our estimate of $0.72 and $0.43 in January 2024.PGR reported February 2024 results above our estimate, reflecting in part a better-than-expected UCR (84.6% vs. RJE: 90.5%) partially offset by adverse PYD. The company reported $57.5M of adverse PYD or 1.1 pts on the combined ratio compared with our estimate of 0.8 pts.</li><li>We expect the company’s pivot to a Gregorian calendar could continue to make NWP y/y comparisons more difficult.Total Personal Auto PIF count increased 7% y/y (RJE: ~7%) reflecting 5% growth in personal lines agency (RJE: 5%) and 7% in personal lines direct (RJE: 7%).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/consumer-staples-overall-convenience-stores-fuel-margin-volume-update-fuel-margins-were-a-mixed-bag-during-early-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Consumer Staples - Overall - Convenience Stores </a></h3><p></p><ul><li>Fuel Margin UpdateNational U.S. fuel margins were ~$0.31 over the first two weeks of March, versus $0.33 in February and $0.37 in January.</li><li>1Q24 to-date national fuel margins are trending at $0.34, up 4% y/y, but still down from the $0.39 2023 average national fuel margin.</li><li>Importantly, while the first week of March represented the 52-week low in national fuel margins, this past week fuel margins rebounded nicely back to quarter to date averages (up 33% versus the prior week).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/intuitive-surgical-isrg-us-fifth-generation-device-approval-adds-to-secular-growth-story?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Intuitive Surgical (ISRG US): Fifth-Generation Device Approval Adds to Secular Growth Story</a></li><li><a href="https://www.smartkarma.com/insights/chart-of-the-week-fed-s-nightmare-stop-and-go-tightening?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Chart of the Week - Fed’s Nightmare: Stop-And-Go Tightening</a></li><li><a href="https://www.smartkarma.com/insights/model-update-for-10-k-and-breyanzi-cll-sll-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update for 10-K and Breyanzi CLL/SLL Approval</a></li><li><a href="https://www.smartkarma.com/insights/first-look-at-february-2024-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Look at February 2024 Results</a></li><li><a href="https://www.smartkarma.com/insights/consumer-staples-overall-convenience-stores-fuel-margin-volume-update-fuel-margins-were-a-mixed-bag-during-early-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Consumer Staples - Overall - Convenience Stores</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/intuitive-surgical-isrg-us-fifth-generation-device-approval-adds-to-secular-growth-story?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Intuitive Surgical (ISRG US): Fifth-Generation Device Approval Adds to Secular Growth Story </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/636/original/Pic%201.png?1710513246"/> <ul>
<li>On March 14, <a data-smartkarma-citation="entities:15853:1" href="https://www.smartkarma.com/entities/intuitive-surgical-inc" rel="noopener" target="_blank">Intuitive Surgical (ISRG US)</a> received FDA approval for its fifth-generation multiport robotic system, da Vinci 5. The device will deliver meaningful improvements in surgery.</li>
<li>The company reported strong 4Q23 result, with revenue and EPS beating consensus. 2023 procedure growth of 22% matched the higher end of the company’s guidance range of 21–22%. </li>
<li>Management has guided for a worldwide da Vinci procedure volume growth of 13–16% YoY in 2024. In the medium-term, ISRG aims to improve gross margin to above 70% level.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/chart-of-the-week-fed-s-nightmare-stop-and-go-tightening?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Chart of the Week - Fed’s Nightmare: Stop-And-Go Tightening </a></h3><p></p><ul><li>Despite 525bp of rate hikes, a hard landing for the US economy seems to have been avoided in favor of moderate softening in activity, with inflation slowly moving towards the Fed's 2% target.</li><li>In such a situation, the dilemma for the Fed is to identify the right time to cut rates.</li><li>Wait too long and the economy might fall into a recession; act too soon and inflation might reaccelerate. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/model-update-for-10-k-and-breyanzi-cll-sll-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Model Update for 10-K and Breyanzi CLL/SLL Approval </a></h3><p></p><ul><li>Thursday evening, Bristol Myers Squibb announced (link) that Breyzani (label) was approved for the treatment of 3L+ chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL), based on results from the Phase 1/2 TRANSCEND CLL 004 study.</li><li>While the study did include patients without prior venetoclax, the approved indication is for patients after exposure to both BTK inhibitor and BCL-2 inhibitor (~60% of the study population).</li><li>The approved dose is 90-110 x 106 CAR+ viable T cells, which is concordant with the effective dose level from TRANSCEND (DL2, 100 x 106 cells) and consistent with the indicated dose in 2L DLBCL. Within TRANSCEND CLL 004 the CR/CRi rate was 18%, the mPFS in the BTKi progression/venetoclax failure subset at DL2 was 11.9 months (18 months for the full DL2 population), and mOS was 30.3 months vs 24.2 for the full DL2 population.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/first-look-at-february-2024-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. First Look at February 2024 Results </a></h3><p></p><ul><li>The Progressive Corp.</li><li>(PGR) reported operating EPS of $1.13 in February 2024 compared with our estimate of $0.72 and $0.43 in January 2024.PGR reported February 2024 results above our estimate, reflecting in part a better-than-expected UCR (84.6% vs. RJE: 90.5%) partially offset by adverse PYD. The company reported $57.5M of adverse PYD or 1.1 pts on the combined ratio compared with our estimate of 0.8 pts.</li><li>We expect the company’s pivot to a Gregorian calendar could continue to make NWP y/y comparisons more difficult.Total Personal Auto PIF count increased 7% y/y (RJE: ~7%) reflecting 5% growth in personal lines agency (RJE: 5%) and 7% in personal lines direct (RJE: 7%).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/consumer-staples-overall-convenience-stores-fuel-margin-volume-update-fuel-margins-were-a-mixed-bag-during-early-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Consumer Staples - Overall - Convenience Stores </a></h3><p></p><ul><li>Fuel Margin UpdateNational U.S. fuel margins were ~$0.31 over the first two weeks of March, versus $0.33 in February and $0.37 in January.</li><li>1Q24 to-date national fuel margins are trending at $0.34, up 4% y/y, but still down from the $0.39 2023 average national fuel margin.</li><li>Importantly, while the first week of March represented the 52-week low in national fuel margins, this past week fuel margins rebounded nicely back to quarter to date averages (up 33% versus the prior week).</li></ul>2024-03-15T22:38:08+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "ISRG@US"}, {"term": "Macroeconomics"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BMY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PGR@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MUSA@US"}, {"term": "CASY@US"}, {"term": "ARKO@US"}, {"term": "ISRG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BMY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PGR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ARKO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/dc228944-1fc7-399e-b928-183015dda05aBrief USA: Astera Labs IPO Valuation Analysis and more2024-03-28T22:17:23.621052+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/astera-labs-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Astera Labs IPO Valuation Analysis</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-4154d397-81a0-4d43-b95d-2028c87515ff?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/f4q23-beat-fy24-outlook-makes-room-for-higher-investment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q23 Beat; FY24 Outlook Makes Room for Higher Investment</a></li><li><a href="https://www.smartkarma.com/insights/we-expect-a-tepid-4q-as-planned-bar-already-lowered-for-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">We Expect a Tepid 4Q, as Planned; Bar Already Lowered for 2024</a></li><li><a href="https://www.smartkarma.com/insights/4q-should-be-uneventful-all-eyes-on-2024-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Should Be Uneventful; All Eyes on 2024 Guidance</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/astera-labs-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Astera Labs IPO Valuation Analysis </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/599/original/image_88932986021710492788477.png?1710492786"/> <ul>
<li>Our base case valuation is market cap of US$5.4 billion or target price of US$35.9 per share, which is 20% higher than high end of the IPO price range (US$30).</li>
<li>We estimate Astera Labs (ALAB US) to generate revenue of $221.3 million (up 91.1% YoY) in 2024 and $304.5 million (up 37.5% YoY) in 2025.</li>
<li>Many investors are willing to take extra risk to invest in companies such as Astera Labs that could generate strong sales growth amid rush to aggressively expand AI capabilities.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-4154d397-81a0-4d43-b95d-2028c87515ff?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYA positive IEA monthly oil market report pushed crude higher Thursday, finishing at levels not seen since November.</li><li>WTI/Brent ticked up 1.7%/1.3%, settling at $81.07/$85.13/bbl, respectively, driven largely by an improved 1Q24 demand outlook (IEA at ~1.7 MBopd growth).</li><li>For natural gas, the story was similar — front-month Henry Hub surged 6.0%, finishing at $1.76/MMBtu following a bullish EIA withdrawal report.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/f4q23-beat-fy24-outlook-makes-room-for-higher-investment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. F4Q23 Beat; FY24 Outlook Makes Room for Higher Investment </a></h3><p></p><ul><li>We maintain our Strong Buy rating and raise our PT to $630 from $575, reflecting a target EV/EBITDA of 14x and P/E 21x on FY25 estimates, a year out.</li><li>ULTA reported a strong beat to end FY23, and while FY24 is shaping up to be more 2H-weighted than we had previously anticipated, we continue to expect solid sales growth driven by favorable trends in beauty, increased contribution from new brands and new doors, as well as benefits from a new repurchase authorization, while management stays disciplined on investments to improve guest experience, ultimately driving increased traffic.Strong F4Q beat; below consensus FY24 outlook looks conservative.F4Q EPS at $8.08 beat RJe at $7.58 and consensus at $7.54.</li><li>Comp +2.5% y/y beat our +2.0% est, with transactions +4.5% and average ticket -1.9%.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/we-expect-a-tepid-4q-as-planned-bar-already-lowered-for-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. We Expect a Tepid 4Q, as Planned; Bar Already Lowered for 2024 </a></h3><p></p><ul><li>We project CHWY’s 4Q to be in line with consensus and don’t anticipate revenue upside as we believe market conditions remain challenging after the 3Q23 revenue guide down.</li><li>For 4Q, we model: revenue +3% (St.</li><li>+3%), GM% -10 bp to 28.0% (St.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q-should-be-uneventful-all-eyes-on-2024-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q Should Be Uneventful; All Eyes on 2024 Guidance </a></h3><p></p><ul><li>We see LULU reporting an in-line 4Q following the Holiday pre-announcement on January 8 ahead of the ICR conference.</li><li>We highlight our checks on Google Trends, which show strength, with searches +15% y/y in 4Q vs. +9% in 3Q, and February (1Q24) is +17%.</li><li>Data on LULU’s mobile app (details below) point to an acceleration in downloads and monthly active users, which we attribute to the Peloton integration.The most critical factor in the print will be the new 2024 guidance - we raise estimates to reflect a 53rd week but are modestly below consensus.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/astera-labs-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Astera Labs IPO Valuation Analysis</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-4154d397-81a0-4d43-b95d-2028c87515ff?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/f4q23-beat-fy24-outlook-makes-room-for-higher-investment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q23 Beat; FY24 Outlook Makes Room for Higher Investment</a></li><li><a href="https://www.smartkarma.com/insights/we-expect-a-tepid-4q-as-planned-bar-already-lowered-for-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">We Expect a Tepid 4Q, as Planned; Bar Already Lowered for 2024</a></li><li><a href="https://www.smartkarma.com/insights/4q-should-be-uneventful-all-eyes-on-2024-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Should Be Uneventful; All Eyes on 2024 Guidance</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/astera-labs-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Astera Labs IPO Valuation Analysis </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/599/original/image_88932986021710492788477.png?1710492786"/> <ul>
<li>Our base case valuation is market cap of US$5.4 billion or target price of US$35.9 per share, which is 20% higher than high end of the IPO price range (US$30).</li>
<li>We estimate Astera Labs (ALAB US) to generate revenue of $221.3 million (up 91.1% YoY) in 2024 and $304.5 million (up 37.5% YoY) in 2025.</li>
<li>Many investors are willing to take extra risk to invest in companies such as Astera Labs that could generate strong sales growth amid rush to aggressively expand AI capabilities.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-4154d397-81a0-4d43-b95d-2028c87515ff?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYA positive IEA monthly oil market report pushed crude higher Thursday, finishing at levels not seen since November.</li><li>WTI/Brent ticked up 1.7%/1.3%, settling at $81.07/$85.13/bbl, respectively, driven largely by an improved 1Q24 demand outlook (IEA at ~1.7 MBopd growth).</li><li>For natural gas, the story was similar — front-month Henry Hub surged 6.0%, finishing at $1.76/MMBtu following a bullish EIA withdrawal report.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/f4q23-beat-fy24-outlook-makes-room-for-higher-investment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. F4Q23 Beat; FY24 Outlook Makes Room for Higher Investment </a></h3><p></p><ul><li>We maintain our Strong Buy rating and raise our PT to $630 from $575, reflecting a target EV/EBITDA of 14x and P/E 21x on FY25 estimates, a year out.</li><li>ULTA reported a strong beat to end FY23, and while FY24 is shaping up to be more 2H-weighted than we had previously anticipated, we continue to expect solid sales growth driven by favorable trends in beauty, increased contribution from new brands and new doors, as well as benefits from a new repurchase authorization, while management stays disciplined on investments to improve guest experience, ultimately driving increased traffic.Strong F4Q beat; below consensus FY24 outlook looks conservative.F4Q EPS at $8.08 beat RJe at $7.58 and consensus at $7.54.</li><li>Comp +2.5% y/y beat our +2.0% est, with transactions +4.5% and average ticket -1.9%.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/we-expect-a-tepid-4q-as-planned-bar-already-lowered-for-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. We Expect a Tepid 4Q, as Planned; Bar Already Lowered for 2024 </a></h3><p></p><ul><li>We project CHWY’s 4Q to be in line with consensus and don’t anticipate revenue upside as we believe market conditions remain challenging after the 3Q23 revenue guide down.</li><li>For 4Q, we model: revenue +3% (St.</li><li>+3%), GM% -10 bp to 28.0% (St.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q-should-be-uneventful-all-eyes-on-2024-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q Should Be Uneventful; All Eyes on 2024 Guidance </a></h3><p></p><ul><li>We see LULU reporting an in-line 4Q following the Holiday pre-announcement on January 8 ahead of the ICR conference.</li><li>We highlight our checks on Google Trends, which show strength, with searches +15% y/y in 4Q vs. +9% in 3Q, and February (1Q24) is +17%.</li><li>Data on LULU’s mobile app (details below) point to an acceleration in downloads and monthly active users, which we attribute to the Peloton integration.The most critical factor in the print will be the new 2024 guidance - we raise estimates to reflect a 53rd week but are modestly below consensus.</li></ul>2024-03-15T20:26:49+08:00[{"term": "Equity Capital Markets"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "ALAB@US"}, {"term": "MCHP@US"}, {"term": "2330@TT"}, {"term": "CRDO@US"}, {"term": "AVGO@US"}, {"term": "MRVL@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VTLE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ULTA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CHWY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "LULU@US"}, {"term": "MRVL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VTLE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ULTA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CHWY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LULU@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/fa9cb1c8-c79b-3d7b-9ef9-b4b4892c77fbBrief USA: Expect Muted F3Q24 Revenue on Tough Comparisons; SG&A Control Should be Better and more2024-03-28T22:17:23.611380+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/expect-muted-f3q24-revenue-on-tough-comparisons-sg-a-control-should-be-better?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Expect Muted F3Q24 Revenue on Tough Comparisons; SG&A Control Should be Better</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-4q23-roe-quarterly-analysis-income-and-gaap-roe-decline-sequentially?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li><li><a href="https://www.smartkarma.com/insights/cost-saves-push-profits-as-azenta-lays-out-fy26-targets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Cost Saves Push Profits As Azenta Lays Out FY26 Targets</a></li><li><a href="https://www.smartkarma.com/insights/align-technology-acquisition-of-cubicure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Align Technology: Acquisition of Cubicure</a></li><li><a href="https://www.smartkarma.com/insights/arthur-j-gallagher-co-a-story-of-strategic-expansion-through-acquiring-associated-insurance-services-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Arthur J. Gallagher & Co.: A Story Of Strategic Expansion Through Acquiring Associated Insurance Services! - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/expect-muted-f3q24-revenue-on-tough-comparisons-sg-a-control-should-be-better?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Expect Muted F3Q24 Revenue on Tough Comparisons; SG&A Control Should be Better </a></h3><p></p><ul><li>We see Nike reporting a muted F3Q24 (February 2024) and estimated revenue -1% (in line with the Street) but see potential for EBIT% upside of +60 bp to 12.0% (St.</li><li>10.7%), resulting in above Street EPS of $0.81 (Street $0.76).</li><li>We see N. America revenue -2% on tough wholesale compares (despite positive wholesale customer call-outs — see below).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-4q23-roe-quarterly-analysis-income-and-gaap-roe-decline-sequentially?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>This is our recurring quarterly piece on BDC return on equity.GAAP ROE is strongly correlated to BDC stock returns — and we believe it is the single biggest driver of how BDC stocks perform in the long run.Industry average income ROE declined ~10 bp q/q to 12.1% on a weighted average basis, driven by lower repayment and higher non-accruals at a couple of larger BDCs.</li><li>Weighted average GAAP ROE increased to 10.5% (down 355 bp) due to significant unrealized depreciation at some larger BDCs.Note:Income ROE is not adjusted for capital gains incentive fees or reversals — quarters with large gains/losses can distort income ROE. The data set includes new IPO BDCs since inception, and thus historical data is not comparable top previously published figures.BDC Industry (Weighted Average) Income ROE4Q23: 12.1%L4Q: 12.1%Historic (1Q01 - 4Q23): 9.6%BDC Industry (Weighted Average) GAAP ROE4Q23: 10.5%L4Q: 11.2%Historic (1Q01 - 4Q23): 8.4%Chart 1 - Industry Median Income ROE With 25-75th PercentilesChart 2 - Industry Median GAAP ROESource: Company filings, FactSet, and Raymond James research.Charts 3 & 4 show distribution of quarterly ROEs in our dataset back to 2Q06; current average of the space is shown in red outline.Chart 3 - Distribution of Individual BDC Quarterly Income ROEChart 4 - Distribution of Individual BDC Quarterly GAAP ROESource: Company filings, FactSet, and Raymond James research.4Q23Top Income ROEs Under Coverage:CSWC: 16.7%SAR: 15.7%GSBD: 15.4%Top GAAP ROEs Under Coverage:MAIN: 22.9%GLAD: 19.4%FDUS: 18.6%Chart 5 - Previous Quarter (Annualized) Income ROESource: Company filings and Raymond James research.Chart 6 - Previous Quarter (Annualized) GAAP ROESource: Company filings and Raymond James research.Chart 7 - Implied (Annualized) Credit Gains/Losses Q/QSource: Company filings and Raymond James research.pagebreak Trailing Last Four QuartersTop Income ROEs Under Coverage:CSWC: 16.3%GSBD: 15.7%SAR: 15.4%Top GAAP ROEs Under Coverage:MAIN: 18.8%TSLX: 15.5%MSDL: 15.5%Chart 8 - Trailing L4Q Average Income ROESource: Company filings and Raymond James research.Chart 9 - Trailing L4Q Average GAAP ROESource: Company filings and Raymond James research.Chart 10 - Trailing L4Q Average Implied Credit Gains/LossesSource: Company filings and Raymond James research.pagebreak Trailing Last Three Years (OR LIFETIME)Top Income ROEs Under Coverage:GSBD: 14.9%CSWC: 13.8%MAIN: 13.2%Top GAAP ROEs Under Coverage:MAIN: 17.2%FDUS: 16.0%GLAD: 15.7%Chart 11 - Trailing L12Q Average Income ROESource: Company filings and Raymond James research.Chart 12 - Trailing L12Q Average GAAP ROESource: Company filings and Raymond James research.Chart 13 - Implied Credit Gains/LossesSource: Company filings and Raymond James research.pagebreak From INCEPTIONTop Income ROEs Under Coverage:GSBD: 13.0%TSLX: 11.6%TCPC: 11.1%Top GAAP ROEs Under Coverage:MAIN: 13.3%FDUS: 125%TSLX: 12.2%Chart 14 - Historic Average Income ROESource: Company filings and Raymond James research.Chart 15 - His</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/cost-saves-push-profits-as-azenta-lays-out-fy26-targets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Cost Saves Push Profits As Azenta Lays Out FY26 Targets </a></h3><p></p><ul><li>We reiterate our Market Perform rating on shares of Azenta following the company’s investor day that included what we viewed as including several constructive updates (namely on margins), though the -7.6% market reaction (in an admittedly tough tape with the Russell 2000 Healthcare -3%) indicates modestly lower revenues (at least in part from business exits) amidst some investor skepticism received greater focus.</li><li>For our part, we thought the financial updates were more good than bad, where a modest 1-3% FY23-26 end market assumption feels conservative but growth 400-500 bp above that on revenues is no small feat.</li><li>Either way, the starting point is lower with the guide pro forma for ~$16M of exits, primarily in non-vaccine cold chain B Medical lines.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/align-technology-acquisition-of-cubicure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Align Technology: Acquisition of Cubicure </a></h3><p></p><ul><li>Align Technology Inc’s Q4 2023 earnings report demonstrated better-than-expected revenues and earnings, with the company achieving several key milestones, including treating 17 million Invisalign patients, delivering 4.7 million treatments for teenagers and selling over 100,000 iTero scanners.</li><li>Total revenues for the fiscal year exceeded the company's previous outlook, with the non GAAP operating margin exceeding 21% for 2023.</li><li>The company's Q4 revenues were up 6.1% YoY, attributable to increased Systems and Services revenues and higher Clear Aligner volume for teenage and international doctors.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/arthur-j-gallagher-co-a-story-of-strategic-expansion-through-acquiring-associated-insurance-services-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Arthur J. Gallagher & Co.: A Story Of Strategic Expansion Through Acquiring Associated Insurance Services! - Key Drivers </a></h3><p></p><ul><li>Arthur J. Gallagher & Co.</li><li>reported strong fourth quarter results for 2023 with key financial metrics in line with its December IR day.</li><li>Revenue growth for the Brokerage and Risk Management segments was 20% with 8.1% organic growth, a figure that the company corrects to 9.4% controlling for accounting adjustments and large life case timing.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/expect-muted-f3q24-revenue-on-tough-comparisons-sg-a-control-should-be-better?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Expect Muted F3Q24 Revenue on Tough Comparisons; SG&A Control Should be Better</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-4q23-roe-quarterly-analysis-income-and-gaap-roe-decline-sequentially?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li><li><a href="https://www.smartkarma.com/insights/cost-saves-push-profits-as-azenta-lays-out-fy26-targets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Cost Saves Push Profits As Azenta Lays Out FY26 Targets</a></li><li><a href="https://www.smartkarma.com/insights/align-technology-acquisition-of-cubicure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Align Technology: Acquisition of Cubicure</a></li><li><a href="https://www.smartkarma.com/insights/arthur-j-gallagher-co-a-story-of-strategic-expansion-through-acquiring-associated-insurance-services-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Arthur J. Gallagher & Co.: A Story Of Strategic Expansion Through Acquiring Associated Insurance Services! - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/expect-muted-f3q24-revenue-on-tough-comparisons-sg-a-control-should-be-better?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Expect Muted F3Q24 Revenue on Tough Comparisons; SG&A Control Should be Better </a></h3><p></p><ul><li>We see Nike reporting a muted F3Q24 (February 2024) and estimated revenue -1% (in line with the Street) but see potential for EBIT% upside of +60 bp to 12.0% (St.</li><li>10.7%), resulting in above Street EPS of $0.81 (Street $0.76).</li><li>We see N. America revenue -2% on tough wholesale compares (despite positive wholesale customer call-outs — see below).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-4q23-roe-quarterly-analysis-income-and-gaap-roe-decline-sequentially?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>This is our recurring quarterly piece on BDC return on equity.GAAP ROE is strongly correlated to BDC stock returns — and we believe it is the single biggest driver of how BDC stocks perform in the long run.Industry average income ROE declined ~10 bp q/q to 12.1% on a weighted average basis, driven by lower repayment and higher non-accruals at a couple of larger BDCs.</li><li>Weighted average GAAP ROE increased to 10.5% (down 355 bp) due to significant unrealized depreciation at some larger BDCs.Note:Income ROE is not adjusted for capital gains incentive fees or reversals — quarters with large gains/losses can distort income ROE. The data set includes new IPO BDCs since inception, and thus historical data is not comparable top previously published figures.BDC Industry (Weighted Average) Income ROE4Q23: 12.1%L4Q: 12.1%Historic (1Q01 - 4Q23): 9.6%BDC Industry (Weighted Average) GAAP ROE4Q23: 10.5%L4Q: 11.2%Historic (1Q01 - 4Q23): 8.4%Chart 1 - Industry Median Income ROE With 25-75th PercentilesChart 2 - Industry Median GAAP ROESource: Company filings, FactSet, and Raymond James research.Charts 3 & 4 show distribution of quarterly ROEs in our dataset back to 2Q06; current average of the space is shown in red outline.Chart 3 - Distribution of Individual BDC Quarterly Income ROEChart 4 - Distribution of Individual BDC Quarterly GAAP ROESource: Company filings, FactSet, and Raymond James research.4Q23Top Income ROEs Under Coverage:CSWC: 16.7%SAR: 15.7%GSBD: 15.4%Top GAAP ROEs Under Coverage:MAIN: 22.9%GLAD: 19.4%FDUS: 18.6%Chart 5 - Previous Quarter (Annualized) Income ROESource: Company filings and Raymond James research.Chart 6 - Previous Quarter (Annualized) GAAP ROESource: Company filings and Raymond James research.Chart 7 - Implied (Annualized) Credit Gains/Losses Q/QSource: Company filings and Raymond James research.pagebreak Trailing Last Four QuartersTop Income ROEs Under Coverage:CSWC: 16.3%GSBD: 15.7%SAR: 15.4%Top GAAP ROEs Under Coverage:MAIN: 18.8%TSLX: 15.5%MSDL: 15.5%Chart 8 - Trailing L4Q Average Income ROESource: Company filings and Raymond James research.Chart 9 - Trailing L4Q Average GAAP ROESource: Company filings and Raymond James research.Chart 10 - Trailing L4Q Average Implied Credit Gains/LossesSource: Company filings and Raymond James research.pagebreak Trailing Last Three Years (OR LIFETIME)Top Income ROEs Under Coverage:GSBD: 14.9%CSWC: 13.8%MAIN: 13.2%Top GAAP ROEs Under Coverage:MAIN: 17.2%FDUS: 16.0%GLAD: 15.7%Chart 11 - Trailing L12Q Average Income ROESource: Company filings and Raymond James research.Chart 12 - Trailing L12Q Average GAAP ROESource: Company filings and Raymond James research.Chart 13 - Implied Credit Gains/LossesSource: Company filings and Raymond James research.pagebreak From INCEPTIONTop Income ROEs Under Coverage:GSBD: 13.0%TSLX: 11.6%TCPC: 11.1%Top GAAP ROEs Under Coverage:MAIN: 13.3%FDUS: 125%TSLX: 12.2%Chart 14 - Historic Average Income ROESource: Company filings and Raymond James research.Chart 15 - His</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/cost-saves-push-profits-as-azenta-lays-out-fy26-targets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Cost Saves Push Profits As Azenta Lays Out FY26 Targets </a></h3><p></p><ul><li>We reiterate our Market Perform rating on shares of Azenta following the company’s investor day that included what we viewed as including several constructive updates (namely on margins), though the -7.6% market reaction (in an admittedly tough tape with the Russell 2000 Healthcare -3%) indicates modestly lower revenues (at least in part from business exits) amidst some investor skepticism received greater focus.</li><li>For our part, we thought the financial updates were more good than bad, where a modest 1-3% FY23-26 end market assumption feels conservative but growth 400-500 bp above that on revenues is no small feat.</li><li>Either way, the starting point is lower with the guide pro forma for ~$16M of exits, primarily in non-vaccine cold chain B Medical lines.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/align-technology-acquisition-of-cubicure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Align Technology: Acquisition of Cubicure </a></h3><p></p><ul><li>Align Technology Inc’s Q4 2023 earnings report demonstrated better-than-expected revenues and earnings, with the company achieving several key milestones, including treating 17 million Invisalign patients, delivering 4.7 million treatments for teenagers and selling over 100,000 iTero scanners.</li><li>Total revenues for the fiscal year exceeded the company's previous outlook, with the non GAAP operating margin exceeding 21% for 2023.</li><li>The company's Q4 revenues were up 6.1% YoY, attributable to increased Systems and Services revenues and higher Clear Aligner volume for teenage and international doctors.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/arthur-j-gallagher-co-a-story-of-strategic-expansion-through-acquiring-associated-insurance-services-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Arthur J. Gallagher & Co.: A Story Of Strategic Expansion Through Acquiring Associated Insurance Services! - Key Drivers </a></h3><p></p><ul><li>Arthur J. Gallagher & Co.</li><li>reported strong fourth quarter results for 2023 with key financial metrics in line with its December IR day.</li><li>Revenue growth for the Brokerage and Risk Management segments was 20% with 8.1% organic growth, a figure that the company corrects to 9.4% controlling for accounting adjustments and large life case timing.</li></ul>2024-03-15T18:30:20+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NKE@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CCAP@US"}, {"term": "BBDC@US"}, {"term": "GLAD@US"}, {"term": "FDUS@US"}, {"term": "SAR@US"}, {"term": "TCPC@US"}, {"term": "MRCC@US"}, {"term": "GSBD@US"}, {"term": "SCM@US"}, {"term": "FSK@US"}, {"term": "ICMB@US"}, {"term": "PNNT@US"}, {"term": "TSLX@US"}, {"term": "GBDC@US"}, {"term": "BXSL@US"}, {"term": "PSEC@US"}, {"term": "ARCC@US"}, {"term": "MAIN@US"}, {"term": "MFIC@US"}, {"term": "WHF@US"}, {"term": "CSWC@US"}, {"term": "SLRC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AZTA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ALGN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "AJG@US"}, {"term": "NKE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SLRC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AZTA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALGN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AJG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/a8982b44-9458-3a58-a962-f876a054ad7cBrief USA: Services - Overall - Weekly Garbage Pick-up: Recycling Prices Continue to Stairstep Up and more2024-03-28T22:17:23.604873+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/services-overall-weekly-garbage-pick-up-recycling-prices-continue-to-stairstep-up?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Services - Overall - Weekly Garbage Pick-up: Recycling Prices Continue to Stairstep Up</a></li><li><a href="https://www.smartkarma.com/insights/building-materials-weekly-rock-round-up-2023-rocks-in-review-based-on-usgs-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Building Materials - Weekly Rock Round Up; 2023 Rocks in Review Based on USGS Data</a></li><li><a href="https://www.smartkarma.com/insights/alcoa-corporation-strategic-acquisition-of-alumina-marks-a-milestone-in-the-metals-industry-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Alcoa Corporation: Strategic Acquisition of Alumina Marks a Milestone in the Metals Industry! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/united-airlines-are-the-recent-delays-safety-concerns-a-major-factor-that-could-slow-them-down-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">United Airlines: Are The Recent Delays & Safety Concerns A Major Factor That Could Slow Them Down? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/abbvie-inc-produodopa-s-green-light-in-scotland-6-other-major-developments-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">AbbVie Inc: Produodopa's Green Light In Scotland & 6 Other Major Developments - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/services-overall-weekly-garbage-pick-up-recycling-prices-continue-to-stairstep-up?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Services - Overall - Weekly Garbage Pick-up: Recycling Prices Continue to Stairstep Up </a></h3><p></p><ul><li>What’s in the can?</li><li>Given trends in recycling prices (baselined 1Q24 tracking up +40% y/y), we felt it timely to update our proprietary commodity basket and look at trends within the commodity basket.Commoditiescontinueto stairstep; Fiber continues to lead, but other parts of the basket are joining!</li><li>Although commodity prices are clearly below the highs reached during COVID (September 2021), trends across all recycled commodities continue to improve.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/building-materials-weekly-rock-round-up-2023-rocks-in-review-based-on-usgs-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Building Materials - Weekly Rock Round Up; 2023 Rocks in Review Based on USGS Data </a></h3><p></p><ul><li>USGS Data Points to a Slight Decline in Industry Production in FY23; But Prospects Likely to Brighten: Every year the U.S. Geological Survey (USGS) puts out a comprehensive Mineral Commodity Summary report detailing (among other things) total Crushed Stone and Sand & Gravel production across the U.S. Interestingly, despite a solid public spending backdrop in FY23, according to the USGS, total Crushed Stone and Sand & Gravel production declined by -3% y/y to 2.195B short tons in FY23 with a total value of this production equating to ~$35B in value (+6% y/y).</li><li>Given our proprietary demand tree analysis of VMC & MLM (#1 & #2 producers respectively), we surmise the lion’s share of the decline likely stemmed from waning resi and light non-resi demand given higher interest rates and tightening regional bank lending standards.</li><li>Importantly, as we have stressed in the past, commercial go-to-market strategy, end market demand mix, and geographic location (right assets in the right market) remain of utmost importance influencing demand on a company-specific level.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/alcoa-corporation-strategic-acquisition-of-alumina-marks-a-milestone-in-the-metals-industry-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Alcoa Corporation: Strategic Acquisition of Alumina Marks a Milestone in the Metals Industry! - Key Drivers </a></h3><p></p><ul><li>Alcoa highlighted improvement in safety and operational performance.</li><li>The company achieved production records at its three smelters in Canada and one in Norway, signalling strong operational capabilities and efficiency.</li><li>Improvements have been credited to a clear focus on values including integrity, operational excellence, and care for people.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/united-airlines-are-the-recent-delays-safety-concerns-a-major-factor-that-could-slow-them-down-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. United Airlines: Are The Recent Delays & Safety Concerns A Major Factor That Could Slow Them Down? - Key Drivers </a></h3><p></p><ul><li>During the latest fourth quarter and full-year 2023 earnings for United Airlines Holdings, the management team expressed positive sentiments regarding operational trends and financial performance, despite multiple headwinds at the global level.</li><li>The airline's 2023 performance was framed as a clear demonstration of its United Next plan's effectiveness, buoied by diversified revenue streams and robust operational metrics.</li><li>United Airlines posted full-year EPS (earnings per share) above $10, meeting its initial United target range.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/abbvie-inc-produodopa-s-green-light-in-scotland-6-other-major-developments-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. AbbVie Inc: Produodopa's Green Light In Scotland & 6 Other Major Developments - Key Drivers </a></h3><p></p><ul><li>AbbVie Inc.</li><li>showcased a robust performance in the fourth quarter (Q4) of 2023, delivering results surpassing initial expectations.</li><li>The company's growth platform, independent of their iconic Humira, reported full-year sales growth exceeding 8%.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/services-overall-weekly-garbage-pick-up-recycling-prices-continue-to-stairstep-up?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Services - Overall - Weekly Garbage Pick-up: Recycling Prices Continue to Stairstep Up</a></li><li><a href="https://www.smartkarma.com/insights/building-materials-weekly-rock-round-up-2023-rocks-in-review-based-on-usgs-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Building Materials - Weekly Rock Round Up; 2023 Rocks in Review Based on USGS Data</a></li><li><a href="https://www.smartkarma.com/insights/alcoa-corporation-strategic-acquisition-of-alumina-marks-a-milestone-in-the-metals-industry-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Alcoa Corporation: Strategic Acquisition of Alumina Marks a Milestone in the Metals Industry! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/united-airlines-are-the-recent-delays-safety-concerns-a-major-factor-that-could-slow-them-down-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">United Airlines: Are The Recent Delays & Safety Concerns A Major Factor That Could Slow Them Down? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/abbvie-inc-produodopa-s-green-light-in-scotland-6-other-major-developments-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">AbbVie Inc: Produodopa's Green Light In Scotland & 6 Other Major Developments - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/services-overall-weekly-garbage-pick-up-recycling-prices-continue-to-stairstep-up?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Services - Overall - Weekly Garbage Pick-up: Recycling Prices Continue to Stairstep Up </a></h3><p></p><ul><li>What’s in the can?</li><li>Given trends in recycling prices (baselined 1Q24 tracking up +40% y/y), we felt it timely to update our proprietary commodity basket and look at trends within the commodity basket.Commoditiescontinueto stairstep; Fiber continues to lead, but other parts of the basket are joining!</li><li>Although commodity prices are clearly below the highs reached during COVID (September 2021), trends across all recycled commodities continue to improve.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/building-materials-weekly-rock-round-up-2023-rocks-in-review-based-on-usgs-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Building Materials - Weekly Rock Round Up; 2023 Rocks in Review Based on USGS Data </a></h3><p></p><ul><li>USGS Data Points to a Slight Decline in Industry Production in FY23; But Prospects Likely to Brighten: Every year the U.S. Geological Survey (USGS) puts out a comprehensive Mineral Commodity Summary report detailing (among other things) total Crushed Stone and Sand & Gravel production across the U.S. Interestingly, despite a solid public spending backdrop in FY23, according to the USGS, total Crushed Stone and Sand & Gravel production declined by -3% y/y to 2.195B short tons in FY23 with a total value of this production equating to ~$35B in value (+6% y/y).</li><li>Given our proprietary demand tree analysis of VMC & MLM (#1 & #2 producers respectively), we surmise the lion’s share of the decline likely stemmed from waning resi and light non-resi demand given higher interest rates and tightening regional bank lending standards.</li><li>Importantly, as we have stressed in the past, commercial go-to-market strategy, end market demand mix, and geographic location (right assets in the right market) remain of utmost importance influencing demand on a company-specific level.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/alcoa-corporation-strategic-acquisition-of-alumina-marks-a-milestone-in-the-metals-industry-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Alcoa Corporation: Strategic Acquisition of Alumina Marks a Milestone in the Metals Industry! - Key Drivers </a></h3><p></p><ul><li>Alcoa highlighted improvement in safety and operational performance.</li><li>The company achieved production records at its three smelters in Canada and one in Norway, signalling strong operational capabilities and efficiency.</li><li>Improvements have been credited to a clear focus on values including integrity, operational excellence, and care for people.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/united-airlines-are-the-recent-delays-safety-concerns-a-major-factor-that-could-slow-them-down-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. United Airlines: Are The Recent Delays & Safety Concerns A Major Factor That Could Slow Them Down? - Key Drivers </a></h3><p></p><ul><li>During the latest fourth quarter and full-year 2023 earnings for United Airlines Holdings, the management team expressed positive sentiments regarding operational trends and financial performance, despite multiple headwinds at the global level.</li><li>The airline's 2023 performance was framed as a clear demonstration of its United Next plan's effectiveness, buoied by diversified revenue streams and robust operational metrics.</li><li>United Airlines posted full-year EPS (earnings per share) above $10, meeting its initial United target range.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/abbvie-inc-produodopa-s-green-light-in-scotland-6-other-major-developments-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. AbbVie Inc: Produodopa's Green Light In Scotland & 6 Other Major Developments - Key Drivers </a></h3><p></p><ul><li>AbbVie Inc.</li><li>showcased a robust performance in the fourth quarter (Q4) of 2023, delivering results surpassing initial expectations.</li><li>The company's growth platform, independent of their iconic Humira, reported full-year sales growth exceeding 8%.</li></ul>2024-03-15T14:30:19+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "WM@US"}, {"term": "WCN@US"}, {"term": "RSG@US"}, {"term": "GFL@US"}, {"term": "CWST@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VMC@US"}, {"term": "MLM@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "AA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "UAL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ABBV@US"}, {"term": "CWST@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MLM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "UAL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ABBV@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/86babfa2-6dbf-33df-bea5-c696ec4075a9Brief USA: Corning Incorporated: Will The Continued Demand in Optical Communications Become A Major Growth Catalyst In 2024 & Beyond? - Key Drivers and more2024-03-28T22:17:23.595005+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/corning-incorporated-will-the-continued-demand-in-optical-communications-become-a-major-growth-catalyst-in-2024-beyond-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Corning Incorporated: Will The Continued Demand in Optical Communications Become A Major Growth Catalyst In 2024 & Beyond? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/baker-hughes-company-does-it-have-a-sustainable-competitive-advantage-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Baker Hughes Company: Does It Have A Sustainable Competitive Advantage? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/chevron-corporation-expanding-horizons-in-uruguay-s-offshore-waters-5-major-developments-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Chevron Corporation: Expanding Horizons In Uruguay's Offshore Waters & 5 Major Developments - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/abbott-laboratories-focus-on-organic-growth-through-robust-product-portfolio-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Abbott Laboratories: Focus On Organic Growth Through Robust Product Portfolio! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/msci-inc-expansion-into-private-capital-solutions-5-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">MSCI Inc.: Expansion Into Private Capital Solutions & 5 Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/corning-incorporated-will-the-continued-demand-in-optical-communications-become-a-major-growth-catalyst-in-2024-beyond-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Corning Incorporated: Will The Continued Demand in Optical Communications Become A Major Growth Catalyst In 2024 & Beyond? - Key Drivers </a></h3><p></p><ul><li>Corning Incorporated reported its fourth-quarter and full-year earnings for the year 2023.</li><li>The company reported $3.3 billion for the quarter, gross margin of 37%, and earnings per share (EPS) of $0.39, meeting expectations.</li><li>There was also $0.5 billion in free cash flow.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/baker-hughes-company-does-it-have-a-sustainable-competitive-advantage-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Baker Hughes Company: Does It Have A Sustainable Competitive Advantage? - Key Drivers </a></h3><p></p><ul><li>In 2023, Baker Hughes made significant strides in reshaping its operations, resulting in a removal of $150 million in costs, realigning its IET business, and launching efforts to further streamline its OFSE business.</li><li>The company set records regarding all primary financial metrics, including orders, revenue, EBITDA, EPS, free cash flow, and returns.</li><li>Adjusted EBITDA saw an increase of 26% YoY, exceeding prior peak levels by 25%.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/chevron-corporation-expanding-horizons-in-uruguay-s-offshore-waters-5-major-developments-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Chevron Corporation: Expanding Horizons In Uruguay's Offshore Waters & 5 Major Developments - Key Drivers </a></h3><p></p><ul><li>Chevron announced another solid year of earnings for 2023, despite geopolitical turbulence and economic uncertainty.</li><li>The company delivered an adjusted Return on Capital Employed (ROCE) of 14% and returned a record $26 billion in cash to shareholders.</li><li>Moreover, Chevron's production reached a record high as the company continued to advance on reducing its carbon footprint.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/abbott-laboratories-focus-on-organic-growth-through-robust-product-portfolio-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Abbott Laboratories: Focus On Organic Growth Through Robust Product Portfolio! - Key Drivers </a></h3><p></p><ul><li>Abbott Laboratories displayed robust performance during the Q4 2023 earnings call, reporting a growth of 11% in 2023 with organic sales increase of 14%.</li><li>Abbott's Chairman and CEO, Robert Ford, underscored the company's resilience and its strong footing despite the challenging conditions induced by the global pandemic.</li><li>Abbott’s operating margin is already on their pre pandemic level and the biggest opportunity for margin expansion is on the gross margin line.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/msci-inc-expansion-into-private-capital-solutions-5-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. MSCI Inc.: Expansion Into Private Capital Solutions & 5 Key Drivers </a></h3><p></p><ul><li>MSCI, a global provider of benchmark indices enjoyed robust operating metrics for its fourth quarter of 2023, showcasing strong financial performance despite global headwinds.</li><li>The company reported nearly 30% growth in adjusted earnings per share, a considerable 15% surge in organic revenue, and a 24% increase in free cash flow growth.</li><li>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.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/corning-incorporated-will-the-continued-demand-in-optical-communications-become-a-major-growth-catalyst-in-2024-beyond-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Corning Incorporated: Will The Continued Demand in Optical Communications Become A Major Growth Catalyst In 2024 & Beyond? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/baker-hughes-company-does-it-have-a-sustainable-competitive-advantage-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Baker Hughes Company: Does It Have A Sustainable Competitive Advantage? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/chevron-corporation-expanding-horizons-in-uruguay-s-offshore-waters-5-major-developments-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Chevron Corporation: Expanding Horizons In Uruguay's Offshore Waters & 5 Major Developments - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/abbott-laboratories-focus-on-organic-growth-through-robust-product-portfolio-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Abbott Laboratories: Focus On Organic Growth Through Robust Product Portfolio! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/msci-inc-expansion-into-private-capital-solutions-5-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">MSCI Inc.: Expansion Into Private Capital Solutions & 5 Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/corning-incorporated-will-the-continued-demand-in-optical-communications-become-a-major-growth-catalyst-in-2024-beyond-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Corning Incorporated: Will The Continued Demand in Optical Communications Become A Major Growth Catalyst In 2024 & Beyond? - Key Drivers </a></h3><p></p><ul><li>Corning Incorporated reported its fourth-quarter and full-year earnings for the year 2023.</li><li>The company reported $3.3 billion for the quarter, gross margin of 37%, and earnings per share (EPS) of $0.39, meeting expectations.</li><li>There was also $0.5 billion in free cash flow.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/baker-hughes-company-does-it-have-a-sustainable-competitive-advantage-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Baker Hughes Company: Does It Have A Sustainable Competitive Advantage? - Key Drivers </a></h3><p></p><ul><li>In 2023, Baker Hughes made significant strides in reshaping its operations, resulting in a removal of $150 million in costs, realigning its IET business, and launching efforts to further streamline its OFSE business.</li><li>The company set records regarding all primary financial metrics, including orders, revenue, EBITDA, EPS, free cash flow, and returns.</li><li>Adjusted EBITDA saw an increase of 26% YoY, exceeding prior peak levels by 25%.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/chevron-corporation-expanding-horizons-in-uruguay-s-offshore-waters-5-major-developments-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Chevron Corporation: Expanding Horizons In Uruguay's Offshore Waters & 5 Major Developments - Key Drivers </a></h3><p></p><ul><li>Chevron announced another solid year of earnings for 2023, despite geopolitical turbulence and economic uncertainty.</li><li>The company delivered an adjusted Return on Capital Employed (ROCE) of 14% and returned a record $26 billion in cash to shareholders.</li><li>Moreover, Chevron's production reached a record high as the company continued to advance on reducing its carbon footprint.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/abbott-laboratories-focus-on-organic-growth-through-robust-product-portfolio-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Abbott Laboratories: Focus On Organic Growth Through Robust Product Portfolio! - Key Drivers </a></h3><p></p><ul><li>Abbott Laboratories displayed robust performance during the Q4 2023 earnings call, reporting a growth of 11% in 2023 with organic sales increase of 14%.</li><li>Abbott's Chairman and CEO, Robert Ford, underscored the company's resilience and its strong footing despite the challenging conditions induced by the global pandemic.</li><li>Abbott’s operating margin is already on their pre pandemic level and the biggest opportunity for margin expansion is on the gross margin line.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/msci-inc-expansion-into-private-capital-solutions-5-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. MSCI Inc.: Expansion Into Private Capital Solutions & 5 Key Drivers </a></h3><p></p><ul><li>MSCI, a global provider of benchmark indices enjoyed robust operating metrics for its fourth quarter of 2023, showcasing strong financial performance despite global headwinds.</li><li>The company reported nearly 30% growth in adjusted earnings per share, a considerable 15% surge in organic revenue, and a 24% increase in free cash flow growth.</li><li>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.</li></ul>2024-03-15T14:00:25+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "GLW@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BHGE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CVX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ABT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MSCI@US"}, {"term": "GLW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BHGE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CVX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ABT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MSCI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/4ce8628a-0b57-3791-8a16-f16913a24ad0Brief USA: Carnival Corporation: Are its deleveraging and refinancing efforts successful? - Key Drivers and more2024-03-28T22:17:23.588798+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/carnival-corporation-are-its-deleveraging-and-refinancing-efforts-successful-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Carnival Corporation: Are its deleveraging and refinancing efforts successful? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/bumble-inc-addressing-existing-product-limitations-through-ai-other-innovations-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Bumble Inc.: Addressing Existing Product Limitations Through AI & Other Innovations! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/blackrock-inc-a-hybrid-strategy-in-a-shifting-asset-management-landscape-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">BlackRock Inc.: A Hybrid Strategy In A Shifting Asset Management Landscape! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/appian-corporation-growing-ai-adoption-is-a-major-growth-catalyst-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Appian Corporation: Growing AI Adoption Is A Major Growth Catalyst? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/aon-plc-leveraging-data-analytics-technology-for-growth-in-reinsurance-and-commercial-risk-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Aon PLC: Leveraging Data Analytics & Technology for Growth in Reinsurance and Commercial Risk! - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/carnival-corporation-are-its-deleveraging-and-refinancing-efforts-successful-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Carnival Corporation: Are its deleveraging and refinancing efforts successful? - Key Drivers </a></h3><p></p><ul><li>Carnival Corporation's latest earnings suggest an optimistic outlook for the company as it reports setting records in all four quarters of 2023, with revenues, booking levels, and customer deposits seeing an all-time high.</li><li>Encouragingly, both North American and European brand occupancy levels exceeded 101% in Q4, and per diems for these brands showed significant increases over 2019.</li><li>The company’s performance enabled it to surpass high cost inflation over the past four years, delivering per unit Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) that outpaced 2019 levels when excluding fuel and currency fluctuations.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/bumble-inc-addressing-existing-product-limitations-through-ai-other-innovations-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Bumble Inc.: Addressing Existing Product Limitations Through AI & Other Innovations! - Key Drivers </a></h3><p></p><ul><li>Bumble Inc.</li><li>has reported an increase of 13% in its Q4 2023 revenue to $274 million, meeting its financial projections.</li><li>This growth was propelled by a 16% rise in paying users, with contributions from both the Bumble and Badoo apps.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/blackrock-inc-a-hybrid-strategy-in-a-shifting-asset-management-landscape-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. BlackRock Inc.: A Hybrid Strategy In A Shifting Asset Management Landscape! - Key Drivers </a></h3><p></p><ul><li>BlackRock, Inc.</li><li>recorded a significant growth in its fourth quarter and full year results of 2023.</li><li>The company portrayed a positive image with Chairman and CEO, Laurence Fink announcing the agreement to acquire Global Infrastructure Partners (GIP).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/appian-corporation-growing-ai-adoption-is-a-major-growth-catalyst-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Appian Corporation: Growing AI Adoption Is A Major Growth Catalyst? - Key Drivers </a></h3><p></p><ul><li>Appian's Q4 earnings and full 2023 financial results reflect a steady growth trajectory.</li><li>For Q4, cloud subscription revenue was up by 26% to $81.3 million.</li><li>Subscriptions revenue was up by 24% to $115.8 million.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/aon-plc-leveraging-data-analytics-technology-for-growth-in-reinsurance-and-commercial-risk-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Aon PLC: Leveraging Data Analytics & Technology for Growth in Reinsurance and Commercial Risk! - Key Drivers </a></h3><p></p><ul><li>Aon plc demonstrated strong operating momentum in its 2023 performance as evidenced in its Fourth Quarter 2023.</li><li>The company's Aon United journey was driven by client demand amid increasing trends of volatility and interconnected risks.</li><li>Specifically, four significant areas of focus were identified that broadened the scope of Aon's core business while creating opportunities to deliver more value to their clients.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/carnival-corporation-are-its-deleveraging-and-refinancing-efforts-successful-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Carnival Corporation: Are its deleveraging and refinancing efforts successful? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/bumble-inc-addressing-existing-product-limitations-through-ai-other-innovations-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Bumble Inc.: Addressing Existing Product Limitations Through AI & Other Innovations! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/blackrock-inc-a-hybrid-strategy-in-a-shifting-asset-management-landscape-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">BlackRock Inc.: A Hybrid Strategy In A Shifting Asset Management Landscape! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/appian-corporation-growing-ai-adoption-is-a-major-growth-catalyst-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Appian Corporation: Growing AI Adoption Is A Major Growth Catalyst? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/aon-plc-leveraging-data-analytics-technology-for-growth-in-reinsurance-and-commercial-risk-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Aon PLC: Leveraging Data Analytics & Technology for Growth in Reinsurance and Commercial Risk! - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/carnival-corporation-are-its-deleveraging-and-refinancing-efforts-successful-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Carnival Corporation: Are its deleveraging and refinancing efforts successful? - Key Drivers </a></h3><p></p><ul><li>Carnival Corporation's latest earnings suggest an optimistic outlook for the company as it reports setting records in all four quarters of 2023, with revenues, booking levels, and customer deposits seeing an all-time high.</li><li>Encouragingly, both North American and European brand occupancy levels exceeded 101% in Q4, and per diems for these brands showed significant increases over 2019.</li><li>The company’s performance enabled it to surpass high cost inflation over the past four years, delivering per unit Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) that outpaced 2019 levels when excluding fuel and currency fluctuations.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/bumble-inc-addressing-existing-product-limitations-through-ai-other-innovations-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Bumble Inc.: Addressing Existing Product Limitations Through AI & Other Innovations! - Key Drivers </a></h3><p></p><ul><li>Bumble Inc.</li><li>has reported an increase of 13% in its Q4 2023 revenue to $274 million, meeting its financial projections.</li><li>This growth was propelled by a 16% rise in paying users, with contributions from both the Bumble and Badoo apps.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/blackrock-inc-a-hybrid-strategy-in-a-shifting-asset-management-landscape-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. BlackRock Inc.: A Hybrid Strategy In A Shifting Asset Management Landscape! - Key Drivers </a></h3><p></p><ul><li>BlackRock, Inc.</li><li>recorded a significant growth in its fourth quarter and full year results of 2023.</li><li>The company portrayed a positive image with Chairman and CEO, Laurence Fink announcing the agreement to acquire Global Infrastructure Partners (GIP).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/appian-corporation-growing-ai-adoption-is-a-major-growth-catalyst-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Appian Corporation: Growing AI Adoption Is A Major Growth Catalyst? - Key Drivers </a></h3><p></p><ul><li>Appian's Q4 earnings and full 2023 financial results reflect a steady growth trajectory.</li><li>For Q4, cloud subscription revenue was up by 26% to $81.3 million.</li><li>Subscriptions revenue was up by 24% to $115.8 million.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/aon-plc-leveraging-data-analytics-technology-for-growth-in-reinsurance-and-commercial-risk-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Aon PLC: Leveraging Data Analytics & Technology for Growth in Reinsurance and Commercial Risk! - Key Drivers </a></h3><p></p><ul><li>Aon plc demonstrated strong operating momentum in its 2023 performance as evidenced in its Fourth Quarter 2023.</li><li>The company's Aon United journey was driven by client demand amid increasing trends of volatility and interconnected risks.</li><li>Specifically, four significant areas of focus were identified that broadened the scope of Aon's core business while creating opportunities to deliver more value to their clients.</li></ul>2024-03-15T13:00:35+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CCL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BMBL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BLK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "APPN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "AON@US"}, {"term": "CCL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BMBL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BLK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "APPN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AON@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/031ba71f-e2db-3b4d-bd2b-890f1dd4110bBrief USA: Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0 and more2024-03-28T22:17:23.578989+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0</a></li><li><a href="https://www.smartkarma.com/insights/4q23-mixed-asset-sale-to-increase-operational-focus-on-growth-opportunities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Mixed - Asset Sale to Increase Operational Focus on Growth Opportunities</a></li><li><a href="https://www.smartkarma.com/insights/crypto-moves-19-liquid-staking-protocols-are-ethereum-s-saver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Moves #19 – Liquid Staking Protocols Are Ethereum’s Saver</a></li><li><a href="https://www.smartkarma.com/insights/walker-s-weekly-dr-jim-s-summary-of-key-global-macro-developments-15-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments</a></li><li><a href="https://www.smartkarma.com/insights/reduces-1q-dividend-to-0-15-share-no-change-to-earnings-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reduces 1Q Dividend to $0.15/share; No Change to Earnings Estimates</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/550/original/image_55106221051710473271929.png?1710473272"/> <ul>
<li>Trump secures Republican nomination. Trump v/s Biden again. Volatility will the biggest winner. Gold will thrive on rising geopolitical tensions.</li>
<li>Equities will face headwinds during Trump 2.0. European stocks and EM equities will underperform with anticipated trade restrictions and protectionism.</li>
<li>USD will weaken. Oil prices will fall. Defense sector will benefit from rising tensions and reduced US role in NATO and the world at large.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q23-mixed-asset-sale-to-increase-operational-focus-on-growth-opportunities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q23 Mixed - Asset Sale to Increase Operational Focus on Growth Opportunities </a></h3><p></p><ul><li>We’re maintaining our Outperform rating on EVCM following mixed 4Q results that factored lower growth (tied to Marketing solutions), but with higher profitability and a 2024 outlook reflecting a continuation in trends.</li><li>While Marketing solutions has remained challenged, we continue to see positive results from EVCM’s bundling strategy (multi-solution customers up 19% and ACVs likely up mid-to-high single digits).</li><li>With logo growth pressured, we see continued opportunity from EVCM’s focus on monetizing its payments solution and driving greater operational efficiencies.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/crypto-moves-19-liquid-staking-protocols-are-ethereum-s-saver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Crypto Moves #19 – Liquid Staking Protocols Are Ethereum’s Saver </a></h3><p></p><ul><li>It has been exactly eighteen months since Ethereum made the big switch from Proof-of-Work to Proof-of-Stake, an event widely known as the Merge.</li><li>In simple terms, after the Merge, the responsibility for verifying transactions and proposing new blocks on the Ethereum network shifted from miners to holders, provided they choose to become stakers.</li><li>To maintain the blockchain as stakers, holders lock up their Ether in the network.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/walker-s-weekly-dr-jim-s-summary-of-key-global-macro-developments-15-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments </a></h3><p></p><ul style="list-style-type: disc;"><li>Recent CPI data in the US suggests no imminent interest rate cuts, with inflation running above 3%.</li><li>Exploration in Shenzhen revealed ongoing deflationary trends and significant spending from older individuals, posing challenges for Hong Kong's property market.</li><li>China's electric vehicle revolution is evident in Shenzhen, with widespread adoption and rapid advancements in charging infrastructure and technology.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/reduces-1q-dividend-to-0-15-share-no-change-to-earnings-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Reduces 1Q Dividend to $0.15/share; No Change to Earnings Estimates </a></h3><p></p><ul><li>Summary:Granite Point (GPMT)announced a 1Q dividend of $0.15 per share, which was down sequentially from $0.20 per share.</li><li>The dividend reduction was attributed to the impact of non-accrual loans and conservative leverage on near-to-medium term profitability.</li><li>Given our model already accounted for these items, we are not changing our GAAP or distributable earnings estimates, but we are updating our model to reflect the new dividend level.We are maintaining ourOutperformrating given the current valuation.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0</a></li><li><a href="https://www.smartkarma.com/insights/4q23-mixed-asset-sale-to-increase-operational-focus-on-growth-opportunities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Mixed - Asset Sale to Increase Operational Focus on Growth Opportunities</a></li><li><a href="https://www.smartkarma.com/insights/crypto-moves-19-liquid-staking-protocols-are-ethereum-s-saver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Moves #19 – Liquid Staking Protocols Are Ethereum’s Saver</a></li><li><a href="https://www.smartkarma.com/insights/walker-s-weekly-dr-jim-s-summary-of-key-global-macro-developments-15-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments</a></li><li><a href="https://www.smartkarma.com/insights/reduces-1q-dividend-to-0-15-share-no-change-to-earnings-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reduces 1Q Dividend to $0.15/share; No Change to Earnings Estimates</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/550/original/image_55106221051710473271929.png?1710473272"/> <ul>
<li>Trump secures Republican nomination. Trump v/s Biden again. Volatility will the biggest winner. Gold will thrive on rising geopolitical tensions.</li>
<li>Equities will face headwinds during Trump 2.0. European stocks and EM equities will underperform with anticipated trade restrictions and protectionism.</li>
<li>USD will weaken. Oil prices will fall. Defense sector will benefit from rising tensions and reduced US role in NATO and the world at large.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q23-mixed-asset-sale-to-increase-operational-focus-on-growth-opportunities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q23 Mixed - Asset Sale to Increase Operational Focus on Growth Opportunities </a></h3><p></p><ul><li>We’re maintaining our Outperform rating on EVCM following mixed 4Q results that factored lower growth (tied to Marketing solutions), but with higher profitability and a 2024 outlook reflecting a continuation in trends.</li><li>While Marketing solutions has remained challenged, we continue to see positive results from EVCM’s bundling strategy (multi-solution customers up 19% and ACVs likely up mid-to-high single digits).</li><li>With logo growth pressured, we see continued opportunity from EVCM’s focus on monetizing its payments solution and driving greater operational efficiencies.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/crypto-moves-19-liquid-staking-protocols-are-ethereum-s-saver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Crypto Moves #19 – Liquid Staking Protocols Are Ethereum’s Saver </a></h3><p></p><ul><li>It has been exactly eighteen months since Ethereum made the big switch from Proof-of-Work to Proof-of-Stake, an event widely known as the Merge.</li><li>In simple terms, after the Merge, the responsibility for verifying transactions and proposing new blocks on the Ethereum network shifted from miners to holders, provided they choose to become stakers.</li><li>To maintain the blockchain as stakers, holders lock up their Ether in the network.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/walker-s-weekly-dr-jim-s-summary-of-key-global-macro-developments-15-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments </a></h3><p></p><ul style="list-style-type: disc;"><li>Recent CPI data in the US suggests no imminent interest rate cuts, with inflation running above 3%.</li><li>Exploration in Shenzhen revealed ongoing deflationary trends and significant spending from older individuals, posing challenges for Hong Kong's property market.</li><li>China's electric vehicle revolution is evident in Shenzhen, with widespread adoption and rapid advancements in charging infrastructure and technology.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/reduces-1q-dividend-to-0-15-share-no-change-to-earnings-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Reduces 1Q Dividend to $0.15/share; No Change to Earnings Estimates </a></h3><p></p><ul><li>Summary:Granite Point (GPMT)announced a 1Q dividend of $0.15 per share, which was down sequentially from $0.20 per share.</li><li>The dividend reduction was attributed to the impact of non-accrual loans and conservative leverage on near-to-medium term profitability.</li><li>Given our model already accounted for these items, we are not changing our GAAP or distributable earnings estimates, but we are updating our model to reflect the new dividend level.We are maintaining ourOutperformrating given the current valuation.</li></ul>2024-03-15T11:49:41+08:00[{"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "MACAU"}, {"term": "BRUNEI"}, {"term": "SRI LANKA"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "MONGOLIA"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "CL1@COM@COMDTY"}, {"term": "GOLD@COMDTY"}, {"term": "EMXC@US"}, {"term": "SX5E@INDEX"}, {"term": "USD@CURNCY"}, {"term": "SPX@INDEX"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EVCM@US"}, {"term": "Crypto"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "XETUSD@CURNCY"}, {"term": "XBTUSD@CURNCY"}, {"term": "RPL@CURNCY"}, {"term": "XBIUSD@CURNCY"}, {"term": "LDO@CURNCY"}, {"term": "Macroeconomics"}, {"term": "HK"}, {"term": "VIETNAM"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "ASEAN"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GPMT@US"}, {"term": "SPX@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EVCM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LDO@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GPMT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/61f61b5b-41a4-3485-820d-57142793e2e2Brief USA: Profitability Remains in Focus; Long-Term Story Still Compelling and more2024-03-28T22:17:23.572457+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/profitability-remains-in-focus-long-term-story-still-compelling?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Profitability Remains in Focus; Long-Term Story Still Compelling</a></li><li><a href="https://www.smartkarma.com/insights/4q23-fy23-financial-results-2024-guidance-58c208eb-5ef0-45a1-af5f-f0732c76a356?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23/FY23 Financial Results & 2024 Guidance</a></li><li><a href="https://www.smartkarma.com/insights/hotel-reits-4q23-wrap-up-2024-2025-model-updates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hotel REITs</a></li><li><a href="https://www.smartkarma.com/insights/maintain-outperform-rating-raising-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Maintain Outperform Rating; Raising Price Target</a></li><li><a href="https://www.smartkarma.com/insights/dollar-general-4q-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dollar General 4Q'23 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/profitability-remains-in-focus-long-term-story-still-compelling?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Profitability Remains in Focus; Long-Term Story Still Compelling </a></h3><p></p><ul><li>We reiterate our Outperform rating and raise our price target to $30 (+$5) on PHR following F4Q24 results that beat revenue and EBITDA expectations, along with FY25 guidance that was maintained for revenue, but increased by +$1M at the midpoint for EBITDA. Specifically on the quarter PHR reported revenue of $95.0M (Street: $93.5M; RJ: $93.3M), and adj. EBITDA of -$3.5M (Street: -$6.9M, RJ: -$6.8M) with upside driven by subscription and payments revenue, while network solutions revenue was inline with our model.</li><li>S&M, G&A, and R&D were all better than expected.</li><li>Management also updated their FY25 guidance, maintaining revenue of $424-434M (19-22% growth), but now guiding to $12-20M of adj. EBITDA (+$1M at the midpoint).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q23-fy23-financial-results-2024-guidance-58c208eb-5ef0-45a1-af5f-f0732c76a356?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q23/FY23 Financial Results & 2024 Guidance </a></h3><p></p><ul><li>On Thursday, after market close, Allogene Therapeutics (ALLO) reported 4Q23/FY23 financial results and provided updated guidance.</li><li>The company ended 2023 with $449M in cash, cash equivalents, and investments and guided for an expected $190M a decrease in cash, cash equivalents, and investments in FY24.</li><li>GAAP Operating Expenses for FY24 are expected to be ~$280M, including estimated non-cash stock-based compensation expense of ~$60M. Management anticipates that current cash will support operations into 2026.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/hotel-reits-4q23-wrap-up-2024-2025-model-updates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Hotel REITs </a></h3><p></p><ul><li>We are updating our estimates for all nine of the lodging REITs we cover to reflect 4Q23 actual results, 2024 guidance where appropriate, and positive commentary from recent investor days, property tours, and conferences.The foundation for our estimates is generally based upon 3-4% RevPAR growth in 2024.</li><li>That positions us as neither particularly bullish nor bearish and is largely in-line with the 2-4% or 3-5% guidance we heard from most lodging REITs.</li><li>We shared this sentiment following 3Q earnings reports in November, and it remains true today: it is probably more reasonable to construct an outlook with 1-2% RevPAR growth than one with 4-5% growth.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/maintain-outperform-rating-raising-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Maintain Outperform Rating; Raising Price Target </a></h3><p></p><ul><li>We reaffirm our Outperform rating for DG and increase our target to $165.</li><li>While there is still work left to improve DG’s performance back to historical standards, F4Q comps/EPS outperformed consensus and customer traffic trends continued to improve (positive in all three periods of the quarter), with the momentum carrying into F1Q. These results underscore our confidence in DG's resilience and potential for recovery in margins and earnings over the next couple of years.</li><li>As with any business turnaround, we don’t expect the improvement to be linear (still seeing mix and shrink pressures in early 2024), but we are encouraged by the progress made over the last two quarters.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/dollar-general-4q-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Dollar General 4Q'23 Update </a></h3><p></p><ul><li>Dollar General (DG)’s stock had an interesting reaction to today’s earnings.</li><li>First it went up by ~6% in pre-market, but then ended the day 5% down.</li><li>Despite the somewhat bizarre stock price reaction throughout the day, I think the worst days are likely behind DG.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/profitability-remains-in-focus-long-term-story-still-compelling?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Profitability Remains in Focus; Long-Term Story Still Compelling</a></li><li><a href="https://www.smartkarma.com/insights/4q23-fy23-financial-results-2024-guidance-58c208eb-5ef0-45a1-af5f-f0732c76a356?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23/FY23 Financial Results & 2024 Guidance</a></li><li><a href="https://www.smartkarma.com/insights/hotel-reits-4q23-wrap-up-2024-2025-model-updates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hotel REITs</a></li><li><a href="https://www.smartkarma.com/insights/maintain-outperform-rating-raising-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Maintain Outperform Rating; Raising Price Target</a></li><li><a href="https://www.smartkarma.com/insights/dollar-general-4q-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dollar General 4Q'23 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/profitability-remains-in-focus-long-term-story-still-compelling?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Profitability Remains in Focus; Long-Term Story Still Compelling </a></h3><p></p><ul><li>We reiterate our Outperform rating and raise our price target to $30 (+$5) on PHR following F4Q24 results that beat revenue and EBITDA expectations, along with FY25 guidance that was maintained for revenue, but increased by +$1M at the midpoint for EBITDA. Specifically on the quarter PHR reported revenue of $95.0M (Street: $93.5M; RJ: $93.3M), and adj. EBITDA of -$3.5M (Street: -$6.9M, RJ: -$6.8M) with upside driven by subscription and payments revenue, while network solutions revenue was inline with our model.</li><li>S&M, G&A, and R&D were all better than expected.</li><li>Management also updated their FY25 guidance, maintaining revenue of $424-434M (19-22% growth), but now guiding to $12-20M of adj. EBITDA (+$1M at the midpoint).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q23-fy23-financial-results-2024-guidance-58c208eb-5ef0-45a1-af5f-f0732c76a356?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q23/FY23 Financial Results & 2024 Guidance </a></h3><p></p><ul><li>On Thursday, after market close, Allogene Therapeutics (ALLO) reported 4Q23/FY23 financial results and provided updated guidance.</li><li>The company ended 2023 with $449M in cash, cash equivalents, and investments and guided for an expected $190M a decrease in cash, cash equivalents, and investments in FY24.</li><li>GAAP Operating Expenses for FY24 are expected to be ~$280M, including estimated non-cash stock-based compensation expense of ~$60M. Management anticipates that current cash will support operations into 2026.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/hotel-reits-4q23-wrap-up-2024-2025-model-updates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Hotel REITs </a></h3><p></p><ul><li>We are updating our estimates for all nine of the lodging REITs we cover to reflect 4Q23 actual results, 2024 guidance where appropriate, and positive commentary from recent investor days, property tours, and conferences.The foundation for our estimates is generally based upon 3-4% RevPAR growth in 2024.</li><li>That positions us as neither particularly bullish nor bearish and is largely in-line with the 2-4% or 3-5% guidance we heard from most lodging REITs.</li><li>We shared this sentiment following 3Q earnings reports in November, and it remains true today: it is probably more reasonable to construct an outlook with 1-2% RevPAR growth than one with 4-5% growth.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/maintain-outperform-rating-raising-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Maintain Outperform Rating; Raising Price Target </a></h3><p></p><ul><li>We reaffirm our Outperform rating for DG and increase our target to $165.</li><li>While there is still work left to improve DG’s performance back to historical standards, F4Q comps/EPS outperformed consensus and customer traffic trends continued to improve (positive in all three periods of the quarter), with the momentum carrying into F1Q. These results underscore our confidence in DG's resilience and potential for recovery in margins and earnings over the next couple of years.</li><li>As with any business turnaround, we don’t expect the improvement to be linear (still seeing mix and shrink pressures in early 2024), but we are encouraged by the progress made over the last two quarters.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/dollar-general-4q-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Dollar General 4Q'23 Update </a></h3><p></p><ul><li>Dollar General (DG)’s stock had an interesting reaction to today’s earnings.</li><li>First it went up by ~6% in pre-market, but then ended the day 5% down.</li><li>Despite the somewhat bizarre stock price reaction throughout the day, I think the worst days are likely behind DG.</li></ul>2024-03-15T09:30:21+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PHR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ALLO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DRH@US"}, {"term": "RHP@US"}, {"term": "PEB@US"}, {"term": "RLJ@US"}, {"term": "INN@US"}, {"term": "HST@US"}, {"term": "XHR@US"}, {"term": "SHO@US"}, {"term": "PK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DG@US"}, {"term": "DLTR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "DG@US"}, {"term": "PHR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALLO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DLTR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/ec2be0b8-9007-35c6-a96e-0134b1c6a6b3Brief USA: The Bank of Japan Plays Footsie with the Market-Will They or Won’t They? and more2024-03-28T22:17:23.562566+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-bank-of-japan-plays-footsie-with-the-market-will-they-or-won-t-they?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Bank of Japan Plays Footsie with the Market-Will They or Won’t They?</a></li><li><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-increasing-reserves-further-potential-upside-in-gabon-eg-potential-to-be-unlocked-imminently?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">VAALCO Energy (NYSE: EGY): Increasing Reserves.</a></li><li><a href="https://www.smartkarma.com/insights/bbw-4q-review-adding-value-initiates-q-dividend-reiterate-buy-41-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">BBW: 4Q Review: Adding Value; Initiates Q Dividend; Reiterate Buy, $41 PT</a></li><li><a href="https://www.smartkarma.com/insights/eur-rates-strategy-review?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EUR Rates: Strategy Review</a></li><li><a href="https://www.smartkarma.com/insights/nordea-xccy-publication-q2-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Nordea XCCY publication: Q2-2024</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-bank-of-japan-plays-footsie-with-the-market-will-they-or-won-t-they?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. The Bank of Japan Plays Footsie with the Market-Will They or Won’t They? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/391/original/image_80978487871710375653308.png?1710375654"/> <ul>
<li>US economic data while surprising on the upside fails to buoy the USD vs the JPY</li>
<li>BOJ awaiting shunto talks for more evidence of a sustained move out of deflation</li>
<li>What are the implications for global markets if mass repatriation of Japanese capital</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-increasing-reserves-further-potential-upside-in-gabon-eg-potential-to-be-unlocked-imminently?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. VAALCO Energy (NYSE: EGY): Increasing Reserves. </a></h3><p></p><ul>
<li>VAALCO’s YE23 cash position of US$121 mm and FY23 WI production of 23,946 boe/d were in line with previous indications.</li>
<li>The company held 77.3 mmboe WI 2P reserves at YE23 including 15.8 mmbbl in Gabon, 24.5 mmbbl in Egypt, 18.6 mmboe in Canada and 18.5 mmboe in EG. This represents a 1% increase vs YE23 as VAALCO has more than replaced its FY23 production given the strong performance of the producing assets in 2023.</li>
<li>The FY24 capex budget is US$70-90 mm (we forecasted US$138 mm) as only US$30-40 mm will be spent in Gabon (on long lead items) with a larger than previously expected drilling programme starting in 2025.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/bbw-4q-review-adding-value-initiates-q-dividend-reiterate-buy-41-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. BBW: 4Q Review: Adding Value; Initiates Q Dividend; Reiterate Buy, $41 PT </a></h3><p></p><ul><li>We are reiterating our Buy rating and $41 price target for Build-a-Bear, slightly raising our FY24 EPS and rolling out FY25 projections after the company reported basically in-line 4QFY23 (January) results and initiated a quarterly dividend program, with an initial quarterly payout of $0.20 per share.</li><li>We believe Build-A-Bear remains highly focused on shareholder value and the company is poised to register solid returns and upside as their experiential offerings continue to expand and resonate with their growing customer base; further, with net cash per share of over $3.10 (and no debt), a dividend yield of 2.7% and trading under 4.5X our FY25 EBITDA, we view the risk/reward in BBW as compelling, and we reiterate our Buy raring and $41 price target.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/eur-rates-strategy-review?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. EUR Rates: Strategy Review </a></h3><p></p><ul><li>The ECB’s new policy framework makes it more likely to succeed with balance-sheet normalisation, leading to steeper curves and tighter asset swap spreads eventually.</li><li>Markets may have been off to a head start, though.</li><li>Today, the ECB published its new policy framework. Near-term implications are mostly in the nitty gritty stuff while the longer-term implication is that the new framework will make it more likely that the ECB can complete policy normalisation without liquidity stress, leaving curves steeper and asset swap spreads tighter.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nordea-xccy-publication-q2-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Nordea XCCY publication: Q2-2024 </a></h3><p></p><ul><li>As we reached the end of 2023, EURUSD basis hit the highest levels seen for a very long time – especially in the short end.</li><li>In “cash-terms” this can be interpreted as the demand for US dollars has been very low – or in relative terms – EUR has become more expensive.</li><li>With risk sentiment remaining overall positive, we don’t see this changing in March; Relative excess liquidity between USD and EUR could impact the outlook for the front slightly lowerin the near future– more on that later in this publication.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-bank-of-japan-plays-footsie-with-the-market-will-they-or-won-t-they?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Bank of Japan Plays Footsie with the Market-Will They or Won’t They?</a></li><li><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-increasing-reserves-further-potential-upside-in-gabon-eg-potential-to-be-unlocked-imminently?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">VAALCO Energy (NYSE: EGY): Increasing Reserves.</a></li><li><a href="https://www.smartkarma.com/insights/bbw-4q-review-adding-value-initiates-q-dividend-reiterate-buy-41-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">BBW: 4Q Review: Adding Value; Initiates Q Dividend; Reiterate Buy, $41 PT</a></li><li><a href="https://www.smartkarma.com/insights/eur-rates-strategy-review?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EUR Rates: Strategy Review</a></li><li><a href="https://www.smartkarma.com/insights/nordea-xccy-publication-q2-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Nordea XCCY publication: Q2-2024</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-bank-of-japan-plays-footsie-with-the-market-will-they-or-won-t-they?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. The Bank of Japan Plays Footsie with the Market-Will They or Won’t They? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/391/original/image_80978487871710375653308.png?1710375654"/> <ul>
<li>US economic data while surprising on the upside fails to buoy the USD vs the JPY</li>
<li>BOJ awaiting shunto talks for more evidence of a sustained move out of deflation</li>
<li>What are the implications for global markets if mass repatriation of Japanese capital</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-increasing-reserves-further-potential-upside-in-gabon-eg-potential-to-be-unlocked-imminently?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. VAALCO Energy (NYSE: EGY): Increasing Reserves. </a></h3><p></p><ul>
<li>VAALCO’s YE23 cash position of US$121 mm and FY23 WI production of 23,946 boe/d were in line with previous indications.</li>
<li>The company held 77.3 mmboe WI 2P reserves at YE23 including 15.8 mmbbl in Gabon, 24.5 mmbbl in Egypt, 18.6 mmboe in Canada and 18.5 mmboe in EG. This represents a 1% increase vs YE23 as VAALCO has more than replaced its FY23 production given the strong performance of the producing assets in 2023.</li>
<li>The FY24 capex budget is US$70-90 mm (we forecasted US$138 mm) as only US$30-40 mm will be spent in Gabon (on long lead items) with a larger than previously expected drilling programme starting in 2025.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/bbw-4q-review-adding-value-initiates-q-dividend-reiterate-buy-41-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. BBW: 4Q Review: Adding Value; Initiates Q Dividend; Reiterate Buy, $41 PT </a></h3><p></p><ul><li>We are reiterating our Buy rating and $41 price target for Build-a-Bear, slightly raising our FY24 EPS and rolling out FY25 projections after the company reported basically in-line 4QFY23 (January) results and initiated a quarterly dividend program, with an initial quarterly payout of $0.20 per share.</li><li>We believe Build-A-Bear remains highly focused on shareholder value and the company is poised to register solid returns and upside as their experiential offerings continue to expand and resonate with their growing customer base; further, with net cash per share of over $3.10 (and no debt), a dividend yield of 2.7% and trading under 4.5X our FY25 EBITDA, we view the risk/reward in BBW as compelling, and we reiterate our Buy raring and $41 price target.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/eur-rates-strategy-review?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. EUR Rates: Strategy Review </a></h3><p></p><ul><li>The ECB’s new policy framework makes it more likely to succeed with balance-sheet normalisation, leading to steeper curves and tighter asset swap spreads eventually.</li><li>Markets may have been off to a head start, though.</li><li>Today, the ECB published its new policy framework. Near-term implications are mostly in the nitty gritty stuff while the longer-term implication is that the new framework will make it more likely that the ECB can complete policy normalisation without liquidity stress, leaving curves steeper and asset swap spreads tighter.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nordea-xccy-publication-q2-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Nordea XCCY publication: Q2-2024 </a></h3><p></p><ul><li>As we reached the end of 2023, EURUSD basis hit the highest levels seen for a very long time – especially in the short end.</li><li>In “cash-terms” this can be interpreted as the demand for US dollars has been very low – or in relative terms – EUR has become more expensive.</li><li>With risk sentiment remaining overall positive, we don’t see this changing in March; Relative excess liquidity between USD and EUR could impact the outlook for the front slightly lowerin the near future– more on that later in this publication.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>2024-03-15T06:30:07+08:00[{"term": "Macroeconomics"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ASIA PACIFIC"}, {"term": "NKY@INDEX"}, {"term": "TPX@INDEX"}, {"term": "7203@JP"}, {"term": "6758@JP"}, {"term": "8058@JP"}, {"term": "8053@JP"}, {"term": "6178@JP"}, {"term": "8306@JP"}, {"term": "GLD@US"}, {"term": "FXY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "EGY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "UNITED KINGDOM"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "BBW@US"}, {"term": "MAT@US"}, {"term": "HAS@US"}, {"term": "FX & Rates"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "EURUSD@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "FX & Rates"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "EURUSD@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "FXY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EGY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HAS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/a84185b4-7edc-35df-b313-fe7a8bae271cBrief USA: Data Comment - US CPI: Another reason for the Fed to wait and more2024-03-28T22:17:23.555675+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/data-comment-us-cpi-another-reason-for-the-fed-to-wait?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Data Comment - US CPI: Another reason for the Fed to wait</a></li><li><a href="https://www.smartkarma.com/insights/senator-hawley-request-for-doj-review-poses-headline-risk-perhaps-little-else?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Senator Hawley Request for DOJ Review Poses Headline Risk, Perhaps Little Else</a></li><li><a href="https://www.smartkarma.com/insights/surgepays-inc-reports-mixed-4q-results-in-uncertain-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">SurgePays, Inc. - Reports Mixed 4Q Results in Uncertain Market</a></li><li><a href="https://www.smartkarma.com/insights/technology-others-data-infrastructure-coffee-talk-st-patrick-s-edition-seeing-green-anet-csco-dell-pstg-ntap-hpe-cohr-cien-lite?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Technology - Others - Data Infrastructure</a></li><li><a href="https://www.smartkarma.com/insights/4q23-sub-optimal-1q-guide-lowering-estimates-and-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23; “Sub”-Optimal 1Q Guide; Lowering Estimates and Price Target</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/data-comment-us-cpi-another-reason-for-the-fed-to-wait?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Data Comment - US CPI: Another reason for the Fed to wait </a></h3><p></p><ul><li>The February CPI report brought another negative surprise for the Fed, at the margin, with core inflation coming in higher than expected.</li><li>Core inflation stabilized at 0.4% mom, against expectations for an easing to 0.3% mom, while in yearly terms it edged down to 3.8% yoy from 3.9%.</li><li>Looking at smoother measures of core inflation than the monthly rate, the threemonth annualized rate and six-month annualized rate accelerated to 4.2% and 3.9%, respectively.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/senator-hawley-request-for-doj-review-poses-headline-risk-perhaps-little-else?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Senator Hawley Request for DOJ Review Poses Headline Risk, Perhaps Little Else </a></h3><p></p><ul><li>Key TakeawaysU.S. Senator Josh Hawley’s recent letter reflects legitimate mortgage lender concern as it relates to FICO’s pricing initiatives.FICO scores remain a low absolute dollar cost relative to the various components lenders and consumers pay during the loan origination process, while creating substantial value for those lenders and borrowers.Policy risks include growing support on the Hill, although regulating FICO’s pricing ability is limited short of any legislative action and near-term initiatives are unlikely given election year timing.A more realistic policy threat could be an announcement that the FHFA would be open to re-evaluating its decision around the use of both FICO and VantageScore credit scores in mortgage lending, although we view this to be unlikely.Josh Hawley seeks Department of Justice investigation of FICOOn March 12th, 2024 U.S. Senator Josh Hawley sent a letter to the Assistant Attorney General Jonathan Kanter urging the Department of Justice to open an investigation in Fair Isaac alleging potentially anti-competitive practices.</li><li>The crux of the letter states that FICO is abusing its “government-granted monopoly” in the consumer credit scoring market and passing unduly high price increases on its FICO Scores, asserting that “FICO’s actions over the last two years have increased the cost of its credit scores by 500%”.</li><li>The letter further states that these higher costs are ultimately borne by borrowers through higher upfront costs or higher interest rates.Yes, FICO has tremendous pricing power, but...Senator Hawley is correct in stating that FICO’s credit scores are required by the FHFA for mortgages securitized through Fannie Mae and Freddie Mac, and his math on the magnitude of FICO’s price increases for mortgage originations is not far from our own calculations.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/surgepays-inc-reports-mixed-4q-results-in-uncertain-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. SurgePays, Inc. - Reports Mixed 4Q Results in Uncertain Market </a></h3><p></p><ul><li>After the close on Tuesday, SurgePays reported mixed 4Q23 results.</li><li>Total revenue of $32.3 million exceeded our $32.1 million estimate but was slightly below consensus of $33.6 million.</li><li>However, EBITDA of $3.4 million was below both our estimate and consensus of $6.5 million and $6.9 million, respectively.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/technology-others-data-infrastructure-coffee-talk-st-patrick-s-edition-seeing-green-anet-csco-dell-pstg-ntap-hpe-cohr-cien-lite?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Technology - Others - Data Infrastructure </a></h3><p></p><ul><li>Following December/January quarterly reports, we take the opportunity toreview investor sentiment and present our takesfor AI-exposed stocks, (Arista, Dell, HP Enterprise, NetApp, Pure Storage) along with commentary on Coherent, Ciena, Cisco, and Lumentum; these were the stocks with our highest volume in investor discussions over the past two months.</li><li>The AI narrative has subsumed investor interest that may have left stocks lacking an AI angle out in the cold.</li><li>AI has also fueled much our investor discussions, and the theme affects much of our coverage.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-sub-optimal-1q-guide-lowering-estimates-and-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23; “Sub”-Optimal 1Q Guide; Lowering Estimates and Price Target </a></h3><p></p><ul><li>We maintain our Outperform rating on WideOpenWest (WOW) following 4Q results based on the potential for a takeout at some point.</li><li>We believe the business is undervalued and could attract buyers who desire its existing assets, systems/operations and engineering and regulatory expertise, all which could be synergistic with existing assets or a base for growth.</li><li>Unfortunately, given current market conditions and low public multiples, and assuming the largest shareholder is currently underwater, we believe a bid/ask is too wide, making M&A challenging.Struggling Subs.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/data-comment-us-cpi-another-reason-for-the-fed-to-wait?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Data Comment - US CPI: Another reason for the Fed to wait</a></li><li><a href="https://www.smartkarma.com/insights/senator-hawley-request-for-doj-review-poses-headline-risk-perhaps-little-else?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Senator Hawley Request for DOJ Review Poses Headline Risk, Perhaps Little Else</a></li><li><a href="https://www.smartkarma.com/insights/surgepays-inc-reports-mixed-4q-results-in-uncertain-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">SurgePays, Inc. - Reports Mixed 4Q Results in Uncertain Market</a></li><li><a href="https://www.smartkarma.com/insights/technology-others-data-infrastructure-coffee-talk-st-patrick-s-edition-seeing-green-anet-csco-dell-pstg-ntap-hpe-cohr-cien-lite?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Technology - Others - Data Infrastructure</a></li><li><a href="https://www.smartkarma.com/insights/4q23-sub-optimal-1q-guide-lowering-estimates-and-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23; “Sub”-Optimal 1Q Guide; Lowering Estimates and Price Target</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/data-comment-us-cpi-another-reason-for-the-fed-to-wait?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Data Comment - US CPI: Another reason for the Fed to wait </a></h3><p></p><ul><li>The February CPI report brought another negative surprise for the Fed, at the margin, with core inflation coming in higher than expected.</li><li>Core inflation stabilized at 0.4% mom, against expectations for an easing to 0.3% mom, while in yearly terms it edged down to 3.8% yoy from 3.9%.</li><li>Looking at smoother measures of core inflation than the monthly rate, the threemonth annualized rate and six-month annualized rate accelerated to 4.2% and 3.9%, respectively.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/senator-hawley-request-for-doj-review-poses-headline-risk-perhaps-little-else?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Senator Hawley Request for DOJ Review Poses Headline Risk, Perhaps Little Else </a></h3><p></p><ul><li>Key TakeawaysU.S. Senator Josh Hawley’s recent letter reflects legitimate mortgage lender concern as it relates to FICO’s pricing initiatives.FICO scores remain a low absolute dollar cost relative to the various components lenders and consumers pay during the loan origination process, while creating substantial value for those lenders and borrowers.Policy risks include growing support on the Hill, although regulating FICO’s pricing ability is limited short of any legislative action and near-term initiatives are unlikely given election year timing.A more realistic policy threat could be an announcement that the FHFA would be open to re-evaluating its decision around the use of both FICO and VantageScore credit scores in mortgage lending, although we view this to be unlikely.Josh Hawley seeks Department of Justice investigation of FICOOn March 12th, 2024 U.S. Senator Josh Hawley sent a letter to the Assistant Attorney General Jonathan Kanter urging the Department of Justice to open an investigation in Fair Isaac alleging potentially anti-competitive practices.</li><li>The crux of the letter states that FICO is abusing its “government-granted monopoly” in the consumer credit scoring market and passing unduly high price increases on its FICO Scores, asserting that “FICO’s actions over the last two years have increased the cost of its credit scores by 500%”.</li><li>The letter further states that these higher costs are ultimately borne by borrowers through higher upfront costs or higher interest rates.Yes, FICO has tremendous pricing power, but...Senator Hawley is correct in stating that FICO’s credit scores are required by the FHFA for mortgages securitized through Fannie Mae and Freddie Mac, and his math on the magnitude of FICO’s price increases for mortgage originations is not far from our own calculations.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/surgepays-inc-reports-mixed-4q-results-in-uncertain-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. SurgePays, Inc. - Reports Mixed 4Q Results in Uncertain Market </a></h3><p></p><ul><li>After the close on Tuesday, SurgePays reported mixed 4Q23 results.</li><li>Total revenue of $32.3 million exceeded our $32.1 million estimate but was slightly below consensus of $33.6 million.</li><li>However, EBITDA of $3.4 million was below both our estimate and consensus of $6.5 million and $6.9 million, respectively.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/technology-others-data-infrastructure-coffee-talk-st-patrick-s-edition-seeing-green-anet-csco-dell-pstg-ntap-hpe-cohr-cien-lite?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Technology - Others - Data Infrastructure </a></h3><p></p><ul><li>Following December/January quarterly reports, we take the opportunity toreview investor sentiment and present our takesfor AI-exposed stocks, (Arista, Dell, HP Enterprise, NetApp, Pure Storage) along with commentary on Coherent, Ciena, Cisco, and Lumentum; these were the stocks with our highest volume in investor discussions over the past two months.</li><li>The AI narrative has subsumed investor interest that may have left stocks lacking an AI angle out in the cold.</li><li>AI has also fueled much our investor discussions, and the theme affects much of our coverage.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-sub-optimal-1q-guide-lowering-estimates-and-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23; “Sub”-Optimal 1Q Guide; Lowering Estimates and Price Target </a></h3><p></p><ul><li>We maintain our Outperform rating on WideOpenWest (WOW) following 4Q results based on the potential for a takeout at some point.</li><li>We believe the business is undervalued and could attract buyers who desire its existing assets, systems/operations and engineering and regulatory expertise, all which could be synergistic with existing assets or a base for growth.</li><li>Unfortunately, given current market conditions and low public multiples, and assuming the largest shareholder is currently underwater, we believe a bid/ask is too wide, making M&A challenging.Struggling Subs.</li></ul>2024-03-15T00:21:46+08:00[{"term": "Macroeconomics"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FICO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "SURG@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NTAP@US"}, {"term": "HPE@US"}, {"term": "CIEN@US"}, {"term": "LITE@US"}, {"term": "PSTG@US"}, {"term": "CSCO@US"}, {"term": "COHR@US"}, {"term": "DELL@US"}, {"term": "ANET@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "WOW@US"}, {"term": "CMCSA@US"}, {"term": "DY@US"}, {"term": "SHEN@US"}, {"term": "TMUS@US"}, {"term": "LUMN@US"}, {"term": "CABO@US"}, {"term": "VZ@US"}, {"term": "T@US"}, {"term": "FYBR@US"}, {"term": "ATUS@US"}, {"term": "CCOI@US"}, {"term": "CHTR@US"}, {"term": "FICO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SURG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ANET@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CHTR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/d259174a-b3b1-3501-875e-e4e02fff1f25Brief USA: Much Rezpect: Initial Thoughts on Approval and Label and more2024-03-28T22:17:23.545725+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/much-rezpect-initial-thoughts-on-approval-and-label?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Much Rezpect: Initial Thoughts on Approval and Label</a></li><li><a href="https://www.smartkarma.com/insights/first-take-solid-quarter-and-fine-2024-guide-debt-overhang-remains?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Solid Quarter and Fine 2024 Guide; Debt Overhang Remains</a></li><li><a href="https://www.smartkarma.com/insights/astera-labs-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Astera Labs IPO Preview</a></li><li><a href="https://www.smartkarma.com/insights/initial-thoughts-f4q23-comps-eps-beat-fy24-outlook-mixed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Initial Thoughts: F4Q23 Comps/EPS Beat; FY24 Outlook Mixed</a></li><li><a href="https://www.smartkarma.com/insights/follow-up-increasing-estimates-and-target-after-strong-4q-results-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Follow-Up: Increasing Estimates and Target After Strong 4Q Results; Reiterate Outperform</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/much-rezpect-initial-thoughts-on-approval-and-label?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Much Rezpect: Initial Thoughts on Approval and Label </a></h3><p></p><ul><li>No biopsy requirement, no black box, no REMS was table stakes and makes Rezdiffra a viable medication in the NASH market (WAC $47.4k announced as well) and Madrigal has at last paved a way to market, which will be a tailwind for entire NASH space.</li><li>Hepatotoxicity warning including a patient that was hospitalized with drug-induced autoimmune-like hepatitis is a surprise, as is the gallbladder-related adverse reactions warning, as are myriad DDIs (including importantly with statins which will require a dose limitation if used with Rezdiffra).</li><li>Plus the monitoring requirement for LFTs “during treatment” (i.e., no finite duration) and even after if patients discontinue for elevated LFTs (and acknowledgement there is indeed transient elevation in LFTs during first 4 weeks post Rezdiffra initiation) could be a practical headwind to widespread adoption and persistence.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/first-take-solid-quarter-and-fine-2024-guide-debt-overhang-remains?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. First Take: Solid Quarter and Fine 2024 Guide; Debt Overhang Remains </a></h3><p></p><ul><li>Event: After the close AVAH reported 4Q23 results that were ahead of expectations, with revenues of $479M (Street: $465M; RJ: $461M), and adj. EBITDA of $38.7M (Street: $35.7M; RJ: $34.8M).</li><li>Management laid out its initial 2024 guidance, calling for adj. EBITDA of $146-150M, in line with Street expectations of $149M. The topline outperformance was driven by broad strength across the business - especially PDS (revenue +3% vs. RJ) - while margins also came in ahead of expectations (adj. EBITDA margin +60 bp vs. RJ).</li><li>We note that CFFO of $23M in 2023 represents a meaningful improvement from 2022 CFFO of -$48M, but year-end net debt of $1.425B, which actually increased $14M y/y, continues to be a large hole to dig out of.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/astera-labs-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Astera Labs IPO Preview </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/465/original/image_94382806541710415591774.png?1710415591"/> <ul>
<li>Astera Labs (ALAB US) is scheduled to debut its IPO on 20 March. The company is offering 17.8 million shares at a price of $27 to $30 per share. </li>
<li>Founded in 2017, Astera Labs is a fabless semiconductor company headquartered in Silicon Valley. The company designs and sells semiconductor technology, but the production is outsourced.</li>
<li>Astera Labs' major competitors include Montage Technology (688008 CH), Parade Technologies (4966 TT), Broadcom (AVGO US), Credo Technology Group Holding (CRDO US), and Marvell Technology (MRVL US).</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/initial-thoughts-f4q23-comps-eps-beat-fy24-outlook-mixed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Initial Thoughts: F4Q23 Comps/EPS Beat; FY24 Outlook Mixed </a></h3><p></p><ul><li>F4Q23 EPS was $1.83 (vs.</li><li>$2.96 in F4Q22), above the consensus view and RJ estimate of $1.73.</li><li>Recall, F4Q22 had an extra-selling week hindering FY23 EPS growth by ~400 bp.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/follow-up-increasing-estimates-and-target-after-strong-4q-results-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Follow-Up: Increasing Estimates and Target After Strong 4Q Results; Reiterate Outperform </a></h3><p></p><ul><li>Summary:We are increasing our estimates and reiterating ourOutperformrating on Velocity Financial (VEL) after reviewing the strong 4Q results.</li><li>4Q core and GAAP earnings both exceeded our estimates due to strong net interest income and other income, and book value increased 4% sequentially.</li><li>Our forward estimates are increasing to reflect the year-end portfolio, strong early 1Q loan production volumes, and wider portfolio margins.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/much-rezpect-initial-thoughts-on-approval-and-label?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Much Rezpect: Initial Thoughts on Approval and Label</a></li><li><a href="https://www.smartkarma.com/insights/first-take-solid-quarter-and-fine-2024-guide-debt-overhang-remains?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Solid Quarter and Fine 2024 Guide; Debt Overhang Remains</a></li><li><a href="https://www.smartkarma.com/insights/astera-labs-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Astera Labs IPO Preview</a></li><li><a href="https://www.smartkarma.com/insights/initial-thoughts-f4q23-comps-eps-beat-fy24-outlook-mixed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Initial Thoughts: F4Q23 Comps/EPS Beat; FY24 Outlook Mixed</a></li><li><a href="https://www.smartkarma.com/insights/follow-up-increasing-estimates-and-target-after-strong-4q-results-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Follow-Up: Increasing Estimates and Target After Strong 4Q Results; Reiterate Outperform</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/much-rezpect-initial-thoughts-on-approval-and-label?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Much Rezpect: Initial Thoughts on Approval and Label </a></h3><p></p><ul><li>No biopsy requirement, no black box, no REMS was table stakes and makes Rezdiffra a viable medication in the NASH market (WAC $47.4k announced as well) and Madrigal has at last paved a way to market, which will be a tailwind for entire NASH space.</li><li>Hepatotoxicity warning including a patient that was hospitalized with drug-induced autoimmune-like hepatitis is a surprise, as is the gallbladder-related adverse reactions warning, as are myriad DDIs (including importantly with statins which will require a dose limitation if used with Rezdiffra).</li><li>Plus the monitoring requirement for LFTs “during treatment” (i.e., no finite duration) and even after if patients discontinue for elevated LFTs (and acknowledgement there is indeed transient elevation in LFTs during first 4 weeks post Rezdiffra initiation) could be a practical headwind to widespread adoption and persistence.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/first-take-solid-quarter-and-fine-2024-guide-debt-overhang-remains?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. First Take: Solid Quarter and Fine 2024 Guide; Debt Overhang Remains </a></h3><p></p><ul><li>Event: After the close AVAH reported 4Q23 results that were ahead of expectations, with revenues of $479M (Street: $465M; RJ: $461M), and adj. EBITDA of $38.7M (Street: $35.7M; RJ: $34.8M).</li><li>Management laid out its initial 2024 guidance, calling for adj. EBITDA of $146-150M, in line with Street expectations of $149M. The topline outperformance was driven by broad strength across the business - especially PDS (revenue +3% vs. RJ) - while margins also came in ahead of expectations (adj. EBITDA margin +60 bp vs. RJ).</li><li>We note that CFFO of $23M in 2023 represents a meaningful improvement from 2022 CFFO of -$48M, but year-end net debt of $1.425B, which actually increased $14M y/y, continues to be a large hole to dig out of.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/astera-labs-ipo-preview?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Astera Labs IPO Preview </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/465/original/image_94382806541710415591774.png?1710415591"/> <ul>
<li>Astera Labs (ALAB US) is scheduled to debut its IPO on 20 March. The company is offering 17.8 million shares at a price of $27 to $30 per share. </li>
<li>Founded in 2017, Astera Labs is a fabless semiconductor company headquartered in Silicon Valley. The company designs and sells semiconductor technology, but the production is outsourced.</li>
<li>Astera Labs' major competitors include Montage Technology (688008 CH), Parade Technologies (4966 TT), Broadcom (AVGO US), Credo Technology Group Holding (CRDO US), and Marvell Technology (MRVL US).</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/initial-thoughts-f4q23-comps-eps-beat-fy24-outlook-mixed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Initial Thoughts: F4Q23 Comps/EPS Beat; FY24 Outlook Mixed </a></h3><p></p><ul><li>F4Q23 EPS was $1.83 (vs.</li><li>$2.96 in F4Q22), above the consensus view and RJ estimate of $1.73.</li><li>Recall, F4Q22 had an extra-selling week hindering FY23 EPS growth by ~400 bp.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/follow-up-increasing-estimates-and-target-after-strong-4q-results-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Follow-Up: Increasing Estimates and Target After Strong 4Q Results; Reiterate Outperform </a></h3><p></p><ul><li>Summary:We are increasing our estimates and reiterating ourOutperformrating on Velocity Financial (VEL) after reviewing the strong 4Q results.</li><li>4Q core and GAAP earnings both exceeded our estimates due to strong net interest income and other income, and book value increased 4% sequentially.</li><li>Our forward estimates are increasing to reflect the year-end portfolio, strong early 1Q loan production volumes, and wider portfolio margins.</li></ul>2024-03-14T22:33:05+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MDGL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AVAH@US"}, {"term": "Equity Capital Markets"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "ALAB@US"}, {"term": "RMBS@US"}, {"term": "MCHP@US"}, {"term": "MRVL@US"}, {"term": "CRDO@US"}, {"term": "AVGO@US"}, {"term": "4966@TT"}, {"term": "688008@CH"}, {"term": "2330@TT"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VEL@US"}, {"term": "MDGL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AVAH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "2330@TT", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VEL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/ef6fd12b-bcd9-35c0-b0ee-0c6914079fccBrief USA: Guidance Looks Conservative, but All Focus on Leverage and Cash Flow and more2024-03-28T22:17:23.538942+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/guidance-looks-conservative-but-all-focus-on-leverage-and-cash-flow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Guidance Looks Conservative, but All Focus on Leverage and Cash Flow</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-6afe695a-0c09-4733-9dc2-e3197bbfaa79?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-lowering-2024-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reaffirm Market Perform; Lowering 2024 Estimates</a></li><li><a href="https://www.smartkarma.com/insights/gold-an-excellent-addition-to-any-investment-portfolio?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Gold – An Excellent Addition to Any Investment Portfolio!</a></li><li><a href="https://www.smartkarma.com/insights/looking-for-a-slight-beat-positive-hbm-commentary?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Looking for a Slight Beat & Positive HBM Commentary</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/guidance-looks-conservative-but-all-focus-on-leverage-and-cash-flow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Guidance Looks Conservative, but All Focus on Leverage and Cash Flow </a></h3><p></p><ul><li>We are maintaining our Market Perform rating on AVAH following 4Q23 results that were ahead of expectations, with revenues of $479M (Street: $465M; RJ: $461M), and adj. EBITDA of $38.7M (Street: $35.7M; RJ: $34.8M).</li><li>The topline outperformance was driven by broad strength across the business, with PDS/MS/HHH revenues +3.3%/8.6%/4.1% ahead of our model.</li><li>PDS hours accelerated for the third straight quarter, increasing +5.1% y/y (off a +6.1% comp) as improving labor and rate increases translate to higher volumes.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-6afe695a-0c09-4733-9dc2-e3197bbfaa79?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYCrude prices reached a four-month high Wednesday following Ukraine’s drone attacks on Russian refineries and a larger-than-expected drop in U.S. crude stocks, signaling a tighter supply market.</li><li>All eyes are on the IEA, which is expected to release an updated oil demand forecast on Thursday, following OPEC's more optimistic outlook earlier this week.</li><li>Global tensions continue as the Ukraine-Russia conflict escalates into a second day of attacks towards Russian oil facilities, sparking worries of supply disruption amongst oil traders.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-lowering-2024-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Reaffirm Market Perform; Lowering 2024 Estimates </a></h3><p></p><ul><li>We reaffirm our Market Perform rating on DLTR following its F4Q23 results and our follow-up call.</li><li>F4Q23 adjusted EPS was below expectations on SG&A (details below) and are lowering our FY24 and outyear estimates — reflecting incremental moves in DLTR’s turnaround strategies.</li><li>These include: 1) the decision to close ~1,000 underperforming stores (including ~600 FDO stores in 1H24; accretive to long-term health but near-term revenue pressure), and 2) the rollout of multi-price points across 3K DLTR banner stores in FY24 using third-party services, which will help boost consumer engagement and improve average ticket/sales but is accompanied by incremental expenses in FY24 for the rollout (estimated at ~$66M).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/gold-an-excellent-addition-to-any-investment-portfolio?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Gold – An Excellent Addition to Any Investment Portfolio! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/456/original/image?1710414117"/> <ul>
<li>Gold has realized an equity-like return over the last 20 years.</li>
<li>Gold has shown zero sensitivity to equity market declines, making it an excellent portfolio diversifier.</li>
<li>With the long-term outlook for bonds clouded (structurally lower yields and higher volatility), gold will likely become investors' preferred equity hedge.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/looking-for-a-slight-beat-positive-hbm-commentary?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Looking for a Slight Beat & Positive HBM Commentary </a></h3><p></p><ul><li>We expect a slight beat and at least in line with Consensus outlook, driven by ongoing cyclical ASP recovery.</li><li>Customer inventories have largely normalized, demand conditions across markets appear stable, and supply growth remains muted.</li><li>In addition, HBM is a significant secular driver that could add $1.5-$2 in incremental EPS at the next peak.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/guidance-looks-conservative-but-all-focus-on-leverage-and-cash-flow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Guidance Looks Conservative, but All Focus on Leverage and Cash Flow</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-6afe695a-0c09-4733-9dc2-e3197bbfaa79?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-lowering-2024-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reaffirm Market Perform; Lowering 2024 Estimates</a></li><li><a href="https://www.smartkarma.com/insights/gold-an-excellent-addition-to-any-investment-portfolio?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Gold – An Excellent Addition to Any Investment Portfolio!</a></li><li><a href="https://www.smartkarma.com/insights/looking-for-a-slight-beat-positive-hbm-commentary?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Looking for a Slight Beat & Positive HBM Commentary</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/guidance-looks-conservative-but-all-focus-on-leverage-and-cash-flow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Guidance Looks Conservative, but All Focus on Leverage and Cash Flow </a></h3><p></p><ul><li>We are maintaining our Market Perform rating on AVAH following 4Q23 results that were ahead of expectations, with revenues of $479M (Street: $465M; RJ: $461M), and adj. EBITDA of $38.7M (Street: $35.7M; RJ: $34.8M).</li><li>The topline outperformance was driven by broad strength across the business, with PDS/MS/HHH revenues +3.3%/8.6%/4.1% ahead of our model.</li><li>PDS hours accelerated for the third straight quarter, increasing +5.1% y/y (off a +6.1% comp) as improving labor and rate increases translate to higher volumes.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-6afe695a-0c09-4733-9dc2-e3197bbfaa79?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYCrude prices reached a four-month high Wednesday following Ukraine’s drone attacks on Russian refineries and a larger-than-expected drop in U.S. crude stocks, signaling a tighter supply market.</li><li>All eyes are on the IEA, which is expected to release an updated oil demand forecast on Thursday, following OPEC's more optimistic outlook earlier this week.</li><li>Global tensions continue as the Ukraine-Russia conflict escalates into a second day of attacks towards Russian oil facilities, sparking worries of supply disruption amongst oil traders.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-lowering-2024-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Reaffirm Market Perform; Lowering 2024 Estimates </a></h3><p></p><ul><li>We reaffirm our Market Perform rating on DLTR following its F4Q23 results and our follow-up call.</li><li>F4Q23 adjusted EPS was below expectations on SG&A (details below) and are lowering our FY24 and outyear estimates — reflecting incremental moves in DLTR’s turnaround strategies.</li><li>These include: 1) the decision to close ~1,000 underperforming stores (including ~600 FDO stores in 1H24; accretive to long-term health but near-term revenue pressure), and 2) the rollout of multi-price points across 3K DLTR banner stores in FY24 using third-party services, which will help boost consumer engagement and improve average ticket/sales but is accompanied by incremental expenses in FY24 for the rollout (estimated at ~$66M).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/gold-an-excellent-addition-to-any-investment-portfolio?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Gold – An Excellent Addition to Any Investment Portfolio! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/456/original/image?1710414117"/> <ul>
<li>Gold has realized an equity-like return over the last 20 years.</li>
<li>Gold has shown zero sensitivity to equity market declines, making it an excellent portfolio diversifier.</li>
<li>With the long-term outlook for bonds clouded (structurally lower yields and higher volatility), gold will likely become investors' preferred equity hedge.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/looking-for-a-slight-beat-positive-hbm-commentary?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Looking for a Slight Beat & Positive HBM Commentary </a></h3><p></p><ul><li>We expect a slight beat and at least in line with Consensus outlook, driven by ongoing cyclical ASP recovery.</li><li>Customer inventories have largely normalized, demand conditions across markets appear stable, and supply growth remains muted.</li><li>In addition, HBM is a significant secular driver that could add $1.5-$2 in incremental EPS at the next peak.</li></ul>2024-03-14T19:57:03+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AVAH@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FSR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DLTR@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MXWO@LN"}, {"term": "GOLD@COMDTY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MU@US"}, {"term": "AVAH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FSR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DLTR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GOLD@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MU@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/45af085b-f010-31cb-b8e1-45df87b2bc33Brief USA: Raising EPS Estimates; Reiterate Strong Buy Rating and more2024-03-28T22:17:23.528410+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/raising-eps-estimates-reiterate-strong-buy-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raising EPS Estimates; Reiterate Strong Buy Rating</a></li><li><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-stepping-aside-after-monster-run?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrading to Market Perform; Stepping Aside After Monster Run</a></li><li><a href="https://www.smartkarma.com/insights/no-surprises-in-4q-results-but-1q-guidance-is-weak-silver-lining-is-corporate-cost-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">No Surprises in 4Q Results, but 1Q Guidance Is Weak - Silver Lining Is Corporate Cost Cuts</a></li><li><a href="https://www.smartkarma.com/insights/are-penny-stocks-getting-the-memestock-treatment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Are Penny Stocks Getting the Memestock Treatment?</a></li><li><a href="https://www.smartkarma.com/insights/1q-first-look-construction-cost-efficiencies-offset-incentives-driving-yet-another-big-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1Q First Look: Construction Cost Efficiencies Offset Incentives, Driving Yet Another Big Beat</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/raising-eps-estimates-reiterate-strong-buy-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Raising EPS Estimates; Reiterate Strong Buy Rating </a></h3><p></p><ul><li>We reiterate our Strong Buy rating on WTFC shares after hosting a fireside chat and investor meetings last week featuring COO Dave Dykstra at the 45thRJ Institutional Investors Conference (LINK).</li><li>The meetings carried an optimistic tone as the bank is well-positioned for the lower interest rate environment, there is plenty of room to grow and expand in Chicago, and its diligent underwriting standards should lead to fewer losses than that of its peers through a credit cycle.</li><li>We believe Wintrust stands out among its peers given its superior balance sheet growth and a lower-risk loan portfolio, including a lower CRE concentration with higher CRE reserves.Growth profile in-tact.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-stepping-aside-after-monster-run?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Downgrading to Market Perform; Stepping Aside After Monster Run </a></h3><p></p><ul><li>We are downgrading PAY to Market Perform from Outperform following significant outperformance post the 4Q print (+52%) and over the last year (+241%), which now leaves the risk/reward much more balanced with shares trading at 34x our 2025E adj EBITDA (high-growth fintech peers ~15x).</li><li>That said, we acknowledge there is likely meaningful upside to estimates given the initial ‘24 outlook does not include any contribution from new wins.</li><li>Still, the stock is trading at 23x our 2025E bull case estimate of ~$125M (vs.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/no-surprises-in-4q-results-but-1q-guidance-is-weak-silver-lining-is-corporate-cost-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. No Surprises in 4Q Results, but 1Q Guidance Is Weak - Silver Lining Is Corporate Cost Cuts </a></h3><p></p><ul><li>Trackers are a below-the-radar part of the PV value chain; however, as with everything else, they are subject to the overarching trend of commoditization.</li><li>We like FTC’s developer-friendly product attributes that enable easier installation and improved performance;and ultra-low capital intensity, which should translate into free cash flow as soon as EBITDA turns positive.</li><li>As we wait for profitability metrics to strengthen, thisremains a contrarian stock and abacklog-fueled rate-of-improvement play.We reiterate our Strong Buy rating.4Q23 revenue and margin are in line...</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/are-penny-stocks-getting-the-memestock-treatment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Are Penny Stocks Getting the Memestock Treatment? </a></h3><p></p><ul><li>Penny stocks trading surge reminiscent of meme stock mania in 2021</li><li>Increase in trading volume and number of penny stock companies listed on public exchanges</li><li>Retail investors driving boom in trading penny stocks, companies may have potential but are not profitable yet</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/1q-first-look-construction-cost-efficiencies-offset-incentives-driving-yet-another-big-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 1Q First Look: Construction Cost Efficiencies Offset Incentives, Driving Yet Another Big Beat </a></h3><p></p><ul><li>Another big time beat.</li><li>Lennar reported EPS of $2.57 (+21% y/y) for its F1Q24 results (ending February), which included a $0.01 drag from unrealized mark-to-market losses on technology investments and other one-time items.</li><li>The upside represents LEN’s fifth consecutive quarter exceeded consensus expectations, coming in well ahead of our $2.17 estimate and $2.21 consensus.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/raising-eps-estimates-reiterate-strong-buy-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raising EPS Estimates; Reiterate Strong Buy Rating</a></li><li><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-stepping-aside-after-monster-run?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrading to Market Perform; Stepping Aside After Monster Run</a></li><li><a href="https://www.smartkarma.com/insights/no-surprises-in-4q-results-but-1q-guidance-is-weak-silver-lining-is-corporate-cost-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">No Surprises in 4Q Results, but 1Q Guidance Is Weak - Silver Lining Is Corporate Cost Cuts</a></li><li><a href="https://www.smartkarma.com/insights/are-penny-stocks-getting-the-memestock-treatment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Are Penny Stocks Getting the Memestock Treatment?</a></li><li><a href="https://www.smartkarma.com/insights/1q-first-look-construction-cost-efficiencies-offset-incentives-driving-yet-another-big-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1Q First Look: Construction Cost Efficiencies Offset Incentives, Driving Yet Another Big Beat</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/raising-eps-estimates-reiterate-strong-buy-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Raising EPS Estimates; Reiterate Strong Buy Rating </a></h3><p></p><ul><li>We reiterate our Strong Buy rating on WTFC shares after hosting a fireside chat and investor meetings last week featuring COO Dave Dykstra at the 45thRJ Institutional Investors Conference (LINK).</li><li>The meetings carried an optimistic tone as the bank is well-positioned for the lower interest rate environment, there is plenty of room to grow and expand in Chicago, and its diligent underwriting standards should lead to fewer losses than that of its peers through a credit cycle.</li><li>We believe Wintrust stands out among its peers given its superior balance sheet growth and a lower-risk loan portfolio, including a lower CRE concentration with higher CRE reserves.Growth profile in-tact.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-stepping-aside-after-monster-run?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Downgrading to Market Perform; Stepping Aside After Monster Run </a></h3><p></p><ul><li>We are downgrading PAY to Market Perform from Outperform following significant outperformance post the 4Q print (+52%) and over the last year (+241%), which now leaves the risk/reward much more balanced with shares trading at 34x our 2025E adj EBITDA (high-growth fintech peers ~15x).</li><li>That said, we acknowledge there is likely meaningful upside to estimates given the initial ‘24 outlook does not include any contribution from new wins.</li><li>Still, the stock is trading at 23x our 2025E bull case estimate of ~$125M (vs.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/no-surprises-in-4q-results-but-1q-guidance-is-weak-silver-lining-is-corporate-cost-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. No Surprises in 4Q Results, but 1Q Guidance Is Weak - Silver Lining Is Corporate Cost Cuts </a></h3><p></p><ul><li>Trackers are a below-the-radar part of the PV value chain; however, as with everything else, they are subject to the overarching trend of commoditization.</li><li>We like FTC’s developer-friendly product attributes that enable easier installation and improved performance;and ultra-low capital intensity, which should translate into free cash flow as soon as EBITDA turns positive.</li><li>As we wait for profitability metrics to strengthen, thisremains a contrarian stock and abacklog-fueled rate-of-improvement play.We reiterate our Strong Buy rating.4Q23 revenue and margin are in line...</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/are-penny-stocks-getting-the-memestock-treatment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Are Penny Stocks Getting the Memestock Treatment? </a></h3><p></p><ul><li>Penny stocks trading surge reminiscent of meme stock mania in 2021</li><li>Increase in trading volume and number of penny stock companies listed on public exchanges</li><li>Retail investors driving boom in trading penny stocks, companies may have potential but are not profitable yet</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/1q-first-look-construction-cost-efficiencies-offset-incentives-driving-yet-another-big-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 1Q First Look: Construction Cost Efficiencies Offset Incentives, Driving Yet Another Big Beat </a></h3><p></p><ul><li>Another big time beat.</li><li>Lennar reported EPS of $2.57 (+21% y/y) for its F1Q24 results (ending February), which included a $0.01 drag from unrealized mark-to-market losses on technology investments and other one-time items.</li><li>The upside represents LEN’s fifth consecutive quarter exceeded consensus expectations, coming in well ahead of our $2.17 estimate and $2.21 consensus.</li></ul>2024-03-14T18:45:18+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "WTFC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "@PAY@US"}, {"term": "QTWO@US"}, {"term": "RPAY@US"}, {"term": "FLYW@US"}, {"term": "BIGC@US"}, {"term": "NVEI@US"}, {"term": "JKHY@US"}, {"term": "SHOP@US"}, {"term": "SQ@US"}, {"term": "FOUR@US"}, {"term": "FIS@US"}, {"term": "BILL@US"}, {"term": "PCTY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FTCI@US"}, {"term": "Cross Asset Strategy"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "TSLA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "LEN@US"}, {"term": "TOL@US"}, {"term": "PHM@US"}, {"term": "MDC@US"}, {"term": "KBH@US"}, {"term": "DHI@US"}, {"term": "WTFC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PCTY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FTCI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TSLA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DHI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/428936d1-11f7-3891-b82d-b5bc34a0093dBrief USA: What's Behind the Selloff? 1Q Volume Commentary + Lingering CTC DC Noise and more2024-03-28T22:17:23.521760+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/what-s-behind-the-selloff-1q-volume-commentary-lingering-ctc-dc-noise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">What's Behind the Selloff? 1Q Volume Commentary + Lingering CTC DC Noise</a></li><li><a href="https://www.smartkarma.com/insights/pfic-approval-important-although-label-has-safety-weakness-compared-to-algs-and-competitor?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">PFIC Approval Important Although Label Has Safety Weakness Compared to ALGS and Competitor</a></li><li><a href="https://www.smartkarma.com/insights/how-are-gas-operators-navigating-the-difficult-gas-environment-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">How Are Gas Operators Navigating the Difficult Gas Environment in 2024?</a></li><li><a href="https://www.smartkarma.com/insights/f4q-prefer-more-growth-less-profit-still-great-value-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q: Prefer More Growth Less Profit; Still Great Value; Strong Buy</a></li><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-us-cpi-japan-china-germany-central-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5 Things We Watch – US CPI, Japan, China, Germany & Central Banks</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/what-s-behind-the-selloff-1q-volume-commentary-lingering-ctc-dc-noise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. What's Behind the Selloff? 1Q Volume Commentary + Lingering CTC DC Noise </a></h3><p></p><ul><li>In today’s session, ACHC traded down some ~5.5% (but finished -2.5% for the day) which we believe is a factor of both 1) fears of anemic 1Q24 volumes given management’s commentary at a conference and 2) a CTC legislation overhang, that while is unlikely to pass, continues to linger.Specifically, at a conference today, management made the following comments on 1Q24 volumes:“We’ve seen a little bit of a slower than expected return to normal volumes coming out of the holidays.</li><li>In February and early March, we saw some improvements… but because of a few factors and a strong comp from the last year, we’re really expecting that this quarter’s growth rate is going to come in just slightly below our recent volume and trends, which we very much expected and certainly layered in to our quarterly guidance.”Given management did not make this commentary at the RJF IIC conference just a week ago, this may have been a bit surprising notwithstanding some commentary that this was “expected.” Our view remains that the supply/demand and bed-add dynamics remain intact and that any structural demand slowdown is a thesis without supporting evidence at this point, though we remain mindful of the ongoing Medicaid redetermination backdrop.On the legislative front, D.C. constituents continue to push for the expansion of methadone access.</li><li>Some Members of Congress released a letter to seven for-profit opioid treatment programs that together form the lobbying group “Program, not a pill” questioning the role private equity is taking in efforts to prevent the Modernizing Opioid Treatment Act (MOTA), a bill to expand methadone access, from becoming law.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/pfic-approval-important-although-label-has-safety-weakness-compared-to-algs-and-competitor?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. PFIC Approval Important Although Label Has Safety Weakness Compared to ALGS and Competitor </a></h3><p></p><ul><li>Mirum announced FDA approved Livmarli for PFIC. PFIC is ~27% of 2030E revenue in our model.</li><li>For context, ALGS is ~56%, bile acid portfolio ~17%.</li><li>Therefore, this is an important tailwind for Livmarli revenue growth.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/how-are-gas-operators-navigating-the-difficult-gas-environment-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. How Are Gas Operators Navigating the Difficult Gas Environment in 2024? </a></h3><p></p><ul><li>Gas producers are responding to weak prices in 2024 by cutting capital spending by 8-17%.</li><li>Production hit all-time highs at the end of 2023, but has since decreased with a surplus in gas storage.</li><li>Operators are managing risks of potential future demand by building up duck inventory and focusing on operational momentum.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/f4q-prefer-more-growth-less-profit-still-great-value-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. F4Q: Prefer More Growth Less Profit; Still Great Value; Strong Buy </a></h3><p></p><ul><li>We maintain our Strong Buy rating on S after F4Q24 (Jan.) results featured an upside to all key metrics, though we think buy side bogeys were higher on growth metrics like NNARR (LINK), and competitor CRWD’s report (LINK) showing significant upside in this metric exacerbated this dynamic.</li><li>Initial FY25 guidance was better than we feared on profitability, but not as robust on growth, and we would have preferred a higher weighting on incremental growth.</li><li>However, we consider this splitting hairs as S is still one of the fastest growing software assets at scale, and disclosures around new growth markets like Cloud and Data (now ~one-third of bookings) suggest growth durability for years to come (see our cloud primer LINK).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/5-things-we-watch-us-cpi-japan-china-germany-central-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 5 Things We Watch – US CPI, Japan, China, Germany & Central Banks </a></h3><p></p><ul><li>Welcome back to our weekly 5 Things We Watch, where we go through 5 things that we keep an eye on in the world of global macro.</li><li>With Japanese wage negotiations and the US CPI report out, there are plenty of things to shed some light on, so let’s get to it!This week we are watching out for the following 5 topics within global macro: US CPI, Japan, China, Germany, Central Banks.</li><li>1) US CPI Report leaves the Fed in a difficult situation. Yesterday’s CPI report revealed that the inflation outlook is not as benign as the Fed would have hoped, with energy / transportation services dragging the MoM figure higher.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/what-s-behind-the-selloff-1q-volume-commentary-lingering-ctc-dc-noise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">What's Behind the Selloff? 1Q Volume Commentary + Lingering CTC DC Noise</a></li><li><a href="https://www.smartkarma.com/insights/pfic-approval-important-although-label-has-safety-weakness-compared-to-algs-and-competitor?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">PFIC Approval Important Although Label Has Safety Weakness Compared to ALGS and Competitor</a></li><li><a href="https://www.smartkarma.com/insights/how-are-gas-operators-navigating-the-difficult-gas-environment-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">How Are Gas Operators Navigating the Difficult Gas Environment in 2024?</a></li><li><a href="https://www.smartkarma.com/insights/f4q-prefer-more-growth-less-profit-still-great-value-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q: Prefer More Growth Less Profit; Still Great Value; Strong Buy</a></li><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-us-cpi-japan-china-germany-central-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5 Things We Watch – US CPI, Japan, China, Germany & Central Banks</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/what-s-behind-the-selloff-1q-volume-commentary-lingering-ctc-dc-noise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. What's Behind the Selloff? 1Q Volume Commentary + Lingering CTC DC Noise </a></h3><p></p><ul><li>In today’s session, ACHC traded down some ~5.5% (but finished -2.5% for the day) which we believe is a factor of both 1) fears of anemic 1Q24 volumes given management’s commentary at a conference and 2) a CTC legislation overhang, that while is unlikely to pass, continues to linger.Specifically, at a conference today, management made the following comments on 1Q24 volumes:“We’ve seen a little bit of a slower than expected return to normal volumes coming out of the holidays.</li><li>In February and early March, we saw some improvements… but because of a few factors and a strong comp from the last year, we’re really expecting that this quarter’s growth rate is going to come in just slightly below our recent volume and trends, which we very much expected and certainly layered in to our quarterly guidance.”Given management did not make this commentary at the RJF IIC conference just a week ago, this may have been a bit surprising notwithstanding some commentary that this was “expected.” Our view remains that the supply/demand and bed-add dynamics remain intact and that any structural demand slowdown is a thesis without supporting evidence at this point, though we remain mindful of the ongoing Medicaid redetermination backdrop.On the legislative front, D.C. constituents continue to push for the expansion of methadone access.</li><li>Some Members of Congress released a letter to seven for-profit opioid treatment programs that together form the lobbying group “Program, not a pill” questioning the role private equity is taking in efforts to prevent the Modernizing Opioid Treatment Act (MOTA), a bill to expand methadone access, from becoming law.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/pfic-approval-important-although-label-has-safety-weakness-compared-to-algs-and-competitor?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. PFIC Approval Important Although Label Has Safety Weakness Compared to ALGS and Competitor </a></h3><p></p><ul><li>Mirum announced FDA approved Livmarli for PFIC. PFIC is ~27% of 2030E revenue in our model.</li><li>For context, ALGS is ~56%, bile acid portfolio ~17%.</li><li>Therefore, this is an important tailwind for Livmarli revenue growth.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/how-are-gas-operators-navigating-the-difficult-gas-environment-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. How Are Gas Operators Navigating the Difficult Gas Environment in 2024? </a></h3><p></p><ul><li>Gas producers are responding to weak prices in 2024 by cutting capital spending by 8-17%.</li><li>Production hit all-time highs at the end of 2023, but has since decreased with a surplus in gas storage.</li><li>Operators are managing risks of potential future demand by building up duck inventory and focusing on operational momentum.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/f4q-prefer-more-growth-less-profit-still-great-value-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. F4Q: Prefer More Growth Less Profit; Still Great Value; Strong Buy </a></h3><p></p><ul><li>We maintain our Strong Buy rating on S after F4Q24 (Jan.) results featured an upside to all key metrics, though we think buy side bogeys were higher on growth metrics like NNARR (LINK), and competitor CRWD’s report (LINK) showing significant upside in this metric exacerbated this dynamic.</li><li>Initial FY25 guidance was better than we feared on profitability, but not as robust on growth, and we would have preferred a higher weighting on incremental growth.</li><li>However, we consider this splitting hairs as S is still one of the fastest growing software assets at scale, and disclosures around new growth markets like Cloud and Data (now ~one-third of bookings) suggest growth durability for years to come (see our cloud primer LINK).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/5-things-we-watch-us-cpi-japan-china-germany-central-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 5 Things We Watch – US CPI, Japan, China, Germany & Central Banks </a></h3><p></p><ul><li>Welcome back to our weekly 5 Things We Watch, where we go through 5 things that we keep an eye on in the world of global macro.</li><li>With Japanese wage negotiations and the US CPI report out, there are plenty of things to shed some light on, so let’s get to it!This week we are watching out for the following 5 topics within global macro: US CPI, Japan, China, Germany, Central Banks.</li><li>1) US CPI Report leaves the Fed in a difficult situation. Yesterday’s CPI report revealed that the inflation outlook is not as benign as the Fed would have hoped, with energy / transportation services dragging the MoM figure higher.</li></ul>2024-03-14T10:15:16+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ACHC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MIRM@US"}, {"term": "Cross Asset Strategy"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "RRC@US"}, {"term": "CHK@US"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "S@US"}, {"term": "Macroeconomics"}, {"term": "GERMANY"}, {"term": "CHINA"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "USDJPY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "ACHC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MIRM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NATURAL@GAS@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "S@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/44c6753a-51be-3aa2-83f1-15efcb12ee12Brief USA: VRA: 4Q Review: Being Conservative in Front of New Vera; Reiterate Buy, $10 PT and more2024-03-28T22:17:23.492396+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/vra-4q-review-being-conservative-in-front-of-new-vera-reiterate-buy-10-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">VRA: 4Q Review: Being Conservative in Front of New Vera; Reiterate Buy, $10 PT</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-energy-doe-petroleum-inventories-weekly-e0aa2900-f1e7-4689-9329-b47dde3cd2f7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Energy</a></li><li><a href="https://www.smartkarma.com/insights/cadence-design-systems-inc-cdns-wednesday-dec-13-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Cadence Design Systems Inc (CDNS) - Wednesday, Dec 13, 2023</a></li><li><a href="https://www.smartkarma.com/insights/japan-getting-closer-to-boj-normalisation-and-yen-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Japan - Getting closer to BoJ normalisation and yen recovery</a></li><li><a href="https://www.smartkarma.com/insights/charting-the-web3-horizon-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Charting the Web3 Horizon in 2024</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/vra-4q-review-being-conservative-in-front-of-new-vera-reiterate-buy-10-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. VRA: 4Q Review: Being Conservative in Front of New Vera; Reiterate Buy, $10 PT </a></h3><p></p><ul><li>We are reiterating our Buy rating, $10 price target, lowering our FY25 projections and rolling out a return to growth in FY26 after Vera Bradley announced slightly below consensus 4QFY24 results and rolled out initial FY25 guidance which we believe could prove conservative in the second half as the company launches the new Vera Bradley and Pura Vida under operation New Day in mid-July.</li><li>As such, and with VRA registering cash per share of over $2.50 (with no debt) and tangible book value per share of almost $8.20, we remain upbeat, especially for investors who have the patience to look beyond a set-up-driven (and potentially somewhat messy) 1HFY25 to what we believe will be the start of a compelling turn in 2HFY25 and beyond.</li><li>We reiterate our Buy rating and $10 price target for VRA.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/commodities-overall-energy-doe-petroleum-inventories-weekly-e0aa2900-f1e7-4689-9329-b47dde3cd2f7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Commodities - Overall - Energy </a></h3><p></p><ul><li>The Department of Energy (DOE) reported the following for the week ended March 8, 2024.This week's petroleum inventories update was bullish relative to consensus.</li><li>“Big Three” petroleum inventories (crude, gasoline, distillates) were down 5.7 MMbbls, versus consensus estimates calling for a draw of 2.3 MMBbls.</li><li>Turning to crude, total inventories were down 0.9 MMBbls, versus consensus calling for a build of 1 MMBbls and a normal seasonal build of 3.4 MMBbls.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/cadence-design-systems-inc-cdns-wednesday-dec-13-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Cadence Design Systems Inc (CDNS) - Wednesday, Dec 13, 2023 </a></h3><p></p><ul><li>Cadence Design Systems, Inc. has achieved revenue growth, high profit margins, and a large customer base in the industry</li><li>Their focus on computational software for semiconductor and systems design has established them as a key player</li><li>Cadence provides tools that optimize performance, minimize power consumption, and shorten time to market, making them a crucial partner for semiconductor and systems companies</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/japan-getting-closer-to-boj-normalisation-and-yen-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Japan - Getting closer to BoJ normalisation and yen recovery </a></h3><p></p><ul><li>Technical recession revised away; modest economic growth expected for 2024</li><li>Disinflation continues, core inflation expected to stay above 2% target during 2024.</li><li>Bank of Japan close to starting normalising its monetary policy framework.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/charting-the-web3-horizon-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Charting the Web3 Horizon in 2024 </a></h3><p></p><ul><li>There has been a renewed wave of optimism towards web3 in light of recent events, including the approval of the long-awaited spot Bitcoin ETF; and the surge in market activity in the early months of 2024.</li><li>On the regulatory front, we have seen the conclusion of several high-profile court cases and lawsuits, including some of the charges involving Ripple and Binance.</li><li>Beyond the results of the rulings (which many argue are in favour/support of web3), the resolution of these cases in itself has provided greater clarity and stability to the ecosystem.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/vra-4q-review-being-conservative-in-front-of-new-vera-reiterate-buy-10-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">VRA: 4Q Review: Being Conservative in Front of New Vera; Reiterate Buy, $10 PT</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-energy-doe-petroleum-inventories-weekly-e0aa2900-f1e7-4689-9329-b47dde3cd2f7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Energy</a></li><li><a href="https://www.smartkarma.com/insights/cadence-design-systems-inc-cdns-wednesday-dec-13-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Cadence Design Systems Inc (CDNS) - Wednesday, Dec 13, 2023</a></li><li><a href="https://www.smartkarma.com/insights/japan-getting-closer-to-boj-normalisation-and-yen-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Japan - Getting closer to BoJ normalisation and yen recovery</a></li><li><a href="https://www.smartkarma.com/insights/charting-the-web3-horizon-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Charting the Web3 Horizon in 2024</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/vra-4q-review-being-conservative-in-front-of-new-vera-reiterate-buy-10-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. VRA: 4Q Review: Being Conservative in Front of New Vera; Reiterate Buy, $10 PT </a></h3><p></p><ul><li>We are reiterating our Buy rating, $10 price target, lowering our FY25 projections and rolling out a return to growth in FY26 after Vera Bradley announced slightly below consensus 4QFY24 results and rolled out initial FY25 guidance which we believe could prove conservative in the second half as the company launches the new Vera Bradley and Pura Vida under operation New Day in mid-July.</li><li>As such, and with VRA registering cash per share of over $2.50 (with no debt) and tangible book value per share of almost $8.20, we remain upbeat, especially for investors who have the patience to look beyond a set-up-driven (and potentially somewhat messy) 1HFY25 to what we believe will be the start of a compelling turn in 2HFY25 and beyond.</li><li>We reiterate our Buy rating and $10 price target for VRA.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/commodities-overall-energy-doe-petroleum-inventories-weekly-e0aa2900-f1e7-4689-9329-b47dde3cd2f7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Commodities - Overall - Energy </a></h3><p></p><ul><li>The Department of Energy (DOE) reported the following for the week ended March 8, 2024.This week's petroleum inventories update was bullish relative to consensus.</li><li>“Big Three” petroleum inventories (crude, gasoline, distillates) were down 5.7 MMbbls, versus consensus estimates calling for a draw of 2.3 MMBbls.</li><li>Turning to crude, total inventories were down 0.9 MMBbls, versus consensus calling for a build of 1 MMBbls and a normal seasonal build of 3.4 MMBbls.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/cadence-design-systems-inc-cdns-wednesday-dec-13-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Cadence Design Systems Inc (CDNS) - Wednesday, Dec 13, 2023 </a></h3><p></p><ul><li>Cadence Design Systems, Inc. has achieved revenue growth, high profit margins, and a large customer base in the industry</li><li>Their focus on computational software for semiconductor and systems design has established them as a key player</li><li>Cadence provides tools that optimize performance, minimize power consumption, and shorten time to market, making them a crucial partner for semiconductor and systems companies</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/japan-getting-closer-to-boj-normalisation-and-yen-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Japan - Getting closer to BoJ normalisation and yen recovery </a></h3><p></p><ul><li>Technical recession revised away; modest economic growth expected for 2024</li><li>Disinflation continues, core inflation expected to stay above 2% target during 2024.</li><li>Bank of Japan close to starting normalising its monetary policy framework.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/charting-the-web3-horizon-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Charting the Web3 Horizon in 2024 </a></h3><p></p><ul><li>There has been a renewed wave of optimism towards web3 in light of recent events, including the approval of the long-awaited spot Bitcoin ETF; and the surge in market activity in the early months of 2024.</li><li>On the regulatory front, we have seen the conclusion of several high-profile court cases and lawsuits, including some of the charges involving Ripple and Binance.</li><li>Beyond the results of the rulings (which many argue are in favour/support of web3), the resolution of these cases in itself has provided greater clarity and stability to the ecosystem.</li></ul>2024-03-14T02:00:12+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "VRA@US"}, {"term": "TPR@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "CDNS@US"}, {"term": "Macroeconomics"}, {"term": "UNITED KINGDOM"}, {"term": "CHINA"}, {"term": "JAPAN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "Crypto"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "XBTUSD@CURNCY"}, {"term": "XETUSD@CURNCY"}, {"term": "XBIUSD@CURNCY"}, {"term": "TPR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CDNS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XBIUSD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/4050683a-4959-3368-81ba-8b8c37c62404Brief USA: Strategy - Washington Policy and more2024-03-28T22:17:23.484395+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/strategy-washington-policy-clock-ticking-on-tiktok?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategy - Washington Policy</a></li><li><a href="https://www.smartkarma.com/insights/cilta-cel-adcom-briefing-docs-as-expected-updated-os-cut-strong?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Cilta-cel AdCom Briefing Docs As Expected, Updated OS Cut Strong</a></li><li><a href="https://www.smartkarma.com/insights/competitor-cah-program-failure-leaves-blockbuster-opportunity-wide-open-for-crinecerfont?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Competitor CAH Program Failure Leaves Blockbuster Opportunity Wide Open for Crinecerfont</a></li><li><a href="https://www.smartkarma.com/insights/management-change-shouldn-t-derail-new-strategic-initiatives?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Management Change Shouldn't Derail New Strategic Initiatives</a></li><li><a href="https://www.smartkarma.com/insights/microsoft-chairman-ceo-ai-chip-shortage-empathy-and-poetry?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Microsoft Chairman & CEO: AI, Chip Shortage, Empathy, and Poetry</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/strategy-washington-policy-clock-ticking-on-tiktok?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Strategy - Washington Policy </a></h3><p></p><ul><li>Expect the push to ban TikTok to stall as it hits the Senate, but the threat to a ban is remains material as the 352-65 House vote provides momentum for supporters to push for a House-Senate compromise and/or seek the addition of this legislation on other must-pass bills.</li><li>A key issue for the Senate is that House bill is specific to TikTok, rather than a larger policy restriction on apps that pose potential national security risks.</li><li>It is unclear how long the differences between the House approach and Senate will take to sort out or if other obstacles will sideline the bill.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/cilta-cel-adcom-briefing-docs-as-expected-updated-os-cut-strong?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Cilta-cel AdCom Briefing Docs As Expected, Updated OS Cut Strong </a></h3><p></p><ul><li>Wednesday, the briefing documents for the US FDA ODAC meetings for the discussion of cilta-cel (Carvykti) and ide-cel (Abecma) were released.</li><li>The dual AdComs will be held Friday March 15, with Carvykti in the morning and Abecma in the afternoon.</li><li>Our primary takeaway from the cilta-cel documents is that we think the sum of new information, in particular the further maturation of the overall survival curves, portends a favorable outcome.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/competitor-cah-program-failure-leaves-blockbuster-opportunity-wide-open-for-crinecerfont?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Competitor CAH Program Failure Leaves Blockbuster Opportunity Wide Open for Crinecerfont </a></h3><p></p><ul><li>Today after Market Close, NBIX’s key competitor in CAH announced their first Ph 3 trial failed to meet its primary endpoint — the data lacked even a trend of efficacy, leaving the market wide open for NBIX to capture.</li><li>Spruce’s CAHmelia-203 trial evaluated their CRF-1 antagonist (tildacerfont), in adult CAH patients with hyperandrogenemia.</li><li>The primary endpoint — A4 hormone level reduction at 12-weeks — represented a low bar for efficacy, in our view, as the next Ph 3 trial (CAHmelia-204) will assess glucocorticoid dose reductions.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/management-change-shouldn-t-derail-new-strategic-initiatives?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Management Change Shouldn't Derail New Strategic Initiatives </a></h3><p></p><ul><li>UAA announced Founder Kevin Plank will become President & CEO effective April 1, as Stephanie Linnartz steps down as President/CEO/Board member.</li><li>Dr.</li><li>Mohamed El-Erian becomes non-exec Chair.The change is surprising, as Ms.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/microsoft-chairman-ceo-ai-chip-shortage-empathy-and-poetry?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Microsoft Chairman & CEO: AI, Chip Shortage, Empathy, and Poetry </a></h3><p></p><ul><li>The speaker reflects on the excitement and nervousness of facing a new platform shift in technology and the need for continual innovation</li><li>They consider the broader economic impact of technological advancements, like AI, and the potential for breakthroughs in various industries</li><li>The decision to partner with OpenAI was driven by Microsoft's history of seeking out ambitious technology innovators to collaborate with, even when the outcome is uncertain.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/strategy-washington-policy-clock-ticking-on-tiktok?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategy - Washington Policy</a></li><li><a href="https://www.smartkarma.com/insights/cilta-cel-adcom-briefing-docs-as-expected-updated-os-cut-strong?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Cilta-cel AdCom Briefing Docs As Expected, Updated OS Cut Strong</a></li><li><a href="https://www.smartkarma.com/insights/competitor-cah-program-failure-leaves-blockbuster-opportunity-wide-open-for-crinecerfont?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Competitor CAH Program Failure Leaves Blockbuster Opportunity Wide Open for Crinecerfont</a></li><li><a href="https://www.smartkarma.com/insights/management-change-shouldn-t-derail-new-strategic-initiatives?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Management Change Shouldn't Derail New Strategic Initiatives</a></li><li><a href="https://www.smartkarma.com/insights/microsoft-chairman-ceo-ai-chip-shortage-empathy-and-poetry?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Microsoft Chairman & CEO: AI, Chip Shortage, Empathy, and Poetry</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/strategy-washington-policy-clock-ticking-on-tiktok?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Strategy - Washington Policy </a></h3><p></p><ul><li>Expect the push to ban TikTok to stall as it hits the Senate, but the threat to a ban is remains material as the 352-65 House vote provides momentum for supporters to push for a House-Senate compromise and/or seek the addition of this legislation on other must-pass bills.</li><li>A key issue for the Senate is that House bill is specific to TikTok, rather than a larger policy restriction on apps that pose potential national security risks.</li><li>It is unclear how long the differences between the House approach and Senate will take to sort out or if other obstacles will sideline the bill.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/cilta-cel-adcom-briefing-docs-as-expected-updated-os-cut-strong?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Cilta-cel AdCom Briefing Docs As Expected, Updated OS Cut Strong </a></h3><p></p><ul><li>Wednesday, the briefing documents for the US FDA ODAC meetings for the discussion of cilta-cel (Carvykti) and ide-cel (Abecma) were released.</li><li>The dual AdComs will be held Friday March 15, with Carvykti in the morning and Abecma in the afternoon.</li><li>Our primary takeaway from the cilta-cel documents is that we think the sum of new information, in particular the further maturation of the overall survival curves, portends a favorable outcome.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/competitor-cah-program-failure-leaves-blockbuster-opportunity-wide-open-for-crinecerfont?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Competitor CAH Program Failure Leaves Blockbuster Opportunity Wide Open for Crinecerfont </a></h3><p></p><ul><li>Today after Market Close, NBIX’s key competitor in CAH announced their first Ph 3 trial failed to meet its primary endpoint — the data lacked even a trend of efficacy, leaving the market wide open for NBIX to capture.</li><li>Spruce’s CAHmelia-203 trial evaluated their CRF-1 antagonist (tildacerfont), in adult CAH patients with hyperandrogenemia.</li><li>The primary endpoint — A4 hormone level reduction at 12-weeks — represented a low bar for efficacy, in our view, as the next Ph 3 trial (CAHmelia-204) will assess glucocorticoid dose reductions.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/management-change-shouldn-t-derail-new-strategic-initiatives?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Management Change Shouldn't Derail New Strategic Initiatives </a></h3><p></p><ul><li>UAA announced Founder Kevin Plank will become President & CEO effective April 1, as Stephanie Linnartz steps down as President/CEO/Board member.</li><li>Dr.</li><li>Mohamed El-Erian becomes non-exec Chair.The change is surprising, as Ms.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/microsoft-chairman-ceo-ai-chip-shortage-empathy-and-poetry?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Microsoft Chairman & CEO: AI, Chip Shortage, Empathy, and Poetry </a></h3><p></p><ul><li>The speaker reflects on the excitement and nervousness of facing a new platform shift in technology and the need for continual innovation</li><li>They consider the broader economic impact of technological advancements, like AI, and the potential for breakthroughs in various industries</li><li>The decision to partner with OpenAI was driven by Microsoft's history of seeking out ambitious technology innovators to collaborate with, even when the outcome is uncertain.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>2024-03-13T22:27:03+08:00[{"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CHINA"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "LEGN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NBIX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "UAA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "MSFT@US"}, {"term": "LEGN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NBIX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "UAA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MSFT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/0d68df53-9e8c-36c0-91a8-34d83530397eBrief USA: D.R. Horton: Building a New Model - [Business Breakdowns, EP.154] and more2024-03-28T22:17:23.476362+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/d-r-horton-building-a-new-model-business-breakdowns-ep-154?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">D.R. Horton: Building a New Model - [Business Breakdowns, EP.154]</a></li><li><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-1h24-profitability-pressures?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reaffirm Market Perform; 1H24 Profitability Pressures</a></li><li><a href="https://www.smartkarma.com/insights/out-of-the-box-cut-rates-if-you-want-lower-inflation-powell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Out of the Box: Cut Rates if You Want Lower Inflation, Powell</a></li><li><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Usual & Unusual Details in the Latest CPI Release</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-2337e0e2-c727-4ddc-99cf-0319d3be3e26?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/d-r-horton-building-a-new-model-business-breakdowns-ep-154?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. D.R. Horton: Building a New Model - [Business Breakdowns, EP.154] </a></h3><p></p><ul><li>Ed Wachenheim, founder of Greenhaven Capital, discusses his experience in the homebuilding industry since the 1980s</li><li>Ed shares insights on the evolution of the homebuilding business model and his investment approach</li><li>Early investment in US Home led to a deep dive into the industry, identifying growth opportunities and the impact of market crises.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-1h24-profitability-pressures?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Reaffirm Market Perform; 1H24 Profitability Pressures </a></h3><p></p><ul><li>We reaffirm our Market Perform rating on PRPL following Purple’s 4Q23 results.</li><li>4Q23 adj. EBITDA came in above expectations (ours and consensus), driven by lower operating expenses.</li><li>That said, despite a solid revenue outlook for 2024, management’s guidance range implies continued profitability pressures in 1H24.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/out-of-the-box-cut-rates-if-you-want-lower-inflation-powell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Out of the Box: Cut Rates if You Want Lower Inflation, Powell </a></h3><p></p><ul><li>In our “out of the box” series, we aim at being ahead of the current consensus narrative and think of the next theme that could drive price action before anyone else has given it any noteworthy attention or provide food for thought on topics of relevance that seem neglected by the economic consensus.</li><li>After the change in methodology to the CPI basket in 1983, interest rates aren’t reflected to the same extent as before in the inflation basket.</li><li>But that also means that Americans feel rising costs of living to a larger extent than the CPI basket reflects.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The Usual & Unusual Details in the Latest CPI Release </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/309/original/image_1441544021710334318324.png?1710334318"/> <ul>
<li>The February CPI release, while less of a surprise compared to the January print, was directionally favorable</li>
<li>My proprietary CPI indicators on inflation momentum and the most persistent inflation cluster offer additional clues </li>
<li>Although market-based expectations compressed further, the near-distant odds of potential Fed action remain fluid and unsettled </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-2337e0e2-c727-4ddc-99cf-0319d3be3e26?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYCrude prices dipped on Tuesday as markets digested a flurry of economic data from the EIA, OPEC, and the Bureau of Labor Statistics, as well as on the geopolitical front.</li><li>OPEC's Monthly Oil Market Report maintained its relatively bullish global demand forecast of +2.25 MMbpd in 2024 and +1.85 MMbpd in 2025 while raising its economic growth outlook.</li><li>As for supply, the EIA's Short-Term Energy Outlook boosted the U.S. output forecast for 2024 by 260,000 bpd to 13.19 MMbpd while bumping up price projections as a result of inventory declines and OPEC+ cuts.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/d-r-horton-building-a-new-model-business-breakdowns-ep-154?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">D.R. Horton: Building a New Model - [Business Breakdowns, EP.154]</a></li><li><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-1h24-profitability-pressures?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reaffirm Market Perform; 1H24 Profitability Pressures</a></li><li><a href="https://www.smartkarma.com/insights/out-of-the-box-cut-rates-if-you-want-lower-inflation-powell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Out of the Box: Cut Rates if You Want Lower Inflation, Powell</a></li><li><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Usual & Unusual Details in the Latest CPI Release</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-2337e0e2-c727-4ddc-99cf-0319d3be3e26?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/d-r-horton-building-a-new-model-business-breakdowns-ep-154?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. D.R. Horton: Building a New Model - [Business Breakdowns, EP.154] </a></h3><p></p><ul><li>Ed Wachenheim, founder of Greenhaven Capital, discusses his experience in the homebuilding industry since the 1980s</li><li>Ed shares insights on the evolution of the homebuilding business model and his investment approach</li><li>Early investment in US Home led to a deep dive into the industry, identifying growth opportunities and the impact of market crises.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-1h24-profitability-pressures?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Reaffirm Market Perform; 1H24 Profitability Pressures </a></h3><p></p><ul><li>We reaffirm our Market Perform rating on PRPL following Purple’s 4Q23 results.</li><li>4Q23 adj. EBITDA came in above expectations (ours and consensus), driven by lower operating expenses.</li><li>That said, despite a solid revenue outlook for 2024, management’s guidance range implies continued profitability pressures in 1H24.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/out-of-the-box-cut-rates-if-you-want-lower-inflation-powell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Out of the Box: Cut Rates if You Want Lower Inflation, Powell </a></h3><p></p><ul><li>In our “out of the box” series, we aim at being ahead of the current consensus narrative and think of the next theme that could drive price action before anyone else has given it any noteworthy attention or provide food for thought on topics of relevance that seem neglected by the economic consensus.</li><li>After the change in methodology to the CPI basket in 1983, interest rates aren’t reflected to the same extent as before in the inflation basket.</li><li>But that also means that Americans feel rising costs of living to a larger extent than the CPI basket reflects.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The Usual & Unusual Details in the Latest CPI Release </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/309/original/image_1441544021710334318324.png?1710334318"/> <ul>
<li>The February CPI release, while less of a surprise compared to the January print, was directionally favorable</li>
<li>My proprietary CPI indicators on inflation momentum and the most persistent inflation cluster offer additional clues </li>
<li>Although market-based expectations compressed further, the near-distant odds of potential Fed action remain fluid and unsettled </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-2337e0e2-c727-4ddc-99cf-0319d3be3e26?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYCrude prices dipped on Tuesday as markets digested a flurry of economic data from the EIA, OPEC, and the Bureau of Labor Statistics, as well as on the geopolitical front.</li><li>OPEC's Monthly Oil Market Report maintained its relatively bullish global demand forecast of +2.25 MMbpd in 2024 and +1.85 MMbpd in 2025 while raising its economic growth outlook.</li><li>As for supply, the EIA's Short-Term Energy Outlook boosted the U.S. output forecast for 2024 by 260,000 bpd to 13.19 MMbpd while bumping up price projections as a result of inventory declines and OPEC+ cuts.</li></ul>2024-03-13T21:17:06+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "DHI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PRPL@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TLH@US"}, {"term": "TRSY@LN"}, {"term": "TBF@US"}, {"term": "TU1@COMDTY"}, {"term": "TLT@US"}, {"term": "DXY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "Macroeconomics"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MPC@US"}, {"term": "DK@US"}, {"term": "PSX@US"}, {"term": "ITRI@US"}, {"term": "DINO@US"}, {"term": "CVI@US"}, {"term": "CLMT@US"}, {"term": "VLO@US"}, {"term": "PBF@US"}, {"term": "DHI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PRPL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PBF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/294b9d8a-062e-3d75-948e-649951d259f3Brief USA: American Coastal Insurance Corporation - ACIC and more2024-03-28T22:17:23.467678+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/american-coastal-insurance-corporation-acic-expecting-30-operating-robe-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">American Coastal Insurance Corporation - ACIC</a></li><li><a href="https://www.smartkarma.com/insights/4q-decline-smaller-than-anticipated-outlook-for-2h24-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Decline Smaller than Anticipated; Outlook for 2H24 Recovery</a></li><li><a href="https://www.smartkarma.com/insights/continue-to-expect-10-growth-with-margin-expansion-valuation-keeps-us-at-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Continue to Expect 10%+ Growth With Margin Expansion; Valuation Keeps Us at Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/reiterate-market-perform-rating-headwinds-remain?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reiterate Market Perform Rating; Headwinds Remain</a></li><li><a href="https://www.smartkarma.com/insights/provides-positive-deposit-update-reiterate-outperform-pt-to-27?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Provides Positive Deposit Update; Reiterate Outperform, PT to $27</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/american-coastal-insurance-corporation-acic-expecting-30-operating-robe-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. American Coastal Insurance Corporation - ACIC </a></h3><p></p><ul><li>We are reiterating our Outperform rating on the shares of American Coastal Insurance Corporation (ACIC).</li><li>Our rating reflects our outlook for ACIC to generate some of the highest operating ROBEs among publicly traded insurance carriers offset by potential earnings volatility from hurricane- related risks.The stock is down ~24% since reporting 4Q23 results on 2/29/2024.</li><li>Additional details of the results can be found in our note, First Look at 4Q23 Results.While management noted increased competition in 4Q23, we continue to believe the company could report strong premium growth.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q-decline-smaller-than-anticipated-outlook-for-2h24-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q Decline Smaller than Anticipated; Outlook for 2H24 Recovery </a></h3><p></p><ul><li>While shares are indicated up materially after the print, we maintain our Underperform rating on SKIN as we lack conviction in the company’s ability to return to consistent sales and EBITDA growth more closely aligned with its previous long-term targets.</li><li>After Tuesday’s market close, SKIN reported a smaller than anticipated decline in 4Q, with sales and EBITDA towards the upper end of management’s outlook range, and a FY outlook that was ahead of consensus expectations.</li><li>The company also announced that interim CEO Marla Beck would become permanent.4Q recap.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/continue-to-expect-10-growth-with-margin-expansion-valuation-keeps-us-at-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Continue to Expect 10%+ Growth With Margin Expansion; Valuation Keeps Us at Market Perform </a></h3><p></p><ul><li>We are reiterating our Market Perform rating on the shares of Hagerty, Inc.</li><li>(HGTY).</li><li>While we have a positive outlook for strong future revenue growth with margin expansion, we continue to favor other high growth names in our coverage with more attractive valuations.The stock was down ~1% after reporting 4Q23 results but has outperformed YTD up ~14% (S&P 500: +9%).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/reiterate-market-perform-rating-headwinds-remain?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Reiterate Market Perform Rating; Headwinds Remain </a></h3><p></p><ul><li>We reiterate ourMarket Perform rating on ZION shares after hosting a fireside chat and investor meetings last week with Zions President and COO Scott J. McLean and Head of FP&A and IR Shannon Drage at Raymond James’ Institutional Investors Conference (LINK).</li><li>While the bank reiterated guidance, we note that we are maintaining our below-consensus EPS estimates, mostly due to lower NII (tighter NIM).</li><li>While we like Zions long-term prospects, we note that EPS estimate risk, the path to becoming a $100 billion bank, and relatively lite capital levels remain near-term headwinds.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/provides-positive-deposit-update-reiterate-outperform-pt-to-27?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Provides Positive Deposit Update; Reiterate Outperform, PT to $27 </a></h3><p></p><ul><li>DCOM provided a positive update with the announcement of the hiring of a deposit team from VLY and an intra-quarter deposit update that showed meaningful market share gains that have decreased DCOM’s loan-to-deposit ratio.</li><li>The disclosures show that DCOM is gaining traction in its efforts to grow its deposit franchise, which bodes well for franchise value longer-term.</li><li>Given recent market disruptions, we believe it is likely DCOM will continue to add customers and talent in the coming quarters.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/american-coastal-insurance-corporation-acic-expecting-30-operating-robe-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">American Coastal Insurance Corporation - ACIC</a></li><li><a href="https://www.smartkarma.com/insights/4q-decline-smaller-than-anticipated-outlook-for-2h24-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Decline Smaller than Anticipated; Outlook for 2H24 Recovery</a></li><li><a href="https://www.smartkarma.com/insights/continue-to-expect-10-growth-with-margin-expansion-valuation-keeps-us-at-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Continue to Expect 10%+ Growth With Margin Expansion; Valuation Keeps Us at Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/reiterate-market-perform-rating-headwinds-remain?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reiterate Market Perform Rating; Headwinds Remain</a></li><li><a href="https://www.smartkarma.com/insights/provides-positive-deposit-update-reiterate-outperform-pt-to-27?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Provides Positive Deposit Update; Reiterate Outperform, PT to $27</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/american-coastal-insurance-corporation-acic-expecting-30-operating-robe-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. American Coastal Insurance Corporation - ACIC </a></h3><p></p><ul><li>We are reiterating our Outperform rating on the shares of American Coastal Insurance Corporation (ACIC).</li><li>Our rating reflects our outlook for ACIC to generate some of the highest operating ROBEs among publicly traded insurance carriers offset by potential earnings volatility from hurricane- related risks.The stock is down ~24% since reporting 4Q23 results on 2/29/2024.</li><li>Additional details of the results can be found in our note, First Look at 4Q23 Results.While management noted increased competition in 4Q23, we continue to believe the company could report strong premium growth.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q-decline-smaller-than-anticipated-outlook-for-2h24-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q Decline Smaller than Anticipated; Outlook for 2H24 Recovery </a></h3><p></p><ul><li>While shares are indicated up materially after the print, we maintain our Underperform rating on SKIN as we lack conviction in the company’s ability to return to consistent sales and EBITDA growth more closely aligned with its previous long-term targets.</li><li>After Tuesday’s market close, SKIN reported a smaller than anticipated decline in 4Q, with sales and EBITDA towards the upper end of management’s outlook range, and a FY outlook that was ahead of consensus expectations.</li><li>The company also announced that interim CEO Marla Beck would become permanent.4Q recap.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/continue-to-expect-10-growth-with-margin-expansion-valuation-keeps-us-at-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Continue to Expect 10%+ Growth With Margin Expansion; Valuation Keeps Us at Market Perform </a></h3><p></p><ul><li>We are reiterating our Market Perform rating on the shares of Hagerty, Inc.</li><li>(HGTY).</li><li>While we have a positive outlook for strong future revenue growth with margin expansion, we continue to favor other high growth names in our coverage with more attractive valuations.The stock was down ~1% after reporting 4Q23 results but has outperformed YTD up ~14% (S&P 500: +9%).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/reiterate-market-perform-rating-headwinds-remain?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Reiterate Market Perform Rating; Headwinds Remain </a></h3><p></p><ul><li>We reiterate ourMarket Perform rating on ZION shares after hosting a fireside chat and investor meetings last week with Zions President and COO Scott J. McLean and Head of FP&A and IR Shannon Drage at Raymond James’ Institutional Investors Conference (LINK).</li><li>While the bank reiterated guidance, we note that we are maintaining our below-consensus EPS estimates, mostly due to lower NII (tighter NIM).</li><li>While we like Zions long-term prospects, we note that EPS estimate risk, the path to becoming a $100 billion bank, and relatively lite capital levels remain near-term headwinds.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/provides-positive-deposit-update-reiterate-outperform-pt-to-27?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Provides Positive Deposit Update; Reiterate Outperform, PT to $27 </a></h3><p></p><ul><li>DCOM provided a positive update with the announcement of the hiring of a deposit team from VLY and an intra-quarter deposit update that showed meaningful market share gains that have decreased DCOM’s loan-to-deposit ratio.</li><li>The disclosures show that DCOM is gaining traction in its efforts to grow its deposit franchise, which bodes well for franchise value longer-term.</li><li>Given recent market disruptions, we believe it is likely DCOM will continue to add customers and talent in the coming quarters.</li></ul>2024-03-13T19:30:08+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "UIHC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SKIN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "HGTY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ZION@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DCOM@US"}, {"term": "@DCOM@US"}, {"term": "UIHC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SKIN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HGTY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ZION@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "@DCOM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/dab1f2b8-9ee0-396f-9438-020e915f0ac6Brief USA: The Sun Is the Same, in a Relative Way, but Vol Is Lower and more2024-03-28T22:17:23.459764+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Sun Is the Same, in a Relative Way, but Vol Is Lower</a></li><li><a href="https://www.smartkarma.com/insights/broadcom-inc-a-stable-semiconductor-software-ecosystem-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Broadcom Inc: A Stable Semiconductor & Software Ecosystem! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/docusign-inc-strengthening-with-new-technologies-and-product-enhancements-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">DocuSign Inc.: Strengthening with New Technologies and Product Enhancements! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/mongodb-inc-growing-interest-and-demand-for-ai-applications-can-revolutionize-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">MongoDB Inc.: Growing Interest and Demand for AI Applications Can Revolutionize Growth? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/burlington-stores-improved-execution-of-the-off-price-model-providing-a-competitive-edge-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Burlington Stores: Improved Execution Of The Off-Price Model Providing A Competitive Edge? - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. The Sun Is the Same, in a Relative Way, but Vol Is Lower </a></h3><p></p><ul><li>Powell's testimony to Congress and the non farm payrolls report suggest global central bank easing may occur in the second half of the year</li><li>Labor market showing signs of moderating, leading to declining yields and high policy uncertainty</li><li>Options markets imply a wide range of scenarios, indicating high policy uncertainty and declining volatility trend</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/broadcom-inc-a-stable-semiconductor-software-ecosystem-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Broadcom Inc: A Stable Semiconductor & Software Ecosystem! - Key Drivers </a></h3><p></p><ul><li>Broadcom reported consolidated net revenue of $12 billion, a 34% increase year-on-year, with semiconductor solutions contributing $7.4 billion, up 4% from the previous year.</li><li>Infrastructure software revenue saw a significant increase of 153% year-on-year, totaling $4.6 billion.</li><li>These improvements are due in part to the contribution from VMware, which has resulted in a sequential jump in revenue by 132%.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/docusign-inc-strengthening-with-new-technologies-and-product-enhancements-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. DocuSign Inc.: Strengthening with New Technologies and Product Enhancements! - Key Drivers </a></h3><p></p><ul><li>DocuSign demonstrated solid progress across its three strategic pillars in Q4 and the full fiscal year 2024, which include accelerating product innovation, improving omnichannel go-to-market initiatives, and strengthening operational and financial efficiency.</li><li>Total Q4 revenue reached $712 million, up 8% YoY, with a full-year revenue of $2.8 billion, up 10% YoY. Both exceeded company expectations.</li><li>Also, Q4 non GAAP operating margin increased to 25%, a slight rise from the prior year.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/mongodb-inc-growing-interest-and-demand-for-ai-applications-can-revolutionize-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. MongoDB Inc.: Growing Interest and Demand for AI Applications Can Revolutionize Growth? - Key Drivers </a></h3><p></p><ul><li>MongoDB reported robust Q4 results, with revenues reaching $458 million, marking a 27% YoY increase and exceeding the high end of the company's guidance.</li><li>MongoDB's Atlas product line grew by 34% YoY, accounting for 68% of the company's total revenue.</li><li>The company also reported a healthy business quarter, owing much of this success to acquiring new workloads from existing Atlas customers.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/burlington-stores-improved-execution-of-the-off-price-model-providing-a-competitive-edge-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Burlington Stores: Improved Execution Of The Off-Price Model Providing A Competitive Edge? - Key Drivers </a></h3><p></p><ul><li>In the fourth quarter of 2023, Burlington Stores reported their total sales growth to be 9% which exceeded their initial guidance projections of 5% to 7%.</li><li>This was a result of better than expected comparative store sales, which increased by 2% against a guidance of "-2% to flat." Contributing to this growth was the strong response of lower income customers, often referred to as "need a deal shoppers", who favoured Burlington's opening price points.</li><li>Furthermore, the company managed to tap into a slightly higher income consumer base, the trade-down shoppers, who showed positive responses to the recognizable brands offered in Burlington's merchandise mix.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Sun Is the Same, in a Relative Way, but Vol Is Lower</a></li><li><a href="https://www.smartkarma.com/insights/broadcom-inc-a-stable-semiconductor-software-ecosystem-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Broadcom Inc: A Stable Semiconductor & Software Ecosystem! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/docusign-inc-strengthening-with-new-technologies-and-product-enhancements-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">DocuSign Inc.: Strengthening with New Technologies and Product Enhancements! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/mongodb-inc-growing-interest-and-demand-for-ai-applications-can-revolutionize-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">MongoDB Inc.: Growing Interest and Demand for AI Applications Can Revolutionize Growth? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/burlington-stores-improved-execution-of-the-off-price-model-providing-a-competitive-edge-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Burlington Stores: Improved Execution Of The Off-Price Model Providing A Competitive Edge? - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. The Sun Is the Same, in a Relative Way, but Vol Is Lower </a></h3><p></p><ul><li>Powell's testimony to Congress and the non farm payrolls report suggest global central bank easing may occur in the second half of the year</li><li>Labor market showing signs of moderating, leading to declining yields and high policy uncertainty</li><li>Options markets imply a wide range of scenarios, indicating high policy uncertainty and declining volatility trend</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/broadcom-inc-a-stable-semiconductor-software-ecosystem-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Broadcom Inc: A Stable Semiconductor & Software Ecosystem! - Key Drivers </a></h3><p></p><ul><li>Broadcom reported consolidated net revenue of $12 billion, a 34% increase year-on-year, with semiconductor solutions contributing $7.4 billion, up 4% from the previous year.</li><li>Infrastructure software revenue saw a significant increase of 153% year-on-year, totaling $4.6 billion.</li><li>These improvements are due in part to the contribution from VMware, which has resulted in a sequential jump in revenue by 132%.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/docusign-inc-strengthening-with-new-technologies-and-product-enhancements-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. DocuSign Inc.: Strengthening with New Technologies and Product Enhancements! - Key Drivers </a></h3><p></p><ul><li>DocuSign demonstrated solid progress across its three strategic pillars in Q4 and the full fiscal year 2024, which include accelerating product innovation, improving omnichannel go-to-market initiatives, and strengthening operational and financial efficiency.</li><li>Total Q4 revenue reached $712 million, up 8% YoY, with a full-year revenue of $2.8 billion, up 10% YoY. Both exceeded company expectations.</li><li>Also, Q4 non GAAP operating margin increased to 25%, a slight rise from the prior year.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/mongodb-inc-growing-interest-and-demand-for-ai-applications-can-revolutionize-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. MongoDB Inc.: Growing Interest and Demand for AI Applications Can Revolutionize Growth? - Key Drivers </a></h3><p></p><ul><li>MongoDB reported robust Q4 results, with revenues reaching $458 million, marking a 27% YoY increase and exceeding the high end of the company's guidance.</li><li>MongoDB's Atlas product line grew by 34% YoY, accounting for 68% of the company's total revenue.</li><li>The company also reported a healthy business quarter, owing much of this success to acquiring new workloads from existing Atlas customers.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/burlington-stores-improved-execution-of-the-off-price-model-providing-a-competitive-edge-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Burlington Stores: Improved Execution Of The Off-Price Model Providing A Competitive Edge? - Key Drivers </a></h3><p></p><ul><li>In the fourth quarter of 2023, Burlington Stores reported their total sales growth to be 9% which exceeded their initial guidance projections of 5% to 7%.</li><li>This was a result of better than expected comparative store sales, which increased by 2% against a guidance of "-2% to flat." Contributing to this growth was the strong response of lower income customers, often referred to as "need a deal shoppers", who favoured Burlington's opening price points.</li><li>Furthermore, the company managed to tap into a slightly higher income consumer base, the trade-down shoppers, who showed positive responses to the recognizable brands offered in Burlington's merchandise mix.</li></ul>2024-03-13T16:57:55+08:00[{"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "VIETNAM"}, {"term": "VENEZUELA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "THAILAND"}, {"term": "TAJIKISTAN"}, {"term": "TAIWAN"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SRI LANKA"}, {"term": "SPAIN"}, {"term": "KOREA"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SINGAPORE"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "PUERTO RICO"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "PARAGUAY"}, {"term": "PANAMA"}, {"term": "PALESTINE"}, {"term": "PAKISTAN"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGERIA"}, {"term": "NIGER"}, {"term": "NZ"}, {"term": "NETHERLANDS"}, {"term": "MYANMAR"}, {"term": "MOROCCO"}, {"term": "MONGOLIA"}, {"term": "MONACO"}, {"term": "MEXICO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "MALAYSIA"}, {"term": "MACAU"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "LAOS"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "KAZAKHSTAN"}, {"term": "JORDAN"}, {"term": "JAPAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "INDONESIA"}, {"term": "INDIA"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "HK"}, {"term": "GUINEA-BISSAU"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "ECUADOR"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "COLOMBIA"}, {"term": "CHINA"}, {"term": "CHILE"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BRUNEI"}, {"term": "BRAZIL"}, {"term": "BOTSWANA"}, {"term": "BERMUDA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BANGLADESH"}, {"term": "BAHRAIN"}, {"term": "AZERBAIJAN"}, {"term": "AUSTRIA"}, {"term": "AUSTRALIA"}, {"term": "ARGENTINA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "TLH@US"}, {"term": "TLT@US"}, {"term": "TU1@COMDTY"}, {"term": "DXY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "AVGO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "DOCU@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MDB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BURL@US"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AVGO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DOCU@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MDB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BURL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/02606373-68ab-3cd4-85f1-91a977f2196eBrief USA: Target Corporation: Digital Growth & 5 Other Key Performance Drivers! - Financial Forecasts and more2024-03-28T22:17:23.453690+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/target-corporation-digital-growth-5-other-key-performance-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Target Corporation: Digital Growth & 5 Other Key Performance Drivers! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/the-kroger-co-expansion-of-the-digital-e-commerce-platform-5-growth-catalysts-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Kroger Co: Expansion of the Digital & E-commerce Platform & 5 Growth Catalysts! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-campbell-soup-company-can-the-acquisition-of-sovos-brands-be-a-game-changer-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Campbell Soup Company: Can The Acquisition Of Sovos Brands Be A Game Changer? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/4q23-solid-q4-debt-refi-improves-leverage-lowering-est-and-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23; Solid Q4, Debt Refi Improves Leverage; Lowering Est. and PT</a></li><li><a href="https://www.smartkarma.com/insights/brown-forman-corporation-these-3-big-challenges-could-hamper-growth-despite-rising-market-demand-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Brown-Forman Corporation: These 3 Big Challenges Could Hamper Growth Despite Rising Market Demand! - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/target-corporation-digital-growth-5-other-key-performance-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Target Corporation: Digital Growth & 5 Other Key Performance Drivers! - Financial Forecasts </a></h3><p></p><ul><li>Target Corporation had a satisfying financial performance during 2024.</li><li>Despite global and economic uncertainties, such as the ongoing global pandemic, geopolitical tensions, and changes in consumer behaviors, the company was able to maintain stability and grow.</li><li>Some of the highlight points of the company's earnings call include the emphasis on long-term strategies and vision, investing in new stores, supply chain innovations, and exploring growth potential in existing stores.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/the-kroger-co-expansion-of-the-digital-e-commerce-platform-5-growth-catalysts-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. The Kroger Co: Expansion of the Digital & E-commerce Platform & 5 Growth Catalysts! - Key Drivers </a></h3><p></p><ul><li>The Kroger Co.</li><li>delivered a strong performance in 2023, marked by improvements across various business areas, reporting adjusted net earnings per diluted share growth in line with the firm's long-term growth model.</li><li>Nonetheless, the company faced headwinds throughout the year, including the reduction of Supplement Nutrition Assistance Program (SNAP) benefits and the loss of pharmacy sales after the termination of an agreement with Express Scripts.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-campbell-soup-company-can-the-acquisition-of-sovos-brands-be-a-game-changer-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. The Campbell Soup Company: Can The Acquisition Of Sovos Brands Be A Game Changer? - Key Drivers </a></h3><p></p><ul><li>Campbell Soup Company’s earnings were decent and the company reported moderately optimistic results and future predictions for the company.</li><li>Clouse highlighted a sequential improvement in volume trends and year-over-year operating margin expansion in both divisions, despite slowed category trends over the last year due to economic pressures.</li><li>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.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q23-solid-q4-debt-refi-improves-leverage-lowering-est-and-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q23; Solid Q4, Debt Refi Improves Leverage; Lowering Est. and PT </a></h3><p></p><ul><li>We maintain our rating of Outperform on shares of Rackspace (RXT) following 4Q earnings.</li><li>4Q23 was above expectations across the board, while the outlook was disappointing but showed continued progress towards a longer term transition.Outlook De-constructed.</li><li>We were modeling sequential growth to happen in 2Q and now it is pushed out 1-2 quarters to H2.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/brown-forman-corporation-these-3-big-challenges-could-hamper-growth-despite-rising-market-demand-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Brown-Forman Corporation: These 3 Big Challenges Could Hamper Growth Despite Rising Market Demand! - Key Drivers </a></h3><p></p><ul><li>Brown-Forman displayed a performance characterised by a steady trajectory amid pandemic related instabilities and challenges.</li><li>The company's year-to-date fiscal 2024 reported net sales growth increased by 1% with flat organic net sales growth.</li><li>Strong consumer demand, higher pricing, and the rebuilding of distributor inventories helped contribute to this positive result.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/target-corporation-digital-growth-5-other-key-performance-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Target Corporation: Digital Growth & 5 Other Key Performance Drivers! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/the-kroger-co-expansion-of-the-digital-e-commerce-platform-5-growth-catalysts-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Kroger Co: Expansion of the Digital & E-commerce Platform & 5 Growth Catalysts! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-campbell-soup-company-can-the-acquisition-of-sovos-brands-be-a-game-changer-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Campbell Soup Company: Can The Acquisition Of Sovos Brands Be A Game Changer? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/4q23-solid-q4-debt-refi-improves-leverage-lowering-est-and-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23; Solid Q4, Debt Refi Improves Leverage; Lowering Est. and PT</a></li><li><a href="https://www.smartkarma.com/insights/brown-forman-corporation-these-3-big-challenges-could-hamper-growth-despite-rising-market-demand-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Brown-Forman Corporation: These 3 Big Challenges Could Hamper Growth Despite Rising Market Demand! - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/target-corporation-digital-growth-5-other-key-performance-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Target Corporation: Digital Growth & 5 Other Key Performance Drivers! - Financial Forecasts </a></h3><p></p><ul><li>Target Corporation had a satisfying financial performance during 2024.</li><li>Despite global and economic uncertainties, such as the ongoing global pandemic, geopolitical tensions, and changes in consumer behaviors, the company was able to maintain stability and grow.</li><li>Some of the highlight points of the company's earnings call include the emphasis on long-term strategies and vision, investing in new stores, supply chain innovations, and exploring growth potential in existing stores.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/the-kroger-co-expansion-of-the-digital-e-commerce-platform-5-growth-catalysts-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. The Kroger Co: Expansion of the Digital & E-commerce Platform & 5 Growth Catalysts! - Key Drivers </a></h3><p></p><ul><li>The Kroger Co.</li><li>delivered a strong performance in 2023, marked by improvements across various business areas, reporting adjusted net earnings per diluted share growth in line with the firm's long-term growth model.</li><li>Nonetheless, the company faced headwinds throughout the year, including the reduction of Supplement Nutrition Assistance Program (SNAP) benefits and the loss of pharmacy sales after the termination of an agreement with Express Scripts.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-campbell-soup-company-can-the-acquisition-of-sovos-brands-be-a-game-changer-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. The Campbell Soup Company: Can The Acquisition Of Sovos Brands Be A Game Changer? - Key Drivers </a></h3><p></p><ul><li>Campbell Soup Company’s earnings were decent and the company reported moderately optimistic results and future predictions for the company.</li><li>Clouse highlighted a sequential improvement in volume trends and year-over-year operating margin expansion in both divisions, despite slowed category trends over the last year due to economic pressures.</li><li>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.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q23-solid-q4-debt-refi-improves-leverage-lowering-est-and-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q23; Solid Q4, Debt Refi Improves Leverage; Lowering Est. and PT </a></h3><p></p><ul><li>We maintain our rating of Outperform on shares of Rackspace (RXT) following 4Q earnings.</li><li>4Q23 was above expectations across the board, while the outlook was disappointing but showed continued progress towards a longer term transition.Outlook De-constructed.</li><li>We were modeling sequential growth to happen in 2Q and now it is pushed out 1-2 quarters to H2.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/brown-forman-corporation-these-3-big-challenges-could-hamper-growth-despite-rising-market-demand-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Brown-Forman Corporation: These 3 Big Challenges Could Hamper Growth Despite Rising Market Demand! - Key Drivers </a></h3><p></p><ul><li>Brown-Forman displayed a performance characterised by a steady trajectory amid pandemic related instabilities and challenges.</li><li>The company's year-to-date fiscal 2024 reported net sales growth increased by 1% with flat organic net sales growth.</li><li>Strong consumer demand, higher pricing, and the rebuilding of distributor inventories helped contribute to this positive result.</li></ul>2024-03-13T15:00:19+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "TGT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "KR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CPB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "@RXT@US"}, {"term": "GDS@US"}, {"term": "EQIX@US"}, {"term": "DLR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BF/B@US"}, {"term": "TGT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "KR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CPB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DLR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BF/B@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/4c8c55e8-9e33-37a0-8144-9799b2d65558Brief USA: Ross Stores: A Tale Of Strategic Category Expansion & Improved Customer Attraction! - Key Drivers and more2024-03-28T22:17:23.443635+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ross-stores-a-tale-of-strategic-category-expansion-improved-customer-attraction-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ross Stores: A Tale Of Strategic Category Expansion & Improved Customer Attraction! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/box-inc-can-the-crooze-acquisition-completely-transform-its-growth-story-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Box Inc.: Can The Crooze Acquisition Completely Transform Its Growth Story? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/crowdstrike-holdings-expansion-of-cloud-security-with-flow-security-acquisition-6-key-growth-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">CrowdStrike Holdings: Expansion Of Cloud Security With Flow Security Acquisition & 6 Key Growth Drivers - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/marvell-technology-group-growth-in-data-centre-ai-demand-brings-this-one-into-the-limelight-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Marvell Technology Group: Growth In Data Centre & AI Demand Brings This One Into The Limelight! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/guidewire-software-increasing-demand-for-its-insurancesuite-applications-5-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Guidewire Software: Increasing Demand for Its InsuranceSuite Applications & 5 Factors Driving Growth! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ross-stores-a-tale-of-strategic-category-expansion-improved-customer-attraction-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Ross Stores: A Tale Of Strategic Category Expansion & Improved Customer Attraction! - Key Drivers </a></h3><p></p><ul><li>Ross Stores delivered robust fourth quarter and full year 2023 results, with sales and earnings surpassing management's expectations.</li><li>Earnings per share for Q4 stood at $1.82, up from $1.31 per share for the same period in the previous year, while net income rose to $610 million versus $447 million last year.</li><li>For the 2023 fiscal year; earnings per share were $5.56, up from $4.38.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/box-inc-can-the-crooze-acquisition-completely-transform-its-growth-story-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Box Inc.: Can The Crooze Acquisition Completely Transform Its Growth Story? - Key Drivers </a></h3><p></p><ul><li>Box, Inc.'s financial performance for the Fourth Quarter and Fiscal Year 2024 was marked by both achievements and challenges.</li><li>The company reported revenues of $263 million, up 2% year-over-year or 4% in constant currency, reflecting positive momentum in their core markets.</li><li>Despite persistent macroeconomic pressures on IT budgets throughout FY '24, Box displayed stability by delivering margin expansion, which underlined their strategic execution of cost cutting initiatives while simultaneously making room for long-term sustainable revenue growth.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/crowdstrike-holdings-expansion-of-cloud-security-with-flow-security-acquisition-6-key-growth-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. CrowdStrike Holdings: Expansion Of Cloud Security With Flow Security Acquisition & 6 Key Growth Drivers - Financial Forecasts </a></h3><p></p><ul><li>CrowdStrike Holdings, Inc., a leader in the cybersecurity sector, reported an impressive fourth quarter and fiscal year for 2024 during its latest earnings conference call.</li><li>The call highlighted several positive aspects of the company's performance such as a record net new Annual Recurring Revenue (ARR) of $282 million, reflecting a year-over-year increase of 27%.</li><li>Furthermore, the company achieved a record operating margin of 25%, an improvement of 10 percentage points when compared to the previous year.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/marvell-technology-group-growth-in-data-centre-ai-demand-brings-this-one-into-the-limelight-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Marvell Technology Group: Growth In Data Centre & AI Demand Brings This One Into The Limelight! - Key Drivers </a></h3><p></p><ul><li>As of the end of the fourth quarter for Marvell Technology Inc.</li><li>in fiscal year 2024, the company has delivered a revenue of $1.43 billion—a 1% growth above their midpoint guidance.</li><li>On a non-GAAP basis, Marvell has seen a substantial 330 basis point increase in gross margin, completed their previously outlined OpEx reduction plan, and delivered earnings per share of $0.46.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/guidewire-software-increasing-demand-for-its-insurancesuite-applications-5-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Guidewire Software: Increasing Demand for Its InsuranceSuite Applications & 5 Factors Driving Growth! - Financial Forecasts </a></h3><p></p><ul><li>Guidewire Software Inc.</li><li>reported on the financial results of its second quarter of fiscal 2024 during its most recent earnings call.</li><li>The company reported continued sales momentum and operational performance.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ross-stores-a-tale-of-strategic-category-expansion-improved-customer-attraction-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ross Stores: A Tale Of Strategic Category Expansion & Improved Customer Attraction! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/box-inc-can-the-crooze-acquisition-completely-transform-its-growth-story-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Box Inc.: Can The Crooze Acquisition Completely Transform Its Growth Story? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/crowdstrike-holdings-expansion-of-cloud-security-with-flow-security-acquisition-6-key-growth-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">CrowdStrike Holdings: Expansion Of Cloud Security With Flow Security Acquisition & 6 Key Growth Drivers - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/marvell-technology-group-growth-in-data-centre-ai-demand-brings-this-one-into-the-limelight-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Marvell Technology Group: Growth In Data Centre & AI Demand Brings This One Into The Limelight! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/guidewire-software-increasing-demand-for-its-insurancesuite-applications-5-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Guidewire Software: Increasing Demand for Its InsuranceSuite Applications & 5 Factors Driving Growth! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ross-stores-a-tale-of-strategic-category-expansion-improved-customer-attraction-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Ross Stores: A Tale Of Strategic Category Expansion & Improved Customer Attraction! - Key Drivers </a></h3><p></p><ul><li>Ross Stores delivered robust fourth quarter and full year 2023 results, with sales and earnings surpassing management's expectations.</li><li>Earnings per share for Q4 stood at $1.82, up from $1.31 per share for the same period in the previous year, while net income rose to $610 million versus $447 million last year.</li><li>For the 2023 fiscal year; earnings per share were $5.56, up from $4.38.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/box-inc-can-the-crooze-acquisition-completely-transform-its-growth-story-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Box Inc.: Can The Crooze Acquisition Completely Transform Its Growth Story? - Key Drivers </a></h3><p></p><ul><li>Box, Inc.'s financial performance for the Fourth Quarter and Fiscal Year 2024 was marked by both achievements and challenges.</li><li>The company reported revenues of $263 million, up 2% year-over-year or 4% in constant currency, reflecting positive momentum in their core markets.</li><li>Despite persistent macroeconomic pressures on IT budgets throughout FY '24, Box displayed stability by delivering margin expansion, which underlined their strategic execution of cost cutting initiatives while simultaneously making room for long-term sustainable revenue growth.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/crowdstrike-holdings-expansion-of-cloud-security-with-flow-security-acquisition-6-key-growth-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. CrowdStrike Holdings: Expansion Of Cloud Security With Flow Security Acquisition & 6 Key Growth Drivers - Financial Forecasts </a></h3><p></p><ul><li>CrowdStrike Holdings, Inc., a leader in the cybersecurity sector, reported an impressive fourth quarter and fiscal year for 2024 during its latest earnings conference call.</li><li>The call highlighted several positive aspects of the company's performance such as a record net new Annual Recurring Revenue (ARR) of $282 million, reflecting a year-over-year increase of 27%.</li><li>Furthermore, the company achieved a record operating margin of 25%, an improvement of 10 percentage points when compared to the previous year.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/marvell-technology-group-growth-in-data-centre-ai-demand-brings-this-one-into-the-limelight-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Marvell Technology Group: Growth In Data Centre & AI Demand Brings This One Into The Limelight! - Key Drivers </a></h3><p></p><ul><li>As of the end of the fourth quarter for Marvell Technology Inc.</li><li>in fiscal year 2024, the company has delivered a revenue of $1.43 billion—a 1% growth above their midpoint guidance.</li><li>On a non-GAAP basis, Marvell has seen a substantial 330 basis point increase in gross margin, completed their previously outlined OpEx reduction plan, and delivered earnings per share of $0.46.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/guidewire-software-increasing-demand-for-its-insurancesuite-applications-5-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Guidewire Software: Increasing Demand for Its InsuranceSuite Applications & 5 Factors Driving Growth! - Financial Forecasts </a></h3><p></p><ul><li>Guidewire Software Inc.</li><li>reported on the financial results of its second quarter of fiscal 2024 during its most recent earnings call.</li><li>The company reported continued sales momentum and operational performance.</li></ul>2024-03-13T14:00:42+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ROST@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BOX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CRWD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MRVL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "GWRE@US"}, {"term": "ROST@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BOX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CRWD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MRVL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GWRE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/94d48e35-cd87-36f6-8d3a-fadaed17ade8Brief USA: HashiCorp Inc: Impact of Optimization Cycle Recovery on Growth Rate! - Key Drivers and more2024-03-28T22:17:23.437137+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/hashicorp-inc-impact-of-optimization-cycle-recovery-on-growth-rate-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">HashiCorp Inc: Impact of Optimization Cycle Recovery on Growth Rate! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/slow-crude-inventory-build-keeps-oil-prices-well-supported?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Slow Crude Inventory Build Keeps Oil Prices Well Supported</a></li><li><a href="https://www.smartkarma.com/insights/oil-gas-refinery-independent-refiners-mar-24-crack-check-conference-notes-a-too-early-look-at-1q-eps-madness?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Oil & Gas Refinery - Independent Refiners</a></li><li><a href="https://www.smartkarma.com/insights/airlines-u-s-airlines-reviewing-guidance-updates-and-commentary?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Airlines - U.S. Airlines</a></li><li><a href="https://www.smartkarma.com/insights/mixed-4q-print-and-1q-outlook-a-bit-light?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mixed 4Q Print and 1Q Outlook a Bit Light</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/hashicorp-inc-impact-of-optimization-cycle-recovery-on-growth-rate-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. HashiCorp Inc: Impact of Optimization Cycle Recovery on Growth Rate! - Key Drivers </a></h3><p></p><ul><li>Based on the Q4 2024 earnings call transcript, it's evident that HashiCorp encountered noticeable improvements in its financial performance and is optimistic about its growth trends in the long term.</li><li>The technology company exceeded its top and bottom guidance for the quarter, with its revenues surpassing expectations at $156 million.</li><li>This represents a robust 15% year-on-year growth.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/slow-crude-inventory-build-keeps-oil-prices-well-supported?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Slow Crude Inventory Build Keeps Oil Prices Well Supported </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/122/original/image_597896341710267427251.png?1710267428"/> <ul>
<li>US commercial crude oil inventory build-up slows while refined products’ withdrawal accelerates.</li>
<li>OPEC+ members announced the extension of their voluntary supply cut of 2.2 million barrels per day to end of June (from end of March as previously announced).</li>
<li>US refinery utilisation rates show signs of a speedy recovery, rises for the second consecutive week and jumps to 84.9%.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/oil-gas-refinery-independent-refiners-mar-24-crack-check-conference-notes-a-too-early-look-at-1q-eps-madness?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Oil & Gas Refinery - Independent Refiners </a></h3><p></p><ul><li>In this month’s refining update, or “Crack Check,” for March 2024, we: (1) Update 2024-2025 estimates, with a focus on upcoming 1Q24 earnings season, (2) review takeaways from RJ’s Institutional Investors Conference, (3) discuss investor sentiment and debates, and (4) outline why we think the risk/reward is still solid.</li><li>We’ll also offer a few too many puns on the upcoming basketball tournament brackets…1Q24 estimate revisions: Improving outlook, but a few might need a “Cinderella run” to hit 1Q consensus.</li><li>4Q23 results showed a fairly marked contrast between large-cap and smaller-cap refining, highlighting the benefits of scale and commercial groups when margins are softer.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/airlines-u-s-airlines-reviewing-guidance-updates-and-commentary?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Airlines - U.S. Airlines </a></h3><p></p><ul><li>Several U.S. airlines provided guidance updates and provided commentary that was webcast today.</li><li>Exhibit 1 summarizes demand commentary, Exhibit 2 compares 1Q24 guides, Exhibits 3-7 provides 1Q24 guides for individual airlines vs. our/consensus estimates, and Exhibit 8 compares 2024 guides.</li><li>The demand environment remains encouraging (including continued steady recovery in corporate travel) and delivery delays and network reallocations are likely to result in continued strengthening of domestic trends.A few observationsDemand commentary was overwhelmingly positive with slow but steady improvement in corporate travel recovery, consistent with that noted by airlines that participated at the Raymond James 45th Annual Institutional Investors Conference.While Southwest took the 1Q24 RASM (unit revenue) guide down by 1.5 ppts due to lower than expected close-in leisure passenger volumes, this appears to be a forecasting issue related to the substantial network changes in March.Early indications for 2Q24 are also encouraging, albeit Delta calling out the step up in y/y domestic capacity relative to 1Q24 that should step back down in 2H24.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mixed-4q-print-and-1q-outlook-a-bit-light?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Mixed 4Q Print and 1Q Outlook a Bit Light </a></h3><p></p><ul><li>We are maintaining our Market Perform rating on LDI following mixed 4Q results where revenue came in ~3% below the Street and adj EBITDA missed by ~15%, but origination volumes came in ~4% ahead.</li><li>Moreover, the 1Q guide was a bit light with originations ~6% below, and given pull-through GOS of 270-300 bp, we estimate total GOS revenue of ~$130M, which is also ~9% light vs the Street.</li><li>Moreover, the previously announced cyberattack is still not expected to have a material impact outside the $12-17M charges in 1Q. That said, it remains to be seen if there will be any lingering effects on origination volumes going forward.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/hashicorp-inc-impact-of-optimization-cycle-recovery-on-growth-rate-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">HashiCorp Inc: Impact of Optimization Cycle Recovery on Growth Rate! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/slow-crude-inventory-build-keeps-oil-prices-well-supported?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Slow Crude Inventory Build Keeps Oil Prices Well Supported</a></li><li><a href="https://www.smartkarma.com/insights/oil-gas-refinery-independent-refiners-mar-24-crack-check-conference-notes-a-too-early-look-at-1q-eps-madness?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Oil & Gas Refinery - Independent Refiners</a></li><li><a href="https://www.smartkarma.com/insights/airlines-u-s-airlines-reviewing-guidance-updates-and-commentary?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Airlines - U.S. Airlines</a></li><li><a href="https://www.smartkarma.com/insights/mixed-4q-print-and-1q-outlook-a-bit-light?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mixed 4Q Print and 1Q Outlook a Bit Light</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/hashicorp-inc-impact-of-optimization-cycle-recovery-on-growth-rate-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. HashiCorp Inc: Impact of Optimization Cycle Recovery on Growth Rate! - Key Drivers </a></h3><p></p><ul><li>Based on the Q4 2024 earnings call transcript, it's evident that HashiCorp encountered noticeable improvements in its financial performance and is optimistic about its growth trends in the long term.</li><li>The technology company exceeded its top and bottom guidance for the quarter, with its revenues surpassing expectations at $156 million.</li><li>This represents a robust 15% year-on-year growth.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/slow-crude-inventory-build-keeps-oil-prices-well-supported?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Slow Crude Inventory Build Keeps Oil Prices Well Supported </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/122/original/image_597896341710267427251.png?1710267428"/> <ul>
<li>US commercial crude oil inventory build-up slows while refined products’ withdrawal accelerates.</li>
<li>OPEC+ members announced the extension of their voluntary supply cut of 2.2 million barrels per day to end of June (from end of March as previously announced).</li>
<li>US refinery utilisation rates show signs of a speedy recovery, rises for the second consecutive week and jumps to 84.9%.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/oil-gas-refinery-independent-refiners-mar-24-crack-check-conference-notes-a-too-early-look-at-1q-eps-madness?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Oil & Gas Refinery - Independent Refiners </a></h3><p></p><ul><li>In this month’s refining update, or “Crack Check,” for March 2024, we: (1) Update 2024-2025 estimates, with a focus on upcoming 1Q24 earnings season, (2) review takeaways from RJ’s Institutional Investors Conference, (3) discuss investor sentiment and debates, and (4) outline why we think the risk/reward is still solid.</li><li>We’ll also offer a few too many puns on the upcoming basketball tournament brackets…1Q24 estimate revisions: Improving outlook, but a few might need a “Cinderella run” to hit 1Q consensus.</li><li>4Q23 results showed a fairly marked contrast between large-cap and smaller-cap refining, highlighting the benefits of scale and commercial groups when margins are softer.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/airlines-u-s-airlines-reviewing-guidance-updates-and-commentary?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Airlines - U.S. Airlines </a></h3><p></p><ul><li>Several U.S. airlines provided guidance updates and provided commentary that was webcast today.</li><li>Exhibit 1 summarizes demand commentary, Exhibit 2 compares 1Q24 guides, Exhibits 3-7 provides 1Q24 guides for individual airlines vs. our/consensus estimates, and Exhibit 8 compares 2024 guides.</li><li>The demand environment remains encouraging (including continued steady recovery in corporate travel) and delivery delays and network reallocations are likely to result in continued strengthening of domestic trends.A few observationsDemand commentary was overwhelmingly positive with slow but steady improvement in corporate travel recovery, consistent with that noted by airlines that participated at the Raymond James 45th Annual Institutional Investors Conference.While Southwest took the 1Q24 RASM (unit revenue) guide down by 1.5 ppts due to lower than expected close-in leisure passenger volumes, this appears to be a forecasting issue related to the substantial network changes in March.Early indications for 2Q24 are also encouraging, albeit Delta calling out the step up in y/y domestic capacity relative to 1Q24 that should step back down in 2H24.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mixed-4q-print-and-1q-outlook-a-bit-light?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Mixed 4Q Print and 1Q Outlook a Bit Light </a></h3><p></p><ul><li>We are maintaining our Market Perform rating on LDI following mixed 4Q results where revenue came in ~3% below the Street and adj EBITDA missed by ~15%, but origination volumes came in ~4% ahead.</li><li>Moreover, the 1Q guide was a bit light with originations ~6% below, and given pull-through GOS of 270-300 bp, we estimate total GOS revenue of ~$130M, which is also ~9% light vs the Street.</li><li>Moreover, the previously announced cyberattack is still not expected to have a material impact outside the $12-17M charges in 1Q. That said, it remains to be seen if there will be any lingering effects on origination volumes going forward.</li></ul>2024-03-13T14:00:13+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "HCP@US"}, {"term": "Commodities"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CL1@COM@COMDTY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CLMT@US"}, {"term": "MPC@US"}, {"term": "VLO@US"}, {"term": "DK@US"}, {"term": "PSX@US"}, {"term": "DINO@US"}, {"term": "CVI@US"}, {"term": "PBF@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AAL@US"}, {"term": "ULCC@US"}, {"term": "UAL@US"}, {"term": "ALK@US"}, {"term": "ALGT@US"}, {"term": "SAVE@US"}, {"term": "JBLU@US"}, {"term": "LUV@US"}, {"term": "DAL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "LDI@US"}, {"term": "HCP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CL1@COM@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PBF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DAL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LDI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/3d201c81-77ac-3dca-a156-ffe2994f42aaBrief USA: Equinix Announces CEO Transition and more2024-03-28T22:17:23.426732+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/equinix-announces-ceo-transition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Equinix Announces CEO Transition</a></li><li><a href="https://www.smartkarma.com/insights/lg-electronics-investment-in-bear-robotics-and-aggressive-plans-to-expand-in-global-robotics?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">LG Electronics: Investment In Bear Robotics and Aggressive Plans to Expand in Global Robotics</a></li><li><a href="https://www.smartkarma.com/insights/granite-ridge-resources-inc-estimate-update-upcoming-fireside-chat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Granite Ridge Resources, Inc. - Estimate Update; Upcoming Fireside Chat</a></li><li><a href="https://www.smartkarma.com/insights/gevo-inc-4q23-results-primed-and-ready-for-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Gevo, Inc. - 4Q23 Results: Primed and Ready for 2024</a></li><li><a href="https://www.smartkarma.com/insights/are-we-heading-for-a-volatility-event?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Are We Heading for a Volatility Event?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/equinix-announces-ceo-transition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Equinix Announces CEO Transition </a></h3><p></p><ul><li>Today after the close, Equinix announced a leadership transition, where Charles Meyers, President and CEO will transition to Executive Chairman, and board member Adaire Fox-Martin will assume the President and CEO role in late 2Q24.</li><li>Also, current Executive Chairman Peter Van Camp will retire from his position at that time and become an advisor to the board.</li><li>Both will continue in their roles through the transition with no changes to their responsibilities.Fox-Martin joined the Equinix board in January 2000, and is currently President of Google Cloud.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/lg-electronics-investment-in-bear-robotics-and-aggressive-plans-to-expand-in-global-robotics?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. LG Electronics: Investment In Bear Robotics and Aggressive Plans to Expand in Global Robotics </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/126/original/image_82266930321710272094774.png?1710272093"/> <ul>
<li>In this insight, we discuss LG Electronics (066570 KS) 's investment in Bear Robotics (US) and LG Electronics' aggressive ambitions to become a major player in the global robotics industry. </li>
<li>LG Electronics announced that it invested a $60 million Series C funding round in Bear Robotics, a Silicon Valley based company that provides service robotics and artificial intelligence solutions.</li>
<li>One of the key goals of LG Electronics is to expand into the global robotics software market, which is expected to grow to about 100 trillion won in eight years.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/granite-ridge-resources-inc-estimate-update-upcoming-fireside-chat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Granite Ridge Resources, Inc. - Estimate Update; Upcoming Fireside Chat </a></h3><p></p><ul><li>During 2023, Granite Ridge executed its portfolio management strategy to grow the asset base and enhance its organic development growth opportunities.</li><li>FY23 production increased 23% Y/Y, far ahead of management’s initial expectations.</li><li>4Q23 production averaged 26,036 BOE/d, including 12,283 b/d of oil.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/gevo-inc-4q23-results-primed-and-ready-for-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Gevo, Inc. - 4Q23 Results: Primed and Ready for 2024 </a></h3><p></p><ul><li>GEVO sold 90,666 MMBtu of RNG in 4Q23, up from 81,271 MMBtu in the previous quarter, which translates to 91% of capacity on an annualized basis, while generating standalone cash EBITDA of $1.3 million, down from $1.7 million in 3Q23.</li><li>The RNG division is expected to achieve $12-16 million in cash EBITDA once the company receives the CARB CI score in 2024.</li><li>This is further expected to increase to $30-38 million if California Low Carbon Fuel Standard (LCFS) prices recover to $200 per metric ton.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/are-we-heading-for-a-volatility-event?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Are We Heading for a Volatility Event? </a></h3><p></p><ul><li>Throughout 2024, we’ve witnessed tight trading ranges across various markets: oil, FX, and Credit spreads.</li><li>Notably, Semiconductors (light blue), Gold (depicted in blue), High-Yield OAS (in red), and Bitcoin (represented in black) exhibit remarkably similar chart patterns.</li><li>In essence, these assets no longer offer diversification benefits; they have effectively become indistinguishable trades.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/equinix-announces-ceo-transition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Equinix Announces CEO Transition</a></li><li><a href="https://www.smartkarma.com/insights/lg-electronics-investment-in-bear-robotics-and-aggressive-plans-to-expand-in-global-robotics?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">LG Electronics: Investment In Bear Robotics and Aggressive Plans to Expand in Global Robotics</a></li><li><a href="https://www.smartkarma.com/insights/granite-ridge-resources-inc-estimate-update-upcoming-fireside-chat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Granite Ridge Resources, Inc. - Estimate Update; Upcoming Fireside Chat</a></li><li><a href="https://www.smartkarma.com/insights/gevo-inc-4q23-results-primed-and-ready-for-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Gevo, Inc. - 4Q23 Results: Primed and Ready for 2024</a></li><li><a href="https://www.smartkarma.com/insights/are-we-heading-for-a-volatility-event?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Are We Heading for a Volatility Event?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/equinix-announces-ceo-transition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Equinix Announces CEO Transition </a></h3><p></p><ul><li>Today after the close, Equinix announced a leadership transition, where Charles Meyers, President and CEO will transition to Executive Chairman, and board member Adaire Fox-Martin will assume the President and CEO role in late 2Q24.</li><li>Also, current Executive Chairman Peter Van Camp will retire from his position at that time and become an advisor to the board.</li><li>Both will continue in their roles through the transition with no changes to their responsibilities.Fox-Martin joined the Equinix board in January 2000, and is currently President of Google Cloud.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/lg-electronics-investment-in-bear-robotics-and-aggressive-plans-to-expand-in-global-robotics?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. LG Electronics: Investment In Bear Robotics and Aggressive Plans to Expand in Global Robotics </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/126/original/image_82266930321710272094774.png?1710272093"/> <ul>
<li>In this insight, we discuss LG Electronics (066570 KS) 's investment in Bear Robotics (US) and LG Electronics' aggressive ambitions to become a major player in the global robotics industry. </li>
<li>LG Electronics announced that it invested a $60 million Series C funding round in Bear Robotics, a Silicon Valley based company that provides service robotics and artificial intelligence solutions.</li>
<li>One of the key goals of LG Electronics is to expand into the global robotics software market, which is expected to grow to about 100 trillion won in eight years.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/granite-ridge-resources-inc-estimate-update-upcoming-fireside-chat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Granite Ridge Resources, Inc. - Estimate Update; Upcoming Fireside Chat </a></h3><p></p><ul><li>During 2023, Granite Ridge executed its portfolio management strategy to grow the asset base and enhance its organic development growth opportunities.</li><li>FY23 production increased 23% Y/Y, far ahead of management’s initial expectations.</li><li>4Q23 production averaged 26,036 BOE/d, including 12,283 b/d of oil.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/gevo-inc-4q23-results-primed-and-ready-for-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Gevo, Inc. - 4Q23 Results: Primed and Ready for 2024 </a></h3><p></p><ul><li>GEVO sold 90,666 MMBtu of RNG in 4Q23, up from 81,271 MMBtu in the previous quarter, which translates to 91% of capacity on an annualized basis, while generating standalone cash EBITDA of $1.3 million, down from $1.7 million in 3Q23.</li><li>The RNG division is expected to achieve $12-16 million in cash EBITDA once the company receives the CARB CI score in 2024.</li><li>This is further expected to increase to $30-38 million if California Low Carbon Fuel Standard (LCFS) prices recover to $200 per metric ton.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/are-we-heading-for-a-volatility-event?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Are We Heading for a Volatility Event? </a></h3><p></p><ul><li>Throughout 2024, we’ve witnessed tight trading ranges across various markets: oil, FX, and Credit spreads.</li><li>Notably, Semiconductors (light blue), Gold (depicted in blue), High-Yield OAS (in red), and Bitcoin (represented in black) exhibit remarkably similar chart patterns.</li><li>In essence, these assets no longer offer diversification benefits; they have effectively become indistinguishable trades.</li></ul>2024-03-13T08:45:06+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EQIX@US"}, {"term": "GDS@US"}, {"term": "DLR@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "KOREA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "066570@KS"}, {"term": "090710@KS"}, {"term": "@388720@KS"}, {"term": "270660@KS"}, {"term": "090360@KS"}, {"term": "277810@KS"}, {"term": "454910@KS"}, {"term": "AMZN@US"}, {"term": "GOOG@US"}, {"term": "MSFT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GRNT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GEVO@US"}, {"term": "Cross Asset Strategy"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "NKY@INDEX"}, {"term": "USDCNY@CURNCY"}, {"term": "USDKRW@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "XBTUSD@CURNCY"}, {"term": "SPX@INDEX"}, {"term": "NVDA@US"}, {"term": "USDJPY@CURNCY"}, {"term": "DLR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MSFT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GRNT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GEVO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USDJPY@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/0cbc8d8c-c274-3265-b195-ce8daa739526Brief USA: JetBlue – Positive 1Q Momentum Inspires Confidence 2024 Can Beat Expectations and more2024-03-28T22:17:23.420311+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/jetblue-positive-1q-momentum-inspires-confidence-2024-can-beat-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">JetBlue – Positive 1Q Momentum Inspires Confidence 2024 Can Beat Expectations</a></li><li><a href="https://www.smartkarma.com/insights/eventbrite-inc-eb-wednesday-dec-13-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Eventbrite Inc (EB) - Wednesday, Dec 13, 2023</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-soft-usd-awaits-cpi-for-next-directional-cue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Daily - Soft USD Awaits CPI for Next Directional Cue</a></li><li><a href="https://www.smartkarma.com/insights/us-cpi-reaction-headache-for-powell-not-so-much-markets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">US CPI Reaction: Headache for Powell not so much markets</a></li><li><a href="https://www.smartkarma.com/insights/immr-emerging-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IMMR: Emerging Valuation</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/jetblue-positive-1q-momentum-inspires-confidence-2024-can-beat-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. JetBlue – Positive 1Q Momentum Inspires Confidence 2024 Can Beat Expectations </a></h3><p></p><ul>
<li>1Q24 upgrade from JetBlue increases our confidence that consensus is too low for 2024.</li>
<li>Investor Day on 30 May will provide the next leg of revenue self-help initiatives.</li>
<li>We model a minor net profit of $22m in 2025, versus consensus expectations for further losses, and the next 3 months are crucial for the carrier's long-term prospects.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/eventbrite-inc-eb-wednesday-dec-13-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Eventbrite Inc (EB) - Wednesday, Dec 13, 2023 </a></h3><p></p><p>Key points</p><ul><li>Eventbrite has reduced friction in the customer experience to scale efficiently</li><li>Expanded offerings include reserved seating, merchandise sales, and on-site check-in</li><li>Eventbrite has become a one-stop shop for event creators, increasing customer satisfaction and retention</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/fx-daily-soft-usd-awaits-cpi-for-next-directional-cue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. FX Daily - Soft USD Awaits CPI for Next Directional Cue </a></h3><p></p><ul><li>FX Market Update—The USD retains a soft undertone overall but trade is on the quiet side to start the week and tomorrow’s US CPI report—and no data of note today— will probably keep trading subdued today.</li><li>The JPY remains firm, gaining another 0.25% on the session, as markets position for a potential tightening in BoJ policy as soon as next week’s BoJ meeting.</li><li>The broader USD slide over the past week may have stabilized in the short run, however, with Friday’s price action suggesting some consolidation in the weak tone after an extended run lower from the middle of last month.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/us-cpi-reaction-headache-for-powell-not-so-much-markets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. US CPI Reaction: Headache for Powell not so much markets </a></h3><p></p><ul><li>Today’s US CPI report was clearly hawkish on the surface, but looking closely, it is not all too demoralizing for those betting on continued risk-rallies and a path back to target.</li><li>Clear path and further downside to OER according to Zillow and repeat rent.</li><li>Though a modest surprise, components are not alarming albeit not helping Fed’s intentions.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/immr-emerging-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. IMMR: Emerging Valuation </a></h3><p></p><ul>
<li>The increase in automotive revenue in 2023 has led to greater revenue diversification at Immersion (IMMR) reducing some of the variability the Company has historically experienced between quarters</li>
<li>IMMR reported fourth quarter results better than we were projecting led by an increase in automotive and video game revenue.</li>
<li>The fourth quarter results did not include the benefits of the settlement with Meta Platforms (META), which causes IMMR’s cash balance to rise further</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/jetblue-positive-1q-momentum-inspires-confidence-2024-can-beat-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">JetBlue – Positive 1Q Momentum Inspires Confidence 2024 Can Beat Expectations</a></li><li><a href="https://www.smartkarma.com/insights/eventbrite-inc-eb-wednesday-dec-13-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Eventbrite Inc (EB) - Wednesday, Dec 13, 2023</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-soft-usd-awaits-cpi-for-next-directional-cue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Daily - Soft USD Awaits CPI for Next Directional Cue</a></li><li><a href="https://www.smartkarma.com/insights/us-cpi-reaction-headache-for-powell-not-so-much-markets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">US CPI Reaction: Headache for Powell not so much markets</a></li><li><a href="https://www.smartkarma.com/insights/immr-emerging-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IMMR: Emerging Valuation</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/jetblue-positive-1q-momentum-inspires-confidence-2024-can-beat-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. JetBlue – Positive 1Q Momentum Inspires Confidence 2024 Can Beat Expectations </a></h3><p></p><ul>
<li>1Q24 upgrade from JetBlue increases our confidence that consensus is too low for 2024.</li>
<li>Investor Day on 30 May will provide the next leg of revenue self-help initiatives.</li>
<li>We model a minor net profit of $22m in 2025, versus consensus expectations for further losses, and the next 3 months are crucial for the carrier's long-term prospects.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/eventbrite-inc-eb-wednesday-dec-13-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Eventbrite Inc (EB) - Wednesday, Dec 13, 2023 </a></h3><p></p><p>Key points</p><ul><li>Eventbrite has reduced friction in the customer experience to scale efficiently</li><li>Expanded offerings include reserved seating, merchandise sales, and on-site check-in</li><li>Eventbrite has become a one-stop shop for event creators, increasing customer satisfaction and retention</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/fx-daily-soft-usd-awaits-cpi-for-next-directional-cue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. FX Daily - Soft USD Awaits CPI for Next Directional Cue </a></h3><p></p><ul><li>FX Market Update—The USD retains a soft undertone overall but trade is on the quiet side to start the week and tomorrow’s US CPI report—and no data of note today— will probably keep trading subdued today.</li><li>The JPY remains firm, gaining another 0.25% on the session, as markets position for a potential tightening in BoJ policy as soon as next week’s BoJ meeting.</li><li>The broader USD slide over the past week may have stabilized in the short run, however, with Friday’s price action suggesting some consolidation in the weak tone after an extended run lower from the middle of last month.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/us-cpi-reaction-headache-for-powell-not-so-much-markets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. US CPI Reaction: Headache for Powell not so much markets </a></h3><p></p><ul><li>Today’s US CPI report was clearly hawkish on the surface, but looking closely, it is not all too demoralizing for those betting on continued risk-rallies and a path back to target.</li><li>Clear path and further downside to OER according to Zillow and repeat rent.</li><li>Though a modest surprise, components are not alarming albeit not helping Fed’s intentions.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/immr-emerging-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. IMMR: Emerging Valuation </a></h3><p></p><ul>
<li>The increase in automotive revenue in 2023 has led to greater revenue diversification at Immersion (IMMR) reducing some of the variability the Company has historically experienced between quarters</li>
<li>IMMR reported fourth quarter results better than we were projecting led by an increase in automotive and video game revenue.</li>
<li>The fourth quarter results did not include the benefits of the settlement with Meta Platforms (META), which causes IMMR’s cash balance to rise further</li>
</ul>2024-03-13T03:30:14+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "JBLU@US"}, {"term": "ULCC@US"}, {"term": "SAVE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "EB@US"}, {"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "USDMXN@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "USDCAD@CURNCY"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "VALUE"}, {"term": "NORTH AMERICA"}, {"term": "IMMR@US"}, {"term": "SAVE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USDCAD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "IMMR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/07854c00-327e-33f0-a523-50ccc5c857f6Brief USA: Mizuho Dealer's Eye (Mar, 2024) and more2024-03-28T22:17:23.409465+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/mizuho-dealer-s-eye-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mizuho Dealer's Eye (Mar, 2024)</a></li><li><a href="https://www.smartkarma.com/insights/investor-day-building-on-the-core-muscle-mass?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Investor Day - Building on the "Core" Muscle Mass</a></li><li><a href="https://www.smartkarma.com/insights/us-inflation-bad-enough-for-powell-to-change-course?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">US Inflation: Bad Enough for Powell to Change Course?</a></li><li><a href="https://www.smartkarma.com/insights/us-cpi-inflation-3-15-y-o-y-consensus-3-1-in-feb-24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">US CPI Inflation 3.15% y-o-y (consensus 3.1%) in Feb-24</a></li><li><a href="https://www.smartkarma.com/insights/first-look-at-4q23-results-4267fbde-fc7a-4d12-9c98-0642634aa388?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Look at 4Q23 Results</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/mizuho-dealer-s-eye-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Mizuho Dealer's Eye (Mar, 2024) </a></h3><p></p><ul><li>The dollar/yen pair opened February trading at the 146 yen range on the slightly hawkish contents of the Bank of Japan (BOJ) Monetary Policy Meeting and FRB chair Jerome Powell’s press conference after the FOMC meeting.</li><li>US interest rates fell on February 1 on some weak US employment statistics and the bearish movements of US regional bank stocks, with the currency pair also sliding temporarily to 145.90 yen.</li><li>However, it then rocketed to the mid-148 yen mark on February 2 after the US released some very strong employment data for January. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/investor-day-building-on-the-core-muscle-mass?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Investor Day - Building on the "Core" Muscle Mass </a></h3><p></p><ul><li>We’re providing some early thoughts on INST post the company’s initial investor day in NY, where CEO Steve Daly just wrapped up his initial strategic overview.</li><li>Mr.</li><li>Daly’s emphasized the company’s vision to enable lifelong learning, building on its already dominant position as the industry’s leading LMS. While most investors are quite aware of the company’s dominant position in the North American LMS market (38% share), investments in areas like assessments, a ramping partner channel, and non-traditional learning show the company's efforts to build a broader learning ecosystem.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/us-inflation-bad-enough-for-powell-to-change-course?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. US Inflation: Bad Enough for Powell to Change Course? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/092/original/image?1710253478"/> <ul>
<li>For the second consecutive month, inflation has exceeded expectations, raising questions about the ‘stickiness’ of core inflation.</li>
<li>The real shocker was the Core Services, excluding Housing CPI, which increased to an eye-popping 6.8% on a three-month annualized basis.</li>
<li>Most likely, the latest CPI numbers aren’t the catalyst that ends the stock market rally.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/us-cpi-inflation-3-15-y-o-y-consensus-3-1-in-feb-24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. US CPI Inflation 3.15% y-o-y (consensus 3.1%) in Feb-24 </a></h3><p></p><ul><li>US CPI inflation for February 2024 slightly exceeded expectations, recording a year-on-year rate of 3.15% and maintaining this pace for five months.</li><li>Core inflation, which excludes volatile components, slowed to 3.8% year-on-year.</li><li>This slowdown in core inflation surprisingly exceeded expectations by 0.1 percentage points, indicating a resilient underlying trend.</li></ul><div><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></div><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/first-look-at-4q23-results-4267fbde-fc7a-4d12-9c98-0642634aa388?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. First Look at 4Q23 Results </a></h3><p></p><ul><li>Event: HGTY reported operating EPS of ($0.01) in 4Q23, compared with our estimate of $(0.02).</li><li>HGTY reported operating EPS of $(0.10) in 4Q22.Our view: The company reported 4Q23 results ahead of our estimates as higher-than-expected commission and fee revenue and earned premiums and higher adj. EBITDA margin was offset by lower membership revenue and higher interest and other expense.</li><li>Long term debt increased to $130M in 4Q23 from $76M in 3Q23.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/mizuho-dealer-s-eye-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mizuho Dealer's Eye (Mar, 2024)</a></li><li><a href="https://www.smartkarma.com/insights/investor-day-building-on-the-core-muscle-mass?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Investor Day - Building on the "Core" Muscle Mass</a></li><li><a href="https://www.smartkarma.com/insights/us-inflation-bad-enough-for-powell-to-change-course?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">US Inflation: Bad Enough for Powell to Change Course?</a></li><li><a href="https://www.smartkarma.com/insights/us-cpi-inflation-3-15-y-o-y-consensus-3-1-in-feb-24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">US CPI Inflation 3.15% y-o-y (consensus 3.1%) in Feb-24</a></li><li><a href="https://www.smartkarma.com/insights/first-look-at-4q23-results-4267fbde-fc7a-4d12-9c98-0642634aa388?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Look at 4Q23 Results</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/mizuho-dealer-s-eye-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Mizuho Dealer's Eye (Mar, 2024) </a></h3><p></p><ul><li>The dollar/yen pair opened February trading at the 146 yen range on the slightly hawkish contents of the Bank of Japan (BOJ) Monetary Policy Meeting and FRB chair Jerome Powell’s press conference after the FOMC meeting.</li><li>US interest rates fell on February 1 on some weak US employment statistics and the bearish movements of US regional bank stocks, with the currency pair also sliding temporarily to 145.90 yen.</li><li>However, it then rocketed to the mid-148 yen mark on February 2 after the US released some very strong employment data for January. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/investor-day-building-on-the-core-muscle-mass?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Investor Day - Building on the "Core" Muscle Mass </a></h3><p></p><ul><li>We’re providing some early thoughts on INST post the company’s initial investor day in NY, where CEO Steve Daly just wrapped up his initial strategic overview.</li><li>Mr.</li><li>Daly’s emphasized the company’s vision to enable lifelong learning, building on its already dominant position as the industry’s leading LMS. While most investors are quite aware of the company’s dominant position in the North American LMS market (38% share), investments in areas like assessments, a ramping partner channel, and non-traditional learning show the company's efforts to build a broader learning ecosystem.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/us-inflation-bad-enough-for-powell-to-change-course?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. US Inflation: Bad Enough for Powell to Change Course? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/092/original/image?1710253478"/> <ul>
<li>For the second consecutive month, inflation has exceeded expectations, raising questions about the ‘stickiness’ of core inflation.</li>
<li>The real shocker was the Core Services, excluding Housing CPI, which increased to an eye-popping 6.8% on a three-month annualized basis.</li>
<li>Most likely, the latest CPI numbers aren’t the catalyst that ends the stock market rally.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/us-cpi-inflation-3-15-y-o-y-consensus-3-1-in-feb-24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. US CPI Inflation 3.15% y-o-y (consensus 3.1%) in Feb-24 </a></h3><p></p><ul><li>US CPI inflation for February 2024 slightly exceeded expectations, recording a year-on-year rate of 3.15% and maintaining this pace for five months.</li><li>Core inflation, which excludes volatile components, slowed to 3.8% year-on-year.</li><li>This slowdown in core inflation surprisingly exceeded expectations by 0.1 percentage points, indicating a resilient underlying trend.</li></ul><div><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></div><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/first-look-at-4q23-results-4267fbde-fc7a-4d12-9c98-0642634aa388?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. First Look at 4Q23 Results </a></h3><p></p><ul><li>Event: HGTY reported operating EPS of ($0.01) in 4Q23, compared with our estimate of $(0.02).</li><li>HGTY reported operating EPS of $(0.10) in 4Q22.Our view: The company reported 4Q23 results ahead of our estimates as higher-than-expected commission and fee revenue and earned premiums and higher adj. EBITDA margin was offset by lower membership revenue and higher interest and other expense.</li><li>Long term debt increased to $130M in 4Q23 from $76M in 3Q23.</li></ul>2024-03-13T02:29:48+08:00[{"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "@INST@US"}, {"term": "Macroeconomics"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "SAUDI ARABIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "HGTY@US"}, {"term": "USDJPY@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "@INST@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HGTY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/55af4ec3-15c3-347e-bc18-cec093f749f4Brief USA: Positioning Watch – Bye Bye Japanese Consensus Case? and more2024-03-28T22:17:23.401866+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/positioning-watch-bye-bye-japanese-consensus-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Positioning Watch – Bye Bye Japanese Consensus Case?</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-4905805d-35da-4e69-af6a-bd6b14501d64?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-capital-markets-short-interest-tracker-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Capital Markets</a></li><li><a href="https://www.smartkarma.com/insights/guess-inc-does-it-have-the-steam-to-be-taken-private-at-what-valuation-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Guess? Inc.: Does It Have The Steam To Be Taken Private & At What Valuation? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/model-update-raising-target-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update; Raising Target Price</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/positioning-watch-bye-bye-japanese-consensus-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Positioning Watch – Bye Bye Japanese Consensus Case? </a></h3><p></p><ul><li>Hello everyone, and welcome back to our weekly positioning watch, which today will start at the growing number of BoJ officials who are now supporting an exit from NIRP possibly already in March, sending Nikkei 225 down >2% in Asia hours yesterday, while China and China-proxies were bid – quite a surprising dynamic in Asian equities, which we won’t rule out to continue over the next weeks, as markets are likely shifting away from Japanese equities if a hike actually comes through.</li><li>Our 250-day prediction from our PCA-tool (the blue line) has also been flagging the rally in Japanese equities, and now see a major divergence in the trend relative to the macro fundamentals, which has left a >2 standard deviations fair value gap, which seems likely to be closed via a retracement lower in Nikkei.</li><li>Chart of the week: Our models have been bearish Japan since early 2024It looks like some parts of the markets had already sniffed out the slight overpricing of Japanese equities given risks of substantial moves in JPY-rates, and inflows into US-traded Japan ETFs have decreased since early February, while China ETFs began to see modest inflows, but has now went back into negative territory.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-4905805d-35da-4e69-af6a-bd6b14501d64?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYEquities shunned record highs Monday (S&P 500 down 0.1%) ahead of Tuesday’s Consumer Price Index release where economists expect a monthly increase of 0.4% and an annual increase of 3.1%.</li><li>On the energy side, crude bounced around during the day but did finish higher, with WTI up 0.2% to $78.14 and Brent 0.5% to $82.46/bbl.</li><li>WTI has been downright stable now for the past four weeks, trading in a narrow band waffling from $77-80/bbl with traders having struck a balance between excess OPEC capacity and ongoing conflicts in the Middle East.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/financial-services-others-capital-markets-short-interest-tracker-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Financial Services - Others - Capital Markets </a></h3><p></p><ul><li>Largest increase/decrease in short interest ratio: Within our coverage universe, Newmark saw the greatest increase in short interest sequentially, up 33 bps m/m.</li><li>FactSet (26 bps) and Jones Lang LaSalle (21 bps) saw the next two largest increases.</li><li>Conversely, Coinbase saw an 255 basis point decline in its short interest ratio, while Dun & Bradstreet (82 bps) and Envestnet (67 bps) were also big decliners.Figure 1 - M/M Change in Short Interest Ratio (bps)Source: FactSet, Raymond James research.Highest/lowest short interest ratios: Envestnet officially overtook Coinbase as the most shorted name in our coverage universe at 8.4%; the latter company has seen its short interest decline consistently since mid-2023 and currently stands at 6.6% short interest, good for second highest in our coverage universe.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/guess-inc-does-it-have-the-steam-to-be-taken-private-at-what-valuation-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Guess? Inc.: Does It Have The Steam To Be Taken Private & At What Valuation? - Key Drivers </a></h3><p></p><ul><li>This is our special, one-time report on Guess Inc., a notable entity in the fashion industry that recently made headlines with its strategic acquisition of the New York-based fashion brand Rag & Bone.</li><li>This move signifies a significant leap towards expanding its portfolio and solidifying its presence in the highly competitive fashion sector.</li><li>The announcement was followed by a surge in the company's stock, further fueled by speculations of a possible take-private initiative.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/model-update-raising-target-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Model Update; Raising Target Price </a></h3><p></p><ul><li>We are reaffirming our Strong Buy rating on RGA and updating target price to $212 from $199.</li><li>We like its underappreciated growth and diversification.</li><li>RGA updated favorable growth guidance on its June 15 investor day.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/positioning-watch-bye-bye-japanese-consensus-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Positioning Watch – Bye Bye Japanese Consensus Case?</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-4905805d-35da-4e69-af6a-bd6b14501d64?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-capital-markets-short-interest-tracker-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Capital Markets</a></li><li><a href="https://www.smartkarma.com/insights/guess-inc-does-it-have-the-steam-to-be-taken-private-at-what-valuation-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Guess? Inc.: Does It Have The Steam To Be Taken Private & At What Valuation? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/model-update-raising-target-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update; Raising Target Price</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/positioning-watch-bye-bye-japanese-consensus-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Positioning Watch – Bye Bye Japanese Consensus Case? </a></h3><p></p><ul><li>Hello everyone, and welcome back to our weekly positioning watch, which today will start at the growing number of BoJ officials who are now supporting an exit from NIRP possibly already in March, sending Nikkei 225 down >2% in Asia hours yesterday, while China and China-proxies were bid – quite a surprising dynamic in Asian equities, which we won’t rule out to continue over the next weeks, as markets are likely shifting away from Japanese equities if a hike actually comes through.</li><li>Our 250-day prediction from our PCA-tool (the blue line) has also been flagging the rally in Japanese equities, and now see a major divergence in the trend relative to the macro fundamentals, which has left a >2 standard deviations fair value gap, which seems likely to be closed via a retracement lower in Nikkei.</li><li>Chart of the week: Our models have been bearish Japan since early 2024It looks like some parts of the markets had already sniffed out the slight overpricing of Japanese equities given risks of substantial moves in JPY-rates, and inflows into US-traded Japan ETFs have decreased since early February, while China ETFs began to see modest inflows, but has now went back into negative territory.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-4905805d-35da-4e69-af6a-bd6b14501d64?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYEquities shunned record highs Monday (S&P 500 down 0.1%) ahead of Tuesday’s Consumer Price Index release where economists expect a monthly increase of 0.4% and an annual increase of 3.1%.</li><li>On the energy side, crude bounced around during the day but did finish higher, with WTI up 0.2% to $78.14 and Brent 0.5% to $82.46/bbl.</li><li>WTI has been downright stable now for the past four weeks, trading in a narrow band waffling from $77-80/bbl with traders having struck a balance between excess OPEC capacity and ongoing conflicts in the Middle East.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/financial-services-others-capital-markets-short-interest-tracker-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Financial Services - Others - Capital Markets </a></h3><p></p><ul><li>Largest increase/decrease in short interest ratio: Within our coverage universe, Newmark saw the greatest increase in short interest sequentially, up 33 bps m/m.</li><li>FactSet (26 bps) and Jones Lang LaSalle (21 bps) saw the next two largest increases.</li><li>Conversely, Coinbase saw an 255 basis point decline in its short interest ratio, while Dun & Bradstreet (82 bps) and Envestnet (67 bps) were also big decliners.Figure 1 - M/M Change in Short Interest Ratio (bps)Source: FactSet, Raymond James research.Highest/lowest short interest ratios: Envestnet officially overtook Coinbase as the most shorted name in our coverage universe at 8.4%; the latter company has seen its short interest decline consistently since mid-2023 and currently stands at 6.6% short interest, good for second highest in our coverage universe.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/guess-inc-does-it-have-the-steam-to-be-taken-private-at-what-valuation-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Guess? Inc.: Does It Have The Steam To Be Taken Private & At What Valuation? - Key Drivers </a></h3><p></p><ul><li>This is our special, one-time report on Guess Inc., a notable entity in the fashion industry that recently made headlines with its strategic acquisition of the New York-based fashion brand Rag & Bone.</li><li>This move signifies a significant leap towards expanding its portfolio and solidifying its presence in the highly competitive fashion sector.</li><li>The announcement was followed by a surge in the company's stock, further fueled by speculations of a possible take-private initiative.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/model-update-raising-target-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Model Update; Raising Target Price </a></h3><p></p><ul><li>We are reaffirming our Strong Buy rating on RGA and updating target price to $212 from $199.</li><li>We like its underappreciated growth and diversification.</li><li>RGA updated favorable growth guidance on its June 15 investor day.</li></ul>2024-03-12T20:30:51+08:00[{"term": "Macroeconomics"}, {"term": "JAPAN"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "SILVER@COMDTY"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "CL1@COM@COMDTY"}, {"term": "USDMXN@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "NKY@INDEX"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NFG@US"}, {"term": "ETRN@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "COIN@US"}, {"term": "ENV@US"}, {"term": "CWK@US"}, {"term": "MKTX@US"}, {"term": "CBRE@US"}, {"term": "CBOE@US"}, {"term": "SEIC@US"}, {"term": "ICE@US"}, {"term": "JLL@US"}, {"term": "NDAQ@US"}, {"term": "AMK@US"}, {"term": "BR@US"}, {"term": "CME@US"}, {"term": "MSCI@US"}, {"term": "SSNC@US"}, {"term": "SCHW@US"}, {"term": "MCO@US"}, {"term": "SPGI@US"}, {"term": "FICO@US"}, {"term": "NMRK@US"}, {"term": "TW@US"}, {"term": "FDS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "GES@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "RGA@US"}, {"term": "NKY@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ETRN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FDS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GES@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RGA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/0a5e8846-70a2-340e-af75-028e5b36398dBrief USA: Model Update and more2024-03-28T22:17:23.392069+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/model-update-1dff84da-84d9-416c-b170-10a3a30bfa1d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update</a></li><li><a href="https://www.smartkarma.com/insights/model-update-0e78b391-3062-4022-9247-ee3449c62e9a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update</a></li><li><a href="https://www.smartkarma.com/insights/model-update-bd08de29-41e1-487f-9479-974063964b5a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update</a></li><li><a href="https://www.smartkarma.com/insights/model-update-17f74491-83be-4e0e-a352-111642a965e5?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Semiconductor 2023 Key Indicators In Review, 2024 Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/model-update-1dff84da-84d9-416c-b170-10a3a30bfa1d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Model Update </a></h3><p></p><ul><li>We reaffirm our Market Perform rating.</li><li>PFG’s businesses are performing well under market pressures, and its recent strategic review reduced balance sheet risk and boosted returns.EstimatesWe are updating our 2024/2025 EPS estimates to $7.54/$8.36, versus prior $7.42/$8.04 and consensus of $7.56/$8.35.</li><li>We introduce our 2026 EPS estimate of $9.27 versus consensus of $9.31.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/model-update-0e78b391-3062-4022-9247-ee3449c62e9a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Model Update </a></h3><p></p><ul><li>We are reaffirming our Market Perform rating on EQH. EQH has a track record of thoughtful management of its in-force legacy variable annuity (VA) block.</li><li>It is a macro sensitive name given its concentration in equity market and interest rate sensitive businesses.EstimatesWe are updating our full-year 2024/2025/2026 EPS estimates to $5.84/$6.89/$7.99, versus prior $6.01/$6.93/$7.96 and consensus of $6.05/$7.16/$8.17.</li><li>Our update reflects EQH’s 4Q23 results and minor model adjustments.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/model-update-bd08de29-41e1-487f-9479-974063964b5a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Model Update </a></h3><p></p><ul><li>We reaffirm our Market Perform rating.</li><li>Given MET’s consistent operations, we do not see material catalysts in the intermediate term.</li><li>However, the company could post small accretive bolt-on acquisitions, such as the recent Raven Capital Management deal.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/model-update-17f74491-83be-4e0e-a352-111642a965e5?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Model Update </a></h3><p></p><ul><li>We are reaffirming our Market Perform rating on shares of Brighthouse Financial Inc (BHF).</li><li>BHF has a solid track record of managing its annuities, life segments and the recent interest rate hedges put in place.</li><li>But, it is a macro sensitive name given its concentration in equity market and interest rate sensitive businesses.EstimatesWe are updating our full-year 2024/2025/2026 EPS estimates to $17.04/$20.02/$23.25, versus prior $17.14/$19.83/$23.21 and consensus of $17.24/$19.41/$21.92.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Semiconductor 2023 Key Indicators In Review, 2024 Forecasts </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/041/original/image?1710233599"/> <ul>
<li>Forecasting PC & Smartphone unit shipments to increase 5% YoY on the back on "AI Enablement"</li>
<li>Server unit shipments declined ~20% in 2023 but overall revenues remained flat, a consequence of higher ASPs associated with AI-accelerated servers</li>
<li>Server shipments will return to growth in 2024, likely +10% YoY. Server ASPs will increase yet again YoY as AI-server mix grows. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/model-update-1dff84da-84d9-416c-b170-10a3a30bfa1d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update</a></li><li><a href="https://www.smartkarma.com/insights/model-update-0e78b391-3062-4022-9247-ee3449c62e9a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update</a></li><li><a href="https://www.smartkarma.com/insights/model-update-bd08de29-41e1-487f-9479-974063964b5a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update</a></li><li><a href="https://www.smartkarma.com/insights/model-update-17f74491-83be-4e0e-a352-111642a965e5?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Semiconductor 2023 Key Indicators In Review, 2024 Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/model-update-1dff84da-84d9-416c-b170-10a3a30bfa1d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Model Update </a></h3><p></p><ul><li>We reaffirm our Market Perform rating.</li><li>PFG’s businesses are performing well under market pressures, and its recent strategic review reduced balance sheet risk and boosted returns.EstimatesWe are updating our 2024/2025 EPS estimates to $7.54/$8.36, versus prior $7.42/$8.04 and consensus of $7.56/$8.35.</li><li>We introduce our 2026 EPS estimate of $9.27 versus consensus of $9.31.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/model-update-0e78b391-3062-4022-9247-ee3449c62e9a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Model Update </a></h3><p></p><ul><li>We are reaffirming our Market Perform rating on EQH. EQH has a track record of thoughtful management of its in-force legacy variable annuity (VA) block.</li><li>It is a macro sensitive name given its concentration in equity market and interest rate sensitive businesses.EstimatesWe are updating our full-year 2024/2025/2026 EPS estimates to $5.84/$6.89/$7.99, versus prior $6.01/$6.93/$7.96 and consensus of $6.05/$7.16/$8.17.</li><li>Our update reflects EQH’s 4Q23 results and minor model adjustments.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/model-update-bd08de29-41e1-487f-9479-974063964b5a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Model Update </a></h3><p></p><ul><li>We reaffirm our Market Perform rating.</li><li>Given MET’s consistent operations, we do not see material catalysts in the intermediate term.</li><li>However, the company could post small accretive bolt-on acquisitions, such as the recent Raven Capital Management deal.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/model-update-17f74491-83be-4e0e-a352-111642a965e5?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Model Update </a></h3><p></p><ul><li>We are reaffirming our Market Perform rating on shares of Brighthouse Financial Inc (BHF).</li><li>BHF has a solid track record of managing its annuities, life segments and the recent interest rate hedges put in place.</li><li>But, it is a macro sensitive name given its concentration in equity market and interest rate sensitive businesses.EstimatesWe are updating our full-year 2024/2025/2026 EPS estimates to $17.04/$20.02/$23.25, versus prior $17.14/$19.83/$23.21 and consensus of $17.24/$19.41/$21.92.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Semiconductor 2023 Key Indicators In Review, 2024 Forecasts </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/041/original/image?1710233599"/> <ul>
<li>Forecasting PC & Smartphone unit shipments to increase 5% YoY on the back on "AI Enablement"</li>
<li>Server unit shipments declined ~20% in 2023 but overall revenues remained flat, a consequence of higher ASPs associated with AI-accelerated servers</li>
<li>Server shipments will return to growth in 2024, likely +10% YoY. Server ASPs will increase yet again YoY as AI-server mix grows. </li>
</ul>2024-03-12T17:30:11+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PFG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EQH@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MET@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BHF@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "BERMUDA"}, {"term": "MEXICO"}, {"term": "PERU"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "2330@TT"}, {"term": "005930@KS"}, {"term": "000660@KS"}, {"term": "MU@US"}, {"term": "AMD@US"}, {"term": "INTC@US"}, {"term": "PFG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EQH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MET@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BHF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "INTC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/8ae776a2-1bdc-3962-9f81-9a2aaaad0d4fBrief USA: Uncle! Upgrading to Market Perform and more2024-03-28T22:17:23.383489+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/uncle-upgrading-to-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Uncle! Upgrading to Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/f3q24-quick-takeaways-adj-ebitda-and-eps-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F3Q24 Quick Takeaways: Adj. EBITDA and EPS Beat</a></li><li><a href="https://www.smartkarma.com/insights/downgrade-to-market-perform-due-to-possible-going-private-transaction?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrade to Market Perform Due to Possible Going Private Transaction</a></li><li><a href="https://www.smartkarma.com/insights/monday-macro-a-deep-dive-into-housing-plus-trump-vs2-and-the-markets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Monday Macro – a deep dive into housing plus Trump Vs2 and the markets</a></li><li><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-earnings-beat-expectations-but-mostly-lower-than-last-year?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Furniture/Furnishings Weekly - Earnings Beat Expectations, but Mostly Lower Than Last Year</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/uncle-upgrading-to-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Uncle! Upgrading to Market Perform </a></h3><p></p><ul><li>We are upgrading Coinbase from Underperform to Market Perform.</li><li>Our long-term bias on Coinbase remains negative, but we no longer believe Underperform is the appropriate near-term investment rating.</li><li>We continue to have substantial doubts about the firm’s long-term earnings prospects given what we view as an essentially commoditized client offering, a tenuous long-term outlook for cryptocurrency valuations that appears to be largely premised on the Greater Fool Theory rather than inherent value, and meaningful regulatory risk.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/f3q24-quick-takeaways-adj-ebitda-and-eps-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. F3Q24 Quick Takeaways: Adj. EBITDA and EPS Beat </a></h3><p></p><ul><li>Monday, after market close, Market Perform rated CASY reported F3Q24 earnings (quarter end 1/31/24).</li><li>EPS and EBITDA came above expectations (ours and consensus), primarily driven by modestly lower operating expenses versus our model.</li><li>In addition, management reaffirmed its FY24 guidance elements.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/downgrade-to-market-perform-due-to-possible-going-private-transaction?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Downgrade to Market Perform Due to Possible Going Private Transaction </a></h3><p></p><ul><li>We are downgrading NGM to Market Perform as a result of the pending merger with Atlas Neon that’s expected to take NGM private in 2Q24, pending certain closing conditions.</li><li>Recall, we do not think this is a good outcome for NGM or shareholders (articulated here) and think it leaves significant value creation in the public market on the table.We updated the model for 4Q23 financials.In clinical updates, 1) NGM707 (ILT2/4) Phase 1/1b combo cohort with pembro is expected to complete enrollment in 2Q24 and NGM will provide an update in mid-2024 on future development, including in MSS CRC, 2) enrollment in Phase 1/1b triplet combo cohort of NGM831 (ILT3 antagonist), NGM438 (LAIR1 antagonist), and pembro has been completed, 3) regulatory discussions regarding aldafermin in PSC are ongoing, and 4) tox activities for NGM120, GDF15/GFRAL antagonist, are expected to complete by YE24 and will support development in hyperemesis gravidarum with PoC Phase 2 initiation also by ~YE24.4Q23 Earnings Summary.</li><li>Opex of $28.8M was in-line with consensus ~$29.1M. EPS of $(0.33) was slightly ahead of consensus $(0.39).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/monday-macro-a-deep-dive-into-housing-plus-trump-vs2-and-the-markets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Monday Macro – a deep dive into housing plus Trump Vs2 and the markets </a></h3><p></p><ul><li>When I first started writing for Money Week, I found myself in a slightly awkward position.</li><li>At the time – this was many years ago – editors Merryn Somerset Webb and John Stepek were notably bearish on the UK housing market.</li><li>I think it fair to say they were the masters of doom and gloom, not for entirely unfair reasons (you can guess all the rational drivers they focused on).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-earnings-beat-expectations-but-mostly-lower-than-last-year?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Furniture/Furnishings Weekly - Earnings Beat Expectations, but Mostly Lower Than Last Year </a></h3><p></p><ul><li>Earnings from Culp, Arhaus, and Techtronic Industries led the sector news last week.</li><li>Culp reported $60.4 million in revenue and a $1.74 million loss on the operating line.</li><li>The revenue number was in line with our expectations and up 15% Y/Y. </li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/uncle-upgrading-to-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Uncle! Upgrading to Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/f3q24-quick-takeaways-adj-ebitda-and-eps-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F3Q24 Quick Takeaways: Adj. EBITDA and EPS Beat</a></li><li><a href="https://www.smartkarma.com/insights/downgrade-to-market-perform-due-to-possible-going-private-transaction?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrade to Market Perform Due to Possible Going Private Transaction</a></li><li><a href="https://www.smartkarma.com/insights/monday-macro-a-deep-dive-into-housing-plus-trump-vs2-and-the-markets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Monday Macro – a deep dive into housing plus Trump Vs2 and the markets</a></li><li><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-earnings-beat-expectations-but-mostly-lower-than-last-year?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Furniture/Furnishings Weekly - Earnings Beat Expectations, but Mostly Lower Than Last Year</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/uncle-upgrading-to-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Uncle! Upgrading to Market Perform </a></h3><p></p><ul><li>We are upgrading Coinbase from Underperform to Market Perform.</li><li>Our long-term bias on Coinbase remains negative, but we no longer believe Underperform is the appropriate near-term investment rating.</li><li>We continue to have substantial doubts about the firm’s long-term earnings prospects given what we view as an essentially commoditized client offering, a tenuous long-term outlook for cryptocurrency valuations that appears to be largely premised on the Greater Fool Theory rather than inherent value, and meaningful regulatory risk.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/f3q24-quick-takeaways-adj-ebitda-and-eps-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. F3Q24 Quick Takeaways: Adj. EBITDA and EPS Beat </a></h3><p></p><ul><li>Monday, after market close, Market Perform rated CASY reported F3Q24 earnings (quarter end 1/31/24).</li><li>EPS and EBITDA came above expectations (ours and consensus), primarily driven by modestly lower operating expenses versus our model.</li><li>In addition, management reaffirmed its FY24 guidance elements.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/downgrade-to-market-perform-due-to-possible-going-private-transaction?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Downgrade to Market Perform Due to Possible Going Private Transaction </a></h3><p></p><ul><li>We are downgrading NGM to Market Perform as a result of the pending merger with Atlas Neon that’s expected to take NGM private in 2Q24, pending certain closing conditions.</li><li>Recall, we do not think this is a good outcome for NGM or shareholders (articulated here) and think it leaves significant value creation in the public market on the table.We updated the model for 4Q23 financials.In clinical updates, 1) NGM707 (ILT2/4) Phase 1/1b combo cohort with pembro is expected to complete enrollment in 2Q24 and NGM will provide an update in mid-2024 on future development, including in MSS CRC, 2) enrollment in Phase 1/1b triplet combo cohort of NGM831 (ILT3 antagonist), NGM438 (LAIR1 antagonist), and pembro has been completed, 3) regulatory discussions regarding aldafermin in PSC are ongoing, and 4) tox activities for NGM120, GDF15/GFRAL antagonist, are expected to complete by YE24 and will support development in hyperemesis gravidarum with PoC Phase 2 initiation also by ~YE24.4Q23 Earnings Summary.</li><li>Opex of $28.8M was in-line with consensus ~$29.1M. EPS of $(0.33) was slightly ahead of consensus $(0.39).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/monday-macro-a-deep-dive-into-housing-plus-trump-vs2-and-the-markets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Monday Macro – a deep dive into housing plus Trump Vs2 and the markets </a></h3><p></p><ul><li>When I first started writing for Money Week, I found myself in a slightly awkward position.</li><li>At the time – this was many years ago – editors Merryn Somerset Webb and John Stepek were notably bearish on the UK housing market.</li><li>I think it fair to say they were the masters of doom and gloom, not for entirely unfair reasons (you can guess all the rational drivers they focused on).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-earnings-beat-expectations-but-mostly-lower-than-last-year?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Furniture/Furnishings Weekly - Earnings Beat Expectations, but Mostly Lower Than Last Year </a></h3><p></p><ul><li>Earnings from Culp, Arhaus, and Techtronic Industries led the sector news last week.</li><li>Culp reported $60.4 million in revenue and a $1.74 million loss on the operating line.</li><li>The revenue number was in line with our expectations and up 15% Y/Y. </li></ul>2024-03-12T16:15:07+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "COIN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CASY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NGM@US"}, {"term": "Cross Asset Strategy"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "TPX@US"}, {"term": "SNBR@US"}, {"term": "PRPL@US"}, {"term": "LZB@US"}, {"term": "LOVE@US"}, {"term": "LEG@US"}, {"term": "HOFT@US"}, {"term": "FLXS@US"}, {"term": "ETD@US"}, {"term": "CULP@US"}, {"term": "BSET@US"}, {"term": "COIN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CASY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NGM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BSET@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/e0b6b764-c9b3-3bc4-bd3b-7b628fb2e9c9Brief USA: Wheaton Precious Metals - Putting WPM onto GMT and more2024-03-28T22:17:23.374630+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/wheaton-precious-metals-putting-wpm-onto-gmt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Wheaton Precious Metals - Putting WPM onto GMT</a></li><li><a href="https://www.smartkarma.com/insights/energy-cable-60-copper-getting-some-help-from-china?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Energy Cable #60: Copper getting some help from China?</a></li><li><a href="https://www.smartkarma.com/insights/the-highlights-cannabis-news-for-the-week-ending-march-8-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Highlights - Cannabis News for the Week Ending March 8, 2024</a></li><li><a href="https://www.smartkarma.com/insights/globalstar-inc-gsat-monday-dec-11-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Globalstar Inc (GSAT) - Monday, Dec 11, 2023</a></li><li><a href="https://www.smartkarma.com/insights/walt-disney-co-dis-us-streaming-and-espn-on-the-rise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Walt Disney Co (DIS US) - Streaming and ESPN+ on the Rise</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/wheaton-precious-metals-putting-wpm-onto-gmt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Wheaton Precious Metals - Putting WPM onto GMT </a></h3><p></p><p>On 20 February, Wheaton Precious Metals (WPM) announced that it had produced 14,615oz (15.2%) and sold 18,618oz (19.3%) more gold than our prior expectations for Q423, and produced 326koz (7.8%) and sold 530koz (20.0%) more silver. As a result, ahead of Q423/FY23 results scheduled for 14 March, we have increased our EPS forecast for Q423 by 25.3%, to close to the top of the range of market expectations for both the quarter and the full year.</p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/energy-cable-60-copper-getting-some-help-from-china?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Energy Cable #60: Copper getting some help from China? </a></h3><p></p><ul><li>Take aways: Chinese deflation and high USD rates really putting a damper on copper. Interesting divergence in the USD and crude oil. Russia not sticking to its production cuts pledge. The risk/reward in commodities is getting increasingly compelling across the board, but it is early days. Since the beginning of last year when the world had all its chips on the Chinese reopening copper has been range bound between USD 360 and 390.</li><li>In other words copper has almost been as boring as watching paint dry.</li><li>It hasn’t gotten much help either up until now.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-highlights-cannabis-news-for-the-week-ending-march-8-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. The Highlights - Cannabis News for the Week Ending March 8, 2024 </a></h3><p></p><ul><li>The US cannabis MSOS ETF fell for the fourth time in the last five weeks.</li><li>MSOS finished -8.68%, while the global YOLO ETF finished -7.99%. YTD, MSOS is +19.64% and YOLO is +10.59%.</li><li>MSOS hit a 52-week high on February 6 at $10.64 and has since fallen 23.87%. Interestingly, since February 6, the fund has received $77.13 million in inflows.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/globalstar-inc-gsat-monday-dec-11-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Globalstar Inc (GSAT) - Monday, Dec 11, 2023 </a></h3><p></p><ul><li>GSAT is a telecom infrastructure provider with two core businesses: Mobile Satellite Services and spectrum holdings</li><li>Despite progress and validation from companies like Apple and Qualcomm, the stock price does not reflect the value of the assets</li><li>Recent developments, including partnerships and leadership changes, indicate a promising future for GSAT, despite past challenges and skepticism from institutional investors</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/walt-disney-co-dis-us-streaming-and-espn-on-the-rise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Walt Disney Co (DIS US) - Streaming and ESPN+ on the Rise </a></h3><p></p><ul><li>Leveraging its notable IP and diversified portfolio, we expect Disney to benefit from streaming & sports industry tailwinds and cost control initiatives.</li><li>After unveiling decent 1QFY24 results, Disney has shown significant narrowing of loss on streaming, improving group efficiency, and strategic expansion on promising Sports.</li><li>Streaming and Park may continue to outperform, in our view. Mgmt guided EPS of US$4.6 (+22% YoY) and free cash flow (FCF) of US$8bn in FY24E, with streaming to achieve profitability by 4QFY24E. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/wheaton-precious-metals-putting-wpm-onto-gmt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Wheaton Precious Metals - Putting WPM onto GMT</a></li><li><a href="https://www.smartkarma.com/insights/energy-cable-60-copper-getting-some-help-from-china?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Energy Cable #60: Copper getting some help from China?</a></li><li><a href="https://www.smartkarma.com/insights/the-highlights-cannabis-news-for-the-week-ending-march-8-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Highlights - Cannabis News for the Week Ending March 8, 2024</a></li><li><a href="https://www.smartkarma.com/insights/globalstar-inc-gsat-monday-dec-11-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Globalstar Inc (GSAT) - Monday, Dec 11, 2023</a></li><li><a href="https://www.smartkarma.com/insights/walt-disney-co-dis-us-streaming-and-espn-on-the-rise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Walt Disney Co (DIS US) - Streaming and ESPN+ on the Rise</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/wheaton-precious-metals-putting-wpm-onto-gmt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Wheaton Precious Metals - Putting WPM onto GMT </a></h3><p></p><p>On 20 February, Wheaton Precious Metals (WPM) announced that it had produced 14,615oz (15.2%) and sold 18,618oz (19.3%) more gold than our prior expectations for Q423, and produced 326koz (7.8%) and sold 530koz (20.0%) more silver. As a result, ahead of Q423/FY23 results scheduled for 14 March, we have increased our EPS forecast for Q423 by 25.3%, to close to the top of the range of market expectations for both the quarter and the full year.</p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/energy-cable-60-copper-getting-some-help-from-china?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Energy Cable #60: Copper getting some help from China? </a></h3><p></p><ul><li>Take aways: Chinese deflation and high USD rates really putting a damper on copper. Interesting divergence in the USD and crude oil. Russia not sticking to its production cuts pledge. The risk/reward in commodities is getting increasingly compelling across the board, but it is early days. Since the beginning of last year when the world had all its chips on the Chinese reopening copper has been range bound between USD 360 and 390.</li><li>In other words copper has almost been as boring as watching paint dry.</li><li>It hasn’t gotten much help either up until now.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-highlights-cannabis-news-for-the-week-ending-march-8-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. The Highlights - Cannabis News for the Week Ending March 8, 2024 </a></h3><p></p><ul><li>The US cannabis MSOS ETF fell for the fourth time in the last five weeks.</li><li>MSOS finished -8.68%, while the global YOLO ETF finished -7.99%. YTD, MSOS is +19.64% and YOLO is +10.59%.</li><li>MSOS hit a 52-week high on February 6 at $10.64 and has since fallen 23.87%. Interestingly, since February 6, the fund has received $77.13 million in inflows.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/globalstar-inc-gsat-monday-dec-11-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Globalstar Inc (GSAT) - Monday, Dec 11, 2023 </a></h3><p></p><ul><li>GSAT is a telecom infrastructure provider with two core businesses: Mobile Satellite Services and spectrum holdings</li><li>Despite progress and validation from companies like Apple and Qualcomm, the stock price does not reflect the value of the assets</li><li>Recent developments, including partnerships and leadership changes, indicate a promising future for GSAT, despite past challenges and skepticism from institutional investors</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/walt-disney-co-dis-us-streaming-and-espn-on-the-rise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Walt Disney Co (DIS US) - Streaming and ESPN+ on the Rise </a></h3><p></p><ul><li>Leveraging its notable IP and diversified portfolio, we expect Disney to benefit from streaming & sports industry tailwinds and cost control initiatives.</li><li>After unveiling decent 1QFY24 results, Disney has shown significant narrowing of loss on streaming, improving group efficiency, and strategic expansion on promising Sports.</li><li>Streaming and Park may continue to outperform, in our view. Mgmt guided EPS of US$4.6 (+22% YoY) and free cash flow (FCF) of US$8bn in FY24E, with streaming to achieve profitability by 4QFY24E. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>2024-03-12T07:10:07+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "WPM@US"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CL1@COM@COMDTY"}, {"term": "COPPER@COMDTY"}, {"term": "USD@CURNCY"}, {"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "MRMD@US"}, {"term": "TCNNF@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GSAT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "DIS@US"}, {"term": "WPM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TCNNF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GSAT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DIS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/54c0bbc5-c17d-3de8-b893-53a8f8c881c9Brief USA: A Merger Between WeBull and SK Growth Opportunities Corp in NASDAQ and more2024-03-28T22:17:23.365822+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/a-merger-between-webull-and-sk-growth-opportunities-corp-in-nasdaq?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">A Merger Between WeBull and SK Growth Opportunities Corp in NASDAQ</a></li><li><a href="https://www.smartkarma.com/insights/us-inflation-watch-oer-a-one-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">US Inflation Watch: OER a one-off?</a></li><li><a href="https://www.smartkarma.com/insights/bigger-weekend-story-in-pittsburgh-russell-wilson-signs-with-steelers-or-eqt-buys-etrn?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Bigger Weekend Story in Pittsburgh: Russell Wilson Signs With Steelers or EQT Buys ETRN?</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-89794a2e-c15c-47d0-8cc6-86f3329d9648?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/hillhouse-boyu-in-talks-to-invest-in-gds-data-centers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hillhouse, Boyu in Talks to Invest in GDS Data Centers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/a-merger-between-webull-and-sk-growth-opportunities-corp-in-nasdaq?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. A Merger Between WeBull and SK Growth Opportunities Corp in NASDAQ </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/923/original/image_42177231071710159823535.png?1710159831"/> <ul>
<li>On 28 February, WeBull announced a merger with SK Growth Opportunities SPAC on NASDAQ. The proposed transaction represented an implied pro forma enterprise value of about $7.3 billion. </li>
<li>WeBull had 4.3 million funded accounts and $8.2bn in assets under custody at end of 2023. In comparison, Robinhood had 23.4mn funded accounts and $102.6bn in assets under custody. </li>
<li>Given the numerous material concerns about this deal, we would avoid it. There are no financials including income statement and balance sheet of WeBull in the prospectus. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/us-inflation-watch-oer-a-one-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. US Inflation Watch: OER a one-off? </a></h3><p></p><ul><li>We see US inflation printing at 0.37% MoM in headline terms and 0.26% MoM in core terms.</li><li>That leaves us in line with consensus, but with a bias/tilt towards an 0.1%-points surprise on the low side of consensus.</li><li>The re-acceleration of owners equivalent of rent to levels close to 0.6% in January looked odd, but on a “good day” we should likely expect a reversal to the trend just above 0.4% MoM in February (see chart 1).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/bigger-weekend-story-in-pittsburgh-russell-wilson-signs-with-steelers-or-eqt-buys-etrn?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Bigger Weekend Story in Pittsburgh: Russell Wilson Signs With Steelers or EQT Buys ETRN? </a></h3><p></p><ul><li>This morning, EQT Corporation (EQT) announced the definitive merger agreement with Equitrans Midstream Corporation (ETRN) to create a ~$35 billion enterprise value company.</li><li>As we allude to in the title, with the perceived-to-be estranged relationship between the former sponsor and daughter companies based in Pittsburgh, this deal was not anticipated - but is about as good of an outcome as ETRN could have hoped for, in our view.</li><li>We provide our brief thoughts below.Deal terms: surprising ~18% premium at current prices.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-89794a2e-c15c-47d0-8cc6-86f3329d9648?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYCrude prices finished the week lower after incorporating the OPEC+ extension of voluntary production cuts, a bullish DOE WPSR, and Friday's jobs report.</li><li>The U.S. oil and gas rig count fell by 7 to 622, notably giving up 4 gas rigs.</li><li>Please see our U.S. gas market update from Friday for additional detail on our natural gas outlook.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/hillhouse-boyu-in-talks-to-invest-in-gds-data-centers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Hillhouse, Boyu in Talks to Invest in GDS Data Centers </a></h3><p></p><ul><li>As we discussed in our report HERE, GDS remains on track to pursue an additional equity investment to finance its strategy to expand outside of mainland China.</li><li>Per the article HERE, alternative asset managers Hillhouse Capital, Boyu Capital, and CDH Investments are in the lead to make roughly a $600 million equity investment in the company.We believe this will fund the company's new strategy for the foreseeable future along with current cash on hand.</li><li>Additionally, we believe the mainland China business will be self-funding by the end of 2024 and will not require additional new capital investment.We believe the equity deal can be completed by the end of the current quarter and that GDS will be able to discuss it on its 4Q23 earnings call later this month.GDS has continued to languish for multiple reasons, but primarily due to its exposure to mainland China and secondarily in anticipation of this equity deal.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/a-merger-between-webull-and-sk-growth-opportunities-corp-in-nasdaq?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">A Merger Between WeBull and SK Growth Opportunities Corp in NASDAQ</a></li><li><a href="https://www.smartkarma.com/insights/us-inflation-watch-oer-a-one-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">US Inflation Watch: OER a one-off?</a></li><li><a href="https://www.smartkarma.com/insights/bigger-weekend-story-in-pittsburgh-russell-wilson-signs-with-steelers-or-eqt-buys-etrn?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Bigger Weekend Story in Pittsburgh: Russell Wilson Signs With Steelers or EQT Buys ETRN?</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-89794a2e-c15c-47d0-8cc6-86f3329d9648?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/hillhouse-boyu-in-talks-to-invest-in-gds-data-centers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hillhouse, Boyu in Talks to Invest in GDS Data Centers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/a-merger-between-webull-and-sk-growth-opportunities-corp-in-nasdaq?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. A Merger Between WeBull and SK Growth Opportunities Corp in NASDAQ </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/923/original/image_42177231071710159823535.png?1710159831"/> <ul>
<li>On 28 February, WeBull announced a merger with SK Growth Opportunities SPAC on NASDAQ. The proposed transaction represented an implied pro forma enterprise value of about $7.3 billion. </li>
<li>WeBull had 4.3 million funded accounts and $8.2bn in assets under custody at end of 2023. In comparison, Robinhood had 23.4mn funded accounts and $102.6bn in assets under custody. </li>
<li>Given the numerous material concerns about this deal, we would avoid it. There are no financials including income statement and balance sheet of WeBull in the prospectus. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/us-inflation-watch-oer-a-one-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. US Inflation Watch: OER a one-off? </a></h3><p></p><ul><li>We see US inflation printing at 0.37% MoM in headline terms and 0.26% MoM in core terms.</li><li>That leaves us in line with consensus, but with a bias/tilt towards an 0.1%-points surprise on the low side of consensus.</li><li>The re-acceleration of owners equivalent of rent to levels close to 0.6% in January looked odd, but on a “good day” we should likely expect a reversal to the trend just above 0.4% MoM in February (see chart 1).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/bigger-weekend-story-in-pittsburgh-russell-wilson-signs-with-steelers-or-eqt-buys-etrn?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Bigger Weekend Story in Pittsburgh: Russell Wilson Signs With Steelers or EQT Buys ETRN? </a></h3><p></p><ul><li>This morning, EQT Corporation (EQT) announced the definitive merger agreement with Equitrans Midstream Corporation (ETRN) to create a ~$35 billion enterprise value company.</li><li>As we allude to in the title, with the perceived-to-be estranged relationship between the former sponsor and daughter companies based in Pittsburgh, this deal was not anticipated - but is about as good of an outcome as ETRN could have hoped for, in our view.</li><li>We provide our brief thoughts below.Deal terms: surprising ~18% premium at current prices.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-89794a2e-c15c-47d0-8cc6-86f3329d9648?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYCrude prices finished the week lower after incorporating the OPEC+ extension of voluntary production cuts, a bullish DOE WPSR, and Friday's jobs report.</li><li>The U.S. oil and gas rig count fell by 7 to 622, notably giving up 4 gas rigs.</li><li>Please see our U.S. gas market update from Friday for additional detail on our natural gas outlook.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/hillhouse-boyu-in-talks-to-invest-in-gds-data-centers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Hillhouse, Boyu in Talks to Invest in GDS Data Centers </a></h3><p></p><ul><li>As we discussed in our report HERE, GDS remains on track to pursue an additional equity investment to finance its strategy to expand outside of mainland China.</li><li>Per the article HERE, alternative asset managers Hillhouse Capital, Boyu Capital, and CDH Investments are in the lead to make roughly a $600 million equity investment in the company.We believe this will fund the company's new strategy for the foreseeable future along with current cash on hand.</li><li>Additionally, we believe the mainland China business will be self-funding by the end of 2024 and will not require additional new capital investment.We believe the equity deal can be completed by the end of the current quarter and that GDS will be able to discuss it on its 4Q23 earnings call later this month.GDS has continued to languish for multiple reasons, but primarily due to its exposure to mainland China and secondarily in anticipation of this equity deal.</li></ul>2024-03-11T22:10:11+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SKGR@US"}, {"term": "034730@KS"}, {"term": "IBKR@US"}, {"term": "HOOD@US"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ETRN@US"}, {"term": "DTM@US"}, {"term": "HESM@US"}, {"term": "KNTK@US"}, {"term": "AR@US"}, {"term": "ENLC@US"}, {"term": "AM@US"}, {"term": "WES@US"}, {"term": "WMB@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "WTTR@US"}, {"term": "AROC@US"}, {"term": "HAL@US"}, {"term": "TDW@US"}, {"term": "PTEN@US"}, {"term": "WFRD@US"}, {"term": "AESI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CHINA"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "GDS@US"}, {"term": "EQIX@US"}, {"term": "DLR@US"}, {"term": "DBRG@US"}, {"term": "HOOD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WMB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AESI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DBRG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/3a60dc23-ddba-3b66-b0f7-bc4a4d7f7250Brief USA: Deglobalization Is Real! and more2024-03-28T22:17:23.356759+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/deglobalization-is-real?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Deglobalization Is Real!</a></li><li><a href="https://www.smartkarma.com/insights/crypto-crisp-oh-hello-there-london?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Crisp: Oh, hello there, London</a></li><li><a href="https://www.smartkarma.com/insights/management-remains-bullish-on-2024-trend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Management Remains Bullish on 2024 Trend</a></li><li><a href="https://www.smartkarma.com/insights/model-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update</a></li><li><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-review-of-casualty-liability-loss-triangles-in-10-k-price-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insurance - Overall - Insurance</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/deglobalization-is-real?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Deglobalization Is Real! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/896/original/image?1710156537"/> <ul>
<li>China is mobilizing the entire nation to achieve the critical technological advancements it needs as the country faces increasing blockades by the United States and allies. </li>
<li>The semiconductor industry is the most glaring example of how the battle for intellectual property rights leads to deglobalization.</li>
<li>On a macro level, splitting global supply chains into local ones, whether through political intervention or not, will likely lead to higher prices.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/crypto-crisp-oh-hello-there-london?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Crypto Crisp: Oh, hello there, London </a></h3><p></p><ul>
<li>This week is off to a great start.</li>
<li>Bitcoin surged past $70,000, and Ethereum exceeded $4,000 today, marking a new all-time high for Bitcoin and Ethereum’s first breach of this level in over two years.</li>
<li>At the office, there is a running joke that the crypto bull run has made me overly confident, leading my colleagues to secretly hope for a downturn.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/management-remains-bullish-on-2024-trend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Management Remains Bullish on 2024 Trend </a></h3><p></p><ul><li>On Friday morning, we hosted Thomas Freeman, CFO of ALHC, for a fireside chat to discuss the 2024 outlook following the 4Q23 call that – in our opinion - could have provided more details regarding the 2023→2024 MLR progression (up only +20 bp y/y), and the 1Q24 MLR. We go into more detail below, but we leave the call more constructive as ALHC has not experienced an uptick in its inpatient utilization through February (hospitalizations/1,000 are still trending at the 7-year average), and its AVA technology and in-house provider resources provide more direct care to its highest acuity member base.Management walked through the puts and takes driving visibility into their 2024 MLR guidance, namely better visibility on medical cost trends with their legacy and new member populations which will be offset by modest y/y benefit increases (approx.</li><li>10-15 bp) and higher supplemental benefit utilization.Editorial Comment:While we do not think that today’s call will win the war, given the noisy 4Q results, investor skepticism, peer trends, and a clearly “hot” inpatient trend in January across the U.S., we were struck by management’s confidence on the call.</li><li>As we mentioned on the call, we would like to see this confidence bolstered by insider buying of the shares at these levels (~$5,000 per MA life).For a replay of the call, please reach out to your Raymond James sales representative.2023→2024 MLR ProgressionThe core MA MLR (excluding ACO Reach) is expected to increase by 20 bp y/y at the midpoint of guidance, which management doesn’t believe is “heroic” by any means.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/model-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Model Update </a></h3><p></p><ul><li>We reaffirm our Market Perform rating on shares of LNC. As LNC potentially shores up its capital, the stock could see upside.</li><li>However, LNC’s potential reserve deficiencies and track record of charges gives us reason for continued caution.EstimatesWe are updating full-year 2024/2025/2026 EPS estimates to $5.71/$6.64/$7.25 vs. prior $5.41/$6.48/$7.04 and consensus $6.58/$7.58/$8.54.</li><li>Our update reflects LNC’s 4Q23 results and minor model adjustments.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-review-of-casualty-liability-loss-triangles-in-10-k-price-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Insurance - Overall - Insurance </a></h3><p></p><ul><li>Takeaways and OutlookWith elevated attention on casualty reserve adequacy for accident years 2016-2019, we have reviewed loss triangles provided in 10-Ks.</li><li>We note disclosures across companies are not uniform compared with the Schedule P statutory statements which provide a more direct comparison.Most companies increased incurred losses and LAE estimates for accident years 2016-2019 in 2023 and since inception.</li><li>We believe there should be continuing pricing pressure on general liability, casualty, and excess casualty lines of business due to the recent struggles with reserves and commentary around inflation.For accident years 2016-2019, ACGL (third party occurrence), AIG (U.S. other casualty), HIG (general liability), and SIGI (general liability) have increased incurred losses and LAE below the peer average since inception.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/deglobalization-is-real?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Deglobalization Is Real!</a></li><li><a href="https://www.smartkarma.com/insights/crypto-crisp-oh-hello-there-london?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Crisp: Oh, hello there, London</a></li><li><a href="https://www.smartkarma.com/insights/management-remains-bullish-on-2024-trend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Management Remains Bullish on 2024 Trend</a></li><li><a href="https://www.smartkarma.com/insights/model-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Model Update</a></li><li><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-review-of-casualty-liability-loss-triangles-in-10-k-price-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insurance - Overall - Insurance</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/deglobalization-is-real?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Deglobalization Is Real! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/896/original/image?1710156537"/> <ul>
<li>China is mobilizing the entire nation to achieve the critical technological advancements it needs as the country faces increasing blockades by the United States and allies. </li>
<li>The semiconductor industry is the most glaring example of how the battle for intellectual property rights leads to deglobalization.</li>
<li>On a macro level, splitting global supply chains into local ones, whether through political intervention or not, will likely lead to higher prices.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/crypto-crisp-oh-hello-there-london?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Crypto Crisp: Oh, hello there, London </a></h3><p></p><ul>
<li>This week is off to a great start.</li>
<li>Bitcoin surged past $70,000, and Ethereum exceeded $4,000 today, marking a new all-time high for Bitcoin and Ethereum’s first breach of this level in over two years.</li>
<li>At the office, there is a running joke that the crypto bull run has made me overly confident, leading my colleagues to secretly hope for a downturn.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/management-remains-bullish-on-2024-trend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Management Remains Bullish on 2024 Trend </a></h3><p></p><ul><li>On Friday morning, we hosted Thomas Freeman, CFO of ALHC, for a fireside chat to discuss the 2024 outlook following the 4Q23 call that – in our opinion - could have provided more details regarding the 2023→2024 MLR progression (up only +20 bp y/y), and the 1Q24 MLR. We go into more detail below, but we leave the call more constructive as ALHC has not experienced an uptick in its inpatient utilization through February (hospitalizations/1,000 are still trending at the 7-year average), and its AVA technology and in-house provider resources provide more direct care to its highest acuity member base.Management walked through the puts and takes driving visibility into their 2024 MLR guidance, namely better visibility on medical cost trends with their legacy and new member populations which will be offset by modest y/y benefit increases (approx.</li><li>10-15 bp) and higher supplemental benefit utilization.Editorial Comment:While we do not think that today’s call will win the war, given the noisy 4Q results, investor skepticism, peer trends, and a clearly “hot” inpatient trend in January across the U.S., we were struck by management’s confidence on the call.</li><li>As we mentioned on the call, we would like to see this confidence bolstered by insider buying of the shares at these levels (~$5,000 per MA life).For a replay of the call, please reach out to your Raymond James sales representative.2023→2024 MLR ProgressionThe core MA MLR (excluding ACO Reach) is expected to increase by 20 bp y/y at the midpoint of guidance, which management doesn’t believe is “heroic” by any means.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/model-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Model Update </a></h3><p></p><ul><li>We reaffirm our Market Perform rating on shares of LNC. As LNC potentially shores up its capital, the stock could see upside.</li><li>However, LNC’s potential reserve deficiencies and track record of charges gives us reason for continued caution.EstimatesWe are updating full-year 2024/2025/2026 EPS estimates to $5.71/$6.64/$7.25 vs. prior $5.41/$6.48/$7.04 and consensus $6.58/$7.58/$8.54.</li><li>Our update reflects LNC’s 4Q23 results and minor model adjustments.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-review-of-casualty-liability-loss-triangles-in-10-k-price-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Insurance - Overall - Insurance </a></h3><p></p><ul><li>Takeaways and OutlookWith elevated attention on casualty reserve adequacy for accident years 2016-2019, we have reviewed loss triangles provided in 10-Ks.</li><li>We note disclosures across companies are not uniform compared with the Schedule P statutory statements which provide a more direct comparison.Most companies increased incurred losses and LAE estimates for accident years 2016-2019 in 2023 and since inception.</li><li>We believe there should be continuing pricing pressure on general liability, casualty, and excess casualty lines of business due to the recent struggles with reserves and commentary around inflation.For accident years 2016-2019, ACGL (third party occurrence), AIG (U.S. other casualty), HIG (general liability), and SIGI (general liability) have increased incurred losses and LAE below the peer average since inception.</li></ul>2024-03-11T19:36:33+08:00[{"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "RIO@LN"}, {"term": "MBG@GR"}, {"term": "@BMW@GR"}, {"term": "SOX@INDEX"}, {"term": "NVDA@US"}, {"term": "ASML@NA"}, {"term": "Crypto"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "XBTUSD@CURNCY"}, {"term": "XETUSD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ALHC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "LNC@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "HIG@US"}, {"term": "MCY@US"}, {"term": "CINF@US"}, {"term": "AFG@US"}, {"term": "PGR@US"}, {"term": "KMPR@US"}, {"term": "WTW@US"}, {"term": "ALL@US"}, {"term": "HQY@US"}, {"term": "SKWD@US"}, {"term": "PRA@US"}, {"term": "BRO@US"}, {"term": "VRSK@US"}, {"term": "AON@US"}, {"term": "ORI@US"}, {"term": "BRP@US"}, {"term": "MMC@US"}, {"term": "TRV@US"}, {"term": "AJG@US"}, {"term": "HGTY@US"}, {"term": "RLI@US"}, {"term": "CB@US"}, {"term": "ASML@NA", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XETUSD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALHC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LNC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/9f246b09-5ce7-3652-802e-5f00b0f7fe29Brief USA: Financial Services - Others - Business Development Companies and more2024-03-28T22:17:23.346818+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-business-development-company-weekly-dc159f44-877b-4dcd-93b1-b41e51f56a65?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li><li><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-a-look-at-deposit-costs-in-2019-20-when-the-fed-cut-will-banks-be-able-to-drop-it-like-it-s-hot?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Banking</a></li><li><a href="https://www.smartkarma.com/insights/solid-quarter-with-strong-loan-growth-expected-for-2024-reiterate-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Solid Quarter, With Strong Loan Growth Expected For 2024; Reiterate Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/upbeat-meetings-with-management-reiterate-outperform-39-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Upbeat Meetings With Management; Reiterate Outperform, $39 PT</a></li><li><a href="https://www.smartkarma.com/insights/4q23-messy-unknowns-regarding-combinedco-earnings-remain?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Messy; Unknowns Regarding CombinedCo Earnings Remain</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-business-development-company-weekly-dc159f44-877b-4dcd-93b1-b41e51f56a65?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>BDC relative historical valuations:The BDC group average P/NAV currently sits at 0.97x, compared to 0.97x the previous week and 0.91x over the past five years.</li><li>A P/NAV at this level has historically led to an average one-year absolute forward total return of -2.7%, with 40% of such instances showing positive returns.The BDC group dividend yield currently sits at 10.6%, versus 10.7% the previous week and 9.9% over the past five years.</li><li>A dividend yield at this level has historically led to an average one-year absolute forward total return of 19.3%, with 95% of such instances showing positive returns.BDC relative yield valuations:The BDC group dividend yield spread currently sits at 6.5% over the 10-year Treasury.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-a-look-at-deposit-costs-in-2019-20-when-the-fed-cut-will-banks-be-able-to-drop-it-like-it-s-hot?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Finance Companies - Banking </a></h3><p></p><ul><li>A frequent topic of discussion amongst bank investors at our Institutional Investors Conference was downward deposit betas, as the market’s current expectation is for four 25 bp rate cuts in 2024, beginning in June.</li><li>While the market has dialed back its rate cut expectations from as many as six at the beginning of the year, establishment economic data remains strong and the Consumer Price Index (CPI) at 3.1% for the last 12-months is still well above the Fed’s arbitrary 2% target.</li><li>Notably, in his testimony to the Senate Banking Committee on March 7, Fed Chairman Jerome Powell dovishly said: “We’re waiting to become more confident that inflation is moving sustainably at 2%.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/solid-quarter-with-strong-loan-growth-expected-for-2024-reiterate-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Solid Quarter, With Strong Loan Growth Expected For 2024; Reiterate Market Perform </a></h3><p></p><ul><li>NEWT reported GAAP EPS of $0.53, six cents short of our estimate and five cents shy of consensus.</li><li>The miss relative to our estimates was primarily driven by higher LLP (higher loan balances) and lower fees, partially offset by lower operating expenses.</li><li>Overall, a relatively solid quarter despite the miss, as financial trends continue to improve relative to recent quarter’s post NEWT’s bank acquisition.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/upbeat-meetings-with-management-reiterate-outperform-39-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Upbeat Meetings With Management; Reiterate Outperform, $39 PT </a></h3><p></p><ul><li>We hosted investor meetings with AUB’s CEO John Asbury, CFO Rob Gorman, and SVP of IR Bill Cimino.</li><li>Meetings were broadly positive, as AUB noted C&I business activity had increased, NIM trends are consistent with prior expectations, and credit remains strong.</li><li>Additionally, AUB was upbeat about its pending acquisition of AMNB, the additional product offerings the bank will provide to AMNB’s customers, and the potential to grow organically and add C&I talent in North Carolina.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-messy-unknowns-regarding-combinedco-earnings-remain?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23 Messy; Unknowns Regarding CombinedCo Earnings Remain </a></h3><p></p><ul><li>We maintaining our Market Perform rating given the continued confusion over the company’s now completed transaction with Omni Logistics, the lack of clarity around the earnings & cash generating power of the CombinedCo, and wrestle with leverage that is too high (our view).</li><li>Simply, we continue to look for clarity around the ultimate impact the Omni transaction will have on FWRD’s commercial prospects given its potential impact to ostracize FWRD’s other customers.</li><li>Further, given mgmt.’s lack of clarity on both the level & trajectory (we surmise deteriorating) of Omni EBITDA, we have little clarity of the earnings & cash generating ability of the CombinedCo.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-business-development-company-weekly-dc159f44-877b-4dcd-93b1-b41e51f56a65?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Business Development Companies</a></li><li><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-a-look-at-deposit-costs-in-2019-20-when-the-fed-cut-will-banks-be-able-to-drop-it-like-it-s-hot?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Banking</a></li><li><a href="https://www.smartkarma.com/insights/solid-quarter-with-strong-loan-growth-expected-for-2024-reiterate-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Solid Quarter, With Strong Loan Growth Expected For 2024; Reiterate Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/upbeat-meetings-with-management-reiterate-outperform-39-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Upbeat Meetings With Management; Reiterate Outperform, $39 PT</a></li><li><a href="https://www.smartkarma.com/insights/4q23-messy-unknowns-regarding-combinedco-earnings-remain?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Messy; Unknowns Regarding CombinedCo Earnings Remain</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/financial-services-others-business-development-companies-business-development-company-weekly-dc159f44-877b-4dcd-93b1-b41e51f56a65?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Financial Services - Others - Business Development Companies </a></h3><p></p><ul><li>BDC relative historical valuations:The BDC group average P/NAV currently sits at 0.97x, compared to 0.97x the previous week and 0.91x over the past five years.</li><li>A P/NAV at this level has historically led to an average one-year absolute forward total return of -2.7%, with 40% of such instances showing positive returns.The BDC group dividend yield currently sits at 10.6%, versus 10.7% the previous week and 9.9% over the past five years.</li><li>A dividend yield at this level has historically led to an average one-year absolute forward total return of 19.3%, with 95% of such instances showing positive returns.BDC relative yield valuations:The BDC group dividend yield spread currently sits at 6.5% over the 10-year Treasury.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-a-look-at-deposit-costs-in-2019-20-when-the-fed-cut-will-banks-be-able-to-drop-it-like-it-s-hot?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Finance Companies - Banking </a></h3><p></p><ul><li>A frequent topic of discussion amongst bank investors at our Institutional Investors Conference was downward deposit betas, as the market’s current expectation is for four 25 bp rate cuts in 2024, beginning in June.</li><li>While the market has dialed back its rate cut expectations from as many as six at the beginning of the year, establishment economic data remains strong and the Consumer Price Index (CPI) at 3.1% for the last 12-months is still well above the Fed’s arbitrary 2% target.</li><li>Notably, in his testimony to the Senate Banking Committee on March 7, Fed Chairman Jerome Powell dovishly said: “We’re waiting to become more confident that inflation is moving sustainably at 2%.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/solid-quarter-with-strong-loan-growth-expected-for-2024-reiterate-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Solid Quarter, With Strong Loan Growth Expected For 2024; Reiterate Market Perform </a></h3><p></p><ul><li>NEWT reported GAAP EPS of $0.53, six cents short of our estimate and five cents shy of consensus.</li><li>The miss relative to our estimates was primarily driven by higher LLP (higher loan balances) and lower fees, partially offset by lower operating expenses.</li><li>Overall, a relatively solid quarter despite the miss, as financial trends continue to improve relative to recent quarter’s post NEWT’s bank acquisition.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/upbeat-meetings-with-management-reiterate-outperform-39-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Upbeat Meetings With Management; Reiterate Outperform, $39 PT </a></h3><p></p><ul><li>We hosted investor meetings with AUB’s CEO John Asbury, CFO Rob Gorman, and SVP of IR Bill Cimino.</li><li>Meetings were broadly positive, as AUB noted C&I business activity had increased, NIM trends are consistent with prior expectations, and credit remains strong.</li><li>Additionally, AUB was upbeat about its pending acquisition of AMNB, the additional product offerings the bank will provide to AMNB’s customers, and the potential to grow organically and add C&I talent in North Carolina.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-messy-unknowns-regarding-combinedco-earnings-remain?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23 Messy; Unknowns Regarding CombinedCo Earnings Remain </a></h3><p></p><ul><li>We maintaining our Market Perform rating given the continued confusion over the company’s now completed transaction with Omni Logistics, the lack of clarity around the earnings & cash generating power of the CombinedCo, and wrestle with leverage that is too high (our view).</li><li>Simply, we continue to look for clarity around the ultimate impact the Omni transaction will have on FWRD’s commercial prospects given its potential impact to ostracize FWRD’s other customers.</li><li>Further, given mgmt.’s lack of clarity on both the level & trajectory (we surmise deteriorating) of Omni EBITDA, we have little clarity of the earnings & cash generating ability of the CombinedCo.</li></ul>2024-03-11T17:30:36+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CCAP@US"}, {"term": "BBDC@US"}, {"term": "ARCC@US"}, {"term": "FDUS@US"}, {"term": "SAR@US"}, {"term": "TCPC@US"}, {"term": "ICMB@US"}, {"term": "MRCC@US"}, {"term": "MFIC@US"}, {"term": "MAIN@US"}, {"term": "TSLX@US"}, {"term": "GSBD@US"}, {"term": "CSWC@US"}, {"term": "SCM@US"}, {"term": "FSK@US"}, {"term": "OCSL@US"}, {"term": "PNNT@US"}, {"term": "SLRC@US"}, {"term": "BXSL@US"}, {"term": "GLAD@US"}, {"term": "PSEC@US"}, {"term": "WHF@US"}, {"term": "GBDC@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NEWT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AUB@US"}, {"term": "AMNB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FWRD@US"}, {"term": "GBDC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NEWT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AMNB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FWRD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/03eb63d8-af81-315b-aead-a64ebf7d394bBrief USA: IPP - Power and more2024-03-28T22:17:23.340578+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ipp-power-energy-stat-messy-ev-headlines-in-the-u-s-and-europe-sure-but-the-real-story-is-what-s-happening-in-china?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IPP - Power</a></li><li><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-large-bank-deposits-contract-slightly-small-bank-deposits-flat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Banks - Banking</a></li><li><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-connecting-the-dots-on-4q-earnings-march-week-1-jwn-rost-burl-fl-anf-aeo-gps-tdup?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Consumer Discretionary - overall - Connecting the Dots on 4Q Earnings (March Week 1): JWN, ROST, BURL, FL, ANF, AEO, GPS, TDUP</a></li><li><a href="https://www.smartkarma.com/insights/highlights-from-raymond-james-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Highlights From Raymond James Conference</a></li><li><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-942a36ca-e2cb-4dec-8138-5d51648b0f65?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Building Materials - Building Products</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ipp-power-energy-stat-messy-ev-headlines-in-the-u-s-and-europe-sure-but-the-real-story-is-what-s-happening-in-china?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. IPP - Power </a></h3><p></p><ul><li>Why is everyone so down on electric vehicles all of a sudden?</li><li>The current consensus perception is very bearish, and here is a big reason why: if EV sales feel disappointing, that is only true if we overlook China, which, despite its own macro headwinds, is extending its lead in the adoption curve over every other G20 economy.</li><li>The divergence between China and the rest of the global EV market is a key takeaway from this, our 13th annual report on the status of electric mobility around the world: a segment-by-segment update on passenger/light-duty EVs, fleet/commercial EVs, and charging infrastructure.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-large-bank-deposits-contract-slightly-small-bank-deposits-flat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Banks - Banking </a></h3><p></p><ul><li>Data released by the Federal Reserve on Friday, March 8, for the week ending February 28, indicated that total deposit balances were down 0.1% for the nation's 25 largest domestically chartered banks and remained flat for the nation’s small banks from the previous week.</li><li>Quarter-to-date, the 0.3% increase at the small banks has exceeded the 0.4% decrease at the large banks.Loan balances rose 0.2% from the prior week at the large banks and rose 0.1% at the small banks.</li><li>At the large banks, the 0.2% increase in total loans reflected the 0.4% increase in consumer loans, the 0.3% increase in commercial and industrial (C&I) loans, the 0.1% increase in consumer real estate loans, no change in commercial real estate (CRE) loans, and no change in other loans.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-connecting-the-dots-on-4q-earnings-march-week-1-jwn-rost-burl-fl-anf-aeo-gps-tdup?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Consumer Discretionary - overall - Connecting the Dots on 4Q Earnings (March Week 1): JWN, ROST, BURL, FL, ANF, AEO, GPS, TDUP </a></h3><p></p><ul><li>We highlight important company nuggets from last week’s 4Q earnings to better understand industry trends.</li><li>For March week 1, we added Nordstrom (JWN), Ross (ROST), Burlington (BURL), Foot Locker (FL), Abercrombie (ANF), American Eagle (AEO), Gap (GPS), and thredUP (TDUP) to the running list of companies we tracked.4Q Results Mostly Above Expectations With Stronger Margins and EPS:Revenues have been mostly ahead of expectations, with 16 beats, 10 misses, and 3 in-line; the average beat has been 0.5% versus consensusGM% has been better than expected with 16 beats, 6 misses, and 4 in line; the average beat has been 50 bpEBIT% margins have been mixed with 12 beats vs. 12 miss; on average, the average across 24 companies has been a miss of 70bp (though this affected by some outlier companies)EPS has mostly exceeded consensus, with 17 beats vs. 9 missesSource: Raymond James research, Factset1QTD Trends Called Out Unfavorably: Last week, 1QTD call outs skewed unfavorably, w/Burlington and American Eagle citing pressure in February, while Foot Locker and Ross called out deceleration.</li><li>On the flip side, Gap and Abercrombie were pleased with 1QTD.Gap (GPS) (March 7) said it was pleased with QTD trends and guided 1Q to be flat y/y which assumes continued performance at Old Navy and Gap, while Athleta faces tough compares and Banana Republic continues to recover.Burlington (BURL) (March 7) guided 1Q comps to be flat to +2% compared to +2% in 4Q. Management said that disruptive weather in January was a drag to 4Q comps and February was softer than anticipated which management attributed to unfavorable weather early in the month and a slower y/y pace of tax refunds.American Eagle (AEO) (March 7) Guided 1Q revenue +MSD% (vs +8% in 4Q excl the impact of the 53rd week) with approx.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/highlights-from-raymond-james-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Highlights From Raymond James Conference </a></h3><p></p><ul><li>We hosted Microchip CFO Eric Bjornholt at the Raymond James Institutional Investors Conference in Orlando last week.</li><li>Our conversations were consistent with recent commentary from the company’s peers and supply chain partners; however, we did detect a (very) modest incremental positive, as bookings in the month of February improved (but still well below normal) - the first signs of stabilization after several months of declines.</li><li>We came away from the meetings with a greater confidence that investors are more comfortable looking beyond the near-term correction toward a period of normalization, as reflected in the recent move higher in shares.Bookings improve modestly (though one month isn’t a trend).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-942a36ca-e2cb-4dec-8138-5d51648b0f65?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Building Materials - Building Products </a></h3><p></p><ul><li>Last Week in Review:Source: FactSet, Raymond James ResearchThe Week to Come:Tuesday, March 12The Bureau of Labor Statistics reports the Consumer Price Index reading for February at 8:30 a.m. ET. Consensus pegs the seasonally-adjusted aggregate index at +0.4% vs. January (non-seasonally adjusted +3.1% y/y).</li><li>January was +0.3% vs. December (NSA +3.1% y/y).Thursday, March 14The Bureau of Labor Statistics reports the Producer Price Index reading for February at 8:30 a.m. ET. Consensus pegs the seasonally-adjusted aggregate index at +0.3% vs. January (NSA +1.0% y/y).</li><li>January was +0.3% vs. December (NSA +0.9% y/y).The U.S. Census Bureau reports Retail Sales for December at 8:30 a.m. ET. The consensus forecast for the seasonally adjusted aggregate index is +0.9% vs. January.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ipp-power-energy-stat-messy-ev-headlines-in-the-u-s-and-europe-sure-but-the-real-story-is-what-s-happening-in-china?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IPP - Power</a></li><li><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-large-bank-deposits-contract-slightly-small-bank-deposits-flat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Banks - Banking</a></li><li><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-connecting-the-dots-on-4q-earnings-march-week-1-jwn-rost-burl-fl-anf-aeo-gps-tdup?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Consumer Discretionary - overall - Connecting the Dots on 4Q Earnings (March Week 1): JWN, ROST, BURL, FL, ANF, AEO, GPS, TDUP</a></li><li><a href="https://www.smartkarma.com/insights/highlights-from-raymond-james-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Highlights From Raymond James Conference</a></li><li><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-942a36ca-e2cb-4dec-8138-5d51648b0f65?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Building Materials - Building Products</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ipp-power-energy-stat-messy-ev-headlines-in-the-u-s-and-europe-sure-but-the-real-story-is-what-s-happening-in-china?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. IPP - Power </a></h3><p></p><ul><li>Why is everyone so down on electric vehicles all of a sudden?</li><li>The current consensus perception is very bearish, and here is a big reason why: if EV sales feel disappointing, that is only true if we overlook China, which, despite its own macro headwinds, is extending its lead in the adoption curve over every other G20 economy.</li><li>The divergence between China and the rest of the global EV market is a key takeaway from this, our 13th annual report on the status of electric mobility around the world: a segment-by-segment update on passenger/light-duty EVs, fleet/commercial EVs, and charging infrastructure.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-large-bank-deposits-contract-slightly-small-bank-deposits-flat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Banks - Banking </a></h3><p></p><ul><li>Data released by the Federal Reserve on Friday, March 8, for the week ending February 28, indicated that total deposit balances were down 0.1% for the nation's 25 largest domestically chartered banks and remained flat for the nation’s small banks from the previous week.</li><li>Quarter-to-date, the 0.3% increase at the small banks has exceeded the 0.4% decrease at the large banks.Loan balances rose 0.2% from the prior week at the large banks and rose 0.1% at the small banks.</li><li>At the large banks, the 0.2% increase in total loans reflected the 0.4% increase in consumer loans, the 0.3% increase in commercial and industrial (C&I) loans, the 0.1% increase in consumer real estate loans, no change in commercial real estate (CRE) loans, and no change in other loans.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-connecting-the-dots-on-4q-earnings-march-week-1-jwn-rost-burl-fl-anf-aeo-gps-tdup?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Consumer Discretionary - overall - Connecting the Dots on 4Q Earnings (March Week 1): JWN, ROST, BURL, FL, ANF, AEO, GPS, TDUP </a></h3><p></p><ul><li>We highlight important company nuggets from last week’s 4Q earnings to better understand industry trends.</li><li>For March week 1, we added Nordstrom (JWN), Ross (ROST), Burlington (BURL), Foot Locker (FL), Abercrombie (ANF), American Eagle (AEO), Gap (GPS), and thredUP (TDUP) to the running list of companies we tracked.4Q Results Mostly Above Expectations With Stronger Margins and EPS:Revenues have been mostly ahead of expectations, with 16 beats, 10 misses, and 3 in-line; the average beat has been 0.5% versus consensusGM% has been better than expected with 16 beats, 6 misses, and 4 in line; the average beat has been 50 bpEBIT% margins have been mixed with 12 beats vs. 12 miss; on average, the average across 24 companies has been a miss of 70bp (though this affected by some outlier companies)EPS has mostly exceeded consensus, with 17 beats vs. 9 missesSource: Raymond James research, Factset1QTD Trends Called Out Unfavorably: Last week, 1QTD call outs skewed unfavorably, w/Burlington and American Eagle citing pressure in February, while Foot Locker and Ross called out deceleration.</li><li>On the flip side, Gap and Abercrombie were pleased with 1QTD.Gap (GPS) (March 7) said it was pleased with QTD trends and guided 1Q to be flat y/y which assumes continued performance at Old Navy and Gap, while Athleta faces tough compares and Banana Republic continues to recover.Burlington (BURL) (March 7) guided 1Q comps to be flat to +2% compared to +2% in 4Q. Management said that disruptive weather in January was a drag to 4Q comps and February was softer than anticipated which management attributed to unfavorable weather early in the month and a slower y/y pace of tax refunds.American Eagle (AEO) (March 7) Guided 1Q revenue +MSD% (vs +8% in 4Q excl the impact of the 53rd week) with approx.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/highlights-from-raymond-james-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Highlights From Raymond James Conference </a></h3><p></p><ul><li>We hosted Microchip CFO Eric Bjornholt at the Raymond James Institutional Investors Conference in Orlando last week.</li><li>Our conversations were consistent with recent commentary from the company’s peers and supply chain partners; however, we did detect a (very) modest incremental positive, as bookings in the month of February improved (but still well below normal) - the first signs of stabilization after several months of declines.</li><li>We came away from the meetings with a greater confidence that investors are more comfortable looking beyond the near-term correction toward a period of normalization, as reflected in the recent move higher in shares.Bookings improve modestly (though one month isn’t a trend).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-942a36ca-e2cb-4dec-8138-5d51648b0f65?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Building Materials - Building Products </a></h3><p></p><ul><li>Last Week in Review:Source: FactSet, Raymond James ResearchThe Week to Come:Tuesday, March 12The Bureau of Labor Statistics reports the Consumer Price Index reading for February at 8:30 a.m. ET. Consensus pegs the seasonally-adjusted aggregate index at +0.4% vs. January (non-seasonally adjusted +3.1% y/y).</li><li>January was +0.3% vs. December (NSA +3.1% y/y).Thursday, March 14The Bureau of Labor Statistics reports the Producer Price Index reading for February at 8:30 a.m. ET. Consensus pegs the seasonally-adjusted aggregate index at +0.3% vs. January (NSA +1.0% y/y).</li><li>January was +0.3% vs. December (NSA +0.9% y/y).The U.S. Census Bureau reports Retail Sales for December at 8:30 a.m. ET. The consensus forecast for the seasonally adjusted aggregate index is +0.9% vs. January.</li></ul>2024-03-11T14:15:13+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "LILM@US"}, {"term": "JOBY@US"}, {"term": "TPIC@US"}, {"term": "ADSE@US"}, {"term": "FSR@US"}, {"term": "EVEX@US"}, {"term": "EVTL@US"}, {"term": "ACHR@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AMZN@US"}, {"term": "CPRI@US"}, {"term": "ETSY@US"}, {"term": "W@US"}, {"term": "CROX@US"}, {"term": "UAA@US"}, {"term": "FIGS@US"}, {"term": "SKX@US"}, {"term": "RL@US"}, {"term": "GOOS@CN"}, {"term": "DECK@US"}, {"term": "TDUP@US"}, {"term": "EBAY@US"}, {"term": "WMT@US"}, {"term": "TPR@US"}, {"term": "RVLV@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MCHP@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GMS@US"}, {"term": "FAST@US"}, {"term": "HLMN@US"}, {"term": "MSM@US"}, {"term": "MHK@US"}, {"term": "BECN@US"}, {"term": "GPC@US"}, {"term": "AAP@US"}, {"term": "HD@US"}, {"term": "LKQ@US"}, {"term": "GFF@US"}, {"term": "SWK@US"}, {"term": "AZO@US"}, {"term": "FERG@US"}, {"term": "TTC@US"}, {"term": "TGLS@US"}, {"term": "WHR@US"}, {"term": "BBY@US"}, {"term": "LOW@US"}, {"term": "WCC@US"}, {"term": "GWW@US"}, {"term": "MAS@US"}, {"term": "ACHR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RVLV@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MCHP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MAS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/edf3af16-3b06-3e15-9e6d-44423b616ed7Brief USA: Follow-Up: Expect EPS Recovery to Begin in 2H24; Maintain Market Perform and more2024-03-28T22:17:23.330068+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/follow-up-expect-eps-recovery-to-begin-in-2h24-maintain-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Follow-Up: Expect EPS Recovery to Begin in 2H24; Maintain Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/walker-s-weekly-dr-jim-s-summary-of-key-global-macro-developments-8-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History</a></li><li><a href="https://www.smartkarma.com/insights/ethan-sun-and-santiago-santos-bringing-crypto-x-ai-experiences-to-millions-with-myshell-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ethan Sun and Santiago Santos: Bringing Crypto x AI Experiences to Millions with MyShell.AI</a></li><li><a href="https://www.smartkarma.com/insights/global-commodities-gold-rushes-to-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global Commodities: Gold Rushes to Record Highs</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/follow-up-expect-eps-recovery-to-begin-in-2h24-maintain-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Follow-Up: Expect EPS Recovery to Begin in 2H24; Maintain Market Perform </a></h3><p></p><ul><li>We are reducing our estimates and maintaining ourMarket Performrating on Ready Capital (RC) after reviewing the 4Q results and Form 10-K. Lower net interest income, higher non-interest expenses, and loss from discontinued operations led to 4Q GAAP and distributable earnings being below our estimates.</li><li>We expect distributable earnings to remain below the dividend near-term due to elevated delinquencies and conservative portfolio leverage; however, we expect distributable earnings to increase in 2H24 and 2025 as portfolio performance improves and leverage increases.</li><li>We are maintaining our Market Perform rating given our near-term earnings outlook, the elevated delinquencies, and broader market concerns around commercial real estate.Updating estimates:Our new estimates reflect the year-end portfolio, the residential mortgage origination business being classified as discontinued operations, expected sale of the residential mortgage business in late 2Q, near-term focus on resolving non-accrual loans, adjustments to our other income and other expense assumptions, higher professional fees, gradually increasing leverage, decreasing interest rates given the forward yield curve, and additional reserve builds.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/walker-s-weekly-dr-jim-s-summary-of-key-global-macro-developments-8-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments </a></h3><p></p><ul><li>Gold Prices Surge: Gold reaches all-time highs against the US dollar and fiat currencies worldwide, signaling skepticism towards central bank policies.</li><li>Economic Indicators: India maintains strong economic activity despite political uncertainties, while China's export performance exceeds expectations.</li><li>Corporate Profits and Currency Impact: Japan's corporate profits fall short of expectations, highlighting vulnerabilities to external factors like currency values.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History </a></h3><p></p><ul>
<li>Welcome to our flagship editorial! Is it the year 2021, 2007 or 1995?</li>
<li>These historical analogies are often used in sell-side reports, and we are going to jump the bandwagon with a few semi-fishy analogies today.</li>
<li>I do get some vibes that are reminiscent of melt-up years ahead of crisis years.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ethan-sun-and-santiago-santos-bringing-crypto-x-ai-experiences-to-millions-with-myshell-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Ethan Sun and Santiago Santos: Bringing Crypto x AI Experiences to Millions with MyShell.AI </a></h3><p></p><ul><li>Ethan is the co-founder of Myshell, a company focused on AI technology in various sectors such as computer vision, deep learning, and robotics</li><li>Myshell aims to empower creators on their platform to use multiple AI models to create unique and personalized experiences for users</li><li>The company offers a diverse range of chatbot characters with unique personalities and voices, allowing creators to engage with users in a more interactive and personalized way.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/global-commodities-gold-rushes-to-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Global Commodities: Gold Rushes to Record Highs </a></h3><p></p><ul><li>Gold price has rallied to new highs, but market cap of US's biggest gold ETF has shrunk</li><li>Push higher driven by quick money inflows, fundamental/ETF inflows, safe haven bid, technical drivers, FOMO</li><li>Physical demand from central banks and Chinese retail buyers has been strong, but recent rally seems driven by financial quick money inflows</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/follow-up-expect-eps-recovery-to-begin-in-2h24-maintain-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Follow-Up: Expect EPS Recovery to Begin in 2H24; Maintain Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/walker-s-weekly-dr-jim-s-summary-of-key-global-macro-developments-8-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History</a></li><li><a href="https://www.smartkarma.com/insights/ethan-sun-and-santiago-santos-bringing-crypto-x-ai-experiences-to-millions-with-myshell-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ethan Sun and Santiago Santos: Bringing Crypto x AI Experiences to Millions with MyShell.AI</a></li><li><a href="https://www.smartkarma.com/insights/global-commodities-gold-rushes-to-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global Commodities: Gold Rushes to Record Highs</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/follow-up-expect-eps-recovery-to-begin-in-2h24-maintain-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Follow-Up: Expect EPS Recovery to Begin in 2H24; Maintain Market Perform </a></h3><p></p><ul><li>We are reducing our estimates and maintaining ourMarket Performrating on Ready Capital (RC) after reviewing the 4Q results and Form 10-K. Lower net interest income, higher non-interest expenses, and loss from discontinued operations led to 4Q GAAP and distributable earnings being below our estimates.</li><li>We expect distributable earnings to remain below the dividend near-term due to elevated delinquencies and conservative portfolio leverage; however, we expect distributable earnings to increase in 2H24 and 2025 as portfolio performance improves and leverage increases.</li><li>We are maintaining our Market Perform rating given our near-term earnings outlook, the elevated delinquencies, and broader market concerns around commercial real estate.Updating estimates:Our new estimates reflect the year-end portfolio, the residential mortgage origination business being classified as discontinued operations, expected sale of the residential mortgage business in late 2Q, near-term focus on resolving non-accrual loans, adjustments to our other income and other expense assumptions, higher professional fees, gradually increasing leverage, decreasing interest rates given the forward yield curve, and additional reserve builds.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/walker-s-weekly-dr-jim-s-summary-of-key-global-macro-developments-8-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments </a></h3><p></p><ul><li>Gold Prices Surge: Gold reaches all-time highs against the US dollar and fiat currencies worldwide, signaling skepticism towards central bank policies.</li><li>Economic Indicators: India maintains strong economic activity despite political uncertainties, while China's export performance exceeds expectations.</li><li>Corporate Profits and Currency Impact: Japan's corporate profits fall short of expectations, highlighting vulnerabilities to external factors like currency values.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History </a></h3><p></p><ul>
<li>Welcome to our flagship editorial! Is it the year 2021, 2007 or 1995?</li>
<li>These historical analogies are often used in sell-side reports, and we are going to jump the bandwagon with a few semi-fishy analogies today.</li>
<li>I do get some vibes that are reminiscent of melt-up years ahead of crisis years.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ethan-sun-and-santiago-santos-bringing-crypto-x-ai-experiences-to-millions-with-myshell-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Ethan Sun and Santiago Santos: Bringing Crypto x AI Experiences to Millions with MyShell.AI </a></h3><p></p><ul><li>Ethan is the co-founder of Myshell, a company focused on AI technology in various sectors such as computer vision, deep learning, and robotics</li><li>Myshell aims to empower creators on their platform to use multiple AI models to create unique and personalized experiences for users</li><li>The company offers a diverse range of chatbot characters with unique personalities and voices, allowing creators to engage with users in a more interactive and personalized way.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/global-commodities-gold-rushes-to-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Global Commodities: Gold Rushes to Record Highs </a></h3><p></p><ul><li>Gold price has rallied to new highs, but market cap of US's biggest gold ETF has shrunk</li><li>Push higher driven by quick money inflows, fundamental/ETF inflows, safe haven bid, technical drivers, FOMO</li><li>Physical demand from central banks and Chinese retail buyers has been strong, but recent rally seems driven by financial quick money inflows</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>2024-03-11T12:30:09+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "@RC@US"}, {"term": "Macroeconomics"}, {"term": "JAPAN"}, {"term": "CHINA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "Macroeconomics"}, {"term": "SWEDEN"}, {"term": "GERMANY"}, {"term": "KOREA"}, {"term": "JAPAN"}, {"term": "AUSTRALIA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "USDSEK@CURNCY"}, {"term": "USDAUD@CURNCY"}, {"term": "GT10@GOVT"}, {"term": "USD@CURNCY"}, {"term": "Crypto"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "MYSHELL@CURNCY"}, {"term": "Commodities"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GOLD@COMDTY"}, {"term": "@RC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MYSHELL@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GOLD@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/a0784ebc-05cc-3eda-a7df-01fb62d09d9cBrief USA: Factors and Semiconductors and more2024-03-28T22:17:23.318938+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/factors-and-semiconductors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Factors and Semiconductors</a></li><li><a href="https://www.smartkarma.com/insights/a-hindenburg-moment-for-growth-stocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">A Hindenburg Moment For Growth Stocks?</a></li><li><a href="https://www.smartkarma.com/insights/doesn-t-fed-policy-matter-to-stocks-anymore?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Doesn't Fed Policy Matter to Stocks Anymore?</a></li><li><a href="https://www.smartkarma.com/insights/airlines-u-s-airlines-weekly-stat-domestic-seat-trend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Airlines - U.S. Airlines</a></li><li><a href="https://www.smartkarma.com/insights/eqd-s-p500-weekly-pull-back-buy-the-dip?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EQD</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/factors-and-semiconductors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Factors and Semiconductors </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/790/original/image?1710123030"/> <ul><li>Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.</li><li>Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.</li><li>This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/a-hindenburg-moment-for-growth-stocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. A Hindenburg Moment For Growth Stocks? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/673/original/image_39831115481710018789457.png?1710018674"/> <ul>
<li>Our base-case scenario calls for a period of minor weakness in the S&P 500 or sideways consolidation, marked by a rolling correction.</li>
<li>A review of market internals reveals weakness in growth stocks and better performance by value and cyclical stocks.</li>
<li>The risk is a major scare in the extended growth names which drag down the S&P 500 further than we expect.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/doesn-t-fed-policy-matter-to-stocks-anymore?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Doesn't Fed Policy Matter to Stocks Anymore? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/736/original/image_597595690101710104138832.png?1710104022"/> <ul>
<li>Does Fed policy matter to stock prices anymore? They do, and the current market advance is consistent with a growing economy and the expectations of rate cuts this summer.</li>
<li>The market’s focus has pivoted away from interest rates to forecast earnings growth, which is positive. </li>
<li>This stock market is tracking market behaviour during a mid-cycle expansion that’s driven by P/E expansion while earnings estimates rise and catch up.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/airlines-u-s-airlines-weekly-stat-domestic-seat-trend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Airlines - U.S. Airlines </a></h3><p></p><ul><li>As noted last week, in lieu of the 45th Annual Raymond James Institutional Investor Conference this week, there is no Weekly Report today, which will return on March 17.</li><li>However, given the focus by investors on the potential for the recent recovery in domestic pricing trends to be sustained (following pressures seen in 2H23) as a result of capacity discipline (voluntary and involuntary), we decided to compare domestic seat schedules to historical trends.We believe the data (particularly m/m and compared to prior-year December) in Exhibit 1 suggests that the industry was extra conservative with domestic schedules in January, with February through June trends largely consistent with historical patterns albeit March-April a couple of points lighter and May-June a couple of points higher.</li><li>It is important to note, July schedules are highly preliminary (Delta has indicated more realistic schedules should be loaded by mid-March), with May-June schedules also likely to be adjusted over the next few weeks.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/eqd-s-p500-weekly-pull-back-buy-the-dip?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. EQD </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/706/original/image_53109429721710064340792.png?1710064341"/> <ul>
<li>The <a data-smartkarma-citation="entities:22886:1" href="https://www.smartkarma.com/entities/s-p-500-index" rel="noopener" target="_blank">SPX </a> has been rallying for 4 months, rising >+24%, is is OVERBOUGHT but we see the current pullback as a BUY opportunity.</li>
<li>The index could pullback another 1-2 weeks before it restarts the rally.</li>
<li>Price areas to buy are between 5069 and 5000, lower prices may indicate a deeper correction is unfolding (lasting up to 3 weeks down in total).</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/factors-and-semiconductors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Factors and Semiconductors</a></li><li><a href="https://www.smartkarma.com/insights/a-hindenburg-moment-for-growth-stocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">A Hindenburg Moment For Growth Stocks?</a></li><li><a href="https://www.smartkarma.com/insights/doesn-t-fed-policy-matter-to-stocks-anymore?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Doesn't Fed Policy Matter to Stocks Anymore?</a></li><li><a href="https://www.smartkarma.com/insights/airlines-u-s-airlines-weekly-stat-domestic-seat-trend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Airlines - U.S. Airlines</a></li><li><a href="https://www.smartkarma.com/insights/eqd-s-p500-weekly-pull-back-buy-the-dip?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EQD</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/factors-and-semiconductors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Factors and Semiconductors </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/790/original/image?1710123030"/> <ul><li>Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.</li><li>Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.</li><li>This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/a-hindenburg-moment-for-growth-stocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. A Hindenburg Moment For Growth Stocks? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/673/original/image_39831115481710018789457.png?1710018674"/> <ul>
<li>Our base-case scenario calls for a period of minor weakness in the S&P 500 or sideways consolidation, marked by a rolling correction.</li>
<li>A review of market internals reveals weakness in growth stocks and better performance by value and cyclical stocks.</li>
<li>The risk is a major scare in the extended growth names which drag down the S&P 500 further than we expect.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/doesn-t-fed-policy-matter-to-stocks-anymore?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Doesn't Fed Policy Matter to Stocks Anymore? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/736/original/image_597595690101710104138832.png?1710104022"/> <ul>
<li>Does Fed policy matter to stock prices anymore? They do, and the current market advance is consistent with a growing economy and the expectations of rate cuts this summer.</li>
<li>The market’s focus has pivoted away from interest rates to forecast earnings growth, which is positive. </li>
<li>This stock market is tracking market behaviour during a mid-cycle expansion that’s driven by P/E expansion while earnings estimates rise and catch up.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/airlines-u-s-airlines-weekly-stat-domestic-seat-trend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Airlines - U.S. Airlines </a></h3><p></p><ul><li>As noted last week, in lieu of the 45th Annual Raymond James Institutional Investor Conference this week, there is no Weekly Report today, which will return on March 17.</li><li>However, given the focus by investors on the potential for the recent recovery in domestic pricing trends to be sustained (following pressures seen in 2H23) as a result of capacity discipline (voluntary and involuntary), we decided to compare domestic seat schedules to historical trends.We believe the data (particularly m/m and compared to prior-year December) in Exhibit 1 suggests that the industry was extra conservative with domestic schedules in January, with February through June trends largely consistent with historical patterns albeit March-April a couple of points lighter and May-June a couple of points higher.</li><li>It is important to note, July schedules are highly preliminary (Delta has indicated more realistic schedules should be loaded by mid-March), with May-June schedules also likely to be adjusted over the next few weeks.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/eqd-s-p500-weekly-pull-back-buy-the-dip?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. EQD </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/706/original/image_53109429721710064340792.png?1710064341"/> <ul>
<li>The <a data-smartkarma-citation="entities:22886:1" href="https://www.smartkarma.com/entities/s-p-500-index" rel="noopener" target="_blank">SPX </a> has been rallying for 4 months, rising >+24%, is is OVERBOUGHT but we see the current pullback as a BUY opportunity.</li>
<li>The index could pullback another 1-2 weeks before it restarts the rally.</li>
<li>Price areas to buy are between 5069 and 5000, lower prices may indicate a deeper correction is unfolding (lasting up to 3 weeks down in total).</li>
</ul>2024-03-11T10:20:59+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MOMENTUM"}, {"term": "NORTH AMERICA"}, {"term": "AVGO@US"}, {"term": "AMAT@US"}, {"term": "WDC@US"}, {"term": "MU@US"}, {"term": "NTAP@US"}, {"term": "NVDA@US"}, {"term": "AMD@US"}, {"term": "QQQ@US"}, {"term": "AAPL@US"}, {"term": "GOOG@US"}, {"term": "CHTR@US"}, {"term": "TSLA@US"}, {"term": "UNH@US"}, {"term": "COST@US"}, {"term": "VST@US"}, {"term": "CEG@US"}, {"term": "NXPI@US"}, {"term": "ON@US"}, {"term": "MCHP@US"}, {"term": "TXN@US"}, {"term": "ADI@US"}, {"term": "Technical Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "QQQ@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AAL@US"}, {"term": "ULCC@US"}, {"term": "UAL@US"}, {"term": "JBLU@US"}, {"term": "LUV@US"}, {"term": "ALK@US"}, {"term": "DAL@US"}, {"term": "SAVE@US"}, {"term": "ALGT@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "MEAN-REVERSION"}, {"term": "NORTH AMERICA"}, {"term": "SPX@INDEX"}, {"term": "ADI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "QQQ@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALGT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SPX@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/c7143ed5-0218-3283-8daa-82bacd789f33Brief USA: Spendthrift US Fiscal Policy Raises Ante on Fed to Prevent Financial System Liquidity Squeeze and more2024-03-28T22:17:23.308592+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/spendthrift-us-fiscal-policy-raises-ante-on-fed-to-prevent-financial-system-liquidity-squeeze?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Spendthrift US Fiscal Policy Raises Ante on Fed to Prevent Financial System Liquidity Squeeze</a></li><li><a href="https://www.smartkarma.com/insights/the-week-ahead-us-cpi-uk-labour-market-data-and-china-cpi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Week Ahead – US CPI, UK Labour Market Data and China CPI</a></li><li><a href="https://www.smartkarma.com/insights/lithium-producers-pump-brakes-on-north-american-projects-amid-low-prices?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Lithium producers pump brakes on North American projects amid low prices</a></li><li><a href="https://www.smartkarma.com/insights/us-ism-and-manufacturing-pmi-divergence-what-does-it-mean?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">US - ISM and Manufacturing PMI Divergence – What Does It Mean?</a></li><li><a href="https://www.smartkarma.com/insights/culp-inc-lower-near-term-expectations-culp-likely-to-restructure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Culp, Inc. - Lower Near-Term Expectations; Culp Likely to Restructure</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/spendthrift-us-fiscal-policy-raises-ante-on-fed-to-prevent-financial-system-liquidity-squeeze?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Spendthrift US Fiscal Policy Raises Ante on Fed to Prevent Financial System Liquidity Squeeze </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/419/original/fredgraph%20%281%29.png?1709896887"/> <ul>
<li>Since the suspension of the debt ceiling last June, federal debt has been increasing at a very rapid rate, an outcome that could eventually have implications for US financial conditions.</li>
<li>High issuance of T-bills by the Treasury to the public will drain bank reserves, thereby raising the ante on the Fed to make offsetting open-market purchases to reduce liquidity stress.</li>
<li>The biggest threat to US risky assets is an undershooting of corporate profit expectations. Fiscal policy conduct is supportive for economic growth and profits, as well as risky asset prices. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/the-week-ahead-us-cpi-uk-labour-market-data-and-china-cpi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. The Week Ahead – US CPI, UK Labour Market Data and China CPI </a></h3><p></p><ul><li>Market moves for the week have been significant, with European rates showing signs of a sustained rally</li><li>Dollar weakness seen this week, likely due to outperformance of European rates</li><li>Market activity in Japan heating up ahead of Bank of Japan's meeting, with expectations of a possible policy move in March and anticipation of strong wage growth influencing dollar yen price action</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/lithium-producers-pump-brakes-on-north-american-projects-amid-low-prices?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Lithium producers pump brakes on North American projects amid low prices </a></h3><p></p><ul><li>Developers scrambled to advertise projects to potential investors in the US between 2021-2023</li><li>Prices for lithium reached all time highs due to impact of COVID on supply chains</li><li>Prices have since plunged nearing a three-year low, causing uncertainty for companies with viable projects and automakers scaling back EV production forecasts</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/us-ism-and-manufacturing-pmi-divergence-what-does-it-mean?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. US - ISM and Manufacturing PMI Divergence – What Does It Mean? </a></h3><p></p><ul><li>Last week, the ISM and S&P Global manufacturing PMI caught attention due to the notably divergent signals they were sending regarding the health of US industry</li><li>While the February ISM fell further below 50, to 47.8 from 49.1 – suggesting contracting factory output – the February manufacturing PMI actually rose 0.7 points to 52.2, suggesting rising output</li><li>What do these mixed signals mean for the US economy? And which index should we put more weight on?</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/culp-inc-lower-near-term-expectations-culp-likely-to-restructure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Culp, Inc. - Lower Near-Term Expectations; Culp Likely to Restructure </a></h3><p></p><ul><li>We are cutting estimates on Culp, responding to weak demand, and bracing for a restructuring in 4QFY24.</li><li>Culp’s 3QFY24 earnings report, issued Wednesday after the close, highlighted improved revenue and operating results, Y/Y and sequentially.</li><li>Consolidated sales were $60.4 million, up 15% Y/Y and 3% sequentially, aided by a calendar shift in the Chinese New Year from 3Q to 4Q.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/spendthrift-us-fiscal-policy-raises-ante-on-fed-to-prevent-financial-system-liquidity-squeeze?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Spendthrift US Fiscal Policy Raises Ante on Fed to Prevent Financial System Liquidity Squeeze</a></li><li><a href="https://www.smartkarma.com/insights/the-week-ahead-us-cpi-uk-labour-market-data-and-china-cpi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Week Ahead – US CPI, UK Labour Market Data and China CPI</a></li><li><a href="https://www.smartkarma.com/insights/lithium-producers-pump-brakes-on-north-american-projects-amid-low-prices?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Lithium producers pump brakes on North American projects amid low prices</a></li><li><a href="https://www.smartkarma.com/insights/us-ism-and-manufacturing-pmi-divergence-what-does-it-mean?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">US - ISM and Manufacturing PMI Divergence – What Does It Mean?</a></li><li><a href="https://www.smartkarma.com/insights/culp-inc-lower-near-term-expectations-culp-likely-to-restructure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Culp, Inc. - Lower Near-Term Expectations; Culp Likely to Restructure</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/spendthrift-us-fiscal-policy-raises-ante-on-fed-to-prevent-financial-system-liquidity-squeeze?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Spendthrift US Fiscal Policy Raises Ante on Fed to Prevent Financial System Liquidity Squeeze </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/419/original/fredgraph%20%281%29.png?1709896887"/> <ul>
<li>Since the suspension of the debt ceiling last June, federal debt has been increasing at a very rapid rate, an outcome that could eventually have implications for US financial conditions.</li>
<li>High issuance of T-bills by the Treasury to the public will drain bank reserves, thereby raising the ante on the Fed to make offsetting open-market purchases to reduce liquidity stress.</li>
<li>The biggest threat to US risky assets is an undershooting of corporate profit expectations. Fiscal policy conduct is supportive for economic growth and profits, as well as risky asset prices. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/the-week-ahead-us-cpi-uk-labour-market-data-and-china-cpi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. The Week Ahead – US CPI, UK Labour Market Data and China CPI </a></h3><p></p><ul><li>Market moves for the week have been significant, with European rates showing signs of a sustained rally</li><li>Dollar weakness seen this week, likely due to outperformance of European rates</li><li>Market activity in Japan heating up ahead of Bank of Japan's meeting, with expectations of a possible policy move in March and anticipation of strong wage growth influencing dollar yen price action</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/lithium-producers-pump-brakes-on-north-american-projects-amid-low-prices?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Lithium producers pump brakes on North American projects amid low prices </a></h3><p></p><ul><li>Developers scrambled to advertise projects to potential investors in the US between 2021-2023</li><li>Prices for lithium reached all time highs due to impact of COVID on supply chains</li><li>Prices have since plunged nearing a three-year low, causing uncertainty for companies with viable projects and automakers scaling back EV production forecasts</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/us-ism-and-manufacturing-pmi-divergence-what-does-it-mean?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. US - ISM and Manufacturing PMI Divergence – What Does It Mean? </a></h3><p></p><ul><li>Last week, the ISM and S&P Global manufacturing PMI caught attention due to the notably divergent signals they were sending regarding the health of US industry</li><li>While the February ISM fell further below 50, to 47.8 from 49.1 – suggesting contracting factory output – the February manufacturing PMI actually rose 0.7 points to 52.2, suggesting rising output</li><li>What do these mixed signals mean for the US economy? And which index should we put more weight on?</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/culp-inc-lower-near-term-expectations-culp-likely-to-restructure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Culp, Inc. - Lower Near-Term Expectations; Culp Likely to Restructure </a></h3><p></p><ul><li>We are cutting estimates on Culp, responding to weak demand, and bracing for a restructuring in 4QFY24.</li><li>Culp’s 3QFY24 earnings report, issued Wednesday after the close, highlighted improved revenue and operating results, Y/Y and sequentially.</li><li>Consolidated sales were $60.4 million, up 15% Y/Y and 3% sequentially, aided by a calendar shift in the Chinese New Year from 3Q to 4Q.</li></ul>2024-03-10T16:32:29+08:00[{"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "JAPAN"}, {"term": "UNITED KINGDOM"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "PLL@US"}, {"term": "@ALTM@US"}, {"term": "ALB@US"}, {"term": "Macroeconomics"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "CULP@US"}, {"term": "ALB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CULP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/896a2efc-2904-3958-9217-f8ad7c8686ceBrief USA: Astera Labs IPO Valuation Update: Multiples Appear Rich, Limited Post-IPO Upside and more2024-03-28T22:17:23.299175+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/astera-labs-ipo-valuation-update-multiples-appear-rich-limited-post-ipo-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Astera Labs IPO Valuation Update: Multiples Appear Rich, Limited Post-IPO Upside</a></li><li><a href="https://www.smartkarma.com/insights/netapp-inc-will-their-investment-in-ai-technology-pay-off-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">NetApp Inc.: Will Their Investment In AI Technology Pay Off? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/plug-power-inc-new-contracts-5-major-growth-catalysts-for-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Plug Power Inc.: New Contracts & 5 Major Growth Catalysts For 2024 & Beyond! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/hormel-foods-corporation-will-their-reinvestment-of-cash-flows-into-branding-innovation-catalyze-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hormel Foods Corporation: Will Their Reinvestment Of Cash Flows Into Branding & Innovation Catalyze Growth? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/hyatt-hotels-corporation-what-is-their-2024-outlook-their-future-growth-prospects-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hyatt Hotels Corporation: What Is Their 2024 Outlook & Their Future Growth Prospects? - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/astera-labs-ipo-valuation-update-multiples-appear-rich-limited-post-ipo-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Astera Labs IPO Valuation Update: Multiples Appear Rich, Limited Post-IPO Upside </a></h3><p></p><ul>
<li>Astera Labs, which offers connectivity solutions tailored for AI accelerators, GPUs, FPGAs and other high-performance computing platforms, announced terms for its IPO today.</li>
<li>California-Based semiconductor company plans to raise ~$392M by offering ~14.8M shares at a price range of $27 to $30. Selling stockholders offer ~3M shares of common stock in this IPO. </li>
<li>At the midpoint of the proposed price range, Astera Labs would command a fully diluted market value of $5B, above their last private round of $3.15B.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/netapp-inc-will-their-investment-in-ai-technology-pay-off-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. NetApp Inc.: Will Their Investment In AI Technology Pay Off? - Key Drivers </a></h3><p></p><ul><li>NetApp Inc.</li><li>reported a decent performance in Q3 FY '24.</li><li>During this quarter, revenue grew above the company's guidance, driven by the momentum of their expanded all-flash product portfolio.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/plug-power-inc-new-contracts-5-major-growth-catalysts-for-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Plug Power Inc.: New Contracts & 5 Major Growth Catalysts For 2024 & Beyond! - Financial Forecasts </a></h3><p></p><ul><li>Plug Power's Q4 earnings revealed both positive developments and challenges that the company faced during the quarter.</li><li>Key highlights were its innovative green hydrogen projects and ongoing advancements in improving cash management, positively reflecting the company's commitment towards a sustainable energy future.</li><li>Plug Power's most significant achievement during the Q4 period was the launch of their Georgia plant.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/hormel-foods-corporation-will-their-reinvestment-of-cash-flows-into-branding-innovation-catalyze-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Hormel Foods Corporation: Will Their Reinvestment Of Cash Flows Into Branding & Innovation Catalyze Growth? - Key Drivers </a></h3><p></p><ul><li>Hormel Foods Corporation has shown a strong start for the first quarter of 2024 with better-than expected performance across all its segments, showcasing the comprehensive execution of its strategic priorities and improvements in its supply chain.</li><li>The top-line saw a 1% growth, bolstered by a 4% increase in volumes with foodservice pacing ahead significantly.</li><li>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.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/hyatt-hotels-corporation-what-is-their-2024-outlook-their-future-growth-prospects-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Hyatt Hotels Corporation: What Is Their 2024 Outlook & Their Future Growth Prospects? - Key Drivers </a></h3><p></p><ul><li>Hyatt Hotels Corporation has announced its Q4 2023 earnings with modest growth and strategic accomplishments.</li><li>With revenues derived mainly from leisure travel and group room bookings, Hyatt ended the year with its highest-ever free cash flow, a record pipeline, and the industry's fastest-growing loyalty program.</li><li>With group room revenue up 11% compared to 2022, Hyatt managed to book nearly $2 billion of future business in 2023, signaling robust demand for its hotel facilities.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/astera-labs-ipo-valuation-update-multiples-appear-rich-limited-post-ipo-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Astera Labs IPO Valuation Update: Multiples Appear Rich, Limited Post-IPO Upside</a></li><li><a href="https://www.smartkarma.com/insights/netapp-inc-will-their-investment-in-ai-technology-pay-off-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">NetApp Inc.: Will Their Investment In AI Technology Pay Off? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/plug-power-inc-new-contracts-5-major-growth-catalysts-for-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Plug Power Inc.: New Contracts & 5 Major Growth Catalysts For 2024 & Beyond! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/hormel-foods-corporation-will-their-reinvestment-of-cash-flows-into-branding-innovation-catalyze-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hormel Foods Corporation: Will Their Reinvestment Of Cash Flows Into Branding & Innovation Catalyze Growth? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/hyatt-hotels-corporation-what-is-their-2024-outlook-their-future-growth-prospects-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hyatt Hotels Corporation: What Is Their 2024 Outlook & Their Future Growth Prospects? - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/astera-labs-ipo-valuation-update-multiples-appear-rich-limited-post-ipo-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Astera Labs IPO Valuation Update: Multiples Appear Rich, Limited Post-IPO Upside </a></h3><p></p><ul>
<li>Astera Labs, which offers connectivity solutions tailored for AI accelerators, GPUs, FPGAs and other high-performance computing platforms, announced terms for its IPO today.</li>
<li>California-Based semiconductor company plans to raise ~$392M by offering ~14.8M shares at a price range of $27 to $30. Selling stockholders offer ~3M shares of common stock in this IPO. </li>
<li>At the midpoint of the proposed price range, Astera Labs would command a fully diluted market value of $5B, above their last private round of $3.15B.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/netapp-inc-will-their-investment-in-ai-technology-pay-off-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. NetApp Inc.: Will Their Investment In AI Technology Pay Off? - Key Drivers </a></h3><p></p><ul><li>NetApp Inc.</li><li>reported a decent performance in Q3 FY '24.</li><li>During this quarter, revenue grew above the company's guidance, driven by the momentum of their expanded all-flash product portfolio.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/plug-power-inc-new-contracts-5-major-growth-catalysts-for-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Plug Power Inc.: New Contracts & 5 Major Growth Catalysts For 2024 & Beyond! - Financial Forecasts </a></h3><p></p><ul><li>Plug Power's Q4 earnings revealed both positive developments and challenges that the company faced during the quarter.</li><li>Key highlights were its innovative green hydrogen projects and ongoing advancements in improving cash management, positively reflecting the company's commitment towards a sustainable energy future.</li><li>Plug Power's most significant achievement during the Q4 period was the launch of their Georgia plant.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/hormel-foods-corporation-will-their-reinvestment-of-cash-flows-into-branding-innovation-catalyze-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Hormel Foods Corporation: Will Their Reinvestment Of Cash Flows Into Branding & Innovation Catalyze Growth? - Key Drivers </a></h3><p></p><ul><li>Hormel Foods Corporation has shown a strong start for the first quarter of 2024 with better-than expected performance across all its segments, showcasing the comprehensive execution of its strategic priorities and improvements in its supply chain.</li><li>The top-line saw a 1% growth, bolstered by a 4% increase in volumes with foodservice pacing ahead significantly.</li><li>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.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/hyatt-hotels-corporation-what-is-their-2024-outlook-their-future-growth-prospects-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Hyatt Hotels Corporation: What Is Their 2024 Outlook & Their Future Growth Prospects? - Key Drivers </a></h3><p></p><ul><li>Hyatt Hotels Corporation has announced its Q4 2023 earnings with modest growth and strategic accomplishments.</li><li>With revenues derived mainly from leisure travel and group room bookings, Hyatt ended the year with its highest-ever free cash flow, a record pipeline, and the industry's fastest-growing loyalty program.</li><li>With group room revenue up 11% compared to 2022, Hyatt managed to book nearly $2 billion of future business in 2023, signaling robust demand for its hotel facilities.</li></ul>2024-03-09T04:53:08+08:00[{"term": "Equity Capital Markets"}, {"term": "TMT"}, {"term": "SHORTS"}, {"term": "NORTH AMERICA"}, {"term": "ALAB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "NTAP@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "PLUG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "HRL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "H@US"}, {"term": "ALAB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NTAP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PLUG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HRL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "H@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/1c966398-9c92-3794-9ac5-ed7fd19c917eBrief USA: Celsius Holdings: Initiation Of Coverage - Position in the Competitive Energy Drink Landscape & Other Key Drivers and more2024-03-28T22:17:23.292127+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/celsius-holdings-initiation-of-coverage-position-in-the-competitive-energy-drink-landscape-other-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Celsius Holdings: Initiation Of Coverage - Position in the Competitive Energy Drink Landscape & Other Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/hewlett-packard-enterprise-hpe-hybrid-cloud-growth-transition-to-an-as-a-service-model-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hewlett Packard Enterprise (HPE): Hybrid Cloud Growth & Transition To An As-a-service model! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/best-buy-co-online-sales-growth-5-factors-driving-its-performance-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Best Buy Co.: Online Sales Growth & 5 Factors Driving Its Performance! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/zscaler-inc-is-the-robust-demand-for-zero-trust-security-changing-the-game-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Zscaler Inc.: Is The Robust Demand For Zero Trust Security Changing The Game? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/veeva-systems-inc-expansion-of-the-data-cloud-5-other-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Veeva Systems Inc.: Expansion of the Data Cloud & 5 Other Factors Driving Growth! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/celsius-holdings-initiation-of-coverage-position-in-the-competitive-energy-drink-landscape-other-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Celsius Holdings: Initiation Of Coverage - Position in the Competitive Energy Drink Landscape & Other Key Drivers </a></h3><p></p><ul><li>This is our first report on beverage major, Celsius.</li><li>The company reported a strong fiscal year for 2023, which included nearly complete distribution coverage in the United States and over 102% growth in yearly revenue, reaching around $1.3 billion.</li><li>The company's share gains have resulted in it breaking the 10-share barrier in the energy drink market for the first time in over a decade.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/hewlett-packard-enterprise-hpe-hybrid-cloud-growth-transition-to-an-as-a-service-model-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Hewlett Packard Enterprise (HPE): Hybrid Cloud Growth & Transition To An As-a-service model! - Key Drivers </a></h3><p></p><ul><li>Hewlett Packard Enterprise (HPE) reported that its Q1 2024 revenues did not meet expectations, mainly due to softening in the network industry and the timing of several large GPU acceptances.</li><li>Reported revenue was lower than anticipated largely because of softening demand industry-wide for network, and the timing of several large GPU acceptances was shifted.</li><li>Additionally, HPE did not have the supply of GPU it desired, which constrained revenue growth.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/best-buy-co-online-sales-growth-5-factors-driving-its-performance-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Best Buy Co.: Online Sales Growth & 5 Factors Driving Its Performance! - Financial Forecasts </a></h3><p></p><ul><li>Best Buy's fourth quarter fiscal 2024 results displayed mixed sentiments, featuring both challenges and triumphs.</li><li>CEO Corie Barry commended the company's performance in dealing with a pressured Consumer Electronics (CE) sales environment, leading to a delivery of annual profitability at the high end of their original guidance.</li><li>However, revenues fell short of their guidance range.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/zscaler-inc-is-the-robust-demand-for-zero-trust-security-changing-the-game-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Zscaler Inc.: Is The Robust Demand For Zero Trust Security Changing The Game? - Key Drivers </a></h3><p></p><ul><li>Zscaler's year-year growth in revenue and billings was 35% and 27% respectively, both outpacing guidance even amid a challenging macro environment.</li><li>Other highlights included the doubling of operating profit on a year-year basis, reaching a record margin for Q2, and steady progress on the firm's plan to scale its go-to-market model to achieve its goal of $5 billion and beyond in ARR (Annual Recurring Revenue).</li><li>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.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/veeva-systems-inc-expansion-of-the-data-cloud-5-other-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Veeva Systems Inc.: Expansion of the Data Cloud & 5 Other Factors Driving Growth! - Financial Forecasts </a></h3><p></p><ul><li>Veeva Systems posted robust results for its Q4 and Fiscal 2024 year during its earnings call.</li><li>Revenues for the quarter totalled $631 million and for the year they were $2.4 billion, both exceeding guidance.</li><li>Non GAAP operating income surpassed expectations too, with $239 million for Q4 and $843 million for the full year.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/celsius-holdings-initiation-of-coverage-position-in-the-competitive-energy-drink-landscape-other-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Celsius Holdings: Initiation Of Coverage - Position in the Competitive Energy Drink Landscape & Other Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/hewlett-packard-enterprise-hpe-hybrid-cloud-growth-transition-to-an-as-a-service-model-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hewlett Packard Enterprise (HPE): Hybrid Cloud Growth & Transition To An As-a-service model! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/best-buy-co-online-sales-growth-5-factors-driving-its-performance-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Best Buy Co.: Online Sales Growth & 5 Factors Driving Its Performance! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/zscaler-inc-is-the-robust-demand-for-zero-trust-security-changing-the-game-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Zscaler Inc.: Is The Robust Demand For Zero Trust Security Changing The Game? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/veeva-systems-inc-expansion-of-the-data-cloud-5-other-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Veeva Systems Inc.: Expansion of the Data Cloud & 5 Other Factors Driving Growth! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/celsius-holdings-initiation-of-coverage-position-in-the-competitive-energy-drink-landscape-other-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Celsius Holdings: Initiation Of Coverage - Position in the Competitive Energy Drink Landscape & Other Key Drivers </a></h3><p></p><ul><li>This is our first report on beverage major, Celsius.</li><li>The company reported a strong fiscal year for 2023, which included nearly complete distribution coverage in the United States and over 102% growth in yearly revenue, reaching around $1.3 billion.</li><li>The company's share gains have resulted in it breaking the 10-share barrier in the energy drink market for the first time in over a decade.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/hewlett-packard-enterprise-hpe-hybrid-cloud-growth-transition-to-an-as-a-service-model-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Hewlett Packard Enterprise (HPE): Hybrid Cloud Growth & Transition To An As-a-service model! - Key Drivers </a></h3><p></p><ul><li>Hewlett Packard Enterprise (HPE) reported that its Q1 2024 revenues did not meet expectations, mainly due to softening in the network industry and the timing of several large GPU acceptances.</li><li>Reported revenue was lower than anticipated largely because of softening demand industry-wide for network, and the timing of several large GPU acceptances was shifted.</li><li>Additionally, HPE did not have the supply of GPU it desired, which constrained revenue growth.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/best-buy-co-online-sales-growth-5-factors-driving-its-performance-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Best Buy Co.: Online Sales Growth & 5 Factors Driving Its Performance! - Financial Forecasts </a></h3><p></p><ul><li>Best Buy's fourth quarter fiscal 2024 results displayed mixed sentiments, featuring both challenges and triumphs.</li><li>CEO Corie Barry commended the company's performance in dealing with a pressured Consumer Electronics (CE) sales environment, leading to a delivery of annual profitability at the high end of their original guidance.</li><li>However, revenues fell short of their guidance range.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/zscaler-inc-is-the-robust-demand-for-zero-trust-security-changing-the-game-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Zscaler Inc.: Is The Robust Demand For Zero Trust Security Changing The Game? - Key Drivers </a></h3><p></p><ul><li>Zscaler's year-year growth in revenue and billings was 35% and 27% respectively, both outpacing guidance even amid a challenging macro environment.</li><li>Other highlights included the doubling of operating profit on a year-year basis, reaching a record margin for Q2, and steady progress on the firm's plan to scale its go-to-market model to achieve its goal of $5 billion and beyond in ARR (Annual Recurring Revenue).</li><li>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.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/veeva-systems-inc-expansion-of-the-data-cloud-5-other-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Veeva Systems Inc.: Expansion of the Data Cloud & 5 Other Factors Driving Growth! - Financial Forecasts </a></h3><p></p><ul><li>Veeva Systems posted robust results for its Q4 and Fiscal 2024 year during its earnings call.</li><li>Revenues for the quarter totalled $631 million and for the year they were $2.4 billion, both exceeding guidance.</li><li>Non GAAP operating income surpassed expectations too, with $239 million for Q4 and $843 million for the full year.</li></ul>2024-03-09T04:00:11+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CELH@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "HPE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BBY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ZS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "VEEV@US"}, {"term": "CELH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HPE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BBY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ZS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VEEV@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/50424731-939e-3499-9fdc-3ac3bf13f0fcBrief USA: Autodesk Inc.: Implementation of The New Transactional Model A Potential Game Changer? - Key Drivers and more2024-03-28T22:17:23.283400+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/autodesk-inc-implementation-of-the-new-transactional-model-a-potential-game-changer-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Autodesk Inc.: Implementation of The New Transactional Model A Potential Game Changer? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-cooper-companies-inc-huge-potential-of-myopia-management-market-as-a-growth-catalyst-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Cooper Companies Inc.: Huge Potential Of Myopia Management Market As A Growth Catalyst! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/elastic-n-v-will-the-growing-demand-for-hybrid-search-last-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Elastic N.V.: Will The Growing Demand For Hybrid Search Last? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/nlop-starting-point-for-the-year?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">NLOP: Starting Point for the Year</a></li><li><a href="https://www.smartkarma.com/insights/iberdrola-avangrid-logical-move?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Iberdrola/Avangrid: Logical Move</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/autodesk-inc-implementation-of-the-new-transactional-model-a-potential-game-changer-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Autodesk Inc.: Implementation of The New Transactional Model A Potential Game Changer? - Key Drivers </a></h3><p></p><ul><li>Autodesk demonstrated strong performance in the fourth quarter and full year results of fiscal 2024 with 14% constant currency revenue growth in Q4.</li><li>The report reflects Autodesk's resilience and discipline manifested through its subscription business model, product diversification, and robust customer base.</li><li>The company’s diversified consumer base spans various regions and industries, enabling balanced growth.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/the-cooper-companies-inc-huge-potential-of-myopia-management-market-as-a-growth-catalyst-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. The Cooper Companies Inc.: Huge Potential Of Myopia Management Market As A Growth Catalyst! - Key Drivers </a></h3><p></p><ul><li>As per the Q1 2024 Cooper Companies earnings, the company reported an outstanding start to the fiscal year with record quarterly revenues of $932 million.</li><li>CooperVision rolled in solid growth worldwide, while CooperSurgical recorded its 13th consecutive quarter of double-digit organic growth.</li><li>The firm's earnings were equally strong, with capacity expansion progressing well and demand remaining healthy globally.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/elastic-n-v-will-the-growing-demand-for-hybrid-search-last-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Elastic N.V.: Will The Growing Demand For Hybrid Search Last? - Key Drivers </a></h3><p></p><ul><li>Elastic's Q3 fiscal figures demonstrated a robust financial performance, with a revenue growth of 19% YoY and Elastic Cloud growing 29% YoY, a testament to the continued traction in the cloud and consolidation under the Elasticsearch platform.</li><li>Strong sales were driven by customer interest in Generative AI, with the platform being leveraged to develop Generative AI applications, providing an appreciable advantage relative to pure-play vector database vendors.</li><li>Another key factor was platform consolidation, with customers choosing Elasticsearch to displace incumbent solutions for multiple use cases, underscoring the platform's import within the IT infrastructure context.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/nlop-starting-point-for-the-year?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. NLOP: Starting Point for the Year </a></h3><p></p><ul>
<li>Net Lease Office Products (NLOP) reported its first quarterly report since being spun off late last year.</li>
<li>The takeaway from the results was how the Company was structuring the balance sheet ahead of more properties being sold.</li>
<li>There were a series of lease signings and extensions within the December quarter. Most notably were the extensions for the property in Poland and Wisconsin</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/iberdrola-avangrid-logical-move?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Iberdrola/Avangrid: Logical Move </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/493/original/image_85498272631709917159332.png?1709917160"/> <ul>
<li>
<a data-smartkarma-citation="entities:21276:1" href="https://www.smartkarma.com/entities/iberdrola-sa" rel="noopener" target="_blank">Iberdrola SA (IBE SM)</a> launches a $34.25/share cash offer to acquire the minorities (18.4%) in its US subsidiary <a data-smartkarma-citation="entities:26503:1" href="https://www.smartkarma.com/entities/avangrid-inc" rel="noopener" target="_blank">Avangrid (AGR US)</a>. Premium is 6.8%, and the cost c. $2.5 billion.</li>
<li>The market was awaiting this move since the cancellation of the PNM deal, which explains the recent rise in the share price of Avangrid.</li>
<li>Gross spread is 4.5%. It seems investors are buying in the hope of an offer sweetening, knowing that Iberdrola has some cash available to spend from the profitable Mexico exit.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/autodesk-inc-implementation-of-the-new-transactional-model-a-potential-game-changer-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Autodesk Inc.: Implementation of The New Transactional Model A Potential Game Changer? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-cooper-companies-inc-huge-potential-of-myopia-management-market-as-a-growth-catalyst-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Cooper Companies Inc.: Huge Potential Of Myopia Management Market As A Growth Catalyst! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/elastic-n-v-will-the-growing-demand-for-hybrid-search-last-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Elastic N.V.: Will The Growing Demand For Hybrid Search Last? - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/nlop-starting-point-for-the-year?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">NLOP: Starting Point for the Year</a></li><li><a href="https://www.smartkarma.com/insights/iberdrola-avangrid-logical-move?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Iberdrola/Avangrid: Logical Move</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/autodesk-inc-implementation-of-the-new-transactional-model-a-potential-game-changer-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Autodesk Inc.: Implementation of The New Transactional Model A Potential Game Changer? - Key Drivers </a></h3><p></p><ul><li>Autodesk demonstrated strong performance in the fourth quarter and full year results of fiscal 2024 with 14% constant currency revenue growth in Q4.</li><li>The report reflects Autodesk's resilience and discipline manifested through its subscription business model, product diversification, and robust customer base.</li><li>The company’s diversified consumer base spans various regions and industries, enabling balanced growth.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/the-cooper-companies-inc-huge-potential-of-myopia-management-market-as-a-growth-catalyst-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. The Cooper Companies Inc.: Huge Potential Of Myopia Management Market As A Growth Catalyst! - Key Drivers </a></h3><p></p><ul><li>As per the Q1 2024 Cooper Companies earnings, the company reported an outstanding start to the fiscal year with record quarterly revenues of $932 million.</li><li>CooperVision rolled in solid growth worldwide, while CooperSurgical recorded its 13th consecutive quarter of double-digit organic growth.</li><li>The firm's earnings were equally strong, with capacity expansion progressing well and demand remaining healthy globally.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/elastic-n-v-will-the-growing-demand-for-hybrid-search-last-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Elastic N.V.: Will The Growing Demand For Hybrid Search Last? - Key Drivers </a></h3><p></p><ul><li>Elastic's Q3 fiscal figures demonstrated a robust financial performance, with a revenue growth of 19% YoY and Elastic Cloud growing 29% YoY, a testament to the continued traction in the cloud and consolidation under the Elasticsearch platform.</li><li>Strong sales were driven by customer interest in Generative AI, with the platform being leveraged to develop Generative AI applications, providing an appreciable advantage relative to pure-play vector database vendors.</li><li>Another key factor was platform consolidation, with customers choosing Elasticsearch to displace incumbent solutions for multiple use cases, underscoring the platform's import within the IT infrastructure context.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/nlop-starting-point-for-the-year?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. NLOP: Starting Point for the Year </a></h3><p></p><ul>
<li>Net Lease Office Products (NLOP) reported its first quarterly report since being spun off late last year.</li>
<li>The takeaway from the results was how the Company was structuring the balance sheet ahead of more properties being sold.</li>
<li>There were a series of lease signings and extensions within the December quarter. Most notably were the extensions for the property in Poland and Wisconsin</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/iberdrola-avangrid-logical-move?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Iberdrola/Avangrid: Logical Move </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/493/original/image_85498272631709917159332.png?1709917160"/> <ul>
<li>
<a data-smartkarma-citation="entities:21276:1" href="https://www.smartkarma.com/entities/iberdrola-sa" rel="noopener" target="_blank">Iberdrola SA (IBE SM)</a> launches a $34.25/share cash offer to acquire the minorities (18.4%) in its US subsidiary <a data-smartkarma-citation="entities:26503:1" href="https://www.smartkarma.com/entities/avangrid-inc" rel="noopener" target="_blank">Avangrid (AGR US)</a>. Premium is 6.8%, and the cost c. $2.5 billion.</li>
<li>The market was awaiting this move since the cancellation of the PNM deal, which explains the recent rise in the share price of Avangrid.</li>
<li>Gross spread is 4.5%. It seems investors are buying in the hope of an offer sweetening, knowing that Iberdrola has some cash available to spend from the profitable Mexico exit.</li>
</ul>2024-03-09T03:00:19+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ADSK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "COO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ESTC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "VALUE"}, {"term": "NORTH AMERICA"}, {"term": "@NLOP@US"}, {"term": "WPC@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "UTILITIES"}, {"term": "ARBITRAGE"}, {"term": "NORTH AMERICA"}, {"term": "AGR@US"}, {"term": "PNM@US"}, {"term": "IBE@SM"}, {"term": "ADSK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "COO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ESTC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WPC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "IBE@SM", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/20066ebc-c3ab-393d-a40c-248ce32b0f94Brief USA: Portfolio Watch: Sea of cyclical green and more2024-03-28T22:17:23.275204+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/portfolio-watch-sea-of-cyclical-green?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Portfolio Watch: Sea of cyclical green</a></li><li><a href="https://www.smartkarma.com/insights/karuna-therapeutics-is-the-bidding-battle-underway?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Karuna Therapeutics: Is The Bidding Battle Underway?</a></li><li><a href="https://www.smartkarma.com/insights/after-bitcoin-s-stunning-rally-what-next?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">After Bitcoin’s Stunning Rally. What Next?</a></li><li><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-wireline-telecommunications-services-weekly-sector-review-c26232a0-954e-499a-b3f4-419097d1de98?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Telco - Overall - Telecommunications Services</a></li><li><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-95a4a1a9-17eb-46ed-9366-9c771829bec6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">RJ Annual IIC Takeaways</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/portfolio-watch-sea-of-cyclical-green?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Portfolio Watch: Sea of cyclical green </a></h3><p></p><ul><li>Welcome to our latest edition of Portfolio Watch, our weekly deep-dive into prevailing market trends and our portfolio strategies.</li><li>In this updated iteration of our series, we’ll explore the latest updates in both our Macro Alpha Portfolio and our Digital Assets Portfolio.</li><li>Additionally, we’re excited to announce that we’re just about ready to introduce to you our quantitative portfolio.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/karuna-therapeutics-is-the-bidding-battle-underway?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Karuna Therapeutics: Is The Bidding Battle Underway? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/466/original/image_81010279421709908468484.png?1709908471"/> <ul>
<li>In December 2023, American multinational pharmaceutical company Bristol Myers Squibb has agreed to acquire Karuna Therapeutics for $330 per share in cash, implying a total equity value of $14B.</li>
<li>The special meeting of Karuna’s shareholders to be held on March 12, 2023, to consider and vote on various proposals necessary to approve upcoming M&A deal.</li>
<li>I expect the bidding battle among big pharma to acquire Karuna Therapeutics and its valuable pipeline of transformative medicines to treat schizophrenia and psychosis in Alzheimer’s disease.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/after-bitcoin-s-stunning-rally-what-next?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. After Bitcoin’s Stunning Rally. What Next? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/457/original/image_66182735161709906553917.png?1709906551"/> <ul>
<li>BTC tailwinds remain strong with strong ETF demand driving spot buying. </li>
<li>Volatile price action last week caused sharp liquidations and flushed leverage from BTC markets, since then, BTC has traded in a narrowing range</li>
<li>During periods of consolidation, BTC/ETH spread has favored ETH and during sharp moves, it has favored BTC. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-wireline-telecommunications-services-weekly-sector-review-c26232a0-954e-499a-b3f4-419097d1de98?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Telco - Overall - Telecommunications Services </a></h3><p></p><ul><li>Table 1 - Relevant IndicesSource: Factset & Raymond James ResearchAttendance at one or more of these events may be limited.</li><li>For additional details, including registration for any of the above, please contact your Raymond James sales representative.This Week in TelecomWe spent most of this week down in Orlando for the Raymond James Institutional Investors Conference (IIC), the firm’s annual flagship event that is widely regarded as the premier generalist conference on Wall Street and one of the last of its kind today.</li><li>We met with C-level executives from AKAM, CCOI, DY, FSLY, FYBR, and LUMN and both the company fireside presentations and breakout sessions were well-attended all three days.The consensus among our presenting telco and fiber-oriented players was that despite the pace of rate hikes over the prior 18 months, the goals of fiber construction by the larger players remains intact, with permitting and other issues being the largest swing factors in carriers meeting their objectives.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-95a4a1a9-17eb-46ed-9366-9c771829bec6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. RJ Annual IIC Takeaways </a></h3><p></p><ul><li>CACI – CEO, John Mengucci, presented to a full room in our 45th Raymond James Institutional Investors Conference in a fireside chat format.</li><li>Key takeaways are as follows:CACI Looks CR Resilient – government customers are still spending despite budget uncertainty due to the broader geopolitical environment.</li><li>Defense spending is proving to be bipartisan and there is still substantial total government spend available even if budgets face cuts.Deep customer relationships strengthens the moat - CACI differentiates itself in the government services space by having transitioned over the past decade from mainly providing expertise to now being ~55% focused on delivering Technology solutions, investing ahead of customer needs, and bringing mission critical software capabilities that can rapidly adapt to evolving threats.Updates on large contract wins – Several large contract wins are ramping up at different paces based on the nature of the work - with Expertise jobs ramping quickly (classified Cyber).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/portfolio-watch-sea-of-cyclical-green?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Portfolio Watch: Sea of cyclical green</a></li><li><a href="https://www.smartkarma.com/insights/karuna-therapeutics-is-the-bidding-battle-underway?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Karuna Therapeutics: Is The Bidding Battle Underway?</a></li><li><a href="https://www.smartkarma.com/insights/after-bitcoin-s-stunning-rally-what-next?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">After Bitcoin’s Stunning Rally. What Next?</a></li><li><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-wireline-telecommunications-services-weekly-sector-review-c26232a0-954e-499a-b3f4-419097d1de98?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Telco - Overall - Telecommunications Services</a></li><li><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-95a4a1a9-17eb-46ed-9366-9c771829bec6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">RJ Annual IIC Takeaways</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/portfolio-watch-sea-of-cyclical-green?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Portfolio Watch: Sea of cyclical green </a></h3><p></p><ul><li>Welcome to our latest edition of Portfolio Watch, our weekly deep-dive into prevailing market trends and our portfolio strategies.</li><li>In this updated iteration of our series, we’ll explore the latest updates in both our Macro Alpha Portfolio and our Digital Assets Portfolio.</li><li>Additionally, we’re excited to announce that we’re just about ready to introduce to you our quantitative portfolio.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/karuna-therapeutics-is-the-bidding-battle-underway?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Karuna Therapeutics: Is The Bidding Battle Underway? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/466/original/image_81010279421709908468484.png?1709908471"/> <ul>
<li>In December 2023, American multinational pharmaceutical company Bristol Myers Squibb has agreed to acquire Karuna Therapeutics for $330 per share in cash, implying a total equity value of $14B.</li>
<li>The special meeting of Karuna’s shareholders to be held on March 12, 2023, to consider and vote on various proposals necessary to approve upcoming M&A deal.</li>
<li>I expect the bidding battle among big pharma to acquire Karuna Therapeutics and its valuable pipeline of transformative medicines to treat schizophrenia and psychosis in Alzheimer’s disease.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/after-bitcoin-s-stunning-rally-what-next?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. After Bitcoin’s Stunning Rally. What Next? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/457/original/image_66182735161709906553917.png?1709906551"/> <ul>
<li>BTC tailwinds remain strong with strong ETF demand driving spot buying. </li>
<li>Volatile price action last week caused sharp liquidations and flushed leverage from BTC markets, since then, BTC has traded in a narrowing range</li>
<li>During periods of consolidation, BTC/ETH spread has favored ETH and during sharp moves, it has favored BTC. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-wireline-telecommunications-services-weekly-sector-review-c26232a0-954e-499a-b3f4-419097d1de98?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Telco - Overall - Telecommunications Services </a></h3><p></p><ul><li>Table 1 - Relevant IndicesSource: Factset & Raymond James ResearchAttendance at one or more of these events may be limited.</li><li>For additional details, including registration for any of the above, please contact your Raymond James sales representative.This Week in TelecomWe spent most of this week down in Orlando for the Raymond James Institutional Investors Conference (IIC), the firm’s annual flagship event that is widely regarded as the premier generalist conference on Wall Street and one of the last of its kind today.</li><li>We met with C-level executives from AKAM, CCOI, DY, FSLY, FYBR, and LUMN and both the company fireside presentations and breakout sessions were well-attended all three days.The consensus among our presenting telco and fiber-oriented players was that despite the pace of rate hikes over the prior 18 months, the goals of fiber construction by the larger players remains intact, with permitting and other issues being the largest swing factors in carriers meeting their objectives.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-95a4a1a9-17eb-46ed-9366-9c771829bec6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. RJ Annual IIC Takeaways </a></h3><p></p><ul><li>CACI – CEO, John Mengucci, presented to a full room in our 45th Raymond James Institutional Investors Conference in a fireside chat format.</li><li>Key takeaways are as follows:CACI Looks CR Resilient – government customers are still spending despite budget uncertainty due to the broader geopolitical environment.</li><li>Defense spending is proving to be bipartisan and there is still substantial total government spend available even if budgets face cuts.Deep customer relationships strengthens the moat - CACI differentiates itself in the government services space by having transitioned over the past decade from mainly providing expertise to now being ~55% focused on delivering Technology solutions, investing ahead of customer needs, and bringing mission critical software capabilities that can rapidly adapt to evolving threats.Updates on large contract wins – Several large contract wins are ramping up at different paces based on the nature of the work - with Expertise jobs ramping quickly (classified Cyber).</li></ul>2024-03-09T01:16:19+08:00[{"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SOL@CURNCY"}, {"term": "XETUSD@CURNCY"}, {"term": "CL1@COM@COMDTY"}, {"term": "EWY@US"}, {"term": "XLB@US"}, {"term": "USDSEK@CURNCY"}, {"term": "USDKRW@CURNCY"}, {"term": "COPPER@COMDTY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "KRTX@US"}, {"term": "ABBV@US"}, {"term": "BMY@US"}, {"term": "ALKS@US"}, {"term": "CERE@US"}, {"term": "JNJ@US"}, {"term": "LLY@US"}, {"term": "NVS@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "XBTUSD@CURNCY"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CMCSA@US"}, {"term": "WOW@US"}, {"term": "DBRG@US"}, {"term": "AKAM@US"}, {"term": "SBAC@US"}, {"term": "USM@US"}, {"term": "CCI@US"}, {"term": "TMUS@US"}, {"term": "LUMN@US"}, {"term": "SHEN@US"}, {"term": "WBD@US"}, {"term": "EQIX@US"}, {"term": "FSLY@US"}, {"term": "PARA@US"}, {"term": "VZ@US"}, {"term": "CABO@US"}, {"term": "DIS@US"}, {"term": "DY@US"}, {"term": "FYBR@US"}, {"term": "ATUS@US"}, {"term": "CCOI@US"}, {"term": "GDS@US"}, {"term": "AMT@US"}, {"term": "NFLX@US"}, {"term": "DLR@US"}, {"term": "T@US"}, {"term": "CHTR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CACI@US"}, {"term": "COPPER@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NVS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XBTUSD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CHTR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CACI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/27c3e564-1155-3cda-8666-2ca738b72cc2Brief USA: RJ Annual IIC Takeaways and more2024-03-28T22:17:23.266199+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-36ab3dcb-d3f2-4fb5-9649-044a98844a37?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">RJ Annual IIC Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/reaffirm-outperform-raising-estimates-and-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reaffirm Outperform; Raising Estimates and Price Target</a></li><li><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-63f95b3e-3427-42a0-8f32-4f2876d46b69?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">RJ Annual IIC Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-cc5bca4e-ac08-479f-a555-eb4ad4da5fa0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">RJ Annual IIC Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">RJ Annual IIC Takeaways</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-36ab3dcb-d3f2-4fb5-9649-044a98844a37?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. RJ Annual IIC Takeaways </a></h3><p></p><ul><li>CRNC – CTO, Iqbal Arshad and VP of IR Richard Yerganian, presented to a full room in our 45th Raymond James Institutional Investors Conference in a fireside chat format.</li><li>Key takeaways are as follows:Early mover advantage - with 20 years of technology history, Cerence has an early mover advantage due to its unique position of having automotive data, existing customers, and product distribution, allowing it to seamlessly upgrade current voice systems to LLM capabilities in a financially viable way that competitors cannot match.Untapped expansion in Auto space and IoT - Cerence believes there is huge untapped potential for their AI platform in the automotive space (paid by end user instead of OEM) and beyond in IoT devices - such as washing machine and other markets.Collaboration with VW on LLM model – the collaboration was announced during 2024 CES, and Volkswagen is in the middle of deploying the product which will be commercially available in 2Q. Cerence has seen significant demand and interest from customers to enable Chat Pro LLM voice systems in vehicles, though VW is the only public announcement so far.Chat Pro Monetization and differentiation – The Chat Pro product is part of the Connected services platform, a subscription service paid for by the OEM. CRNC is expanding from the current system to a more advanced one which includes AI agents.</li><li>Trials for these agents will start with customers next quarter, but full deployment will take some time.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/reaffirm-outperform-raising-estimates-and-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Reaffirm Outperform; Raising Estimates and Price Target </a></h3><p></p><ul><li>We reaffirm our Outperform rating and increase our target to $820 following Costco’s F2Q24 earnings and management conference call.</li><li>Costco’s F2Q comps and EPS were above consensus expectations, while EBIT was modestly below expectations.</li><li>With COST up ~21% YTD (versus the & S&P 500 at +9%) and ~43% over the last 6 months, we are not surprised to see a little pullback following F2Q’s results.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-63f95b3e-3427-42a0-8f32-4f2876d46b69?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. RJ Annual IIC Takeaways </a></h3><p></p><ul><li>VVX – Chuck Prow, CEO, presented to a full room the day after the company’s strong print and guide, which set a foundation for interesting conversation about the direction of the company, growth profile, and value creation.</li><li>We have the following key takeaways:Value Creation Flywheel.</li><li>We heard positive investor feedback on management's rundown of the V2X value-creation flywheel with an investor focus on growth, profit generation, and strong cash flow.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-cc5bca4e-ac08-479f-a555-eb4ad4da5fa0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. RJ Annual IIC Takeaways </a></h3><p></p><ul><li>TRMB – Incoming CFO, Phil Sawarynski, presented to a full room in our 45th Raymond James Institutional Investors Conference.</li><li>Key takeaways are as follows:Transformative Business Model With Strong ARR. Throughout the years, Trimble has leveraged a legacy in positioning services and evolved that into more hardware and software oriented end solutions.</li><li>Its asset light business and strong recurring revenue ($2B of ARR and growing double digits) has added resilience and is manifesting higher cash flow.Strategy for Growth Through Connected Technology.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. RJ Annual IIC Takeaways </a></h3><p></p><ul><li>Rob Willett, CEO presented to a standing room only audience at the Raymond James Institutional Investors Conference and provided a detailed overview of the company’s end markets, TAM, recent trends, and growth prospects.</li><li>We have the following key takeaways:Key market overview.</li><li>Seeing stabilization in Logistics (grew q/q, flat y/y last Q) while growth prospects for semis and CE may be improving against easy comps.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-36ab3dcb-d3f2-4fb5-9649-044a98844a37?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">RJ Annual IIC Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/reaffirm-outperform-raising-estimates-and-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reaffirm Outperform; Raising Estimates and Price Target</a></li><li><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-63f95b3e-3427-42a0-8f32-4f2876d46b69?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">RJ Annual IIC Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-cc5bca4e-ac08-479f-a555-eb4ad4da5fa0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">RJ Annual IIC Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">RJ Annual IIC Takeaways</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-36ab3dcb-d3f2-4fb5-9649-044a98844a37?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. RJ Annual IIC Takeaways </a></h3><p></p><ul><li>CRNC – CTO, Iqbal Arshad and VP of IR Richard Yerganian, presented to a full room in our 45th Raymond James Institutional Investors Conference in a fireside chat format.</li><li>Key takeaways are as follows:Early mover advantage - with 20 years of technology history, Cerence has an early mover advantage due to its unique position of having automotive data, existing customers, and product distribution, allowing it to seamlessly upgrade current voice systems to LLM capabilities in a financially viable way that competitors cannot match.Untapped expansion in Auto space and IoT - Cerence believes there is huge untapped potential for their AI platform in the automotive space (paid by end user instead of OEM) and beyond in IoT devices - such as washing machine and other markets.Collaboration with VW on LLM model – the collaboration was announced during 2024 CES, and Volkswagen is in the middle of deploying the product which will be commercially available in 2Q. Cerence has seen significant demand and interest from customers to enable Chat Pro LLM voice systems in vehicles, though VW is the only public announcement so far.Chat Pro Monetization and differentiation – The Chat Pro product is part of the Connected services platform, a subscription service paid for by the OEM. CRNC is expanding from the current system to a more advanced one which includes AI agents.</li><li>Trials for these agents will start with customers next quarter, but full deployment will take some time.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/reaffirm-outperform-raising-estimates-and-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Reaffirm Outperform; Raising Estimates and Price Target </a></h3><p></p><ul><li>We reaffirm our Outperform rating and increase our target to $820 following Costco’s F2Q24 earnings and management conference call.</li><li>Costco’s F2Q comps and EPS were above consensus expectations, while EBIT was modestly below expectations.</li><li>With COST up ~21% YTD (versus the & S&P 500 at +9%) and ~43% over the last 6 months, we are not surprised to see a little pullback following F2Q’s results.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-63f95b3e-3427-42a0-8f32-4f2876d46b69?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. RJ Annual IIC Takeaways </a></h3><p></p><ul><li>VVX – Chuck Prow, CEO, presented to a full room the day after the company’s strong print and guide, which set a foundation for interesting conversation about the direction of the company, growth profile, and value creation.</li><li>We have the following key takeaways:Value Creation Flywheel.</li><li>We heard positive investor feedback on management's rundown of the V2X value-creation flywheel with an investor focus on growth, profit generation, and strong cash flow.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways-cc5bca4e-ac08-479f-a555-eb4ad4da5fa0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. RJ Annual IIC Takeaways </a></h3><p></p><ul><li>TRMB – Incoming CFO, Phil Sawarynski, presented to a full room in our 45th Raymond James Institutional Investors Conference.</li><li>Key takeaways are as follows:Transformative Business Model With Strong ARR. Throughout the years, Trimble has leveraged a legacy in positioning services and evolved that into more hardware and software oriented end solutions.</li><li>Its asset light business and strong recurring revenue ($2B of ARR and growing double digits) has added resilience and is manifesting higher cash flow.Strategy for Growth Through Connected Technology.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/rj-annual-iic-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. RJ Annual IIC Takeaways </a></h3><p></p><ul><li>Rob Willett, CEO presented to a standing room only audience at the Raymond James Institutional Investors Conference and provided a detailed overview of the company’s end markets, TAM, recent trends, and growth prospects.</li><li>We have the following key takeaways:Key market overview.</li><li>Seeing stabilization in Logistics (grew q/q, flat y/y last Q) while growth prospects for semis and CE may be improving against easy comps.</li></ul>2024-03-08T21:45:22+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CRNC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "COST@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VVX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TRMB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CGNX@US"}, {"term": "CRNC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "COST@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VVX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TRMB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CGNX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/93234401-1a19-3692-8345-9ec9b4800518Brief USA: Commodities - Overall - Raymond James Energy Daily Update and more2024-03-28T22:17:23.258063+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-736bb0e0-cbc1-4019-bc56-c6821f3fd89d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/media-integrated-digital-media-the-rj-level-up-interactive-entertainment-monthly-february-2024-data-recap?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Media - Integrated - Digital Media</a></li><li><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-these-two-all-time-highs-are-no-coincidence?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Weekly Market Monitor – These Two All-Time Highs Are No Coincidence!</a></li><li><a href="https://www.smartkarma.com/insights/the-j-m-smucker-company-initiation-of-coverage-core-business-strategy-5-key-performance-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The J. M. Smucker Company: Initiation Of Coverage - Core Business Strategy & 5 Key Performance Drivers - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/ovintiv-inc-initiation-of-coverage-4-biggest-factors-driving-its-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ovintiv Inc.: Initiation Of Coverage: 4 Biggest Factors Driving Its Growth! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-736bb0e0-cbc1-4019-bc56-c6821f3fd89d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYYesterday’s big headline on the geopolitical front – Sweden became NATO’s 32nd member – is not an energy story in a strict sense, but it needs to be seen in the context of Europe’s (largely successful) efforts to disentangle from dependence on Russian energy supply.</li><li>As we wrote in our recent report on the second year of Russia’s war in Ukraine, Europe has near-record natural gas inventories and prices lower than at any point during the war.</li><li>Gas prices are, to state the obvious, also historically low in the U.S. market.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/media-integrated-digital-media-the-rj-level-up-interactive-entertainment-monthly-february-2024-data-recap?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Media - Integrated - Digital Media </a></h3><p></p><ul><li>Third-party data neutral to slightly positive overall from an engagement perspective in February.</li><li>The high end of the gaming market still appears to be driving strength, as the much-discussed engagement consolidation continues apace.</li><li>The outlook for mobile is also starting to improve, with our companies posting neutral-to-positive mobile data following an extended downturn brought about by macro weakness and Apple’s ATT changes.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-these-two-all-time-highs-are-no-coincidence?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. The Weekly Market Monitor – These Two All-Time Highs Are No Coincidence! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/450/original/image?1709901937"/> <ul>
<li>Bitcoin AND gold made new all-time highs, which is by no means a coincidence. Gold’s market cap is now over USD 16 trillion, which is important for two reasons.</li>
<li>The Fed has multiple reasons to cut rates even though GDP growth is resilient, including bank defaults, the commercial real estate crisis, and evaporating liquidity.</li>
<li>The ECB should cut rates, too; it runs the risk of getting in on the action too late.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-j-m-smucker-company-initiation-of-coverage-core-business-strategy-5-key-performance-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The J. M. Smucker Company: Initiation Of Coverage - Core Business Strategy & 5 Key Performance Drivers - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on food and beverage major, J. M. Smucker.</li><li>In its 3rd quarter earnings for fiscal year 2024, J. M. Smucker Company (Smucker) effectively outlined promising growth indicators across its portfolio, validated the strategic maneuvering of its product mix, and reaffirmed confidence in its forecasting.</li><li>On the surface, company executives displayed a marginal optimism, with the company reporting 6% comparable sales growth.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ovintiv-inc-initiation-of-coverage-4-biggest-factors-driving-its-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Ovintiv Inc.: Initiation Of Coverage: 4 Biggest Factors Driving Its Growth! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on Ovintiv Inc, a leading producer of oil, condensate, and natural gas.</li><li>The company's fiscal performance in 2023 was commendable, with its operational success translating into stellar financial results, a net income of $2.1 billion, and a cash flow of $3.9 billion.</li><li>The company's capital investment during the year was $2.7 billion, generating a free cash flow of around $1.2 billion.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-736bb0e0-cbc1-4019-bc56-c6821f3fd89d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/media-integrated-digital-media-the-rj-level-up-interactive-entertainment-monthly-february-2024-data-recap?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Media - Integrated - Digital Media</a></li><li><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-these-two-all-time-highs-are-no-coincidence?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Weekly Market Monitor – These Two All-Time Highs Are No Coincidence!</a></li><li><a href="https://www.smartkarma.com/insights/the-j-m-smucker-company-initiation-of-coverage-core-business-strategy-5-key-performance-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The J. M. Smucker Company: Initiation Of Coverage - Core Business Strategy & 5 Key Performance Drivers - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/ovintiv-inc-initiation-of-coverage-4-biggest-factors-driving-its-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ovintiv Inc.: Initiation Of Coverage: 4 Biggest Factors Driving Its Growth! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-736bb0e0-cbc1-4019-bc56-c6821f3fd89d?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYYesterday’s big headline on the geopolitical front – Sweden became NATO’s 32nd member – is not an energy story in a strict sense, but it needs to be seen in the context of Europe’s (largely successful) efforts to disentangle from dependence on Russian energy supply.</li><li>As we wrote in our recent report on the second year of Russia’s war in Ukraine, Europe has near-record natural gas inventories and prices lower than at any point during the war.</li><li>Gas prices are, to state the obvious, also historically low in the U.S. market.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/media-integrated-digital-media-the-rj-level-up-interactive-entertainment-monthly-february-2024-data-recap?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Media - Integrated - Digital Media </a></h3><p></p><ul><li>Third-party data neutral to slightly positive overall from an engagement perspective in February.</li><li>The high end of the gaming market still appears to be driving strength, as the much-discussed engagement consolidation continues apace.</li><li>The outlook for mobile is also starting to improve, with our companies posting neutral-to-positive mobile data following an extended downturn brought about by macro weakness and Apple’s ATT changes.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-these-two-all-time-highs-are-no-coincidence?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. The Weekly Market Monitor – These Two All-Time Highs Are No Coincidence! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/450/original/image?1709901937"/> <ul>
<li>Bitcoin AND gold made new all-time highs, which is by no means a coincidence. Gold’s market cap is now over USD 16 trillion, which is important for two reasons.</li>
<li>The Fed has multiple reasons to cut rates even though GDP growth is resilient, including bank defaults, the commercial real estate crisis, and evaporating liquidity.</li>
<li>The ECB should cut rates, too; it runs the risk of getting in on the action too late.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-j-m-smucker-company-initiation-of-coverage-core-business-strategy-5-key-performance-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The J. M. Smucker Company: Initiation Of Coverage - Core Business Strategy & 5 Key Performance Drivers - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on food and beverage major, J. M. Smucker.</li><li>In its 3rd quarter earnings for fiscal year 2024, J. M. Smucker Company (Smucker) effectively outlined promising growth indicators across its portfolio, validated the strategic maneuvering of its product mix, and reaffirmed confidence in its forecasting.</li><li>On the surface, company executives displayed a marginal optimism, with the company reporting 6% comparable sales growth.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ovintiv-inc-initiation-of-coverage-4-biggest-factors-driving-its-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Ovintiv Inc.: Initiation Of Coverage: 4 Biggest Factors Driving Its Growth! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on Ovintiv Inc, a leading producer of oil, condensate, and natural gas.</li><li>The company's fiscal performance in 2023 was commendable, with its operational success translating into stellar financial results, a net income of $2.1 billion, and a cash flow of $3.9 billion.</li><li>The company's capital investment during the year was $2.7 billion, generating a free cash flow of around $1.2 billion.</li></ul>2024-03-08T21:30:05+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AMZN@US"}, {"term": "RBLX@US"}, {"term": "TTWO@US"}, {"term": "MSFT@US"}, {"term": "GOOG@US"}, {"term": "AAPL@US"}, {"term": "NFLX@US"}, {"term": "NVDA@US"}, {"term": "EA@US"}, {"term": "Cross Asset Strategy"}, {"term": "TURKEY"}, {"term": "EGYPT"}, {"term": "FRANCE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "SPX@INDEX"}, {"term": "CL1@COM@COMDTY"}, {"term": "@BNKSF@US"}, {"term": "GOLD@COMDTY"}, {"term": "XBTUSD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "SJM@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "OVV@US"}, {"term": "EA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XBTUSD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SJM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "OVV@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/8364f521-55e2-37d1-94c1-7a9f0d87c3cbBrief USA: EMCOR Group: Leveraging Prefabrication & Building Information Modeling (BIM) and more2024-03-28T22:17:23.245954+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/emcor-group-leveraging-prefabrication-building-information-modeling-bim?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EMCOR Group: Leveraging Prefabrication & Building Information Modeling (BIM)</a></li><li><a href="https://www.smartkarma.com/insights/monster-beverage-corporation-increasing-global-market-share-5-other-factors-catalyzing-growth-in-2024-or-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Monster Beverage Corporation: Increasing Global Market Share & 5 Other Factors Catalyzing Growth In 2024 Or Beyond! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/viatris-inc-strategic-expansion-into-key-therapeutic-verticals-6-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Viatris Inc.: Strategic Expansion Into Key Therapeutic Verticals & 6 Other Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/skechers-u-s-a-does-the-recovery-in-wholesale-orderbook-warrant-a-bullish-thesis-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Skechers U.S.A.: Does The Recovery In Wholesale Orderbook Warrant A Bullish Thesis? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/monolithic-power-systems-increasing-power-requirements-for-newly-introduced-ai-products-changing-the-game-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Monolithic Power Systems: Increasing Power Requirements for Newly Introduced AI Products Changing The Game! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/emcor-group-leveraging-prefabrication-building-information-modeling-bim?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. EMCOR Group: Leveraging Prefabrication & Building Information Modeling (BIM) </a></h3><p></p><ul>
<li>The EMCOR Group reported an exceptional fourth quarter and a very strong 2023 overall.</li>
<li>Revenue for the fourth quarter was $3.44 billion with an operating margin of 8.4%, significantly exceeding expectations and indicating 16.2% organic revenue growth.</li>
<li>The total revenue for 2023 was $12.6 billion which demonstrates growth of 13.6% and was strictly organic in nature, with a 55% rise in operating income to $875.8 million for the year.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/monster-beverage-corporation-increasing-global-market-share-5-other-factors-catalyzing-growth-in-2024-or-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Monster Beverage Corporation: Increasing Global Market Share & 5 Other Factors Catalyzing Growth In 2024 Or Beyond! - Major Drivers </a></h3><p></p><ul><li>Monster Beverage Company's fourth quarter of 2023 was highlighted by record net sales of $1.73 billion, a 14.4% increase compared to $1.51 billion in the same period in 2022.</li><li>Gross profit for the quarter was 54.2% of net sales, up from 51.8% in the fourth quarter of 2022.</li><li>The increase in gross profit was primarily driven by pricing actions, lower freight-in costs, and decreased input costs.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/viatris-inc-strategic-expansion-into-key-therapeutic-verticals-6-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Viatris Inc.: Strategic Expansion Into Key Therapeutic Verticals & 6 Other Major Drivers </a></h3><p></p><ul><li>Viatris Inc.</li><li>reported its Q4 and Full Year 2023 Earnings with strong operational results, showing revenue growth for the third consecutive quarter.</li><li>As Viatris begins 2024, it continues to generate strong free cash flows that provide the flexibility to balance capital return to shareholders and strategic investments for future growth.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/skechers-u-s-a-does-the-recovery-in-wholesale-orderbook-warrant-a-bullish-thesis-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Skechers U.S.A.: Does The Recovery In Wholesale Orderbook Warrant A Bullish Thesis? - Major Drivers </a></h3><p></p><ul><li>Skechers ended the 2023 fiscal year on a high note, reaching an annual sales record of $8 billion, a $556 million increase compared to the prior year.</li><li>This milestone was the result of four quarterly sales records, including $1.96 billion for the fourth quarter.</li><li>The company also achieved an annual gross margin record of 51.9%.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/monolithic-power-systems-increasing-power-requirements-for-newly-introduced-ai-products-changing-the-game-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Monolithic Power Systems: Increasing Power Requirements for Newly Introduced AI Products Changing The Game! - Major Drivers </a></h3><p></p><ul><li>Monolithic Power Systems (MPS) enters 2024 with a cautiously optimistic outlook, following a record revenue of $1.82 billion for the full year of 2023, marking its 12th consecutive year of revenue growth.</li><li>The highlights of MPS' performance in 2023 were the consistent execution, continuous innovation, and robust customer focus.</li><li>However, the visibility beyond the current quarter remains limited due to uncertain customer ordering patterns reflecting overall economic uncertainty.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/emcor-group-leveraging-prefabrication-building-information-modeling-bim?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EMCOR Group: Leveraging Prefabrication & Building Information Modeling (BIM)</a></li><li><a href="https://www.smartkarma.com/insights/monster-beverage-corporation-increasing-global-market-share-5-other-factors-catalyzing-growth-in-2024-or-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Monster Beverage Corporation: Increasing Global Market Share & 5 Other Factors Catalyzing Growth In 2024 Or Beyond! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/viatris-inc-strategic-expansion-into-key-therapeutic-verticals-6-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Viatris Inc.: Strategic Expansion Into Key Therapeutic Verticals & 6 Other Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/skechers-u-s-a-does-the-recovery-in-wholesale-orderbook-warrant-a-bullish-thesis-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Skechers U.S.A.: Does The Recovery In Wholesale Orderbook Warrant A Bullish Thesis? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/monolithic-power-systems-increasing-power-requirements-for-newly-introduced-ai-products-changing-the-game-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Monolithic Power Systems: Increasing Power Requirements for Newly Introduced AI Products Changing The Game! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/emcor-group-leveraging-prefabrication-building-information-modeling-bim?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. EMCOR Group: Leveraging Prefabrication & Building Information Modeling (BIM) </a></h3><p></p><ul>
<li>The EMCOR Group reported an exceptional fourth quarter and a very strong 2023 overall.</li>
<li>Revenue for the fourth quarter was $3.44 billion with an operating margin of 8.4%, significantly exceeding expectations and indicating 16.2% organic revenue growth.</li>
<li>The total revenue for 2023 was $12.6 billion which demonstrates growth of 13.6% and was strictly organic in nature, with a 55% rise in operating income to $875.8 million for the year.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/monster-beverage-corporation-increasing-global-market-share-5-other-factors-catalyzing-growth-in-2024-or-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Monster Beverage Corporation: Increasing Global Market Share & 5 Other Factors Catalyzing Growth In 2024 Or Beyond! - Major Drivers </a></h3><p></p><ul><li>Monster Beverage Company's fourth quarter of 2023 was highlighted by record net sales of $1.73 billion, a 14.4% increase compared to $1.51 billion in the same period in 2022.</li><li>Gross profit for the quarter was 54.2% of net sales, up from 51.8% in the fourth quarter of 2022.</li><li>The increase in gross profit was primarily driven by pricing actions, lower freight-in costs, and decreased input costs.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/viatris-inc-strategic-expansion-into-key-therapeutic-verticals-6-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Viatris Inc.: Strategic Expansion Into Key Therapeutic Verticals & 6 Other Major Drivers </a></h3><p></p><ul><li>Viatris Inc.</li><li>reported its Q4 and Full Year 2023 Earnings with strong operational results, showing revenue growth for the third consecutive quarter.</li><li>As Viatris begins 2024, it continues to generate strong free cash flows that provide the flexibility to balance capital return to shareholders and strategic investments for future growth.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/skechers-u-s-a-does-the-recovery-in-wholesale-orderbook-warrant-a-bullish-thesis-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Skechers U.S.A.: Does The Recovery In Wholesale Orderbook Warrant A Bullish Thesis? - Major Drivers </a></h3><p></p><ul><li>Skechers ended the 2023 fiscal year on a high note, reaching an annual sales record of $8 billion, a $556 million increase compared to the prior year.</li><li>This milestone was the result of four quarterly sales records, including $1.96 billion for the fourth quarter.</li><li>The company also achieved an annual gross margin record of 51.9%.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/monolithic-power-systems-increasing-power-requirements-for-newly-introduced-ai-products-changing-the-game-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Monolithic Power Systems: Increasing Power Requirements for Newly Introduced AI Products Changing The Game! - Major Drivers </a></h3><p></p><ul><li>Monolithic Power Systems (MPS) enters 2024 with a cautiously optimistic outlook, following a record revenue of $1.82 billion for the full year of 2023, marking its 12th consecutive year of revenue growth.</li><li>The highlights of MPS' performance in 2023 were the consistent execution, continuous innovation, and robust customer focus.</li><li>However, the visibility beyond the current quarter remains limited due to uncertain customer ordering patterns reflecting overall economic uncertainty.</li></ul>2024-03-08T15:09:15+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "EME@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MNST@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "VTRS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "SKX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MPWR@US"}, {"term": "EME@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MNST@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VTRS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SKX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MPWR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/709eef16-e3d8-39e7-bdda-533758a0415eBrief USA: Duolingo Inc.: Expansion Into New Areas Of Learning And 5 Major Drivers and more2024-03-28T22:17:23.237468+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/duolingo-inc-expansion-into-new-areas-of-learning-and-5-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Duolingo Inc.: Expansion Into New Areas Of Learning And 5 Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/dell-technologies-how-is-the-rising-artificial-intelligence-ai-demand-impacting-its-performance-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dell Technologies: How Is The Rising Artificial Intelligence (AI) Demand Impacting Its Performance? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/permian-resources-corporation-initiation-of-coverage-5-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Permian Resources Corporation: Initiation Of Coverage - 5 Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/paramount-global-are-the-effective-distribution-deals-changing-its-game-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Paramount Global: Are The Effective Distribution Deals Changing Its Game? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/enterprise-products-partners-l-p-is-there-a-potential-increase-in-bahia-s-volumes-that-could-drive-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Enterprise Products Partners L.P.: Is There A Potential Increase in Bahia's Volumes That Could Drive Growth? - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/duolingo-inc-expansion-into-new-areas-of-learning-and-5-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Duolingo Inc.: Expansion Into New Areas Of Learning And 5 Major Drivers </a></h3><p></p><ul><li>In Q4, Duolingo accomplished strong performances in both user growth and financial results last year.</li><li>CEO, Luis von Ahn, pointed out that the company scaled its product exponentially, resulting in a robust growth rate surpassing set expectation.</li><li>Adding over 13 points of adjusted EBITDA margin in 2023, Duolingo demonstrated its ability to leverage operations effectively and transform its product into a profitable business model.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/dell-technologies-how-is-the-rising-artificial-intelligence-ai-demand-impacting-its-performance-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Dell Technologies: How Is The Rising Artificial Intelligence (AI) Demand Impacting Its Performance? - Major Drivers </a></h3><p></p><ul><li>As per the recent earnings, Dell Technologies Inc.</li><li>marked a revenue of $88.4 billion for the Fiscal Year 2024.</li><li>The result reflects a decrease from the company's previous year's revenue growth; however, Dell's operating income was $7.7 billion, and its Earnings Per Share was $7.13, reflecting disciplined financial management.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/permian-resources-corporation-initiation-of-coverage-5-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Permian Resources Corporation: Initiation Of Coverage - 5 Major Drivers </a></h3><p></p><ul><li>This is our first report on Permian Resources, a Delaware-based independent oil and natural gas company.</li><li>The company reported its Q4 and full-year 2023 earnings with significant growth and progress.</li><li>The company finished the year delivering industry-leading returns, exceeding both internal and external expectations.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/paramount-global-are-the-effective-distribution-deals-changing-its-game-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Paramount Global: Are The Effective Distribution Deals Changing Its Game? - Major Drivers </a></h3><p></p><ul><li>Paramount Global's Q4 2023 Earnings demonstrated the company's strategy in a dynamic and challenging industry.</li><li>Despite facing two labor strikes, a challenging macroeconomic environment and constant evolution within the media industry, Paramount Global successfully capitalized on these obstacles to position itself for significant growth in company earnings and free cash flow for 2024.</li><li>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.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/enterprise-products-partners-l-p-is-there-a-potential-increase-in-bahia-s-volumes-that-could-drive-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Enterprise Products Partners L.P.: Is There A Potential Increase in Bahia's Volumes That Could Drive Growth? - Key Drivers </a></h3><p></p><ul><li>Enterprise Products Partners L.P. displayed robust financial and operational achievements in 2023.</li><li>The company's distributable cash flow touched $7.6 billion, contributing to a 1.7x coverage and retained $3.2 billion.</li><li>The year 2023 saw Enterprise products set nine financial records and thirteen operating records.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/duolingo-inc-expansion-into-new-areas-of-learning-and-5-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Duolingo Inc.: Expansion Into New Areas Of Learning And 5 Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/dell-technologies-how-is-the-rising-artificial-intelligence-ai-demand-impacting-its-performance-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dell Technologies: How Is The Rising Artificial Intelligence (AI) Demand Impacting Its Performance? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/permian-resources-corporation-initiation-of-coverage-5-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Permian Resources Corporation: Initiation Of Coverage - 5 Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/paramount-global-are-the-effective-distribution-deals-changing-its-game-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Paramount Global: Are The Effective Distribution Deals Changing Its Game? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/enterprise-products-partners-l-p-is-there-a-potential-increase-in-bahia-s-volumes-that-could-drive-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Enterprise Products Partners L.P.: Is There A Potential Increase in Bahia's Volumes That Could Drive Growth? - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/duolingo-inc-expansion-into-new-areas-of-learning-and-5-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Duolingo Inc.: Expansion Into New Areas Of Learning And 5 Major Drivers </a></h3><p></p><ul><li>In Q4, Duolingo accomplished strong performances in both user growth and financial results last year.</li><li>CEO, Luis von Ahn, pointed out that the company scaled its product exponentially, resulting in a robust growth rate surpassing set expectation.</li><li>Adding over 13 points of adjusted EBITDA margin in 2023, Duolingo demonstrated its ability to leverage operations effectively and transform its product into a profitable business model.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/dell-technologies-how-is-the-rising-artificial-intelligence-ai-demand-impacting-its-performance-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Dell Technologies: How Is The Rising Artificial Intelligence (AI) Demand Impacting Its Performance? - Major Drivers </a></h3><p></p><ul><li>As per the recent earnings, Dell Technologies Inc.</li><li>marked a revenue of $88.4 billion for the Fiscal Year 2024.</li><li>The result reflects a decrease from the company's previous year's revenue growth; however, Dell's operating income was $7.7 billion, and its Earnings Per Share was $7.13, reflecting disciplined financial management.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/permian-resources-corporation-initiation-of-coverage-5-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Permian Resources Corporation: Initiation Of Coverage - 5 Major Drivers </a></h3><p></p><ul><li>This is our first report on Permian Resources, a Delaware-based independent oil and natural gas company.</li><li>The company reported its Q4 and full-year 2023 earnings with significant growth and progress.</li><li>The company finished the year delivering industry-leading returns, exceeding both internal and external expectations.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/paramount-global-are-the-effective-distribution-deals-changing-its-game-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Paramount Global: Are The Effective Distribution Deals Changing Its Game? - Major Drivers </a></h3><p></p><ul><li>Paramount Global's Q4 2023 Earnings demonstrated the company's strategy in a dynamic and challenging industry.</li><li>Despite facing two labor strikes, a challenging macroeconomic environment and constant evolution within the media industry, Paramount Global successfully capitalized on these obstacles to position itself for significant growth in company earnings and free cash flow for 2024.</li><li>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.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/enterprise-products-partners-l-p-is-there-a-potential-increase-in-bahia-s-volumes-that-could-drive-growth-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Enterprise Products Partners L.P.: Is There A Potential Increase in Bahia's Volumes That Could Drive Growth? - Key Drivers </a></h3><p></p><ul><li>Enterprise Products Partners L.P. displayed robust financial and operational achievements in 2023.</li><li>The company's distributable cash flow touched $7.6 billion, contributing to a 1.7x coverage and retained $3.2 billion.</li><li>The year 2023 saw Enterprise products set nine financial records and thirteen operating records.</li></ul>2024-03-08T15:00:43+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "DUOL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "DELL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "PR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "VIAB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "EPD@US"}, {"term": "DUOL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DELL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VIAB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EPD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/1b1104b4-b02d-32bc-afaa-10acc3ee3508Brief USA: HP Inc: Can Artificial Intelligence (AI) Enabled PCs Drive Phenomenal Growth In The Future? - Major Drivers and more2024-03-28T22:17:23.227579+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/hp-inc-can-artificial-intelligence-ai-enabled-pcs-drive-phenomenal-growth-in-the-future-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">HP Inc: Can Artificial Intelligence (AI) Enabled PCs Drive Phenomenal Growth In The Future? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/okta-inc-how-the-company-is-making-revolutionary-strides-in-cloud-delivered-cybersecurity-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Okta Inc.: How The Company Is Making Revolutionary Strides In Cloud-Delivered Cybersecurity! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/nutanix-inc-what-are-the-3-biggest-challenges-on-its-path-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Nutanix Inc.: What Are The 3 Biggest Challenges On Its Path? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/shift4-payments-inc-initiation-of-coverage-5-biggest-factors-driving-its-performance-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Shift4 Payments Inc.: Initiation Of Coverage - 5 Biggest Factors Driving Its Performance - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/commodity-shipping-watch-time-to-get-back-into-the-shipping-bets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodity & Shipping Watch: Time to get back into the shipping bets?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/hp-inc-can-artificial-intelligence-ai-enabled-pcs-drive-phenomenal-growth-in-the-future-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. HP Inc: Can Artificial Intelligence (AI) Enabled PCs Drive Phenomenal Growth In The Future? - Major Drivers </a></h3><p></p><ul><li>HP Inc.</li><li>reported its first quarter results in the fiscal year 2024 with a solid performance, managing through a volatile external environment that continues to impact demand across the industry, as noted by the CEO, Enrique Lores.</li><li>The net revenue was slightly down by 4% year-over-year, marking the third straight quarter of slowing revenue decline, which indicates possible market stabilization.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/okta-inc-how-the-company-is-making-revolutionary-strides-in-cloud-delivered-cybersecurity-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Okta Inc.: How The Company Is Making Revolutionary Strides In Cloud-Delivered Cybersecurity! - Major Drivers </a></h3><p></p><ul><li>In FY 24, Okta achieved record profitability and cash flow, highlighting strong financial performance that appears to be minimally impacted by a recent security incident.</li><li>In response to this incident, Okta has taken steps to reassess and strengthen its own infrastructure and launched the Okta Secure Identity Commitment.</li><li>This long-term commitment aims to lead the industry in the fight against identity attacks and includes initiatives such as Project Bedrock to harden systems and further strengthen products and services.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/nutanix-inc-what-are-the-3-biggest-challenges-on-its-path-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Nutanix Inc.: What Are The 3 Biggest Challenges On Its Path? - Major Drivers </a></h3><p></p><ul><li>Over the quarter, Nutanix reported record revenue of $565 million, which surpassed guidance expectations, as well as an impressive annual recurring revenue (ARR) increment of 26% YoY reaching $1.74 billion.</li><li>Besides solid financial performance, the company also accomplished its first GAAP operating profitability in Q2 which showcased the effective workings of their subscription model.</li><li>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.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/shift4-payments-inc-initiation-of-coverage-5-biggest-factors-driving-its-performance-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Shift4 Payments Inc.: Initiation Of Coverage - 5 Biggest Factors Driving Its Performance - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on payment processing player, Shift4 Payments.</li><li>The company's Q4 2023 earnings results indicate that the company continues to report significant growth amidst an unpredictable economic climate, demonstrating resilience and adaptability.</li><li>Over the past year, Shift4 scored record KPIs, expanded margins, increased cash flow and achieved synergy-rich acquisitions of Focus Pause, Finaro, and Appetize.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/commodity-shipping-watch-time-to-get-back-into-the-shipping-bets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Commodity & Shipping Watch: Time to get back into the shipping bets? </a></h3><p></p><ul><li>Negative roll yield killing BCOM returns, even as spot has performed OK</li><li>We need to see some serious stimulus out of China for broad commodities to rally</li><li>Macro data turning bullish in shipping and the Container output from Shanghai is showing signs of a STRONG rebound</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/hp-inc-can-artificial-intelligence-ai-enabled-pcs-drive-phenomenal-growth-in-the-future-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">HP Inc: Can Artificial Intelligence (AI) Enabled PCs Drive Phenomenal Growth In The Future? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/okta-inc-how-the-company-is-making-revolutionary-strides-in-cloud-delivered-cybersecurity-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Okta Inc.: How The Company Is Making Revolutionary Strides In Cloud-Delivered Cybersecurity! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/nutanix-inc-what-are-the-3-biggest-challenges-on-its-path-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Nutanix Inc.: What Are The 3 Biggest Challenges On Its Path? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/shift4-payments-inc-initiation-of-coverage-5-biggest-factors-driving-its-performance-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Shift4 Payments Inc.: Initiation Of Coverage - 5 Biggest Factors Driving Its Performance - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/commodity-shipping-watch-time-to-get-back-into-the-shipping-bets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodity & Shipping Watch: Time to get back into the shipping bets?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/hp-inc-can-artificial-intelligence-ai-enabled-pcs-drive-phenomenal-growth-in-the-future-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. HP Inc: Can Artificial Intelligence (AI) Enabled PCs Drive Phenomenal Growth In The Future? - Major Drivers </a></h3><p></p><ul><li>HP Inc.</li><li>reported its first quarter results in the fiscal year 2024 with a solid performance, managing through a volatile external environment that continues to impact demand across the industry, as noted by the CEO, Enrique Lores.</li><li>The net revenue was slightly down by 4% year-over-year, marking the third straight quarter of slowing revenue decline, which indicates possible market stabilization.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/okta-inc-how-the-company-is-making-revolutionary-strides-in-cloud-delivered-cybersecurity-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Okta Inc.: How The Company Is Making Revolutionary Strides In Cloud-Delivered Cybersecurity! - Major Drivers </a></h3><p></p><ul><li>In FY 24, Okta achieved record profitability and cash flow, highlighting strong financial performance that appears to be minimally impacted by a recent security incident.</li><li>In response to this incident, Okta has taken steps to reassess and strengthen its own infrastructure and launched the Okta Secure Identity Commitment.</li><li>This long-term commitment aims to lead the industry in the fight against identity attacks and includes initiatives such as Project Bedrock to harden systems and further strengthen products and services.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/nutanix-inc-what-are-the-3-biggest-challenges-on-its-path-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Nutanix Inc.: What Are The 3 Biggest Challenges On Its Path? - Major Drivers </a></h3><p></p><ul><li>Over the quarter, Nutanix reported record revenue of $565 million, which surpassed guidance expectations, as well as an impressive annual recurring revenue (ARR) increment of 26% YoY reaching $1.74 billion.</li><li>Besides solid financial performance, the company also accomplished its first GAAP operating profitability in Q2 which showcased the effective workings of their subscription model.</li><li>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.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/shift4-payments-inc-initiation-of-coverage-5-biggest-factors-driving-its-performance-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Shift4 Payments Inc.: Initiation Of Coverage - 5 Biggest Factors Driving Its Performance - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on payment processing player, Shift4 Payments.</li><li>The company's Q4 2023 earnings results indicate that the company continues to report significant growth amidst an unpredictable economic climate, demonstrating resilience and adaptability.</li><li>Over the past year, Shift4 scored record KPIs, expanded margins, increased cash flow and achieved synergy-rich acquisitions of Focus Pause, Finaro, and Appetize.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/commodity-shipping-watch-time-to-get-back-into-the-shipping-bets?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Commodity & Shipping Watch: Time to get back into the shipping bets? </a></h3><p></p><ul><li>Negative roll yield killing BCOM returns, even as spot has performed OK</li><li>We need to see some serious stimulus out of China for broad commodities to rally</li><li>Macro data turning bullish in shipping and the Container output from Shanghai is showing signs of a STRONG rebound</li></ul>2024-03-08T15:00:16+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "HPQ@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "OKTA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "NTNX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "FOUR@US"}, {"term": "Macroeconomics"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "NIGERIA"}, {"term": "QATAR"}, {"term": "KUWAIT"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "SAUDI ARABIA"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "COPPER@COMDTY"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "CL1@COM@COMDTY"}, {"term": "USDCNY@CURNCY"}, {"term": "CRB@CMDT@INDEX"}, {"term": "HPQ@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "OKTA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NTNX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FOUR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CRB@CMDT@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/ad1128cb-944b-3501-9c4e-d47f51adc971Brief USA: MariMed, Inc. - Poised for Growth in 2024 and more2024-03-28T22:17:23.221185+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/marimed-inc-poised-for-growth-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">MariMed, Inc. - Poised for Growth in 2024</a></li><li><a href="https://www.smartkarma.com/insights/culp-inc-3qfy24-operating-income-beats-lowered-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Culp, Inc. - 3QFY24 Operating Income Beats Lowered Estimates</a></li><li><a href="https://www.smartkarma.com/insights/celsius-ceo-explains-how-they-win-in-energy-drinks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Celsius CEO Explains How They Win in Energy Drinks</a></li><li><a href="https://www.smartkarma.com/insights/bancorp-inc-tbbk-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Bancorp Inc (TBBK) - Thursday, Dec 7, 2023</a></li><li><a href="https://www.smartkarma.com/insights/samsara-inc-iot-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Samsara Inc (IOT) - Thursday, Dec 7, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/marimed-inc-poised-for-growth-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. MariMed, Inc. - Poised for Growth in 2024 </a></h3><p></p><ul><li>MariMed reported 4Q revenue of $38.9 million, which was exactly in line with our estimate.</li><li>This represents a 0.26% increase Q/Q and an 8.66% improvement Y/Y. Gross margins were 44.47%, a gain of 1.80% sequentially and 0.34% Y/Y.</li><li>Revenue was helped by a full contribution from the Thrive Dispensary in Casey, Illinois and beginning operations at the Mt. Vernon, Illinois manufacturing facility. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/culp-inc-3qfy24-operating-income-beats-lowered-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Culp, Inc. - 3QFY24 Operating Income Beats Lowered Estimates </a></h3><p></p><ul><li>After the close on Wednesday, Culp reported a 3QFY24 operating loss of $1.7 million, which was better than our estimate of a loss of $2.2 million.</li><li>Consolidated sales were $60.4 million, roughly in line with our $60 million published estimate.</li><li>Culp continues to battle weak demand in both of its Culp Home Fashions (CHF, aka mattress fabrics) and Culp Upholstery Fabrics (CUF) segments.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/celsius-ceo-explains-how-they-win-in-energy-drinks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Celsius CEO Explains How They Win in Energy Drinks </a></h3><p></p><ul><li>Bloomberg Audio Studios podcasts Radio News with hosts Weisenthal and Tracy Alloway</li><li>Discussion on energy drinks like Celsius and their rise in popularity</li><li>Interview with John Fieldley, President and CEO of Celsius holdings, discussing the competitive energy drink market and distribution strategies</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/bancorp-inc-tbbk-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Bancorp Inc (TBBK) - Thursday, Dec 7, 2023 </a></h3><p></p><ul><li>Author recommends shorting TBBK due to stretched valuation, unsustainable earnings, vulnerable loan book, and signs of aggressive accounting</li><li>TBBK benefits from a cheap deposit base and generates revenue through transaction fees on prepaid cards and interest income from lending activities</li><li>TBBK competes with various financial institutions in specialty lending lines such as real estate bridge loans, SBLOC, IBLOC, advisor financing, small business loans, and direct lease financing</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/samsara-inc-iot-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Samsara Inc (IOT) - Thursday, Dec 7, 2023 </a></h3><p></p><ul><li>Samsara specializes in asset tracking and management with a focus on new-generation telematics devices for fleets, particularly heavy-duty trucks</li><li>Devices track positions, fuel usage, and speed to improve asset utilization and comply with DOT regulations on driver hours</li><li>Facing competition from Verizon's AI-enabled dash camera system, Samsara focuses on convincing fleet owners to switch to their telematics devices for improved performance and efficiency.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/marimed-inc-poised-for-growth-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">MariMed, Inc. - Poised for Growth in 2024</a></li><li><a href="https://www.smartkarma.com/insights/culp-inc-3qfy24-operating-income-beats-lowered-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Culp, Inc. - 3QFY24 Operating Income Beats Lowered Estimates</a></li><li><a href="https://www.smartkarma.com/insights/celsius-ceo-explains-how-they-win-in-energy-drinks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Celsius CEO Explains How They Win in Energy Drinks</a></li><li><a href="https://www.smartkarma.com/insights/bancorp-inc-tbbk-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Bancorp Inc (TBBK) - Thursday, Dec 7, 2023</a></li><li><a href="https://www.smartkarma.com/insights/samsara-inc-iot-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Samsara Inc (IOT) - Thursday, Dec 7, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/marimed-inc-poised-for-growth-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. MariMed, Inc. - Poised for Growth in 2024 </a></h3><p></p><ul><li>MariMed reported 4Q revenue of $38.9 million, which was exactly in line with our estimate.</li><li>This represents a 0.26% increase Q/Q and an 8.66% improvement Y/Y. Gross margins were 44.47%, a gain of 1.80% sequentially and 0.34% Y/Y.</li><li>Revenue was helped by a full contribution from the Thrive Dispensary in Casey, Illinois and beginning operations at the Mt. Vernon, Illinois manufacturing facility. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/culp-inc-3qfy24-operating-income-beats-lowered-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Culp, Inc. - 3QFY24 Operating Income Beats Lowered Estimates </a></h3><p></p><ul><li>After the close on Wednesday, Culp reported a 3QFY24 operating loss of $1.7 million, which was better than our estimate of a loss of $2.2 million.</li><li>Consolidated sales were $60.4 million, roughly in line with our $60 million published estimate.</li><li>Culp continues to battle weak demand in both of its Culp Home Fashions (CHF, aka mattress fabrics) and Culp Upholstery Fabrics (CUF) segments.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/celsius-ceo-explains-how-they-win-in-energy-drinks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Celsius CEO Explains How They Win in Energy Drinks </a></h3><p></p><ul><li>Bloomberg Audio Studios podcasts Radio News with hosts Weisenthal and Tracy Alloway</li><li>Discussion on energy drinks like Celsius and their rise in popularity</li><li>Interview with John Fieldley, President and CEO of Celsius holdings, discussing the competitive energy drink market and distribution strategies</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/bancorp-inc-tbbk-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Bancorp Inc (TBBK) - Thursday, Dec 7, 2023 </a></h3><p></p><ul><li>Author recommends shorting TBBK due to stretched valuation, unsustainable earnings, vulnerable loan book, and signs of aggressive accounting</li><li>TBBK benefits from a cheap deposit base and generates revenue through transaction fees on prepaid cards and interest income from lending activities</li><li>TBBK competes with various financial institutions in specialty lending lines such as real estate bridge loans, SBLOC, IBLOC, advisor financing, small business loans, and direct lease financing</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/samsara-inc-iot-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Samsara Inc (IOT) - Thursday, Dec 7, 2023 </a></h3><p></p><ul><li>Samsara specializes in asset tracking and management with a focus on new-generation telematics devices for fleets, particularly heavy-duty trucks</li><li>Devices track positions, fuel usage, and speed to improve asset utilization and comply with DOT regulations on driver hours</li><li>Facing competition from Verizon's AI-enabled dash camera system, Samsara focuses on convincing fleet owners to switch to their telematics devices for improved performance and efficiency.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>2024-03-08T06:13:48+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "MRMD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "CULP@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "CELH@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "TBBK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "IOT@US"}, {"term": "MRMD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CULP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CELH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TBBK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "IOT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/144aedbb-3b8a-362f-a783-55e97ef77370Brief USA: Shapeways Holdings Inc (SHPW) - Thursday, Dec 7, 2023 and more2024-03-28T22:17:23.211302+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/shapeways-holdings-inc-shpw-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Shapeways Holdings Inc (SHPW) - Thursday, Dec 7, 2023</a></li><li><a href="https://www.smartkarma.com/insights/crypto-moves-18-the-least-speculative-crypto-bull-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Moves #18 – The Least Speculative Crypto Bull Market</a></li><li><a href="https://www.smartkarma.com/insights/fx-snapshot-boc-holds-cad-holds-range?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Snapshot - BoC Holds, CAD Holds Range</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-usd-slips-before-powell-comments?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Daily - USD Slips Before Powell Comments</a></li><li><a href="https://www.smartkarma.com/insights/eur-rates-four-questions-going-into-the-ecb-meeting?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EUR rates: Four questions going into the ECB meeting</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/shapeways-holdings-inc-shpw-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Shapeways Holdings Inc (SHPW) - Thursday, Dec 7, 2023 </a></h3><p></p><ul><li>Shapeways is a publicly traded company offering a 3D printing platform for digital manufacturing</li><li>The company has faced financial challenges and declining stock price, but is working to reduce cash burn and explore strategic alternatives</li><li>Shapeways has a unique software platform and marketplace for 3D manufacturers, attracting investors and showing potential for growth in the future</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/crypto-moves-18-the-least-speculative-crypto-bull-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Crypto Moves #18 – The Least Speculative Crypto Bull Market </a></h3><p></p><ul><li>The cryptocurrency market is probably the most speculative, largely because it has not had enough time for price discovery, lacks consistent and measurable metrics, and has seen minimal institutional involvement.</li><li>The crypto market is unique for its overwhelming number of retail investors compared to institutional ones, a rarity in most other markets where institutions lead the way.</li><li>This dynamic has led to significant volatility, primarily driven by the emotional reactions of retail investors, more so than in any other market.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/fx-snapshot-boc-holds-cad-holds-range?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. FX Snapshot - BoC Holds, CAD Holds Range </a></h3><p></p><ul><li>There were no surprises in today’s Bank of Canada policy decision.</li><li>The Bank held the overnight rate at 5.00%, as was widely expected, but gave no indication that rate cuts were under consideration.</li><li>Running into today’s meeting, no-one realistically expected the Bank to ease policy.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/fx-daily-usd-slips-before-powell-comments?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. FX Daily - USD Slips Before Powell Comments </a></h3><p></p><ul><li>The USD is trading lower for a fourth day (so far) in succession, something we haven’t seen in terms of the USD’s broad performance since the end of last year.</li><li>The defensive tone in the USD reflects caution ahead of today’s comments from Fed chairman Powell who will deliver his semi-annual update on the economic and policy outlook to US lawmakers.</li><li>The chairman may not shed too much light on policy prospects, other than the stick with recent messaging from top FOMC officials that progress is being made on inflation but there is still more work to do—keeping rate cut risks at arm’s length for now. Cautious trading on the USD suggests market participants are concerned the chairman may be a little more forthcoming on rate cut prospects though. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/eur-rates-four-questions-going-into-the-ecb-meeting?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. EUR rates: Four questions going into the ECB meeting </a></h3><p></p><ul><li>Full ECB preview:ECB Watch: Not on the verge of cutting yetThe ECB staff projections for inflation are likely to be revised down, again.</li><li>This time to levels closer to 2% much sooner than in the December projections.</li><li>At the same time, the ECB’s pushback against too early rate cut expectations has worked well and markets now “only” price 90bp rate cuts this year, adding to the risk of a dovish interpretation of President Lagarde’s press conference even if the ECB’s baseline of a June rate cut is likely to be unchanged and in line with market pricing.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/shapeways-holdings-inc-shpw-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Shapeways Holdings Inc (SHPW) - Thursday, Dec 7, 2023</a></li><li><a href="https://www.smartkarma.com/insights/crypto-moves-18-the-least-speculative-crypto-bull-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Moves #18 – The Least Speculative Crypto Bull Market</a></li><li><a href="https://www.smartkarma.com/insights/fx-snapshot-boc-holds-cad-holds-range?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Snapshot - BoC Holds, CAD Holds Range</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-usd-slips-before-powell-comments?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Daily - USD Slips Before Powell Comments</a></li><li><a href="https://www.smartkarma.com/insights/eur-rates-four-questions-going-into-the-ecb-meeting?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EUR rates: Four questions going into the ECB meeting</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/shapeways-holdings-inc-shpw-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Shapeways Holdings Inc (SHPW) - Thursday, Dec 7, 2023 </a></h3><p></p><ul><li>Shapeways is a publicly traded company offering a 3D printing platform for digital manufacturing</li><li>The company has faced financial challenges and declining stock price, but is working to reduce cash burn and explore strategic alternatives</li><li>Shapeways has a unique software platform and marketplace for 3D manufacturers, attracting investors and showing potential for growth in the future</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/crypto-moves-18-the-least-speculative-crypto-bull-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Crypto Moves #18 – The Least Speculative Crypto Bull Market </a></h3><p></p><ul><li>The cryptocurrency market is probably the most speculative, largely because it has not had enough time for price discovery, lacks consistent and measurable metrics, and has seen minimal institutional involvement.</li><li>The crypto market is unique for its overwhelming number of retail investors compared to institutional ones, a rarity in most other markets where institutions lead the way.</li><li>This dynamic has led to significant volatility, primarily driven by the emotional reactions of retail investors, more so than in any other market.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/fx-snapshot-boc-holds-cad-holds-range?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. FX Snapshot - BoC Holds, CAD Holds Range </a></h3><p></p><ul><li>There were no surprises in today’s Bank of Canada policy decision.</li><li>The Bank held the overnight rate at 5.00%, as was widely expected, but gave no indication that rate cuts were under consideration.</li><li>Running into today’s meeting, no-one realistically expected the Bank to ease policy.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/fx-daily-usd-slips-before-powell-comments?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. FX Daily - USD Slips Before Powell Comments </a></h3><p></p><ul><li>The USD is trading lower for a fourth day (so far) in succession, something we haven’t seen in terms of the USD’s broad performance since the end of last year.</li><li>The defensive tone in the USD reflects caution ahead of today’s comments from Fed chairman Powell who will deliver his semi-annual update on the economic and policy outlook to US lawmakers.</li><li>The chairman may not shed too much light on policy prospects, other than the stick with recent messaging from top FOMC officials that progress is being made on inflation but there is still more work to do—keeping rate cut risks at arm’s length for now. Cautious trading on the USD suggests market participants are concerned the chairman may be a little more forthcoming on rate cut prospects though. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/eur-rates-four-questions-going-into-the-ecb-meeting?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. EUR rates: Four questions going into the ECB meeting </a></h3><p></p><ul><li>Full ECB preview:ECB Watch: Not on the verge of cutting yetThe ECB staff projections for inflation are likely to be revised down, again.</li><li>This time to levels closer to 2% much sooner than in the December projections.</li><li>At the same time, the ECB’s pushback against too early rate cut expectations has worked well and markets now “only” price 90bp rate cuts this year, adding to the risk of a dovish interpretation of President Lagarde’s press conference even if the ECB’s baseline of a June rate cut is likely to be unchanged and in line with market pricing.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>2024-03-08T06:03:02+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "SHPW@US"}, {"term": "Crypto"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "XETUSD@CURNCY"}, {"term": "XBTUSD@CURNCY"}, {"term": "XETUSD@CURNCY"}, {"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "USDCAD@CURNCY"}, {"term": "FX & Rates"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "EURUSD@CURNCY"}, {"term": "SHPW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XETUSD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USDCAD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EURUSD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/4122bb49-e8bb-3a05-8cd5-f0f0b0eb6a2cBrief USA: Global manufacturing PMI creeps back into expansion territory and more2024-03-28T22:17:23.204114+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/global-manufacturing-pmi-creeps-back-into-expansion-territory?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global manufacturing PMI creeps back into expansion territory</a></li><li><a href="https://www.smartkarma.com/insights/bbw-4q-preview-lining-up-for-a-solid-fy24-reiterate-buy-rating-41-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">BBW: 4Q Preview: Lining Up for A Solid FY24; Reiterate Buy Rating, $41 PT</a></li><li><a href="https://www.smartkarma.com/insights/nb-private-equity-partners-nbpe-value-creation-in-a-higher-rate-environment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">NB Private Equity Partners (NBPE): Value creation in a higher-rate environment</a></li><li><a href="https://www.smartkarma.com/insights/karuna-therapeutics-krtx-us-bms-acquisition-offers-decent-short-term-trading-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Karuna Therapeutics (KRTX US): BMS Acquisition Offers Decent Short-Term Trading Opportunity</a></li><li><a href="https://www.smartkarma.com/insights/agilent-technologies-stabilization-of-demand-in-china-5-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Agilent Technologies: Stabilization Of Demand In China & 5 Other Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/global-manufacturing-pmi-creeps-back-into-expansion-territory?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Global manufacturing PMI creeps back into expansion territory </a></h3><p></p><div><ul><li>Global manufacturing PMI rises to above neutral mark in February.</li><li>This is in line with our expectation of a bottoming out in global industry this year.</li><li>Impact of recent disturbances in global shipping seems to fade.</li></ul></div><div data-component-type="container"></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/bbw-4q-preview-lining-up-for-a-solid-fy24-reiterate-buy-rating-41-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. BBW: 4Q Preview: Lining Up for A Solid FY24; Reiterate Buy Rating, $41 PT </a></h3><p></p><ul><li>We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear with the company reporting 4QFY23 (January) results before the open next Thursday.</li><li>We believe the company has remained a key winner in the retailing space, and the launch of the Glisten and the Merry Mission movie turned into a solid driver in 4Q and should drive upside.</li><li>Further, although we expect management to be conservative with initial FY24 guidance, we believe the pieces remain fully in place for further top and bottom line growth going forward, as the company continues to shift the store base, expand internationally and via commercial relationships and roll out new characters and innovations.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/nb-private-equity-partners-nbpe-value-creation-in-a-higher-rate-environment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. NB Private Equity Partners (NBPE): Value creation in a higher-rate environment </a></h3><p></p><ul><li>In this note, we explore how the sources of value creation have evolved and how NBPE’s GP partners are expected to organically and inorganically generate incremental EBITDA growth to offset higher interest costs.</li><li>Long-term target returns for new deals on the NB platform are unchanged, despite the short-term interest rate noise.</li><li>This note builds on the drivers of historical superior EBITDA (see 2023 CMD: value creation from growing companies).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/karuna-therapeutics-krtx-us-bms-acquisition-offers-decent-short-term-trading-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Karuna Therapeutics (KRTX US): BMS Acquisition Offers Decent Short-Term Trading Opportunity </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/247/original/Pic%201.png?1709806990"/> <ul>
<li>
<a data-smartkarma-citation="entities:1133:1" href="https://www.smartkarma.com/entities/bristol-myers-squibb-co" rel="noopener" target="_blank">Bristol Myers Squibb Co (BMY US)</a> is acquiring <a data-smartkarma-citation="entities:28720:1" href="https://www.smartkarma.com/entities/karuna-therapeutics-inc" rel="noopener" target="_blank">Karuna Therapeutics Inc (KRTX US)</a> for $330/share in cash for equity value of ~$14B. The transaction is expected to close in 1H24. </li>
<li>Karuna’s lead asset, KarXT has FDA action date of September 26, 2024 for the treatment of schizophrenia in adults. KarXT has peak annual sales potential of $6–7B.</li>
<li>Considering strong clinical efficacy and favorable risk profile of KarXT, the deal seems to be fairly valued. Current market price of Karuna shares of $318.41 represents absolute spread of ~3.6%.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/agilent-technologies-stabilization-of-demand-in-china-5-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Agilent Technologies: Stabilization Of Demand In China & 5 Other Major Drivers </a></h3><p></p><ul><li>Agilent Technologies Q1 2024 earnings were decent.</li><li>Mike McMullen, the outgoing President and CEO of Agilent, announced his retirement and new CEO-elect, Padraig McDonnell took charge of the company.</li><li>Agilent reported Q1 revenue of $1.66 billion, which represents a decrease of 6.4% against the same period the previous year.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/global-manufacturing-pmi-creeps-back-into-expansion-territory?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global manufacturing PMI creeps back into expansion territory</a></li><li><a href="https://www.smartkarma.com/insights/bbw-4q-preview-lining-up-for-a-solid-fy24-reiterate-buy-rating-41-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">BBW: 4Q Preview: Lining Up for A Solid FY24; Reiterate Buy Rating, $41 PT</a></li><li><a href="https://www.smartkarma.com/insights/nb-private-equity-partners-nbpe-value-creation-in-a-higher-rate-environment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">NB Private Equity Partners (NBPE): Value creation in a higher-rate environment</a></li><li><a href="https://www.smartkarma.com/insights/karuna-therapeutics-krtx-us-bms-acquisition-offers-decent-short-term-trading-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Karuna Therapeutics (KRTX US): BMS Acquisition Offers Decent Short-Term Trading Opportunity</a></li><li><a href="https://www.smartkarma.com/insights/agilent-technologies-stabilization-of-demand-in-china-5-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Agilent Technologies: Stabilization Of Demand In China & 5 Other Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/global-manufacturing-pmi-creeps-back-into-expansion-territory?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Global manufacturing PMI creeps back into expansion territory </a></h3><p></p><div><ul><li>Global manufacturing PMI rises to above neutral mark in February.</li><li>This is in line with our expectation of a bottoming out in global industry this year.</li><li>Impact of recent disturbances in global shipping seems to fade.</li></ul></div><div data-component-type="container"></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/bbw-4q-preview-lining-up-for-a-solid-fy24-reiterate-buy-rating-41-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. BBW: 4Q Preview: Lining Up for A Solid FY24; Reiterate Buy Rating, $41 PT </a></h3><p></p><ul><li>We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear with the company reporting 4QFY23 (January) results before the open next Thursday.</li><li>We believe the company has remained a key winner in the retailing space, and the launch of the Glisten and the Merry Mission movie turned into a solid driver in 4Q and should drive upside.</li><li>Further, although we expect management to be conservative with initial FY24 guidance, we believe the pieces remain fully in place for further top and bottom line growth going forward, as the company continues to shift the store base, expand internationally and via commercial relationships and roll out new characters and innovations.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/nb-private-equity-partners-nbpe-value-creation-in-a-higher-rate-environment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. NB Private Equity Partners (NBPE): Value creation in a higher-rate environment </a></h3><p></p><ul><li>In this note, we explore how the sources of value creation have evolved and how NBPE’s GP partners are expected to organically and inorganically generate incremental EBITDA growth to offset higher interest costs.</li><li>Long-term target returns for new deals on the NB platform are unchanged, despite the short-term interest rate noise.</li><li>This note builds on the drivers of historical superior EBITDA (see 2023 CMD: value creation from growing companies).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/karuna-therapeutics-krtx-us-bms-acquisition-offers-decent-short-term-trading-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Karuna Therapeutics (KRTX US): BMS Acquisition Offers Decent Short-Term Trading Opportunity </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/247/original/Pic%201.png?1709806990"/> <ul>
<li>
<a data-smartkarma-citation="entities:1133:1" href="https://www.smartkarma.com/entities/bristol-myers-squibb-co" rel="noopener" target="_blank">Bristol Myers Squibb Co (BMY US)</a> is acquiring <a data-smartkarma-citation="entities:28720:1" href="https://www.smartkarma.com/entities/karuna-therapeutics-inc" rel="noopener" target="_blank">Karuna Therapeutics Inc (KRTX US)</a> for $330/share in cash for equity value of ~$14B. The transaction is expected to close in 1H24. </li>
<li>Karuna’s lead asset, KarXT has FDA action date of September 26, 2024 for the treatment of schizophrenia in adults. KarXT has peak annual sales potential of $6–7B.</li>
<li>Considering strong clinical efficacy and favorable risk profile of KarXT, the deal seems to be fairly valued. Current market price of Karuna shares of $318.41 represents absolute spread of ~3.6%.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/agilent-technologies-stabilization-of-demand-in-china-5-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Agilent Technologies: Stabilization Of Demand In China & 5 Other Major Drivers </a></h3><p></p><ul><li>Agilent Technologies Q1 2024 earnings were decent.</li><li>Mike McMullen, the outgoing President and CEO of Agilent, announced his retirement and new CEO-elect, Padraig McDonnell took charge of the company.</li><li>Agilent reported Q1 revenue of $1.66 billion, which represents a decrease of 6.4% against the same period the previous year.</li></ul>2024-03-07T22:11:24+08:00[{"term": "Macroeconomics"}, {"term": "UNITED KINGDOM"}, {"term": "NETHERLANDS"}, {"term": "CHINA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "UNITED KINGDOM"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "BBW@US"}, {"term": "MAT@US"}, {"term": "HAS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "UNITED KINGDOM"}, {"term": "FIN"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "NBPE@LN"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "HEA"}, {"term": "ARBITRAGE"}, {"term": "NORTH AMERICA"}, {"term": "KRTX@US"}, {"term": "IONS@US"}, {"term": "SRPT@US"}, {"term": "BMRN@US"}, {"term": "NBIX@US"}, {"term": "4506@JP"}, {"term": "ABBV@US"}, {"term": "LLY@US"}, {"term": "JNJ@US"}, {"term": "LUN@DC"}, {"term": "4578@JP"}, {"term": "BMY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "A@US"}, {"term": "HAS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NBPE@LN", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BMY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "A@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/265f54ac-d5d7-3d1b-9e75-2ebd59a47d18Brief USA: Lowe's Companies Inc.: Will The Seasonality & Changing Demand Trends Have An Impact On Its Near-Term Performance? - Major Drivers and more2024-03-28T22:17:23.193429+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/lowe-s-companies-inc-will-the-seasonality-changing-demand-trends-have-an-impact-on-its-near-term-performance-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Lowe's Companies Inc.: Will The Seasonality & Changing Demand Trends Have An Impact On Its Near-Term Performance? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/republic-services-inc-solid-trends-in-service-volume-business-as-a-major-growth-catalyst-other-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Republic Services Inc.: Solid Trends In Service Volume Business As A Major Growth Catalyst! - Other Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/trex-company-inc-7-biggest-growth-drivers-for-the-company-in-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Trex Company Inc.: 7 Biggest Growth Drivers For The Company In 2024 & Beyond! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/devon-energy-enhancements-in-bakken-eagle-ford-resources-5-other-growth-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Devon Energy: Enhancements In Bakken & Eagle Ford Resources & 5 Other Growth Drivers</a></li><li><a href="https://www.smartkarma.com/insights/inter-parfums-inc-a-stimulating-pipeline-of-innovation-3-other-key-growth-catalysts-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Inter Parfums Inc.: A Stimulating Pipeline of Innovation & 3 Other Key Growth Catalysts! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/lowe-s-companies-inc-will-the-seasonality-changing-demand-trends-have-an-impact-on-its-near-term-performance-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Lowe's Companies Inc.: Will The Seasonality & Changing Demand Trends Have An Impact On Its Near-Term Performance? - Major Drivers </a></h3><p></p><ul><li>In the fourth quarter of 2023, Lowe's Companies reported a decline in comparable sales of 6.2% due to cautious consumer spending on home improvement projects and unfavorable weather.</li><li>The company faced challenges in attracting the do-it-yourself(DIY) customer segment to spend on big-ticket home improvement purchases, as macroeconomic factors such as persistent inflation and a stagnant housing market led these customers to focus on smaller, value-oriented projects.</li><li>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.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/republic-services-inc-solid-trends-in-service-volume-business-as-a-major-growth-catalyst-other-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Republic Services Inc.: Solid Trends In Service Volume Business As A Major Growth Catalyst! - Other Key Drivers </a></h3><p></p><ul><li>Republic Services (RSG) had a strong finish to 2023 highlighting its successful strategy designed for business growth.</li><li>The company's revenue for the year grew by 11%, which includes a 5% increase from its acquisitions.</li><li>RSG generated 13% adjusted EBITDA growth and margin expansion of 60 basis points, as well as reporting adjusted earnings per share of $5.61.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/trex-company-inc-7-biggest-growth-drivers-for-the-company-in-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Trex Company Inc.: 7 Biggest Growth Drivers For The Company In 2024 & Beyond! - Financial Forecasts </a></h3><p></p><ul><li>Trex Company, the outdoor living products manufacturer reported solid performance for both the quarter and full year 2023, surpassing their revenue guidance.</li><li>The strong results were credited to its mid-single-digit channel sell-through growth and new product offerings, demonstrating the strength and resilience of the Trex brand.</li><li>In the fourth quarter, the company introduced numerous products that expanded its portfolio in existing categories and extended into complementary adjacencies.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/devon-energy-enhancements-in-bakken-eagle-ford-resources-5-other-growth-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Devon Energy: Enhancements In Bakken & Eagle Ford Resources & 5 Other Growth Drivers </a></h3><p></p><ul><li>The fourth quarter earnings of Devon Energy showed promising indicators for the company's progress and future outlook.</li><li>The company highlighted four major themes in the update; their accomplishments in 2023, the positive projections for 2024 based on these successes, the valuable resources in their portfolio that underpin their growth, and the strategic priorities for allocating their free cash flow going forward.</li><li>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.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/inter-parfums-inc-a-stimulating-pipeline-of-innovation-3-other-key-growth-catalysts-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Inter Parfums Inc.: A Stimulating Pipeline of Innovation & 3 Other Key Growth Catalysts! - Financial Forecasts </a></h3><p></p><ul><li>Based on the Q4 2023 and Full Year earnings for Inter Parfums Inc., a company specializing in fragrances, the overall view of the company's financial performance showed sustained growth and potential for future profitability.</li><li>However, various factors, including macroeconomic uncertainties, may affect operations.</li><li>In 2023, Inter Parfums posted a record net sales of $1.3 billion, a 21% increase compared to the previous year.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/lowe-s-companies-inc-will-the-seasonality-changing-demand-trends-have-an-impact-on-its-near-term-performance-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Lowe's Companies Inc.: Will The Seasonality & Changing Demand Trends Have An Impact On Its Near-Term Performance? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/republic-services-inc-solid-trends-in-service-volume-business-as-a-major-growth-catalyst-other-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Republic Services Inc.: Solid Trends In Service Volume Business As A Major Growth Catalyst! - Other Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/trex-company-inc-7-biggest-growth-drivers-for-the-company-in-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Trex Company Inc.: 7 Biggest Growth Drivers For The Company In 2024 & Beyond! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/devon-energy-enhancements-in-bakken-eagle-ford-resources-5-other-growth-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Devon Energy: Enhancements In Bakken & Eagle Ford Resources & 5 Other Growth Drivers</a></li><li><a href="https://www.smartkarma.com/insights/inter-parfums-inc-a-stimulating-pipeline-of-innovation-3-other-key-growth-catalysts-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Inter Parfums Inc.: A Stimulating Pipeline of Innovation & 3 Other Key Growth Catalysts! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/lowe-s-companies-inc-will-the-seasonality-changing-demand-trends-have-an-impact-on-its-near-term-performance-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Lowe's Companies Inc.: Will The Seasonality & Changing Demand Trends Have An Impact On Its Near-Term Performance? - Major Drivers </a></h3><p></p><ul><li>In the fourth quarter of 2023, Lowe's Companies reported a decline in comparable sales of 6.2% due to cautious consumer spending on home improvement projects and unfavorable weather.</li><li>The company faced challenges in attracting the do-it-yourself(DIY) customer segment to spend on big-ticket home improvement purchases, as macroeconomic factors such as persistent inflation and a stagnant housing market led these customers to focus on smaller, value-oriented projects.</li><li>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.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/republic-services-inc-solid-trends-in-service-volume-business-as-a-major-growth-catalyst-other-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Republic Services Inc.: Solid Trends In Service Volume Business As A Major Growth Catalyst! - Other Key Drivers </a></h3><p></p><ul><li>Republic Services (RSG) had a strong finish to 2023 highlighting its successful strategy designed for business growth.</li><li>The company's revenue for the year grew by 11%, which includes a 5% increase from its acquisitions.</li><li>RSG generated 13% adjusted EBITDA growth and margin expansion of 60 basis points, as well as reporting adjusted earnings per share of $5.61.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/trex-company-inc-7-biggest-growth-drivers-for-the-company-in-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Trex Company Inc.: 7 Biggest Growth Drivers For The Company In 2024 & Beyond! - Financial Forecasts </a></h3><p></p><ul><li>Trex Company, the outdoor living products manufacturer reported solid performance for both the quarter and full year 2023, surpassing their revenue guidance.</li><li>The strong results were credited to its mid-single-digit channel sell-through growth and new product offerings, demonstrating the strength and resilience of the Trex brand.</li><li>In the fourth quarter, the company introduced numerous products that expanded its portfolio in existing categories and extended into complementary adjacencies.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/devon-energy-enhancements-in-bakken-eagle-ford-resources-5-other-growth-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Devon Energy: Enhancements In Bakken & Eagle Ford Resources & 5 Other Growth Drivers </a></h3><p></p><ul><li>The fourth quarter earnings of Devon Energy showed promising indicators for the company's progress and future outlook.</li><li>The company highlighted four major themes in the update; their accomplishments in 2023, the positive projections for 2024 based on these successes, the valuable resources in their portfolio that underpin their growth, and the strategic priorities for allocating their free cash flow going forward.</li><li>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.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/inter-parfums-inc-a-stimulating-pipeline-of-innovation-3-other-key-growth-catalysts-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Inter Parfums Inc.: A Stimulating Pipeline of Innovation & 3 Other Key Growth Catalysts! - Financial Forecasts </a></h3><p></p><ul><li>Based on the Q4 2023 and Full Year earnings for Inter Parfums Inc., a company specializing in fragrances, the overall view of the company's financial performance showed sustained growth and potential for future profitability.</li><li>However, various factors, including macroeconomic uncertainties, may affect operations.</li><li>In 2023, Inter Parfums posted a record net sales of $1.3 billion, a 21% increase compared to the previous year.</li></ul>2024-03-07T16:00:31+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "LOW@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "RSG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "TREX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "DVN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "IPAR@US"}, {"term": "LOW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RSG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TREX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DVN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "IPAR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/08059bf7-ce0a-3079-b156-ea2231a3c360Brief USA: Fidelity National Information Services: Digital Sales and Money Movement Capabilities Driving Demand! - Major Drivers and more2024-03-28T22:17:23.187085+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fidelity-national-information-services-digital-sales-and-money-movement-capabilities-driving-demand-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fidelity National Information Services: Digital Sales and Money Movement Capabilities Driving Demand! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/macy-s-inc-are-the-recent-store-closures-a-big-warning-sign-for-investors-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Macy's Inc.: Are The Recent Store Closures A Big Warning Sign For Investors? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/ebay-inc-increasing-investment-in-ai-product-enhancement-is-a-true-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">eBay Inc: Increasing Investment in AI & Product Enhancement Is A True Game Changer! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-tjx-companies-will-the-recent-store-closures-help-improve-the-bottom-line-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The TJX Companies: Will The Recent Store Closures Help Improve The Bottom Line? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/urban-outfitters-will-its-store-network-expansion-result-in-profitable-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Urban Outfitters: Will Its Store Network Expansion Result In Profitable Growth? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fidelity-national-information-services-digital-sales-and-money-movement-capabilities-driving-demand-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Fidelity National Information Services: Digital Sales and Money Movement Capabilities Driving Demand! - Major Drivers </a></h3><p></p><ul><li>Fidelity National Information Services (FIS) presented its Q4 2023 earnings, reflecting significant progress the company has made during the year despite economic uncertainties and pressures posed by the banking crisis and inflation.</li><li>The positive outcomes are attributed to the company's decisive actions and the renewal of its focus, vision, and measurable results.</li><li>During 2023, FIS completed a majority sale of the Worldpay business to GTCR, marking a landmark transaction that enhances strategic flexibility and operational focus for both companies to optimize growth and margin opportunities.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/macy-s-inc-are-the-recent-store-closures-a-big-warning-sign-for-investors-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Macy's Inc.: Are The Recent Store Closures A Big Warning Sign For Investors? - Major Drivers </a></h3><p></p><ul><li>Macy's, Inc.’s fourth quarter 2023 earnings showed a mixed set of results.</li><li>The company saw positive developments throughout 2023, including improving operating metrics and higher-than expected gross margins, mainly driven by effective merchandising and a clear demonstration of value.</li><li>These outcomes reflect the resilience and enthusiasm of the Macy's workforce, which underpinned their recent performance.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ebay-inc-increasing-investment-in-ai-product-enhancement-is-a-true-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. eBay Inc: Increasing Investment in AI & Product Enhancement Is A True Game Changer! - Major Drivers </a></h3><p></p><ul><li>eBay's Fourth Quarter 2023 results demonstrated an approximate organic GMV (gross merchandise volume) growth breakdown of roughly 1% for the full year, despite discretionary spending pressure across major markets.</li><li>This resilience was due to an improvement in this metric during each quarter of 2023.</li><li>Focus category GMV indicated a promising upward trend, with growth close to 4%, significantly outpacing the other areas of eBay’s business by around 7 points.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-tjx-companies-will-the-recent-store-closures-help-improve-the-bottom-line-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The TJX Companies: Will The Recent Store Closures Help Improve The Bottom Line? - Major Drivers </a></h3><p></p><ul><li>The TJX Companies, Inc., reported its Fourth Quarter Fiscal 2024 Financial Results.</li><li>The company concluded its fiscal year 2023 with a strong growth in overall sales surpassing $50 billion, an important milestone for the company, bolstered by a growth of 5% in consolidated comparable (comp) store sales.</li><li>The strong sales performance can be attributed to the increase in customer transactions in all geographies despite the challenging market conditions.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/urban-outfitters-will-its-store-network-expansion-result-in-profitable-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Urban Outfitters: Will Its Store Network Expansion Result In Profitable Growth? - Major Drivers </a></h3><p></p><ul><li>Urban Outfitters, Inc.'s Q4 results reported during their latest earnings reveal a period of growth.</li><li>Retail segment sales grew by 8% to a fourth-quarter record of $1.5 billion, driven by an increase in total retail segment comp (comparable sales) of 5% and a 69% rise in Nuuly segment revenue.</li><li>Strong marketing and improved customer acquisition practices also contributed to the increased performance, with Anthropologie, Free People and FP Movement contributing double-digit retail segment comp sales in the same quarter.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fidelity-national-information-services-digital-sales-and-money-movement-capabilities-driving-demand-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Fidelity National Information Services: Digital Sales and Money Movement Capabilities Driving Demand! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/macy-s-inc-are-the-recent-store-closures-a-big-warning-sign-for-investors-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Macy's Inc.: Are The Recent Store Closures A Big Warning Sign For Investors? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/ebay-inc-increasing-investment-in-ai-product-enhancement-is-a-true-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">eBay Inc: Increasing Investment in AI & Product Enhancement Is A True Game Changer! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-tjx-companies-will-the-recent-store-closures-help-improve-the-bottom-line-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The TJX Companies: Will The Recent Store Closures Help Improve The Bottom Line? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/urban-outfitters-will-its-store-network-expansion-result-in-profitable-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Urban Outfitters: Will Its Store Network Expansion Result In Profitable Growth? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fidelity-national-information-services-digital-sales-and-money-movement-capabilities-driving-demand-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Fidelity National Information Services: Digital Sales and Money Movement Capabilities Driving Demand! - Major Drivers </a></h3><p></p><ul><li>Fidelity National Information Services (FIS) presented its Q4 2023 earnings, reflecting significant progress the company has made during the year despite economic uncertainties and pressures posed by the banking crisis and inflation.</li><li>The positive outcomes are attributed to the company's decisive actions and the renewal of its focus, vision, and measurable results.</li><li>During 2023, FIS completed a majority sale of the Worldpay business to GTCR, marking a landmark transaction that enhances strategic flexibility and operational focus for both companies to optimize growth and margin opportunities.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/macy-s-inc-are-the-recent-store-closures-a-big-warning-sign-for-investors-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Macy's Inc.: Are The Recent Store Closures A Big Warning Sign For Investors? - Major Drivers </a></h3><p></p><ul><li>Macy's, Inc.’s fourth quarter 2023 earnings showed a mixed set of results.</li><li>The company saw positive developments throughout 2023, including improving operating metrics and higher-than expected gross margins, mainly driven by effective merchandising and a clear demonstration of value.</li><li>These outcomes reflect the resilience and enthusiasm of the Macy's workforce, which underpinned their recent performance.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ebay-inc-increasing-investment-in-ai-product-enhancement-is-a-true-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. eBay Inc: Increasing Investment in AI & Product Enhancement Is A True Game Changer! - Major Drivers </a></h3><p></p><ul><li>eBay's Fourth Quarter 2023 results demonstrated an approximate organic GMV (gross merchandise volume) growth breakdown of roughly 1% for the full year, despite discretionary spending pressure across major markets.</li><li>This resilience was due to an improvement in this metric during each quarter of 2023.</li><li>Focus category GMV indicated a promising upward trend, with growth close to 4%, significantly outpacing the other areas of eBay’s business by around 7 points.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-tjx-companies-will-the-recent-store-closures-help-improve-the-bottom-line-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The TJX Companies: Will The Recent Store Closures Help Improve The Bottom Line? - Major Drivers </a></h3><p></p><ul><li>The TJX Companies, Inc., reported its Fourth Quarter Fiscal 2024 Financial Results.</li><li>The company concluded its fiscal year 2023 with a strong growth in overall sales surpassing $50 billion, an important milestone for the company, bolstered by a growth of 5% in consolidated comparable (comp) store sales.</li><li>The strong sales performance can be attributed to the increase in customer transactions in all geographies despite the challenging market conditions.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/urban-outfitters-will-its-store-network-expansion-result-in-profitable-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Urban Outfitters: Will Its Store Network Expansion Result In Profitable Growth? - Major Drivers </a></h3><p></p><ul><li>Urban Outfitters, Inc.'s Q4 results reported during their latest earnings reveal a period of growth.</li><li>Retail segment sales grew by 8% to a fourth-quarter record of $1.5 billion, driven by an increase in total retail segment comp (comparable sales) of 5% and a 69% rise in Nuuly segment revenue.</li><li>Strong marketing and improved customer acquisition practices also contributed to the increased performance, with Anthropologie, Free People and FP Movement contributing double-digit retail segment comp sales in the same quarter.</li></ul>2024-03-07T15:01:45+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "FIS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "M@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "EBAY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "TJX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "URBN@US"}, {"term": "FIS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "M@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EBAY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TJX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "URBN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/f717b031-d914-31c6-ad2d-a1b586874580Brief USA: salesforce.com Inc: Can The Spiff Acquisition Truly Enhance Their Offerings & Create Synergies? - Major Drivers and more2024-03-28T22:17:23.177653+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/salesforce-com-inc-can-the-spiff-acquisition-truly-enhance-their-offerings-create-synergies-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">salesforce.com Inc: Can The Spiff Acquisition Truly Enhance Their Offerings & Create Synergies? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/oneok-inc-increased-demand-for-ngl-5-factors-driving-its-performance-in-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ONEOK Inc: Increased Demand For NGL & 5 Factors Driving Its Performance In 2024 & Beyond! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/first-solar-inc-can-the-expansion-into-the-indian-market-be-a-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Solar Inc: Can The Expansion Into The Indian Market Be A Game Changer? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/henry-schein-inc-investment-in-future-growth-and-specialty-business-outlook-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Henry Schein Inc: Investment in Future Growth and Specialty Business Outlook! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/snowflake-inc-can-its-rapid-development-adoption-of-ai-products-grow-its-market-share-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Snowflake Inc: Can Its Rapid Development & Adoption Of AI Products Grow Its Market Share? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/salesforce-com-inc-can-the-spiff-acquisition-truly-enhance-their-offerings-create-synergies-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. salesforce.com Inc: Can The Spiff Acquisition Truly Enhance Their Offerings & Create Synergies? - Major Drivers </a></h3><p></p><ul><li>Salesforce announced its Q4 and full year results for fiscal 2024, reporting a strong performance across all its key metrics.</li><li>This signifies an exceptional year for the company, with revenue, margin, earnings per share (EPS), cash flows, and current remaining performance obligations (cRPO) all recording increased growth.</li><li>The overall transformation seen in Salesforce and its industry has been noted to be substantive, primarily driven by the surge in artificial intelligence.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/oneok-inc-increased-demand-for-ngl-5-factors-driving-its-performance-in-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. ONEOK Inc: Increased Demand For NGL & 5 Factors Driving Its Performance In 2024 & Beyond! - Financial Forecasts </a></h3><p></p><ul><li>ONEOK has shown robust fiscal growth for the Q4 2023 and annually.</li><li>The firm reported net income of $2.7 billion annually and $688 million for the last quarter of 2023.</li><li>It conceded double digit growth in natural gas processing volume.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/first-solar-inc-can-the-expansion-into-the-indian-market-be-a-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. First Solar Inc: Can The Expansion Into The Indian Market Be A Game Changer? - Major Drivers </a></h3><p></p><ul><li>First Solar, a leading solar module manufacturer, saw a monumental year in 2023 with expanded manufacturing capacity, a record volume of modules produced and shipped, and increased investments in R&D. The company also added 10 new customers and secured 28.3 gigawatts of net bookings, bolstering its contracted backlog to historic levels, and remaining cumulatively oversold through 2026.</li><li>Importantly, First Solar has recognized the value of maintaining a balanced business model, focusing on growth, profitability, and liquidity.</li><li>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.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/henry-schein-inc-investment-in-future-growth-and-specialty-business-outlook-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Henry Schein Inc: Investment in Future Growth and Specialty Business Outlook! - Major Drivers </a></h3><p></p><ul><li>Henry Schein's financial results for the fourth quarter and full year of 2023 demonstrated a robust recovery from a significant cybersecurity incident, showcasing the resilience of their business model and the steadfast loyalty of their customers.</li><li>Notably, Henry Schein reported strong growth in its technology and value-added services businesses, a key strategic focus for the company.</li><li>Global sales of implants and biomaterials also showed significant growth, largely driven by strategic acquisitions that expanded the company's offering and market presence.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/snowflake-inc-can-its-rapid-development-adoption-of-ai-products-grow-its-market-share-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Snowflake Inc: Can Its Rapid Development & Adoption Of AI Products Grow Its Market Share? - Major Drivers </a></h3><p></p><ul><li>Snowflake reported strong annual performance for fiscal 2024 with a 38% YoY product revenue growth reaching $2.67 billion, highlighting the company's continued growth trajectory.</li><li>The company also saw an expansion of its non-GAAP product gross margins to 77.8% and it reported non-GAAP adjusted free cash flow worth $810 million, indicating robust fiscal health.</li><li>The company's exceptional bookings in Q4 with $5.2 billion of remaining performance obligations mark a significant 41% YoY growth, this along with 14 Global 2000 new customers, underscores strong customer adoption and trust in Snowflake's offerings.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/salesforce-com-inc-can-the-spiff-acquisition-truly-enhance-their-offerings-create-synergies-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">salesforce.com Inc: Can The Spiff Acquisition Truly Enhance Their Offerings & Create Synergies? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/oneok-inc-increased-demand-for-ngl-5-factors-driving-its-performance-in-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ONEOK Inc: Increased Demand For NGL & 5 Factors Driving Its Performance In 2024 & Beyond! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/first-solar-inc-can-the-expansion-into-the-indian-market-be-a-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Solar Inc: Can The Expansion Into The Indian Market Be A Game Changer? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/henry-schein-inc-investment-in-future-growth-and-specialty-business-outlook-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Henry Schein Inc: Investment in Future Growth and Specialty Business Outlook! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/snowflake-inc-can-its-rapid-development-adoption-of-ai-products-grow-its-market-share-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Snowflake Inc: Can Its Rapid Development & Adoption Of AI Products Grow Its Market Share? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/salesforce-com-inc-can-the-spiff-acquisition-truly-enhance-their-offerings-create-synergies-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. salesforce.com Inc: Can The Spiff Acquisition Truly Enhance Their Offerings & Create Synergies? - Major Drivers </a></h3><p></p><ul><li>Salesforce announced its Q4 and full year results for fiscal 2024, reporting a strong performance across all its key metrics.</li><li>This signifies an exceptional year for the company, with revenue, margin, earnings per share (EPS), cash flows, and current remaining performance obligations (cRPO) all recording increased growth.</li><li>The overall transformation seen in Salesforce and its industry has been noted to be substantive, primarily driven by the surge in artificial intelligence.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/oneok-inc-increased-demand-for-ngl-5-factors-driving-its-performance-in-2024-beyond-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. ONEOK Inc: Increased Demand For NGL & 5 Factors Driving Its Performance In 2024 & Beyond! - Financial Forecasts </a></h3><p></p><ul><li>ONEOK has shown robust fiscal growth for the Q4 2023 and annually.</li><li>The firm reported net income of $2.7 billion annually and $688 million for the last quarter of 2023.</li><li>It conceded double digit growth in natural gas processing volume.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/first-solar-inc-can-the-expansion-into-the-indian-market-be-a-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. First Solar Inc: Can The Expansion Into The Indian Market Be A Game Changer? - Major Drivers </a></h3><p></p><ul><li>First Solar, a leading solar module manufacturer, saw a monumental year in 2023 with expanded manufacturing capacity, a record volume of modules produced and shipped, and increased investments in R&D. The company also added 10 new customers and secured 28.3 gigawatts of net bookings, bolstering its contracted backlog to historic levels, and remaining cumulatively oversold through 2026.</li><li>Importantly, First Solar has recognized the value of maintaining a balanced business model, focusing on growth, profitability, and liquidity.</li><li>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.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/henry-schein-inc-investment-in-future-growth-and-specialty-business-outlook-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Henry Schein Inc: Investment in Future Growth and Specialty Business Outlook! - Major Drivers </a></h3><p></p><ul><li>Henry Schein's financial results for the fourth quarter and full year of 2023 demonstrated a robust recovery from a significant cybersecurity incident, showcasing the resilience of their business model and the steadfast loyalty of their customers.</li><li>Notably, Henry Schein reported strong growth in its technology and value-added services businesses, a key strategic focus for the company.</li><li>Global sales of implants and biomaterials also showed significant growth, largely driven by strategic acquisitions that expanded the company's offering and market presence.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/snowflake-inc-can-its-rapid-development-adoption-of-ai-products-grow-its-market-share-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Snowflake Inc: Can Its Rapid Development & Adoption Of AI Products Grow Its Market Share? - Major Drivers </a></h3><p></p><ul><li>Snowflake reported strong annual performance for fiscal 2024 with a 38% YoY product revenue growth reaching $2.67 billion, highlighting the company's continued growth trajectory.</li><li>The company also saw an expansion of its non-GAAP product gross margins to 77.8% and it reported non-GAAP adjusted free cash flow worth $810 million, indicating robust fiscal health.</li><li>The company's exceptional bookings in Q4 with $5.2 billion of remaining performance obligations mark a significant 41% YoY growth, this along with 14 Global 2000 new customers, underscores strong customer adoption and trust in Snowflake's offerings.</li></ul>2024-03-07T15:01:27+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CRM@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "OKE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "FSLR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "HSIC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "SNOW@US"}, {"term": "CRM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "OKE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FSLR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HSIC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SNOW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/d1a569d4-f14b-3794-9b79-da90275517abBrief USA: Comfort Systems USA: Initiation Of Coverage - Recent Acquisitions & 4 Major Factors Driving Growth! and more2024-03-28T22:17:23.171744+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/comfort-systems-usa-initiation-of-coverage-recent-acquisitions-4-major-factors-driving-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Comfort Systems USA: Initiation Of Coverage - Recent Acquisitions & 4 Major Factors Driving Growth!</a></li><li><a href="https://www.smartkarma.com/insights/altair-engineering-initiation-of-coverage-expanded-product-offerings-3-key-growth-catalysts-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Altair Engineering: Initiation Of Coverage - Expanded Product Offerings & 3 Key Growth Catalysts! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/westlake-corporation-initiation-of-coverage-positive-caustic-soda-outlook-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Westlake Corporation: Initiation Of Coverage - Positive Caustic Soda Outlook & Other Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/heico-corporation-is-it-able-to-capture-adequate-value-from-acquisitions-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">HEICO Corporation: Is It Able To Capture Adequate Value From Acquisitions? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/intra-cellular-therapies-inc-initiation-of-coverage-6-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Intra-Cellular Therapies Inc.: Initiation Of Coverage - 6 Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/comfort-systems-usa-initiation-of-coverage-recent-acquisitions-4-major-factors-driving-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Comfort Systems USA: Initiation Of Coverage - Recent Acquisitions & 4 Major Factors Driving Growth! </a></h3><p></p><ul>
<li>This is our first report on mechanical and electrical services provider, Comfort Systems USA. The company achieved decent results throughout 2023, with strong growth, earnings, and cash flow.</li>
<li>The company reported quarterly revenue of $1.4 billion and same-store growth of 18%.</li>
<li>Both the company's mechanical and electrical businesses grew and improved their margins, contributing to the record success of the year.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/altair-engineering-initiation-of-coverage-expanded-product-offerings-3-key-growth-catalysts-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Altair Engineering: Initiation Of Coverage - Expanded Product Offerings & 3 Key Growth Catalysts! - Major Drivers </a></h3><p></p><ul><li>This is our first report on software provider, Altair Engineering.</li><li>The fourth quarter of 2023 carried positive momentum for the company with record quarterly and full-year revenue of $171.5 million and $612.7 million respectively.</li><li>The company also improved on profitability with a 38.3% year-over year increase in Q4 adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) to $53.6 million and an annual growth of 19% to $129.1 million.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/westlake-corporation-initiation-of-coverage-positive-caustic-soda-outlook-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Westlake Corporation: Initiation Of Coverage - Positive Caustic Soda Outlook & Other Major Drivers </a></h3><p></p><ul><li>This is our first report on chemicals player, Westlake Corporation.</li><li>The company's fourth quarter and full year 2023 results present a mixed picture.</li><li>While there are significant positives, like record income from operation and an increase in sales volume, there are also notable downsides, such as a sharp decline in profitability in the European base epoxy business.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/heico-corporation-is-it-able-to-capture-adequate-value-from-acquisitions-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. HEICO Corporation: Is It Able To Capture Adequate Value From Acquisitions? - Major Drivers </a></h3><p></p><ul><li>In its recent results, Heico is showing a significant growth trajectory in its recent financial results.</li><li>This growth can be attributed to a couple of key factors, but there are also a number of risks and potential downsides that investors should be aware of.</li><li>In terms of positives, HEICO's first quarter of fiscal 2024 showed dramatic improvement over the first quarter of fiscal 2023.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/intra-cellular-therapies-inc-initiation-of-coverage-6-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Intra-Cellular Therapies Inc.: Initiation Of Coverage - 6 Major Drivers </a></h3><p></p><ul><li>This is our first report on biopharma major, Intra-Cellular Therapies.</li><li>The company reported solid progress in its Q4 and FY2023 results, marking a year characterized by steady growth across the company.</li><li>Central to the year's success was the establishment of CAPLYTA as a vital treatment option for bipolar depression and schizophrenia.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/comfort-systems-usa-initiation-of-coverage-recent-acquisitions-4-major-factors-driving-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Comfort Systems USA: Initiation Of Coverage - Recent Acquisitions & 4 Major Factors Driving Growth!</a></li><li><a href="https://www.smartkarma.com/insights/altair-engineering-initiation-of-coverage-expanded-product-offerings-3-key-growth-catalysts-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Altair Engineering: Initiation Of Coverage - Expanded Product Offerings & 3 Key Growth Catalysts! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/westlake-corporation-initiation-of-coverage-positive-caustic-soda-outlook-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Westlake Corporation: Initiation Of Coverage - Positive Caustic Soda Outlook & Other Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/heico-corporation-is-it-able-to-capture-adequate-value-from-acquisitions-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">HEICO Corporation: Is It Able To Capture Adequate Value From Acquisitions? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/intra-cellular-therapies-inc-initiation-of-coverage-6-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Intra-Cellular Therapies Inc.: Initiation Of Coverage - 6 Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/comfort-systems-usa-initiation-of-coverage-recent-acquisitions-4-major-factors-driving-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Comfort Systems USA: Initiation Of Coverage - Recent Acquisitions & 4 Major Factors Driving Growth! </a></h3><p></p><ul>
<li>This is our first report on mechanical and electrical services provider, Comfort Systems USA. The company achieved decent results throughout 2023, with strong growth, earnings, and cash flow.</li>
<li>The company reported quarterly revenue of $1.4 billion and same-store growth of 18%.</li>
<li>Both the company's mechanical and electrical businesses grew and improved their margins, contributing to the record success of the year.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/altair-engineering-initiation-of-coverage-expanded-product-offerings-3-key-growth-catalysts-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Altair Engineering: Initiation Of Coverage - Expanded Product Offerings & 3 Key Growth Catalysts! - Major Drivers </a></h3><p></p><ul><li>This is our first report on software provider, Altair Engineering.</li><li>The fourth quarter of 2023 carried positive momentum for the company with record quarterly and full-year revenue of $171.5 million and $612.7 million respectively.</li><li>The company also improved on profitability with a 38.3% year-over year increase in Q4 adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) to $53.6 million and an annual growth of 19% to $129.1 million.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/westlake-corporation-initiation-of-coverage-positive-caustic-soda-outlook-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Westlake Corporation: Initiation Of Coverage - Positive Caustic Soda Outlook & Other Major Drivers </a></h3><p></p><ul><li>This is our first report on chemicals player, Westlake Corporation.</li><li>The company's fourth quarter and full year 2023 results present a mixed picture.</li><li>While there are significant positives, like record income from operation and an increase in sales volume, there are also notable downsides, such as a sharp decline in profitability in the European base epoxy business.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/heico-corporation-is-it-able-to-capture-adequate-value-from-acquisitions-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. HEICO Corporation: Is It Able To Capture Adequate Value From Acquisitions? - Major Drivers </a></h3><p></p><ul><li>In its recent results, Heico is showing a significant growth trajectory in its recent financial results.</li><li>This growth can be attributed to a couple of key factors, but there are also a number of risks and potential downsides that investors should be aware of.</li><li>In terms of positives, HEICO's first quarter of fiscal 2024 showed dramatic improvement over the first quarter of fiscal 2023.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/intra-cellular-therapies-inc-initiation-of-coverage-6-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Intra-Cellular Therapies Inc.: Initiation Of Coverage - 6 Major Drivers </a></h3><p></p><ul><li>This is our first report on biopharma major, Intra-Cellular Therapies.</li><li>The company reported solid progress in its Q4 and FY2023 results, marking a year characterized by steady growth across the company.</li><li>Central to the year's success was the establishment of CAPLYTA as a vital treatment option for bipolar depression and schizophrenia.</li></ul>2024-03-07T14:04:32+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "FIX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ALTR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "WLK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "HEI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ITCI@US"}, {"term": "FIX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALTR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WLK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HEI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ITCI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/18bb5094-51a4-36f8-944f-1b657765f792Brief USA: Workday Inc.: These Are The 3 Biggest Challenges In Its Path For Growth! - Major Drivers and more2024-03-28T22:17:23.162115+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/workday-inc-these-are-the-3-biggest-challenges-in-its-path-for-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Workday Inc.: These Are The 3 Biggest Challenges In Its Path For Growth! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/unity-software-what-is-the-story-behind-their-exit-from-hardware-business-focus-on-software-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Unity Software: What Is The Story Behind Their Exit From Hardware Business & Focus on Software? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/penumbra-inc-initiation-of-coverage-a-tale-of-cautious-innovation-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Penumbra Inc: Initiation Of Coverage - A Tale Of Cautious Innovation! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/karuna-therapeutics-inc-krtx-us-this-company-is-worth-bristol-myers-squibb-paying-a-high-premium?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Karuna Therapeutics Inc (KRTX.US) - This Company Is Worth Bristol Myers Squibb Paying a High Premium</a></li><li><a href="https://www.smartkarma.com/insights/domino-s-pizza-is-its-improving-supply-chain-profitability-enough-to-warrant-a-bullish-rating-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Domino's Pizza: Is Its Improving Supply Chain Profitability Enough To Warrant A Bullish Rating? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/workday-inc-these-are-the-3-biggest-challenges-in-its-path-for-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Workday Inc.: These Are The 3 Biggest Challenges In Its Path For Growth! - Major Drivers </a></h3><p></p><ul><li>Workday concluded its Q4 fiscal year 2024 with an 18% growth in subscription revenue and a 24% non-GAAP operating margin.</li><li>Workday's Workmates (employees) were instrumental in achieving these results, characterized by the company's investment in its leadership team, partner ecosystem, and platform.</li><li>CEO Carl Eschenbach attests the success to ongoing improvements in the team, which he suggests places Workday in a strategic position to propel its growth in fiscal year 2025.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/unity-software-what-is-the-story-behind-their-exit-from-hardware-business-focus-on-software-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Unity Software: What Is The Story Behind Their Exit From Hardware Business & Focus on Software? - Major Drivers </a></h3><p></p><ul><li>Unity Software delivered a decent set of results for the last quarter.</li><li>The focus on developing products that deliver distinct value to clients was emphasized, with feedback from the gaming community on product development plans and responsiveness to their requirements being particularly positive.</li><li>Successes were also noted in other sectors, especially with a more efficient cost structure and scalable software solutions.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/penumbra-inc-initiation-of-coverage-a-tale-of-cautious-innovation-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Penumbra Inc: Initiation Of Coverage - A Tale Of Cautious Innovation! - Major Drivers </a></h3><p></p><ul><li>This is our first report on Penumbra, a global healthcare major.</li><li>The company reported its fourth quarter and annual earnings on its conference call.</li><li>The company made a revenue of USD 284.7 million in Q4, marking a year-over-year increase of 28.7%, while their annual revenues for 2023 reached USD 1,058.5 million, a 25% increase compared to 2022.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/karuna-therapeutics-inc-krtx-us-this-company-is-worth-bristol-myers-squibb-paying-a-high-premium?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Karuna Therapeutics Inc (KRTX.US) - This Company Is Worth Bristol Myers Squibb Paying a High Premium </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/198/original/image_57700415741709790637249.png?1709790637"/> <ul>
<li>Due to large patient population and strong clinical demand for new therapies, the future commercialization prospects of effective drugs in the field of schizophrenia would be relatively certain and promising.</li>
<li>Our forecast on the peak sales of KarXT is about US$10 billion. In other words, at this peak sales level, BMS is able to recover the US$14 billion in cost.</li>
<li>Karuna’s P/B is much higher than peers. If investors already have Karuna in portfolio, they may consider taking profits in time.But another rally is possible when KarXT is officially approved.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/domino-s-pizza-is-its-improving-supply-chain-profitability-enough-to-warrant-a-bullish-rating-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Domino's Pizza: Is Its Improving Supply Chain Profitability Enough To Warrant A Bullish Rating? - Major Drivers </a></h3><p></p><ul><li>Domino's Pizza had a strong Q4 which the company attributes to its new "Hungriest for MORE" strategy, focusing on increased sales, store growth, and profits.</li><li>Throughout the earnings call, the company pointed at positive U.S. same-store sales and transaction growth in both delivery and carryout, signaling strong momentum in the business.</li><li>In 2023, Domino's added over 60 new franchisees to its system, the most in 15 years, highlighting the company's expansion strategy.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/workday-inc-these-are-the-3-biggest-challenges-in-its-path-for-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Workday Inc.: These Are The 3 Biggest Challenges In Its Path For Growth! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/unity-software-what-is-the-story-behind-their-exit-from-hardware-business-focus-on-software-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Unity Software: What Is The Story Behind Their Exit From Hardware Business & Focus on Software? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/penumbra-inc-initiation-of-coverage-a-tale-of-cautious-innovation-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Penumbra Inc: Initiation Of Coverage - A Tale Of Cautious Innovation! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/karuna-therapeutics-inc-krtx-us-this-company-is-worth-bristol-myers-squibb-paying-a-high-premium?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Karuna Therapeutics Inc (KRTX.US) - This Company Is Worth Bristol Myers Squibb Paying a High Premium</a></li><li><a href="https://www.smartkarma.com/insights/domino-s-pizza-is-its-improving-supply-chain-profitability-enough-to-warrant-a-bullish-rating-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Domino's Pizza: Is Its Improving Supply Chain Profitability Enough To Warrant A Bullish Rating? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/workday-inc-these-are-the-3-biggest-challenges-in-its-path-for-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Workday Inc.: These Are The 3 Biggest Challenges In Its Path For Growth! - Major Drivers </a></h3><p></p><ul><li>Workday concluded its Q4 fiscal year 2024 with an 18% growth in subscription revenue and a 24% non-GAAP operating margin.</li><li>Workday's Workmates (employees) were instrumental in achieving these results, characterized by the company's investment in its leadership team, partner ecosystem, and platform.</li><li>CEO Carl Eschenbach attests the success to ongoing improvements in the team, which he suggests places Workday in a strategic position to propel its growth in fiscal year 2025.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/unity-software-what-is-the-story-behind-their-exit-from-hardware-business-focus-on-software-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Unity Software: What Is The Story Behind Their Exit From Hardware Business & Focus on Software? - Major Drivers </a></h3><p></p><ul><li>Unity Software delivered a decent set of results for the last quarter.</li><li>The focus on developing products that deliver distinct value to clients was emphasized, with feedback from the gaming community on product development plans and responsiveness to their requirements being particularly positive.</li><li>Successes were also noted in other sectors, especially with a more efficient cost structure and scalable software solutions.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/penumbra-inc-initiation-of-coverage-a-tale-of-cautious-innovation-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Penumbra Inc: Initiation Of Coverage - A Tale Of Cautious Innovation! - Major Drivers </a></h3><p></p><ul><li>This is our first report on Penumbra, a global healthcare major.</li><li>The company reported its fourth quarter and annual earnings on its conference call.</li><li>The company made a revenue of USD 284.7 million in Q4, marking a year-over-year increase of 28.7%, while their annual revenues for 2023 reached USD 1,058.5 million, a 25% increase compared to 2022.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/karuna-therapeutics-inc-krtx-us-this-company-is-worth-bristol-myers-squibb-paying-a-high-premium?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Karuna Therapeutics Inc (KRTX.US) - This Company Is Worth Bristol Myers Squibb Paying a High Premium </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/198/original/image_57700415741709790637249.png?1709790637"/> <ul>
<li>Due to large patient population and strong clinical demand for new therapies, the future commercialization prospects of effective drugs in the field of schizophrenia would be relatively certain and promising.</li>
<li>Our forecast on the peak sales of KarXT is about US$10 billion. In other words, at this peak sales level, BMS is able to recover the US$14 billion in cost.</li>
<li>Karuna’s P/B is much higher than peers. If investors already have Karuna in portfolio, they may consider taking profits in time.But another rally is possible when KarXT is officially approved.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/domino-s-pizza-is-its-improving-supply-chain-profitability-enough-to-warrant-a-bullish-rating-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Domino's Pizza: Is Its Improving Supply Chain Profitability Enough To Warrant A Bullish Rating? - Major Drivers </a></h3><p></p><ul><li>Domino's Pizza had a strong Q4 which the company attributes to its new "Hungriest for MORE" strategy, focusing on increased sales, store growth, and profits.</li><li>Throughout the earnings call, the company pointed at positive U.S. same-store sales and transaction growth in both delivery and carryout, signaling strong momentum in the business.</li><li>In 2023, Domino's added over 60 new franchisees to its system, the most in 15 years, highlighting the company's expansion strategy.</li></ul>2024-03-07T14:00:25+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "WDAY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "U@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "PEN@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "KRTX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "DPZ@US"}, {"term": "WDAY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "U@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PEN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "KRTX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DPZ@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/25b7053c-ed22-3006-807f-da4be9a243a2Brief USA: Zoom Video Communications: Incorporating AI Capabilities to Improve Customer Engagement and Productivity! - Major Drivers and more2024-03-28T22:17:23.155408+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/zoom-video-communications-incorporating-ai-capabilities-to-improve-customer-engagement-and-productivity-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Zoom Video Communications: Incorporating AI Capabilities to Improve Customer Engagement and Productivity! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/cnx-resources-hit-the-gas-business-breakdowns-ep-152?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">CNX Resources: Hit the Gas - [Business Breakdowns, EP.152]</a></li><li><a href="https://www.smartkarma.com/insights/lower-prices-and-uncertain-demand-navigating-choppy-waves-of-wheat-markets-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Lower prices and uncertain demand: navigating choppy waves of wheat markets in 2024</a></li><li><a href="https://www.smartkarma.com/insights/silver-is-a-breakout-imminent?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Silver: Is a Breakout Imminent?</a></li><li><a href="https://www.smartkarma.com/insights/hewlett-packard-enterprise-hpe-wednesday-dec-6-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hewlett Packard Enterprise (HPE) - Wednesday, Dec 6, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/zoom-video-communications-incorporating-ai-capabilities-to-improve-customer-engagement-and-productivity-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Zoom Video Communications: Incorporating AI Capabilities to Improve Customer Engagement and Productivity! - Major Drivers </a></h3><p></p><ul><li>Zoom Video Communications, Inc reported financial results for its fiscal Q4 and full-year 2024.</li><li>The company's revenue for the Q4 reached $1.146 billion, up 3% YoY. Zoom's Enterprise revenue grew by 5% YoY and formed 58% of total revenue.</li><li>The company's non-GAAP income from operations grew 10% YoY to $444 million.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/cnx-resources-hit-the-gas-business-breakdowns-ep-152?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. CNX Resources: Hit the Gas - [Business Breakdowns, EP.152] </a></h3><p></p><ul><li>CNX is an ENP exploration and production business focusing on natural gas with a long history in the energy sector</li><li>CNX evolved from a coal company to a natural gas producer under new management led by CEO Nick</li><li>The current business model focuses on monetizing assets, separating coal business, and leveraging the productive Marcellus shale for low-cost advantage.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/lower-prices-and-uncertain-demand-navigating-choppy-waves-of-wheat-markets-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Lower prices and uncertain demand: navigating choppy waves of wheat markets in 2024 </a></h3><p></p><ul><li>Global wheat prices have been defying expectations and have continued on a downward trend since the start of 2024</li><li>Russia is expected to have a high wheat production of over 90 million tons in 2024 due to favorable growing conditions</li><li>Ukrainian wheat exports are expected to improve with better logistics and an estimated production of nearly 20.5 million tons in the 2024-25 season</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/silver-is-a-breakout-imminent?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Silver: Is a Breakout Imminent? </a></h3><p></p><ul><li>Gold and Silver have remained unresponsive to lower rates, escalating geopolitical risks and higher China and India seasonal demand.</li><li>Notably, early February saw the emergence of two contrarian signals that merited closer attention.</li><li>While these signals are not foolproof market timing tools, they warrant attention when they align with technical support levels within an established consolidation pattern.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/hewlett-packard-enterprise-hpe-wednesday-dec-6-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Hewlett Packard Enterprise (HPE) - Wednesday, Dec 6, 2023 </a></h3><p></p><p>Key points</p><ul><li>HPE is a $21.5 billion provider of networking, servers, and storage products, with a focus on higher quality businesses and services</li><li>The company generates cash from operations and divestitures, presenting an attractive investment opportunity with potential for upside to $29/share or a 35% IRR through 10/2025</li><li>HPE's recent Security Analysts Meeting emphasized its business segments, particularly highlighting opportunities in the Compute segment for AI inferencing needs and Proliant Gen 11 servers</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/zoom-video-communications-incorporating-ai-capabilities-to-improve-customer-engagement-and-productivity-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Zoom Video Communications: Incorporating AI Capabilities to Improve Customer Engagement and Productivity! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/cnx-resources-hit-the-gas-business-breakdowns-ep-152?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">CNX Resources: Hit the Gas - [Business Breakdowns, EP.152]</a></li><li><a href="https://www.smartkarma.com/insights/lower-prices-and-uncertain-demand-navigating-choppy-waves-of-wheat-markets-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Lower prices and uncertain demand: navigating choppy waves of wheat markets in 2024</a></li><li><a href="https://www.smartkarma.com/insights/silver-is-a-breakout-imminent?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Silver: Is a Breakout Imminent?</a></li><li><a href="https://www.smartkarma.com/insights/hewlett-packard-enterprise-hpe-wednesday-dec-6-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hewlett Packard Enterprise (HPE) - Wednesday, Dec 6, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/zoom-video-communications-incorporating-ai-capabilities-to-improve-customer-engagement-and-productivity-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Zoom Video Communications: Incorporating AI Capabilities to Improve Customer Engagement and Productivity! - Major Drivers </a></h3><p></p><ul><li>Zoom Video Communications, Inc reported financial results for its fiscal Q4 and full-year 2024.</li><li>The company's revenue for the Q4 reached $1.146 billion, up 3% YoY. Zoom's Enterprise revenue grew by 5% YoY and formed 58% of total revenue.</li><li>The company's non-GAAP income from operations grew 10% YoY to $444 million.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/cnx-resources-hit-the-gas-business-breakdowns-ep-152?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. CNX Resources: Hit the Gas - [Business Breakdowns, EP.152] </a></h3><p></p><ul><li>CNX is an ENP exploration and production business focusing on natural gas with a long history in the energy sector</li><li>CNX evolved from a coal company to a natural gas producer under new management led by CEO Nick</li><li>The current business model focuses on monetizing assets, separating coal business, and leveraging the productive Marcellus shale for low-cost advantage.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/lower-prices-and-uncertain-demand-navigating-choppy-waves-of-wheat-markets-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Lower prices and uncertain demand: navigating choppy waves of wheat markets in 2024 </a></h3><p></p><ul><li>Global wheat prices have been defying expectations and have continued on a downward trend since the start of 2024</li><li>Russia is expected to have a high wheat production of over 90 million tons in 2024 due to favorable growing conditions</li><li>Ukrainian wheat exports are expected to improve with better logistics and an estimated production of nearly 20.5 million tons in the 2024-25 season</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/silver-is-a-breakout-imminent?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Silver: Is a Breakout Imminent? </a></h3><p></p><ul><li>Gold and Silver have remained unresponsive to lower rates, escalating geopolitical risks and higher China and India seasonal demand.</li><li>Notably, early February saw the emergence of two contrarian signals that merited closer attention.</li><li>While these signals are not foolproof market timing tools, they warrant attention when they align with technical support levels within an established consolidation pattern.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/hewlett-packard-enterprise-hpe-wednesday-dec-6-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Hewlett Packard Enterprise (HPE) - Wednesday, Dec 6, 2023 </a></h3><p></p><p>Key points</p><ul><li>HPE is a $21.5 billion provider of networking, servers, and storage products, with a focus on higher quality businesses and services</li><li>The company generates cash from operations and divestitures, presenting an attractive investment opportunity with potential for upside to $29/share or a 35% IRR through 10/2025</li><li>HPE's recent Security Analysts Meeting emphasized its business segments, particularly highlighting opportunities in the Compute segment for AI inferencing needs and Proliant Gen 11 servers</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>2024-03-07T13:00:10+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ZM@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "CNX@US"}, {"term": "Commodities"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "W@A@COMDTY"}, {"term": "Commodities"}, {"term": "BLD"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "SILVER@COMDTY"}, {"term": "GOLD@COMDTY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "HPE@US"}, {"term": "ZM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CNX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "W@A@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GOLD@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HPE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/56c678fe-ef72-36ad-a787-c80d4469e377Brief USA: Eastern Bankshares Inc (EBC) - Wednesday, Dec 6, 2023 and more2024-03-28T22:17:23.145212+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/eastern-bankshares-inc-ebc-wednesday-dec-6-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Eastern Bankshares Inc (EBC) - Wednesday, Dec 6, 2023</a></li><li><a href="https://www.smartkarma.com/insights/druckenmiller-s-gold-miner-bet?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Druckenmiller's Gold Miner Bet</a></li><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-natural-gas-ecb-crypto-liquidity-positioning?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5 Things We Watch – Natural Gas, ECB, Crypto, Liquidity & Positioning</a></li><li><a href="https://www.smartkarma.com/insights/international-public-partnerships-capital-markets-day?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">International Public Partnerships - Capital markets day</a></li><li><a href="https://www.smartkarma.com/insights/arm-holdings-arm-us-lock-up-expiry-on-12-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ARM Holdings (ARM US): Lock up Expiry on 12 March</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/eastern-bankshares-inc-ebc-wednesday-dec-6-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Eastern Bankshares Inc (EBC) - Wednesday, Dec 6, 2023 </a></h3><p></p><ul><li>Merger with Cambridge Bancorp seen as strategic move to bolster asset management business</li><li>Market initially reacted negatively to merger announcement</li><li>Both EBC and CATC stocks have started to bounce back, reflecting overall recovery of bank stocks; Eastern Bankshares remains significant player in industry with strong asset base</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/druckenmiller-s-gold-miner-bet?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Druckenmiller's Gold Miner Bet </a></h3><p></p><ul><li><p>Stan Druckenmiller just bought shares in Barrick Gold and Newmont Mining.</p></li><li><p>He thinks gold serves as a store of value, but only over the long run. It’s a hedge against any devaluation of the US Dollar.</p></li><li><p>He also seems to think that gold prices should go up in a scenario of lower interest rates, higher inflation rates or a combination of both.</p></li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/5-things-we-watch-natural-gas-ecb-crypto-liquidity-positioning?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 5 Things We Watch – Natural Gas, ECB, Crypto, Liquidity & Positioning </a></h3><p></p><ul><li>Hello everyone, and welcome to our ‘5 Things We Watch’, where we as always provide you with 5 things that we find particularly interesting in the world of global macro currently.</li><li>This week we are watching out for the following 5 topics within global macro: Natural Gas, ECB, Crypto, Liquidity, Positioning.</li><li>Natural Gas has really not been the place to be for a long time, as hotter weather and prudent storage dynamics has left supply WAY greater than demand.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/international-public-partnerships-capital-markets-day?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. International Public Partnerships - Capital markets day </a></h3><p></p><p>INPP recently held a strategy day. This provided a detailed overview of its business and the outlook for a continuation of the strong, predictable, inflation-linked returns that have been generated since the company listed in 2006. INPP’s operational and financial performance is at odds with its discount to NAV and the company has a clear strategy to address this. No new financial details were provided ahead of INPP’s 2023 results, due to be published on 28 March.</p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/arm-holdings-arm-us-lock-up-expiry-on-12-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. ARM Holdings (ARM US): Lock up Expiry on 12 March </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/083/original/Lock-up%204.png?1709735192"/> <ul>
<li>
<a data-smartkarma-citation="entities:315:1" href="https://www.smartkarma.com/entities/softbank-group-corp" rel="noopener" target="_blank">Softbank Group (9984 JP)</a>’s 180-day lock-up period on its 89.75% <a data-smartkarma-citation="entities:21816:1" href="https://www.smartkarma.com/entities/arm-holdings-inc" rel="noopener" target="_blank">ARM Holdings (ARM US)</a> shareholding expires on 12 March. SoftBank’s stake is worth US$124 billion.</li>
<li>SoftBank will likely monetise its ARM stake using the <a data-smartkarma-citation="entities:787:1" href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" rel="noopener" target="_blank">Alibaba (ADR) (BABA US)</a> playbook. This playbook uses prepaid forward contracts to raise capital with eventual settlement through shares. </li>
<li>ARM is currently trading 2.6x its IPO price on AI-driven hype. ARM trades at a premium multiple to <a data-smartkarma-citation="entities:5891:1" href="https://www.smartkarma.com/entities/nvidia-corp" rel="noopener" target="_blank">NVIDIA Corp (NVDA US)</a>, despite forecasted lower growth and margin. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/eastern-bankshares-inc-ebc-wednesday-dec-6-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Eastern Bankshares Inc (EBC) - Wednesday, Dec 6, 2023</a></li><li><a href="https://www.smartkarma.com/insights/druckenmiller-s-gold-miner-bet?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Druckenmiller's Gold Miner Bet</a></li><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-natural-gas-ecb-crypto-liquidity-positioning?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5 Things We Watch – Natural Gas, ECB, Crypto, Liquidity & Positioning</a></li><li><a href="https://www.smartkarma.com/insights/international-public-partnerships-capital-markets-day?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">International Public Partnerships - Capital markets day</a></li><li><a href="https://www.smartkarma.com/insights/arm-holdings-arm-us-lock-up-expiry-on-12-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ARM Holdings (ARM US): Lock up Expiry on 12 March</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/eastern-bankshares-inc-ebc-wednesday-dec-6-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Eastern Bankshares Inc (EBC) - Wednesday, Dec 6, 2023 </a></h3><p></p><ul><li>Merger with Cambridge Bancorp seen as strategic move to bolster asset management business</li><li>Market initially reacted negatively to merger announcement</li><li>Both EBC and CATC stocks have started to bounce back, reflecting overall recovery of bank stocks; Eastern Bankshares remains significant player in industry with strong asset base</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/druckenmiller-s-gold-miner-bet?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Druckenmiller's Gold Miner Bet </a></h3><p></p><ul><li><p>Stan Druckenmiller just bought shares in Barrick Gold and Newmont Mining.</p></li><li><p>He thinks gold serves as a store of value, but only over the long run. It’s a hedge against any devaluation of the US Dollar.</p></li><li><p>He also seems to think that gold prices should go up in a scenario of lower interest rates, higher inflation rates or a combination of both.</p></li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/5-things-we-watch-natural-gas-ecb-crypto-liquidity-positioning?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 5 Things We Watch – Natural Gas, ECB, Crypto, Liquidity & Positioning </a></h3><p></p><ul><li>Hello everyone, and welcome to our ‘5 Things We Watch’, where we as always provide you with 5 things that we find particularly interesting in the world of global macro currently.</li><li>This week we are watching out for the following 5 topics within global macro: Natural Gas, ECB, Crypto, Liquidity, Positioning.</li><li>Natural Gas has really not been the place to be for a long time, as hotter weather and prudent storage dynamics has left supply WAY greater than demand.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/international-public-partnerships-capital-markets-day?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. International Public Partnerships - Capital markets day </a></h3><p></p><p>INPP recently held a strategy day. This provided a detailed overview of its business and the outlook for a continuation of the strong, predictable, inflation-linked returns that have been generated since the company listed in 2006. INPP’s operational and financial performance is at odds with its discount to NAV and the company has a clear strategy to address this. No new financial details were provided ahead of INPP’s 2023 results, due to be published on 28 March.</p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/arm-holdings-arm-us-lock-up-expiry-on-12-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. ARM Holdings (ARM US): Lock up Expiry on 12 March </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/083/original/Lock-up%204.png?1709735192"/> <ul>
<li>
<a data-smartkarma-citation="entities:315:1" href="https://www.smartkarma.com/entities/softbank-group-corp" rel="noopener" target="_blank">Softbank Group (9984 JP)</a>’s 180-day lock-up period on its 89.75% <a data-smartkarma-citation="entities:21816:1" href="https://www.smartkarma.com/entities/arm-holdings-inc" rel="noopener" target="_blank">ARM Holdings (ARM US)</a> shareholding expires on 12 March. SoftBank’s stake is worth US$124 billion.</li>
<li>SoftBank will likely monetise its ARM stake using the <a data-smartkarma-citation="entities:787:1" href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" rel="noopener" target="_blank">Alibaba (ADR) (BABA US)</a> playbook. This playbook uses prepaid forward contracts to raise capital with eventual settlement through shares. </li>
<li>ARM is currently trading 2.6x its IPO price on AI-driven hype. ARM trades at a premium multiple to <a data-smartkarma-citation="entities:5891:1" href="https://www.smartkarma.com/entities/nvidia-corp" rel="noopener" target="_blank">NVIDIA Corp (NVDA US)</a>, despite forecasted lower growth and margin. </li>
</ul>2024-03-07T07:40:28+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "EBC@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "AAAU@US"}, {"term": "OUNZ@US"}, {"term": "BAR@US"}, {"term": "IAUM@US"}, {"term": "SGOL@US"}, {"term": "GLDM@US"}, {"term": "IAU@US"}, {"term": "GLD@US"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "XETUSD@CURNCY"}, {"term": "XBTUSD@CURNCY"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "IPPXF@US"}, {"term": "Equity Capital Markets"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ARM@US"}, {"term": "SNPS@US"}, {"term": "CEVA@US"}, {"term": "CDNS@US"}, {"term": "NVDA@US"}, {"term": "BABA@US"}, {"term": "9984@JP"}, {"term": "EBC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GLD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NATURAL@GAS@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "IPPXF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "9984@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/0f0acf77-875a-3ccf-91a5-df625d7dd79dBrief USA: VRA: 4Q Preview: Setting Up the Vision; Reiterate Buy Rating, $10 PT and more2024-03-28T22:17:23.138063+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/vra-4q-preview-setting-up-the-vision-reiterate-buy-rating-10-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">VRA: 4Q Preview: Setting Up the Vision; Reiterate Buy Rating, $10 PT</a></li><li><a href="https://www.smartkarma.com/insights/f1q24-first-look-eps-ppnr-beats-on-expense-control-nim-nii-miss?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F1Q24 First Look: EPS/PPNR Beats On Expense Control; NIM/NII Miss</a></li><li><a href="https://www.smartkarma.com/insights/strong-print-and-guide-backed-by-eod-duty-gear-and-steady-macro?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strong Print and Guide Backed by EOD, Duty Gear and Steady Macro</a></li><li><a href="https://www.smartkarma.com/insights/hits-the-mark-with-fundamental-execution-portfolio-improvements-and-solid-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hits the Mark With Fundamental Execution, Portfolio Improvements, and Solid Guide</a></li><li><a href="https://www.smartkarma.com/insights/quick-take-disappointing-f2q-results-miss-on-soft-demand-and-dealer-caution-fy24-guide-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Quick Take: Disappointing F2Q Results Miss on Soft Demand and Dealer Caution, FY24 Guide Cut</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/vra-4q-preview-setting-up-the-vision-reiterate-buy-rating-10-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. VRA: 4Q Preview: Setting Up the Vision; Reiterate Buy Rating, $10 PT </a></h3><p></p><ul><li>We are reiterating our Buy rating, $10 price target and projections for Vera Bradley with the company reporting 4QFY24 (January) results before the open next Wednesday.</li><li>We look to the 4Q call for management to provide even more detail on the material changes to the company, as CEO Jackie Ardrey and her team begin to take full control of the shopping and product experience.</li><li>We believe Vera Bradley has become increasingly more relevant and appealing to a wider customer base, and the company is positioned, with a cash rich and materially leaner balance sheet, to fund potential higher-margin growth drivers going forward.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/f1q24-first-look-eps-ppnr-beats-on-expense-control-nim-nii-miss?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. F1Q24 First Look: EPS/PPNR Beats On Expense Control; NIM/NII Miss </a></h3><p></p><ul><li>Event: Versa reported F1Q24 EPS of $0.35, above RJ/consensus of $0.31/$0.34 respectively (range $0.31-0.35).</li><li>Lower than forecast non-interest expenses as well as a negative provision and a lower tax rate (+$0.022/sh) more than offset lower than forecast NII and modestly lower fee income versus our model.</li><li>Of note, a weaker exchange ratio negatively impacted EPS roughly a penny, while pre-provision net revenues (PPNR) of $16.8 million were above RJ/consensus of $16.3/16.4 million, respectively.Bottom line: Another EPS/PPNR beat on expense control, where core trends generally skew favorably and all eyes remain on the pending US bank acquisition.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/strong-print-and-guide-backed-by-eod-duty-gear-and-steady-macro?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Strong Print and Guide Backed by EOD, Duty Gear and Steady Macro </a></h3><p></p><ul><li>We are maintaining our Market Perform rating following a solid print and 2024 guide that points to mid-single-digit organic growth, 18.8% margins, and continued opportunities to expand the business inorganically.2024 organic growth looks solid.</li><li>Organic growth is expected to accelerate to 5% from 3% in 2023 with strength in EOD and Duty Gear.</li><li>Duty Gear is seeing strong International demand, though EOD strength could be framed as lumpy and partially driven by delayed 4Q23 deliveries.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/hits-the-mark-with-fundamental-execution-portfolio-improvements-and-solid-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Hits the Mark With Fundamental Execution, Portfolio Improvements, and Solid Guide </a></h3><p></p><ul><li>Reiterate Strong Buy and price target of $60 following strong results, encouraging FMS progress, strong business development, and a solid initial 2024 guide – and as we continue to see VVX with strong momentum in fundamental execution and debt paydown.FMS Sales Gaining Steam.</li><li>Following a multi-year push to expand FMS sales, VVX was selected to begin work on its largest FMS opportunity (aviation support for CENTCOM) estimated at a $400M five-year opportunity and 55%+ of the total VVX FMS portfolio of $700M. We view this as favorable diversification, growth accelerating, and margin expanding.</li><li>Expect more, as VVX leverages its geographical footprint, partnerships, and experience to penetrate a $5B pipeline.Biz Development Solid.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/quick-take-disappointing-f2q-results-miss-on-soft-demand-and-dealer-caution-fy24-guide-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Quick Take: Disappointing F2Q Results Miss on Soft Demand and Dealer Caution, FY24 Guide Cut </a></h3><p></p><ul><li>F2Q disappoints.</li><li>THOR Industries (THO) reported F2Q results Wednesday morning that were well below expectations, as further retail softness and dealer caution pressured North American sales and margins.</li><li>GAAP EPS for the quarter of $0.13 fell 74% y/y and missed both RJe $0.75 and Street $0.67, while adj. EBITDA decreased 18% y/y to $109M vs. RJe $171M and Street $155M. Consolidated net sales were down 6% y/y to $2.21B, also below RJe $2.30B and Street $2.27B, reflecting 4% growth in total units to 39.5K vs. RJe 38.5K (+1%), while blended ASPs declined 7% to $52.8K vs. RJe $54.2K (-5%).North America sales pressured...</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/vra-4q-preview-setting-up-the-vision-reiterate-buy-rating-10-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">VRA: 4Q Preview: Setting Up the Vision; Reiterate Buy Rating, $10 PT</a></li><li><a href="https://www.smartkarma.com/insights/f1q24-first-look-eps-ppnr-beats-on-expense-control-nim-nii-miss?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F1Q24 First Look: EPS/PPNR Beats On Expense Control; NIM/NII Miss</a></li><li><a href="https://www.smartkarma.com/insights/strong-print-and-guide-backed-by-eod-duty-gear-and-steady-macro?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strong Print and Guide Backed by EOD, Duty Gear and Steady Macro</a></li><li><a href="https://www.smartkarma.com/insights/hits-the-mark-with-fundamental-execution-portfolio-improvements-and-solid-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Hits the Mark With Fundamental Execution, Portfolio Improvements, and Solid Guide</a></li><li><a href="https://www.smartkarma.com/insights/quick-take-disappointing-f2q-results-miss-on-soft-demand-and-dealer-caution-fy24-guide-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Quick Take: Disappointing F2Q Results Miss on Soft Demand and Dealer Caution, FY24 Guide Cut</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/vra-4q-preview-setting-up-the-vision-reiterate-buy-rating-10-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. VRA: 4Q Preview: Setting Up the Vision; Reiterate Buy Rating, $10 PT </a></h3><p></p><ul><li>We are reiterating our Buy rating, $10 price target and projections for Vera Bradley with the company reporting 4QFY24 (January) results before the open next Wednesday.</li><li>We look to the 4Q call for management to provide even more detail on the material changes to the company, as CEO Jackie Ardrey and her team begin to take full control of the shopping and product experience.</li><li>We believe Vera Bradley has become increasingly more relevant and appealing to a wider customer base, and the company is positioned, with a cash rich and materially leaner balance sheet, to fund potential higher-margin growth drivers going forward.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/f1q24-first-look-eps-ppnr-beats-on-expense-control-nim-nii-miss?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. F1Q24 First Look: EPS/PPNR Beats On Expense Control; NIM/NII Miss </a></h3><p></p><ul><li>Event: Versa reported F1Q24 EPS of $0.35, above RJ/consensus of $0.31/$0.34 respectively (range $0.31-0.35).</li><li>Lower than forecast non-interest expenses as well as a negative provision and a lower tax rate (+$0.022/sh) more than offset lower than forecast NII and modestly lower fee income versus our model.</li><li>Of note, a weaker exchange ratio negatively impacted EPS roughly a penny, while pre-provision net revenues (PPNR) of $16.8 million were above RJ/consensus of $16.3/16.4 million, respectively.Bottom line: Another EPS/PPNR beat on expense control, where core trends generally skew favorably and all eyes remain on the pending US bank acquisition.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/strong-print-and-guide-backed-by-eod-duty-gear-and-steady-macro?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Strong Print and Guide Backed by EOD, Duty Gear and Steady Macro </a></h3><p></p><ul><li>We are maintaining our Market Perform rating following a solid print and 2024 guide that points to mid-single-digit organic growth, 18.8% margins, and continued opportunities to expand the business inorganically.2024 organic growth looks solid.</li><li>Organic growth is expected to accelerate to 5% from 3% in 2023 with strength in EOD and Duty Gear.</li><li>Duty Gear is seeing strong International demand, though EOD strength could be framed as lumpy and partially driven by delayed 4Q23 deliveries.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/hits-the-mark-with-fundamental-execution-portfolio-improvements-and-solid-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Hits the Mark With Fundamental Execution, Portfolio Improvements, and Solid Guide </a></h3><p></p><ul><li>Reiterate Strong Buy and price target of $60 following strong results, encouraging FMS progress, strong business development, and a solid initial 2024 guide – and as we continue to see VVX with strong momentum in fundamental execution and debt paydown.FMS Sales Gaining Steam.</li><li>Following a multi-year push to expand FMS sales, VVX was selected to begin work on its largest FMS opportunity (aviation support for CENTCOM) estimated at a $400M five-year opportunity and 55%+ of the total VVX FMS portfolio of $700M. We view this as favorable diversification, growth accelerating, and margin expanding.</li><li>Expect more, as VVX leverages its geographical footprint, partnerships, and experience to penetrate a $5B pipeline.Biz Development Solid.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/quick-take-disappointing-f2q-results-miss-on-soft-demand-and-dealer-caution-fy24-guide-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Quick Take: Disappointing F2Q Results Miss on Soft Demand and Dealer Caution, FY24 Guide Cut </a></h3><p></p><ul><li>F2Q disappoints.</li><li>THOR Industries (THO) reported F2Q results Wednesday morning that were well below expectations, as further retail softness and dealer caution pressured North American sales and margins.</li><li>GAAP EPS for the quarter of $0.13 fell 74% y/y and missed both RJe $0.75 and Street $0.67, while adj. EBITDA decreased 18% y/y to $109M vs. RJe $171M and Street $155M. Consolidated net sales were down 6% y/y to $2.21B, also below RJe $2.30B and Street $2.27B, reflecting 4% growth in total units to 39.5K vs. RJe 38.5K (+1%), while blended ASPs declined 7% to $52.8K vs. RJe $54.2K (-5%).North America sales pressured...</li></ul>2024-03-06T22:00:12+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "VRA@US"}, {"term": "TPR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CANADA"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VBNK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CDRE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VVX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "THO@US"}, {"term": "TPR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VBNK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CDRE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VVX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "THO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/e4157b89-ab2e-3dbf-8beb-31f9e516e2d3Brief USA: Key Takeaways From RJ IIC 2024 and more2024-03-28T22:17:23.128549+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/key-takeaways-from-rj-iic-2024-3206b079-d204-4c0f-839f-42dcef285d33?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Key Takeaways From RJ IIC 2024</a></li><li><a href="https://www.smartkarma.com/insights/key-takeaways-from-rj-iic-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Key Takeaways From RJ IIC 2024</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-6f62947a-f03f-4be4-9b85-dc2b1a96fc21?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/technology-macbook-air-m3-apple-s-entry-into-ai-pc-arena?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Technology - MacBook Air M3 – Apple’s entry into AI PC arena</a></li><li><a href="https://www.smartkarma.com/insights/forward-air-fwrd-us-buy-tp-usd59-5-a-toad-but-there-is-a-prince-inside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Forward Air (FWRD US</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/key-takeaways-from-rj-iic-2024-3206b079-d204-4c0f-839f-42dcef285d33?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Key Takeaways From RJ IIC 2024 </a></h3><p></p><ul><li>We hosted new OLPX CEO Amanda Baldwin and CFO Eric Tiziani at the Raymond James 45th Annual Institutional Investors Conference.</li><li>Key focus areas revolved around priorities for 2024 following a challenging period for the company, the recovery path to stabilize sales, investment/marketing levels both near and long term, and capital allocation.</li><li>Management provided a weaker than anticipated 2024 outlook in conjunction with the release of 4Q results last week, with the most challenges to start the year, but the trend line improving over the course of the year as comps ease, the channel cleanup occurs, and new products are launched.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/key-takeaways-from-rj-iic-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Key Takeaways From RJ IIC 2024 </a></h3><p></p><ul><li>We hosted Edgewell Personal Care (EPC) CFO and President, Europe and Latin America, Dan Sullivan and VP Investor Relations, Chris Gough at the Raymond James 45th Annual Institutional Investors Conference.</li><li>Key highlights include top-line growth averaging 4% over the last three years, above the +2-3% long-term algorithm, expectations for productivity improvement to contribute ~200 bp to margins annually, and net leverage down to 3x in FY24.</li><li>EPC also reiterated its FY24 outlook range and long-term algorithm that has been in place since late 2020.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-6f62947a-f03f-4be4-9b85-dc2b1a96fc21?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYEquities continued their weekly slide as markets were skeptical of China’s new growth plans, while U.S. economic data underwhelmed.</li><li>China announced a 2024 economic growth target of 5%, aiming to overcome the recent real estate woes and economic slushiness post-COVID with updated policies.</li><li>In the U.S., Tuesday’s economic data was light of expectations, with factory orders falling 3.6% in January and the ISM service index dropping 80 bp.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/technology-macbook-air-m3-apple-s-entry-into-ai-pc-arena?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Technology - MacBook Air M3 – Apple’s entry into AI PC arena </a></h3><p></p><ul><li>Apple unveiled new MacBook Air M3 models yesterday (5 March), claiming the device “the world’s best consumer laptop for AI”.</li><li>We believe the new device suggested a pivotal role for AI in Apple’s product roadmap in 2024.</li><li>Leveraging Apple’s proprietary M3 chip, the new laptop is built to run most optimized LLMs (and diffusion models) at edge, and enable powerful camera features, real-time speech to text, translation, text predictions, and visual understanding features. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/forward-air-fwrd-us-buy-tp-usd59-5-a-toad-but-there-is-a-prince-inside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Forward Air (FWRD US </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/458/original/blobid0.png?1709512786"/> <ul>
<li>A highly unpopular acquisition driving investors and sell-side analysts up the wall. Forward Air is <strong>OVERSOLD</strong> on almost all technical indicators and valuations are the lowest in its history </li>
<li>Our analysis suggests it is not all that bad, the business will still be profitable and generate positive free cash flow </li>
<li>Our fair value of USD59.50 <strong>(+97% UPSIDE) </strong>is derived by 2x current Book Value. A potential double-bagger, will be rewarding for the patient investors </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/key-takeaways-from-rj-iic-2024-3206b079-d204-4c0f-839f-42dcef285d33?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Key Takeaways From RJ IIC 2024</a></li><li><a href="https://www.smartkarma.com/insights/key-takeaways-from-rj-iic-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Key Takeaways From RJ IIC 2024</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-6f62947a-f03f-4be4-9b85-dc2b1a96fc21?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/technology-macbook-air-m3-apple-s-entry-into-ai-pc-arena?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Technology - MacBook Air M3 – Apple’s entry into AI PC arena</a></li><li><a href="https://www.smartkarma.com/insights/forward-air-fwrd-us-buy-tp-usd59-5-a-toad-but-there-is-a-prince-inside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Forward Air (FWRD US</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/key-takeaways-from-rj-iic-2024-3206b079-d204-4c0f-839f-42dcef285d33?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Key Takeaways From RJ IIC 2024 </a></h3><p></p><ul><li>We hosted new OLPX CEO Amanda Baldwin and CFO Eric Tiziani at the Raymond James 45th Annual Institutional Investors Conference.</li><li>Key focus areas revolved around priorities for 2024 following a challenging period for the company, the recovery path to stabilize sales, investment/marketing levels both near and long term, and capital allocation.</li><li>Management provided a weaker than anticipated 2024 outlook in conjunction with the release of 4Q results last week, with the most challenges to start the year, but the trend line improving over the course of the year as comps ease, the channel cleanup occurs, and new products are launched.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/key-takeaways-from-rj-iic-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Key Takeaways From RJ IIC 2024 </a></h3><p></p><ul><li>We hosted Edgewell Personal Care (EPC) CFO and President, Europe and Latin America, Dan Sullivan and VP Investor Relations, Chris Gough at the Raymond James 45th Annual Institutional Investors Conference.</li><li>Key highlights include top-line growth averaging 4% over the last three years, above the +2-3% long-term algorithm, expectations for productivity improvement to contribute ~200 bp to margins annually, and net leverage down to 3x in FY24.</li><li>EPC also reiterated its FY24 outlook range and long-term algorithm that has been in place since late 2020.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-6f62947a-f03f-4be4-9b85-dc2b1a96fc21?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYEquities continued their weekly slide as markets were skeptical of China’s new growth plans, while U.S. economic data underwhelmed.</li><li>China announced a 2024 economic growth target of 5%, aiming to overcome the recent real estate woes and economic slushiness post-COVID with updated policies.</li><li>In the U.S., Tuesday’s economic data was light of expectations, with factory orders falling 3.6% in January and the ISM service index dropping 80 bp.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/technology-macbook-air-m3-apple-s-entry-into-ai-pc-arena?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Technology - MacBook Air M3 – Apple’s entry into AI PC arena </a></h3><p></p><ul><li>Apple unveiled new MacBook Air M3 models yesterday (5 March), claiming the device “the world’s best consumer laptop for AI”.</li><li>We believe the new device suggested a pivotal role for AI in Apple’s product roadmap in 2024.</li><li>Leveraging Apple’s proprietary M3 chip, the new laptop is built to run most optimized LLMs (and diffusion models) at edge, and enable powerful camera features, real-time speech to text, translation, text predictions, and visual understanding features. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/forward-air-fwrd-us-buy-tp-usd59-5-a-toad-but-there-is-a-prince-inside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Forward Air (FWRD US </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/458/original/blobid0.png?1709512786"/> <ul>
<li>A highly unpopular acquisition driving investors and sell-side analysts up the wall. Forward Air is <strong>OVERSOLD</strong> on almost all technical indicators and valuations are the lowest in its history </li>
<li>Our analysis suggests it is not all that bad, the business will still be profitable and generate positive free cash flow </li>
<li>Our fair value of USD59.50 <strong>(+97% UPSIDE) </strong>is derived by 2x current Book Value. A potential double-bagger, will be rewarding for the patient investors </li>
</ul>2024-03-06T20:15:15+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "OLPX@US"}, {"term": "ULTA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EPC@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "HK"}, {"term": "CHINA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "002475@CH"}, {"term": "285@HK"}, {"term": "@603296@CH"}, {"term": "992@HK"}, {"term": "688036@CH"}, {"term": "AAPL@US"}, {"term": "1810@HK"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "FWRD@US"}, {"term": "ULTA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EPC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "1810@HK", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FWRD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/693aebef-b121-33c5-bc04-310f6c3658b7Brief USA: Media - Integrated - Key Takeaways From the 45th Annual Raymond James Institutional Investors Conference (ROKU, PERI) and more2024-03-28T22:17:23.121629+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/media-integrated-key-takeaways-from-the-45th-annual-raymond-james-institutional-investors-conference-roku-peri?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Media - Integrated - Key Takeaways From the 45th Annual Raymond James Institutional Investors Conference (ROKU, PERI)</a></li><li><a href="https://www.smartkarma.com/insights/insurance-life-life-insurance-aifa-recap-life-is-good?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insurance - Life - Life Insurance</a></li><li><a href="https://www.smartkarma.com/insights/dividend-covered-and-projected-stable-through-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dividend Covered and Projected Stable Through 2025</a></li><li><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-iic-conference-day-2-recap-accd-cvs-achc-and-adus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Healthcare - Overall - Healthcare</a></li><li><a href="https://www.smartkarma.com/insights/strong-4q-ebitda-beat-2024-guidance-raising-estimates-reit-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strong 4Q EBITDA Beat + 2024 Guidance; Raising Estimates; Reit. Strong Buy</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/media-integrated-key-takeaways-from-the-45th-annual-raymond-james-institutional-investors-conference-roku-peri?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Media - Integrated - Key Takeaways From the 45th Annual Raymond James Institutional Investors Conference (ROKU, PERI) </a></h3><p></p><ul><li>We hosted discussions from Roku and Perion Network this week at the 45th Annual Raymond James Institutional Investors Conference.</li><li>Key focus areas include: 1) Roku’s outlook is largely unchanged, incorporating conservative near-term ad market expectations but easing throughout FY24 while returning to EBITDA profitability 2) Roku struck a more positive tone on the pending Walmart/Vizio deal, seeing limited competitive threat at this point 3) Perion’s multi-touchpoint model is appealing to advertisers, allowing optimized ROIs through the ability to dynamically allocate spend to a variety of formats; 4) Perion’s advantageous cash position allows it the flexibility to reinvest in the business and return capital to shareholders through a $50M buyback, while remaining active in seeking further M&A opportunities.</li><li>We reiterate our Market Perform ratings on both companies - for Roku, near-term trends are still likely to be negatively impacted by a soft M&E spend environment (though Walmart/Vizio commentary more optimistic), and for Perion, we see a subdued 1H as online video weakness persists across the digital ad space, though note that FY24 guidance appears conservative if overall digital ad market conditions continue to improve.Roku (Conrad Grodd, Vice President of Investor Relations)No material revision to ad market conditions/near-term outlook.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/insurance-life-life-insurance-aifa-recap-life-is-good?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Insurance - Life - Life Insurance </a></h3><p></p><ul><li>We attended Association of Insurance and Financial Analysts (AIFA) in Naples, Florida, and hosted the Employee Benefits (including VOYA, PFG, and UNM) and Retirement (including PRU, CNO, and FG) panels.</li><li>Following are our key takeaways; see body of note for more detail.The life sector is "in the best position of the last fifteen years," due to a supportive interest rate environment and ample opportunities for risk transfer, per a PRU exec (see our ReFocus Recap for more information on the booming life reinsurance market).Transamerica President and CEO Will Fuller cites "more capital flowing into industry" than he can recall in his 31-year history in the life sector.</li><li>Companies that have expressed willingness to consider block divestitures include PRU, LNC, and UNM.Experts cite a $40-50 billion market for pension risk transfers (PRTs) in 2024, another robust year of activity.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/dividend-covered-and-projected-stable-through-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Dividend Covered and Projected Stable Through 2025 </a></h3><p></p><ul><li>We are maintaining our Market Perform rating on Stellus Capital Investment Corporation (SCM).We continue to believe there will be a stable dividend over the 2024-2025 period, given spillover levels, and although income opportunity remains attractive, we believe there is limited capital appreciation upside and the stock is fairly valued.4Q23:Core NII/share was $0.50, above our estimate of $0.46 and consensus of $0.46.</li><li>Earnings were boosted by a small fee waiver (related to the 3-year total return hurdle), and higher than projected fee income.</li><li>NAV/share was $13.26 (previously $13.19), up 57bps q/q and slightly better than the median for the group in 4Q23 (up 30-40bp).Credit quality:Non-accruals at cost/fair value were 3.8%/1.0% of the total portfolio (prev.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-iic-conference-day-2-recap-accd-cvs-achc-and-adus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Healthcare - Overall - Healthcare </a></h3><p></p><ul><li>On day 2 of the Raymond James 45th Annual Institutional Investors Conference (IIC), we hosted Accolade (ACCD), CVS Health (CVS), Acadia Healthcare (ACHC), and Addus HomeCare (ADUS).Accolade (ACCD)AI ImplementationWith the plethora of claims, Rx, and utilization data at ACCD’s disposal, the company is implementing AI to improve the quality and efficiency of member interactions.</li><li>We believe self-service, claims and benefits data aggregation/analysis, and predictive interventions represent the most valuable use cases.AI remains a significant driver in the ~100 bp of predicted annual gross margin expansion, as the company continues to optimize the mix of human touch and technology.EngagementThe company remains focused on engagement, as it promised every customer that it would engage/contact every member with +$50K annual medical spend during FY25.</li><li>Management believes there’s still room for improvement on the engagement front, which we suspect requires more blocking and tackling than anything else.Plan DesignManagement believes a future step in navigation/advocacy could feature the company working with employers to implement plan design changes to drive cost savings.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/strong-4q-ebitda-beat-2024-guidance-raising-estimates-reit-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Strong 4Q EBITDA Beat + 2024 Guidance; Raising Estimates; Reit. Strong Buy </a></h3><p></p><ul><li>We reiterate our Strong Buy rating and $29 price target on FWRG following the company’s strong 4Q EBITDA beat (store margins) and 2024 EBITDA guidance that exceeded our prior expectations.</li><li>As expected, 1Q results have been negatively impacted by weather/tough comparisons, which are expected to be followed by a return to solidly positive comps and y/y EBITDA growth in 2Q-4Q. In addition, the company exceeded our expectations on 4Q store margins, new unit sales performance (drove upside to 4Q sales), and new unit openings planned for 2024 (Co.</li><li>43-47).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/media-integrated-key-takeaways-from-the-45th-annual-raymond-james-institutional-investors-conference-roku-peri?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Media - Integrated - Key Takeaways From the 45th Annual Raymond James Institutional Investors Conference (ROKU, PERI)</a></li><li><a href="https://www.smartkarma.com/insights/insurance-life-life-insurance-aifa-recap-life-is-good?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insurance - Life - Life Insurance</a></li><li><a href="https://www.smartkarma.com/insights/dividend-covered-and-projected-stable-through-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Dividend Covered and Projected Stable Through 2025</a></li><li><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-iic-conference-day-2-recap-accd-cvs-achc-and-adus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Healthcare - Overall - Healthcare</a></li><li><a href="https://www.smartkarma.com/insights/strong-4q-ebitda-beat-2024-guidance-raising-estimates-reit-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strong 4Q EBITDA Beat + 2024 Guidance; Raising Estimates; Reit. Strong Buy</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/media-integrated-key-takeaways-from-the-45th-annual-raymond-james-institutional-investors-conference-roku-peri?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Media - Integrated - Key Takeaways From the 45th Annual Raymond James Institutional Investors Conference (ROKU, PERI) </a></h3><p></p><ul><li>We hosted discussions from Roku and Perion Network this week at the 45th Annual Raymond James Institutional Investors Conference.</li><li>Key focus areas include: 1) Roku’s outlook is largely unchanged, incorporating conservative near-term ad market expectations but easing throughout FY24 while returning to EBITDA profitability 2) Roku struck a more positive tone on the pending Walmart/Vizio deal, seeing limited competitive threat at this point 3) Perion’s multi-touchpoint model is appealing to advertisers, allowing optimized ROIs through the ability to dynamically allocate spend to a variety of formats; 4) Perion’s advantageous cash position allows it the flexibility to reinvest in the business and return capital to shareholders through a $50M buyback, while remaining active in seeking further M&A opportunities.</li><li>We reiterate our Market Perform ratings on both companies - for Roku, near-term trends are still likely to be negatively impacted by a soft M&E spend environment (though Walmart/Vizio commentary more optimistic), and for Perion, we see a subdued 1H as online video weakness persists across the digital ad space, though note that FY24 guidance appears conservative if overall digital ad market conditions continue to improve.Roku (Conrad Grodd, Vice President of Investor Relations)No material revision to ad market conditions/near-term outlook.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/insurance-life-life-insurance-aifa-recap-life-is-good?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Insurance - Life - Life Insurance </a></h3><p></p><ul><li>We attended Association of Insurance and Financial Analysts (AIFA) in Naples, Florida, and hosted the Employee Benefits (including VOYA, PFG, and UNM) and Retirement (including PRU, CNO, and FG) panels.</li><li>Following are our key takeaways; see body of note for more detail.The life sector is "in the best position of the last fifteen years," due to a supportive interest rate environment and ample opportunities for risk transfer, per a PRU exec (see our ReFocus Recap for more information on the booming life reinsurance market).Transamerica President and CEO Will Fuller cites "more capital flowing into industry" than he can recall in his 31-year history in the life sector.</li><li>Companies that have expressed willingness to consider block divestitures include PRU, LNC, and UNM.Experts cite a $40-50 billion market for pension risk transfers (PRTs) in 2024, another robust year of activity.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/dividend-covered-and-projected-stable-through-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Dividend Covered and Projected Stable Through 2025 </a></h3><p></p><ul><li>We are maintaining our Market Perform rating on Stellus Capital Investment Corporation (SCM).We continue to believe there will be a stable dividend over the 2024-2025 period, given spillover levels, and although income opportunity remains attractive, we believe there is limited capital appreciation upside and the stock is fairly valued.4Q23:Core NII/share was $0.50, above our estimate of $0.46 and consensus of $0.46.</li><li>Earnings were boosted by a small fee waiver (related to the 3-year total return hurdle), and higher than projected fee income.</li><li>NAV/share was $13.26 (previously $13.19), up 57bps q/q and slightly better than the median for the group in 4Q23 (up 30-40bp).Credit quality:Non-accruals at cost/fair value were 3.8%/1.0% of the total portfolio (prev.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-iic-conference-day-2-recap-accd-cvs-achc-and-adus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Healthcare - Overall - Healthcare </a></h3><p></p><ul><li>On day 2 of the Raymond James 45th Annual Institutional Investors Conference (IIC), we hosted Accolade (ACCD), CVS Health (CVS), Acadia Healthcare (ACHC), and Addus HomeCare (ADUS).Accolade (ACCD)AI ImplementationWith the plethora of claims, Rx, and utilization data at ACCD’s disposal, the company is implementing AI to improve the quality and efficiency of member interactions.</li><li>We believe self-service, claims and benefits data aggregation/analysis, and predictive interventions represent the most valuable use cases.AI remains a significant driver in the ~100 bp of predicted annual gross margin expansion, as the company continues to optimize the mix of human touch and technology.EngagementThe company remains focused on engagement, as it promised every customer that it would engage/contact every member with +$50K annual medical spend during FY25.</li><li>Management believes there’s still room for improvement on the engagement front, which we suspect requires more blocking and tackling than anything else.Plan DesignManagement believes a future step in navigation/advocacy could feature the company working with employers to implement plan design changes to drive cost savings.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/strong-4q-ebitda-beat-2024-guidance-raising-estimates-reit-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Strong 4Q EBITDA Beat + 2024 Guidance; Raising Estimates; Reit. Strong Buy </a></h3><p></p><ul><li>We reiterate our Strong Buy rating and $29 price target on FWRG following the company’s strong 4Q EBITDA beat (store margins) and 2024 EBITDA guidance that exceeded our prior expectations.</li><li>As expected, 1Q results have been negatively impacted by weather/tough comparisons, which are expected to be followed by a return to solidly positive comps and y/y EBITDA growth in 2Q-4Q. In addition, the company exceeded our expectations on 4Q store margins, new unit sales performance (drove upside to 4Q sales), and new unit openings planned for 2024 (Co.</li><li>43-47).</li></ul>2024-03-06T19:15:18+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ROKU@US"}, {"term": "PERI@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CNO@US"}, {"term": "BHF@US"}, {"term": "AFL@US"}, {"term": "VOYA@US"}, {"term": "LNC@US"}, {"term": "MET@US"}, {"term": "PRU@US"}, {"term": "PFG@US"}, {"term": "EQH@US"}, {"term": "UNM@US"}, {"term": "GL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SCM@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CVS@US"}, {"term": "ADUS@US"}, {"term": "ACHC@US"}, {"term": "ACCD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "@FWRG@US"}, {"term": "PERI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SCM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ACCD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "@FWRG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/4846b340-7a1f-3d59-af68-9e81af2b2dd1Brief USA: Healthcare - Overall - Healthcare and more2024-03-28T22:17:23.111499+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-med-tech-tools-and-diagnostics-highlights-from-day-two-of-the-rj-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Healthcare - Overall - Healthcare</a></li><li><a href="https://www.smartkarma.com/insights/we-hope-you-at-tuned-in-to-our-fireside-chat-for-csl-and-deal-details?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">We Hope You (At)Tuned In To Our Fireside Chat For CSL and Deal Details</a></li><li><a href="https://www.smartkarma.com/insights/signs-of-stability-heading-into-fy25-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Signs of Stability Heading Into FY25 - Reiterate Outperform</a></li><li><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global Semi Sales Decline 2.3% MoM In January</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-highlights-283d0668-cedc-4350-b6f2-c79cbed1af97?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Highlights</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-med-tech-tools-and-diagnostics-highlights-from-day-two-of-the-rj-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Healthcare - Overall - Healthcare </a></h3><p></p><ul><li>Med Tech - Jayson Bedford, (727) 567-2565DexCom (DXCM/Strong Buy/$121.78)Presenters: Sean Christensen — VP, Finance and Investor Relations,Matt Carey — Investor Relations ManagerInteresting tidbits: 1) After the close (and after their presentation), DXCM received FDA clearance for Stelo.</li><li>Approval allows Stelo to be sold over-the-counter (without a prescription) to anyone over 18 years old.</li><li>The OTC nature of the clearance is a positive surprise.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/we-hope-you-at-tuned-in-to-our-fireside-chat-for-csl-and-deal-details?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. We Hope You (At)Tuned In To Our Fireside Chat For CSL and Deal Details </a></h3><p></p><ul><li>Tuesday morning, Haemonetics presented at the 45th Annual Raymond James Institutional Investors Conference and announced the acquisition of Attune Medical, further building out its Interventional Technologies portfolio in the Hospital segment.</li><li>Key topics included additional disclosure and color on CSL expectations in plasma, strong reiteration of LRP margin goals, and the Attune acquisition amidst the broader hospital segment.</li><li>We view Attune as a nice fit, and with an already profitable business with rapid top-line growth (admittedly on a small base) that sells into pre-existing electrophysiology channel where Vascade MVP has found major traction.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/signs-of-stability-heading-into-fy25-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Signs of Stability Heading Into FY25 - Reiterate Outperform </a></h3><p></p><ul><li>We reiterate our Outperform rating on Box following F4Q results that exceeded Street expectations on billings and profitability, while delivering essentially in-line top-line growth.</li><li>While the macro environment remains uncertain, we suspect that management’s commentary around a stabilization in trends will be viewed positively by the Street.</li><li>Furthermore, we continue to see positive signs around the company’s core growth dynamics, with broader Suite adoption ticking up, new products and pricing tiers that should aid in further cross-sell, and an increasing margin profile (despite reinvestment in growth initiatives).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Global Semi Sales Decline 2.3% MoM In January </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/962/original/image?1709695818"/> <ul>
<li>It's the first MoM decline in semi sales since February 2023, but it's a seasonal thing & YoY comparisons continue to grow stronger. </li>
<li>Forecasting 10% YoY growth in 2024 semiconductor sales, in line with TSMC's outlook</li>
<li>$1 trillion in annual semiconductor sales will likely happen in 2032 based on a 7.7% CAGR over the coming decade. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-highlights-283d0668-cedc-4350-b6f2-c79cbed1af97?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Raymond James Institutional Investors Conference Highlights </a></h3><p></p><ul><li>Graphic Packaging CFO, Steve Scherger, participated in a fireside chat on Tuesday, March 5, at the 45th annual Institutional Investors Conference.</li><li>Below are highlights from the presentation.Vision 2030 - return on investments: Graphic highlighted the Vision 2030 targets recently laid out at its Investor Day two weeks ago.</li><li>After executing on the Vision 2025 targets it initially laid out in 2019, focus shifts from heavy investments (physical assets and M&A) to driving returns from innovative/sustainable products.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-med-tech-tools-and-diagnostics-highlights-from-day-two-of-the-rj-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Healthcare - Overall - Healthcare</a></li><li><a href="https://www.smartkarma.com/insights/we-hope-you-at-tuned-in-to-our-fireside-chat-for-csl-and-deal-details?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">We Hope You (At)Tuned In To Our Fireside Chat For CSL and Deal Details</a></li><li><a href="https://www.smartkarma.com/insights/signs-of-stability-heading-into-fy25-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Signs of Stability Heading Into FY25 - Reiterate Outperform</a></li><li><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global Semi Sales Decline 2.3% MoM In January</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-highlights-283d0668-cedc-4350-b6f2-c79cbed1af97?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Highlights</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-med-tech-tools-and-diagnostics-highlights-from-day-two-of-the-rj-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Healthcare - Overall - Healthcare </a></h3><p></p><ul><li>Med Tech - Jayson Bedford, (727) 567-2565DexCom (DXCM/Strong Buy/$121.78)Presenters: Sean Christensen — VP, Finance and Investor Relations,Matt Carey — Investor Relations ManagerInteresting tidbits: 1) After the close (and after their presentation), DXCM received FDA clearance for Stelo.</li><li>Approval allows Stelo to be sold over-the-counter (without a prescription) to anyone over 18 years old.</li><li>The OTC nature of the clearance is a positive surprise.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/we-hope-you-at-tuned-in-to-our-fireside-chat-for-csl-and-deal-details?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. We Hope You (At)Tuned In To Our Fireside Chat For CSL and Deal Details </a></h3><p></p><ul><li>Tuesday morning, Haemonetics presented at the 45th Annual Raymond James Institutional Investors Conference and announced the acquisition of Attune Medical, further building out its Interventional Technologies portfolio in the Hospital segment.</li><li>Key topics included additional disclosure and color on CSL expectations in plasma, strong reiteration of LRP margin goals, and the Attune acquisition amidst the broader hospital segment.</li><li>We view Attune as a nice fit, and with an already profitable business with rapid top-line growth (admittedly on a small base) that sells into pre-existing electrophysiology channel where Vascade MVP has found major traction.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/signs-of-stability-heading-into-fy25-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Signs of Stability Heading Into FY25 - Reiterate Outperform </a></h3><p></p><ul><li>We reiterate our Outperform rating on Box following F4Q results that exceeded Street expectations on billings and profitability, while delivering essentially in-line top-line growth.</li><li>While the macro environment remains uncertain, we suspect that management’s commentary around a stabilization in trends will be viewed positively by the Street.</li><li>Furthermore, we continue to see positive signs around the company’s core growth dynamics, with broader Suite adoption ticking up, new products and pricing tiers that should aid in further cross-sell, and an increasing margin profile (despite reinvestment in growth initiatives).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Global Semi Sales Decline 2.3% MoM In January </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/962/original/image?1709695818"/> <ul>
<li>It's the first MoM decline in semi sales since February 2023, but it's a seasonal thing & YoY comparisons continue to grow stronger. </li>
<li>Forecasting 10% YoY growth in 2024 semiconductor sales, in line with TSMC's outlook</li>
<li>$1 trillion in annual semiconductor sales will likely happen in 2032 based on a 7.7% CAGR over the coming decade. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-highlights-283d0668-cedc-4350-b6f2-c79cbed1af97?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Raymond James Institutional Investors Conference Highlights </a></h3><p></p><ul><li>Graphic Packaging CFO, Steve Scherger, participated in a fireside chat on Tuesday, March 5, at the 45th annual Institutional Investors Conference.</li><li>Below are highlights from the presentation.Vision 2030 - return on investments: Graphic highlighted the Vision 2030 targets recently laid out at its Investor Day two weeks ago.</li><li>After executing on the Vision 2025 targets it initially laid out in 2019, focus shifts from heavy investments (physical assets and M&A) to driving returns from innovative/sustainable products.</li></ul>2024-03-06T15:00:11+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DXCM@US"}, {"term": "MMSI@US"}, {"term": "TFX@US"}, {"term": "MASI@US"}, {"term": "HAE@US"}, {"term": "PODD@US"}, {"term": "NTRA@US"}, {"term": "QDEL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "HAE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BOX@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "2330@TT"}, {"term": "INTC@US"}, {"term": "AMD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GPK@US"}, {"term": "QDEL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HAE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BOX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AMD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GPK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/97909e10-ab8f-33b1-8783-0a8f1726d0ebBrief USA: 4Q23 In-Line; Building Towards 2H24 Acceleration and more2024-03-28T22:17:23.104910+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q23-in-line-building-towards-2h24-acceleration?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 In-Line; Building Towards 2H24 Acceleration</a></li><li><a href="https://www.smartkarma.com/insights/durable-products-housing-housing-timber-takeaways-from-45th-rj-institutional-investors-conference-phm-dhi-tol-wy-pch-ryn?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Durable Products - Housing</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-3d41cec4-c069-4c87-a3d0-96f5ecf1a518?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Presentation</a></li><li><a href="https://www.smartkarma.com/insights/f4q-no-fatigue-here-lapping-the-competition-maintain-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q: No Fatigue Here; Lapping the Competition; Maintain Outperform</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-73be7f40-3c54-47a4-8b98-eddbc5f49e2c?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Presentation</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q23-in-line-building-towards-2h24-acceleration?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q23 In-Line; Building Towards 2H24 Acceleration </a></h3><p></p><ul><li>We reiterate our Outperform rating on MLNK following 4Q23 results that were as expected following its pre-release last month with a 2024 outlook that was slightly below our recently revised estimates (~1% at the midpoint).</li><li>While 4Q results reflected continued industry-wide loan volume pressures, we saw improving execution against profitability initiatives even prior to its 1Q24 workforce restructuring efforts that could support conservatism in its FY24 outlook.</li><li>While our positive thesis is not predicated on a material improvement in volumes vs. 2H23 levels (although this would be a positive), we continue to see a path to subscription revenue returning to double-digit growth in 2H24 (on its improving pipeline, sales productivity, and a more consistent volume environment) that would be a source of upside in our view.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/durable-products-housing-housing-timber-takeaways-from-45th-rj-institutional-investors-conference-phm-dhi-tol-wy-pch-ryn?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Durable Products - Housing </a></h3><p></p><ul><li>We hosted six companies at the 45th Raymond James Institutional Investors Conference.</li><li>The U.S. housing and wood products sectors continue to garner significant interest from investors, with several presentations limited to standing room only.</li><li>Our presentations included homebuilders DR Horton, PulteGroup, and Toll Brothers, as well as Timber REITs Weyerhaeuser, PotlatchDeltic, and Rayonier.PulteGroup (PHM)CFO Bob O’Shaughnessy and Jim Zeumer VP Investor RelationsSustainable ROE, predictable growth, and positive cash flows.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-3d41cec4-c069-4c87-a3d0-96f5ecf1a518?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Raymond James Institutional Investors Conference Presentation </a></h3><p></p><ul><li>Management (Joe Lacher, CEO, Brad Camden, CFO, and Michael Marinaccio) of Kemper Corporation (KMPR) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:Management continued to restrict new business through 2023 which finished 90% lower than 2019 levels.</li><li>As a result of lower new business growth and lower retention rates associated with non-standard personal auto (50-60%) KMPR experienced higher churn in PIF when compared with some peers.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/f4q-no-fatigue-here-lapping-the-competition-maintain-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. F4Q: No Fatigue Here; Lapping the Competition; Maintain Outperform </a></h3><p></p><ul><li>We maintain our Outperform rating on CRWD following F4Q24 (Jan) results that featured upside across all key metrics.</li><li>We recently initiated coverage (link), with a near-term view that net new ARR (NNARR, key growth metric) should accelerate alongside stabilization/improvement in the device end market as CY24 progresses based on our conversations with our Supply Chain coverage.</li><li>While we modeled this metric slightly above Street estimates for the next few quarters, we noted in our setups piece (link) that we would not be surprised to see actual results well in excess of our current estimates.This materialized as NNARR growth of 27% y/y was essentially double Street estimates.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-73be7f40-3c54-47a4-8b98-eddbc5f49e2c?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Raymond James Institutional Investors Conference Presentation </a></h3><p></p><ul><li>Management (Elizabeth Mann, CFO, and Stacey Brodbar, Head of IR) of Verisk Analytics (VRSK) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:The company’s legacy core lines of business (Rules, Forms, & Loss Cost and Antifraud) represented ~40% of 2023 revenue.</li><li>Management believes there is a long-term secular growth opportunity in its core legacy products due in part the P&C insurance industry’s slower adoption of technological change.Management targets 6-8% OCC revenue growth over the intermediate term.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q23-in-line-building-towards-2h24-acceleration?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 In-Line; Building Towards 2H24 Acceleration</a></li><li><a href="https://www.smartkarma.com/insights/durable-products-housing-housing-timber-takeaways-from-45th-rj-institutional-investors-conference-phm-dhi-tol-wy-pch-ryn?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Durable Products - Housing</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-3d41cec4-c069-4c87-a3d0-96f5ecf1a518?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Presentation</a></li><li><a href="https://www.smartkarma.com/insights/f4q-no-fatigue-here-lapping-the-competition-maintain-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q: No Fatigue Here; Lapping the Competition; Maintain Outperform</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-73be7f40-3c54-47a4-8b98-eddbc5f49e2c?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Presentation</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q23-in-line-building-towards-2h24-acceleration?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q23 In-Line; Building Towards 2H24 Acceleration </a></h3><p></p><ul><li>We reiterate our Outperform rating on MLNK following 4Q23 results that were as expected following its pre-release last month with a 2024 outlook that was slightly below our recently revised estimates (~1% at the midpoint).</li><li>While 4Q results reflected continued industry-wide loan volume pressures, we saw improving execution against profitability initiatives even prior to its 1Q24 workforce restructuring efforts that could support conservatism in its FY24 outlook.</li><li>While our positive thesis is not predicated on a material improvement in volumes vs. 2H23 levels (although this would be a positive), we continue to see a path to subscription revenue returning to double-digit growth in 2H24 (on its improving pipeline, sales productivity, and a more consistent volume environment) that would be a source of upside in our view.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/durable-products-housing-housing-timber-takeaways-from-45th-rj-institutional-investors-conference-phm-dhi-tol-wy-pch-ryn?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Durable Products - Housing </a></h3><p></p><ul><li>We hosted six companies at the 45th Raymond James Institutional Investors Conference.</li><li>The U.S. housing and wood products sectors continue to garner significant interest from investors, with several presentations limited to standing room only.</li><li>Our presentations included homebuilders DR Horton, PulteGroup, and Toll Brothers, as well as Timber REITs Weyerhaeuser, PotlatchDeltic, and Rayonier.PulteGroup (PHM)CFO Bob O’Shaughnessy and Jim Zeumer VP Investor RelationsSustainable ROE, predictable growth, and positive cash flows.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-3d41cec4-c069-4c87-a3d0-96f5ecf1a518?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Raymond James Institutional Investors Conference Presentation </a></h3><p></p><ul><li>Management (Joe Lacher, CEO, Brad Camden, CFO, and Michael Marinaccio) of Kemper Corporation (KMPR) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:Management continued to restrict new business through 2023 which finished 90% lower than 2019 levels.</li><li>As a result of lower new business growth and lower retention rates associated with non-standard personal auto (50-60%) KMPR experienced higher churn in PIF when compared with some peers.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/f4q-no-fatigue-here-lapping-the-competition-maintain-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. F4Q: No Fatigue Here; Lapping the Competition; Maintain Outperform </a></h3><p></p><ul><li>We maintain our Outperform rating on CRWD following F4Q24 (Jan) results that featured upside across all key metrics.</li><li>We recently initiated coverage (link), with a near-term view that net new ARR (NNARR, key growth metric) should accelerate alongside stabilization/improvement in the device end market as CY24 progresses based on our conversations with our Supply Chain coverage.</li><li>While we modeled this metric slightly above Street estimates for the next few quarters, we noted in our setups piece (link) that we would not be surprised to see actual results well in excess of our current estimates.This materialized as NNARR growth of 27% y/y was essentially double Street estimates.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-73be7f40-3c54-47a4-8b98-eddbc5f49e2c?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Raymond James Institutional Investors Conference Presentation </a></h3><p></p><ul><li>Management (Elizabeth Mann, CFO, and Stacey Brodbar, Head of IR) of Verisk Analytics (VRSK) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:The company’s legacy core lines of business (Rules, Forms, & Loss Cost and Antifraud) represented ~40% of 2023 revenue.</li><li>Management believes there is a long-term secular growth opportunity in its core legacy products due in part the P&C insurance industry’s slower adoption of technological change.Management targets 6-8% OCC revenue growth over the intermediate term.</li></ul>2024-03-06T11:45:17+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MLNK@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "WY@US"}, {"term": "PHM@US"}, {"term": "DHI@US"}, {"term": "MDC@US"}, {"term": "RYN@US"}, {"term": "TOL@US"}, {"term": "PCH@US"}, {"term": "KBH@US"}, {"term": "LEN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "KMPR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CRWD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VRSK@US"}, {"term": "MLNK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LEN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "KMPR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CRWD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VRSK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/13c1cc48-f4f2-39fc-b6fa-7a31c84b0bd2Brief USA: Raymond James Institutional Investors Conference Presentation and more2024-03-28T22:17:23.095153+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-d673fdef-57f7-43ec-a8f8-fc0b686318eb?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Presentation</a></li><li><a href="https://www.smartkarma.com/insights/renewable-energy-and-grade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Renewable Energy And "Grade"</a></li><li><a href="https://www.smartkarma.com/insights/macro-regime-indicator-more-liquidity-is-coming?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Macro Regime Indicator: MORE liquidity is coming</a></li><li><a href="https://www.smartkarma.com/insights/it-services-application-software-rj-institutional-investors-conference-day-2-docs-pwsc-zi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IT Services - Application Software</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-138b7940-c4cf-467a-ad8f-4cb48a5e9215?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Presentation</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-d673fdef-57f7-43ec-a8f8-fc0b686318eb?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Raymond James Institutional Investors Conference Presentation </a></h3><p></p><ul><li>Management (Andrew Robinson, CEO, Mark Haushill, CFO, and Natalie Schoolcraft, Head of IR) of Skyward Specialty Insurance Group, Inc.</li><li>(SKWD) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:Skyward go-to-market strategy involves eight underwriting divisions: Industry Solutions, Global Property, Programs, Accident & Health, Captives, Professional Lines, Surety, and Transactional E&S.The Global Property underwriting division focuses on large global enterprises and writes exposures above self-insured retentions.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/renewable-energy-and-grade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Renewable Energy And "Grade" </a></h3><p></p><div><ul><li><strong>Renewables as extractive industries:</strong> Renewable energy sources like wind and solar are extractive industries that depend on the “grade” of the natural resource to achieve sustainability, a three-dimensional concept that includes economics, social acceptance, and environmental considerations.</li><li><span style="font-size: var(--content-font-size);"><strong>The problem of low-grade resources:</strong> Deploying renewables in areas where the resource grade is too low imposes macro-level costs on the electrical system and reduces its economic and environmental sustainability through the inefficient deployment of limited resources.</span></li><li><span style="font-size: var(--content-font-size);"><strong>The problem of high-grade resources:</strong> Deploying too many renewables in areas where the resource grade is high causes value deflation, lowers the revenue of the projects, and impairs micro-level sustainability.</span></li></ul></div><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/macro-regime-indicator-more-liquidity-is-coming?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Macro Regime Indicator: MORE liquidity is coming </a></h3><p></p><ul><li>Greetings and welcome to this month’s Macro Regime Indicator.</li><li>Financial markets have behaved pretty much just as we laid out in last month’s predictions.</li><li>Sentiment remains strong and the US consumer continues to spend.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/it-services-application-software-rj-institutional-investors-conference-day-2-docs-pwsc-zi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. IT Services - Application Software </a></h3><p></p><ul><li>ZI: AI Could Add Another Growth Driver: We hosted CFO Cameron Hyzer and VP of IR Jerry Sisitsky, who discussed the differentiated dataset and actionable insights generated through ZoomInfo’s platform.</li><li>Mr.</li><li>Hyzer unpacked the data aggregation capabilities of the suite, from its contributory network with data verified by experts to the intent signals generated in part through connections to third party data sources.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-138b7940-c4cf-467a-ad8f-4cb48a5e9215?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Raymond James Institutional Investors Conference Presentation </a></h3><p></p><ul><li>Management (Craig Kliethermes, CEO, Todd Bryant, CFO, and Aaron Diefenthaler, VP - CIO & Treasurer) of RLI Corp.</li><li>(RLI) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:RLI’s underwriters are compensated based on performance receiving ~1-5% of underwriting profits.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-d673fdef-57f7-43ec-a8f8-fc0b686318eb?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Presentation</a></li><li><a href="https://www.smartkarma.com/insights/renewable-energy-and-grade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Renewable Energy And "Grade"</a></li><li><a href="https://www.smartkarma.com/insights/macro-regime-indicator-more-liquidity-is-coming?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Macro Regime Indicator: MORE liquidity is coming</a></li><li><a href="https://www.smartkarma.com/insights/it-services-application-software-rj-institutional-investors-conference-day-2-docs-pwsc-zi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IT Services - Application Software</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-138b7940-c4cf-467a-ad8f-4cb48a5e9215?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Presentation</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-d673fdef-57f7-43ec-a8f8-fc0b686318eb?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Raymond James Institutional Investors Conference Presentation </a></h3><p></p><ul><li>Management (Andrew Robinson, CEO, Mark Haushill, CFO, and Natalie Schoolcraft, Head of IR) of Skyward Specialty Insurance Group, Inc.</li><li>(SKWD) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:Skyward go-to-market strategy involves eight underwriting divisions: Industry Solutions, Global Property, Programs, Accident & Health, Captives, Professional Lines, Surety, and Transactional E&S.The Global Property underwriting division focuses on large global enterprises and writes exposures above self-insured retentions.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/renewable-energy-and-grade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Renewable Energy And "Grade" </a></h3><p></p><div><ul><li><strong>Renewables as extractive industries:</strong> Renewable energy sources like wind and solar are extractive industries that depend on the “grade” of the natural resource to achieve sustainability, a three-dimensional concept that includes economics, social acceptance, and environmental considerations.</li><li><span style="font-size: var(--content-font-size);"><strong>The problem of low-grade resources:</strong> Deploying renewables in areas where the resource grade is too low imposes macro-level costs on the electrical system and reduces its economic and environmental sustainability through the inefficient deployment of limited resources.</span></li><li><span style="font-size: var(--content-font-size);"><strong>The problem of high-grade resources:</strong> Deploying too many renewables in areas where the resource grade is high causes value deflation, lowers the revenue of the projects, and impairs micro-level sustainability.</span></li></ul></div><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/macro-regime-indicator-more-liquidity-is-coming?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Macro Regime Indicator: MORE liquidity is coming </a></h3><p></p><ul><li>Greetings and welcome to this month’s Macro Regime Indicator.</li><li>Financial markets have behaved pretty much just as we laid out in last month’s predictions.</li><li>Sentiment remains strong and the US consumer continues to spend.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/it-services-application-software-rj-institutional-investors-conference-day-2-docs-pwsc-zi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. IT Services - Application Software </a></h3><p></p><ul><li>ZI: AI Could Add Another Growth Driver: We hosted CFO Cameron Hyzer and VP of IR Jerry Sisitsky, who discussed the differentiated dataset and actionable insights generated through ZoomInfo’s platform.</li><li>Mr.</li><li>Hyzer unpacked the data aggregation capabilities of the suite, from its contributory network with data verified by experts to the intent signals generated in part through connections to third party data sources.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-138b7940-c4cf-467a-ad8f-4cb48a5e9215?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Raymond James Institutional Investors Conference Presentation </a></h3><p></p><ul><li>Management (Craig Kliethermes, CEO, Todd Bryant, CFO, and Aaron Diefenthaler, VP - CIO & Treasurer) of RLI Corp.</li><li>(RLI) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:RLI’s underwriters are compensated based on performance receiving ~1-5% of underwriting profits.</li></ul>2024-03-06T10:30:07+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SKWD@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "BELGIUM"}, {"term": "CHINA"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "NETHERLANDS"}, {"term": "NORWAY"}, {"term": "SPAIN"}, {"term": "ITALY"}, {"term": "FRANCE"}, {"term": "GERMANY"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EQNR@US"}, {"term": "EQNR@NO"}, {"term": "RUN@US"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "USDJPY@CURNCY"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "GT10@GOVT"}, {"term": "USD@CURNCY"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ZI@US"}, {"term": "PWSC@US"}, {"term": "DOCS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "RLI@US"}, {"term": "SKWD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RUN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DOCS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RLI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/de7b603d-fb57-36c6-8cdd-669521a24055Brief USA: Raymond James Institutional Investors Conference Presentation and more2024-03-28T22:17:23.087141+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-e0227069-c4cb-487c-b059-e4df86892884?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Presentation</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-dfa43b72-14d6-4704-9000-0e9d97db2961?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Presentation</a></li><li><a href="https://www.smartkarma.com/insights/arm-holdings-ipo-lock-up-expiry-a-us-127bn-lockup-release-might-be-too-tempting-to-pass-on?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On</a></li><li><a href="https://www.smartkarma.com/insights/culp-inc-3q-results-update-on-culp-progress-out-wednesday-after-close?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Culp, Inc. - 3Q Results: Update on Culp Progress Out Wednesday After Close</a></li><li><a href="https://www.smartkarma.com/insights/4q23-quick-take-distribution-in-line-capital-efficiency-looks-to-improve?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Quick Take: Distribution In-Line, Capital Efficiency Looks to Improve</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-e0227069-c4cb-487c-b059-e4df86892884?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Raymond James Institutional Investors Conference Presentation </a></h3><p></p><ul><li>Management (Jayme Mendal, CEO, and Joseph Sanborn, CFO) of EverQuote, Inc.</li><li>(EVER) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:Personal auto carriers restricted growth over the last two years due to increases in severity trends resulting in lower demand for EVER’s services.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-dfa43b72-14d6-4704-9000-0e9d97db2961?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Raymond James Institutional Investors Conference Presentation </a></h3><p></p><ul><li>Management (Andy Watts, CFO, Gray Nester, CIO, and John Andrisen, Director - FP&A) of Brown & Brown, Inc.</li><li>(BRO) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:Over the last 5-years the company doubled revenue through strong organic growth and M&A while also expanding margins ~400 bp.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/arm-holdings-ipo-lock-up-expiry-a-us-127bn-lockup-release-might-be-too-tempting-to-pass-on?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/755/original/image?1709625317"/> <ul>
<li>
<a data-smartkarma-citation="entities:315:1" href="https://www.smartkarma.com/entities/softbank-group-corp" rel="noopener" target="_blank">Softbank</a> raised around US$4.9bn via selling some of its stake in <a data-smartkarma-citation="entities:21816:1" href="https://www.smartkarma.com/entities/arm-holdings-inc" rel="noopener" target="_blank">ARM Holdings (ARM US)</a>’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.</li>
<li>ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/culp-inc-3q-results-update-on-culp-progress-out-wednesday-after-close?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Culp, Inc. - 3Q Results: Update on Culp Progress Out Wednesday After Close </a></h3><p></p><ul><li>Culp reports 3QFY24 results after the close on Wednesday, March 6. An investor conference call is scheduled for 11:00 am ET on Thursday, March 7.</li><li>Culp revised its guidance for the second half of 2023 in January in conjunction with the WTR Furniture/Furnishings Virtual Conference.</li><li>Recovery in the mattress segment had been slower than previously expected.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-quick-take-distribution-in-line-capital-efficiency-looks-to-improve?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23 Quick Take: Distribution In-Line, Capital Efficiency Looks to Improve </a></h3><p></p><ul><li>4Q23 Quick Take: $0.58/unit distribution lands in-line with RJe.</li><li>Operationally, TXO slightly exceeded expectations with production beating by 1% mainly on the back of 7% higher liquids volumes during the quarter.</li><li>Capital expenditures came in 4% over RJe, but as it was their lowest capital quarter it had little impact on the yearly figure.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-e0227069-c4cb-487c-b059-e4df86892884?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Presentation</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-dfa43b72-14d6-4704-9000-0e9d97db2961?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Presentation</a></li><li><a href="https://www.smartkarma.com/insights/arm-holdings-ipo-lock-up-expiry-a-us-127bn-lockup-release-might-be-too-tempting-to-pass-on?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On</a></li><li><a href="https://www.smartkarma.com/insights/culp-inc-3q-results-update-on-culp-progress-out-wednesday-after-close?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Culp, Inc. - 3Q Results: Update on Culp Progress Out Wednesday After Close</a></li><li><a href="https://www.smartkarma.com/insights/4q23-quick-take-distribution-in-line-capital-efficiency-looks-to-improve?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Quick Take: Distribution In-Line, Capital Efficiency Looks to Improve</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-e0227069-c4cb-487c-b059-e4df86892884?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Raymond James Institutional Investors Conference Presentation </a></h3><p></p><ul><li>Management (Jayme Mendal, CEO, and Joseph Sanborn, CFO) of EverQuote, Inc.</li><li>(EVER) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:Personal auto carriers restricted growth over the last two years due to increases in severity trends resulting in lower demand for EVER’s services.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-dfa43b72-14d6-4704-9000-0e9d97db2961?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Raymond James Institutional Investors Conference Presentation </a></h3><p></p><ul><li>Management (Andy Watts, CFO, Gray Nester, CIO, and John Andrisen, Director - FP&A) of Brown & Brown, Inc.</li><li>(BRO) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:Over the last 5-years the company doubled revenue through strong organic growth and M&A while also expanding margins ~400 bp.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/arm-holdings-ipo-lock-up-expiry-a-us-127bn-lockup-release-might-be-too-tempting-to-pass-on?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/755/original/image?1709625317"/> <ul>
<li>
<a data-smartkarma-citation="entities:315:1" href="https://www.smartkarma.com/entities/softbank-group-corp" rel="noopener" target="_blank">Softbank</a> raised around US$4.9bn via selling some of its stake in <a data-smartkarma-citation="entities:21816:1" href="https://www.smartkarma.com/entities/arm-holdings-inc" rel="noopener" target="_blank">ARM Holdings (ARM US)</a>’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.</li>
<li>ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/culp-inc-3q-results-update-on-culp-progress-out-wednesday-after-close?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Culp, Inc. - 3Q Results: Update on Culp Progress Out Wednesday After Close </a></h3><p></p><ul><li>Culp reports 3QFY24 results after the close on Wednesday, March 6. An investor conference call is scheduled for 11:00 am ET on Thursday, March 7.</li><li>Culp revised its guidance for the second half of 2023 in January in conjunction with the WTR Furniture/Furnishings Virtual Conference.</li><li>Recovery in the mattress segment had been slower than previously expected.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-quick-take-distribution-in-line-capital-efficiency-looks-to-improve?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23 Quick Take: Distribution In-Line, Capital Efficiency Looks to Improve </a></h3><p></p><ul><li>4Q23 Quick Take: $0.58/unit distribution lands in-line with RJe.</li><li>Operationally, TXO slightly exceeded expectations with production beating by 1% mainly on the back of 7% higher liquids volumes during the quarter.</li><li>Capital expenditures came in 4% over RJe, but as it was their lowest capital quarter it had little impact on the yearly figure.</li></ul>2024-03-06T10:00:29+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "@EVER@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BRO@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "NORTH AMERICA"}, {"term": "ARM@US"}, {"term": "SOXX@US"}, {"term": "7203@JP"}, {"term": "700@HK"}, {"term": "2330@TT"}, {"term": "9618@HK"}, {"term": "JD@US"}, {"term": "PDD@US"}, {"term": "SE@US"}, {"term": "005930@KS"}, {"term": "CRM@US"}, {"term": "TSLA@US"}, {"term": "SPY@US"}, {"term": "6723@JP"}, {"term": "RIL@IN"}, {"term": "2379@TT"}, {"term": "QCOM@US"}, {"term": "PRX@SJ"}, {"term": "PRX@NA"}, {"term": "PROSY@US"}, {"term": "ORCL@US"}, {"term": "NXPI@US"}, {"term": "2454@TT"}, {"term": "MRVL@US"}, {"term": "RDDT@US"}, {"term": "AS@US"}, {"term": "1024@HK"}, {"term": "IFNNY@US"}, {"term": "7267@JP"}, {"term": "GRAB@US"}, {"term": "GM@US"}, {"term": "175@HK"}, {"term": "GFS@US"}, {"term": "F@US"}, {"term": "EA@US"}, {"term": "CDNS@US"}, {"term": "AVGO@US"}, {"term": "002594@CH"}, {"term": "1211@HK"}, {"term": "AMZN@US"}, {"term": "9988@HK"}, {"term": "BABA@US"}, {"term": "ADBE@US"}, {"term": "GOOGL@US"}, {"term": "GOOG@US"}, {"term": "AAPL@US"}, {"term": "MSFT@US"}, {"term": "NVDA@US"}, {"term": "AMD@US"}, {"term": "9984@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "CULP@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TXO@US"}, {"term": "@EVER@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BRO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "9984@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CULP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TXO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/933540e4-162f-35e1-b7f9-07f51977b531Brief USA: Takeaways From 2024 RJ Institutional Investors Conference and more2024-03-28T22:17:23.076394+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/takeaways-from-2024-rj-institutional-investors-conference-9776aa20-fdae-4d11-98b1-b68b4f4423f3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways From 2024 RJ Institutional Investors Conference</a></li><li><a href="https://www.smartkarma.com/insights/turning-point-brands-inc-tpb-tuesday-dec-5-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Turning Point Brands Inc (TPB) - Tuesday, Dec 5, 2023</a></li><li><a href="https://www.smartkarma.com/insights/gold-breaking-out-above-3-5-year-resistance-as-the-u-s-dollar-dxy-and-treasury-yields-roll-over?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Gold Breaking Out Above 3.5-Year Resistance as the U.S. Dollar (DXY) And Treasury Yields Roll Over</a></li><li><a href="https://www.smartkarma.com/insights/tlne-nuclear-shareholder-value?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">TLNE: Nuclear Shareholder Value</a></li><li><a href="https://www.smartkarma.com/insights/shen-winning-trade-upgrade-to-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">SHEN: Winning Trade, Upgrade to Buy</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/takeaways-from-2024-rj-institutional-investors-conference-9776aa20-fdae-4d11-98b1-b68b4f4423f3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Takeaways From 2024 RJ Institutional Investors Conference </a></h3><p></p><ul><li>We hosted Revolve CFO Jesse Timmermans and VP of IR Erik Randerson at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We review takeaways from the presentation and investor meetings - topics included: QTD trends & competitor struggles, huge TAM presenting an opportunity for share gains, increasing penetration of beauty, cross-shopping between Revolve and FWRD customers, strong performance of the pop-up store, international momentum, Owned brand potential over the LT, increasing focus on S&D expense, and GM% expansion potential.</li><li>We maintain our Outperform on RVLV as we see sequential improvement in sales trends in 2024 and potential for better margins in ‘24 and beyond after a difficult 2023.QTD Trends; Competitor Struggles: RVLV reiterated comments made on its 4Q call that sales for the first 8 weeks of 1Q24 are -MSD% y/y, full-price selling is up modestly, and comparisons for the rest of 1Q area easier y/y.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/turning-point-brands-inc-tpb-tuesday-dec-5-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Turning Point Brands Inc (TPB) - Tuesday, Dec 5, 2023 </a></h3><p></p><ul><li>Attractive valuation and low multiples compared to peers make Turning Point Brands an intriguing investment opportunity</li><li>Company is poised for significant top-line and bottom-line growth despite past struggles and negative sentiment</li><li>Strong position in tobacco alternative market and focus on non-cigarette products set TPB up for future success, offering potential upside for investors.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/gold-breaking-out-above-3-5-year-resistance-as-the-u-s-dollar-dxy-and-treasury-yields-roll-over?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Gold Breaking Out Above 3.5-Year Resistance as the U.S. Dollar (DXY) And Treasury Yields Roll Over </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/891/original/image_37910532021709665469394.png?1709665828"/> <ul>
<li>The number of risk-on signals continues to grow, while risk-off signals remain virtually non-existent. We will be sure to point it out when this dynamic starts to change</li>
<li>In the meantime, we want to continue riding this bull market higher, and our bullish outlook on the S&P 500, Russell 2000, and Nasdaq 100 (since early-November 2023) remains intact.</li>
<li>Gold is breaking out of a 3.5-year base to all-time closing highs -- buy. Silver is breaking out above a 3-month base at $23.50. Fueled by toppy DXY and rates</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/tlne-nuclear-shareholder-value?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. TLNE: Nuclear Shareholder Value </a></h3><p></p><ul>
<li>TLNE announced the sale of Cumulus Data for a valuation higher than we were expecting and includes a long-term power purchasing agreement</li>
<li>TLNE’s management has also mentioned an ongoing sales process for TLNE’s assets in Texas, which could generate additional value.</li>
<li>TLNE sold Cumulus Data for $650 million to Amazon Web Services (“AWS”). TLNE sold the assets the Company had situated adjacent to Susquehanna nuclear power plant</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/shen-winning-trade-upgrade-to-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. SHEN: Winning Trade, Upgrade to Buy </a></h3><p></p><ul>
<li>SHEN announced the sale of its tower assets for a price that would equivalently pay for the purchase of Horizon Telecom, effectively creating an asset trade that creates considerably value.</li>
<li>SHEN has unlocked value by selling assets that are expected to experience a decline in revenue after this year for assets that should realize revenue and adjusted EBITDA growth</li>
<li>The growth SHEN is purchasing without the need of cash financing should have a positive impact on SHEN’s valuation.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/takeaways-from-2024-rj-institutional-investors-conference-9776aa20-fdae-4d11-98b1-b68b4f4423f3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways From 2024 RJ Institutional Investors Conference</a></li><li><a href="https://www.smartkarma.com/insights/turning-point-brands-inc-tpb-tuesday-dec-5-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Turning Point Brands Inc (TPB) - Tuesday, Dec 5, 2023</a></li><li><a href="https://www.smartkarma.com/insights/gold-breaking-out-above-3-5-year-resistance-as-the-u-s-dollar-dxy-and-treasury-yields-roll-over?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Gold Breaking Out Above 3.5-Year Resistance as the U.S. Dollar (DXY) And Treasury Yields Roll Over</a></li><li><a href="https://www.smartkarma.com/insights/tlne-nuclear-shareholder-value?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">TLNE: Nuclear Shareholder Value</a></li><li><a href="https://www.smartkarma.com/insights/shen-winning-trade-upgrade-to-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">SHEN: Winning Trade, Upgrade to Buy</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/takeaways-from-2024-rj-institutional-investors-conference-9776aa20-fdae-4d11-98b1-b68b4f4423f3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Takeaways From 2024 RJ Institutional Investors Conference </a></h3><p></p><ul><li>We hosted Revolve CFO Jesse Timmermans and VP of IR Erik Randerson at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We review takeaways from the presentation and investor meetings - topics included: QTD trends & competitor struggles, huge TAM presenting an opportunity for share gains, increasing penetration of beauty, cross-shopping between Revolve and FWRD customers, strong performance of the pop-up store, international momentum, Owned brand potential over the LT, increasing focus on S&D expense, and GM% expansion potential.</li><li>We maintain our Outperform on RVLV as we see sequential improvement in sales trends in 2024 and potential for better margins in ‘24 and beyond after a difficult 2023.QTD Trends; Competitor Struggles: RVLV reiterated comments made on its 4Q call that sales for the first 8 weeks of 1Q24 are -MSD% y/y, full-price selling is up modestly, and comparisons for the rest of 1Q area easier y/y.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/turning-point-brands-inc-tpb-tuesday-dec-5-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Turning Point Brands Inc (TPB) - Tuesday, Dec 5, 2023 </a></h3><p></p><ul><li>Attractive valuation and low multiples compared to peers make Turning Point Brands an intriguing investment opportunity</li><li>Company is poised for significant top-line and bottom-line growth despite past struggles and negative sentiment</li><li>Strong position in tobacco alternative market and focus on non-cigarette products set TPB up for future success, offering potential upside for investors.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/gold-breaking-out-above-3-5-year-resistance-as-the-u-s-dollar-dxy-and-treasury-yields-roll-over?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Gold Breaking Out Above 3.5-Year Resistance as the U.S. Dollar (DXY) And Treasury Yields Roll Over </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/891/original/image_37910532021709665469394.png?1709665828"/> <ul>
<li>The number of risk-on signals continues to grow, while risk-off signals remain virtually non-existent. We will be sure to point it out when this dynamic starts to change</li>
<li>In the meantime, we want to continue riding this bull market higher, and our bullish outlook on the S&P 500, Russell 2000, and Nasdaq 100 (since early-November 2023) remains intact.</li>
<li>Gold is breaking out of a 3.5-year base to all-time closing highs -- buy. Silver is breaking out above a 3-month base at $23.50. Fueled by toppy DXY and rates</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/tlne-nuclear-shareholder-value?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. TLNE: Nuclear Shareholder Value </a></h3><p></p><ul>
<li>TLNE announced the sale of Cumulus Data for a valuation higher than we were expecting and includes a long-term power purchasing agreement</li>
<li>TLNE’s management has also mentioned an ongoing sales process for TLNE’s assets in Texas, which could generate additional value.</li>
<li>TLNE sold Cumulus Data for $650 million to Amazon Web Services (“AWS”). TLNE sold the assets the Company had situated adjacent to Susquehanna nuclear power plant</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/shen-winning-trade-upgrade-to-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. SHEN: Winning Trade, Upgrade to Buy </a></h3><p></p><ul>
<li>SHEN announced the sale of its tower assets for a price that would equivalently pay for the purchase of Horizon Telecom, effectively creating an asset trade that creates considerably value.</li>
<li>SHEN has unlocked value by selling assets that are expected to experience a decline in revenue after this year for assets that should realize revenue and adjusted EBITDA growth</li>
<li>The growth SHEN is purchasing without the need of cash financing should have a positive impact on SHEN’s valuation.</li>
</ul>2024-03-06T08:15:13+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "RVLV@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "TPB@US"}, {"term": "Technical Analysis"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GOLD@COMDTY"}, {"term": "IAI@US"}, {"term": "USLM@US"}, {"term": "SUM@US"}, {"term": "VMC@US"}, {"term": "MLM@US"}, {"term": "ORN@US"}, {"term": "TPC@US"}, {"term": "PRIM@US"}, {"term": "ROAD@US"}, {"term": "IESC@US"}, {"term": "GVA@US"}, {"term": "MYRG@US"}, {"term": "STRL@US"}, {"term": "DY@US"}, {"term": "ARCAD@NA"}, {"term": "MTZ@US"}, {"term": "KBR@US"}, {"term": "EME@US"}, {"term": "J@US"}, {"term": "PWR@US"}, {"term": "IBUY@US"}, {"term": "XRT@US"}, {"term": "IJH@US"}, {"term": "IVOO@US"}, {"term": "SPX@INDEX"}, {"term": "TLT@US"}, {"term": "GT10@GOVT"}, {"term": "DXY@CURNCY"}, {"term": "SLV@US"}, {"term": "SILVER@COMDTY"}, {"term": "GLD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "UTILITIES"}, {"term": "VALUE"}, {"term": "NORTH AMERICA"}, {"term": "TLNE@US"}, {"term": "AMZN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "VALUE"}, {"term": "NORTH AMERICA"}, {"term": "SHEN@US"}, {"term": "RVLV@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TPB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GLD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AMZN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SHEN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/c73dbacc-08c2-3b05-acda-8e396a1980a1Brief USA: Positioning Watch – Are the unpopular bets back in town? and more2024-03-28T22:17:23.066796+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/positioning-watch-are-the-unpopular-bets-back-in-town?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Positioning Watch – Are the unpopular bets back in town?</a></li><li><a href="https://www.smartkarma.com/insights/bundling-legislation-markup-scheduled-for-tomorrow-3-6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">"Bundling" Legislation Markup Scheduled for Tomorrow (3/6)</a></li><li><a href="https://www.smartkarma.com/insights/strategy-washington-policy-cfpb-finalizes-late-fee-rule-at-8-with-new-carveout-for-smaller-issuers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategy - Washington Policy</a></li><li><a href="https://www.smartkarma.com/insights/insurance-overall-brokerage-technology-gshd-raymond-james-institutional-investors-conference-presentation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insurance - Overall - Brokerage & Technology</a></li><li><a href="https://www.smartkarma.com/insights/provides-1q24-mid-quarter-update-ahead-of-investor-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Provides 1Q24 Mid-Quarter Update Ahead of Investor Conference</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/positioning-watch-are-the-unpopular-bets-back-in-town?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Positioning Watch – Are the unpopular bets back in town? </a></h3><p></p><ul><li>Hello everyone, and welcome back to our weekly positioning watch! Equity markets continue their drift higher for yet another week, and it seems safe to say that markets are now more concerned about liquidity/growth than rates to reiterate ourselves, as equity markets have not attributed the U-turn in rates expectations any value whatsoever.</li><li>As the growth and liquidity outlook still looks decent for the weeks/months ahead, we keep our long risk asset bias.</li><li>The rates outlook looks to have a bigger impact in FX and especially the carry-heavy side of this asset class, and with the market likely going to up-hawk expectations even further if inflation picks up momentum, it could be time for a revival of the USD – FX volatility has at least started to pick up a bit of momentum (bullish USD).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/bundling-legislation-markup-scheduled-for-tomorrow-3-6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. "Bundling" Legislation Markup Scheduled for Tomorrow (3/6) </a></h3><p></p><ul><li>H.R. 5074, the bill designed to delay implementation of the oral-only “bundling” policy under the Medicare ESRD-PPS, will go to markup in the Ways and Means Committee tomorrow, March 6, at 10:00 a.m. ET (see link to the live feed HERE).</li><li>This brings H.R. 5074 (see Congress’ tracking website for the bill HERE), also known as the Kidney PATIENT Act of 2023, one step closer to a vote in the U.S. House of Representatives, which is a positive development for Ardelyx’s commercial hyperphosphatemia program (Xphozah).</li><li>Here are our key takeaways going into tomorrow’s markup:The markup documents include multiple proposed changes in the form of an amendment in the nature of a substitute from the Committee Chairman, Rep.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/strategy-washington-policy-cfpb-finalizes-late-fee-rule-at-8-with-new-carveout-for-smaller-issuers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Strategy - Washington Policy </a></h3><p></p><ul><li>The Consumer Financial Protection Bureau (CFPB) finalized its long-anticipated credit card late fee rule on Tuesday, slashing the safe harbor maximum from $41 to $8 for credit card issuers with more than 1 million open accounts.</li><li>The rule allows for fees above $8 if issuers can “show their math” and justify a higher amount; however, banks frequently use safe harbors to avoid future enforcement and legal liability.</li><li>The final rule also removes a provision capping the total alternative fee at 25% of the minimum payment — a win for the industry, but also removing a potential legal argument.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/insurance-overall-brokerage-technology-gshd-raymond-james-institutional-investors-conference-presentation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Insurance - Overall - Brokerage & Technology </a></h3><p></p><ul><li>Management (Mark Jones Jr., CFO, and Dan Farrell, VP of Capital Markets) of Goosehead Insurance, Inc.</li><li>(GSHD/Not Covered) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:Corporate agent headcount increased from ~250 at the end of 2020 to 506 at the end of 2022.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/provides-1q24-mid-quarter-update-ahead-of-investor-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Provides 1Q24 Mid-Quarter Update Ahead of Investor Conference </a></h3><p></p><ul><li>We maintain ourMarket Performrating on CMA following the release of its slidesand ahead of its presentation at an investor conference on Wednesday (3/6/24).</li><li>Net-net, the update is mixed where: (1) average loan balances, through 2/29/24 are currently tracking below current consensus expectations for full-quarter 1Q24 although it reiterated its guide of down 1-2% q/q; (2) average deposit balance through 2/29/24 are tracking toward the higher-end of its reiterated 1Q24 outlook that calls for a decline of 3-4%; (3) its noninterest-bearing mix deteriorated by ~200 bp from 42% to 40% QTD vs. where it continues to lead peers; and (4) it reiterated prior 1Q24 NII guidance which calls for a 9-10% decline, excluding volatility from BSBY cessation.</li><li>Of note, while it reiterated all three of the aforementioned 1Q24 guidance points in its presentation materials, it did not discuss its 2024 outlook, which includes six 25 bp rate cuts.1Q24 loan balances to decline more than expected: QTD average loan balances in 1Q24 are down ~$1.3B (-2.5%; 1Q24 guide: -1 to -2%) to ~$51.5B through February 29, 2024, which, if the same run rate is assumed through quarter-end, is tracking below our FactSet consensus matching quarterly average estimate of ~$52.2B. The QTD average loan decrease reflects declines in Middle Market, Equity Fund Services and National Dealer that more than offset growth in commercial real estate.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/positioning-watch-are-the-unpopular-bets-back-in-town?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Positioning Watch – Are the unpopular bets back in town?</a></li><li><a href="https://www.smartkarma.com/insights/bundling-legislation-markup-scheduled-for-tomorrow-3-6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">"Bundling" Legislation Markup Scheduled for Tomorrow (3/6)</a></li><li><a href="https://www.smartkarma.com/insights/strategy-washington-policy-cfpb-finalizes-late-fee-rule-at-8-with-new-carveout-for-smaller-issuers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategy - Washington Policy</a></li><li><a href="https://www.smartkarma.com/insights/insurance-overall-brokerage-technology-gshd-raymond-james-institutional-investors-conference-presentation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insurance - Overall - Brokerage & Technology</a></li><li><a href="https://www.smartkarma.com/insights/provides-1q24-mid-quarter-update-ahead-of-investor-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Provides 1Q24 Mid-Quarter Update Ahead of Investor Conference</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/positioning-watch-are-the-unpopular-bets-back-in-town?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Positioning Watch – Are the unpopular bets back in town? </a></h3><p></p><ul><li>Hello everyone, and welcome back to our weekly positioning watch! Equity markets continue their drift higher for yet another week, and it seems safe to say that markets are now more concerned about liquidity/growth than rates to reiterate ourselves, as equity markets have not attributed the U-turn in rates expectations any value whatsoever.</li><li>As the growth and liquidity outlook still looks decent for the weeks/months ahead, we keep our long risk asset bias.</li><li>The rates outlook looks to have a bigger impact in FX and especially the carry-heavy side of this asset class, and with the market likely going to up-hawk expectations even further if inflation picks up momentum, it could be time for a revival of the USD – FX volatility has at least started to pick up a bit of momentum (bullish USD).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/bundling-legislation-markup-scheduled-for-tomorrow-3-6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. "Bundling" Legislation Markup Scheduled for Tomorrow (3/6) </a></h3><p></p><ul><li>H.R. 5074, the bill designed to delay implementation of the oral-only “bundling” policy under the Medicare ESRD-PPS, will go to markup in the Ways and Means Committee tomorrow, March 6, at 10:00 a.m. ET (see link to the live feed HERE).</li><li>This brings H.R. 5074 (see Congress’ tracking website for the bill HERE), also known as the Kidney PATIENT Act of 2023, one step closer to a vote in the U.S. House of Representatives, which is a positive development for Ardelyx’s commercial hyperphosphatemia program (Xphozah).</li><li>Here are our key takeaways going into tomorrow’s markup:The markup documents include multiple proposed changes in the form of an amendment in the nature of a substitute from the Committee Chairman, Rep.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/strategy-washington-policy-cfpb-finalizes-late-fee-rule-at-8-with-new-carveout-for-smaller-issuers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Strategy - Washington Policy </a></h3><p></p><ul><li>The Consumer Financial Protection Bureau (CFPB) finalized its long-anticipated credit card late fee rule on Tuesday, slashing the safe harbor maximum from $41 to $8 for credit card issuers with more than 1 million open accounts.</li><li>The rule allows for fees above $8 if issuers can “show their math” and justify a higher amount; however, banks frequently use safe harbors to avoid future enforcement and legal liability.</li><li>The final rule also removes a provision capping the total alternative fee at 25% of the minimum payment — a win for the industry, but also removing a potential legal argument.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/insurance-overall-brokerage-technology-gshd-raymond-james-institutional-investors-conference-presentation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Insurance - Overall - Brokerage & Technology </a></h3><p></p><ul><li>Management (Mark Jones Jr., CFO, and Dan Farrell, VP of Capital Markets) of Goosehead Insurance, Inc.</li><li>(GSHD/Not Covered) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:Corporate agent headcount increased from ~250 at the end of 2020 to 506 at the end of 2022.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/provides-1q24-mid-quarter-update-ahead-of-investor-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Provides 1Q24 Mid-Quarter Update Ahead of Investor Conference </a></h3><p></p><ul><li>We maintain ourMarket Performrating on CMA following the release of its slidesand ahead of its presentation at an investor conference on Wednesday (3/6/24).</li><li>Net-net, the update is mixed where: (1) average loan balances, through 2/29/24 are currently tracking below current consensus expectations for full-quarter 1Q24 although it reiterated its guide of down 1-2% q/q; (2) average deposit balance through 2/29/24 are tracking toward the higher-end of its reiterated 1Q24 outlook that calls for a decline of 3-4%; (3) its noninterest-bearing mix deteriorated by ~200 bp from 42% to 40% QTD vs. where it continues to lead peers; and (4) it reiterated prior 1Q24 NII guidance which calls for a 9-10% decline, excluding volatility from BSBY cessation.</li><li>Of note, while it reiterated all three of the aforementioned 1Q24 guidance points in its presentation materials, it did not discuss its 2024 outlook, which includes six 25 bp rate cuts.1Q24 loan balances to decline more than expected: QTD average loan balances in 1Q24 are down ~$1.3B (-2.5%; 1Q24 guide: -1 to -2%) to ~$51.5B through February 29, 2024, which, if the same run rate is assumed through quarter-end, is tracking below our FactSet consensus matching quarterly average estimate of ~$52.2B. The QTD average loan decrease reflects declines in Middle Market, Equity Fund Services and National Dealer that more than offset growth in commercial real estate.</li></ul>2024-03-06T00:09:51+08:00[{"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "CL1@COM@COMDTY"}, {"term": "USDJPY@CURNCY"}, {"term": "SPX@INDEX"}, {"term": "USD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ARDX@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CMA@US"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ARDX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CMA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/30860e64-9fc0-3497-9d3f-eb2f94bc94cdBrief USA: Impressive 4Q Print + Conservative '24 Outlook and more2024-03-28T22:17:23.058772+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/impressive-4q-print-conservative-24-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Impressive 4Q Print + Conservative '24 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-0e2b1f72-b34b-41c0-89af-ffa60a76bd36?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Presentation</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-capital-markets-rj-institutional-investors-conference-day-2-cbre-cme-cwk-dnb-fico-mco-tw?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Capital Markets</a></li><li><a href="https://www.smartkarma.com/insights/follow-up-updating-estimates-after-4q-results-maintain-market-perform-0f54653d-7bae-42b9-970b-1ddae8bb8fbc?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Follow-Up: Updating Estimates After 4Q Results; Maintain Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-cre-mortgage-reits-4q23-property-type-exposures-for-cre-loan-portfolio-companies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - CRE Mortgage REITs</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/impressive-4q-print-conservative-24-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Impressive 4Q Print + Conservative '24 Outlook </a></h3><p></p><ul><li>We are maintaining ourOutperformrating on PAY following solid 4Q results that featured significant adj EBITDA upside (+43% vs Street) driven by a 7% contribution profit beat, and EBITDA margin improved ~1,100 bp y/y to 30%.</li><li>Moreover, FCF has inflected meaningfully ($35M vs -$11M in ‘22), and the pristine balance sheet (~$180M in cash w/no debt) creates optionality for capital deployment, though organic growth remains the near-term priority.</li><li>Additionally, the 1Q outlook was largely in line on contribution profit, adj EBITDA was ahead, and while the initial 2024 outlook was mixed (CP below, EBITDA ahead), there is clearly conservatism embedded in it as it does not include any new wins (similar to the ‘23 outlook where revenue ended up ~5% ahead of initial guide).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-0e2b1f72-b34b-41c0-89af-ffa60a76bd36?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Raymond James Institutional Investors Conference Presentation </a></h3><p></p><ul><li>Management (Craig Smiddy, CEO, and Aaron Jacoby, Senior VP - Corporate Development & Finance) of Old Republic International Corporation (ORI) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:ORI has a long track record of returning capital to shareholders which has totaled $4.2B through regular dividends, special dividends and share repurchases since 12/31/2016.</li><li>The company has increased its regular cash dividend for 42 consecutive years while also recently introducing share repurchases in 2022.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/financial-services-others-capital-markets-rj-institutional-investors-conference-day-2-cbre-cme-cwk-dnb-fico-mco-tw?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Financial Services - Others - Capital Markets </a></h3><p></p><ul><li>On the second day of the 45th Annual Institutional Investors Conference in Orlando, we hosted the following management teams for presentations and breakout discussions: CBRE Group, CME Group, Cushman & Wakefield, Dun & Bradstreet, Fair Isaac, Moody’s, and Tradeweb.</li><li>Below, we highlight key takeaways from each company:CBRE Group (CBRE) — CFO Emma Giamartino, Head of IR & Treasurer Brad BurkeResilient business lines underpins top-line, profitability growth for 2024: CBRE has focused on simplifying the discussion of the company’s business model, breaking down revenues into two main buckets: transaction and resilient.</li><li>The latter business is primarily made up of the Global Workplace Solutions (GWS), property management, valuation, and servicing businesses and generally represent more recurring and/or contractual revenue streams.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/follow-up-updating-estimates-after-4q-results-maintain-market-perform-0f54653d-7bae-42b9-970b-1ddae8bb8fbc?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Follow-Up: Updating Estimates After 4Q Results; Maintain Market Perform </a></h3><p></p><ul><li>Summary:We are updating our estimates and maintaining ourMarket Performrating on New York Mortgage Trust (NYMT) after reviewing 4Q results and the Form 10-K. 4Q GAAP and undepreciated earnings both exceeded our estimates due to higher-than-expected unrealized gains.</li><li>We expect NYMT to continue focusing on monetizations of joint venture equity investments with new investments primarily focused on agency RMBS and residential bridge loans.</li><li>We are maintaining our Market Perform rating given uncertainty around joint venture equity monetizations, our outlook for minimal near-term new investment activity in the credit portfolio, and limited visibility into fair value marks.Updating estimates:Our new estimates reflect the year-end portfolio, lower net interest income, slightly higher drag from the real estate portfolio, higher other income, lower interest rates given the forward yield curve, and the Series E preferred stock adjusting to floating rate in 1Q25.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/financial-services-others-cre-mortgage-reits-4q23-property-type-exposures-for-cre-loan-portfolio-companies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Financial Services - Others - CRE Mortgage REITs </a></h3><p></p><ul><li>In this report, we review the property type exposures of loan portfolios for commercial real estate (CRE) mortgage REITs, specifically 1) the aggregate CRE mortgage REIT loan portfolio composition, which was 98% senior loans with 75% collateralized by Multifamily (44%), Office (21%), and Hospitality (10%) assets at December 31; 2) changes in portfolio composition, with the 4Q sequential changes largely due to repayments given minimal new origination activity during the quarter; and 3) company-specific portfolio composition.Aggregate loan portfolio composition: At December 31, the aggregate portfolio of publicly-traded CRE mortgage REITs was 98% senior loans with 75% collateralized by Multifamily (44%), Office (21%), or Hospitality (10%) assets.</li><li>This mix of the three largest property type exposures is down from 79% last quarter and 77% a year ago.With post-COVID originations focusing primarily on Multifamily along with some Industrial and Life Sciences, portfolio mix has shifted materially towards Multifamily and away from Office over the past three years.</li><li>Multifamily now represents close to half the aggregate portfolio, versus just only 24% three years ago, while Office exposure has almost cut in half to 21% from 37%.The 4Q sequential changes were largely due to the impact of repayments given minimal new origination activity during 4Q.Aggregate CRE MREIT Loan Portfolio Mix (12/31) & ChangeMultifamily: At December 31, ACR (80%), FBRT (77%), and BRSP (53%) had the highest mix of Multifamily, versus the average of 44%.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/impressive-4q-print-conservative-24-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Impressive 4Q Print + Conservative '24 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-0e2b1f72-b34b-41c0-89af-ffa60a76bd36?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Presentation</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-capital-markets-rj-institutional-investors-conference-day-2-cbre-cme-cwk-dnb-fico-mco-tw?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - Capital Markets</a></li><li><a href="https://www.smartkarma.com/insights/follow-up-updating-estimates-after-4q-results-maintain-market-perform-0f54653d-7bae-42b9-970b-1ddae8bb8fbc?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Follow-Up: Updating Estimates After 4Q Results; Maintain Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-cre-mortgage-reits-4q23-property-type-exposures-for-cre-loan-portfolio-companies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - CRE Mortgage REITs</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/impressive-4q-print-conservative-24-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Impressive 4Q Print + Conservative '24 Outlook </a></h3><p></p><ul><li>We are maintaining ourOutperformrating on PAY following solid 4Q results that featured significant adj EBITDA upside (+43% vs Street) driven by a 7% contribution profit beat, and EBITDA margin improved ~1,100 bp y/y to 30%.</li><li>Moreover, FCF has inflected meaningfully ($35M vs -$11M in ‘22), and the pristine balance sheet (~$180M in cash w/no debt) creates optionality for capital deployment, though organic growth remains the near-term priority.</li><li>Additionally, the 1Q outlook was largely in line on contribution profit, adj EBITDA was ahead, and while the initial 2024 outlook was mixed (CP below, EBITDA ahead), there is clearly conservatism embedded in it as it does not include any new wins (similar to the ‘23 outlook where revenue ended up ~5% ahead of initial guide).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-presentation-0e2b1f72-b34b-41c0-89af-ffa60a76bd36?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Raymond James Institutional Investors Conference Presentation </a></h3><p></p><ul><li>Management (Craig Smiddy, CEO, and Aaron Jacoby, Senior VP - Corporate Development & Finance) of Old Republic International Corporation (ORI) presented at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We have summarized the key takeaways from management’s presentation below:ORI has a long track record of returning capital to shareholders which has totaled $4.2B through regular dividends, special dividends and share repurchases since 12/31/2016.</li><li>The company has increased its regular cash dividend for 42 consecutive years while also recently introducing share repurchases in 2022.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/financial-services-others-capital-markets-rj-institutional-investors-conference-day-2-cbre-cme-cwk-dnb-fico-mco-tw?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Financial Services - Others - Capital Markets </a></h3><p></p><ul><li>On the second day of the 45th Annual Institutional Investors Conference in Orlando, we hosted the following management teams for presentations and breakout discussions: CBRE Group, CME Group, Cushman & Wakefield, Dun & Bradstreet, Fair Isaac, Moody’s, and Tradeweb.</li><li>Below, we highlight key takeaways from each company:CBRE Group (CBRE) — CFO Emma Giamartino, Head of IR & Treasurer Brad BurkeResilient business lines underpins top-line, profitability growth for 2024: CBRE has focused on simplifying the discussion of the company’s business model, breaking down revenues into two main buckets: transaction and resilient.</li><li>The latter business is primarily made up of the Global Workplace Solutions (GWS), property management, valuation, and servicing businesses and generally represent more recurring and/or contractual revenue streams.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/follow-up-updating-estimates-after-4q-results-maintain-market-perform-0f54653d-7bae-42b9-970b-1ddae8bb8fbc?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Follow-Up: Updating Estimates After 4Q Results; Maintain Market Perform </a></h3><p></p><ul><li>Summary:We are updating our estimates and maintaining ourMarket Performrating on New York Mortgage Trust (NYMT) after reviewing 4Q results and the Form 10-K. 4Q GAAP and undepreciated earnings both exceeded our estimates due to higher-than-expected unrealized gains.</li><li>We expect NYMT to continue focusing on monetizations of joint venture equity investments with new investments primarily focused on agency RMBS and residential bridge loans.</li><li>We are maintaining our Market Perform rating given uncertainty around joint venture equity monetizations, our outlook for minimal near-term new investment activity in the credit portfolio, and limited visibility into fair value marks.Updating estimates:Our new estimates reflect the year-end portfolio, lower net interest income, slightly higher drag from the real estate portfolio, higher other income, lower interest rates given the forward yield curve, and the Series E preferred stock adjusting to floating rate in 1Q25.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/financial-services-others-cre-mortgage-reits-4q23-property-type-exposures-for-cre-loan-portfolio-companies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Financial Services - Others - CRE Mortgage REITs </a></h3><p></p><ul><li>In this report, we review the property type exposures of loan portfolios for commercial real estate (CRE) mortgage REITs, specifically 1) the aggregate CRE mortgage REIT loan portfolio composition, which was 98% senior loans with 75% collateralized by Multifamily (44%), Office (21%), and Hospitality (10%) assets at December 31; 2) changes in portfolio composition, with the 4Q sequential changes largely due to repayments given minimal new origination activity during the quarter; and 3) company-specific portfolio composition.Aggregate loan portfolio composition: At December 31, the aggregate portfolio of publicly-traded CRE mortgage REITs was 98% senior loans with 75% collateralized by Multifamily (44%), Office (21%), or Hospitality (10%) assets.</li><li>This mix of the three largest property type exposures is down from 79% last quarter and 77% a year ago.With post-COVID originations focusing primarily on Multifamily along with some Industrial and Life Sciences, portfolio mix has shifted materially towards Multifamily and away from Office over the past three years.</li><li>Multifamily now represents close to half the aggregate portfolio, versus just only 24% three years ago, while Office exposure has almost cut in half to 21% from 37%.The 4Q sequential changes were largely due to the impact of repayments given minimal new origination activity during 4Q.Aggregate CRE MREIT Loan Portfolio Mix (12/31) & ChangeMultifamily: At December 31, ACR (80%), FBRT (77%), and BRSP (53%) had the highest mix of Multifamily, versus the average of 44%.</li></ul>2024-03-05T23:02:12+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "@PAY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ORI@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CWK@US"}, {"term": "MCO@US"}, {"term": "CBRE@US"}, {"term": "CME@US"}, {"term": "FICO@US"}, {"term": "TW@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NYMT@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GPMT@US"}, {"term": "LADR@US"}, {"term": "TRTX@US"}, {"term": "ABR@US"}, {"term": "BRSP@US"}, {"term": "ARI@US"}, {"term": "FBRT@US"}, {"term": "STWD@US"}, {"term": "ACRE@US"}, {"term": "NREF@US"}, {"term": "LFT@US"}, {"term": "BXMT@US"}, {"term": "KREF@US"}, {"term": "@PAY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ORI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NYMT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "KREF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/6b1eafee-d543-32b8-b60b-981247ba0080Brief USA: Weekly CFTC Sentiment Report - USD Sentiment Improves and more2024-03-28T22:17:23.051714+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/weekly-cftc-sentiment-report-usd-sentiment-improves?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly CFTC Sentiment Report - USD Sentiment Improves</a></li><li><a href="https://www.smartkarma.com/insights/first-take-strong-4q-ebitda-beat-and-2024-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Strong 4Q EBITDA Beat and 2024 Guidance</a></li><li><a href="https://www.smartkarma.com/insights/f2q-sales-ebitda-miss-views-guidance-reiterated?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F2Q Sales & EBITDA Miss Views, Guidance Reiterated</a></li><li><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-iic-conference-day-1-recap-phr-sci-and-rdnt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Healthcare - Overall - Healthcare</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-abe7d912-1c22-4955-aa1d-c7223f9f9f9c?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/weekly-cftc-sentiment-report-usd-sentiment-improves?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Weekly CFTC Sentiment Report - USD Sentiment Improves </a></h3><p></p><ul><li>Positioning among Non-Commercial (speculative) traders on the USD picked up in the past week’s CFTC data.</li><li>Net speculative USD longs aggregated across contracts in the major currencies we monitor for this report rose USD1.6bn in the week to USD2.4bn.</li><li>Data shows that Real Money (institutional traders) added to their net short USD exposure (by USD1.8bn), however.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/first-take-strong-4q-ebitda-beat-and-2024-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. First Take: Strong 4Q EBITDA Beat and 2024 Guidance </a></h3><p></p><ul><li>This morning, First Watch reported better-than-expected 4Q adj. EBITDA driven by much better than expected store margins and strong new unit sales volumes.</li><li>Recall that the company had pre-released 4Q comps +5.0% in early January.</li><li>2024 adj. EBITDA guidance of $106-112M was above our ($106.8M) and consensus ($103.2M) expectations, reflecting comps +1-3% and stronger new unit growth (43-47 vs. RJE 42).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/f2q-sales-ebitda-miss-views-guidance-reiterated?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. F2Q Sales & EBITDA Miss Views, Guidance Reiterated </a></h3><p></p><ul><li>Summary: F2Q EBITDA missed Street views by $33M (~5%) largely via comps and associated opex leverage.</li><li>Organic sales were -4% (RJ/Street -5%), with a 70bp SG&A miss offsetting a 30bp gross margin beat.</li><li>U.S. resi markets improved sequentially, but at a slower pace than anticipated, and non-resi slowed sequentially, with both now negative y/y.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-iic-conference-day-1-recap-phr-sci-and-rdnt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Healthcare - Overall - Healthcare </a></h3><p></p><ul><li>On day 1 of the Raymond James 45th Annual Institutional Investors Conference (IIC), we hosted Phreesia (PHR), Service Corp (SCI), and RadNet (RDNT).</li><li>Below are the major takeaways from the day.Phreesia (PHR)Land and ExpandCurrently ~80% of new customers begin their relationship with PHR with the intake solution, and then expand into other secondary solutions.</li><li>However, 20% of clients have initially opted to use other solutions like the appointment/scheduling solution, underscoring the strength and breadth of PHR’s solutions outside the core intake offering.Customers that came on with a lower wallet share, in addition to customers added via acquisition, stand as the largest land and expand opportunities.Our independent channel checks have confirmed that providers find great value in MediFind, a specialist referral solution, and patients find value in the scheduling/appointment solution.Recent Investment CycleManagement reflected on the use of capital raised in the IPO/2021 follow-on offering, and remains confident that investing in the business (indicated by the jump in opex/SDRs) was the right choice.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-abe7d912-1c22-4955-aa1d-c7223f9f9f9c?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYEquities took a small step backwards on Monday as investors await Tuesday’s economic data, including factory orders data and the ISM Purchasing Managers index.</li><li>The rather bouncy day for the S&P 500 saw a late day dip as the index closed out down 0.1%.</li><li>Crude could not hold onto gains despite the extended OPEC cut thanks largely to weak demand on the back of a warm winter.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/weekly-cftc-sentiment-report-usd-sentiment-improves?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly CFTC Sentiment Report - USD Sentiment Improves</a></li><li><a href="https://www.smartkarma.com/insights/first-take-strong-4q-ebitda-beat-and-2024-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Strong 4Q EBITDA Beat and 2024 Guidance</a></li><li><a href="https://www.smartkarma.com/insights/f2q-sales-ebitda-miss-views-guidance-reiterated?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F2Q Sales & EBITDA Miss Views, Guidance Reiterated</a></li><li><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-iic-conference-day-1-recap-phr-sci-and-rdnt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Healthcare - Overall - Healthcare</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-abe7d912-1c22-4955-aa1d-c7223f9f9f9c?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/weekly-cftc-sentiment-report-usd-sentiment-improves?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Weekly CFTC Sentiment Report - USD Sentiment Improves </a></h3><p></p><ul><li>Positioning among Non-Commercial (speculative) traders on the USD picked up in the past week’s CFTC data.</li><li>Net speculative USD longs aggregated across contracts in the major currencies we monitor for this report rose USD1.6bn in the week to USD2.4bn.</li><li>Data shows that Real Money (institutional traders) added to their net short USD exposure (by USD1.8bn), however.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/first-take-strong-4q-ebitda-beat-and-2024-guidance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. First Take: Strong 4Q EBITDA Beat and 2024 Guidance </a></h3><p></p><ul><li>This morning, First Watch reported better-than-expected 4Q adj. EBITDA driven by much better than expected store margins and strong new unit sales volumes.</li><li>Recall that the company had pre-released 4Q comps +5.0% in early January.</li><li>2024 adj. EBITDA guidance of $106-112M was above our ($106.8M) and consensus ($103.2M) expectations, reflecting comps +1-3% and stronger new unit growth (43-47 vs. RJE 42).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/f2q-sales-ebitda-miss-views-guidance-reiterated?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. F2Q Sales & EBITDA Miss Views, Guidance Reiterated </a></h3><p></p><ul><li>Summary: F2Q EBITDA missed Street views by $33M (~5%) largely via comps and associated opex leverage.</li><li>Organic sales were -4% (RJ/Street -5%), with a 70bp SG&A miss offsetting a 30bp gross margin beat.</li><li>U.S. resi markets improved sequentially, but at a slower pace than anticipated, and non-resi slowed sequentially, with both now negative y/y.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-iic-conference-day-1-recap-phr-sci-and-rdnt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Healthcare - Overall - Healthcare </a></h3><p></p><ul><li>On day 1 of the Raymond James 45th Annual Institutional Investors Conference (IIC), we hosted Phreesia (PHR), Service Corp (SCI), and RadNet (RDNT).</li><li>Below are the major takeaways from the day.Phreesia (PHR)Land and ExpandCurrently ~80% of new customers begin their relationship with PHR with the intake solution, and then expand into other secondary solutions.</li><li>However, 20% of clients have initially opted to use other solutions like the appointment/scheduling solution, underscoring the strength and breadth of PHR’s solutions outside the core intake offering.Customers that came on with a lower wallet share, in addition to customers added via acquisition, stand as the largest land and expand opportunities.Our independent channel checks have confirmed that providers find great value in MediFind, a specialist referral solution, and patients find value in the scheduling/appointment solution.Recent Investment CycleManagement reflected on the use of capital raised in the IPO/2021 follow-on offering, and remains confident that investing in the business (indicated by the jump in opex/SDRs) was the right choice.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-abe7d912-1c22-4955-aa1d-c7223f9f9f9c?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYEquities took a small step backwards on Monday as investors await Tuesday’s economic data, including factory orders data and the ISM Purchasing Managers index.</li><li>The rather bouncy day for the S&P 500 saw a late day dip as the index closed out down 0.1%.</li><li>Crude could not hold onto gains despite the extended OPEC cut thanks largely to weak demand on the back of a warm winter.</li></ul>2024-03-05T21:58:49+08:00[{"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "NZD@BGN@CURNCY"}, {"term": "USDMXN@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "USDCAD@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "@FWRG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FERG@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SCI@US"}, {"term": "RDNT@US"}, {"term": "PHR@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EURUSD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "@FWRG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FERG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PHR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/3c9bd69e-9490-3fe2-96a0-3112b9916a8bBrief USA: Takeaways from 2024 RJ Institutional Investors Conference and more2024-03-28T22:17:23.041914+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/takeaways-from-2024-rj-institutional-investors-conference-701bf226-48da-475d-ad23-3d6be86eb268?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways from 2024 RJ Institutional Investors Conference</a></li><li><a href="https://www.smartkarma.com/insights/takeaways-from-2024-rj-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways From 2024 RJ Institutional Investors Conference</a></li><li><a href="https://www.smartkarma.com/insights/credit-turn-around-taking-time-maintain-outperform-target-price-to-13?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Credit Turn Around Taking Time; Maintain Outperform, Target Price to $13</a></li><li><a href="https://www.smartkarma.com/insights/updated-expense-guidance-in-slide-deck-implies-upside-to-eps?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updated Expense Guidance in Slide Deck Implies Upside to EPS</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-highlights-9b38455f-291e-4a7f-8e65-2f78787f34cf?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Highlights</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/takeaways-from-2024-rj-institutional-investors-conference-701bf226-48da-475d-ad23-3d6be86eb268?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Takeaways from 2024 RJ Institutional Investors Conference </a></h3><p></p><ul><li>Takeaways From RJ Institutional Investors ConferenceWe hosted FIGS Co-Founder and CEO Trina Spear, CFO Daniella Turenshine, and SVP of IR Jean Fontana at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We review takeaways from the presentation and investor meetings.</li><li>Topics covered: Size of the healthcare apparel market and rate of growth, product innovation for scrubs and non-scrubs, B2B opportunities, international expansion, GM% goals, LT EBITDA% targets, and use of FCF for buybacks.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/takeaways-from-2024-rj-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Takeaways From 2024 RJ Institutional Investors Conference </a></h3><p></p><ul><li>Takeaways From RJ Institutional Investors ConferenceWe hosted Skechers CFO John Vandemore at the 45th Annual Raymond James Institutional Investors Conference.</li><li>Takeaways from the presentation and investor meetings below.</li><li>Topics included: N America Wholesale growth potential in 1H, Direct-to-Consumer strength, Revenue target >$10B (vs $8B in 2023), China LT opportunities, balancing growth and EBIT% expansion, and inventory health.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/credit-turn-around-taking-time-maintain-outperform-target-price-to-13?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Credit Turn Around Taking Time; Maintain Outperform, Target Price to $13 </a></h3><p></p><ul><li>We are maintaining our Outperform rating and lowering our target price to $13.00 for WhiteHorse Finance, Inc (WHF).4Q23 results matched RJe on the earnings front, but NAV/share performance was disappointing versus the group for the period.</li><li>We see an attractive risk/reward, though with elevated credit concerns in the near-term, a fully covered dividend, and a formulaic variable supplemental on top of the just increased base dividend for 2024.4Q23:Core NII was $0.46/share, matching our estimate of $0.46.</li><li>NAV/share results was $13.63 (previously $13.87), down 1.7% q/q and below the median performance of the group for 4Q23 (up ~30-40bps).Lowering Base Management Fee:The previously announced lower base management fee (1.75%) did not impact 4Q23, and becomes effective in the 1Q24 — this was already factored into our projections.Credit Quality:Non-accruals at cost and fair value are now 5.2% and 2.0% (previously 5.2% and 2.8% at 3Q23 — but zero at the end of 2022).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/updated-expense-guidance-in-slide-deck-implies-upside-to-eps?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Updated Expense Guidance in Slide Deck Implies Upside to EPS </a></h3><p></p><ul><li>We maintain our Outperform rating on shares of COLB following the release of updated slides ahead of its presentation at our annual Institutional Investor Conference on Tuesday (3/5/24).</li><li>Notably, the company provided updated expense guidance, which implies material cost saving initiatives as management actively improves efficiency.</li><li>More specifically, the midpoint of its new 4Q24 guidance implies a ~7% decline in expenses on an annualized basis relative to 4Q24 consensus, driven in part by branch closures, as well as cost rationalization within FinPac and other efficiency opportunities.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-highlights-9b38455f-291e-4a7f-8e65-2f78787f34cf?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Raymond James Institutional Investors Conference Highlights </a></h3><p></p><ul><li>Alaska’s Vice President of Revenue Management & Network Planning, Kristen Amrine, and Vice President of Finance, Planning & Investor Relations, Ryan John, participated in a fireside chat Monday at the Raymond James 45th Annual Institutional Investors Conference.</li><li>Despite not diluting shareholders during the pandemic, Alaska has already restored its balance sheet to among the best in the U.S. industry, with idiosyncratic initiatives and industry capacity rationalization likely to support further earnings recover in 2024 particularly given recent improvements in Tech sector business travel trends.</li><li>Next steps in its pursuit of Hawaiian are unlikely to be clear until ~mid-2024.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/takeaways-from-2024-rj-institutional-investors-conference-701bf226-48da-475d-ad23-3d6be86eb268?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways from 2024 RJ Institutional Investors Conference</a></li><li><a href="https://www.smartkarma.com/insights/takeaways-from-2024-rj-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways From 2024 RJ Institutional Investors Conference</a></li><li><a href="https://www.smartkarma.com/insights/credit-turn-around-taking-time-maintain-outperform-target-price-to-13?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Credit Turn Around Taking Time; Maintain Outperform, Target Price to $13</a></li><li><a href="https://www.smartkarma.com/insights/updated-expense-guidance-in-slide-deck-implies-upside-to-eps?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updated Expense Guidance in Slide Deck Implies Upside to EPS</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-highlights-9b38455f-291e-4a7f-8e65-2f78787f34cf?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Highlights</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/takeaways-from-2024-rj-institutional-investors-conference-701bf226-48da-475d-ad23-3d6be86eb268?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Takeaways from 2024 RJ Institutional Investors Conference </a></h3><p></p><ul><li>Takeaways From RJ Institutional Investors ConferenceWe hosted FIGS Co-Founder and CEO Trina Spear, CFO Daniella Turenshine, and SVP of IR Jean Fontana at the 45th Annual Raymond James Institutional Investors Conference.</li><li>We review takeaways from the presentation and investor meetings.</li><li>Topics covered: Size of the healthcare apparel market and rate of growth, product innovation for scrubs and non-scrubs, B2B opportunities, international expansion, GM% goals, LT EBITDA% targets, and use of FCF for buybacks.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/takeaways-from-2024-rj-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Takeaways From 2024 RJ Institutional Investors Conference </a></h3><p></p><ul><li>Takeaways From RJ Institutional Investors ConferenceWe hosted Skechers CFO John Vandemore at the 45th Annual Raymond James Institutional Investors Conference.</li><li>Takeaways from the presentation and investor meetings below.</li><li>Topics included: N America Wholesale growth potential in 1H, Direct-to-Consumer strength, Revenue target >$10B (vs $8B in 2023), China LT opportunities, balancing growth and EBIT% expansion, and inventory health.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/credit-turn-around-taking-time-maintain-outperform-target-price-to-13?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Credit Turn Around Taking Time; Maintain Outperform, Target Price to $13 </a></h3><p></p><ul><li>We are maintaining our Outperform rating and lowering our target price to $13.00 for WhiteHorse Finance, Inc (WHF).4Q23 results matched RJe on the earnings front, but NAV/share performance was disappointing versus the group for the period.</li><li>We see an attractive risk/reward, though with elevated credit concerns in the near-term, a fully covered dividend, and a formulaic variable supplemental on top of the just increased base dividend for 2024.4Q23:Core NII was $0.46/share, matching our estimate of $0.46.</li><li>NAV/share results was $13.63 (previously $13.87), down 1.7% q/q and below the median performance of the group for 4Q23 (up ~30-40bps).Lowering Base Management Fee:The previously announced lower base management fee (1.75%) did not impact 4Q23, and becomes effective in the 1Q24 — this was already factored into our projections.Credit Quality:Non-accruals at cost and fair value are now 5.2% and 2.0% (previously 5.2% and 2.8% at 3Q23 — but zero at the end of 2022).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/updated-expense-guidance-in-slide-deck-implies-upside-to-eps?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Updated Expense Guidance in Slide Deck Implies Upside to EPS </a></h3><p></p><ul><li>We maintain our Outperform rating on shares of COLB following the release of updated slides ahead of its presentation at our annual Institutional Investor Conference on Tuesday (3/5/24).</li><li>Notably, the company provided updated expense guidance, which implies material cost saving initiatives as management actively improves efficiency.</li><li>More specifically, the midpoint of its new 4Q24 guidance implies a ~7% decline in expenses on an annualized basis relative to 4Q24 consensus, driven in part by branch closures, as well as cost rationalization within FinPac and other efficiency opportunities.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-highlights-9b38455f-291e-4a7f-8e65-2f78787f34cf?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Raymond James Institutional Investors Conference Highlights </a></h3><p></p><ul><li>Alaska’s Vice President of Revenue Management & Network Planning, Kristen Amrine, and Vice President of Finance, Planning & Investor Relations, Ryan John, participated in a fireside chat Monday at the Raymond James 45th Annual Institutional Investors Conference.</li><li>Despite not diluting shareholders during the pandemic, Alaska has already restored its balance sheet to among the best in the U.S. industry, with idiosyncratic initiatives and industry capacity rationalization likely to support further earnings recover in 2024 particularly given recent improvements in Tech sector business travel trends.</li><li>Next steps in its pursuit of Hawaiian are unlikely to be clear until ~mid-2024.</li></ul>2024-03-05T19:30:07+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FIGS@US"}, {"term": "LULU@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SKX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "WHF@US"}, {"term": "SAR@US"}, {"term": "HIG@US"}, {"term": "GLAD@US"}, {"term": "FDUS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "COLB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ALK@US"}, {"term": "LULU@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SKX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FDUS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "COLB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/6444023a-0105-3fb7-8f45-1c191cb12aafBrief USA: Healthcare - Overall - Healthcare and more2024-03-28T22:17:23.035316+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-med-tech-tools-and-diagnostics-highlights-from-day-one-of-the-rj-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Healthcare - Overall - Healthcare</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-overall-financial-services-rj-high-yield-equities-valuation-monthly-bdcs-mortgage-reits-cd1c1cb8-56f7-4d14-8b3e-fddbafd9a27e?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Overall - Financial Services</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-highlights?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Highlights</a></li><li><a href="https://www.smartkarma.com/insights/4q23-quick-take-2024-points-to-capital-efficient-program?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Quick Take: 2024 Points to Capital Efficient Program</a></li><li><a href="https://www.smartkarma.com/insights/takeaways-raymond-james-institutional-investors-conference-f4ad36bd-4770-4dbb-b793-623aa57667d5?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways - Raymond James Institutional Investors Conference</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-med-tech-tools-and-diagnostics-highlights-from-day-one-of-the-rj-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Healthcare - Overall - Healthcare </a></h3><p></p><ul><li>Med Tech - Jayson Bedford, (727) 567-2565ICU Medical (ICUI/Market Perform/$106.97)Presenters: Vivek Jain — Chairman and CEOPump opportunity: ICUI expects a healthier infusion pump market over the next two years.</li><li>A normal (pre-COVID) year was ~$600M capital annually, with pumps turning over every eight years.</li><li>The capital market has been ~$300M/yr for the last few years, creating a gap that needs to be filled, and could drive the NT market growth at a rate 2x the recent average.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/financial-services-overall-financial-services-rj-high-yield-equities-valuation-monthly-bdcs-mortgage-reits-cd1c1cb8-56f7-4d14-8b3e-fddbafd9a27e?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Financial Services - Overall - Financial Services </a></h3><p></p><ul><li>This is our monthly analysis focusing on business development company (BDC) and mortgage REIT (MREIT) valuations vs. market indices.</li><li>Both sectors are more attractive vs. the S&P 500 from a yield multiple basis, and have yield spreads above historic levels.</li><li>BDC and MREIT P/NAVs both trade below five-year medians.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-highlights?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Raymond James Institutional Investors Conference Highlights </a></h3><p></p><ul><li>Delta’s SVP of Network Planning, Joe Esposito, participated in a fireside chat on Monday at the Raymond James 45thAnnual Institutional Investors Conference.</li><li>Having grown rapidly the last couple of years in order to restore the network, 2024 offers a chance for Delta to mature investments in people and assets, with strong demand across the system and over a decade of investment in the product and network bearing fruit with strong premium trends.</li><li>Below are highlights from the presentation.Near term demand: Consistent with trends seen following the Labor Day weekend, domestic seasonality is consistent with pre-pandemic trends.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q23-quick-take-2024-points-to-capital-efficient-program?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q23 Quick Take: 2024 Points to Capital Efficient Program </a></h3><p></p><ul><li>4Q23 Quick Take: Solid Quarter, 2024 Guide Impresses.</li><li>Crescent posted in-line 4Q23 production of 165.3 mboe/d while EPS posted a solid beat of 39/52% vs RJe/Street.</li><li>The big talking point for the quarter and moving forward is capital efficiency, with quarterly capex of $134M coming in 13% below RJ/Street estimates.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/takeaways-raymond-james-institutional-investors-conference-f4ad36bd-4770-4dbb-b793-623aa57667d5?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Takeaways - Raymond James Institutional Investors Conference </a></h3><p></p><ul><li>JB Hunt’s (JBHT) President and pending CEO (July 1, 2024 start) Shelley Simpson, EVP and President of Intermodal Darren Field, and SVP of Finance & Investor Relations Brad Delco presented to a Wednesday afternoon session at the Raymond James 45th Annual Institutional Investors Conference.</li><li>Highlights below:Environment Remains Anemic; Continuing to Operate Business as Usual: Regardless of the environment, JBHT continues to operate the playbook that has served them well through the years including their three-pronged approach of practicing operational excellence, making investments in people, technology, & capacity (regardless of the freight cycle), and focusing on driving long term shareholder value.</li><li>To this point, management noted JBHT’s performance over the past 18 months despite a very challenging freight environment, highlighting the value of JBHT’s mode-neutral strategy allowing them to fulfill their service commitments to customers and win across multiple modes.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-med-tech-tools-and-diagnostics-highlights-from-day-one-of-the-rj-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Healthcare - Overall - Healthcare</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-overall-financial-services-rj-high-yield-equities-valuation-monthly-bdcs-mortgage-reits-cd1c1cb8-56f7-4d14-8b3e-fddbafd9a27e?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Overall - Financial Services</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-highlights?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Highlights</a></li><li><a href="https://www.smartkarma.com/insights/4q23-quick-take-2024-points-to-capital-efficient-program?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Quick Take: 2024 Points to Capital Efficient Program</a></li><li><a href="https://www.smartkarma.com/insights/takeaways-raymond-james-institutional-investors-conference-f4ad36bd-4770-4dbb-b793-623aa57667d5?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways - Raymond James Institutional Investors Conference</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-med-tech-tools-and-diagnostics-highlights-from-day-one-of-the-rj-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Healthcare - Overall - Healthcare </a></h3><p></p><ul><li>Med Tech - Jayson Bedford, (727) 567-2565ICU Medical (ICUI/Market Perform/$106.97)Presenters: Vivek Jain — Chairman and CEOPump opportunity: ICUI expects a healthier infusion pump market over the next two years.</li><li>A normal (pre-COVID) year was ~$600M capital annually, with pumps turning over every eight years.</li><li>The capital market has been ~$300M/yr for the last few years, creating a gap that needs to be filled, and could drive the NT market growth at a rate 2x the recent average.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/financial-services-overall-financial-services-rj-high-yield-equities-valuation-monthly-bdcs-mortgage-reits-cd1c1cb8-56f7-4d14-8b3e-fddbafd9a27e?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Financial Services - Overall - Financial Services </a></h3><p></p><ul><li>This is our monthly analysis focusing on business development company (BDC) and mortgage REIT (MREIT) valuations vs. market indices.</li><li>Both sectors are more attractive vs. the S&P 500 from a yield multiple basis, and have yield spreads above historic levels.</li><li>BDC and MREIT P/NAVs both trade below five-year medians.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-highlights?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Raymond James Institutional Investors Conference Highlights </a></h3><p></p><ul><li>Delta’s SVP of Network Planning, Joe Esposito, participated in a fireside chat on Monday at the Raymond James 45thAnnual Institutional Investors Conference.</li><li>Having grown rapidly the last couple of years in order to restore the network, 2024 offers a chance for Delta to mature investments in people and assets, with strong demand across the system and over a decade of investment in the product and network bearing fruit with strong premium trends.</li><li>Below are highlights from the presentation.Near term demand: Consistent with trends seen following the Labor Day weekend, domestic seasonality is consistent with pre-pandemic trends.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q23-quick-take-2024-points-to-capital-efficient-program?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q23 Quick Take: 2024 Points to Capital Efficient Program </a></h3><p></p><ul><li>4Q23 Quick Take: Solid Quarter, 2024 Guide Impresses.</li><li>Crescent posted in-line 4Q23 production of 165.3 mboe/d while EPS posted a solid beat of 39/52% vs RJe/Street.</li><li>The big talking point for the quarter and moving forward is capital efficiency, with quarterly capex of $134M coming in 13% below RJ/Street estimates.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/takeaways-raymond-james-institutional-investors-conference-f4ad36bd-4770-4dbb-b793-623aa57667d5?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Takeaways - Raymond James Institutional Investors Conference </a></h3><p></p><ul><li>JB Hunt’s (JBHT) President and pending CEO (July 1, 2024 start) Shelley Simpson, EVP and President of Intermodal Darren Field, and SVP of Finance & Investor Relations Brad Delco presented to a Wednesday afternoon session at the Raymond James 45th Annual Institutional Investors Conference.</li><li>Highlights below:Environment Remains Anemic; Continuing to Operate Business as Usual: Regardless of the environment, JBHT continues to operate the playbook that has served them well through the years including their three-pronged approach of practicing operational excellence, making investments in people, technology, & capacity (regardless of the freight cycle), and focusing on driving long term shareholder value.</li><li>To this point, management noted JBHT’s performance over the past 18 months despite a very challenging freight environment, highlighting the value of JBHT’s mode-neutral strategy allowing them to fulfill their service commitments to customers and win across multiple modes.</li></ul>2024-03-05T13:30:11+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VCYT@US"}, {"term": "MYGN@US"}, {"term": "ICUI@US"}, {"term": "HOLX@US"}, {"term": "CTKB@US"}, {"term": "BAX@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GPMT@US"}, {"term": "CCAP@US"}, {"term": "LADR@US"}, {"term": "BBDC@US"}, {"term": "RITM@US"}, {"term": "TRTX@US"}, {"term": "ABR@US"}, {"term": "RWT@US"}, {"term": "ARCC@US"}, {"term": "BRSP@US"}, {"term": "ARI@US"}, {"term": "NYMT@US"}, {"term": "MFIC@US"}, {"term": "MAIN@US"}, {"term": "WHF@US"}, {"term": "TSLX@US"}, {"term": "GSBD@US"}, {"term": "GBDC@US"}, {"term": "CIM@US"}, {"term": "FDUS@US"}, {"term": "SAR@US"}, {"term": "CSWC@US"}, {"term": "TCPC@US"}, {"term": "ICMB@US"}, {"term": "MRCC@US"}, {"term": "STWD@US"}, {"term": "SCM@US"}, {"term": "PSEC@US"}, {"term": "SLRC@US"}, {"term": "LFT@US"}, {"term": "BXSL@US"}, {"term": "MFA@US"}, {"term": "ACRE@US"}, {"term": "NREF@US"}, {"term": "FSK@US"}, {"term": "BXMT@US"}, {"term": "KREF@US"}, {"term": "PNNT@US"}, {"term": "GLAD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DAL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CRGY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "JBHT@US"}, {"term": "BAX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GLAD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DAL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CRGY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "JBHT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/eebd7bc3-9129-3243-abba-ac5dbd79f881Brief USA: Takeaways - Raymond James Institutional Investors Conference and more2024-03-28T22:17:23.025238+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/takeaways-raymond-james-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways - Raymond James Institutional Investors Conference</a></li><li><a href="https://www.smartkarma.com/insights/another-above-expectations-quarter-as-the-customer-refocus-builds-momentum?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Another Above-Expectations Quarter as the Customer Refocus Builds Momentum</a></li><li><a href="https://www.smartkarma.com/insights/durable-products-leisure-products-raymond-james-institutional-investors-conference-day-1-recap-bc-modg-smg-wgo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Durable Products - Leisure Products</a></li><li><a href="https://www.smartkarma.com/insights/f4q-fy24-great-fy25-not-so-much-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q: FY24 Great; FY25 Not So Much; Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-focus-on-three-earnings-reports-this-week?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Furniture/Furnishings Weekly - Focus on Three Earnings Reports This Week</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/takeaways-raymond-james-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Takeaways - Raymond James Institutional Investors Conference </a></h3><p></p><ul><li>Martin Marietta’s Chief Executive Officer, Ward Nye and Chief Financial Officer, James Nickolas, presented to a very well-attended Monday morning session at the Raymond James 45th Annual Institutional Investors Conference.</li><li>Highlights below:Value Over Volume Remains the Story, but Volume Backdrop Healthy: While some view stone as a ubiquitous & commoditized product, it does not exhibit the pricing characteristics of a commoditized product given it is a necessity product and low value-to-weight ratio that keeps stone local.</li><li>While the historical paradigm for pricing has been in the 3-5% range on an annual basis, the last couple of years have seen double-digit aggregates pricing, with the midpoint of 2024 guidance coming in at 11% (which does not account for midyear price increases, ex CA).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/another-above-expectations-quarter-as-the-customer-refocus-builds-momentum?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Another Above-Expectations Quarter as the Customer Refocus Builds Momentum </a></h3><p></p><ul><li>Viant reported 4Q23 contribution ex-TAC and EBITDA above expectations, with solid across-the-board performance driven by continued adoption of Viant’s Household ID (Viant’s identifier solution) and strong CTV spending (up double digits in 4Q).</li><li>Retail, CPG, and Travel again provided a solid base of support, with Healthcare and Public Services also contributing to the positive results.</li><li>Customers continue to respond positively to Viant’s emerging products, including Direct Access (Viant’s CTV SPO offering) and its AI-driven Bid Optimizer and Viant Data Platform.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/durable-products-leisure-products-raymond-james-institutional-investors-conference-day-1-recap-bc-modg-smg-wgo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Durable Products - Leisure Products </a></h3><p></p><ul><li>Today at the 45th Annual Raymond James Institutional Investors Conference in Orlando, FL, we heard from a handful of Leisure names, including Brunswick (BC/MP3), Scotts Miracle-Gro (SMG/SB1), Topgolf Callaway (MODG/MO2) and Winnebago Industries (WGO/MP3).</li><li>Our takeaways from each are as follows:Brunswick (BC/MP3)Leader in the global marine space across boats, engines, electronics and P&A; presentation by CEO Dave FoulkesHighlighted 2023 results, innovation pipeline, and pathway to growth for long-term 2027 targetsRealizing synergies between brands — ~51% of Boat Group material costs internally sourced, ~90% of Freedom boats are equipped with Mercury engines, Navico Group share of wallet growth in Boat Group portfolio +37% y/y FY23 vs. FY22Highlighted value of Boat Group to other segments — BC boat brands 13% U.S. market share, 100% with Mercury enginesMercury has gained 11 share points in the U.S. in outboards 175 hp+ since 2018P&A destocking nearing an end, as evidenced by three straight quarters of order growthDiscounting and heavy inventory have pressured dealer margins, but they’re nonetheless healthyDealers likely to still order MY24s ahead of the June model year changeover to have inventory during selling seasonStill expect 2024 new U.S. powerboat industry retail flattish vs. 155K units in 2023, a level similar to 2014Pathway to EPS of ~$15 in 2027: revenue $8.7B (assumes U.S. industry retail 180K units), adj. operating margin of 16%Scotts Miracle-Gro (SMG/SB1)Leader in both the U.S. consumer lawn and garden and global hydroponics industries; fireside chat with CFO Matt GarthU.S. Consumer sales guide +HSD% driven by additional shelf space and promotions less price concessions, assumes no change in consumer behaviorPricing in certain SKUs reflects a normalization in premium vs. private label brandsWet weather in early-season states (FL, TX, CA, etc.) has resulted in a lift in weed and insect productsGross margin expansion guide of 250+ bp is based on cost actions already takenLong-term opportunity to get to mid-30s gross margin requires fixed cost leverage as well as lower commodity costs (400-500 bp)SG&A lowered from 19-20% of sales to 15-16% by shrinking organization and efficiencies in overhead, largely structuralConfident they will remain in compliance with debt covenant in March quarter (max leverage 7.75x vs. 7.2x at December)Hawthorne separation still most likely outcome, but will perhaps take longer than expected as industry has not demonstrated much improvementTopgolf Callaway (MODG, MO2)Leading supplier of golf equipment and apparel, operator and franchisor of Topgolf golf-themed restaurants; fireside chat with CFO Brian Lynch and Topgolf CEO Artie StarrsNew golfers during COVID sticking with the game, helping to drive both on-course and off-course growthTopgolf acts as a funnel for new entrants into the game of golf, with 3-4M unique visitors per year and will 30M+ unique guests in 2024Topgolf is 80-85% of off-course s</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/f4q-fy24-great-fy25-not-so-much-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. F4Q: FY24 Great; FY25 Not So Much; Market Perform </a></h3><p></p><ul><li>We maintain our Market Perform rating on GTLB following F4Q (Jan) results that featured upside to all key metrics, largely in line with our bogeys (link), but initial FY25 guidance that suggests a significant change to the business trajectory.</li><li>Consider, FY24 closed with incremental revenue/EBIT of just over $150M/$80M while FY25 guidance suggests just over $150M/$25M (adjusted for $15M of in-person event spending).</li><li>This is concerning given previously announced price increases are expected to contribute an incremental $10-20M (and we think actual contribution is likely double this: link), and typically come with very high contribution margin (no real incremental cost to serve).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-focus-on-three-earnings-reports-this-week?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Furniture/Furnishings Weekly - Focus on Three Earnings Reports This Week </a></h3><p></p><ul><li>After a quiet week in the sector, three earnings reports will get the attention of investors in the furniture/furnishings space this week.</li><li>Culp Inc. will report its 3QFY24 results after the close on Wednesday, March 6 and host an investor call at 11:00 am on Thursday, March 7.</li><li>We expect EPS of a loss of $0.22 on revenue of $60 million. Consensus is EPS of a loss of $0.19 on revenue of $59.5 million.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/takeaways-raymond-james-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways - Raymond James Institutional Investors Conference</a></li><li><a href="https://www.smartkarma.com/insights/another-above-expectations-quarter-as-the-customer-refocus-builds-momentum?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Another Above-Expectations Quarter as the Customer Refocus Builds Momentum</a></li><li><a href="https://www.smartkarma.com/insights/durable-products-leisure-products-raymond-james-institutional-investors-conference-day-1-recap-bc-modg-smg-wgo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Durable Products - Leisure Products</a></li><li><a href="https://www.smartkarma.com/insights/f4q-fy24-great-fy25-not-so-much-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q: FY24 Great; FY25 Not So Much; Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-focus-on-three-earnings-reports-this-week?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Furniture/Furnishings Weekly - Focus on Three Earnings Reports This Week</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/takeaways-raymond-james-institutional-investors-conference?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Takeaways - Raymond James Institutional Investors Conference </a></h3><p></p><ul><li>Martin Marietta’s Chief Executive Officer, Ward Nye and Chief Financial Officer, James Nickolas, presented to a very well-attended Monday morning session at the Raymond James 45th Annual Institutional Investors Conference.</li><li>Highlights below:Value Over Volume Remains the Story, but Volume Backdrop Healthy: While some view stone as a ubiquitous & commoditized product, it does not exhibit the pricing characteristics of a commoditized product given it is a necessity product and low value-to-weight ratio that keeps stone local.</li><li>While the historical paradigm for pricing has been in the 3-5% range on an annual basis, the last couple of years have seen double-digit aggregates pricing, with the midpoint of 2024 guidance coming in at 11% (which does not account for midyear price increases, ex CA).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/another-above-expectations-quarter-as-the-customer-refocus-builds-momentum?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Another Above-Expectations Quarter as the Customer Refocus Builds Momentum </a></h3><p></p><ul><li>Viant reported 4Q23 contribution ex-TAC and EBITDA above expectations, with solid across-the-board performance driven by continued adoption of Viant’s Household ID (Viant’s identifier solution) and strong CTV spending (up double digits in 4Q).</li><li>Retail, CPG, and Travel again provided a solid base of support, with Healthcare and Public Services also contributing to the positive results.</li><li>Customers continue to respond positively to Viant’s emerging products, including Direct Access (Viant’s CTV SPO offering) and its AI-driven Bid Optimizer and Viant Data Platform.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/durable-products-leisure-products-raymond-james-institutional-investors-conference-day-1-recap-bc-modg-smg-wgo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Durable Products - Leisure Products </a></h3><p></p><ul><li>Today at the 45th Annual Raymond James Institutional Investors Conference in Orlando, FL, we heard from a handful of Leisure names, including Brunswick (BC/MP3), Scotts Miracle-Gro (SMG/SB1), Topgolf Callaway (MODG/MO2) and Winnebago Industries (WGO/MP3).</li><li>Our takeaways from each are as follows:Brunswick (BC/MP3)Leader in the global marine space across boats, engines, electronics and P&A; presentation by CEO Dave FoulkesHighlighted 2023 results, innovation pipeline, and pathway to growth for long-term 2027 targetsRealizing synergies between brands — ~51% of Boat Group material costs internally sourced, ~90% of Freedom boats are equipped with Mercury engines, Navico Group share of wallet growth in Boat Group portfolio +37% y/y FY23 vs. FY22Highlighted value of Boat Group to other segments — BC boat brands 13% U.S. market share, 100% with Mercury enginesMercury has gained 11 share points in the U.S. in outboards 175 hp+ since 2018P&A destocking nearing an end, as evidenced by three straight quarters of order growthDiscounting and heavy inventory have pressured dealer margins, but they’re nonetheless healthyDealers likely to still order MY24s ahead of the June model year changeover to have inventory during selling seasonStill expect 2024 new U.S. powerboat industry retail flattish vs. 155K units in 2023, a level similar to 2014Pathway to EPS of ~$15 in 2027: revenue $8.7B (assumes U.S. industry retail 180K units), adj. operating margin of 16%Scotts Miracle-Gro (SMG/SB1)Leader in both the U.S. consumer lawn and garden and global hydroponics industries; fireside chat with CFO Matt GarthU.S. Consumer sales guide +HSD% driven by additional shelf space and promotions less price concessions, assumes no change in consumer behaviorPricing in certain SKUs reflects a normalization in premium vs. private label brandsWet weather in early-season states (FL, TX, CA, etc.) has resulted in a lift in weed and insect productsGross margin expansion guide of 250+ bp is based on cost actions already takenLong-term opportunity to get to mid-30s gross margin requires fixed cost leverage as well as lower commodity costs (400-500 bp)SG&A lowered from 19-20% of sales to 15-16% by shrinking organization and efficiencies in overhead, largely structuralConfident they will remain in compliance with debt covenant in March quarter (max leverage 7.75x vs. 7.2x at December)Hawthorne separation still most likely outcome, but will perhaps take longer than expected as industry has not demonstrated much improvementTopgolf Callaway (MODG, MO2)Leading supplier of golf equipment and apparel, operator and franchisor of Topgolf golf-themed restaurants; fireside chat with CFO Brian Lynch and Topgolf CEO Artie StarrsNew golfers during COVID sticking with the game, helping to drive both on-course and off-course growthTopgolf acts as a funnel for new entrants into the game of golf, with 3-4M unique visitors per year and will 30M+ unique guests in 2024Topgolf is 80-85% of off-course s</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/f4q-fy24-great-fy25-not-so-much-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. F4Q: FY24 Great; FY25 Not So Much; Market Perform </a></h3><p></p><ul><li>We maintain our Market Perform rating on GTLB following F4Q (Jan) results that featured upside to all key metrics, largely in line with our bogeys (link), but initial FY25 guidance that suggests a significant change to the business trajectory.</li><li>Consider, FY24 closed with incremental revenue/EBIT of just over $150M/$80M while FY25 guidance suggests just over $150M/$25M (adjusted for $15M of in-person event spending).</li><li>This is concerning given previously announced price increases are expected to contribute an incremental $10-20M (and we think actual contribution is likely double this: link), and typically come with very high contribution margin (no real incremental cost to serve).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/furniture-furnishings-weekly-focus-on-three-earnings-reports-this-week?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Furniture/Furnishings Weekly - Focus on Three Earnings Reports This Week </a></h3><p></p><ul><li>After a quiet week in the sector, three earnings reports will get the attention of investors in the furniture/furnishings space this week.</li><li>Culp Inc. will report its 3QFY24 results after the close on Wednesday, March 6 and host an investor call at 11:00 am on Thursday, March 7.</li><li>We expect EPS of a loss of $0.22 on revenue of $60 million. Consensus is EPS of a loss of $0.19 on revenue of $59.5 million.</li></ul>2024-03-05T11:00:18+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MLM@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DSP@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "WGO@US"}, {"term": "SMG@US"}, {"term": "MODG@US"}, {"term": "BC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GTLB@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "PRPL@US"}, {"term": "LZB@US"}, {"term": "LOVE@US"}, {"term": "LEG@US"}, {"term": "HOFT@US"}, {"term": "FLXS@US"}, {"term": "ETD@US"}, {"term": "CULP@US"}, {"term": "BSET@US"}, {"term": "MLM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DSP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GTLB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BSET@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/9df78131-796d-32f1-99dd-8bdab4c53992Brief USA: Weekly Sustainable Investing Surveyor - Week Ended March 1, 2024 and more2024-03-28T22:17:23.018392+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-week-ended-march-1-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly Sustainable Investing Surveyor - Week Ended March 1, 2024</a></li><li><a href="https://www.smartkarma.com/insights/monday-macro-a-deep-dive-into-stocks-and-bonds-for-the-long-run?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Monday Macro – a deep dive into stocks and bonds for the long run</a></li><li><a href="https://www.smartkarma.com/insights/gold-miners-refuge-from-the-yolo-and-fomo-frenzy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Gold Miners: Refuge From the YOLO and FOMO Frenzy</a></li><li><a href="https://www.smartkarma.com/insights/february-themes-and-thematic-portfolio-review?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">February Themes and Thematic Portfolio Review</a></li><li><a href="https://www.smartkarma.com/insights/mining-monthly-february-edition-261df16a-356b-47f9-af55-63db6a7d4995?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mining Monthly: February Edition</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-week-ended-march-1-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Weekly Sustainable Investing Surveyor - Week Ended March 1, 2024 </a></h3><p></p><ul><li>The WTR Sustainable Index was up by 4.3% W/W versus the S&P 500 Index (up 0.9%), the Russell 2000 Index (up 3.0%), and the Nasdaq Index (up 2.0%).</li><li>Energy Technology (12.7% of the index) was up by 3.9%, while Industrial Climate and Ag Technology (53.5% of the index) was up by 1.4%, ClimateTech Mining was down 0.7% and Advanced Transportation Solutions (27.9% of index) was up 11.2%.</li><li>Top 10 Performers: ENG, AMY, TPCS, HYLN, VIEW, XOS, AMYZF, <span style="font-size: var(--content-font-size);">SMR, EVA, PMET,</span></li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/monday-macro-a-deep-dive-into-stocks-and-bonds-for-the-long-run?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Monday Macro – a deep dive into stocks and bonds for the long run </a></h3><p></p><ul><li>This week, I’m going to try and combine my three interests: 1. working out what the heck markets might do next,</li><li>2. figuring out how economic growth rates impact stock market returns (surely there must be some relationship or are they entirely unrelated), and</li><li>3. digging into the economic history record books to see what’s worked in the past in investment terms.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/gold-miners-refuge-from-the-yolo-and-fomo-frenzy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Gold Miners: Refuge From the YOLO and FOMO Frenzy </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/670/original/image_93790020951709588974118.jpg?1709588863"/> <ul>
<li>If you are concerned about the YOLO and FOMO frenzy in the stock market, you may wish to consider gold and gold mining stocks as refuges.</li>
<li>The technical pattern for gold is constructive, but not unabashedly bullish. </li>
<li>Gold miners appear to be washed out against gold and present the best opportunity for gains in the next 6–12 months.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/february-themes-and-thematic-portfolio-review?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. February Themes and Thematic Portfolio Review </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/505/original/image_12758713781709530460275.jpg?1709530460"/> <ul>
<li>A monthly review at how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mining-monthly-february-edition-261df16a-356b-47f9-af55-63db6a7d4995?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Mining Monthly: February Edition </a></h3><p></p><ul>
<li>Gold held flat in February, continuing a long period of consolidation, and most other metals were down modestly.</li>
<li>The precious metal equities further sold off in February, compounding the losses in January, highlighting to the market this industry is still out of favour.</li>
<li>We had several significant updates from companies within our coverage.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-week-ended-march-1-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly Sustainable Investing Surveyor - Week Ended March 1, 2024</a></li><li><a href="https://www.smartkarma.com/insights/monday-macro-a-deep-dive-into-stocks-and-bonds-for-the-long-run?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Monday Macro – a deep dive into stocks and bonds for the long run</a></li><li><a href="https://www.smartkarma.com/insights/gold-miners-refuge-from-the-yolo-and-fomo-frenzy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Gold Miners: Refuge From the YOLO and FOMO Frenzy</a></li><li><a href="https://www.smartkarma.com/insights/february-themes-and-thematic-portfolio-review?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">February Themes and Thematic Portfolio Review</a></li><li><a href="https://www.smartkarma.com/insights/mining-monthly-february-edition-261df16a-356b-47f9-af55-63db6a7d4995?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mining Monthly: February Edition</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-week-ended-march-1-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Weekly Sustainable Investing Surveyor - Week Ended March 1, 2024 </a></h3><p></p><ul><li>The WTR Sustainable Index was up by 4.3% W/W versus the S&P 500 Index (up 0.9%), the Russell 2000 Index (up 3.0%), and the Nasdaq Index (up 2.0%).</li><li>Energy Technology (12.7% of the index) was up by 3.9%, while Industrial Climate and Ag Technology (53.5% of the index) was up by 1.4%, ClimateTech Mining was down 0.7% and Advanced Transportation Solutions (27.9% of index) was up 11.2%.</li><li>Top 10 Performers: ENG, AMY, TPCS, HYLN, VIEW, XOS, AMYZF, <span style="font-size: var(--content-font-size);">SMR, EVA, PMET,</span></li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/monday-macro-a-deep-dive-into-stocks-and-bonds-for-the-long-run?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Monday Macro – a deep dive into stocks and bonds for the long run </a></h3><p></p><ul><li>This week, I’m going to try and combine my three interests: 1. working out what the heck markets might do next,</li><li>2. figuring out how economic growth rates impact stock market returns (surely there must be some relationship or are they entirely unrelated), and</li><li>3. digging into the economic history record books to see what’s worked in the past in investment terms.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/gold-miners-refuge-from-the-yolo-and-fomo-frenzy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Gold Miners: Refuge From the YOLO and FOMO Frenzy </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/670/original/image_93790020951709588974118.jpg?1709588863"/> <ul>
<li>If you are concerned about the YOLO and FOMO frenzy in the stock market, you may wish to consider gold and gold mining stocks as refuges.</li>
<li>The technical pattern for gold is constructive, but not unabashedly bullish. </li>
<li>Gold miners appear to be washed out against gold and present the best opportunity for gains in the next 6–12 months.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/february-themes-and-thematic-portfolio-review?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. February Themes and Thematic Portfolio Review </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/505/original/image_12758713781709530460275.jpg?1709530460"/> <ul>
<li>A monthly review at how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mining-monthly-february-edition-261df16a-356b-47f9-af55-63db6a7d4995?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Mining Monthly: February Edition </a></h3><p></p><ul>
<li>Gold held flat in February, continuing a long period of consolidation, and most other metals were down modestly.</li>
<li>The precious metal equities further sold off in February, compounding the losses in January, highlighting to the market this industry is still out of favour.</li>
<li>We had several significant updates from companies within our coverage.</li>
</ul>2024-03-05T09:54:42+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "@EVA@US"}, {"term": "SMR@US"}, {"term": "XOS@US"}, {"term": "VIEW@US"}, {"term": "HYLN@US"}, {"term": "ENG@US"}, {"term": "RTY@INDEX"}, {"term": "SPX@INDEX"}, {"term": "Cross Asset Strategy"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "Technical Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GDX@US"}, {"term": "GLD@US"}, {"term": "Cross Asset Strategy"}, {"term": "INDIA"}, {"term": "CHINA"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "SENSEX@INDEX"}, {"term": "TPX@INDEX"}, {"term": "FIH/U@CN"}, {"term": "966@HK"}, {"term": "291@HK"}, {"term": "267@HK"}, {"term": "RTY@INDEX"}, {"term": "NDX@INDEX"}, {"term": "AMZN@US"}, {"term": "NVDA@US"}, {"term": "TLT@US"}, {"term": "GLD@US"}, {"term": "Commodities"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "GOLD@COMDTY"}, {"term": "SPX@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GLD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GLD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GOLD@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/e7a3e321-fa66-36a5-89c6-fd2f18e3901aBrief USA: Commodity Hedge Fund Positioning & Red Sea Update and more2024-03-28T22:17:23.007267+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/commodity-hedge-fund-positioning-red-sea-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodity Hedge Fund Positioning & Red Sea Update</a></li><li><a href="https://www.smartkarma.com/insights/reddit-ipo-valuation-analysis-1b-revenue-and-profitable-company-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reddit IPO Valuation Analysis: $1B+ Revenue and Profitable Company in 2024</a></li><li><a href="https://www.smartkarma.com/insights/energy-cable-59-more-fuel-for-energy-bulls?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Energy Cable #59: More fuel for energy bulls?</a></li><li><a href="https://www.smartkarma.com/insights/ecb-watch-a-scope-for-a-decent-dovish-surprise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ECB Watch: A scope for a decent dovish surprise</a></li><li><a href="https://www.smartkarma.com/insights/crypto-crisp-two-scenarios?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Crisp: Two Scenarios</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/commodity-hedge-fund-positioning-red-sea-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Commodity Hedge Fund Positioning & Red Sea Update </a></h3><p></p><ul><li>CTA Positioning Update According to UBS’ biweekly CTA momentum study, CTAs bought oil and sold precious metals in size in February.</li><li>The investment bank expects ⅔ of those flows to reverse in the next two weeks.</li><li>CTA’s have meanwhile built a decent short position in agriculturals, and flows should remain negative there.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/reddit-ipo-valuation-analysis-1b-revenue-and-profitable-company-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Reddit IPO Valuation Analysis: $1B+ Revenue and Profitable Company in 2024 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/645/original/Picture1.png?1709575069"/> <ul>
<li>According to Pitchbook and their S-1, Reddit has raised ~$1.5B in equity financing. Their last private round, a Series F led by Fidelity in August 2021, was around ~$10B valuation.</li>
<li>I derive a target valuation for Reddit using a ~8x EV/Revenue multiple on my 2024 estimates. The multiple represents a top-range multiple of the peer group.</li>
<li>I arrived at my ~$9.6B target valuation, which implies 50% upside to indicative IPO valuation at the midpoint. I expect Reddit will trade above their last round valuation of $10B.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/energy-cable-59-more-fuel-for-energy-bulls?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Energy Cable #59: More fuel for energy bulls? </a></h3><p></p><ul><li>Take aways: Another green week for natural gas. Bullish demand/supply outlook for crude. Seasonality will now be working in favor of crude. Israel Hamas-Ceasefire a little less impactful for crude now.</li><li>Before we get to the OPEC supply cuts and crude, we would like to address our natural gas position from a couple of weeks ago.</li><li>Our timing has been very fortunate with the position, as the market realized that we were trading too low. As we predicted, the low prices act as a natural constraint on supply as seen most recently by EQT Corp.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ecb-watch-a-scope-for-a-decent-dovish-surprise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. ECB Watch: A scope for a decent dovish surprise </a></h3><p></p><ul><li>The hopes of a March cut are long gone, but the ECB meeting will be interesting to watch nonetheless.</li><li>The ECB has been dovishly surprised on right about every single measurable parameter since the December meeting, which will likely make its impact at the March meeting.</li><li>HICP assumptions for Q1 averaged at 2.9% with the actual prints in January and February coming in at 2.8% and 2.6%, respectively.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/crypto-crisp-two-scenarios?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Crypto Crisp: Two Scenarios </a></h3><p></p><ul><li>Last week was notably positive for the cryptocurrency market, particularly for Bitcoin and Ethereum, which both experienced impressive gains.</li><li>Bitcoin’s price has surged to $65,000, marking an increase of over 25%, while Ethereum has increased to $3,510, up by approximately 15%.</li><li>This puts Bitcoin close to its highest ever price, just below $69,000.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/commodity-hedge-fund-positioning-red-sea-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodity Hedge Fund Positioning & Red Sea Update</a></li><li><a href="https://www.smartkarma.com/insights/reddit-ipo-valuation-analysis-1b-revenue-and-profitable-company-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reddit IPO Valuation Analysis: $1B+ Revenue and Profitable Company in 2024</a></li><li><a href="https://www.smartkarma.com/insights/energy-cable-59-more-fuel-for-energy-bulls?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Energy Cable #59: More fuel for energy bulls?</a></li><li><a href="https://www.smartkarma.com/insights/ecb-watch-a-scope-for-a-decent-dovish-surprise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ECB Watch: A scope for a decent dovish surprise</a></li><li><a href="https://www.smartkarma.com/insights/crypto-crisp-two-scenarios?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Crisp: Two Scenarios</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/commodity-hedge-fund-positioning-red-sea-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Commodity Hedge Fund Positioning & Red Sea Update </a></h3><p></p><ul><li>CTA Positioning Update According to UBS’ biweekly CTA momentum study, CTAs bought oil and sold precious metals in size in February.</li><li>The investment bank expects ⅔ of those flows to reverse in the next two weeks.</li><li>CTA’s have meanwhile built a decent short position in agriculturals, and flows should remain negative there.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/reddit-ipo-valuation-analysis-1b-revenue-and-profitable-company-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Reddit IPO Valuation Analysis: $1B+ Revenue and Profitable Company in 2024 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/645/original/Picture1.png?1709575069"/> <ul>
<li>According to Pitchbook and their S-1, Reddit has raised ~$1.5B in equity financing. Their last private round, a Series F led by Fidelity in August 2021, was around ~$10B valuation.</li>
<li>I derive a target valuation for Reddit using a ~8x EV/Revenue multiple on my 2024 estimates. The multiple represents a top-range multiple of the peer group.</li>
<li>I arrived at my ~$9.6B target valuation, which implies 50% upside to indicative IPO valuation at the midpoint. I expect Reddit will trade above their last round valuation of $10B.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/energy-cable-59-more-fuel-for-energy-bulls?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Energy Cable #59: More fuel for energy bulls? </a></h3><p></p><ul><li>Take aways: Another green week for natural gas. Bullish demand/supply outlook for crude. Seasonality will now be working in favor of crude. Israel Hamas-Ceasefire a little less impactful for crude now.</li><li>Before we get to the OPEC supply cuts and crude, we would like to address our natural gas position from a couple of weeks ago.</li><li>Our timing has been very fortunate with the position, as the market realized that we were trading too low. As we predicted, the low prices act as a natural constraint on supply as seen most recently by EQT Corp.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ecb-watch-a-scope-for-a-decent-dovish-surprise?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. ECB Watch: A scope for a decent dovish surprise </a></h3><p></p><ul><li>The hopes of a March cut are long gone, but the ECB meeting will be interesting to watch nonetheless.</li><li>The ECB has been dovishly surprised on right about every single measurable parameter since the December meeting, which will likely make its impact at the March meeting.</li><li>HICP assumptions for Q1 averaged at 2.9% with the actual prints in January and February coming in at 2.8% and 2.6%, respectively.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/crypto-crisp-two-scenarios?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Crypto Crisp: Two Scenarios </a></h3><p></p><ul><li>Last week was notably positive for the cryptocurrency market, particularly for Bitcoin and Ethereum, which both experienced impressive gains.</li><li>Bitcoin’s price has surged to $65,000, marking an increase of over 25%, while Ethereum has increased to $3,510, up by approximately 15%.</li><li>This puts Bitcoin close to its highest ever price, just below $69,000.</li></ul>2024-03-05T06:33:55+08:00[{"term": "Commodities"}, {"term": "ENERGY"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "CL1@COM@COMDTY"}, {"term": "PLATINUM@COMDTY"}, {"term": "COPPER@COMDTY"}, {"term": "GOLD@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "BOA@COMDTY"}, {"term": "KOA@COMDTY"}, {"term": "Equity Capital Markets"}, {"term": "COMMUNICATION SERVICES"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "RDDT@US"}, {"term": "GOOG@US"}, {"term": "PINS@US"}, {"term": "RBLX@US"}, {"term": "META@US"}, {"term": "Macroeconomics"}, {"term": "PALESTINE"}, {"term": "ISRAEL"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "CL1@COM@COMDTY"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "Crypto"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "XBTUSD@CURNCY"}, {"term": "XETUSD@CURNCY"}, {"term": "KOA@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "META@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NATURAL@GAS@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NATURAL@GAS@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XETUSD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/e420887a-a5d9-3eed-a293-98b4a8bcdfbfBrief USA: The Highlights - Cannabis News for the Week Ending March 1, 2024 and more2024-03-28T22:17:22.995856+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-highlights-cannabis-news-for-the-week-ending-march-1-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Highlights - Cannabis News for the Week Ending March 1, 2024</a></li><li><a href="https://www.smartkarma.com/insights/drawing-a-line-in-the-sand-blkb-commits-to-buy-7-10-of-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Drawing a Line in the Sand - BLKB Commits to Buy 7-10% of Shares</a></li><li><a href="https://www.smartkarma.com/insights/takeaways-from-the-raymond-james-institutional-investors-conference-meeting?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways from the Raymond James Institutional Investors Conference Meeting</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/reddit-ipo-the-right-time-to-go-public-at-a-reasonable-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reddit IPO: The Right Time To Go Public At A Reasonable Valuation</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-highlights-cannabis-news-for-the-week-ending-march-1-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. The Highlights - Cannabis News for the Week Ending March 1, 2024 </a></h3><p></p><ul><li>The US cannabis MSOS ETF fell 7.80% last week, its third loss in the last four weeks.</li><li>Earnings this week were relatively strong, but sentiment around federal reform may be driving short-term prices.</li><li>Despite the sell- off, MSOS had $1.8 million in inflows. The global YOLO ETF held up better, losing 1.89% over the last five sessions.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/drawing-a-line-in-the-sand-blkb-commits-to-buy-7-10-of-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Drawing a Line in the Sand - BLKB Commits to Buy 7-10% of Shares </a></h3><p></p><ul><li>The News: Monday before the open, Blackbaud announced that it will repurchase 7-10% of outstanding shares (~4.5 million shares at the midpoint) throughout 2024 under the company’s existing $500 million share repurchase program.</li><li>As part of the repurchase plan, the company also disclosed that it entered into an accelerated share repurchase agreement, where the company will purchase $200 million in shares.</li><li>Note that the commitment includes more than the initial accelerated share repurchase authorization, which should amount to 2-3 million shares.Our Thoughts: Blackbaud has taken significant steps to drive shareholder value in recent years, particularly regarding pricing initiatives that have driven a re-acceleration in growth and incremental margin expansion.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/takeaways-from-the-raymond-james-institutional-investors-conference-meeting?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Takeaways from the Raymond James Institutional Investors Conference Meeting </a></h3><p></p><ul><li>Earlier this morning at our Institutional Investors Conference (IIC) in Orlando, we met with Cogent (CCOI) CEO Dave Schaeffer for a presentation to investors followed by a brief breakout session.</li><li>Both were well-attended, and we have the following takeaways:Takeaway 1 - Management reiterated the current positioning post-Sprint.</li><li>Wavelengths and data center capacity are two services expected to drive incremental revenue.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Raymond James Institutional Investors Conference Takeaways </a></h3><p></p><ul><li>Raymond James is hosting its annual Institutional Investors Conference in person in Orlando.</li><li>Our first day we hosted Nokia’s CFO, Marco Wiren and the IR team.Nokia is a highly diversified networking supplier with its routing, optical, fixed access and Mobility platforms complemented by software and a meaningful Intellectual Property Rights (IPR) business.</li><li>We think investors focus narrowly on its Mobility unit and the challenging telco customer capex; whereas, its Network Infrastructure is growing and resolved IPR disputes will improve profits.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/reddit-ipo-the-right-time-to-go-public-at-a-reasonable-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Reddit IPO: The Right Time To Go Public At A Reasonable Valuation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/602/original/Picture8.png?1709557128"/> <ul>
<li>Reddit, an American social news aggregation, content rating, and forum social network, filed to go public. The company plans to trade on the NYSE under the ticker “RDDT”.</li>
<li>Reddit was founded in 2005 by Steven Huffman, Aaron Swartz and Alexis Ohanian. The company is forecasted to surpass $1B in total revenue in 2024.</li>
<li>They chose the right time to go public. I have a positive view of the upcoming Reddit IPO and looking forward to seeing them trade as a public company.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-highlights-cannabis-news-for-the-week-ending-march-1-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Highlights - Cannabis News for the Week Ending March 1, 2024</a></li><li><a href="https://www.smartkarma.com/insights/drawing-a-line-in-the-sand-blkb-commits-to-buy-7-10-of-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Drawing a Line in the Sand - BLKB Commits to Buy 7-10% of Shares</a></li><li><a href="https://www.smartkarma.com/insights/takeaways-from-the-raymond-james-institutional-investors-conference-meeting?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways from the Raymond James Institutional Investors Conference Meeting</a></li><li><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raymond James Institutional Investors Conference Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/reddit-ipo-the-right-time-to-go-public-at-a-reasonable-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reddit IPO: The Right Time To Go Public At A Reasonable Valuation</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-highlights-cannabis-news-for-the-week-ending-march-1-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. The Highlights - Cannabis News for the Week Ending March 1, 2024 </a></h3><p></p><ul><li>The US cannabis MSOS ETF fell 7.80% last week, its third loss in the last four weeks.</li><li>Earnings this week were relatively strong, but sentiment around federal reform may be driving short-term prices.</li><li>Despite the sell- off, MSOS had $1.8 million in inflows. The global YOLO ETF held up better, losing 1.89% over the last five sessions.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/drawing-a-line-in-the-sand-blkb-commits-to-buy-7-10-of-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Drawing a Line in the Sand - BLKB Commits to Buy 7-10% of Shares </a></h3><p></p><ul><li>The News: Monday before the open, Blackbaud announced that it will repurchase 7-10% of outstanding shares (~4.5 million shares at the midpoint) throughout 2024 under the company’s existing $500 million share repurchase program.</li><li>As part of the repurchase plan, the company also disclosed that it entered into an accelerated share repurchase agreement, where the company will purchase $200 million in shares.</li><li>Note that the commitment includes more than the initial accelerated share repurchase authorization, which should amount to 2-3 million shares.Our Thoughts: Blackbaud has taken significant steps to drive shareholder value in recent years, particularly regarding pricing initiatives that have driven a re-acceleration in growth and incremental margin expansion.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/takeaways-from-the-raymond-james-institutional-investors-conference-meeting?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Takeaways from the Raymond James Institutional Investors Conference Meeting </a></h3><p></p><ul><li>Earlier this morning at our Institutional Investors Conference (IIC) in Orlando, we met with Cogent (CCOI) CEO Dave Schaeffer for a presentation to investors followed by a brief breakout session.</li><li>Both were well-attended, and we have the following takeaways:Takeaway 1 - Management reiterated the current positioning post-Sprint.</li><li>Wavelengths and data center capacity are two services expected to drive incremental revenue.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/raymond-james-institutional-investors-conference-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Raymond James Institutional Investors Conference Takeaways </a></h3><p></p><ul><li>Raymond James is hosting its annual Institutional Investors Conference in person in Orlando.</li><li>Our first day we hosted Nokia’s CFO, Marco Wiren and the IR team.Nokia is a highly diversified networking supplier with its routing, optical, fixed access and Mobility platforms complemented by software and a meaningful Intellectual Property Rights (IPR) business.</li><li>We think investors focus narrowly on its Mobility unit and the challenging telco customer capex; whereas, its Network Infrastructure is growing and resolved IPR disputes will improve profits.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/reddit-ipo-the-right-time-to-go-public-at-a-reasonable-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Reddit IPO: The Right Time To Go Public At A Reasonable Valuation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/602/original/Picture8.png?1709557128"/> <ul>
<li>Reddit, an American social news aggregation, content rating, and forum social network, filed to go public. The company plans to trade on the NYSE under the ticker “RDDT”.</li>
<li>Reddit was founded in 2005 by Steven Huffman, Aaron Swartz and Alexis Ohanian. The company is forecasted to surpass $1B in total revenue in 2024.</li>
<li>They chose the right time to go public. I have a positive view of the upcoming Reddit IPO and looking forward to seeing them trade as a public company.</li>
</ul>2024-03-04T23:25:47+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "MRMD@US"}, {"term": "TCNNF@US"}, {"term": "YOLO@US"}, {"term": "MSOS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BLKB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CCOI@US"}, {"term": "CMCSA@US"}, {"term": "WOW@US"}, {"term": "CABO@US"}, {"term": "LUMN@US"}, {"term": "T@US"}, {"term": "FYBR@US"}, {"term": "ATUS@US"}, {"term": "CHTR@US"}, {"term": "TMUS@US"}, {"term": "VZ@US"}, {"term": "SHEN@US"}, {"term": "DY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FINLAND"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "NOK@US"}, {"term": "Equity Capital Markets"}, {"term": "COMMUNICATION SERVICES"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "RDDT@US"}, {"term": "GOOGL@US"}, {"term": "RBLX@US"}, {"term": "PINS@US"}, {"term": "META@US"}, {"term": "SNAP@US"}, {"term": "TWTR@US"}, {"term": "GOOG@US"}, {"term": "MSOS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BLKB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NOK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GOOG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/88dd64dc-e5f6-3835-9cb7-d79b73804945Brief USA: Commodities - Overall - Raymond James Energy Daily Update and more2024-03-28T22:17:22.989383+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-2e82f903-e6c3-4deb-b4bb-1d313e44fc60?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/takeaways-from-rj-investors-conference-meeting-8ba2e108-04e4-460f-8802-733886d30c5a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways from RJ Investors Conference Meeting</a></li><li><a href="https://www.smartkarma.com/insights/reddit-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reddit IPO Valuation Analysis</a></li><li><a href="https://www.smartkarma.com/insights/morgan-stanley-direct-lending-fund-msdl-4q23-pre-ipo-quarter-as-expected-maintain-outperform-22-tp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Morgan Stanley Direct Lending Fund - MSDL</a></li><li><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-b33096c7-ef25-492a-b60e-ac910a4daf76?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Building Materials - Building Products</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-2e82f903-e6c3-4deb-b4bb-1d313e44fc60?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYStrong gains on Friday saw crude prices at the highest levels since November.</li><li>While Friday's session did not see any strong catalysts, the move higher came ahead of rumors of an imminent OPEC+ decision on voluntary output cuts.</li><li>Those rumors were well-founded, with OPEC+ members led by Saudi Arabia and Russia agreeing to extend voluntary output cuts into the second quarter yesterday.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/takeaways-from-rj-investors-conference-meeting-8ba2e108-04e4-460f-8802-733886d30c5a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Takeaways from RJ Investors Conference Meeting </a></h3><p></p><ul><li>Earlier this afternoon at our Institutional Investors Conference (IIC) in Orlando, we met with Lumen (LUMN) CFO Chris Stansbury for a presentation to investors followed by a brief breakout session.</li><li>Both were well-attended, and we have the following takeaways:Takeaway 1 - Management has been seeking ways to monetize or otherwise address its consumer business either through outright sales, JV investments, or other structures to lessen its exposure to this business.</li><li>Management expects to have some clarity on this with some announcements in the next few months.Takeaway 2 - Enterprise opportunities including security advanced networking remain the focus for the business.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/reddit-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Reddit IPO Valuation Analysis </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/555/original/image_27110520421709545819119.png?1709545819"/> <ul>
<li>Reddit plans to price its IPO between $31 to $34 a share, which would suggest equity value of US$6.0 billion to US$6.5 billion on a fully diluted basis.</li>
<li>Our base case valuation of Reddit is implied market cap of US$7.9 billion or implied price of US$41.2 per share. </li>
<li>Given the moderate upside relative to the IPO price range, we have a Positive view of the Reddit IPO. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/morgan-stanley-direct-lending-fund-msdl-4q23-pre-ipo-quarter-as-expected-maintain-outperform-22-tp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Morgan Stanley Direct Lending Fund - MSDL </a></h3><p></p><ul><li>We are maintaining our Outperform rating and our target price of $22 for Morgan Stanley Direct Lending (MSDL).</li><li>There were no negative surprises in the quarter, with NAV/share in-line with expectations and credit solid.</li><li>Our positive these remains unchanged.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-b33096c7-ef25-492a-b60e-ac910a4daf76?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Building Materials - Building Products </a></h3><p></p><ul><li>Last Week in Review:Source: FactSet, Raymond James ResearchThe Week to Come:Monday, March 4Raymond James Institutional Investors Conference participants from our coverage: Masco (MAS/Market Perform), Mohawk (MHK/Market Perform), and Whirlpool (WHR/Market Perform).Tuesday, March 5Raymond James Institutional Investors Conference participants from our coverage: Genuine Parts (GPC/Market Perform), GMS (GMS/Outperform), Hillman Solutions (HLMN/Outperform), MSC Industrial (MSM/Market Perform), Stanley Black & Decker (SWK/Market Perform), and WESCO (WCC/Strong Buy).Ferguson (FERG/Market Perform) reports F2Q23 (Nov-Jan) results before the open.</li><li>Our F2Q EBITDA estimate is $611M (Street $601M) on total sales flat y/y (Street -1.5%) and comps -2%.</li><li>Our most recent note on FERG is here; further, we initiated on FERG in September, the link to that report is here.Wednesday, March 6Raymond James Institutional Investors Conference participants from our coverage: Beacon Roofing (BECN/Outperform) and Tecnoglass (TGLS/Strong Buy)Techtronic (669-HK/Not Covered) reports 2H/FY23 results.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-2e82f903-e6c3-4deb-b4bb-1d313e44fc60?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/takeaways-from-rj-investors-conference-meeting-8ba2e108-04e4-460f-8802-733886d30c5a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways from RJ Investors Conference Meeting</a></li><li><a href="https://www.smartkarma.com/insights/reddit-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reddit IPO Valuation Analysis</a></li><li><a href="https://www.smartkarma.com/insights/morgan-stanley-direct-lending-fund-msdl-4q23-pre-ipo-quarter-as-expected-maintain-outperform-22-tp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Morgan Stanley Direct Lending Fund - MSDL</a></li><li><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-b33096c7-ef25-492a-b60e-ac910a4daf76?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Building Materials - Building Products</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-2e82f903-e6c3-4deb-b4bb-1d313e44fc60?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYStrong gains on Friday saw crude prices at the highest levels since November.</li><li>While Friday's session did not see any strong catalysts, the move higher came ahead of rumors of an imminent OPEC+ decision on voluntary output cuts.</li><li>Those rumors were well-founded, with OPEC+ members led by Saudi Arabia and Russia agreeing to extend voluntary output cuts into the second quarter yesterday.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/takeaways-from-rj-investors-conference-meeting-8ba2e108-04e4-460f-8802-733886d30c5a?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Takeaways from RJ Investors Conference Meeting </a></h3><p></p><ul><li>Earlier this afternoon at our Institutional Investors Conference (IIC) in Orlando, we met with Lumen (LUMN) CFO Chris Stansbury for a presentation to investors followed by a brief breakout session.</li><li>Both were well-attended, and we have the following takeaways:Takeaway 1 - Management has been seeking ways to monetize or otherwise address its consumer business either through outright sales, JV investments, or other structures to lessen its exposure to this business.</li><li>Management expects to have some clarity on this with some announcements in the next few months.Takeaway 2 - Enterprise opportunities including security advanced networking remain the focus for the business.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/reddit-ipo-valuation-analysis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Reddit IPO Valuation Analysis </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/555/original/image_27110520421709545819119.png?1709545819"/> <ul>
<li>Reddit plans to price its IPO between $31 to $34 a share, which would suggest equity value of US$6.0 billion to US$6.5 billion on a fully diluted basis.</li>
<li>Our base case valuation of Reddit is implied market cap of US$7.9 billion or implied price of US$41.2 per share. </li>
<li>Given the moderate upside relative to the IPO price range, we have a Positive view of the Reddit IPO. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/morgan-stanley-direct-lending-fund-msdl-4q23-pre-ipo-quarter-as-expected-maintain-outperform-22-tp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Morgan Stanley Direct Lending Fund - MSDL </a></h3><p></p><ul><li>We are maintaining our Outperform rating and our target price of $22 for Morgan Stanley Direct Lending (MSDL).</li><li>There were no negative surprises in the quarter, with NAV/share in-line with expectations and credit solid.</li><li>Our positive these remains unchanged.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/building-materials-building-products-the-week-to-come-building-products-and-industrial-distribution-b33096c7-ef25-492a-b60e-ac910a4daf76?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Building Materials - Building Products </a></h3><p></p><ul><li>Last Week in Review:Source: FactSet, Raymond James ResearchThe Week to Come:Monday, March 4Raymond James Institutional Investors Conference participants from our coverage: Masco (MAS/Market Perform), Mohawk (MHK/Market Perform), and Whirlpool (WHR/Market Perform).Tuesday, March 5Raymond James Institutional Investors Conference participants from our coverage: Genuine Parts (GPC/Market Perform), GMS (GMS/Outperform), Hillman Solutions (HLMN/Outperform), MSC Industrial (MSM/Market Perform), Stanley Black & Decker (SWK/Market Perform), and WESCO (WCC/Strong Buy).Ferguson (FERG/Market Perform) reports F2Q23 (Nov-Jan) results before the open.</li><li>Our F2Q EBITDA estimate is $611M (Street $601M) on total sales flat y/y (Street -1.5%) and comps -2%.</li><li>Our most recent note on FERG is here; further, we initiated on FERG in September, the link to that report is here.Wednesday, March 6Raymond James Institutional Investors Conference participants from our coverage: Beacon Roofing (BECN/Outperform) and Tecnoglass (TGLS/Strong Buy)Techtronic (669-HK/Not Covered) reports 2H/FY23 results.</li></ul>2024-03-04T21:00:19+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TDW@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "LUMN@US"}, {"term": "CMCSA@US"}, {"term": "WOW@US"}, {"term": "CABO@US"}, {"term": "T@US"}, {"term": "CHTR@US"}, {"term": "CCOI@US"}, {"term": "FYBR@US"}, {"term": "ATUS@US"}, {"term": "VZ@US"}, {"term": "SHEN@US"}, {"term": "DY@US"}, {"term": "Equity Capital Markets"}, {"term": "COMMUNICATION SERVICES"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "RDDT@US"}, {"term": "META@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GBDC@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GMS@US"}, {"term": "FAST@US"}, {"term": "HLMN@US"}, {"term": "MSM@US"}, {"term": "MHK@US"}, {"term": "BECN@US"}, {"term": "GPC@US"}, {"term": "AAP@US"}, {"term": "HD@US"}, {"term": "WHR@US"}, {"term": "BBY@US"}, {"term": "LKQ@US"}, {"term": "GFF@US"}, {"term": "FERG@US"}, {"term": "TGLS@US"}, {"term": "MAS@US"}, {"term": "GWW@US"}, {"term": "AZO@US"}, {"term": "SWK@US"}, {"term": "TTC@US"}, {"term": "LOW@US"}, {"term": "WCC@US"}, {"term": "TDW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "META@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GBDC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WCC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/16949aa6-94c9-3aa5-9c17-705e6333c320Brief USA: Consumer Discretionary - overall - Connecting the Dots on 4Q Earnings (February Week 4): M, TJX, RVLV, FIGS, URBN, CRI, SHOO, BIRK, EBAY, REAL and more2024-03-28T22:17:22.978748+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-connecting-the-dots-on-4q-earnings-february-week-4-m-tjx-rvlv-figs-urbn-cri-shoo-birk-ebay-real?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Consumer Discretionary - overall - Connecting the Dots on 4Q Earnings (February Week 4): M, TJX, RVLV, FIGS, URBN, CRI, SHOO, BIRK, EBAY, REAL</a></li><li><a href="https://www.smartkarma.com/insights/ism-manufacturing-the-ugliest-macro-indicator-for-stocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ISM Manufacturing – the Ugliest Macro Indicator for Stocks!</a></li><li><a href="https://www.smartkarma.com/insights/stronger-growth-and-margin-expansion-relative-to-peers-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Stronger Growth and Margin Expansion Relative to Peers; Strong Buy</a></li><li><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-4q23-sequential-reserve-growth-review-price-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insurance - Overall - Insurance</a></li><li><a href="https://www.smartkarma.com/insights/strategy-washington-policy-2024-election-prepare-for-a-sweep?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategy - Washington Policy</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-connecting-the-dots-on-4q-earnings-february-week-4-m-tjx-rvlv-figs-urbn-cri-shoo-birk-ebay-real?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Consumer Discretionary - overall - Connecting the Dots on 4Q Earnings (February Week 4): M, TJX, RVLV, FIGS, URBN, CRI, SHOO, BIRK, EBAY, REAL </a></h3><p></p><ul><li>We highlight important company nuggets from 4Q earnings thus far to better understand industry trends.</li><li>For February week 4, we added Macy's (M), TJX Companies (TJX), Revolve (RVLV), FIGS (FIGS), Urban Outfitters (URBN), Carter's (CRI), Steven Madden (SHOO), Birkenstock (BIRK), eBay (EBAY), and The RealReal (REAL) to the running list of companies we tracked.1QTD Call Outs Remain Mixed and idiosyncratic by company.</li><li>Last week, Steven Madden reported positive 1QTD trends, TJX noted a deceleration, Carter’s called out improving (though still negative) trends, Urban cited a weak January, and Revolve’s 1QTD is -MSD% y/y.TJX Companies (TJX) (February 28) guided comps +2-3% y/y (vs +5% in 4Q).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ism-manufacturing-the-ugliest-macro-indicator-for-stocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. ISM Manufacturing – the Ugliest Macro Indicator for Stocks! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/573/original/image?1709549501"/> <ul>
<li>Understanding the ISM Manufacturing Index has been a tricky affair in recent months. Based on regional PMI data, the ISM (48.7) was anticipated to breach the 50 mark (50.7).</li>
<li>The gap between the current 10-year US Treasury yield and the ISM Manufacturing Index is huge!</li>
<li>In addition, the latest ISM numbers suggest a 26% downside for the S&P 500 Index. Yikes!</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/stronger-growth-and-margin-expansion-relative-to-peers-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Stronger Growth and Margin Expansion Relative to Peers; Strong Buy </a></h3><p></p><ul><li>We are reiterating our Strong Buy rating on the shares of BRP Group, Inc.</li><li>(BRP).</li><li>Our rating reflects our outlook for the company to report above peer average organic growth, margin expansion, and improving FCF over the next several years.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-4q23-sequential-reserve-growth-review-price-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Insurance - Overall - Insurance </a></h3><p></p><ul><li>Takeaways and OutlookCommercial lines carriers have increased reserves sequentially on average for 18 consecutive quarters.</li><li>Commercial lines carriers increased reserves on average by ~1% q/q in 4Q23.</li><li>We believe consistent increases in reserves across the industry and elevated concerns for casualty reserve adequacy could be viewed as a positive data point for favorable pricing trends to continue.Personal auto carriers have increased reserves sequentially on average (excluding outliers) for 15 consecutive quarters.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/strategy-washington-policy-2024-election-prepare-for-a-sweep?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Strategy - Washington Policy </a></h3><p></p><ul><li>In this report, we provide our analysis of the current state of the 2024 election, our outcome predictions, and scenario analysis under the different outcomes for tax/debt issues, the Inflation Reduction Act, healthcare, financials, tech, defense, and the U.S.-China relationship.</li><li>Key points include:Trump with a slight edge, but Biden can still win.</li><li>2024 is a likely rematch of 2020.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-connecting-the-dots-on-4q-earnings-february-week-4-m-tjx-rvlv-figs-urbn-cri-shoo-birk-ebay-real?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Consumer Discretionary - overall - Connecting the Dots on 4Q Earnings (February Week 4): M, TJX, RVLV, FIGS, URBN, CRI, SHOO, BIRK, EBAY, REAL</a></li><li><a href="https://www.smartkarma.com/insights/ism-manufacturing-the-ugliest-macro-indicator-for-stocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ISM Manufacturing – the Ugliest Macro Indicator for Stocks!</a></li><li><a href="https://www.smartkarma.com/insights/stronger-growth-and-margin-expansion-relative-to-peers-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Stronger Growth and Margin Expansion Relative to Peers; Strong Buy</a></li><li><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-4q23-sequential-reserve-growth-review-price-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insurance - Overall - Insurance</a></li><li><a href="https://www.smartkarma.com/insights/strategy-washington-policy-2024-election-prepare-for-a-sweep?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategy - Washington Policy</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-connecting-the-dots-on-4q-earnings-february-week-4-m-tjx-rvlv-figs-urbn-cri-shoo-birk-ebay-real?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Consumer Discretionary - overall - Connecting the Dots on 4Q Earnings (February Week 4): M, TJX, RVLV, FIGS, URBN, CRI, SHOO, BIRK, EBAY, REAL </a></h3><p></p><ul><li>We highlight important company nuggets from 4Q earnings thus far to better understand industry trends.</li><li>For February week 4, we added Macy's (M), TJX Companies (TJX), Revolve (RVLV), FIGS (FIGS), Urban Outfitters (URBN), Carter's (CRI), Steven Madden (SHOO), Birkenstock (BIRK), eBay (EBAY), and The RealReal (REAL) to the running list of companies we tracked.1QTD Call Outs Remain Mixed and idiosyncratic by company.</li><li>Last week, Steven Madden reported positive 1QTD trends, TJX noted a deceleration, Carter’s called out improving (though still negative) trends, Urban cited a weak January, and Revolve’s 1QTD is -MSD% y/y.TJX Companies (TJX) (February 28) guided comps +2-3% y/y (vs +5% in 4Q).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ism-manufacturing-the-ugliest-macro-indicator-for-stocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. ISM Manufacturing – the Ugliest Macro Indicator for Stocks! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/573/original/image?1709549501"/> <ul>
<li>Understanding the ISM Manufacturing Index has been a tricky affair in recent months. Based on regional PMI data, the ISM (48.7) was anticipated to breach the 50 mark (50.7).</li>
<li>The gap between the current 10-year US Treasury yield and the ISM Manufacturing Index is huge!</li>
<li>In addition, the latest ISM numbers suggest a 26% downside for the S&P 500 Index. Yikes!</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/stronger-growth-and-margin-expansion-relative-to-peers-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Stronger Growth and Margin Expansion Relative to Peers; Strong Buy </a></h3><p></p><ul><li>We are reiterating our Strong Buy rating on the shares of BRP Group, Inc.</li><li>(BRP).</li><li>Our rating reflects our outlook for the company to report above peer average organic growth, margin expansion, and improving FCF over the next several years.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/insurance-overall-insurance-4q23-sequential-reserve-growth-review-price-performance-and-valuation-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Insurance - Overall - Insurance </a></h3><p></p><ul><li>Takeaways and OutlookCommercial lines carriers have increased reserves sequentially on average for 18 consecutive quarters.</li><li>Commercial lines carriers increased reserves on average by ~1% q/q in 4Q23.</li><li>We believe consistent increases in reserves across the industry and elevated concerns for casualty reserve adequacy could be viewed as a positive data point for favorable pricing trends to continue.Personal auto carriers have increased reserves sequentially on average (excluding outliers) for 15 consecutive quarters.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/strategy-washington-policy-2024-election-prepare-for-a-sweep?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Strategy - Washington Policy </a></h3><p></p><ul><li>In this report, we provide our analysis of the current state of the 2024 election, our outcome predictions, and scenario analysis under the different outcomes for tax/debt issues, the Inflation Reduction Act, healthcare, financials, tech, defense, and the U.S.-China relationship.</li><li>Key points include:Trump with a slight edge, but Biden can still win.</li><li>2024 is a likely rematch of 2020.</li></ul>2024-03-04T19:15:07+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AMZN@US"}, {"term": "CPRI@US"}, {"term": "ETSY@US"}, {"term": "RL@US"}, {"term": "EBAY@US"}, {"term": "CROX@US"}, {"term": "UAA@US"}, {"term": "FIGS@US"}, {"term": "REAL@US"}, {"term": "WMT@US"}, {"term": "SKX@US"}, {"term": "W@US"}, {"term": "RVLV@US"}, {"term": "DECK@US"}, {"term": "GOOS@CN"}, {"term": "TPR@US"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SPX@INDEX"}, {"term": "MXWO@LN"}, {"term": "GT10@GOVT"}, {"term": "IEF@US"}, {"term": "CRB@CMDT@INDEX"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BRP@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "HIG@US"}, {"term": "MCY@US"}, {"term": "CINF@US"}, {"term": "RLI@US"}, {"term": "AFG@US"}, {"term": "PGR@US"}, {"term": "KMPR@US"}, {"term": "WTW@US"}, {"term": "ALL@US"}, {"term": "HQY@US"}, {"term": "VRSK@US"}, {"term": "CB@US"}, {"term": "BRO@US"}, {"term": "BRP@US"}, {"term": "PRA@US"}, {"term": "AJG@US"}, {"term": "SKWD@US"}, {"term": "MMC@US"}, {"term": "ORI@US"}, {"term": "AON@US"}, {"term": "TRV@US"}, {"term": "HGTY@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TPR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CRB@CMDT@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BRP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HGTY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/4410abb6-45c8-3524-9ad5-47f3b7224edeBrief USA: Loss Environment Continues to Worsen ; Market Perform and more2024-03-28T22:17:22.972514+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/loss-environment-continues-to-worsen-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Loss Environment Continues to Worsen ; Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/updating-trup-model-post-4q23?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating TRUP Model Post 4Q23</a></li><li><a href="https://www.smartkarma.com/insights/strong-nii-and-nav-above-expectations-maintain-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strong NII and NAV Above Expectations, Maintain Outperform</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-cbre-cwk-jll-nmrk-broker-signing-bonuses-move-higher-in-2023-with-newmark-leading-the-way?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - CBRE/CWK/JLL/NMRK</a></li><li><a href="https://www.smartkarma.com/insights/management-meeting-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Management Meeting Takeaways</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/loss-environment-continues-to-worsen-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Loss Environment Continues to Worsen ; Market Perform </a></h3><p></p><ul><li>We are reiterating our Market Perform rating on the shares of ProAssurance Corporation (PRA).</li><li>Our rating reflects the challenging operating environment and our outlook for the company to generate ROEs below management’s target (10-year treasury +700 bp) through 2025.</li><li>We believe our outlook for a more gradual recovery in underwriting results is reflected in the stock considering it currently trades at 0.6x recent BVPS compared with the peer group average of 3.6x.The stock was down slightly after reporting 4Q23 results below our estimate and consensus.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/updating-trup-model-post-4q23?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Updating TRUP Model Post 4Q23 </a></h3><p></p><ul><li>We are reaffirming our Market Perform rating on Trupanion Inc (TRUP).</li><li>We like TRUP’s high teens to 20%-plus subscription revenue CAGR and solid competitive positioning in the growing pet insurance market but are concerned about veterinary cost inflationary pressures.EstimatesWe are updating our full-year 2024/2025/2026 EPS estimates to $(0.49)/$0.01/$0.13, versus prior $(0.23)/$0.04/$0.18 and consensus of $(0.41)/$0.06/$0.10.</li><li>Our update reflects TRUP’s 4Q23 results and other model adjustments.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/strong-nii-and-nav-above-expectations-maintain-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Strong NII and NAV Above Expectations, Maintain Outperform </a></h3><p></p><ul><li>We are maintaining our Outperform rating and $21.50 target price on Fidus Investment Corporation (FDUS).</li><li>4Q23 results were very strong — with earnings well above estimates/consensus.</li><li>NAV/share also outperformed expectations with another sequential increase.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/financial-services-others-cbre-cwk-jll-nmrk-broker-signing-bonuses-move-higher-in-2023-with-newmark-leading-the-way?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Financial Services - Others - CBRE/CWK/JLL/NMRK </a></h3><p></p><ul><li>Key TakeawaysDespite what has been a soft backdrop for most of the last 18+ months, and arguably because of it, CRE firms have continued to lean into broker recruitment via signing and retention bonuses.Newmark is the most aggressive utilizer of forgivable loan grants - by a wide margin - among the brokers when adjusting for the relative size of their respective commission-based businesses.Relative to its peers, Newmark’s capital allocation over the past four years has favored forgivable loans although the company has also been the only firm to pay a dividend during this time frame.</li><li>In contrast, CBRE and JLL’s capital allocation decisions have centered more on share repurchases and acquisitions.Newmark’s elevated spend has translated to superior commission revenue growth at what we estimate to be a high-teens pre-tax ROI.CRE firms lean into broker signing and retention bonuses amid soft transaction backdropWithin the CRE service provider industry, it is common for new brokerage hires to be paid up-front based on anticipated revenue generation over the term of the broker’s contract; up-front retention payments are also given to brokers who are renewing their contract at a particular firm.</li><li>These up-front payments are typically structured as “forgivable loans” in which the note (and related interest) is amortized ratably over the period of the broker’s contract.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/management-meeting-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Management Meeting Takeaways </a></h3><p></p><ul><li>We hosted well-attended investor meetings with CEO Jim Anderson, CFO Sherri Luther, and Senior Director of IR Rick Muscha.</li><li>While management did not comment on near term trends, we walked away comfortable that the industry-wide cyclical correction is now largely behind.</li><li>AI was a focus area for investors and management reiterated its prior view of AI revenue doubling (from $100m in 2023) in the next 2-3 years.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/loss-environment-continues-to-worsen-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Loss Environment Continues to Worsen ; Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/updating-trup-model-post-4q23?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating TRUP Model Post 4Q23</a></li><li><a href="https://www.smartkarma.com/insights/strong-nii-and-nav-above-expectations-maintain-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strong NII and NAV Above Expectations, Maintain Outperform</a></li><li><a href="https://www.smartkarma.com/insights/financial-services-others-cbre-cwk-jll-nmrk-broker-signing-bonuses-move-higher-in-2023-with-newmark-leading-the-way?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Financial Services - Others - CBRE/CWK/JLL/NMRK</a></li><li><a href="https://www.smartkarma.com/insights/management-meeting-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Management Meeting Takeaways</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/loss-environment-continues-to-worsen-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Loss Environment Continues to Worsen ; Market Perform </a></h3><p></p><ul><li>We are reiterating our Market Perform rating on the shares of ProAssurance Corporation (PRA).</li><li>Our rating reflects the challenging operating environment and our outlook for the company to generate ROEs below management’s target (10-year treasury +700 bp) through 2025.</li><li>We believe our outlook for a more gradual recovery in underwriting results is reflected in the stock considering it currently trades at 0.6x recent BVPS compared with the peer group average of 3.6x.The stock was down slightly after reporting 4Q23 results below our estimate and consensus.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/updating-trup-model-post-4q23?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Updating TRUP Model Post 4Q23 </a></h3><p></p><ul><li>We are reaffirming our Market Perform rating on Trupanion Inc (TRUP).</li><li>We like TRUP’s high teens to 20%-plus subscription revenue CAGR and solid competitive positioning in the growing pet insurance market but are concerned about veterinary cost inflationary pressures.EstimatesWe are updating our full-year 2024/2025/2026 EPS estimates to $(0.49)/$0.01/$0.13, versus prior $(0.23)/$0.04/$0.18 and consensus of $(0.41)/$0.06/$0.10.</li><li>Our update reflects TRUP’s 4Q23 results and other model adjustments.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/strong-nii-and-nav-above-expectations-maintain-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Strong NII and NAV Above Expectations, Maintain Outperform </a></h3><p></p><ul><li>We are maintaining our Outperform rating and $21.50 target price on Fidus Investment Corporation (FDUS).</li><li>4Q23 results were very strong — with earnings well above estimates/consensus.</li><li>NAV/share also outperformed expectations with another sequential increase.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/financial-services-others-cbre-cwk-jll-nmrk-broker-signing-bonuses-move-higher-in-2023-with-newmark-leading-the-way?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Financial Services - Others - CBRE/CWK/JLL/NMRK </a></h3><p></p><ul><li>Key TakeawaysDespite what has been a soft backdrop for most of the last 18+ months, and arguably because of it, CRE firms have continued to lean into broker recruitment via signing and retention bonuses.Newmark is the most aggressive utilizer of forgivable loan grants - by a wide margin - among the brokers when adjusting for the relative size of their respective commission-based businesses.Relative to its peers, Newmark’s capital allocation over the past four years has favored forgivable loans although the company has also been the only firm to pay a dividend during this time frame.</li><li>In contrast, CBRE and JLL’s capital allocation decisions have centered more on share repurchases and acquisitions.Newmark’s elevated spend has translated to superior commission revenue growth at what we estimate to be a high-teens pre-tax ROI.CRE firms lean into broker signing and retention bonuses amid soft transaction backdropWithin the CRE service provider industry, it is common for new brokerage hires to be paid up-front based on anticipated revenue generation over the term of the broker’s contract; up-front retention payments are also given to brokers who are renewing their contract at a particular firm.</li><li>These up-front payments are typically structured as “forgivable loans” in which the note (and related interest) is amortized ratably over the period of the broker’s contract.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/management-meeting-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Management Meeting Takeaways </a></h3><p></p><ul><li>We hosted well-attended investor meetings with CEO Jim Anderson, CFO Sherri Luther, and Senior Director of IR Rick Muscha.</li><li>While management did not comment on near term trends, we walked away comfortable that the industry-wide cyclical correction is now largely behind.</li><li>AI was a focus area for investors and management reiterated its prior view of AI revenue doubling (from $100m in 2023) in the next 2-3 years.</li></ul>2024-03-04T18:30:10+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PRA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TRUP@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FDUS@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NMRK@US"}, {"term": "JLL@US"}, {"term": "CWK@US"}, {"term": "CBRE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "LSCC@US"}, {"term": "MCHP@US"}, {"term": "INTC@US"}, {"term": "AMD@US"}, {"term": "PRA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TRUP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FDUS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CBRE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AMD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/afc91e21-6823-3684-a38c-73480ee932c0Brief USA: IPP - Clean Tech and more2024-03-28T22:17:22.961444+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ipp-clean-tech-taylor-swift-gives-carbon-capture-its-best-ever-pr-but-still-a-long-time-before-it-becomes-needle-moving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IPP - Clean Tech</a></li><li><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-early-stage-credit-indicators-holding-steady-though-historical-context-implies-increase-likely?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Banking</a></li><li><a href="https://www.smartkarma.com/insights/4q-misses-but-volumes-inflecting-valuation-below-public-peers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Misses, But Volumes Inflecting & Valuation Below Public Peers</a></li><li><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-shen-tower-sale-covers-horizon-purchase-with-solid-multiple?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Telco - Overall - Telecommunications Services</a></li><li><a href="https://www.smartkarma.com/insights/2024-looks-promising-with-further-revenue-margin-dayrate-growth-each-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2024 Looks Promising With Further Revenue, Margin, & Dayrate Growth Each Quarter</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ipp-clean-tech-taylor-swift-gives-carbon-capture-its-best-ever-pr-but-still-a-long-time-before-it-becomes-needle-moving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. IPP - Clean Tech </a></h3><p></p><ul><li>When Taylor Swift flew last month on a private jet from Tokyo to Las Vegas for the Super Bowl, the CO2 emissions - 40 tons - were nearly 3x what the average American emits in an entire year.</li><li>In one of the more creative PR stunts we have seen in our two decades writing about clean tech, a startup called Spiritus pledged to capture an equivalent amount of emissions using its direct air capture technology.</li><li>Alas, there will need to be a lot more zeros before direct air capture - or any other variety of carbon capture and sequestration (CCS) - becomes truly needle-moving.Let’s zoom out for a moment… once global CO2 emissions peak, quite possibly between 2024 and 2026, they will not be falling off a proverbial cliff.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-early-stage-credit-indicators-holding-steady-though-historical-context-implies-increase-likely?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Finance Companies - Banking </a></h3><p></p><ul><li>Surveying early stage credit indicators amid benign credit metrics: While industry-wide credit costs have been muted post-pandemic despite the speed of the Fed’s tightening cycle, large-scale changes suggest weakness is on-the-horizon for certain asset classes as urban commercial RE faces a potential systemic shift in post-pandemic life along with the potential credit ramifications of commercial loans repricing at vastly higher rates since their origination date.</li><li>Given this backdrop, we thought it prudent in this week’s mini-stat to examine early-stage past due loan balances in evaluating if (or when) we could see credit costs spike in the near- to intermediate-term.As a reminder, loans classified in either the 30-89 or 90+ days past due buckets are loans that continue to accrue interest but reflects borrowers that have missed required payments.</li><li>Additionally, we note that commercial loans sometimes are never classified as past due, moving directly to nonaccrual, resulting in higher past due percentages for consumer loan-heavy banks in this study.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q-misses-but-volumes-inflecting-valuation-below-public-peers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q Misses, But Volumes Inflecting & Valuation Below Public Peers </a></h3><p></p><ul><li>We reiterate Strong Buy and raise our target to $54, though also cut estimates.</li><li>4Q EBITDA mildly missed views, as Tecnoglass’ new vinyl offerings won’t begin to drive SF growth until 2H24 (though Feb orders were robust).</li><li>TGLS still trades at a marked discount to direct peers (especially vs the recent takeout multiple for PGT even adjusted for a takeout premium) despite its significant structural relative cost advantages and related outsized margin delivery.4Q EBITDA was $62M vs RJe/Street $63M and the midpoint of $58-66M guidance (Fig.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-shen-tower-sale-covers-horizon-purchase-with-solid-multiple?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Telco - Overall - Telecommunications Services </a></h3><p></p><ul><li>On Friday, Shenandoah Communications (SHEN) announced it has entered into a definitive Purchase and Sale Agreement to sell its Tower Portfolio and operations to Vertical Bridge Holdco, LLC (a portfolio company of DigitalBridge Group (DBRG)) for a $310.3M all-cash consideration.The 226 sites being sold generated ~$18.6M in revenue and ~$11.6M adj. EBITDA in 2023, implying a valuation of ~27x 2023 EV/EBITDA for the Tower Portfolio.However, with the stated ~$2 million in TMUS churn in 2024, this implies roughly 32x EV/EBITDA, a very nice valuation for these assets.Management has been open about the possibility of this sale since they announced the horizon deal last fall (see related note Hitting the Gas on Fiber Growth - Horizon Telecom Deal).</li><li>As we discussed at that time, towers were valued at 17x EBITDA in the market, and we expected them to wait for better opportunities, and that time is now.The cost of the Horizon deal was $385 million of which $80 million comes from a preferred equity investment from the selling shareholders, and this asset sale effectively covers the rest.</li><li>As such, the deal is fully financed with no need to take on additional debt or use a temporary revolver.We believe this is a very good multiple for these assets, and a solid use of its balance sheet in order to make an acquisition that moves the company in the general strategic direction it is trying to go, namely a more pureplay fiber-based provider.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/2024-looks-promising-with-further-revenue-margin-dayrate-growth-each-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 2024 Looks Promising With Further Revenue, Margin, & Dayrate Growth Each Quarter </a></h3><p></p><ul><li>Tidewater was able to surpass expectations following a couple of quarterly misses, as operations look to be back on track with expectations for revenue growth and margin expansion in every quarter of 2024.</li><li>Operating margins of 47.2% were solid, relative to guidance of 47%, despite a slight revenue miss.</li><li>The outperformance was on the heels of margin strength in the Americas, Middle East, and Europe/Mediterranean, more than overcoming margin shortfalls in Asia Pacific and West Africa relative to our model.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ipp-clean-tech-taylor-swift-gives-carbon-capture-its-best-ever-pr-but-still-a-long-time-before-it-becomes-needle-moving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">IPP - Clean Tech</a></li><li><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-early-stage-credit-indicators-holding-steady-though-historical-context-implies-increase-likely?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Finance Companies - Banking</a></li><li><a href="https://www.smartkarma.com/insights/4q-misses-but-volumes-inflecting-valuation-below-public-peers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Misses, But Volumes Inflecting & Valuation Below Public Peers</a></li><li><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-shen-tower-sale-covers-horizon-purchase-with-solid-multiple?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Telco - Overall - Telecommunications Services</a></li><li><a href="https://www.smartkarma.com/insights/2024-looks-promising-with-further-revenue-margin-dayrate-growth-each-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2024 Looks Promising With Further Revenue, Margin, & Dayrate Growth Each Quarter</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ipp-clean-tech-taylor-swift-gives-carbon-capture-its-best-ever-pr-but-still-a-long-time-before-it-becomes-needle-moving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. IPP - Clean Tech </a></h3><p></p><ul><li>When Taylor Swift flew last month on a private jet from Tokyo to Las Vegas for the Super Bowl, the CO2 emissions - 40 tons - were nearly 3x what the average American emits in an entire year.</li><li>In one of the more creative PR stunts we have seen in our two decades writing about clean tech, a startup called Spiritus pledged to capture an equivalent amount of emissions using its direct air capture technology.</li><li>Alas, there will need to be a lot more zeros before direct air capture - or any other variety of carbon capture and sequestration (CCS) - becomes truly needle-moving.Let’s zoom out for a moment… once global CO2 emissions peak, quite possibly between 2024 and 2026, they will not be falling off a proverbial cliff.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/finance-companies-banking-bank-weekly-early-stage-credit-indicators-holding-steady-though-historical-context-implies-increase-likely?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Finance Companies - Banking </a></h3><p></p><ul><li>Surveying early stage credit indicators amid benign credit metrics: While industry-wide credit costs have been muted post-pandemic despite the speed of the Fed’s tightening cycle, large-scale changes suggest weakness is on-the-horizon for certain asset classes as urban commercial RE faces a potential systemic shift in post-pandemic life along with the potential credit ramifications of commercial loans repricing at vastly higher rates since their origination date.</li><li>Given this backdrop, we thought it prudent in this week’s mini-stat to examine early-stage past due loan balances in evaluating if (or when) we could see credit costs spike in the near- to intermediate-term.As a reminder, loans classified in either the 30-89 or 90+ days past due buckets are loans that continue to accrue interest but reflects borrowers that have missed required payments.</li><li>Additionally, we note that commercial loans sometimes are never classified as past due, moving directly to nonaccrual, resulting in higher past due percentages for consumer loan-heavy banks in this study.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q-misses-but-volumes-inflecting-valuation-below-public-peers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q Misses, But Volumes Inflecting & Valuation Below Public Peers </a></h3><p></p><ul><li>We reiterate Strong Buy and raise our target to $54, though also cut estimates.</li><li>4Q EBITDA mildly missed views, as Tecnoglass’ new vinyl offerings won’t begin to drive SF growth until 2H24 (though Feb orders were robust).</li><li>TGLS still trades at a marked discount to direct peers (especially vs the recent takeout multiple for PGT even adjusted for a takeout premium) despite its significant structural relative cost advantages and related outsized margin delivery.4Q EBITDA was $62M vs RJe/Street $63M and the midpoint of $58-66M guidance (Fig.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/telco-overall-telecommunications-services-shen-tower-sale-covers-horizon-purchase-with-solid-multiple?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Telco - Overall - Telecommunications Services </a></h3><p></p><ul><li>On Friday, Shenandoah Communications (SHEN) announced it has entered into a definitive Purchase and Sale Agreement to sell its Tower Portfolio and operations to Vertical Bridge Holdco, LLC (a portfolio company of DigitalBridge Group (DBRG)) for a $310.3M all-cash consideration.The 226 sites being sold generated ~$18.6M in revenue and ~$11.6M adj. EBITDA in 2023, implying a valuation of ~27x 2023 EV/EBITDA for the Tower Portfolio.However, with the stated ~$2 million in TMUS churn in 2024, this implies roughly 32x EV/EBITDA, a very nice valuation for these assets.Management has been open about the possibility of this sale since they announced the horizon deal last fall (see related note Hitting the Gas on Fiber Growth - Horizon Telecom Deal).</li><li>As we discussed at that time, towers were valued at 17x EBITDA in the market, and we expected them to wait for better opportunities, and that time is now.The cost of the Horizon deal was $385 million of which $80 million comes from a preferred equity investment from the selling shareholders, and this asset sale effectively covers the rest.</li><li>As such, the deal is fully financed with no need to take on additional debt or use a temporary revolver.We believe this is a very good multiple for these assets, and a solid use of its balance sheet in order to make an acquisition that moves the company in the general strategic direction it is trying to go, namely a more pureplay fiber-based provider.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/2024-looks-promising-with-further-revenue-margin-dayrate-growth-each-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 2024 Looks Promising With Further Revenue, Margin, & Dayrate Growth Each Quarter </a></h3><p></p><ul><li>Tidewater was able to surpass expectations following a couple of quarterly misses, as operations look to be back on track with expectations for revenue growth and margin expansion in every quarter of 2024.</li><li>Operating margins of 47.2% were solid, relative to guidance of 47%, despite a slight revenue miss.</li><li>The outperformance was on the heels of margin strength in the Americas, Middle East, and Europe/Mediterranean, more than overcoming margin shortfalls in Asia Pacific and West Africa relative to our model.</li></ul>2024-03-04T15:15:09+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BEP@US"}, {"term": "AAV@CN"}, {"term": "ALK@US"}, {"term": "CVX@US"}, {"term": "GTLS@US"}, {"term": "OXY@US"}, {"term": "XOM@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TGLS@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CMCSA@US"}, {"term": "WOW@US"}, {"term": "DBRG@US"}, {"term": "TDS@US"}, {"term": "CCI@US"}, {"term": "ATUS@US"}, {"term": "CHTR@US"}, {"term": "CCOI@US"}, {"term": "LUMN@US"}, {"term": "CABO@US"}, {"term": "TMUS@US"}, {"term": "AMT@US"}, {"term": "FYBR@US"}, {"term": "SBAC@US"}, {"term": "VZ@US"}, {"term": "T@US"}, {"term": "SHEN@US"}, {"term": "USM@US"}, {"term": "DY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TDW@US"}, {"term": "XOM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TGLS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TDW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/b21504fc-f9f7-3ff7-b15d-f698bad42e23Brief USA: Expanding Earnings Stream With 20 Additional E-175 at United and more2024-03-28T22:17:22.954343+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/expanding-earnings-stream-with-20-additional-e-175-at-united?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Expanding Earnings Stream With 20 Additional E-175 at United</a></li><li><a href="https://www.smartkarma.com/insights/tdcx-tdcx-us-s-7-20-share-short-form-merger?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">TDCX (TDCX US)'s $7.20/Share Short-Form Merger</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-update-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Portfolio Update: February 2024</a></li><li><a href="https://www.smartkarma.com/insights/february-traffic-in-line-estimates-unchanged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">February Traffic In-Line; Estimates Unchanged</a></li><li><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Nowcasting Nearly Half of Global GDP</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/expanding-earnings-stream-with-20-additional-e-175-at-united?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Expanding Earnings Stream With 20 Additional E-175 at United </a></h3><p></p><ul><li>On Sunday, SkyWest announced a new flying agreement with United to place 20 United-financed E175s under a 4-year contract.</li><li>The 20 E175s will join the fleet throughout 2024.</li><li>This agreement is in addition to the previously announced 19 SkyWest-owned E175 agreement with United (replacing 19 CRJ-700s).While not specified in the release, we suspect the E-175s are part of the 42 owned by United and leased to Mesa with terms expiring between 2024-28 (as part of the 80 aircraft flying agreement).While our earnings forecasts have not been updated for this announcement, we estimate this flying could add ~$0.24 to SkyWest’s annual EPS on a full run-rate basis, or ~3%/4% to our 2025E EPS/core-EPS. Moreover, it demonstrates SkyWest constinues to be a reliable and important partner despite industry challenges, and likely to benefit from industry consolidation.On Monday, March 4, SkyWest will be presenting at the Raymond James 45th Annual Institutional Investor Conference.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/tdcx-tdcx-us-s-7-20-share-short-form-merger?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. TDCX (TDCX US)'s $7.20/Share Short-Form Merger </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/489/original/image_72866321051709520623131.png?1709520623"/> <ul>
<li>On the 2 January, <strong><a data-smartkarma-citation="entities:34187:1" href="https://www.smartkarma.com/entities/tdcx-inc" rel="noopener" target="_blank">TDCX (TDCX US)</a></strong>, a Singapore-headquartered digital customer experience (CX) provider, announced it had received a preliminary non-binding proposal from Laurent Junique to be acquired at $6.60/ADS. </li>
<li>On the 1st March, TDCX <a href="https://investors.tdcx.com/news/financial-news/news-details/2024/TDCX-Inc.-Enters-into-Definitive-Merger-Agreement-for-Going-Private-Transaction/default.aspx" rel="noopener" target="_blank">entered in a definitive agreement</a> by way of a short form merger at US$7.20/ADS, a 48% premium to undisturbed.</li>
<li>As Laurent Junique holds 98.4% of the voting power, there is no shareholder vote on the merger. This is done. The Offer should close in the 2Q24. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/portfolio-update-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Portfolio Update: February 2024 </a></h3><p></p><ul><li>Recently, a friend of mine asked me why I own positions in Markel and Brookfield, as they do not align with my typical investment style of small niche companies trading at attractive free cash flow yields. </li><li>I consider both companies as alternatives to index funds, benefiting from the expertise of two exceptional capital allocators, Tom Gayner and Bruce Flatt, at no additional cost.</li><li>Over time, if my investment process proves itself as sound, the positions in Markel and Brookfield should naturally decrease in size.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/february-traffic-in-line-estimates-unchanged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. February Traffic In-Line; Estimates Unchanged </a></h3><p></p><ul><li>Figure 1 - Total Data Requests on the Fastly Network Over TimeSource: Company reports & Raymond James ResearchWe have updated our proprietary tracking data through most of February, and continue to believe that Fastly is progressing as expected.Given the continued traffic trends in line with prior seasonality and our current expectations, we are not adjusting our estimates at the present time.Figure 2 - Total Bandwidth Consumed on the Fastly Network Over TimeSource: Company reports & Raymond James ResearchAs of Feb.</li><li>21, Fastly stopped providing the traffic data on its website, but we will monitor alternative sources for obtaining similar data going forward.As the company expands more with security and recurring revenue products, our tracker will become less predictive as well.</li><li>With February in the books, we are recapping recent Fastly (FSLY) traffic trends.Figure 3 - RJ Fastly Traffic Tracker: Requests per SecondSource: Company reports & Raymond James ResearchOur proprietary tracking tool continues to imply favorable traffic growth, with February requests per day through 2/20 ahead of January sequentially and up y/y from Feb.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Nowcasting Nearly Half of Global GDP </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/459/original/image_20093687931709513198026.png?1709513198"/> <ul>
<li>My hybrid nowcasting framework tracks the inflation-adjusted or real GDP growth rates of US, Euro Area and Japan</li>
<li>My nowcasts for the individual G3 economies are prospectively diverging at the beginning of 2024</li>
<li>But in aggregate, my nowcast suggests that G3 GDP growth is potentially tracking softer through the first-half of 2024 on average </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/expanding-earnings-stream-with-20-additional-e-175-at-united?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Expanding Earnings Stream With 20 Additional E-175 at United</a></li><li><a href="https://www.smartkarma.com/insights/tdcx-tdcx-us-s-7-20-share-short-form-merger?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">TDCX (TDCX US)'s $7.20/Share Short-Form Merger</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-update-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Portfolio Update: February 2024</a></li><li><a href="https://www.smartkarma.com/insights/february-traffic-in-line-estimates-unchanged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">February Traffic In-Line; Estimates Unchanged</a></li><li><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Nowcasting Nearly Half of Global GDP</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/expanding-earnings-stream-with-20-additional-e-175-at-united?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Expanding Earnings Stream With 20 Additional E-175 at United </a></h3><p></p><ul><li>On Sunday, SkyWest announced a new flying agreement with United to place 20 United-financed E175s under a 4-year contract.</li><li>The 20 E175s will join the fleet throughout 2024.</li><li>This agreement is in addition to the previously announced 19 SkyWest-owned E175 agreement with United (replacing 19 CRJ-700s).While not specified in the release, we suspect the E-175s are part of the 42 owned by United and leased to Mesa with terms expiring between 2024-28 (as part of the 80 aircraft flying agreement).While our earnings forecasts have not been updated for this announcement, we estimate this flying could add ~$0.24 to SkyWest’s annual EPS on a full run-rate basis, or ~3%/4% to our 2025E EPS/core-EPS. Moreover, it demonstrates SkyWest constinues to be a reliable and important partner despite industry challenges, and likely to benefit from industry consolidation.On Monday, March 4, SkyWest will be presenting at the Raymond James 45th Annual Institutional Investor Conference.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/tdcx-tdcx-us-s-7-20-share-short-form-merger?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. TDCX (TDCX US)'s $7.20/Share Short-Form Merger </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/489/original/image_72866321051709520623131.png?1709520623"/> <ul>
<li>On the 2 January, <strong><a data-smartkarma-citation="entities:34187:1" href="https://www.smartkarma.com/entities/tdcx-inc" rel="noopener" target="_blank">TDCX (TDCX US)</a></strong>, a Singapore-headquartered digital customer experience (CX) provider, announced it had received a preliminary non-binding proposal from Laurent Junique to be acquired at $6.60/ADS. </li>
<li>On the 1st March, TDCX <a href="https://investors.tdcx.com/news/financial-news/news-details/2024/TDCX-Inc.-Enters-into-Definitive-Merger-Agreement-for-Going-Private-Transaction/default.aspx" rel="noopener" target="_blank">entered in a definitive agreement</a> by way of a short form merger at US$7.20/ADS, a 48% premium to undisturbed.</li>
<li>As Laurent Junique holds 98.4% of the voting power, there is no shareholder vote on the merger. This is done. The Offer should close in the 2Q24. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/portfolio-update-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Portfolio Update: February 2024 </a></h3><p></p><ul><li>Recently, a friend of mine asked me why I own positions in Markel and Brookfield, as they do not align with my typical investment style of small niche companies trading at attractive free cash flow yields. </li><li>I consider both companies as alternatives to index funds, benefiting from the expertise of two exceptional capital allocators, Tom Gayner and Bruce Flatt, at no additional cost.</li><li>Over time, if my investment process proves itself as sound, the positions in Markel and Brookfield should naturally decrease in size.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/february-traffic-in-line-estimates-unchanged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. February Traffic In-Line; Estimates Unchanged </a></h3><p></p><ul><li>Figure 1 - Total Data Requests on the Fastly Network Over TimeSource: Company reports & Raymond James ResearchWe have updated our proprietary tracking data through most of February, and continue to believe that Fastly is progressing as expected.Given the continued traffic trends in line with prior seasonality and our current expectations, we are not adjusting our estimates at the present time.Figure 2 - Total Bandwidth Consumed on the Fastly Network Over TimeSource: Company reports & Raymond James ResearchAs of Feb.</li><li>21, Fastly stopped providing the traffic data on its website, but we will monitor alternative sources for obtaining similar data going forward.As the company expands more with security and recurring revenue products, our tracker will become less predictive as well.</li><li>With February in the books, we are recapping recent Fastly (FSLY) traffic trends.Figure 3 - RJ Fastly Traffic Tracker: Requests per SecondSource: Company reports & Raymond James ResearchOur proprietary tracking tool continues to imply favorable traffic growth, with February requests per day through 2/20 ahead of January sequentially and up y/y from Feb.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Nowcasting Nearly Half of Global GDP </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/459/original/image_20093687931709513198026.png?1709513198"/> <ul>
<li>My hybrid nowcasting framework tracks the inflation-adjusted or real GDP growth rates of US, Euro Area and Japan</li>
<li>My nowcasts for the individual G3 economies are prospectively diverging at the beginning of 2024</li>
<li>But in aggregate, my nowcast suggests that G3 GDP growth is potentially tracking softer through the first-half of 2024 on average </li>
</ul>2024-03-04T13:15:16+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SKYW@US"}, {"term": "UAL@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "NORTH AMERICA"}, {"term": "TDCX@US"}, {"term": "CYOU@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MKL@US"}, {"term": "3679@JP"}, {"term": "SLYG@GR"}, {"term": "UFPI@US"}, {"term": "BN@US"}, {"term": "TVK@CN"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FSLY@US"}, {"term": "EQIX@US"}, {"term": "DLR@US"}, {"term": "AKAM@US"}, {"term": "Macroeconomics"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "UAL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CYOU@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TVK@CN", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AKAM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/e0df80f5-e7b7-3fbf-9494-c0aa947aee8fBrief USA: Are You Ready To Be A Contrarian Cigar Butt Investor? and more2024-03-28T22:17:22.942415+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/are-you-ready-to-be-a-contrarian-cigar-butt-investor?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Are You Ready To Be A Contrarian Cigar Butt Investor?</a></li><li><a href="https://www.smartkarma.com/insights/trading-up-mar-3-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Trading Up</a></li><li><a href="https://www.smartkarma.com/insights/how-to-trade-the-yolo-and-fomo-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">How to Trade the YOLO and FOMO Market</a></li><li><a href="https://www.smartkarma.com/insights/ffb-bancorp-ffbb-sunday-dec-3-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ffb Bancorp (FFBB) - Sunday, Dec 3, 2023</a></li><li><a href="https://www.smartkarma.com/insights/lkq-corporation-driving-organic-revenue-growth-through-increased-fulfillment-rates-and-productivity-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">LKQ Corporation: Driving Organic Revenue Growth Through Increased Fulfillment Rates and Productivity! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/are-you-ready-to-be-a-contrarian-cigar-butt-investor?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Are You Ready To Be A Contrarian Cigar Butt Investor? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/291/original/image_17719039841709418522595.png?1709418414"/> <ul>
<li>We review Warren Buffett’s shareholder letter and his pivot from deep value to QGARP investing.</li>
<li>We offered two case studies to compare and contrast his approach: 1) Berkshire’s holdings in Japan, which was successful; and 2) China, a deep value opportunity that he ignored.</li>
<li>We are agnostic in our opinion between the two approaches and believe both can offer alpha, but on different time horizons.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/trading-up-mar-3-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Trading Up </a></h3><p></p><ul><li>The last week saw the return of mega SPAC deals, with a SPAC announcing plans to take an online trading platform public, and the brand management business of an airline going public through a merger with a blank-cheque firm.</li><li>Also, a SPAC switches merger targets, and Trump’s media firm gets sued by its co-founders. Read on to find out the latest about all things SPACs. </li><li>New York-based online brokerage Webull is going public through a merger with SPAC SK Growth Opportunities Corporation in a deal valuing the firm at $7.3 billion. </li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/how-to-trade-the-yolo-and-fomo-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. How to Trade the YOLO and FOMO Market </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/282/original/image_91540815111709417993733.png?1709417885"/> <ul>
<li>A YOLO and FOMO mania has gripped stock market psychology and it’s unclear when the mindset will reverse. Numerous warnings are appearing and the market can correct at any time.</li>
<li>We are long-term bullish on stocks, but remain cautious near term.</li>
<li>Despite our cautious short-term outlook, traders are advised against taking a short position until some tangible signs of a bearish reversal appear.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ffb-bancorp-ffbb-sunday-dec-3-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Ffb Bancorp (FFBB) - Sunday, Dec 3, 2023 </a></h3><p></p><p>Key points</p><ul><li>FFB Bancorp is expanding its reach across California by offering remote banking services</li><li>The bank has a niche market in payment processing as an acquiring bank, generating additional income</li><li>CEO Steve Miller, with a diverse background in banking, is leading the company towards a larger market share role in California and beyond</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/lkq-corporation-driving-organic-revenue-growth-through-increased-fulfillment-rates-and-productivity-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. LKQ Corporation: Driving Organic Revenue Growth Through Increased Fulfillment Rates and Productivity! - Major Drivers </a></h3><p></p><ul><li>LKQ Corporation reported its Fourth Quarter and Full Year 2023 Earnings, highlighting the company's performance.</li><li>According to Joseph Boutross, Vice President of Investor Relations, LKQ Corporation delivered strong full year organic revenue growth for parts and services.</li><li>This is reflective of the company's continued strive to maintain operational excellence, drive organic revenue growth and achieve excellent free cash flow.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/are-you-ready-to-be-a-contrarian-cigar-butt-investor?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Are You Ready To Be A Contrarian Cigar Butt Investor?</a></li><li><a href="https://www.smartkarma.com/insights/trading-up-mar-3-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Trading Up</a></li><li><a href="https://www.smartkarma.com/insights/how-to-trade-the-yolo-and-fomo-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">How to Trade the YOLO and FOMO Market</a></li><li><a href="https://www.smartkarma.com/insights/ffb-bancorp-ffbb-sunday-dec-3-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Ffb Bancorp (FFBB) - Sunday, Dec 3, 2023</a></li><li><a href="https://www.smartkarma.com/insights/lkq-corporation-driving-organic-revenue-growth-through-increased-fulfillment-rates-and-productivity-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">LKQ Corporation: Driving Organic Revenue Growth Through Increased Fulfillment Rates and Productivity! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/are-you-ready-to-be-a-contrarian-cigar-butt-investor?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Are You Ready To Be A Contrarian Cigar Butt Investor? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/291/original/image_17719039841709418522595.png?1709418414"/> <ul>
<li>We review Warren Buffett’s shareholder letter and his pivot from deep value to QGARP investing.</li>
<li>We offered two case studies to compare and contrast his approach: 1) Berkshire’s holdings in Japan, which was successful; and 2) China, a deep value opportunity that he ignored.</li>
<li>We are agnostic in our opinion between the two approaches and believe both can offer alpha, but on different time horizons.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/trading-up-mar-3-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Trading Up </a></h3><p></p><ul><li>The last week saw the return of mega SPAC deals, with a SPAC announcing plans to take an online trading platform public, and the brand management business of an airline going public through a merger with a blank-cheque firm.</li><li>Also, a SPAC switches merger targets, and Trump’s media firm gets sued by its co-founders. Read on to find out the latest about all things SPACs. </li><li>New York-based online brokerage Webull is going public through a merger with SPAC SK Growth Opportunities Corporation in a deal valuing the firm at $7.3 billion. </li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/how-to-trade-the-yolo-and-fomo-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. How to Trade the YOLO and FOMO Market </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/282/original/image_91540815111709417993733.png?1709417885"/> <ul>
<li>A YOLO and FOMO mania has gripped stock market psychology and it’s unclear when the mindset will reverse. Numerous warnings are appearing and the market can correct at any time.</li>
<li>We are long-term bullish on stocks, but remain cautious near term.</li>
<li>Despite our cautious short-term outlook, traders are advised against taking a short position until some tangible signs of a bearish reversal appear.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ffb-bancorp-ffbb-sunday-dec-3-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Ffb Bancorp (FFBB) - Sunday, Dec 3, 2023 </a></h3><p></p><p>Key points</p><ul><li>FFB Bancorp is expanding its reach across California by offering remote banking services</li><li>The bank has a niche market in payment processing as an acquiring bank, generating additional income</li><li>CEO Steve Miller, with a diverse background in banking, is leading the company towards a larger market share role in California and beyond</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/lkq-corporation-driving-organic-revenue-growth-through-increased-fulfillment-rates-and-productivity-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. LKQ Corporation: Driving Organic Revenue Growth Through Increased Fulfillment Rates and Productivity! - Major Drivers </a></h3><p></p><ul><li>LKQ Corporation reported its Fourth Quarter and Full Year 2023 Earnings, highlighting the company's performance.</li><li>According to Joseph Boutross, Vice President of Investor Relations, LKQ Corporation delivered strong full year organic revenue growth for parts and services.</li><li>This is reflective of the company's continued strive to maintain operational excellence, drive organic revenue growth and achieve excellent free cash flow.</li></ul>2024-03-04T08:30:05+08:00[{"term": "Cross Asset Strategy"}, {"term": "CHINA"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "@ALTU@US"}, {"term": "GMFI@IJ"}, {"term": "SKGR@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "FFBC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "LKQ@US"}, {"term": "SKGR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FFBC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LKQ@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/caa51ab6-a5a6-3da1-a443-63456995f5feBrief USA: BioMarin Corporation: Will Its Strategic Portfolio Review Work? - Major Drivers and more2024-03-28T22:17:22.933387+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/biomarin-corporation-will-its-strategic-portfolio-review-work-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">BioMarin Corporation: Will Its Strategic Portfolio Review Work? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/insulet-corporation-is-its-strategy-of-connecting-with-healthcare-professionals-for-penetration-in-niche-markets-working-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insulet Corporation: Is Its Strategy Of Connecting With Healthcare Professionals For Penetration In Niche Markets Working? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/merck-co-a-story-of-significant-progress-execution-across-therapeutic-areas-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Merck & Co: A Story Of Significant Progress & Execution Across Therapeutic Areas! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/universal-display-corporation-oled-long-term-partnerships-with-oled-manufacturers-5-growth-factors-in-2024-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Universal Display Corporation (OLED) - Long-term partnerships with OLED manufacturers & 5 Growth Factors In 2024 & Beyond! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/teleflex-incorporated-m-a-focus-5-other-strategies-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Teleflex Incorporated: M&A Focus & 5 Other Strategies Driving Growth! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/biomarin-corporation-will-its-strategic-portfolio-review-work-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. BioMarin Corporation: Will Its Strategic Portfolio Review Work? - Major Drivers </a></h3><p></p><ul><li>BioMarin Pharmaceutical recorded a 20% revenue growth in the fourth quarter of 2023 compared to Q4 of 2022.</li><li>The company gained total revenue growth of 15% for the whole of 2023 versus the prior year.</li><li>Non-GAAP earnings per share rose by 48% in Q4 2023, representing a 36% year-over year increase.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/insulet-corporation-is-its-strategy-of-connecting-with-healthcare-professionals-for-penetration-in-niche-markets-working-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Insulet Corporation: Is Its Strategy Of Connecting With Healthcare Professionals For Penetration In Niche Markets Working? - Major Drivers </a></h3><p></p><ul><li>Insulet Corporation reported strong Q4 2023 results, marking its eighth straight year of 20-plus percent revenue growth.</li><li>The company's automated insulin delivery system, Omnipod 5, played a significant role in its financial success as it generated $1 billion in revenue in 2023.</li><li>The achievement of approximately 425,000 global customers using the Omnipod platform represented a growth of around 25% from the previous year, including almost 250,000 using the Omnipod 5.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/merck-co-a-story-of-significant-progress-execution-across-therapeutic-areas-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Merck & Co: A Story Of Significant Progress & Execution Across Therapeutic Areas! - Major Drivers </a></h3><p></p><ul><li>In the Q4 earnings, Merck & Co.</li><li>reported a strong financial performance, underpinned by a robust demand for their innovative portfolio, including Keytruda, Welireg, and Gardasil, among others.</li><li>The company has embarked on various collaborations further bolstering its product pipeline with a promising line of innovations.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/universal-display-corporation-oled-long-term-partnerships-with-oled-manufacturers-5-growth-factors-in-2024-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Universal Display Corporation (OLED) - Long-term partnerships with OLED manufacturers & 5 Growth Factors In 2024 & Beyond! - Major Drivers </a></h3><p></p><ul><li>Universal Display Corporation (UDC), a leading provider of OLED technology and materials, experienced a revenue of $576 million, operating income of $217 million, and net income of $203 million in 2023.</li><li>Its robust display impacted net income per diluted share, which amounted to $4.24.</li><li>Several factors on both sides of the company's balance sheet deserve attention while crafting an investment thesis.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/teleflex-incorporated-m-a-focus-5-other-strategies-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Teleflex Incorporated: M&A Focus & 5 Other Strategies Driving Growth! - Financial Forecasts </a></h3><p></p><ul><li>Teleflex Incorporated's fourth quarter 2023 earnings were decent.</li><li>Firstly, the revenues grew at 2.1% year-over-year, showing the company’s overall financial robustness.</li><li>Additionally, Teleflex saw a stable-to-improving environment for material inflation and supply chains, with continued improvements expected through 2024.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/biomarin-corporation-will-its-strategic-portfolio-review-work-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">BioMarin Corporation: Will Its Strategic Portfolio Review Work? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/insulet-corporation-is-its-strategy-of-connecting-with-healthcare-professionals-for-penetration-in-niche-markets-working-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insulet Corporation: Is Its Strategy Of Connecting With Healthcare Professionals For Penetration In Niche Markets Working? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/merck-co-a-story-of-significant-progress-execution-across-therapeutic-areas-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Merck & Co: A Story Of Significant Progress & Execution Across Therapeutic Areas! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/universal-display-corporation-oled-long-term-partnerships-with-oled-manufacturers-5-growth-factors-in-2024-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Universal Display Corporation (OLED) - Long-term partnerships with OLED manufacturers & 5 Growth Factors In 2024 & Beyond! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/teleflex-incorporated-m-a-focus-5-other-strategies-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Teleflex Incorporated: M&A Focus & 5 Other Strategies Driving Growth! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/biomarin-corporation-will-its-strategic-portfolio-review-work-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. BioMarin Corporation: Will Its Strategic Portfolio Review Work? - Major Drivers </a></h3><p></p><ul><li>BioMarin Pharmaceutical recorded a 20% revenue growth in the fourth quarter of 2023 compared to Q4 of 2022.</li><li>The company gained total revenue growth of 15% for the whole of 2023 versus the prior year.</li><li>Non-GAAP earnings per share rose by 48% in Q4 2023, representing a 36% year-over year increase.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/insulet-corporation-is-its-strategy-of-connecting-with-healthcare-professionals-for-penetration-in-niche-markets-working-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Insulet Corporation: Is Its Strategy Of Connecting With Healthcare Professionals For Penetration In Niche Markets Working? - Major Drivers </a></h3><p></p><ul><li>Insulet Corporation reported strong Q4 2023 results, marking its eighth straight year of 20-plus percent revenue growth.</li><li>The company's automated insulin delivery system, Omnipod 5, played a significant role in its financial success as it generated $1 billion in revenue in 2023.</li><li>The achievement of approximately 425,000 global customers using the Omnipod platform represented a growth of around 25% from the previous year, including almost 250,000 using the Omnipod 5.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/merck-co-a-story-of-significant-progress-execution-across-therapeutic-areas-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Merck & Co: A Story Of Significant Progress & Execution Across Therapeutic Areas! - Major Drivers </a></h3><p></p><ul><li>In the Q4 earnings, Merck & Co.</li><li>reported a strong financial performance, underpinned by a robust demand for their innovative portfolio, including Keytruda, Welireg, and Gardasil, among others.</li><li>The company has embarked on various collaborations further bolstering its product pipeline with a promising line of innovations.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/universal-display-corporation-oled-long-term-partnerships-with-oled-manufacturers-5-growth-factors-in-2024-beyond-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Universal Display Corporation (OLED) - Long-term partnerships with OLED manufacturers & 5 Growth Factors In 2024 & Beyond! - Major Drivers </a></h3><p></p><ul><li>Universal Display Corporation (UDC), a leading provider of OLED technology and materials, experienced a revenue of $576 million, operating income of $217 million, and net income of $203 million in 2023.</li><li>Its robust display impacted net income per diluted share, which amounted to $4.24.</li><li>Several factors on both sides of the company's balance sheet deserve attention while crafting an investment thesis.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/teleflex-incorporated-m-a-focus-5-other-strategies-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Teleflex Incorporated: M&A Focus & 5 Other Strategies Driving Growth! - Financial Forecasts </a></h3><p></p><ul><li>Teleflex Incorporated's fourth quarter 2023 earnings were decent.</li><li>Firstly, the revenues grew at 2.1% year-over-year, showing the company’s overall financial robustness.</li><li>Additionally, Teleflex saw a stable-to-improving environment for material inflation and supply chains, with continued improvements expected through 2024.</li></ul>2024-03-04T01:01:01+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BMRN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "PODD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MRK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "OLED@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "TFX@US"}, {"term": "BMRN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PODD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MRK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "OLED@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TFX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/2b89e4d9-d9f9-3848-b5ec-39e55af6f037Brief USA: Altria Group: Promotion Of Smoke-Free Products & 5 Other Factors Driving Growth! - Financial Forecasts and more2024-03-28T22:17:22.924149+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/altria-group-promotion-of-smoke-free-products-5-other-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Altria Group: Promotion Of Smoke-Free Products & 5 Other Factors Driving Growth! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/carvana-co-initiation-of-coverage-ai-5-major-growth-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Carvana Co: Initiation Of Coverage - AI & 5 Major Growth Drivers! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/warner-bros-discovery-inc-enhanced-content-distribution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Warner Bros. Discovery Inc.: Enhanced Content Distribution</a></li><li><a href="https://www.smartkarma.com/insights/wayfair-inc-innovation-in-customer-experience-loyalty-programs-revolutionizing-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Wayfair Inc: Innovation In Customer Experience & Loyalty Programs Revolutionizing Growth? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/live-nation-entertainment-inc-initiation-of-coverage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Live Nation Entertainment Inc.: Initiation Of Coverage - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/altria-group-promotion-of-smoke-free-products-5-other-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Altria Group: Promotion Of Smoke-Free Products & 5 Other Factors Driving Growth! - Financial Forecasts </a></h3><p></p><ul><li>Altria Group's recent earnings call has raised important topics worth considering for investors.</li><li>The company, known for its strong position in the tobacco industry, showed a clear intent to diversify into smoke-free product categories, such as heated tobacco, oral tobacco, and e-vapor.</li><li>These steps are seen as a strategic move to cushion the company from declining cigarette volumes and broaden its consumer base, thereby improving its long-term growth prospects.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/carvana-co-initiation-of-coverage-ai-5-major-growth-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Carvana Co: Initiation Of Coverage - AI & 5 Major Growth Drivers! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on e-commerce player, Carvana.</li><li>The company's Fourth Quarter 2023 Earnings included an optimistic forecast regarding the company's economic performance.</li><li>The company's fiscal year GPU (Gross Profit per Unit) augmented by nearly $1,000, setting a fresh record and exceeding their previous best in 2021.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/warner-bros-discovery-inc-enhanced-content-distribution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Warner Bros. Discovery Inc.: Enhanced Content Distribution </a></h3><p></p><ul><li>Warner Bros.</li><li>Discovery is striving to create a pathway to growth in an evolving media industry as reflected in the Q4 Earnings.</li><li>The company had prioritized achieving a well-grounded financial position and reducing its leverage, successfully lowering its debt by $5.4 billion in 2023 and expecting continued deleveraging in 2024.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/wayfair-inc-innovation-in-customer-experience-loyalty-programs-revolutionizing-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Wayfair Inc: Innovation In Customer Experience & Loyalty Programs Revolutionizing Growth? - Major Drivers </a></h3><p></p><ul><li>Wayfair Inc., an American e-commerce company that sells furniture and home goods, reported their Fourth Quarter 2023 earnings.</li><li>Wayfair recorded a 3% adjusted EBITDA margin, reflecting their third consecutive quarter of positive adjusted EBITDA and free cash flow.</li><li>The company's revenue base largely mirrored that of 2022, improving their free cash flow by over $1 billion in 2023.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/live-nation-entertainment-inc-initiation-of-coverage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Live Nation Entertainment Inc.: Initiation Of Coverage - Major Drivers </a></h3><p></p><ul><li>This is our first report on entertainment major, Live Nation Entertainment.</li><li>The company has been experiencing an upward performance trajectory in the final quarter and full year of 2023.</li><li>The company's growth is informed by several business strategies, including deferred revenue, early planning, and shifting to outdoor amphitheaters.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/altria-group-promotion-of-smoke-free-products-5-other-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Altria Group: Promotion Of Smoke-Free Products & 5 Other Factors Driving Growth! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/carvana-co-initiation-of-coverage-ai-5-major-growth-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Carvana Co: Initiation Of Coverage - AI & 5 Major Growth Drivers! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/warner-bros-discovery-inc-enhanced-content-distribution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Warner Bros. Discovery Inc.: Enhanced Content Distribution</a></li><li><a href="https://www.smartkarma.com/insights/wayfair-inc-innovation-in-customer-experience-loyalty-programs-revolutionizing-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Wayfair Inc: Innovation In Customer Experience & Loyalty Programs Revolutionizing Growth? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/live-nation-entertainment-inc-initiation-of-coverage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Live Nation Entertainment Inc.: Initiation Of Coverage - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/altria-group-promotion-of-smoke-free-products-5-other-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Altria Group: Promotion Of Smoke-Free Products & 5 Other Factors Driving Growth! - Financial Forecasts </a></h3><p></p><ul><li>Altria Group's recent earnings call has raised important topics worth considering for investors.</li><li>The company, known for its strong position in the tobacco industry, showed a clear intent to diversify into smoke-free product categories, such as heated tobacco, oral tobacco, and e-vapor.</li><li>These steps are seen as a strategic move to cushion the company from declining cigarette volumes and broaden its consumer base, thereby improving its long-term growth prospects.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/carvana-co-initiation-of-coverage-ai-5-major-growth-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Carvana Co: Initiation Of Coverage - AI & 5 Major Growth Drivers! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on e-commerce player, Carvana.</li><li>The company's Fourth Quarter 2023 Earnings included an optimistic forecast regarding the company's economic performance.</li><li>The company's fiscal year GPU (Gross Profit per Unit) augmented by nearly $1,000, setting a fresh record and exceeding their previous best in 2021.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/warner-bros-discovery-inc-enhanced-content-distribution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Warner Bros. Discovery Inc.: Enhanced Content Distribution </a></h3><p></p><ul><li>Warner Bros.</li><li>Discovery is striving to create a pathway to growth in an evolving media industry as reflected in the Q4 Earnings.</li><li>The company had prioritized achieving a well-grounded financial position and reducing its leverage, successfully lowering its debt by $5.4 billion in 2023 and expecting continued deleveraging in 2024.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/wayfair-inc-innovation-in-customer-experience-loyalty-programs-revolutionizing-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Wayfair Inc: Innovation In Customer Experience & Loyalty Programs Revolutionizing Growth? - Major Drivers </a></h3><p></p><ul><li>Wayfair Inc., an American e-commerce company that sells furniture and home goods, reported their Fourth Quarter 2023 earnings.</li><li>Wayfair recorded a 3% adjusted EBITDA margin, reflecting their third consecutive quarter of positive adjusted EBITDA and free cash flow.</li><li>The company's revenue base largely mirrored that of 2022, improving their free cash flow by over $1 billion in 2023.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/live-nation-entertainment-inc-initiation-of-coverage-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Live Nation Entertainment Inc.: Initiation Of Coverage - Major Drivers </a></h3><p></p><ul><li>This is our first report on entertainment major, Live Nation Entertainment.</li><li>The company has been experiencing an upward performance trajectory in the final quarter and full year of 2023.</li><li>The company's growth is informed by several business strategies, including deferred revenue, early planning, and shifting to outdoor amphitheaters.</li></ul>2024-03-04T01:00:42+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CVNA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "WBD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "W@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "LYV@US"}, {"term": "MO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CVNA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WBD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "W@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LYV@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/b8f15f1d-9b24-3080-b76d-b95cb26fe4b9Brief USA: Pool Corporation: Initiation Of Coverage - 5 Major Drivers & 5 Major Challenges For The Future! - Financial Forecasts and more2024-03-28T22:17:22.914521+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/pool-corporation-initiation-of-coverage-5-major-drivers-5-major-challenges-for-the-future-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Pool Corporation: Initiation Of Coverage - 5 Major Drivers & 5 Major Challenges For The Future! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/floor-decor-holdings-inc-can-its-investment-in-technology-infrastructure-and-ecommerce-be-a-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Floor & Decor Holdings Inc.: Can Its Investment in Technology Infrastructure and eCommerce Be A Game Changer? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/s-p-500-400-600-index-rebal-it-s-not-the-trade-you-think?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">S&P 500/400/600 Index Rebal - It's Not The Trade You Think</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-89-major-twist-to-qe-upcoming?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Steno Signals #89: Major Twist to QE Upcoming?</a></li><li><a href="https://www.smartkarma.com/insights/healthy-private-sector-balance-sheets-could-limit-scope-for-fed-policy-easing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Healthy Private Sector Balance Sheets Could Limit Scope for Fed Policy Easing</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/pool-corporation-initiation-of-coverage-5-major-drivers-5-major-challenges-for-the-future-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Pool Corporation: Initiation Of Coverage - 5 Major Drivers & 5 Major Challenges For The Future! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on Pool Corp, the world's largest wholesale distributor of swimming pool supplies.</li><li>The company saw its total sales for 2023 decline by 10% from the previous year to $5.5 billion.</li><li>The drop was attributed to an abnormal selling environment during the first half of the year due to unusually poor weather conditions and elevated inventory levels across the industry.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/floor-decor-holdings-inc-can-its-investment-in-technology-infrastructure-and-ecommerce-be-a-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Floor & Decor Holdings Inc.: Can Its Investment in Technology Infrastructure and eCommerce Be A Game Changer? - Major Drivers </a></h3><p></p><ul><li>Floor & Decor Holdings, Inc.'s Q4 2023 earnings highlighted a solid financial performance despite challenging market conditions.</li><li>The company reported better-than-expected Q4 results with a diluted EPS of $0.34, primarily driven by total and comparable store sales that exceeded expectations.</li><li>For the fiscal year 2023, diluted EPS was $2.28, surpassing guidance of $2.14 to $2.24 per share.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/s-p-500-400-600-index-rebal-it-s-not-the-trade-you-think?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. S&P 500/400/600 Index Rebal - It's Not The Trade You Think </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/424/original/Screenshot%202024-03-04%20at%2012.18.08%E2%80%AFAM.png?1709482873"/> <ul>
<li>On Friday after the close, the S&P DJI Index Committee announced changes to the S&P 100, S&P500, S&P MidCap400, and S&P SmallCap600. Changes happen at the close 15 March 2024.</li>
<li>
<a data-smartkarma-citation="entities:7921:1" href="https://www.smartkarma.com/entities/super-micro-computer-inc" rel="noopener" target="_blank">Super Micro Computer (SMCI US)</a> and <a data-smartkarma-citation="entities:3028:1" href="https://www.smartkarma.com/entities/deckers-outdoor-corp" rel="noopener" target="_blank">Deckers Outdoor (DECK US)</a> replace <a data-smartkarma-citation="entities:9490:1" href="https://www.smartkarma.com/entities/zions-bancorporation" rel="noopener" target="_blank">Zions Bancorporation (ZION US)</a> and <a data-smartkarma-citation="entities:1538:1" href="https://www.smartkarma.com/entities/whirlpool-corp" rel="noopener" target="_blank">Whirlpool Corp (WHR US)</a> in the S&P500. 2 changes to 400, 6 to 600.</li>
<li>The immediate reaction was to send SMCI up 12.5%. That's shortsighted. It pays to count the pennies involved. There are a LOT of pennies.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/steno-signals-89-major-twist-to-qe-upcoming?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Steno Signals #89: Major Twist to QE Upcoming? </a></h3><p></p><ul><li>Happy Sunday from Copenhagen and welcome to our flagship editorial.</li><li>The cyclical rotation continues in markets, but interest rates have to a certain extent been out of sync with the business cycle for a while.</li><li>The yield curve inverted during the summer of 2022, but we are yet to see a recession in the US economy, which is a bit out of the ordinary given the typical validity of the yield curve inversion signal.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/healthy-private-sector-balance-sheets-could-limit-scope-for-fed-policy-easing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Healthy Private Sector Balance Sheets Could Limit Scope for Fed Policy Easing </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/248/original/fredgraph%20%281%29.png?1709378052"/> <ul>
<li>In contrast to previous Fed tightening cycles, there are fewer signs of private sector balance sheet stress, thereby potentially sowing the seeds for significant stimulus once monetary policy is eased.</li>
<li>US households have delevered, while the prospective onset of lower mortgage rates will boost housing affordability. Companies took advantage of extremely favourable borrowing conditions during the pandemic to refinance debt. </li>
<li>The current real Fed policy rate appears high, but aggressive nominal rate cuts are not in the offing and interest rate futures are now reflecting this baseline outlook.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/pool-corporation-initiation-of-coverage-5-major-drivers-5-major-challenges-for-the-future-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Pool Corporation: Initiation Of Coverage - 5 Major Drivers & 5 Major Challenges For The Future! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/floor-decor-holdings-inc-can-its-investment-in-technology-infrastructure-and-ecommerce-be-a-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Floor & Decor Holdings Inc.: Can Its Investment in Technology Infrastructure and eCommerce Be A Game Changer? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/s-p-500-400-600-index-rebal-it-s-not-the-trade-you-think?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">S&P 500/400/600 Index Rebal - It's Not The Trade You Think</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-89-major-twist-to-qe-upcoming?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Steno Signals #89: Major Twist to QE Upcoming?</a></li><li><a href="https://www.smartkarma.com/insights/healthy-private-sector-balance-sheets-could-limit-scope-for-fed-policy-easing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Healthy Private Sector Balance Sheets Could Limit Scope for Fed Policy Easing</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/pool-corporation-initiation-of-coverage-5-major-drivers-5-major-challenges-for-the-future-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Pool Corporation: Initiation Of Coverage - 5 Major Drivers & 5 Major Challenges For The Future! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on Pool Corp, the world's largest wholesale distributor of swimming pool supplies.</li><li>The company saw its total sales for 2023 decline by 10% from the previous year to $5.5 billion.</li><li>The drop was attributed to an abnormal selling environment during the first half of the year due to unusually poor weather conditions and elevated inventory levels across the industry.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/floor-decor-holdings-inc-can-its-investment-in-technology-infrastructure-and-ecommerce-be-a-game-changer-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Floor & Decor Holdings Inc.: Can Its Investment in Technology Infrastructure and eCommerce Be A Game Changer? - Major Drivers </a></h3><p></p><ul><li>Floor & Decor Holdings, Inc.'s Q4 2023 earnings highlighted a solid financial performance despite challenging market conditions.</li><li>The company reported better-than-expected Q4 results with a diluted EPS of $0.34, primarily driven by total and comparable store sales that exceeded expectations.</li><li>For the fiscal year 2023, diluted EPS was $2.28, surpassing guidance of $2.14 to $2.24 per share.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/s-p-500-400-600-index-rebal-it-s-not-the-trade-you-think?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. S&P 500/400/600 Index Rebal - It's Not The Trade You Think </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/424/original/Screenshot%202024-03-04%20at%2012.18.08%E2%80%AFAM.png?1709482873"/> <ul>
<li>On Friday after the close, the S&P DJI Index Committee announced changes to the S&P 100, S&P500, S&P MidCap400, and S&P SmallCap600. Changes happen at the close 15 March 2024.</li>
<li>
<a data-smartkarma-citation="entities:7921:1" href="https://www.smartkarma.com/entities/super-micro-computer-inc" rel="noopener" target="_blank">Super Micro Computer (SMCI US)</a> and <a data-smartkarma-citation="entities:3028:1" href="https://www.smartkarma.com/entities/deckers-outdoor-corp" rel="noopener" target="_blank">Deckers Outdoor (DECK US)</a> replace <a data-smartkarma-citation="entities:9490:1" href="https://www.smartkarma.com/entities/zions-bancorporation" rel="noopener" target="_blank">Zions Bancorporation (ZION US)</a> and <a data-smartkarma-citation="entities:1538:1" href="https://www.smartkarma.com/entities/whirlpool-corp" rel="noopener" target="_blank">Whirlpool Corp (WHR US)</a> in the S&P500. 2 changes to 400, 6 to 600.</li>
<li>The immediate reaction was to send SMCI up 12.5%. That's shortsighted. It pays to count the pennies involved. There are a LOT of pennies.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/steno-signals-89-major-twist-to-qe-upcoming?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Steno Signals #89: Major Twist to QE Upcoming? </a></h3><p></p><ul><li>Happy Sunday from Copenhagen and welcome to our flagship editorial.</li><li>The cyclical rotation continues in markets, but interest rates have to a certain extent been out of sync with the business cycle for a while.</li><li>The yield curve inverted during the summer of 2022, but we are yet to see a recession in the US economy, which is a bit out of the ordinary given the typical validity of the yield curve inversion signal.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/healthy-private-sector-balance-sheets-could-limit-scope-for-fed-policy-easing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Healthy Private Sector Balance Sheets Could Limit Scope for Fed Policy Easing </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/248/original/fredgraph%20%281%29.png?1709378052"/> <ul>
<li>In contrast to previous Fed tightening cycles, there are fewer signs of private sector balance sheet stress, thereby potentially sowing the seeds for significant stimulus once monetary policy is eased.</li>
<li>US households have delevered, while the prospective onset of lower mortgage rates will boost housing affordability. Companies took advantage of extremely favourable borrowing conditions during the pandemic to refinance debt. </li>
<li>The current real Fed policy rate appears high, but aggressive nominal rate cuts are not in the offing and interest rate futures are now reflecting this baseline outlook.</li>
</ul>2024-03-04T01:00:18+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "POOL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "FND@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "NORTH AMERICA"}, {"term": "AL@US"}, {"term": "TSLA@US"}, {"term": "INTU@US"}, {"term": "EXC@US"}, {"term": "IRBT@US"}, {"term": "CCSI@US"}, {"term": "APPS@US"}, {"term": "OIS@US"}, {"term": "FORR@US"}, {"term": "TBI@US"}, {"term": "CRMT@US"}, {"term": "MGEE@US"}, {"term": "@ARCH@US"}, {"term": "BGC@US"}, {"term": "BOX@US"}, {"term": "MGY@US"}, {"term": "MPW@US"}, {"term": "CALX@US"}, {"term": "AIT@US"}, {"term": "CYTK@US"}, {"term": "WHR@US"}, {"term": "ZION@US"}, {"term": "DECK@US"}, {"term": "SMCI@US"}, {"term": "Cross Asset Strategy"}, {"term": "JAPAN"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "PLATINUM@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "GOLD@COMDTY"}, {"term": "KOA@COMDTY"}, {"term": "W@A@COMDTY"}, {"term": "UXA@COMDTY"}, {"term": "XPD@COMDTY"}, {"term": "AAA@COMDTY"}, {"term": "C@A@COMDTY"}, {"term": "CCA@COMDTY"}, {"term": "COAL@COMDTY"}, {"term": "TIN@COMDTY"}, {"term": "TU1@COMDTY"}, {"term": "TRSY@LN"}, {"term": "DXY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "TLT@US"}, {"term": "USDJPY@CURNCY"}, {"term": "USDSEK@CURNCY"}, {"term": "USDAUD@CURNCY"}, {"term": "XLB@US"}, {"term": "COPPER@COMDTY"}, {"term": "OIL@US"}, {"term": "CL1@COM@COMDTY"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "POOL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FND@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SMCI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NATURAL@GAS@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/13c958dc-648f-36b9-9c6f-444b4b1c2176Brief USA: Global Macro Research: Waiting on Words (And Data) and more2024-03-28T22:17:22.904048+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global Macro Research: Waiting on Words (And Data)</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Portfolio Watch: What if We Add a Rate Cut to This Fire..</a></li><li><a href="https://www.smartkarma.com/insights/mostly-assia-pac-m-a-alumina-superloop-qantm-samsonite-esr-apm-adbri-csr-outsourcing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">(Mostly) Assia-Pac M&A: Alumina, Superloop, Qantm, Samsonite, ESR, APM , Adbri, CSR, Outsourcing</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Semiconductor WFE 2023 In Review, 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/s-p500-index-rebalance-spcy-additions-large-impact?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">S&P500 Index Rebalance: SPCY Additions & Large Impact</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Global Macro Research: Waiting on Words (And Data) </a></h3><p></p><ul><li>Chair Powell set to deliver semiannual testimony in Congress, February employment data on Friday</li><li>ECB decision on Thursday with potential impact on US rates and currencies</li><li>Revision of rates forecast to reflect Fed easing expectations and QT process, potential for rates to decline if February data does not repeat January strength</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Portfolio Watch: What if We Add a Rate Cut to This Fire.. </a></h3><p></p><ul><li>The cyclical rotation is slowly but slowly rolling and if central banks add rate cuts to this mix, we are staring directly into the melt up.</li><li>Welcome to our weekly Portfolio Watch, where we assess the tradeable themes and discuss our portfolio composition.</li><li>In this revamped version of the series, we will touch upon the developments in our Macro Alpha Portfolio and our Digital Assets Portfolio.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/mostly-assia-pac-m-a-alumina-superloop-qantm-samsonite-esr-apm-adbri-csr-outsourcing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. (Mostly) Assia-Pac M&A: Alumina, Superloop, Qantm, Samsonite, ESR, APM , Adbri, CSR, Outsourcing </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/067/original/image_58383111971709338290060.png?1709338291"/> <ul>
<li>I tally 54 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week on Smartkarma (possible four): Offers for <strong><a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina (AWC AU)</a></strong>, <strong><a data-smartkarma-citation="entities:23604:1" href="https://www.smartkarma.com/entities/superloop-ltd" rel="noopener" target="_blank">Superloop (SLC AU)</a></strong> & <strong><a data-smartkarma-citation="entities:24317:1" href="https://www.smartkarma.com/entities/qantm-intellectual-property" rel="noopener" target="_blank">Qantm Intellectual (QIP AU)</a></strong>; <strong><a data-smartkarma-citation="entities:12790:1" href="https://www.smartkarma.com/entities/samsonite-international-sa" rel="noopener" target="_blank">Samsonite (1910 HK)</a></strong>'s <strong><a data-smartkarma-citation="entities:27983:1" href="https://www.smartkarma.com/entities/esr-group-ltd" rel="noopener" target="_blank">ESR (1821 HK)</a></strong>'s rumoured approaches. </li>
<li>Key updates took place on <strong><a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a></strong>, <strong><a data-smartkarma-citation="entities:20166:1" href="https://www.smartkarma.com/entities/adbri-ltd" rel="noopener" target="_blank">Adbri (ABC AU)</a></strong>, <strong><a data-smartkarma-citation="entities:17380:1" href="https://www.smartkarma.com/entities/csr-ltd" rel="noopener" target="_blank">CSR Ltd (CSR AU)</a>, <a data-smartkarma-citation="entities:3690:1" href="https://www.smartkarma.com/entities/weiqiao-textile-co" rel="noopener" target="_blank">Weiqiao Textile Co (2698 HK)</a>, </strong>and <strong><a data-smartkarma-citation="entities:7431:1" href="https://www.smartkarma.com/entities/outsourcing-inc" rel="noopener" target="_blank">Outsourcing Inc (2427 JP)</a></strong>.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Semiconductor WFE 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/210/original/image?1709364435"/> <ul>
<li>2023 WFE revenues amounted to $93 billion, representing a YoY decrease of just ~1%. Most had expected a 20% YoY decline at the start of last year</li>
<li>We forecast 2024 WFE revenues to grow modestly by around 5% YoY</li>
<li>China's WFE spend in 2023 was ~1.5x Taiwan & ~2x Korea</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/s-p500-index-rebalance-spcy-additions-large-impact?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. S&P500 Index Rebalance: SPCY Additions & Large Impact </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/075/original/image_79059100631709353432286.png?1709353433"/> <ul>
<li>
<a data-smartkarma-citation="entities:7921:1" href="https://www.smartkarma.com/entities/super-micro-computer-inc" rel="noopener" target="_blank">Super Micro Computer (SMCI US)</a> and <a data-smartkarma-citation="entities:3028:1" href="https://www.smartkarma.com/entities/deckers-outdoor-corp" rel="noopener" target="_blank">Deckers Outdoor (DECK US)</a> replace <a data-smartkarma-citation="entities:1538:1" href="https://www.smartkarma.com/entities/whirlpool-corp" rel="noopener" target="_blank">Whirlpool Corp (WHR US)</a> and <a data-smartkarma-citation="entities:9490:1" href="https://www.smartkarma.com/entities/zions-bancorporation" rel="noopener" target="_blank">Zions Bancorporation (ZION US)</a> in the <a data-smartkarma-citation="entities:22886:1" href="https://www.smartkarma.com/entities/s-p-500-index" rel="noopener" target="_blank">S&P 500 INDEX</a> at the close on 15 March.</li>
<li>There are a bunch of inclusions, deletions and migrations across the <a data-smartkarma-citation="entities:22886:1" href="https://www.smartkarma.com/entities/s-p-500-index" rel="noopener" target="_blank">S&P 500 INDEX (SPX INDEX)</a>, the S&P Midcap 400 Index, and the S&P SmallCap 600 Index.</li>
<li>The largest flows will be in the <a data-smartkarma-citation="entities:22886:1" href="https://www.smartkarma.com/entities/s-p-500-index" rel="noopener" target="_blank">S&P 500 INDEX (SPX INDEX)</a> adds and the largest impact in the adds to the S&P SmallCap 600 Index.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global Macro Research: Waiting on Words (And Data)</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Portfolio Watch: What if We Add a Rate Cut to This Fire..</a></li><li><a href="https://www.smartkarma.com/insights/mostly-assia-pac-m-a-alumina-superloop-qantm-samsonite-esr-apm-adbri-csr-outsourcing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">(Mostly) Assia-Pac M&A: Alumina, Superloop, Qantm, Samsonite, ESR, APM , Adbri, CSR, Outsourcing</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Semiconductor WFE 2023 In Review, 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/s-p500-index-rebalance-spcy-additions-large-impact?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">S&P500 Index Rebalance: SPCY Additions & Large Impact</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Global Macro Research: Waiting on Words (And Data) </a></h3><p></p><ul><li>Chair Powell set to deliver semiannual testimony in Congress, February employment data on Friday</li><li>ECB decision on Thursday with potential impact on US rates and currencies</li><li>Revision of rates forecast to reflect Fed easing expectations and QT process, potential for rates to decline if February data does not repeat January strength</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Portfolio Watch: What if We Add a Rate Cut to This Fire.. </a></h3><p></p><ul><li>The cyclical rotation is slowly but slowly rolling and if central banks add rate cuts to this mix, we are staring directly into the melt up.</li><li>Welcome to our weekly Portfolio Watch, where we assess the tradeable themes and discuss our portfolio composition.</li><li>In this revamped version of the series, we will touch upon the developments in our Macro Alpha Portfolio and our Digital Assets Portfolio.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/mostly-assia-pac-m-a-alumina-superloop-qantm-samsonite-esr-apm-adbri-csr-outsourcing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. (Mostly) Assia-Pac M&A: Alumina, Superloop, Qantm, Samsonite, ESR, APM , Adbri, CSR, Outsourcing </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/067/original/image_58383111971709338290060.png?1709338291"/> <ul>
<li>I tally 54 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week on Smartkarma (possible four): Offers for <strong><a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina (AWC AU)</a></strong>, <strong><a data-smartkarma-citation="entities:23604:1" href="https://www.smartkarma.com/entities/superloop-ltd" rel="noopener" target="_blank">Superloop (SLC AU)</a></strong> & <strong><a data-smartkarma-citation="entities:24317:1" href="https://www.smartkarma.com/entities/qantm-intellectual-property" rel="noopener" target="_blank">Qantm Intellectual (QIP AU)</a></strong>; <strong><a data-smartkarma-citation="entities:12790:1" href="https://www.smartkarma.com/entities/samsonite-international-sa" rel="noopener" target="_blank">Samsonite (1910 HK)</a></strong>'s <strong><a data-smartkarma-citation="entities:27983:1" href="https://www.smartkarma.com/entities/esr-group-ltd" rel="noopener" target="_blank">ESR (1821 HK)</a></strong>'s rumoured approaches. </li>
<li>Key updates took place on <strong><a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a></strong>, <strong><a data-smartkarma-citation="entities:20166:1" href="https://www.smartkarma.com/entities/adbri-ltd" rel="noopener" target="_blank">Adbri (ABC AU)</a></strong>, <strong><a data-smartkarma-citation="entities:17380:1" href="https://www.smartkarma.com/entities/csr-ltd" rel="noopener" target="_blank">CSR Ltd (CSR AU)</a>, <a data-smartkarma-citation="entities:3690:1" href="https://www.smartkarma.com/entities/weiqiao-textile-co" rel="noopener" target="_blank">Weiqiao Textile Co (2698 HK)</a>, </strong>and <strong><a data-smartkarma-citation="entities:7431:1" href="https://www.smartkarma.com/entities/outsourcing-inc" rel="noopener" target="_blank">Outsourcing Inc (2427 JP)</a></strong>.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Semiconductor WFE 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/210/original/image?1709364435"/> <ul>
<li>2023 WFE revenues amounted to $93 billion, representing a YoY decrease of just ~1%. Most had expected a 20% YoY decline at the start of last year</li>
<li>We forecast 2024 WFE revenues to grow modestly by around 5% YoY</li>
<li>China's WFE spend in 2023 was ~1.5x Taiwan & ~2x Korea</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/s-p500-index-rebalance-spcy-additions-large-impact?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. S&P500 Index Rebalance: SPCY Additions & Large Impact </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/075/original/image_79059100631709353432286.png?1709353433"/> <ul>
<li>
<a data-smartkarma-citation="entities:7921:1" href="https://www.smartkarma.com/entities/super-micro-computer-inc" rel="noopener" target="_blank">Super Micro Computer (SMCI US)</a> and <a data-smartkarma-citation="entities:3028:1" href="https://www.smartkarma.com/entities/deckers-outdoor-corp" rel="noopener" target="_blank">Deckers Outdoor (DECK US)</a> replace <a data-smartkarma-citation="entities:1538:1" href="https://www.smartkarma.com/entities/whirlpool-corp" rel="noopener" target="_blank">Whirlpool Corp (WHR US)</a> and <a data-smartkarma-citation="entities:9490:1" href="https://www.smartkarma.com/entities/zions-bancorporation" rel="noopener" target="_blank">Zions Bancorporation (ZION US)</a> in the <a data-smartkarma-citation="entities:22886:1" href="https://www.smartkarma.com/entities/s-p-500-index" rel="noopener" target="_blank">S&P 500 INDEX</a> at the close on 15 March.</li>
<li>There are a bunch of inclusions, deletions and migrations across the <a data-smartkarma-citation="entities:22886:1" href="https://www.smartkarma.com/entities/s-p-500-index" rel="noopener" target="_blank">S&P 500 INDEX (SPX INDEX)</a>, the S&P Midcap 400 Index, and the S&P SmallCap 600 Index.</li>
<li>The largest flows will be in the <a data-smartkarma-citation="entities:22886:1" href="https://www.smartkarma.com/entities/s-p-500-index" rel="noopener" target="_blank">S&P 500 INDEX (SPX INDEX)</a> adds and the largest impact in the adds to the S&P SmallCap 600 Index.</li>
</ul>2024-03-03T16:50:53+08:00[{"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "VIETNAM"}, {"term": "VENEZUELA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "THAILAND"}, {"term": "TAJIKISTAN"}, {"term": "TAIWAN"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SRI LANKA"}, {"term": "SPAIN"}, {"term": "KOREA"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SINGAPORE"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "PUERTO RICO"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "PARAGUAY"}, {"term": "PANAMA"}, {"term": "PALESTINE"}, {"term": "PAKISTAN"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGERIA"}, {"term": "NIGER"}, {"term": "NZ"}, {"term": "NETHERLANDS"}, {"term": "MYANMAR"}, {"term": "MOROCCO"}, {"term": "MONGOLIA"}, {"term": "MONACO"}, {"term": "MEXICO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "MALAYSIA"}, {"term": "MACAU"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "LAOS"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "KAZAKHSTAN"}, {"term": "JORDAN"}, {"term": "JAPAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "INDONESIA"}, {"term": "INDIA"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "HK"}, {"term": "GUINEA-BISSAU"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "ECUADOR"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "COLOMBIA"}, {"term": "CHINA"}, {"term": "CHILE"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BRUNEI"}, {"term": "BRAZIL"}, {"term": "BOTSWANA"}, {"term": "BERMUDA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BANGLADESH"}, {"term": "BAHRAIN"}, {"term": "AZERBAIJAN"}, {"term": "AUSTRIA"}, {"term": "AUSTRALIA"}, {"term": "ARGENTINA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "USDEUR@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "VIETNAM"}, {"term": "VENEZUELA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "THAILAND"}, {"term": "TAJIKISTAN"}, {"term": "TAIWAN"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SRI LANKA"}, {"term": "SPAIN"}, {"term": "KOREA"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SINGAPORE"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "PUERTO RICO"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "PARAGUAY"}, {"term": "PANAMA"}, {"term": "PALESTINE"}, {"term": "PAKISTAN"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGERIA"}, {"term": "NIGER"}, {"term": "NZ"}, {"term": "NETHERLANDS"}, {"term": "MYANMAR"}, {"term": "MOROCCO"}, {"term": "MONGOLIA"}, {"term": "MONACO"}, {"term": "MEXICO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "MALAYSIA"}, {"term": "MACAU"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "LAOS"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "KAZAKHSTAN"}, {"term": "JORDAN"}, {"term": "JAPAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "INDONESIA"}, {"term": "INDIA"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "HK"}, {"term": "GUINEA-BISSAU"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "ECUADOR"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "COLOMBIA"}, {"term": "CHINA"}, {"term": "CHILE"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BRUNEI"}, {"term": "BRAZIL"}, {"term": "BOTSWANA"}, {"term": "BERMUDA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BANGLADESH"}, {"term": "BAHRAIN"}, {"term": "AZERBAIJAN"}, {"term": "AUSTRIA"}, {"term": "AUSTRALIA"}, {"term": "ARGENTINA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "SOL@CURNCY"}, {"term": "XETUSD@CURNCY"}, {"term": "ETHE@US"}, {"term": "XBTUSD@CURNCY"}, {"term": "GBTC@US"}, {"term": "USDSEK@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "TUR@US"}, {"term": "EWW@US"}, {"term": "MXMX@INDEX"}, {"term": "EWJ@US"}, {"term": "EWQ@US"}, {"term": "EWP@US"}, {"term": "MXWO@LN"}, {"term": "EWG@US"}, {"term": "EDEN@US"}, {"term": "EWN@US"}, {"term": "EPOL@US"}, {"term": "INDA@US"}, {"term": "INDIA@SP"}, {"term": "EWZ@US"}, {"term": "MCHI@US"}, {"term": "EWD@US"}, {"term": "@EWT@US"}, {"term": "TAMSCI@INDEX"}, {"term": "XLV@US"}, {"term": "XLRE@US"}, {"term": "XLC@US"}, {"term": "XLI@US"}, {"term": "SPY@US"}, {"term": "XLF@US"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "KMS1@INDEX"}, {"term": "KOSPI2@INDEX"}, {"term": "KOSPI@INDEX"}, {"term": "USDKRW@CURNCY"}, {"term": "XLE@US"}, {"term": "XLP@US"}, {"term": "XHB@US"}, {"term": "XLB@US"}, {"term": "XLY@US"}, {"term": "XLK@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "NORTH AMERICA"}, {"term": "1910@HK"}, {"term": "1839@HK"}, {"term": "UMWH@MK"}, {"term": "1739@JP"}, {"term": "WSP@AU"}, {"term": "6789@JP"}, {"term": "2651@JP"}, {"term": "003410@KS"}, {"term": "6556@JP"}, {"term": "EGH@AU"}, {"term": "3132@JP"}, {"term": "6967@JP"}, {"term": "WING@MK"}, {"term": "LPI@AU"}, {"term": "3331@HK"}, {"term": "PGH@AU"}, {"term": "4636@JP"}, {"term": "NPR@AU"}, {"term": "570@HK"}, {"term": "906@HK"}, {"term": "9977@JP"}, {"term": "A11@AU"}, {"term": "AND@AU"}, {"term": "5127@JP"}, {"term": "LNK@AU"}, {"term": "9783@JP"}, {"term": "AZS@AU"}, {"term": "SGO@FP"}, {"term": "ORR@AU"}, {"term": "9602@JP"}, {"term": "SIG@AU"}, {"term": "SLR@AU"}, {"term": "BLD@AU"}, {"term": "ABB@AU"}, {"term": "1029@HK"}, {"term": "PPT@AU"}, {"term": "SYM@AU"}, {"term": "PSQ@AU"}, {"term": "TIE@AU"}, {"term": "IPH@AU"}, {"term": "4185@JP"}, {"term": "1890@JP"}, {"term": "QVE@AU"}, {"term": "PBP@AU"}, {"term": "WINGT@SP"}, {"term": "BLY@AU"}, {"term": "A2B@AU"}, {"term": "TDCX@US"}, {"term": "ICLK@US"}, {"term": "HOLI@US"}, {"term": "GTH@US"}, {"term": "YI@US"}, {"term": "VNET@US"}, {"term": "KEX@TB"}, {"term": "4489@JP"}, {"term": "2412@JP"}, {"term": "MFIN@IJ"}, {"term": "SXL@AU"}, {"term": "ALU@AU"}, {"term": "9995@JP"}, {"term": "CRH@US"}, {"term": "AA@US"}, {"term": "2427@JP"}, {"term": "2698@HK"}, {"term": "CSR@AU"}, {"term": "ABC@AU"}, {"term": "APM@AU"}, {"term": "1821@HK"}, {"term": "QIP@AU"}, {"term": "SLC@AU"}, {"term": "AWC@AU"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "8035@JP"}, {"term": "ASML@NA"}, {"term": "LRCX@US"}, {"term": "KLAC@US"}, {"term": "AMAT@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "NORTH AMERICA"}, {"term": "BOX@US"}, {"term": "CALX@US"}, {"term": "MPW@US"}, {"term": "APPS@US"}, {"term": "CYTK@US"}, {"term": "OIS@US"}, {"term": "CCSI@US"}, {"term": "CRMT@US"}, {"term": "IRBT@US"}, {"term": "AIT@US"}, {"term": "@ARCH@US"}, {"term": "WHR@US"}, {"term": "ZION@US"}, {"term": "FORR@US"}, {"term": "TBI@US"}, {"term": "MGEE@US"}, {"term": "BL@US"}, {"term": "BGC@US"}, {"term": "AL@US"}, {"term": "MGY@US"}, {"term": "SPX@INDEX"}, {"term": "DECK@US"}, {"term": "SMCI@US"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XLK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AWC@AU", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AMAT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SMCI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/b73cc292-31be-3d93-8f21-dd29ddaf102eBrief USA: FX Daily - USD Mixed Ahead of PCE data, JPY Firmer and more2024-03-28T22:17:22.889696+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fx-daily-usd-mixed-ahead-of-pce-data-jpy-firmer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Daily - USD Mixed Ahead of PCE data, JPY Firmer</a></li><li><a href="https://www.smartkarma.com/insights/rayonier-advanced-materials-inc-2024-looks-like-a-recovery-year-with-potential-asset-sale-kicker?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Rayonier Advanced Materials, Inc. - 2024 Looks Like a Recovery Year with Potential Asset Sale Kicker</a></li><li><a href="https://www.smartkarma.com/insights/tuya-inc-4q23-beats-well-positioned-for-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Tuya, Inc. - 4Q23 Beats: Well Positioned for 2024</a></li><li><a href="https://www.smartkarma.com/insights/sdrl-navigating-thru-maintenance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">SDRL: Navigating Thru Maintenance</a></li><li><a href="https://www.smartkarma.com/insights/arlo-cash-and-gaap-profitability?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ARLO: Cash and GAAP Profitability</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fx-daily-usd-mixed-ahead-of-pce-data-jpy-firmer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. FX Daily - USD Mixed Ahead of PCE data, JPY Firmer </a></h3><p></p><ul><li>Major currencies are narrowly mixed for the most part in quiet trade ahead of today’s US data releases.</li><li>The exception is the JPY which is reflecting a relatively decent (0.5%) gain on the USD following comments last night from BoJ Governor Takata.</li><li>He commented that the central bank’s price target was “finally coming into sight”, suggesting the BoJ may be closer to a rate hike. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/rayonier-advanced-materials-inc-2024-looks-like-a-recovery-year-with-potential-asset-sale-kicker?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Rayonier Advanced Materials, Inc. - 2024 Looks Like a Recovery Year with Potential Asset Sale Kicker </a></h3><p></p><ul><li>4Q23 disappoints but headwinds subsiding. RYAM reported 4Q23, which included solid revenue of $422 million, ahead of our estimate of $373 million.</li><li>However, adjusted EBITDA of $37 million fell well short of Street expectations and our $48 million forecast on weaker-than-expected paperboard demand and lower-than-anticipated pulp prices.</li><li>Right-sized inventory suggests modest growth. With customer channel destocking largely completed in 4Q23, RYAM’s businesses should see a more stable demand environment throughout 2024 and, combined with modest share-driven volume growth and lower input costs, improved gross and EBITDA margins.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/tuya-inc-4q23-beats-well-positioned-for-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Tuya, Inc. - 4Q23 Beats: Well Positioned for 2024 </a></h3><p></p><ul><li>Tuya 4Q23 beats. Tuya reported 4Q23 revenue of $64 million, up 42% Y/Y, while overall gross margin reached a historical high of 47.3% and non-GAAP net profit reached a new peak of $12.6 million, representing 19.5% of non-GAAP net margin, driven by a global downstream demand recovery, the end of industry restocking, and Tuya’s successful execution of its big customer- focused strategy and earlier restructuring.</li><li>IoT PaaS contributed $47 million of revenue in 4Q23, up 45% Y/Y, driven by the normalization of downstream inventory and Tuya’s big customer-focused strategy.</li><li>Meanwhile, Tuya sees a more balanced distribution between smart lighting and electrical versus smart safety and home appliances.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/sdrl-navigating-thru-maintenance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. SDRL: Navigating Thru Maintenance </a></h3><p></p><ul>
<li>SDRL ended 2023 with in line results as the Company readies for a year filled with maintenance. The commentary surrounding market conditions has not changed greatly since third quarter results.</li>
<li>There is still a lack of new supply but being able to match available supply to operators’ demand calendar has become challenging</li>
<li>SDRL reported fourth quarter 2023 revenue of $408 million and operating income of $52 million, which were both in line with our estimate.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/arlo-cash-and-gaap-profitability?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. ARLO: Cash and GAAP Profitability </a></h3><p></p><ul>
<li>ARLO continued to grow the number of paid subscribers in Q4 2023 with the added tease of ARLO crossing 3 million paid subscribers in the first quarter of 2024</li>
<li>ARLO is focusing on a service first approach where service is subsidizing the cost of hardware</li>
<li>ARLO generated revenue of $135.1 million compared to our estimate of $135.5 million. Product mix was different than we had forecast</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fx-daily-usd-mixed-ahead-of-pce-data-jpy-firmer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Daily - USD Mixed Ahead of PCE data, JPY Firmer</a></li><li><a href="https://www.smartkarma.com/insights/rayonier-advanced-materials-inc-2024-looks-like-a-recovery-year-with-potential-asset-sale-kicker?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Rayonier Advanced Materials, Inc. - 2024 Looks Like a Recovery Year with Potential Asset Sale Kicker</a></li><li><a href="https://www.smartkarma.com/insights/tuya-inc-4q23-beats-well-positioned-for-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Tuya, Inc. - 4Q23 Beats: Well Positioned for 2024</a></li><li><a href="https://www.smartkarma.com/insights/sdrl-navigating-thru-maintenance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">SDRL: Navigating Thru Maintenance</a></li><li><a href="https://www.smartkarma.com/insights/arlo-cash-and-gaap-profitability?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ARLO: Cash and GAAP Profitability</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fx-daily-usd-mixed-ahead-of-pce-data-jpy-firmer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. FX Daily - USD Mixed Ahead of PCE data, JPY Firmer </a></h3><p></p><ul><li>Major currencies are narrowly mixed for the most part in quiet trade ahead of today’s US data releases.</li><li>The exception is the JPY which is reflecting a relatively decent (0.5%) gain on the USD following comments last night from BoJ Governor Takata.</li><li>He commented that the central bank’s price target was “finally coming into sight”, suggesting the BoJ may be closer to a rate hike. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/rayonier-advanced-materials-inc-2024-looks-like-a-recovery-year-with-potential-asset-sale-kicker?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Rayonier Advanced Materials, Inc. - 2024 Looks Like a Recovery Year with Potential Asset Sale Kicker </a></h3><p></p><ul><li>4Q23 disappoints but headwinds subsiding. RYAM reported 4Q23, which included solid revenue of $422 million, ahead of our estimate of $373 million.</li><li>However, adjusted EBITDA of $37 million fell well short of Street expectations and our $48 million forecast on weaker-than-expected paperboard demand and lower-than-anticipated pulp prices.</li><li>Right-sized inventory suggests modest growth. With customer channel destocking largely completed in 4Q23, RYAM’s businesses should see a more stable demand environment throughout 2024 and, combined with modest share-driven volume growth and lower input costs, improved gross and EBITDA margins.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/tuya-inc-4q23-beats-well-positioned-for-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Tuya, Inc. - 4Q23 Beats: Well Positioned for 2024 </a></h3><p></p><ul><li>Tuya 4Q23 beats. Tuya reported 4Q23 revenue of $64 million, up 42% Y/Y, while overall gross margin reached a historical high of 47.3% and non-GAAP net profit reached a new peak of $12.6 million, representing 19.5% of non-GAAP net margin, driven by a global downstream demand recovery, the end of industry restocking, and Tuya’s successful execution of its big customer- focused strategy and earlier restructuring.</li><li>IoT PaaS contributed $47 million of revenue in 4Q23, up 45% Y/Y, driven by the normalization of downstream inventory and Tuya’s big customer-focused strategy.</li><li>Meanwhile, Tuya sees a more balanced distribution between smart lighting and electrical versus smart safety and home appliances.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/sdrl-navigating-thru-maintenance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. SDRL: Navigating Thru Maintenance </a></h3><p></p><ul>
<li>SDRL ended 2023 with in line results as the Company readies for a year filled with maintenance. The commentary surrounding market conditions has not changed greatly since third quarter results.</li>
<li>There is still a lack of new supply but being able to match available supply to operators’ demand calendar has become challenging</li>
<li>SDRL reported fourth quarter 2023 revenue of $408 million and operating income of $52 million, which were both in line with our estimate.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/arlo-cash-and-gaap-profitability?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. ARLO: Cash and GAAP Profitability </a></h3><p></p><ul>
<li>ARLO continued to grow the number of paid subscribers in Q4 2023 with the added tease of ARLO crossing 3 million paid subscribers in the first quarter of 2024</li>
<li>ARLO is focusing on a service first approach where service is subsidizing the cost of hardware</li>
<li>ARLO generated revenue of $135.1 million compared to our estimate of $135.5 million. Product mix was different than we had forecast</li>
</ul>2024-03-02T09:46:27+08:00[{"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "USDMXN@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "USDCAD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "RYAM@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "TUYA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "SDRL@US"}, {"term": "SDRL@NO"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "ARLO@US"}, {"term": "USDCAD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RYAM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TUYA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SDRL@NO", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ARLO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/737f714f-ce88-3e73-b111-cc5bd8bb1a3bBrief USA: TRS: Specialty Overshadows Packaging and more2024-03-28T22:17:22.879437+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/trs-specialty-overshadows-packaging?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">TRS: Specialty Overshadows Packaging</a></li><li><a href="https://www.smartkarma.com/insights/4q-in-line-fy-guide-below-expectations-new-ceo-focuses-on-stabilization-investment-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q In-Line, FY Guide Below Expectations; New CEO Focuses on Stabilization, Investment, Growth</a></li><li><a href="https://www.smartkarma.com/insights/f3q24-results-strong-flash-momentum-drives-upside-ai-on-the-come-maintain-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F3Q24 Results: Strong Flash Momentum Drives Upside, AI on the Come, Maintain Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-deposit-and-securities-balances-contract-for-both-large-small-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Banks - Banking</a></li><li><a href="https://www.smartkarma.com/insights/first-take-despite-the-high-bar-solid-quarter-and-2024-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Despite the High Bar, Solid Quarter and 2024 Guide</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/trs-specialty-overshadows-packaging?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. TRS: Specialty Overshadows Packaging </a></h3><p></p><ul>
<li>The fourth quarter results from TRS were not up to our expectations after a recovery in packaging was subdued by an unexpected significant decline in the specialty business</li>
<li>The specialty business has been a source of sales growth for the past nearly three years without any sign of slowing down until Q4. </li>
<li>TRS reported fourth quarter sales of $209.6 million compared to our forecast of $247.4 million. The biggest delta was from specialty where sales missed our estimate by $26 million</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q-in-line-fy-guide-below-expectations-new-ceo-focuses-on-stabilization-investment-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q In-Line, FY Guide Below Expectations; New CEO Focuses on Stabilization, Investment, Growth </a></h3><p></p><ul><li>OLPX reported earnings on February 29, and we met with new CEO Amanda Baldwin and CFO Eric Tiziani on March 1.</li><li>Ms.</li><li>Baldwin, who joined the company in December, emphasized the opportunity for growth as management cleans up distribution, invests more substantially behind the brand, drives greater engagement with its professional and consumer community, and improves execution, but notes that the journey will take time.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/f3q24-results-strong-flash-momentum-drives-upside-ai-on-the-come-maintain-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. F3Q24 Results: Strong Flash Momentum Drives Upside, AI on the Come, Maintain Market Perform </a></h3><p></p><ul><li>We maintain our Market Perform rating on NetApp following a F3Q24 beat with a higher outlook.</li><li>The stock was indicated up ~18% after hours.</li><li>All-flash storage saw record growth, up 21% y/y to reach $3.4B. The strong momentum in all-flash is encouraging, and is expected to offset NAND price inflation; consequently, the higher mix of flash now drive product gross margin closer to the high end historic 50-60% range.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-deposit-and-securities-balances-contract-for-both-large-small-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Banks - Banking </a></h3><p></p><ul><li>Data released by the Federal Reserve on Friday, March 1, for the week ending February 21, indicated that total deposit balances were down 0.3% for the nation's 25 largest domestically chartered banks and were down 0.2% for the nation’s small banks from the previous week.</li><li>Quarter-to-date, the 0.3% increase at the small banks has exceeded the 0.3% decrease at the large banks.Loan balances remained flat from the prior week at the large banks and at the small banks.</li><li>At the large banks, no change in total loans reflected the 0.4% increase in consumer real estate loans and the 0.3% increase in other loans, offset by the 0.6% decrease in commercial and industrial (C&I) loans, the 0.2% decrease in commercial real estate (CRE) loans, and no change in consumer loans.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/first-take-despite-the-high-bar-solid-quarter-and-2024-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. First Take: Despite the High Bar, Solid Quarter and 2024 Guide </a></h3><p></p><ul><li>Event: Yesterday after the close, RadNet reported 4Q23 results that were better than expected with revenues of $420.4M (Street: $410.1M; RJ: $411.2M), up +9.5% y/y, and adj. EBITDA of $65.8M (including $2.5M of AI losses) (Street: $61.4M; RJ: $62.6M), up +15.0% y/y as margins expanded +80 bps y/y to 15.7%.</li><li>Same-store volume growth actually accelerated in the quarter to 5.5% (from 4.2% in 3Q23).</li><li>Management also established it’s FY24 guidance, expecting revenue of $1.710-1.770B (Street: $1.725B) and adj. EBITDA of $262-274M (Street: $258.2M).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/trs-specialty-overshadows-packaging?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">TRS: Specialty Overshadows Packaging</a></li><li><a href="https://www.smartkarma.com/insights/4q-in-line-fy-guide-below-expectations-new-ceo-focuses-on-stabilization-investment-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q In-Line, FY Guide Below Expectations; New CEO Focuses on Stabilization, Investment, Growth</a></li><li><a href="https://www.smartkarma.com/insights/f3q24-results-strong-flash-momentum-drives-upside-ai-on-the-come-maintain-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F3Q24 Results: Strong Flash Momentum Drives Upside, AI on the Come, Maintain Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-deposit-and-securities-balances-contract-for-both-large-small-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Banks - Banking</a></li><li><a href="https://www.smartkarma.com/insights/first-take-despite-the-high-bar-solid-quarter-and-2024-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Despite the High Bar, Solid Quarter and 2024 Guide</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/trs-specialty-overshadows-packaging?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. TRS: Specialty Overshadows Packaging </a></h3><p></p><ul>
<li>The fourth quarter results from TRS were not up to our expectations after a recovery in packaging was subdued by an unexpected significant decline in the specialty business</li>
<li>The specialty business has been a source of sales growth for the past nearly three years without any sign of slowing down until Q4. </li>
<li>TRS reported fourth quarter sales of $209.6 million compared to our forecast of $247.4 million. The biggest delta was from specialty where sales missed our estimate by $26 million</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q-in-line-fy-guide-below-expectations-new-ceo-focuses-on-stabilization-investment-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q In-Line, FY Guide Below Expectations; New CEO Focuses on Stabilization, Investment, Growth </a></h3><p></p><ul><li>OLPX reported earnings on February 29, and we met with new CEO Amanda Baldwin and CFO Eric Tiziani on March 1.</li><li>Ms.</li><li>Baldwin, who joined the company in December, emphasized the opportunity for growth as management cleans up distribution, invests more substantially behind the brand, drives greater engagement with its professional and consumer community, and improves execution, but notes that the journey will take time.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/f3q24-results-strong-flash-momentum-drives-upside-ai-on-the-come-maintain-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. F3Q24 Results: Strong Flash Momentum Drives Upside, AI on the Come, Maintain Market Perform </a></h3><p></p><ul><li>We maintain our Market Perform rating on NetApp following a F3Q24 beat with a higher outlook.</li><li>The stock was indicated up ~18% after hours.</li><li>All-flash storage saw record growth, up 21% y/y to reach $3.4B. The strong momentum in all-flash is encouraging, and is expected to offset NAND price inflation; consequently, the higher mix of flash now drive product gross margin closer to the high end historic 50-60% range.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/banks-banking-weekly-balance-sheet-trends-deposit-and-securities-balances-contract-for-both-large-small-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Banks - Banking </a></h3><p></p><ul><li>Data released by the Federal Reserve on Friday, March 1, for the week ending February 21, indicated that total deposit balances were down 0.3% for the nation's 25 largest domestically chartered banks and were down 0.2% for the nation’s small banks from the previous week.</li><li>Quarter-to-date, the 0.3% increase at the small banks has exceeded the 0.3% decrease at the large banks.Loan balances remained flat from the prior week at the large banks and at the small banks.</li><li>At the large banks, no change in total loans reflected the 0.4% increase in consumer real estate loans and the 0.3% increase in other loans, offset by the 0.6% decrease in commercial and industrial (C&I) loans, the 0.2% decrease in commercial real estate (CRE) loans, and no change in consumer loans.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/first-take-despite-the-high-bar-solid-quarter-and-2024-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. First Take: Despite the High Bar, Solid Quarter and 2024 Guide </a></h3><p></p><ul><li>Event: Yesterday after the close, RadNet reported 4Q23 results that were better than expected with revenues of $420.4M (Street: $410.1M; RJ: $411.2M), up +9.5% y/y, and adj. EBITDA of $65.8M (including $2.5M of AI losses) (Street: $61.4M; RJ: $62.6M), up +15.0% y/y as margins expanded +80 bps y/y to 15.7%.</li><li>Same-store volume growth actually accelerated in the quarter to 5.5% (from 4.2% in 3Q23).</li><li>Management also established it’s FY24 guidance, expecting revenue of $1.710-1.770B (Street: $1.725B) and adj. EBITDA of $262-274M (Street: $258.2M).</li></ul>2024-03-02T02:51:12+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "VALUE"}, {"term": "NORTH AMERICA"}, {"term": "TRS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "OLPX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NTAP@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "RDNT@US"}, {"term": "TRS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "OLPX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NTAP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RDNT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/558f3862-f67f-3fe7-830e-37cf744cd29dBrief USA: Digital Health Segment, Attractive Growth Algo Support Continued Momentum Heading into 2024 and more2024-03-28T22:17:22.873030+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/digital-health-segment-attractive-growth-algo-support-continued-momentum-heading-into-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Digital Health Segment, Attractive Growth Algo Support Continued Momentum Heading into 2024</a></li><li><a href="https://www.smartkarma.com/insights/reit-sb1-confusing-quarter-story-remains-focused-on-financing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reit. SB1: Confusing Quarter; Story Remains Focused on Financing</a></li><li><a href="https://www.smartkarma.com/insights/stockbroking-exchanges-mco-spgi-february-2024-global-bond-issuance-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Stockbroking & Exchanges - MCO/SPGI</a></li><li><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-retail-softlines-digital-commerce-valuation-monitor-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Consumer Discretionary - overall - Retail-Softlines & Digital Commerce</a></li><li><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-please-give-a-warm-welcome-to-bitcoin?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Weekly Market Monitor – Please Give a Warm Welcome to BITCOIN</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/digital-health-segment-attractive-growth-algo-support-continued-momentum-heading-into-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Digital Health Segment, Attractive Growth Algo Support Continued Momentum Heading into 2024 </a></h3><p></p><ul><li>We are maintaining our Outperform rating and raising our price target to $50 (+$10) on shares of RDNT following 4Q23 results that came in better than expected as they reported adj. EBITDA of $65.8M (including $2.5M of AI losses) (Street: $61.4M; RJ: $62.6M), driven by strong volumes as SS MRI’s increased 13.2% y/y, and SS CT’s and PET/CT’s both increased >10% y/y.</li><li>Management also established it’s FY24 guidance, expecting revenue of $1.710-1.770B (Street: $1.725B) and adj. EBITDA of $262-274M (Street: $258.2M).</li><li>We note that the company combined its previous AI segment with its eRad business to form the “Digital Health” segment (as expected).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/reit-sb1-confusing-quarter-story-remains-focused-on-financing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Reit. SB1: Confusing Quarter; Story Remains Focused on Financing </a></h3><p></p><ul><li>We reiterate our Strong Buy rating on SATS following 4Q23 earnings but lower our price target to $27 from $37 following a messy 4Q23 as it reported for the first time combined NewCo DISH+SATS results that included $758M of non-cash impairment charges, discussedHERE. We continue to believe the current equity value of SATS is essentially a weighted probability between zero (i.e., Chapter 11) and a much higher, successful financial navigation and business opportunity valuation, and wefeelthe probability of bankruptcy is lower than the Street assumes.</li><li>The DISH/SATS merger closed on 12/31/23 and helped the DISH balance sheet by combining it with standalone EchoStar’s very strong balance sheet (~$2B in cash and negative net debt).</li><li>We continue to believe the company has several more levers to pull to improve liquidity, which could include spectrum asset transactions or financings (especially since we think the majority of the company’s value is related to spectrum), a possible combo of DISH TV and DirecTV, some sort of transaction involving Ergen’s SPAC CONX that could involve the Wireless Retail business, partnerships/contracts in the 5G Enterprise/Wholesale/Private Network space, or the issuance of equity-type securities or preferreds.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/stockbroking-exchanges-mco-spgi-february-2024-global-bond-issuance-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Stockbroking & Exchanges - MCO/SPGI </a></h3><p></p><ul><li>Summary: As of February 29, 2024, we would characterize 1Q24-to-date global bond issuance as notably positive, with issuance picking up steam in the second half of February after a sluggish start to the month.</li><li>We note that an extra day in February 2024 provides a modest tailwind to the y/y comparison.</li><li>Month-to-date activity within non-financial corporate debt remains positive across the board versus the prior-year period: investment grade corporate bond activity is up 37% y/y, high-yield is up 24%, and leveraged loans are up a notable 259% against a light prior-year comp.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-retail-softlines-digital-commerce-valuation-monitor-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Consumer Discretionary - overall - Retail-Softlines & Digital Commerce </a></h3><p></p><ul><li>In our monthly Valuation Monitor, we track changes in the stock prices, valuation multiples, and earnings estimates vs. prior months to gauge investor sentiment.</li><li>We track >45 stocks across Global Brand/Retail-Softline and Digital Commerce.</li><li>Takeaways:In February, Brand/Softline stocks increased +9.5% while Digital Commerce increased +9.0%:Valuation multiples expanded +8.3% for Brands/Softlines to an average P/E of 16.3x; Digital Commerce multiples contracted -4.4% to an average EV/EBITDA of 14.8x.We attribute the increases to the broader improvement in the stock market (S&P500 +5% and S&P Retail +9% over the last month) on optimism of a soft landing and AI-related productivity gains.Earnings estimate changes over the last month were +2.2% for Brands/Softlines and EBITDA estimates increased +11.4% for Digital Commerce.Notable sub-sector stock performances:Footwear Retail: +18% (Notable changes: DBI +19%; CAL +19%)Athletic Brands: +12% (Notable changes: ONON +30%; CROX +25%, DECK +17%)Premium Brands: +11% (Notable changes: RL +27%; TPR +19%)Apparel Brands: +8% (Notable changes: HBI +16%; PVH +12%)Specialty Apparel: +7% (Notable changes: ANF +22%; URBN +8%)Dept Stores/Off-Price: +4% (Notable changes: JWN +13%; KSS +6%)Digital Commerce: +3% (Notable changes: RVLV +56%; BYON +46%; REAL +39%; RENT -36%)Notable Valuation Multiple Changes: Footwear Retail: +23% to 13.5x (Notable changes: DBI +31%; FL +19%)Premium Brands: +12% to 13.1x (Notable changes: RL +21%; TPR +16%)Apparel Brands: +10% to 10.8x (Notable changes: VFC +35%; HBI -13%)Digital Commerce: -4% to 18.7x (Notable changes: SHOP -27%; BRLT -13%)Notable Earnings Estimate Changes: Digital Commerce: +11% (Notable changes: DBI -37%)Apparel Brands: +7% (Notable changes: SHOP +39%)Please reach out for additional color across valuation metrics (EV/Revenue, EV/Gross Profit, etc.).pagebreak Price/Earnings - Global Brands / Retail-Softlines: Current vs. Last MonthSource: FactSet, Raymond James researchpagebreak Price/Earnings - Global Brands / Retail-Softlines: Current vs. HistoricalSource: FactSet, Raymond James researchpagebreak EV/EBITDA - Digital Commerce: Current vs. Last MonthSource: FactSet, Raymond James researchEV/EBITDA - Digital Commerce: Current vs. HistoricalSource: FactSet, Raymond James research</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-please-give-a-warm-welcome-to-bitcoin?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. The Weekly Market Monitor – Please Give a Warm Welcome to BITCOIN </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/031/original/image?1709302153"/> <ul>
<li>Bitcoin rose nearly 20% this week, and the impact of spot Bitcoin ETFs is huge, but with a twist.</li>
<li>This week's US personal income data provides yet another chart showing that the recession is already behind us. But will the US consumer keep spending?</li>
<li>That new The Economist cover does not bode well for stocks, but the moving average does. Yet, sentiment remains in Frenzy.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/digital-health-segment-attractive-growth-algo-support-continued-momentum-heading-into-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Digital Health Segment, Attractive Growth Algo Support Continued Momentum Heading into 2024</a></li><li><a href="https://www.smartkarma.com/insights/reit-sb1-confusing-quarter-story-remains-focused-on-financing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reit. SB1: Confusing Quarter; Story Remains Focused on Financing</a></li><li><a href="https://www.smartkarma.com/insights/stockbroking-exchanges-mco-spgi-february-2024-global-bond-issuance-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Stockbroking & Exchanges - MCO/SPGI</a></li><li><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-retail-softlines-digital-commerce-valuation-monitor-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Consumer Discretionary - overall - Retail-Softlines & Digital Commerce</a></li><li><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-please-give-a-warm-welcome-to-bitcoin?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Weekly Market Monitor – Please Give a Warm Welcome to BITCOIN</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/digital-health-segment-attractive-growth-algo-support-continued-momentum-heading-into-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Digital Health Segment, Attractive Growth Algo Support Continued Momentum Heading into 2024 </a></h3><p></p><ul><li>We are maintaining our Outperform rating and raising our price target to $50 (+$10) on shares of RDNT following 4Q23 results that came in better than expected as they reported adj. EBITDA of $65.8M (including $2.5M of AI losses) (Street: $61.4M; RJ: $62.6M), driven by strong volumes as SS MRI’s increased 13.2% y/y, and SS CT’s and PET/CT’s both increased >10% y/y.</li><li>Management also established it’s FY24 guidance, expecting revenue of $1.710-1.770B (Street: $1.725B) and adj. EBITDA of $262-274M (Street: $258.2M).</li><li>We note that the company combined its previous AI segment with its eRad business to form the “Digital Health” segment (as expected).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/reit-sb1-confusing-quarter-story-remains-focused-on-financing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Reit. SB1: Confusing Quarter; Story Remains Focused on Financing </a></h3><p></p><ul><li>We reiterate our Strong Buy rating on SATS following 4Q23 earnings but lower our price target to $27 from $37 following a messy 4Q23 as it reported for the first time combined NewCo DISH+SATS results that included $758M of non-cash impairment charges, discussedHERE. We continue to believe the current equity value of SATS is essentially a weighted probability between zero (i.e., Chapter 11) and a much higher, successful financial navigation and business opportunity valuation, and wefeelthe probability of bankruptcy is lower than the Street assumes.</li><li>The DISH/SATS merger closed on 12/31/23 and helped the DISH balance sheet by combining it with standalone EchoStar’s very strong balance sheet (~$2B in cash and negative net debt).</li><li>We continue to believe the company has several more levers to pull to improve liquidity, which could include spectrum asset transactions or financings (especially since we think the majority of the company’s value is related to spectrum), a possible combo of DISH TV and DirecTV, some sort of transaction involving Ergen’s SPAC CONX that could involve the Wireless Retail business, partnerships/contracts in the 5G Enterprise/Wholesale/Private Network space, or the issuance of equity-type securities or preferreds.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/stockbroking-exchanges-mco-spgi-february-2024-global-bond-issuance-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Stockbroking & Exchanges - MCO/SPGI </a></h3><p></p><ul><li>Summary: As of February 29, 2024, we would characterize 1Q24-to-date global bond issuance as notably positive, with issuance picking up steam in the second half of February after a sluggish start to the month.</li><li>We note that an extra day in February 2024 provides a modest tailwind to the y/y comparison.</li><li>Month-to-date activity within non-financial corporate debt remains positive across the board versus the prior-year period: investment grade corporate bond activity is up 37% y/y, high-yield is up 24%, and leveraged loans are up a notable 259% against a light prior-year comp.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/consumer-discretionary-overall-retail-softlines-digital-commerce-valuation-monitor-march-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Consumer Discretionary - overall - Retail-Softlines & Digital Commerce </a></h3><p></p><ul><li>In our monthly Valuation Monitor, we track changes in the stock prices, valuation multiples, and earnings estimates vs. prior months to gauge investor sentiment.</li><li>We track >45 stocks across Global Brand/Retail-Softline and Digital Commerce.</li><li>Takeaways:In February, Brand/Softline stocks increased +9.5% while Digital Commerce increased +9.0%:Valuation multiples expanded +8.3% for Brands/Softlines to an average P/E of 16.3x; Digital Commerce multiples contracted -4.4% to an average EV/EBITDA of 14.8x.We attribute the increases to the broader improvement in the stock market (S&P500 +5% and S&P Retail +9% over the last month) on optimism of a soft landing and AI-related productivity gains.Earnings estimate changes over the last month were +2.2% for Brands/Softlines and EBITDA estimates increased +11.4% for Digital Commerce.Notable sub-sector stock performances:Footwear Retail: +18% (Notable changes: DBI +19%; CAL +19%)Athletic Brands: +12% (Notable changes: ONON +30%; CROX +25%, DECK +17%)Premium Brands: +11% (Notable changes: RL +27%; TPR +19%)Apparel Brands: +8% (Notable changes: HBI +16%; PVH +12%)Specialty Apparel: +7% (Notable changes: ANF +22%; URBN +8%)Dept Stores/Off-Price: +4% (Notable changes: JWN +13%; KSS +6%)Digital Commerce: +3% (Notable changes: RVLV +56%; BYON +46%; REAL +39%; RENT -36%)Notable Valuation Multiple Changes: Footwear Retail: +23% to 13.5x (Notable changes: DBI +31%; FL +19%)Premium Brands: +12% to 13.1x (Notable changes: RL +21%; TPR +16%)Apparel Brands: +10% to 10.8x (Notable changes: VFC +35%; HBI -13%)Digital Commerce: -4% to 18.7x (Notable changes: SHOP -27%; BRLT -13%)Notable Earnings Estimate Changes: Digital Commerce: +11% (Notable changes: DBI -37%)Apparel Brands: +7% (Notable changes: SHOP +39%)Please reach out for additional color across valuation metrics (EV/Revenue, EV/Gross Profit, etc.).pagebreak Price/Earnings - Global Brands / Retail-Softlines: Current vs. Last MonthSource: FactSet, Raymond James researchpagebreak Price/Earnings - Global Brands / Retail-Softlines: Current vs. HistoricalSource: FactSet, Raymond James researchpagebreak EV/EBITDA - Digital Commerce: Current vs. Last MonthSource: FactSet, Raymond James researchEV/EBITDA - Digital Commerce: Current vs. HistoricalSource: FactSet, Raymond James research</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-please-give-a-warm-welcome-to-bitcoin?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. The Weekly Market Monitor – Please Give a Warm Welcome to BITCOIN </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/031/original/image?1709302153"/> <ul>
<li>Bitcoin rose nearly 20% this week, and the impact of spot Bitcoin ETFs is huge, but with a twist.</li>
<li>This week's US personal income data provides yet another chart showing that the recession is already behind us. But will the US consumer keep spending?</li>
<li>That new The Economist cover does not bode well for stocks, but the moving average does. Yet, sentiment remains in Frenzy.</li>
</ul>2024-03-01T22:33:05+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "RDNT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SATS@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SPGI@US"}, {"term": "MCO@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "OXM@US"}, {"term": "AMZN@US"}, {"term": "CPRI@US"}, {"term": "LULU@US"}, {"term": "ETSY@US"}, {"term": "RVLV@US"}, {"term": "EBAY@US"}, {"term": "CHWY@US"}, {"term": "CROX@US"}, {"term": "RL@US"}, {"term": "UAA@US"}, {"term": "ANF@US"}, {"term": "FIGS@US"}, {"term": "ONON@US"}, {"term": "NKE@US"}, {"term": "REAL@US"}, {"term": "SKX@US"}, {"term": "GOOS@CN"}, {"term": "GIII@US"}, {"term": "TPR@US"}, {"term": "TDUP@US"}, {"term": "DECK@US"}, {"term": "SHOP@US"}, {"term": "W@US"}, {"term": "Cross Asset Strategy"}, {"term": "CHINA"}, {"term": "JAPAN"}, {"term": "GERMANY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "SHCOMP@INDEX"}, {"term": "NDX@INDEX"}, {"term": "GT10@GOVT"}, {"term": "MXWO@LN"}, {"term": "SPX@INDEX"}, {"term": "RTY@INDEX"}, {"term": "USDJPY@CURNCY"}, {"term": "GOLD@COMDTY"}, {"term": "XBTUSD@CURNCY"}, {"term": "RDNT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SATS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MCO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "W@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XBTUSD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/91bf9533-4637-3049-9c3e-5f1033d13fe6Brief USA: 2024 Set Revenue Guide +5-10%, LT Growth the Key Debate and more2024-03-28T22:17:22.862638+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/2024-set-revenue-guide-5-10-lt-growth-the-key-debate?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2024 Set Revenue Guide +5-10%, LT Growth the Key Debate</a></li><li><a href="https://www.smartkarma.com/insights/strategy-washington-policy-weekly-wrap-sotu-preview-commerce-signals-smaller-than-expected-chips-grants?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategy - Washington Policy</a></li><li><a href="https://www.smartkarma.com/insights/4q23-outlook-favorable-cost-savings-ahead-of-schedule?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 - Outlook Favorable; Cost Savings Ahead of Schedule</a></li><li><a href="https://www.smartkarma.com/insights/unexpected-surge-in-us-crude-oil-stockpile-highlights-inventory-discrepancies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Unexpected Surge in US Crude Oil Stockpile Highlights Inventory Discrepancies</a></li><li><a href="https://www.smartkarma.com/insights/2024-investor-day-highlights?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2024 Investor Day Highlights</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/2024-set-revenue-guide-5-10-lt-growth-the-key-debate?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 2024 Set Revenue Guide +5-10%, LT Growth the Key Debate </a></h3><p></p><ul><li>We reiterate our Market Perform rating on shares of Cytek following a 4Q print (see our first take) which came in above guidance on revenue and was ahead of consensus on profitability but saw management guide to a slower 5-10% revenue growth in a still challenged end market environment.</li><li>On that point, the 152 Cytek installs in 4Q was the peak of 2023 as would be expected with typical seasonality, but still 10% below levels from the prior year.</li><li>While macro headwinds and biopharma customer sentiment are showing signs of improvement, the guide appropriately calls for only modest movement from the floor.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/strategy-washington-policy-weekly-wrap-sotu-preview-commerce-signals-smaller-than-expected-chips-grants?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Strategy - Washington Policy </a></h3><p></p><ul><li>Week in Review — Congress averted a partial government shutdown on Friday evening with the passage of an additional continuing resolution, punting the funding debate once more to March 8 and March 22.</li><li>A speech by Commerce Secretary Gina Raimondo on the implementation of the CHIPS Act confirmed the agency’s prioritization of funding for fabs that will come online by 2030 and highlighted the gap between firms’ funding requests and likely awards - placing new pressure on Congress to appropriate new semi funding down the line.Looking Ahead — President Biden will deliver his State of the Union address next Thursday, which markets are monitoring for signals around regulatory priorities including the CFPB’s final credit card late fee rule as well as broader themes underscoring his re-election campaign.</li><li>The GOP primary race will largely become winner-takes-all from Super Tuesday onwards, likely consolidating Trump’s lead and raising questions around a potential third-party run by Nikki Haley.This Week in WashingtonGovernment funding watch: another shutdown averted, another set of deadlines loom.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q23-outlook-favorable-cost-savings-ahead-of-schedule?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q23 - Outlook Favorable; Cost Savings Ahead of Schedule </a></h3><p></p><ul><li>We maintain our Market Perform rating on shares of Cogent (CCOI) following 4Q results.</li><li>Management has integrated the businesses and removed some costs at a faster pace than we had anticipated, but we still see potential issues ahead.EBITDA miss decoded.</li><li>The standout in 4Q was the (~$21M) stepdown in total valuation EBITDA sequentially from $131.4M in 3Q to just $110.5M in 4Q. This can be explained by a couple of factors: 1) We believe that ~$15M of the delta is attributable to an extraordinary pickup from the prior period on a capital lease, with another ~$2M from an increase in bad debt.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/unexpected-surge-in-us-crude-oil-stockpile-highlights-inventory-discrepancies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Unexpected Surge in US Crude Oil Stockpile Highlights Inventory Discrepancies </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/997/original/image?1709290706"/> <ul>
<li>US crude oil inventories buildup outpaces gasoline and distillate withdrawal for the week ending on 23/Feb.</li>
<li>Refinery utilisation rates rose by 0.9 percentage points on a weekly basis to 81.5%, for the first time in 2024.</li>
<li>Disparity between crude oil and refined petroleum inventories to remain in the near term as refinery utilisation rates are yet to recover completely after the maintenance season.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/2024-investor-day-highlights?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 2024 Investor Day Highlights </a></h3><p></p><ul><li>Investor Day underscores optionality embedded in U.S. timberland.</li><li>Earlier this week we had the opportunity to attend Rayonier’s 2024 Investor Day, which included extensive overviews of its core timber and real estate segments as well as its growing land-based solutions business.</li><li>We continue to be impressed with management’s efforts to improve its portfolio and balance sheet and position the company for growth.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/2024-set-revenue-guide-5-10-lt-growth-the-key-debate?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2024 Set Revenue Guide +5-10%, LT Growth the Key Debate</a></li><li><a href="https://www.smartkarma.com/insights/strategy-washington-policy-weekly-wrap-sotu-preview-commerce-signals-smaller-than-expected-chips-grants?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategy - Washington Policy</a></li><li><a href="https://www.smartkarma.com/insights/4q23-outlook-favorable-cost-savings-ahead-of-schedule?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 - Outlook Favorable; Cost Savings Ahead of Schedule</a></li><li><a href="https://www.smartkarma.com/insights/unexpected-surge-in-us-crude-oil-stockpile-highlights-inventory-discrepancies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Unexpected Surge in US Crude Oil Stockpile Highlights Inventory Discrepancies</a></li><li><a href="https://www.smartkarma.com/insights/2024-investor-day-highlights?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2024 Investor Day Highlights</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/2024-set-revenue-guide-5-10-lt-growth-the-key-debate?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 2024 Set Revenue Guide +5-10%, LT Growth the Key Debate </a></h3><p></p><ul><li>We reiterate our Market Perform rating on shares of Cytek following a 4Q print (see our first take) which came in above guidance on revenue and was ahead of consensus on profitability but saw management guide to a slower 5-10% revenue growth in a still challenged end market environment.</li><li>On that point, the 152 Cytek installs in 4Q was the peak of 2023 as would be expected with typical seasonality, but still 10% below levels from the prior year.</li><li>While macro headwinds and biopharma customer sentiment are showing signs of improvement, the guide appropriately calls for only modest movement from the floor.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/strategy-washington-policy-weekly-wrap-sotu-preview-commerce-signals-smaller-than-expected-chips-grants?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Strategy - Washington Policy </a></h3><p></p><ul><li>Week in Review — Congress averted a partial government shutdown on Friday evening with the passage of an additional continuing resolution, punting the funding debate once more to March 8 and March 22.</li><li>A speech by Commerce Secretary Gina Raimondo on the implementation of the CHIPS Act confirmed the agency’s prioritization of funding for fabs that will come online by 2030 and highlighted the gap between firms’ funding requests and likely awards - placing new pressure on Congress to appropriate new semi funding down the line.Looking Ahead — President Biden will deliver his State of the Union address next Thursday, which markets are monitoring for signals around regulatory priorities including the CFPB’s final credit card late fee rule as well as broader themes underscoring his re-election campaign.</li><li>The GOP primary race will largely become winner-takes-all from Super Tuesday onwards, likely consolidating Trump’s lead and raising questions around a potential third-party run by Nikki Haley.This Week in WashingtonGovernment funding watch: another shutdown averted, another set of deadlines loom.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q23-outlook-favorable-cost-savings-ahead-of-schedule?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q23 - Outlook Favorable; Cost Savings Ahead of Schedule </a></h3><p></p><ul><li>We maintain our Market Perform rating on shares of Cogent (CCOI) following 4Q results.</li><li>Management has integrated the businesses and removed some costs at a faster pace than we had anticipated, but we still see potential issues ahead.EBITDA miss decoded.</li><li>The standout in 4Q was the (~$21M) stepdown in total valuation EBITDA sequentially from $131.4M in 3Q to just $110.5M in 4Q. This can be explained by a couple of factors: 1) We believe that ~$15M of the delta is attributable to an extraordinary pickup from the prior period on a capital lease, with another ~$2M from an increase in bad debt.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/unexpected-surge-in-us-crude-oil-stockpile-highlights-inventory-discrepancies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Unexpected Surge in US Crude Oil Stockpile Highlights Inventory Discrepancies </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/997/original/image?1709290706"/> <ul>
<li>US crude oil inventories buildup outpaces gasoline and distillate withdrawal for the week ending on 23/Feb.</li>
<li>Refinery utilisation rates rose by 0.9 percentage points on a weekly basis to 81.5%, for the first time in 2024.</li>
<li>Disparity between crude oil and refined petroleum inventories to remain in the near term as refinery utilisation rates are yet to recover completely after the maintenance season.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/2024-investor-day-highlights?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 2024 Investor Day Highlights </a></h3><p></p><ul><li>Investor Day underscores optionality embedded in U.S. timberland.</li><li>Earlier this week we had the opportunity to attend Rayonier’s 2024 Investor Day, which included extensive overviews of its core timber and real estate segments as well as its growing land-based solutions business.</li><li>We continue to be impressed with management’s efforts to improve its portfolio and balance sheet and position the company for growth.</li></ul>2024-03-01T21:09:04+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CTKB@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CCOI@US"}, {"term": "CMCSA@US"}, {"term": "WOW@US"}, {"term": "ATUS@US"}, {"term": "CHTR@US"}, {"term": "T@US"}, {"term": "CABO@US"}, {"term": "FYBR@US"}, {"term": "DY@US"}, {"term": "VZ@US"}, {"term": "TMUS@US"}, {"term": "LUMN@US"}, {"term": "SHEN@US"}, {"term": "Commodities"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CL1@COM@COMDTY"}, {"term": "XB1@COMDTY"}, {"term": "HO1@COMDTY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "RYN@US"}, {"term": "XOM@US"}, {"term": "WY@US"}, {"term": "PCH@US"}, {"term": "CTKB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SHEN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HO1@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PCH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/953bd786-613e-3f28-a59e-377fa7d19a97Brief USA: Commodities - Overall - Raymond James Energy Daily Update and more2024-03-28T22:17:22.856239+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-73f0d70b-8567-4555-bdc2-eb4d8e5ced4b?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/salesforce-crm-us-4q-results-in-line-eye-on-ai-development?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Salesforce (CRM US) - 4Q Results In-Line; Eye on AI Development</a></li><li><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-healthcare-top-picks-leaping-into-the-next-month-with-more-than-half-our-list-changing-for-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Healthcare - Overall - Healthcare</a></li><li><a href="https://www.smartkarma.com/insights/restructuring-to-focus-efforts-behind-major-franchises-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Restructuring to Focus Efforts Behind Major Franchises; Reiterate Outperform</a></li><li><a href="https://www.smartkarma.com/insights/strategic-changes-yielding-progress-debt-refi-buys-time-for-turnaround?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategic Changes Yielding Progress; Debt Refi Buys Time for Turnaround</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-73f0d70b-8567-4555-bdc2-eb4d8e5ced4b?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYYesterday, WTI and Brent fell 0.4% and 0.3% to close at $78.26/bbl and $81.91/bbl, respectively.</li><li>Henry Hub fell 1.3% to close at $1.86 MMBtu.</li><li>U.S. benchmark equity indexes climbed Thursday with the S&P 500 reaching a record close as investors evaluated consumer spending data for January.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/salesforce-crm-us-4q-results-in-line-eye-on-ai-development?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Salesforce (CRM US) - 4Q Results In-Line; Eye on AI Development </a></h3><p></p><ul><li>Salesforce reported 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.</li><li>FY24 total revenue was up 11.2% YoY to US$34.9bn. Non-GAAP operating income grew by 19.3% YoY to US$2.92bn in 4QFY24, also in line with consensus estimate.</li><li>Full-year non-GAAP operating income delivered strong growth of 50.4% YoY to US$10.6bn in FY24, mainly attributable to Salesforce’s initiatives to drive productivity and efficiency across business lines. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-healthcare-top-picks-leaping-into-the-next-month-with-more-than-half-our-list-changing-for-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Healthcare - Overall - Healthcare </a></h3><p></p><ul><li>February was a solid month for equities, with the S&P 500 gaining 5.2% and reaching a new all-time high of $5,111 in the month.</li><li>Growth dominated value, but gains across market caps were balanced with the Russell 2000 actually outpacing the S&P 500 by 25 bp.</li><li>The “magnificent 7” continues its leadership position, with the MAGS ETF gaining 12.1% on the month driven by NVDA’s strong earnings report that sent the stock up ~28.7% in the month.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/restructuring-to-focus-efforts-behind-major-franchises-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Restructuring to Focus Efforts Behind Major Franchises; Reiterate Outperform </a></h3><p></p><ul><li>EA announced a set of cost rationalizations after the close on Wednesday, including a 5% headcount reduction (~670 employees) and a re-prioritization of in-process titles, cancelations, and resource reallocations.</li><li>Notable changes include the cancelation of a Star Wars shooter title at Respawn, sunsetting a group of mobile games, and the closure of Battlefield support studio Ridgeline Games, which was headed by Halo veteran Marcus Lehto.</li><li>EA expects to incur ~$125-165M in restructuring charges in total by the end of calendar 2024.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/strategic-changes-yielding-progress-debt-refi-buys-time-for-turnaround?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Strategic Changes Yielding Progress; Debt Refi Buys Time for Turnaround </a></h3><p></p><ul><li>REAL reported 4Q GMV and revenue roughly in line w/ consensus with GMV -8.6% y/y (RJe -9.7%; St.</li><li>-8.4%) and Revenue -10.2% y/y (RJe & St.</li><li>-10.8%) while EBITDA beat at +1,365bp to 1.0% (RJe -0.8%; St.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-73f0d70b-8567-4555-bdc2-eb4d8e5ced4b?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/salesforce-crm-us-4q-results-in-line-eye-on-ai-development?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Salesforce (CRM US) - 4Q Results In-Line; Eye on AI Development</a></li><li><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-healthcare-top-picks-leaping-into-the-next-month-with-more-than-half-our-list-changing-for-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Healthcare - Overall - Healthcare</a></li><li><a href="https://www.smartkarma.com/insights/restructuring-to-focus-efforts-behind-major-franchises-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Restructuring to Focus Efforts Behind Major Franchises; Reiterate Outperform</a></li><li><a href="https://www.smartkarma.com/insights/strategic-changes-yielding-progress-debt-refi-buys-time-for-turnaround?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strategic Changes Yielding Progress; Debt Refi Buys Time for Turnaround</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-73f0d70b-8567-4555-bdc2-eb4d8e5ced4b?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYYesterday, WTI and Brent fell 0.4% and 0.3% to close at $78.26/bbl and $81.91/bbl, respectively.</li><li>Henry Hub fell 1.3% to close at $1.86 MMBtu.</li><li>U.S. benchmark equity indexes climbed Thursday with the S&P 500 reaching a record close as investors evaluated consumer spending data for January.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/salesforce-crm-us-4q-results-in-line-eye-on-ai-development?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Salesforce (CRM US) - 4Q Results In-Line; Eye on AI Development </a></h3><p></p><ul><li>Salesforce reported 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.</li><li>FY24 total revenue was up 11.2% YoY to US$34.9bn. Non-GAAP operating income grew by 19.3% YoY to US$2.92bn in 4QFY24, also in line with consensus estimate.</li><li>Full-year non-GAAP operating income delivered strong growth of 50.4% YoY to US$10.6bn in FY24, mainly attributable to Salesforce’s initiatives to drive productivity and efficiency across business lines. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/healthcare-overall-healthcare-healthcare-top-picks-leaping-into-the-next-month-with-more-than-half-our-list-changing-for-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Healthcare - Overall - Healthcare </a></h3><p></p><ul><li>February was a solid month for equities, with the S&P 500 gaining 5.2% and reaching a new all-time high of $5,111 in the month.</li><li>Growth dominated value, but gains across market caps were balanced with the Russell 2000 actually outpacing the S&P 500 by 25 bp.</li><li>The “magnificent 7” continues its leadership position, with the MAGS ETF gaining 12.1% on the month driven by NVDA’s strong earnings report that sent the stock up ~28.7% in the month.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/restructuring-to-focus-efforts-behind-major-franchises-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Restructuring to Focus Efforts Behind Major Franchises; Reiterate Outperform </a></h3><p></p><ul><li>EA announced a set of cost rationalizations after the close on Wednesday, including a 5% headcount reduction (~670 employees) and a re-prioritization of in-process titles, cancelations, and resource reallocations.</li><li>Notable changes include the cancelation of a Star Wars shooter title at Respawn, sunsetting a group of mobile games, and the closure of Battlefield support studio Ridgeline Games, which was headed by Halo veteran Marcus Lehto.</li><li>EA expects to incur ~$125-165M in restructuring charges in total by the end of calendar 2024.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/strategic-changes-yielding-progress-debt-refi-buys-time-for-turnaround?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Strategic Changes Yielding Progress; Debt Refi Buys Time for Turnaround </a></h3><p></p><ul><li>REAL reported 4Q GMV and revenue roughly in line w/ consensus with GMV -8.6% y/y (RJe -9.7%; St.</li><li>-8.4%) and Revenue -10.2% y/y (RJe & St.</li><li>-10.8%) while EBITDA beat at +1,365bp to 1.0% (RJe -0.8%; St.</li></ul>2024-03-01T20:30:17+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TDW@US"}, {"term": "KNTK@US"}, {"term": "GTLS@US"}, {"term": "EE@US"}, {"term": "ARIS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "CRM@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "THC@US"}, {"term": "ABBV@US"}, {"term": "IRON@US"}, {"term": "DXCM@US"}, {"term": "CBAY@US"}, {"term": "AGTI@US"}, {"term": "XENE@US"}, {"term": "HAE@US"}, {"term": "GTHX@US"}, {"term": "CTRE@US"}, {"term": "BSX@US"}, {"term": "APLS@US"}, {"term": "CI@US"}, {"term": "UNH@US"}, {"term": "VKTX@US"}, {"term": "QDEL@US"}, {"term": "ARDX@US"}, {"term": "NVDA@US"}, {"term": "NBIX@US"}, {"term": "GILD@US"}, {"term": "CYTK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "REAL@US"}, {"term": "ARIS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CRM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CYTK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "REAL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/332f13fb-7085-39a3-8b36-e9c3459752c7Brief USA: Apex Legends Season 20 Holding Onto Launch Momentum and more2024-03-28T22:17:22.846144+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/apex-legends-season-20-holding-onto-launch-momentum?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Apex Legends Season 20 Holding Onto Launch Momentum</a></li><li><a href="https://www.smartkarma.com/insights/consumer-staples-overall-convenience-stores-fuel-margin-volume-update-1q24-to-date-margins-up-5-y-y?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Consumer Staples - Overall - Convenience Stores</a></li><li><a href="https://www.smartkarma.com/insights/resuming-at-market-perform-solid-commercial-execution-but-will-pipeline-steal-our-sunshine?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Resuming at Market Perform: Solid Commercial Execution, but Will Pipeline Steal Our Sunshine?</a></li><li><a href="https://www.smartkarma.com/insights/4q-ebitda-mildly-misses-but-sales-and-gm-below-views?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q EBITDA Mildly Misses, but Sales and GM Below Views</a></li><li><a href="https://www.smartkarma.com/insights/mr-misunderstood?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mr. Misunderstood</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/apex-legends-season-20-holding-onto-launch-momentum?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Apex Legends Season 20 Holding Onto Launch Momentum </a></h3><p></p><ul><li>Apex Legends player counts holding up in Season 20, now tracking in line with Season 17.Apex’s Season 20 launch was a shot in the arm for the franchise, bringing average daily player counts back in line with Season 18 (note: “player counts” refers to PC player counts per SteamDB; we see no reason why console and PC player trends should not be similar).</li><li>In the two weeks since launch, player counts have held up quite well, now trending in line with Season 17 at a similar point post-launch.</li><li>While still ~15% off Season 16 (the highest player-count season to date), Season 20 has delivered on its early promise to arrest multi-season player count declines.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/consumer-staples-overall-convenience-stores-fuel-margin-volume-update-1q24-to-date-margins-up-5-y-y?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Consumer Staples - Overall - Convenience Stores </a></h3><p></p><ul><li>Fuel Margin UpdateNational U.S. fuel margins were ~$0.33 in February (2/26 end data), down sequentially from $0.37 in January.</li><li>1Q24 to-date national fuel margins are trending at $0.35, up 5% y/y, but down from the ~$0.39 2023 average national fuel margin.</li><li>Overall, national fuel margins have seen some recent pull-back on a sequential basis, partially driven by an upward move in wholesale prices (RBOB up 22% YTD).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/resuming-at-market-perform-solid-commercial-execution-but-will-pipeline-steal-our-sunshine?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Resuming at Market Perform: Solid Commercial Execution, but Will Pipeline Steal Our Sunshine? </a></h3><p></p><ul><li>We are resuming coverage of Regeneron Pharmaceuticals with a Market Perform rating.</li><li>While we think the company is executing well on its marketed products, we remain cautious on our outlook for the deeper pipeline.</li><li>The primary points to our thesis are1) While Eylea HD is off to a strong start despite not yet having a permanent J-code, and Eylea (2mg) recently staved off near-term biosimilar entrance from a competitor, we await visibility on the impact of a split market with EYLEA HD and Vabysmo, in addition to potential entrance of extended treatment interval modalities, 2)Dupixent (Sanofi partnered) indication expansion, most proximally type 2 COPD after results from BOREAS and NOTUS, in our view, is the strongest bull case for the company, though we note that the proportion of COPD that is eosinophilic (>300 cells/µL) is limited relative to asthma, 3) We anticipate Libtayo growth and two CD3 bispecific approvals (odronextamab and linvoseltamab), but oncology remains a show me story with further data needed on fianlimab and t-cell engagers, and 4) The stock is currently trading toward the higher end of its historical EV/5-year forward sales range (>5x per consensus and ~6x per our 2029E projected revenues) and above the ~4x mean trading multiple for its large cap peers.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q-ebitda-mildly-misses-but-sales-and-gm-below-views?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q EBITDA Mildly Misses, but Sales and GM Below Views </a></h3><p></p><ul><li>Summary: 4Q EBITDA was only slightly below our model and consensus, with EBITDA margins beating views.</li><li>Backlog also reached a new record level.</li><li>However, implied orders turned slightly negative y/y, and gross margin was impacted by slower than expected US SF sales.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mr-misunderstood?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Mr. Misunderstood </a></h3><p></p><ul><li>We are reiterating our Strong Buy rating on EVRI following the announcement it has entered into an agreement to combine with IGT’s gaming business once spun off.</li><li>More simply, EVRI is essentially buying IGT spin co, keeping IGT management and name, but because of significant equity issuance (103M shares), EVRI holders will now become the minority owner at 46%.</li><li>That said, the deal values EVRI’s equity at $14.37/share (~20% above current price), which is also the price that the 103M shares will be issued.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/apex-legends-season-20-holding-onto-launch-momentum?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Apex Legends Season 20 Holding Onto Launch Momentum</a></li><li><a href="https://www.smartkarma.com/insights/consumer-staples-overall-convenience-stores-fuel-margin-volume-update-1q24-to-date-margins-up-5-y-y?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Consumer Staples - Overall - Convenience Stores</a></li><li><a href="https://www.smartkarma.com/insights/resuming-at-market-perform-solid-commercial-execution-but-will-pipeline-steal-our-sunshine?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Resuming at Market Perform: Solid Commercial Execution, but Will Pipeline Steal Our Sunshine?</a></li><li><a href="https://www.smartkarma.com/insights/4q-ebitda-mildly-misses-but-sales-and-gm-below-views?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q EBITDA Mildly Misses, but Sales and GM Below Views</a></li><li><a href="https://www.smartkarma.com/insights/mr-misunderstood?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mr. Misunderstood</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/apex-legends-season-20-holding-onto-launch-momentum?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Apex Legends Season 20 Holding Onto Launch Momentum </a></h3><p></p><ul><li>Apex Legends player counts holding up in Season 20, now tracking in line with Season 17.Apex’s Season 20 launch was a shot in the arm for the franchise, bringing average daily player counts back in line with Season 18 (note: “player counts” refers to PC player counts per SteamDB; we see no reason why console and PC player trends should not be similar).</li><li>In the two weeks since launch, player counts have held up quite well, now trending in line with Season 17 at a similar point post-launch.</li><li>While still ~15% off Season 16 (the highest player-count season to date), Season 20 has delivered on its early promise to arrest multi-season player count declines.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/consumer-staples-overall-convenience-stores-fuel-margin-volume-update-1q24-to-date-margins-up-5-y-y?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Consumer Staples - Overall - Convenience Stores </a></h3><p></p><ul><li>Fuel Margin UpdateNational U.S. fuel margins were ~$0.33 in February (2/26 end data), down sequentially from $0.37 in January.</li><li>1Q24 to-date national fuel margins are trending at $0.35, up 5% y/y, but down from the ~$0.39 2023 average national fuel margin.</li><li>Overall, national fuel margins have seen some recent pull-back on a sequential basis, partially driven by an upward move in wholesale prices (RBOB up 22% YTD).</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/resuming-at-market-perform-solid-commercial-execution-but-will-pipeline-steal-our-sunshine?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Resuming at Market Perform: Solid Commercial Execution, but Will Pipeline Steal Our Sunshine? </a></h3><p></p><ul><li>We are resuming coverage of Regeneron Pharmaceuticals with a Market Perform rating.</li><li>While we think the company is executing well on its marketed products, we remain cautious on our outlook for the deeper pipeline.</li><li>The primary points to our thesis are1) While Eylea HD is off to a strong start despite not yet having a permanent J-code, and Eylea (2mg) recently staved off near-term biosimilar entrance from a competitor, we await visibility on the impact of a split market with EYLEA HD and Vabysmo, in addition to potential entrance of extended treatment interval modalities, 2)Dupixent (Sanofi partnered) indication expansion, most proximally type 2 COPD after results from BOREAS and NOTUS, in our view, is the strongest bull case for the company, though we note that the proportion of COPD that is eosinophilic (>300 cells/µL) is limited relative to asthma, 3) We anticipate Libtayo growth and two CD3 bispecific approvals (odronextamab and linvoseltamab), but oncology remains a show me story with further data needed on fianlimab and t-cell engagers, and 4) The stock is currently trading toward the higher end of its historical EV/5-year forward sales range (>5x per consensus and ~6x per our 2029E projected revenues) and above the ~4x mean trading multiple for its large cap peers.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q-ebitda-mildly-misses-but-sales-and-gm-below-views?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q EBITDA Mildly Misses, but Sales and GM Below Views </a></h3><p></p><ul><li>Summary: 4Q EBITDA was only slightly below our model and consensus, with EBITDA margins beating views.</li><li>Backlog also reached a new record level.</li><li>However, implied orders turned slightly negative y/y, and gross margin was impacted by slower than expected US SF sales.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mr-misunderstood?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Mr. Misunderstood </a></h3><p></p><ul><li>We are reiterating our Strong Buy rating on EVRI following the announcement it has entered into an agreement to combine with IGT’s gaming business once spun off.</li><li>More simply, EVRI is essentially buying IGT spin co, keeping IGT management and name, but because of significant equity issuance (103M shares), EVRI holders will now become the minority owner at 46%.</li><li>That said, the deal values EVRI’s equity at $14.37/share (~20% above current price), which is also the price that the 103M shares will be issued.</li></ul>2024-03-01T19:30:41+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EA@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MUSA@US"}, {"term": "CASY@US"}, {"term": "ARKO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "REGN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TGLS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EVRI@US"}, {"term": "EA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ARKO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "REGN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TGLS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EVRI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/519c7ae6-fb19-3d91-9e18-b7b369b26a28Brief USA: F4Q24 Quick Take — Top 20 Wins Galore, Growth Outlook Moderates Slightly and more2024-03-28T22:17:22.839902+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/f4q24-quick-take-top-20-wins-galore-growth-outlook-moderates-slightly?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q24 Quick Take — Top 20 Wins Galore, Growth Outlook Moderates Slightly</a></li><li><a href="https://www.smartkarma.com/insights/follow-up-4q-largely-as-expected-24-guidance-encouraging-but-2h-weighted-estimates-raised?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Follow-Up: 4Q Largely as Expected, '24 Guidance Encouraging But 2H-Weighted, Estimates Raised</a></li><li><a href="https://www.smartkarma.com/insights/4q-wrap-up-2024-guidance-in-line-theater-coverage-improving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Wrap Up: 2024 Guidance In Line; Theater Coverage Improving</a></li><li><a href="https://www.smartkarma.com/insights/discloses-ceo-change-material-weakness-related-to-credit-reiterate-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Discloses CEO Change, Material Weakness Related to Credit; Reiterate Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/4q23-upper-deck-bookings-beat-looks-like-a-bryce-harper-hr?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 — Upper Deck Bookings Beat Looks Like a Bryce Harper HR</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/f4q24-quick-take-top-20-wins-galore-growth-outlook-moderates-slightly?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. F4Q24 Quick Take — Top 20 Wins Galore, Growth Outlook Moderates Slightly </a></h3><p></p><ul><li>F4Q24 Results(+) Revenue:$630.6 million (+12% y/y) beat our $621.1 million estimate (also consensus) by ~1.5%.</li><li>Subscription revenue of $521.5 million (+13% y/y) exceeded our model by +1% (+$4.3 million) and professional services revenue of $109.1 million (+6% y/y) topped our model by +5% (+$5.2 million).(+) Non-GAAP Operating Income: $239.1 million also topped our forecast at $227.0 million (also consensus), driven by lower-than-modeled G&A expense.(+) Calculated Billings:$1.055 billion (+14% y/y) came in 2% above our model at $1.034 billion.(+) Non-GAAP EPS:$1.38 beat our $1.30 estimate (also consensus).F1Q25 Outlook(-) Revenue:$640-643 million (~22% y/y) came in belowthe Street at $645.7 million, with the subscription revenue outlook of ~$529 million (~28% y/y) coming in slightly below consensus of $531.2 million.(+) Non-GAAP Operating Income: $245-247 million (implied ~38% margin) topped consensus of $231.4 million (36% margin).(-) Normalized Billings: ~$630 million is below the Street at $648.9 million.(+) Non-GAAP EPS:$1.42-1.43 also beat the Street at $1.27.FY25 Outlook(-) Revenue:$2.725-2.740 billion (~16% y/y) comes in slightly below the consensus forecast for $2.749 billion, with subscription revenue guide of ~$2.25 billion (~18% y/y) ~1% below consensus of $2.266 billion.(+) Non-GAAP Operating Income: ~$1.070 billion beat the Street’s $1.010 billion projection.(-/=) Normalized Billings: ~$2.9 billion is modestly below the Street at $2.939 billion.(+) Non-GAAP EPS: ~$6.16 is well above consensus of $5.57.Quick Take: The 2% billings beat reflects solid bookings execution from Veeva in F4Q, including two top 20 biopharma wins for both EDC and Quality as well as one in Regulatory.</li><li>The biggest delta in the outlook is ~$20 million from a lower services outlook, with a ~$17 million shortfall on subscription from unfavorable linearity (this should be a key question on the call).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/follow-up-4q-largely-as-expected-24-guidance-encouraging-but-2h-weighted-estimates-raised?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Follow-Up: 4Q Largely as Expected, '24 Guidance Encouraging But 2H-Weighted, Estimates Raised </a></h3><p></p><ul><li>Our Market Perform rating on the shares of Acushnet Holdings is based on our view that while the company has benefited significantly from golf industry tailwinds and solid execution, it’s likely to face challenges in the form of a normalization in demand and promotion levels, to go along with tough comparisons for the golf ball business in 2024.4Q results consistent with guidance, EBITDA slightly better.</li><li>Acushnet Holdings (GOLF) reported 4Q results Thursday morning were largely in line with expectations, as declines in golf clubs and golf wear were offset by healthy ball sales and gross margin expansion.</li><li>Adj. EBITDA in the quarter of $(2)M compared with $25M last year, RJe $3M and Street consensus of $(1)M, though this was a bit better than implied guidance of $(3)-(13)M. At the same time, net sales fell 8% y/y (down 9% in constant currency) to $413M vs. RJe $434M, Street $429M, and implied guidance of $381-$431M, while GAAP EPS was $(0.41) vs. breakeven last year, RJe $(0.36), and Street $(0.37).Balls outperform clubs, as expected.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q-wrap-up-2024-guidance-in-line-theater-coverage-improving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q Wrap Up: 2024 Guidance In Line; Theater Coverage Improving </a></h3><p></p><ul><li>Overview: EPR posted a 4Q beat and provided 2024 FFOAA guidance in line with consensus.</li><li>EPR had an active quarter of portfolio recycling, investing $134M and disposing of $22M. The company expects to be a net acquirer of over $200M in 2024 (at the midpoint of guidance) which it can fund on a leverage-neutral basis using free cash flow (no need for additional equity).</li><li>While FFOAA is expected to be down ~7% yr/yr, excluding one-time rent deferral payments, FFOAA is expected to be up 3.2%.The focus continues to be on EPR’s theater exposure (37%) which has seen a recovery in rent coverage to pre-pandemic levels (now 1.7x) due to improved box office and higher F&B sales.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/discloses-ceo-change-material-weakness-related-to-credit-reiterate-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Discloses CEO Change, Material Weakness Related to Credit; Reiterate Market Perform </a></h3><p></p><ul><li>We view NYCB’s change in leadership as a net positive given the significant issues the bank has disclosed over the past month.</li><li>That said, the bank’s disclosure of a material weakness regarding credit policies is a significant concern that suggest credit costs could be higher for an extended period, and the workout of credit issues in both its multi-family and office portfolios will likely take an extended period.</li><li>The disclosures add to our concern about NYCB’s interest-only multi-family portfolio, which may require a long workout period unless interest rates decline.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-upper-deck-bookings-beat-looks-like-a-bryce-harper-hr?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23 — Upper Deck Bookings Beat Looks Like a Bryce Harper HR </a></h3><p></p><ul><li>We reiterate our Outperform rating on VERX following strong 4Q results that included above trend levels of upside, accelerating ARR growth (+19% y/y against a tougher comp), and a 2024 growth/profitability outlook well above consensus.</li><li>While VERX didn’t get it’s announced e-invoicing target, we believe investors should gain confidence that the organic growth of the business remains very healthy (+16% software subscription 2024 guide) with several other options to partner with/acquire before mandates start to really impact demand.</li><li>In the meantime, we continue to believe that VERX remains well-positioned as businesses look to manage costs, adapt to changing business models, and navigate changing government regulations providing its baseline mid-teens growth opportunity.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/f4q24-quick-take-top-20-wins-galore-growth-outlook-moderates-slightly?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q24 Quick Take — Top 20 Wins Galore, Growth Outlook Moderates Slightly</a></li><li><a href="https://www.smartkarma.com/insights/follow-up-4q-largely-as-expected-24-guidance-encouraging-but-2h-weighted-estimates-raised?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Follow-Up: 4Q Largely as Expected, '24 Guidance Encouraging But 2H-Weighted, Estimates Raised</a></li><li><a href="https://www.smartkarma.com/insights/4q-wrap-up-2024-guidance-in-line-theater-coverage-improving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Wrap Up: 2024 Guidance In Line; Theater Coverage Improving</a></li><li><a href="https://www.smartkarma.com/insights/discloses-ceo-change-material-weakness-related-to-credit-reiterate-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Discloses CEO Change, Material Weakness Related to Credit; Reiterate Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/4q23-upper-deck-bookings-beat-looks-like-a-bryce-harper-hr?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 — Upper Deck Bookings Beat Looks Like a Bryce Harper HR</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/f4q24-quick-take-top-20-wins-galore-growth-outlook-moderates-slightly?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. F4Q24 Quick Take — Top 20 Wins Galore, Growth Outlook Moderates Slightly </a></h3><p></p><ul><li>F4Q24 Results(+) Revenue:$630.6 million (+12% y/y) beat our $621.1 million estimate (also consensus) by ~1.5%.</li><li>Subscription revenue of $521.5 million (+13% y/y) exceeded our model by +1% (+$4.3 million) and professional services revenue of $109.1 million (+6% y/y) topped our model by +5% (+$5.2 million).(+) Non-GAAP Operating Income: $239.1 million also topped our forecast at $227.0 million (also consensus), driven by lower-than-modeled G&A expense.(+) Calculated Billings:$1.055 billion (+14% y/y) came in 2% above our model at $1.034 billion.(+) Non-GAAP EPS:$1.38 beat our $1.30 estimate (also consensus).F1Q25 Outlook(-) Revenue:$640-643 million (~22% y/y) came in belowthe Street at $645.7 million, with the subscription revenue outlook of ~$529 million (~28% y/y) coming in slightly below consensus of $531.2 million.(+) Non-GAAP Operating Income: $245-247 million (implied ~38% margin) topped consensus of $231.4 million (36% margin).(-) Normalized Billings: ~$630 million is below the Street at $648.9 million.(+) Non-GAAP EPS:$1.42-1.43 also beat the Street at $1.27.FY25 Outlook(-) Revenue:$2.725-2.740 billion (~16% y/y) comes in slightly below the consensus forecast for $2.749 billion, with subscription revenue guide of ~$2.25 billion (~18% y/y) ~1% below consensus of $2.266 billion.(+) Non-GAAP Operating Income: ~$1.070 billion beat the Street’s $1.010 billion projection.(-/=) Normalized Billings: ~$2.9 billion is modestly below the Street at $2.939 billion.(+) Non-GAAP EPS: ~$6.16 is well above consensus of $5.57.Quick Take: The 2% billings beat reflects solid bookings execution from Veeva in F4Q, including two top 20 biopharma wins for both EDC and Quality as well as one in Regulatory.</li><li>The biggest delta in the outlook is ~$20 million from a lower services outlook, with a ~$17 million shortfall on subscription from unfavorable linearity (this should be a key question on the call).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/follow-up-4q-largely-as-expected-24-guidance-encouraging-but-2h-weighted-estimates-raised?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Follow-Up: 4Q Largely as Expected, '24 Guidance Encouraging But 2H-Weighted, Estimates Raised </a></h3><p></p><ul><li>Our Market Perform rating on the shares of Acushnet Holdings is based on our view that while the company has benefited significantly from golf industry tailwinds and solid execution, it’s likely to face challenges in the form of a normalization in demand and promotion levels, to go along with tough comparisons for the golf ball business in 2024.4Q results consistent with guidance, EBITDA slightly better.</li><li>Acushnet Holdings (GOLF) reported 4Q results Thursday morning were largely in line with expectations, as declines in golf clubs and golf wear were offset by healthy ball sales and gross margin expansion.</li><li>Adj. EBITDA in the quarter of $(2)M compared with $25M last year, RJe $3M and Street consensus of $(1)M, though this was a bit better than implied guidance of $(3)-(13)M. At the same time, net sales fell 8% y/y (down 9% in constant currency) to $413M vs. RJe $434M, Street $429M, and implied guidance of $381-$431M, while GAAP EPS was $(0.41) vs. breakeven last year, RJe $(0.36), and Street $(0.37).Balls outperform clubs, as expected.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q-wrap-up-2024-guidance-in-line-theater-coverage-improving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q Wrap Up: 2024 Guidance In Line; Theater Coverage Improving </a></h3><p></p><ul><li>Overview: EPR posted a 4Q beat and provided 2024 FFOAA guidance in line with consensus.</li><li>EPR had an active quarter of portfolio recycling, investing $134M and disposing of $22M. The company expects to be a net acquirer of over $200M in 2024 (at the midpoint of guidance) which it can fund on a leverage-neutral basis using free cash flow (no need for additional equity).</li><li>While FFOAA is expected to be down ~7% yr/yr, excluding one-time rent deferral payments, FFOAA is expected to be up 3.2%.The focus continues to be on EPR’s theater exposure (37%) which has seen a recovery in rent coverage to pre-pandemic levels (now 1.7x) due to improved box office and higher F&B sales.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/discloses-ceo-change-material-weakness-related-to-credit-reiterate-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Discloses CEO Change, Material Weakness Related to Credit; Reiterate Market Perform </a></h3><p></p><ul><li>We view NYCB’s change in leadership as a net positive given the significant issues the bank has disclosed over the past month.</li><li>That said, the bank’s disclosure of a material weakness regarding credit policies is a significant concern that suggest credit costs could be higher for an extended period, and the workout of credit issues in both its multi-family and office portfolios will likely take an extended period.</li><li>The disclosures add to our concern about NYCB’s interest-only multi-family portfolio, which may require a long workout period unless interest rates decline.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-upper-deck-bookings-beat-looks-like-a-bryce-harper-hr?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23 — Upper Deck Bookings Beat Looks Like a Bryce Harper HR </a></h3><p></p><ul><li>We reiterate our Outperform rating on VERX following strong 4Q results that included above trend levels of upside, accelerating ARR growth (+19% y/y against a tougher comp), and a 2024 growth/profitability outlook well above consensus.</li><li>While VERX didn’t get it’s announced e-invoicing target, we believe investors should gain confidence that the organic growth of the business remains very healthy (+16% software subscription 2024 guide) with several other options to partner with/acquire before mandates start to really impact demand.</li><li>In the meantime, we continue to believe that VERX remains well-positioned as businesses look to manage costs, adapt to changing business models, and navigate changing government regulations providing its baseline mid-teens growth opportunity.</li></ul>2024-03-01T19:03:01+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VEEV@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GOLF@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EPR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NYCB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VERX@US"}, {"term": "VEEV@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GOLF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EPR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NYCB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VERX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/cc1b3ccb-2ee8-3825-af59-d2a57fb21479Brief USA: American Coastal Insurance Corporation - ACIC and more2024-03-28T22:17:22.831145+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/american-coastal-insurance-corporation-acic-first-look-at-4q23-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">American Coastal Insurance Corporation - ACIC</a></li><li><a href="https://www.smartkarma.com/insights/raising-estimates-and-target-after-another-quarterly-ebitda-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raising Estimates and Target After Another Quarterly EBITDA Beat</a></li><li><a href="https://www.smartkarma.com/insights/2h-inflection-as-new-initiatives-offset-slow-start-to-year?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2H Inflection As New Initiatives Offset Slow Start to Year</a></li><li><a href="https://www.smartkarma.com/insights/f4q24-report-ai-demand-drives-meaningful-upside-pt-to-120?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q24 Report: AI Demand Drives Meaningful Upside, PT to $120</a></li><li><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-credit-deteriorates-materially?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrading to Market Perform, Credit Deteriorates Materially</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/american-coastal-insurance-corporation-acic-first-look-at-4q23-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. American Coastal Insurance Corporation - ACIC </a></h3><p></p><ul><li>Event: ACIC reported 4Q23 operating EPS of $0.39 compared with our estimate of $0.21 and -$6.33 in 4Q22.Our View: ACIC reported 4Q23 results above our estimate primarily reflecting a lower-than-expected combined ratio.</li><li>The commercial lines combined ratio improved y/y to 47.1% (RJE: 65.5%) compared with 89.5% in 4Q22.</li><li>The commercial lines underlying combined ratio improved y/y to 50.9% (RJE: 59.5%) compared with 68.4% in 4Q22.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/raising-estimates-and-target-after-another-quarterly-ebitda-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Raising Estimates and Target After Another Quarterly EBITDA Beat </a></h3><p></p><ul><li>We reiterate Outperform and raise estimates and our target to $95 after another beat in F3Q. Our constructive thesis is underpinned by GMS’ ~double-digit FCF yield, which implies overly bearish LT sales or margin assumptions despite clearly inflecting pricing, an improving volume backdrop, sequentially stable margin outlook, and continued consistent/sensible repo/M&A.F3Q24 (Nov.-Jan.) adjusted EBITDA of $128M beat RJ/Street $126M and guidance ~$123-127M despite poor January weather pushing $15M in sales into the April quarter.</li><li>At a high level, the beat was via GM, as organic daily sales were roughly in line with views, and partially offset by an SG&A miss.</li><li>See Fig.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/2h-inflection-as-new-initiatives-offset-slow-start-to-year?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 2H Inflection As New Initiatives Offset Slow Start to Year </a></h3><p></p><ul><li>We maintain our Outperform rating on BBWI with a stronger than anticipated holiday showing, improved gross margins, and new categories driving incremental growth, helping offset a sluggish start to the year and declines in home fragrance, down at a low-single digit rate.</li><li>However, management reiterated its expectation for a rebound in sales in 2H, helped by less onerous comps in candles and sanitizers, which have been pressured by normalization of sales post-COVID. For FY24, we forecast sales -1% (flat when adjusting for the 53rd week in FY23), operating margin down 10 bp as management steps up brand support, and EPS $3.23.</li><li>For F1Q, we forecast a 3% y/y decline and $0.30 EPS. Overall, AUR is improving, the loyalty program is growing, the expansion into men’s, hair and home care is bringing in new consumers, and management is planning for $300M in share repurchases this year, or 2x FY23 levels.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/f4q24-report-ai-demand-drives-meaningful-upside-pt-to-120?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. F4Q24 Report: AI Demand Drives Meaningful Upside, PT to $120 </a></h3><p></p><ul><li>We maintain our Outperform rating on Dell following a solid F4Q24 (January), with a higher F1Q25 and FY25 outlook.</li><li>AI momentum has accelerated, and GPU optimized server growth is expected to drive full year ISG growth in the mid-teens.</li><li>Combined with stabilizing PC and storage, total core ISG + CSG growth now goes to ~8% at the midpoint of guidance.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-credit-deteriorates-materially?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Downgrading to Market Perform, Credit Deteriorates Materially </a></h3><p></p><ul><li>We are downgrading our rating on BlackRock TCP Capital Corp.</li><li>(TCPC) to Market Perform.Earnings were weaker than projected, as non-accruals rose again (and non-recurring income was exceptionally low) and NAV/share deteriorated materially more than expected, and we expect volatility in that core valuation metric to remain elevated for 2024.</li><li>Watch list exposure remains high vs. the group, and the process to (hopefully) recover capital from stressed assets is likely to be extended, in our view.4Q23:NII was $0.44/share, well below our estimate of $0.48/share and above consensus of $0.47/share — the shortfall was drive by a combination of higher non-accruals, and lower prepay and other income.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/american-coastal-insurance-corporation-acic-first-look-at-4q23-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">American Coastal Insurance Corporation - ACIC</a></li><li><a href="https://www.smartkarma.com/insights/raising-estimates-and-target-after-another-quarterly-ebitda-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Raising Estimates and Target After Another Quarterly EBITDA Beat</a></li><li><a href="https://www.smartkarma.com/insights/2h-inflection-as-new-initiatives-offset-slow-start-to-year?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2H Inflection As New Initiatives Offset Slow Start to Year</a></li><li><a href="https://www.smartkarma.com/insights/f4q24-report-ai-demand-drives-meaningful-upside-pt-to-120?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q24 Report: AI Demand Drives Meaningful Upside, PT to $120</a></li><li><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-credit-deteriorates-materially?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrading to Market Perform, Credit Deteriorates Materially</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/american-coastal-insurance-corporation-acic-first-look-at-4q23-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. American Coastal Insurance Corporation - ACIC </a></h3><p></p><ul><li>Event: ACIC reported 4Q23 operating EPS of $0.39 compared with our estimate of $0.21 and -$6.33 in 4Q22.Our View: ACIC reported 4Q23 results above our estimate primarily reflecting a lower-than-expected combined ratio.</li><li>The commercial lines combined ratio improved y/y to 47.1% (RJE: 65.5%) compared with 89.5% in 4Q22.</li><li>The commercial lines underlying combined ratio improved y/y to 50.9% (RJE: 59.5%) compared with 68.4% in 4Q22.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/raising-estimates-and-target-after-another-quarterly-ebitda-beat?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Raising Estimates and Target After Another Quarterly EBITDA Beat </a></h3><p></p><ul><li>We reiterate Outperform and raise estimates and our target to $95 after another beat in F3Q. Our constructive thesis is underpinned by GMS’ ~double-digit FCF yield, which implies overly bearish LT sales or margin assumptions despite clearly inflecting pricing, an improving volume backdrop, sequentially stable margin outlook, and continued consistent/sensible repo/M&A.F3Q24 (Nov.-Jan.) adjusted EBITDA of $128M beat RJ/Street $126M and guidance ~$123-127M despite poor January weather pushing $15M in sales into the April quarter.</li><li>At a high level, the beat was via GM, as organic daily sales were roughly in line with views, and partially offset by an SG&A miss.</li><li>See Fig.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/2h-inflection-as-new-initiatives-offset-slow-start-to-year?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 2H Inflection As New Initiatives Offset Slow Start to Year </a></h3><p></p><ul><li>We maintain our Outperform rating on BBWI with a stronger than anticipated holiday showing, improved gross margins, and new categories driving incremental growth, helping offset a sluggish start to the year and declines in home fragrance, down at a low-single digit rate.</li><li>However, management reiterated its expectation for a rebound in sales in 2H, helped by less onerous comps in candles and sanitizers, which have been pressured by normalization of sales post-COVID. For FY24, we forecast sales -1% (flat when adjusting for the 53rd week in FY23), operating margin down 10 bp as management steps up brand support, and EPS $3.23.</li><li>For F1Q, we forecast a 3% y/y decline and $0.30 EPS. Overall, AUR is improving, the loyalty program is growing, the expansion into men’s, hair and home care is bringing in new consumers, and management is planning for $300M in share repurchases this year, or 2x FY23 levels.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/f4q24-report-ai-demand-drives-meaningful-upside-pt-to-120?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. F4Q24 Report: AI Demand Drives Meaningful Upside, PT to $120 </a></h3><p></p><ul><li>We maintain our Outperform rating on Dell following a solid F4Q24 (January), with a higher F1Q25 and FY25 outlook.</li><li>AI momentum has accelerated, and GPU optimized server growth is expected to drive full year ISG growth in the mid-teens.</li><li>Combined with stabilizing PC and storage, total core ISG + CSG growth now goes to ~8% at the midpoint of guidance.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-credit-deteriorates-materially?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Downgrading to Market Perform, Credit Deteriorates Materially </a></h3><p></p><ul><li>We are downgrading our rating on BlackRock TCP Capital Corp.</li><li>(TCPC) to Market Perform.Earnings were weaker than projected, as non-accruals rose again (and non-recurring income was exceptionally low) and NAV/share deteriorated materially more than expected, and we expect volatility in that core valuation metric to remain elevated for 2024.</li><li>Watch list exposure remains high vs. the group, and the process to (hopefully) recover capital from stressed assets is likely to be extended, in our view.4Q23:NII was $0.44/share, well below our estimate of $0.48/share and above consensus of $0.47/share — the shortfall was drive by a combination of higher non-accruals, and lower prepay and other income.</li></ul>2024-03-01T19:02:38+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "UIHC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GMS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BBWI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DELL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TCPC@US"}, {"term": "UIHC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GMS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BBWI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DELL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TCPC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/399a79d0-173c-3039-9291-761fa83c306cBrief USA: APA Corporation: Robust Cash Flow Generation in Permian Basin & Egypt Operations & 5 Other Drivers and more2024-03-28T22:17:22.820194+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/apa-corporation-robust-cash-flow-generation-in-permian-basin-egypt-operations-5-other-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">APA Corporation: Robust Cash Flow Generation in Permian Basin & Egypt Operations & 5 Other Drivers</a></li><li><a href="https://www.smartkarma.com/insights/chomping-up-top-20-deals-like-pac-man-stay-outperform-post-strong-f4q-bookings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Chomping up Top 20 Deals Like Pac-Man; Stay Outperform Post Strong F4Q Bookings</a></li><li><a href="https://www.smartkarma.com/insights/good-will-hunting-for-cash-and-time-and-not-more-spectrum?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Good Will Hunting (for Cash and Time) and Not More Spectrum</a></li><li><a href="https://www.smartkarma.com/insights/slower-adoption-keeps-us-at-underperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Slower Adoption Keeps Us at Underperform</a></li><li><a href="https://www.smartkarma.com/insights/4q23-recap-q-guide-beat-margin-improvement-story-with-volume-upside-potential-tp-to-14?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Recap: Q/Guide Beat; Margin Improvement Story With Volume Upside Potential; TP to $14</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/apa-corporation-robust-cash-flow-generation-in-permian-basin-egypt-operations-5-other-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. APA Corporation: Robust Cash Flow Generation in Permian Basin & Egypt Operations & 5 Other Drivers </a></h3><p></p><ul>
<li>Cheniere Energy, Inc.</li>
<li>has reported substantial operational and financial attainments for Q4 and the entire year of 2023.</li>
<li>The company produced a record 637 LNG cargoes, with a total production amounting to 45 million tons, in line with their forecast.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/chomping-up-top-20-deals-like-pac-man-stay-outperform-post-strong-f4q-bookings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Chomping up Top 20 Deals Like Pac-Man; Stay Outperform Post Strong F4Q Bookings </a></h3><p></p><ul><li>We’re maintaining our Outperform rating on VEEV following an impressive F4Q bookings performance (2% billings beat), evidenced by a bevy of top 20 wins (including two more EDC wins).</li><li>As Veeva goes full “Pac-Man” on large deals, we have incremental confidence in the company’s long-term durable growth profile, which had been a previous pushback from investors.</li><li>We’re cognizant that the slightly lower outlook (mostly on services) creates some questions here, although we’d argue that Veeva facilitating more Vault CRM transitions should reduce concerns about potential CRM share loss.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/good-will-hunting-for-cash-and-time-and-not-more-spectrum?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Good Will Hunting (for Cash and Time) and Not More Spectrum </a></h3><p></p><ul><li>The merger between DISH and EchoStar (SATS) officially closed 12/31/23.</li><li>Please see our note on the closingHEREand our initial note on the mergerHERE.Noncash Goodwill Impairment Charges of $758M Muddied 4Q23 Results.</li><li>But Focus Is Still On Financial and Strategic Options To Delay/Handle Maturity Wall.The company expects to pay off the March 15, 2024 $951M remaining maturity of convertible notes using cash on hand after gaining access to legacy EchoStar’s ~$2B in cash.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/slower-adoption-keeps-us-at-underperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Slower Adoption Keeps Us at Underperform </a></h3><p></p><ul><li>Eversense adoption is ramping slower than expected.</li><li>Total users are tracking well below our model and will likely miss the Mar ‘24 user base goal set last year.</li><li>This dynamic has resulted in elevated inventory levels and will weigh on 1H24 revenue.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-recap-q-guide-beat-margin-improvement-story-with-volume-upside-potential-tp-to-14?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23 Recap: Q/Guide Beat; Margin Improvement Story With Volume Upside Potential; TP to $14 </a></h3><p></p><ul><li>Aris Water Solutions Inc.</li><li>(ARIS) was an early mover, positioning itself as a “pure-play” Permian water services investment.</li><li>ARIS differentiates by offering the most direct leverage to two investable themes: strong Delaware volume growth; and water recycling adoption.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/apa-corporation-robust-cash-flow-generation-in-permian-basin-egypt-operations-5-other-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">APA Corporation: Robust Cash Flow Generation in Permian Basin & Egypt Operations & 5 Other Drivers</a></li><li><a href="https://www.smartkarma.com/insights/chomping-up-top-20-deals-like-pac-man-stay-outperform-post-strong-f4q-bookings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Chomping up Top 20 Deals Like Pac-Man; Stay Outperform Post Strong F4Q Bookings</a></li><li><a href="https://www.smartkarma.com/insights/good-will-hunting-for-cash-and-time-and-not-more-spectrum?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Good Will Hunting (for Cash and Time) and Not More Spectrum</a></li><li><a href="https://www.smartkarma.com/insights/slower-adoption-keeps-us-at-underperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Slower Adoption Keeps Us at Underperform</a></li><li><a href="https://www.smartkarma.com/insights/4q23-recap-q-guide-beat-margin-improvement-story-with-volume-upside-potential-tp-to-14?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Recap: Q/Guide Beat; Margin Improvement Story With Volume Upside Potential; TP to $14</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/apa-corporation-robust-cash-flow-generation-in-permian-basin-egypt-operations-5-other-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. APA Corporation: Robust Cash Flow Generation in Permian Basin & Egypt Operations & 5 Other Drivers </a></h3><p></p><ul>
<li>Cheniere Energy, Inc.</li>
<li>has reported substantial operational and financial attainments for Q4 and the entire year of 2023.</li>
<li>The company produced a record 637 LNG cargoes, with a total production amounting to 45 million tons, in line with their forecast.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/chomping-up-top-20-deals-like-pac-man-stay-outperform-post-strong-f4q-bookings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Chomping up Top 20 Deals Like Pac-Man; Stay Outperform Post Strong F4Q Bookings </a></h3><p></p><ul><li>We’re maintaining our Outperform rating on VEEV following an impressive F4Q bookings performance (2% billings beat), evidenced by a bevy of top 20 wins (including two more EDC wins).</li><li>As Veeva goes full “Pac-Man” on large deals, we have incremental confidence in the company’s long-term durable growth profile, which had been a previous pushback from investors.</li><li>We’re cognizant that the slightly lower outlook (mostly on services) creates some questions here, although we’d argue that Veeva facilitating more Vault CRM transitions should reduce concerns about potential CRM share loss.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/good-will-hunting-for-cash-and-time-and-not-more-spectrum?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Good Will Hunting (for Cash and Time) and Not More Spectrum </a></h3><p></p><ul><li>The merger between DISH and EchoStar (SATS) officially closed 12/31/23.</li><li>Please see our note on the closingHEREand our initial note on the mergerHERE.Noncash Goodwill Impairment Charges of $758M Muddied 4Q23 Results.</li><li>But Focus Is Still On Financial and Strategic Options To Delay/Handle Maturity Wall.The company expects to pay off the March 15, 2024 $951M remaining maturity of convertible notes using cash on hand after gaining access to legacy EchoStar’s ~$2B in cash.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/slower-adoption-keeps-us-at-underperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Slower Adoption Keeps Us at Underperform </a></h3><p></p><ul><li>Eversense adoption is ramping slower than expected.</li><li>Total users are tracking well below our model and will likely miss the Mar ‘24 user base goal set last year.</li><li>This dynamic has resulted in elevated inventory levels and will weigh on 1H24 revenue.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-recap-q-guide-beat-margin-improvement-story-with-volume-upside-potential-tp-to-14?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23 Recap: Q/Guide Beat; Margin Improvement Story With Volume Upside Potential; TP to $14 </a></h3><p></p><ul><li>Aris Water Solutions Inc.</li><li>(ARIS) was an early mover, positioning itself as a “pure-play” Permian water services investment.</li><li>ARIS differentiates by offering the most direct leverage to two investable themes: strong Delaware volume growth; and water recycling adoption.</li></ul>2024-03-01T16:11:01+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "APA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VEEV@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SATS@US"}, {"term": "TMUS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SENS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ARIS@US"}, {"term": "APA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VEEV@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TMUS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SENS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ARIS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/47719340-dcf9-34bb-86f0-7d495b4408ceBrief USA: 4Q23 First Look: Strong End to 2023, but Is 2024 Guidance Enough to Leap Over Investor's Bar? and more2024-03-28T22:17:22.809775+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q23-first-look-strong-end-to-2023-but-is-2024-guidance-enough-to-leap-over-investor-s-bar?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 First Look: Strong End to 2023, but Is 2024 Guidance Enough to Leap Over Investor's Bar?</a></li><li><a href="https://www.smartkarma.com/insights/meeting-with-management-highlights-growth-consistency-flexibility?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Meeting With Management Highlights Growth, Consistency & Flexibility</a></li><li><a href="https://www.smartkarma.com/insights/this-is-a-hard-reset-weak-2024-guidance-going-concern-warning-future-models-in-jeopardy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">This Is a Hard Reset: Weak 2024 Guidance, Going-Concern Warning, Future Models in Jeopardy</a></li><li><a href="https://www.smartkarma.com/insights/4q-preannounced-2024-guide-conservative-as-expected-setting-the-table-for-nopain-in-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Preannounced, 2024 Guide Conservative as Expected, Setting the Table for NOPAIN in 2025</a></li><li><a href="https://www.smartkarma.com/insights/takeaways-from-investor-meeting-with-cfo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways From Investor Meeting With CFO</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q23-first-look-strong-end-to-2023-but-is-2024-guidance-enough-to-leap-over-investor-s-bar?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q23 First Look: Strong End to 2023, but Is 2024 Guidance Enough to Leap Over Investor's Bar? </a></h3><p></p><ul><li>OverviewCUBE closed out earnings season for the self storage REITs with 4Q23 results that were better-than-expected, though like peers EXR and NSA, initial 2024 guidance fell short of consensus andour more optimistic expectations (PSAwas the lone member of the group to meet 2024 expectations).</li><li>Revenue growth of 0.4% y/y decelerated 190 bp sequentially and was driven by rents up 1.8% y/y and occupancy down 110 bp y/y.</li><li>CUBE’s all-important New York portfolio – its largest at 22% of same-store revenues – saw revenue growth of 4.9% y/y, -100 bp sequentially, demonstrating the stability of the Big Apple self storage market that is less reliant on housing mobility.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/meeting-with-management-highlights-growth-consistency-flexibility?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Meeting With Management Highlights Growth, Consistency & Flexibility </a></h3><p></p><ul><li>Reiterating growth focus and flex to deliver.</li><li>We recently hosted investors with CL, including Group President Europe & EM Panos Tsourapas, Chief Supply Chain Officer Luciano Silber, Chief Data & Analytics Officer Dana Schildhouse, and Chief Investor Relations Officer and SVP, M&A John Faucher.</li><li>Overall, mgmt expressed confidence in its ability to sustain top-line driven profit acceleration, supported by the flexibility the company has built into its model over the last several years.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/this-is-a-hard-reset-weak-2024-guidance-going-concern-warning-future-models-in-jeopardy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. This Is a Hard Reset: Weak 2024 Guidance, Going-Concern Warning, Future Models in Jeopardy </a></h3><p></p><ul><li>As electric vehicle adoption progresses,we anticipate that light-duty EVs’ global market share will increase from 16% in 2023 toward 45% in 2030.</li><li>Concurrently, the degree of supply-push competition, involving legacy automakers as well as new entrants, is gradually intensifying.</li><li>Beyond the elevated operational risk as Fisker scales up production, the company’s recent cash troubles have raised more fundamental questions about the long-term viability of the business without a strategic partner entering the picture.We maintain our Market Perform rating.As telegraphed, 4Q23 production throttled amid delivery bottlenecks.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q-preannounced-2024-guide-conservative-as-expected-setting-the-table-for-nopain-in-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q Preannounced, 2024 Guide Conservative as Expected, Setting the Table for NOPAIN in 2025 </a></h3><p></p><ul><li>4Q results were not a surprise since revenue was preannounced in early Jan.</li><li>(slightly beat RJe/cons.); lower opex offset lower GM driving slight EPS beat.</li><li>Bigger focus was 2024 guidance, and it was conservative as expected (we had flagged Street was too high, we were in range towards higher end).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/takeaways-from-investor-meeting-with-cfo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Takeaways From Investor Meeting With CFO </a></h3><p></p><ul><li>On Thursday, we hosted a meeting with AT&T (T) CFO Pascal Desroches and European investors at the company’s Dallas headquarters.</li><li>The meeting was well-attended and featured discussion of topics including the outlook for 2024, wireless positioning, fiber construction and strategy, and capex.</li><li>We have the following takeaways:Outlook Reiterated.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q23-first-look-strong-end-to-2023-but-is-2024-guidance-enough-to-leap-over-investor-s-bar?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 First Look: Strong End to 2023, but Is 2024 Guidance Enough to Leap Over Investor's Bar?</a></li><li><a href="https://www.smartkarma.com/insights/meeting-with-management-highlights-growth-consistency-flexibility?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Meeting With Management Highlights Growth, Consistency & Flexibility</a></li><li><a href="https://www.smartkarma.com/insights/this-is-a-hard-reset-weak-2024-guidance-going-concern-warning-future-models-in-jeopardy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">This Is a Hard Reset: Weak 2024 Guidance, Going-Concern Warning, Future Models in Jeopardy</a></li><li><a href="https://www.smartkarma.com/insights/4q-preannounced-2024-guide-conservative-as-expected-setting-the-table-for-nopain-in-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Preannounced, 2024 Guide Conservative as Expected, Setting the Table for NOPAIN in 2025</a></li><li><a href="https://www.smartkarma.com/insights/takeaways-from-investor-meeting-with-cfo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways From Investor Meeting With CFO</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q23-first-look-strong-end-to-2023-but-is-2024-guidance-enough-to-leap-over-investor-s-bar?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q23 First Look: Strong End to 2023, but Is 2024 Guidance Enough to Leap Over Investor's Bar? </a></h3><p></p><ul><li>OverviewCUBE closed out earnings season for the self storage REITs with 4Q23 results that were better-than-expected, though like peers EXR and NSA, initial 2024 guidance fell short of consensus andour more optimistic expectations (PSAwas the lone member of the group to meet 2024 expectations).</li><li>Revenue growth of 0.4% y/y decelerated 190 bp sequentially and was driven by rents up 1.8% y/y and occupancy down 110 bp y/y.</li><li>CUBE’s all-important New York portfolio – its largest at 22% of same-store revenues – saw revenue growth of 4.9% y/y, -100 bp sequentially, demonstrating the stability of the Big Apple self storage market that is less reliant on housing mobility.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/meeting-with-management-highlights-growth-consistency-flexibility?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Meeting With Management Highlights Growth, Consistency & Flexibility </a></h3><p></p><ul><li>Reiterating growth focus and flex to deliver.</li><li>We recently hosted investors with CL, including Group President Europe & EM Panos Tsourapas, Chief Supply Chain Officer Luciano Silber, Chief Data & Analytics Officer Dana Schildhouse, and Chief Investor Relations Officer and SVP, M&A John Faucher.</li><li>Overall, mgmt expressed confidence in its ability to sustain top-line driven profit acceleration, supported by the flexibility the company has built into its model over the last several years.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/this-is-a-hard-reset-weak-2024-guidance-going-concern-warning-future-models-in-jeopardy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. This Is a Hard Reset: Weak 2024 Guidance, Going-Concern Warning, Future Models in Jeopardy </a></h3><p></p><ul><li>As electric vehicle adoption progresses,we anticipate that light-duty EVs’ global market share will increase from 16% in 2023 toward 45% in 2030.</li><li>Concurrently, the degree of supply-push competition, involving legacy automakers as well as new entrants, is gradually intensifying.</li><li>Beyond the elevated operational risk as Fisker scales up production, the company’s recent cash troubles have raised more fundamental questions about the long-term viability of the business without a strategic partner entering the picture.We maintain our Market Perform rating.As telegraphed, 4Q23 production throttled amid delivery bottlenecks.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q-preannounced-2024-guide-conservative-as-expected-setting-the-table-for-nopain-in-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q Preannounced, 2024 Guide Conservative as Expected, Setting the Table for NOPAIN in 2025 </a></h3><p></p><ul><li>4Q results were not a surprise since revenue was preannounced in early Jan.</li><li>(slightly beat RJe/cons.); lower opex offset lower GM driving slight EPS beat.</li><li>Bigger focus was 2024 guidance, and it was conservative as expected (we had flagged Street was too high, we were in range towards higher end).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/takeaways-from-investor-meeting-with-cfo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Takeaways From Investor Meeting With CFO </a></h3><p></p><ul><li>On Thursday, we hosted a meeting with AT&T (T) CFO Pascal Desroches and European investors at the company’s Dallas headquarters.</li><li>The meeting was well-attended and featured discussion of topics including the outlook for 2024, wireless positioning, fiber construction and strategy, and capex.</li><li>We have the following takeaways:Outlook Reiterated.</li></ul>2024-03-01T15:30:21+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CUBE@US"}, {"term": "PSA@US"}, {"term": "NSA@US"}, {"term": "EXR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FSR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PCRX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "T@US"}, {"term": "CMCSA@US"}, {"term": "WOW@US"}, {"term": "AMT@US"}, {"term": "NOK@US"}, {"term": "SBAC@US"}, {"term": "CCI@US"}, {"term": "ATUS@US"}, {"term": "CHTR@US"}, {"term": "LUMN@US"}, {"term": "CABO@US"}, {"term": "FYBR@US"}, {"term": "TMUS@US"}, {"term": "VZ@US"}, {"term": "CCOI@US"}, {"term": "SHEN@US"}, {"term": "USM@US"}, {"term": "DY@US"}, {"term": "EXR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FSR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PCRX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/03a0613b-884d-3178-8dae-f0ba24b3d769Brief USA: Wingstop Inc.: Initiation Of Coverage - These Are The 6 Big Catalysts For Its Future Growth! - Financial Forecasts and more2024-03-28T22:17:22.803491+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/wingstop-inc-initiation-of-coverage-these-are-the-6-big-catalysts-for-its-future-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Wingstop Inc.: Initiation Of Coverage - These Are The 6 Big Catalysts For Its Future Growth! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/rivian-automotive-initiation-of-coverage-5-major-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Rivian Automotive: Initiation Of Coverage - 5 Major Factors Driving Growth! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/moderna-inc-initiation-of-coverage-product-pipeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Moderna Inc: Initiation Of Coverage - Product Pipeline</a></li><li><a href="https://www.smartkarma.com/insights/quanta-services-how-long-will-the-renewable-growth-story-continue-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Quanta Services: How Long Will The Renewable Growth Story Continue? - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/cheniere-energy-will-its-highly-contracted-business-model-work-in-the-long-run-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Cheniere Energy: Will Its Highly Contracted Business Model Work In The Long Run? - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/wingstop-inc-initiation-of-coverage-these-are-the-6-big-catalysts-for-its-future-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Wingstop Inc.: Initiation Of Coverage - These Are The 6 Big Catalysts For Its Future Growth! - Financial Forecasts </a></h3><p></p><ul><li>The Wingstop Fiscal Fourth Quarter and Full Year 2023 Earnings highlighted the company's substantial progress with its strategies involving same-store sales growth, brand partner returns, and growth acceleration.</li><li>An eye-catching declaration from Wingstop was that 2023 was its strongest financial year on record, demonstrated simultaneously through its industry-leading results and marking its 20th consecutive year of same-store sales growth.</li><li>Furthermore, Wingstop managed to grow to over $3.5 billion in system-wide sales- a growth spurt of 27%- coupled with the opening of a record-breaking 255 net new restaurants..</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/rivian-automotive-initiation-of-coverage-5-major-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Rivian Automotive: Initiation Of Coverage - 5 Major Factors Driving Growth! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on automobile major, Rivian Automotive.</li><li>The company has made significant progress, doubling its production and deliveries and surpassing its initial production guidance by over 7,000 vehicles.</li><li>The production ramp-up and introduction of new technologies came with challenges, but the company believes that the gained experience will be helpful in executing its 2024 plan.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/moderna-inc-initiation-of-coverage-product-pipeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Moderna Inc: Initiation Of Coverage - Product Pipeline </a></h3><p></p><ul><li>This is our first report on Moderna, Inc., a renowned biotechnology company utilizing mRNA technology in the development of therapeutics and vaccines.</li><li>The company entered 2024 optimistic despite challenging 2023 results.</li><li>The company's revenue for 2023 stood at $6.1 billion, with a net loss of $4.7 billion.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/quanta-services-how-long-will-the-renewable-growth-story-continue-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Quanta Services: How Long Will The Renewable Growth Story Continue? - Financial Forecasts </a></h3><p></p><ul><li>Quanta Services, Inc., a provider of specialized contracting services, reported fourth-quarter and full-year results for 2023 reflecting double-digit growth in revenues and earnings, pointing to robust demand and solid execution.</li><li>Total year-end backlog was $30.1 billion, indicative of the company's enduring client relationships and momentum entering 2024.</li><li>Record revenue was achieved 6 out of the last 7 years along with 6 consecutive years of record-adjusted EBITDA and 7 years of continuous record-adjusted earnings per share, aided by Quanta's operational and financial platform backed by over 50,000 dedicated employees.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/cheniere-energy-will-its-highly-contracted-business-model-work-in-the-long-run-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Cheniere Energy: Will Its Highly Contracted Business Model Work In The Long Run? - Financial Forecasts </a></h3><p></p><ul><li>Cheniere Energy, Inc.</li><li>has reported substantial operational and financial attainments for Q4 and the entire year of 2023.</li><li>The company produced a record 637 LNG cargoes, with a total production amounting to 45 million tons, in line with their forecast.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/wingstop-inc-initiation-of-coverage-these-are-the-6-big-catalysts-for-its-future-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Wingstop Inc.: Initiation Of Coverage - These Are The 6 Big Catalysts For Its Future Growth! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/rivian-automotive-initiation-of-coverage-5-major-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Rivian Automotive: Initiation Of Coverage - 5 Major Factors Driving Growth! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/moderna-inc-initiation-of-coverage-product-pipeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Moderna Inc: Initiation Of Coverage - Product Pipeline</a></li><li><a href="https://www.smartkarma.com/insights/quanta-services-how-long-will-the-renewable-growth-story-continue-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Quanta Services: How Long Will The Renewable Growth Story Continue? - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/cheniere-energy-will-its-highly-contracted-business-model-work-in-the-long-run-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Cheniere Energy: Will Its Highly Contracted Business Model Work In The Long Run? - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/wingstop-inc-initiation-of-coverage-these-are-the-6-big-catalysts-for-its-future-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Wingstop Inc.: Initiation Of Coverage - These Are The 6 Big Catalysts For Its Future Growth! - Financial Forecasts </a></h3><p></p><ul><li>The Wingstop Fiscal Fourth Quarter and Full Year 2023 Earnings highlighted the company's substantial progress with its strategies involving same-store sales growth, brand partner returns, and growth acceleration.</li><li>An eye-catching declaration from Wingstop was that 2023 was its strongest financial year on record, demonstrated simultaneously through its industry-leading results and marking its 20th consecutive year of same-store sales growth.</li><li>Furthermore, Wingstop managed to grow to over $3.5 billion in system-wide sales- a growth spurt of 27%- coupled with the opening of a record-breaking 255 net new restaurants..</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/rivian-automotive-initiation-of-coverage-5-major-factors-driving-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Rivian Automotive: Initiation Of Coverage - 5 Major Factors Driving Growth! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on automobile major, Rivian Automotive.</li><li>The company has made significant progress, doubling its production and deliveries and surpassing its initial production guidance by over 7,000 vehicles.</li><li>The production ramp-up and introduction of new technologies came with challenges, but the company believes that the gained experience will be helpful in executing its 2024 plan.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/moderna-inc-initiation-of-coverage-product-pipeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Moderna Inc: Initiation Of Coverage - Product Pipeline </a></h3><p></p><ul><li>This is our first report on Moderna, Inc., a renowned biotechnology company utilizing mRNA technology in the development of therapeutics and vaccines.</li><li>The company entered 2024 optimistic despite challenging 2023 results.</li><li>The company's revenue for 2023 stood at $6.1 billion, with a net loss of $4.7 billion.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/quanta-services-how-long-will-the-renewable-growth-story-continue-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Quanta Services: How Long Will The Renewable Growth Story Continue? - Financial Forecasts </a></h3><p></p><ul><li>Quanta Services, Inc., a provider of specialized contracting services, reported fourth-quarter and full-year results for 2023 reflecting double-digit growth in revenues and earnings, pointing to robust demand and solid execution.</li><li>Total year-end backlog was $30.1 billion, indicative of the company's enduring client relationships and momentum entering 2024.</li><li>Record revenue was achieved 6 out of the last 7 years along with 6 consecutive years of record-adjusted EBITDA and 7 years of continuous record-adjusted earnings per share, aided by Quanta's operational and financial platform backed by over 50,000 dedicated employees.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/cheniere-energy-will-its-highly-contracted-business-model-work-in-the-long-run-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Cheniere Energy: Will Its Highly Contracted Business Model Work In The Long Run? - Financial Forecasts </a></h3><p></p><ul><li>Cheniere Energy, Inc.</li><li>has reported substantial operational and financial attainments for Q4 and the entire year of 2023.</li><li>The company produced a record 637 LNG cargoes, with a total production amounting to 45 million tons, in line with their forecast.</li></ul>2024-03-01T15:00:22+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "WING@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "RIVN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MRNA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "PWR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "LNG@US"}, {"term": "WING@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RIVN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MRNA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PWR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LNG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/08565b8e-7c0f-362f-accd-5dff5c401f89Brief USA: Pioneer Natural Resources: A Tale of Investments in New Technologies for Improved Recovery! - Major Driver and more2024-03-28T22:17:22.793462+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/pioneer-natural-resources-a-tale-of-investments-in-new-technologies-for-improved-recovery-major-driver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Pioneer Natural Resources: A Tale of Investments in New Technologies for Improved Recovery! - Major Driver</a></li><li><a href="https://www.smartkarma.com/insights/booking-holdings-inc-leveraging-technology-ai-for-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Booking Holdings Inc: Leveraging Technology & AI For Growth! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/etsy-inc-investment-in-marketing-potential-payback-5-major-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Etsy Inc.: Investment in Marketing & Potential Payback & 5 Major Drivers - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/copart-inc-will-the-expansion-of-noninsurance-business-catalyze-its-future-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Copart Inc: Will The Expansion of Noninsurance Business Catalyze Its Future Growth? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/block-inc-expansion-of-financial-services-through-the-cash-app-5-growth-catalysts-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Block Inc.: Expansion Of Financial Services Through The Cash App & 5 Growth Catalysts! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/pioneer-natural-resources-a-tale-of-investments-in-new-technologies-for-improved-recovery-major-driver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Pioneer Natural Resources: A Tale of Investments in New Technologies for Improved Recovery! - Major Driver </a></h3><p></p><ul><li>Pioneer Natural Resources attained strong results in its second quarter with oil production near the top end of its guidance range thanks to improved well performance and efficient operations.</li><li>The increased production and concurrent lowering of full year 2023 capital guidance suggests an enduring strength in Pioneer's capital efficiency.</li><li>In addition, the company also successfully returned 75% of its free cash flow to shareholders through dividends and opportunistic share repurchases, signaling strong financial management and a focus on shareholder value.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/booking-holdings-inc-leveraging-technology-ai-for-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Booking Holdings Inc: Leveraging Technology & AI For Growth! - Major Drivers </a></h3><p></p><ul><li>Booking Holdings recently reported solid Q4 and full-year 2023 results due to global leisure travel demand resilience.</li><li>Room nights grew by 9% YoY, and revenue of $4.8 billion alongside adjusted EBITDA of $1.5 billion exceeded expectations.</li><li>Non-GAAP earnings per share also grew by 29% YoY, attributed to a reduced share count from the previous year.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/etsy-inc-investment-in-marketing-potential-payback-5-major-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Etsy Inc.: Investment in Marketing & Potential Payback & 5 Major Drivers - Financial Forecasts </a></h3><p></p><ul><li>Etsy Inc., a renowned online marketplace for handcrafted goods, released its fourth-quarter results which were fairly decent.</li><li>For 2023, Etsy reported revenue at a record $2.7 billion, up around 7% from the previous year.</li><li>There is confidence in the firm's robust financial model, given its solid revenue growth, significant levels of profit, and strong cash flow, which bodes well for long-term sustainable growth.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/copart-inc-will-the-expansion-of-noninsurance-business-catalyze-its-future-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Copart Inc: Will The Expansion of Noninsurance Business Catalyze Its Future Growth? - Major Drivers </a></h3><p></p><ul><li>Copart, Inc, a leading provider of online vehicle auctions, recently disclosed its second-quarter financial results for the fiscal year 2024.</li><li>The recorded statements offered valuable insights into the company's operational and financial advancements during the period.</li><li>In the insurance business, the company reported profitable growth despite slight disturbances in the comparison metrics, primarily caused by significant catastrophic events in the previous year, including Hurricane Ian.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/block-inc-expansion-of-financial-services-through-the-cash-app-5-growth-catalysts-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Block Inc.: Expansion Of Financial Services Through The Cash App & 5 Growth Catalysts! - Financial Forecasts </a></h3><p></p><ul><li>Block has shown considerable growth in gross profit with an impressive 25% increase year over year, largely driven by the strong performance of its Cash App.</li><li>Adjusted EBITDA was up by 81% compared to previous year, proving positive focus on efficiency and profitability.</li><li>The execution of its investment framework and consistent progress towards achieving its Rule of 40 target in 2026, were also remarkable.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/pioneer-natural-resources-a-tale-of-investments-in-new-technologies-for-improved-recovery-major-driver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Pioneer Natural Resources: A Tale of Investments in New Technologies for Improved Recovery! - Major Driver</a></li><li><a href="https://www.smartkarma.com/insights/booking-holdings-inc-leveraging-technology-ai-for-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Booking Holdings Inc: Leveraging Technology & AI For Growth! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/etsy-inc-investment-in-marketing-potential-payback-5-major-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Etsy Inc.: Investment in Marketing & Potential Payback & 5 Major Drivers - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/copart-inc-will-the-expansion-of-noninsurance-business-catalyze-its-future-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Copart Inc: Will The Expansion of Noninsurance Business Catalyze Its Future Growth? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/block-inc-expansion-of-financial-services-through-the-cash-app-5-growth-catalysts-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Block Inc.: Expansion Of Financial Services Through The Cash App & 5 Growth Catalysts! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/pioneer-natural-resources-a-tale-of-investments-in-new-technologies-for-improved-recovery-major-driver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Pioneer Natural Resources: A Tale of Investments in New Technologies for Improved Recovery! - Major Driver </a></h3><p></p><ul><li>Pioneer Natural Resources attained strong results in its second quarter with oil production near the top end of its guidance range thanks to improved well performance and efficient operations.</li><li>The increased production and concurrent lowering of full year 2023 capital guidance suggests an enduring strength in Pioneer's capital efficiency.</li><li>In addition, the company also successfully returned 75% of its free cash flow to shareholders through dividends and opportunistic share repurchases, signaling strong financial management and a focus on shareholder value.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/booking-holdings-inc-leveraging-technology-ai-for-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Booking Holdings Inc: Leveraging Technology & AI For Growth! - Major Drivers </a></h3><p></p><ul><li>Booking Holdings recently reported solid Q4 and full-year 2023 results due to global leisure travel demand resilience.</li><li>Room nights grew by 9% YoY, and revenue of $4.8 billion alongside adjusted EBITDA of $1.5 billion exceeded expectations.</li><li>Non-GAAP earnings per share also grew by 29% YoY, attributed to a reduced share count from the previous year.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/etsy-inc-investment-in-marketing-potential-payback-5-major-drivers-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Etsy Inc.: Investment in Marketing & Potential Payback & 5 Major Drivers - Financial Forecasts </a></h3><p></p><ul><li>Etsy Inc., a renowned online marketplace for handcrafted goods, released its fourth-quarter results which were fairly decent.</li><li>For 2023, Etsy reported revenue at a record $2.7 billion, up around 7% from the previous year.</li><li>There is confidence in the firm's robust financial model, given its solid revenue growth, significant levels of profit, and strong cash flow, which bodes well for long-term sustainable growth.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/copart-inc-will-the-expansion-of-noninsurance-business-catalyze-its-future-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Copart Inc: Will The Expansion of Noninsurance Business Catalyze Its Future Growth? - Major Drivers </a></h3><p></p><ul><li>Copart, Inc, a leading provider of online vehicle auctions, recently disclosed its second-quarter financial results for the fiscal year 2024.</li><li>The recorded statements offered valuable insights into the company's operational and financial advancements during the period.</li><li>In the insurance business, the company reported profitable growth despite slight disturbances in the comparison metrics, primarily caused by significant catastrophic events in the previous year, including Hurricane Ian.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/block-inc-expansion-of-financial-services-through-the-cash-app-5-growth-catalysts-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Block Inc.: Expansion Of Financial Services Through The Cash App & 5 Growth Catalysts! - Financial Forecasts </a></h3><p></p><ul><li>Block has shown considerable growth in gross profit with an impressive 25% increase year over year, largely driven by the strong performance of its Cash App.</li><li>Adjusted EBITDA was up by 81% compared to previous year, proving positive focus on efficiency and profitability.</li><li>The execution of its investment framework and consistent progress towards achieving its Rule of 40 target in 2026, were also remarkable.</li></ul>2024-03-01T14:02:57+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "PXD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "BKNG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ETSY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CPRT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "SQ@US"}, {"term": "PXD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BKNG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ETSY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CPRT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SQ@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/b823a9b0-bac3-356d-b1ff-e96626405a6cBrief USA: EOG Resources Inc.: Can Its Investment in Organic Exploration Drive Growth? - Financial Forecasts and more2024-03-28T22:17:22.786321+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/eog-resources-inc-can-its-investment-in-organic-exploration-drive-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EOG Resources Inc.: Can Its Investment in Organic Exploration Drive Growth? - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/intuit-inc-how-significant-are-their-advancements-in-artificial-intelligence-capabilities-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Intuit Inc.: How Significant Are Their Advancements In Artificial Intelligence Capabilities? - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/keurig-dr-pepper-inc-investing-in-innovation-expansion-to-expand-market-share-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Keurig Dr Pepper Inc.: Investing in Innovation & Expansion To Expand Market Share! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Big Question: Can Today's AI Surge Last?</a></li><li><a href="https://www.smartkarma.com/insights/4q-results-healthy-despite-margin-miss-2024-guidance-reasonable-estimates-tp-tweaked?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Results Healthy Despite Margin Miss, 2024 Guidance Reasonable, Estimates/TP Tweaked</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/eog-resources-inc-can-its-investment-in-organic-exploration-drive-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. EOG Resources Inc.: Can Its Investment in Organic Exploration Drive Growth? - Financial Forecasts </a></h3><p></p><ul><li>EOG Resources had an impressive financial performance in Q4 and 2023, primarily characterized by strong volume growth, the delivery of their production milestone, and the generation of significant free cash flow.</li><li>EOG achieved their production milestone, producing more than 1 million barrels of oil equivalent per day, beating their volume targets.</li><li>Their adjusted net income was $6.8 billion, a return on capital employed of 31%.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/intuit-inc-how-significant-are-their-advancements-in-artificial-intelligence-capabilities-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Intuit Inc.: How Significant Are Their Advancements In Artificial Intelligence Capabilities? - Financial Forecasts </a></h3><p></p><ul><li>Intuit, a leading provider of financial management software solutions, has shown strong performance in its second quarter of fiscal year 2024.</li><li>Reinforcing the company's commitment to become a global Artificial Intelligence (AI)-driven expert platform, Intuit reported an 11% growth in revenue, and is on track to achieve its full fiscal year guidance of 11% to 12% revenue growth.</li><li>As for Intuit's tax service, TurboTax, revenue growth of 7% to 8% is expected for the Consumer Group for the full fiscal year.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/keurig-dr-pepper-inc-investing-in-innovation-expansion-to-expand-market-share-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Keurig Dr Pepper Inc.: Investing in Innovation & Expansion To Expand Market Share! - Key Drivers </a></h3><p></p><ul><li>Based on the recent earnings of Keurig Dr Pepper (KDP), one might observe a mixed outlook for the company.</li><li>KDP delivered promising growth in its majority business areas and leveraged capital efficient partnerships to penetrate high-growth markets.</li><li>These moves contributed to the 5% growth in full-year constant currency net sales and 6% advancement in EPS. However, it is important to note that the strong EPS growth was largely due to eliminating the contribution from non operational gains, implying a heavy reliance on non-operational items in previous years.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The Big Question: Can Today's AI Surge Last? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/962/original/image_96342575621709268603132.png?1709268606"/> <ul>
<li>The AI GPU market has been exploding, and this has turned the DRAM market's downturn into a strong upturn</li>
<li>With this growth, DRAM manufacturers have seen their business turn around, thanks to increased use of HBM</li>
<li>Two questions concern us: Will AI growth last? Will increased competition in HBM DRAM create a price collapse?</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q-results-healthy-despite-margin-miss-2024-guidance-reasonable-estimates-tp-tweaked?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q Results Healthy Despite Margin Miss, 2024 Guidance Reasonable, Estimates/TP Tweaked </a></h3><p></p><ul><li>We are maintaining our Strong Buy rating on the shares of Xponential Fitness as we continue to believe the company’s leading position in the attractive boutique fitness market and numerous growth opportunities more than offset any macroeconomic, competitive, or execution risks.4Q beats on revs, in line with Street on EBITDA. Xponential Fitness (XPOF) reported strong 4Q results Thursday afternoon driven by continued healthy studio growth and AUVs, reflecting solid increases in membership and visits.</li><li>Adjusted EBITDA in the quarter increased 38% y/y to $30.8M, below RJe $31.4M though in line with the Street as well as implied guidance of $29.9-31.9M. Revenue increased 27% y/y to $90.2M, well ahead of RJe $80.0M, Street $81.7M and implied guidance of $76.5-81.5M, with North America same-store sales up 14% y/y.</li><li>Adjusted EBITDA margin increased 290 bp y/y to 34.0%, vs. RJe 39.2% reflecting operating leverage though partially offset by higher operating costs associated with company-owned transition studios (reduced to four currently vs. 84 at the end of June).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/eog-resources-inc-can-its-investment-in-organic-exploration-drive-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EOG Resources Inc.: Can Its Investment in Organic Exploration Drive Growth? - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/intuit-inc-how-significant-are-their-advancements-in-artificial-intelligence-capabilities-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Intuit Inc.: How Significant Are Their Advancements In Artificial Intelligence Capabilities? - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/keurig-dr-pepper-inc-investing-in-innovation-expansion-to-expand-market-share-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Keurig Dr Pepper Inc.: Investing in Innovation & Expansion To Expand Market Share! - Key Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Big Question: Can Today's AI Surge Last?</a></li><li><a href="https://www.smartkarma.com/insights/4q-results-healthy-despite-margin-miss-2024-guidance-reasonable-estimates-tp-tweaked?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Results Healthy Despite Margin Miss, 2024 Guidance Reasonable, Estimates/TP Tweaked</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/eog-resources-inc-can-its-investment-in-organic-exploration-drive-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. EOG Resources Inc.: Can Its Investment in Organic Exploration Drive Growth? - Financial Forecasts </a></h3><p></p><ul><li>EOG Resources had an impressive financial performance in Q4 and 2023, primarily characterized by strong volume growth, the delivery of their production milestone, and the generation of significant free cash flow.</li><li>EOG achieved their production milestone, producing more than 1 million barrels of oil equivalent per day, beating their volume targets.</li><li>Their adjusted net income was $6.8 billion, a return on capital employed of 31%.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/intuit-inc-how-significant-are-their-advancements-in-artificial-intelligence-capabilities-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Intuit Inc.: How Significant Are Their Advancements In Artificial Intelligence Capabilities? - Financial Forecasts </a></h3><p></p><ul><li>Intuit, a leading provider of financial management software solutions, has shown strong performance in its second quarter of fiscal year 2024.</li><li>Reinforcing the company's commitment to become a global Artificial Intelligence (AI)-driven expert platform, Intuit reported an 11% growth in revenue, and is on track to achieve its full fiscal year guidance of 11% to 12% revenue growth.</li><li>As for Intuit's tax service, TurboTax, revenue growth of 7% to 8% is expected for the Consumer Group for the full fiscal year.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/keurig-dr-pepper-inc-investing-in-innovation-expansion-to-expand-market-share-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Keurig Dr Pepper Inc.: Investing in Innovation & Expansion To Expand Market Share! - Key Drivers </a></h3><p></p><ul><li>Based on the recent earnings of Keurig Dr Pepper (KDP), one might observe a mixed outlook for the company.</li><li>KDP delivered promising growth in its majority business areas and leveraged capital efficient partnerships to penetrate high-growth markets.</li><li>These moves contributed to the 5% growth in full-year constant currency net sales and 6% advancement in EPS. However, it is important to note that the strong EPS growth was largely due to eliminating the contribution from non operational gains, implying a heavy reliance on non-operational items in previous years.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The Big Question: Can Today's AI Surge Last? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/962/original/image_96342575621709268603132.png?1709268606"/> <ul>
<li>The AI GPU market has been exploding, and this has turned the DRAM market's downturn into a strong upturn</li>
<li>With this growth, DRAM manufacturers have seen their business turn around, thanks to increased use of HBM</li>
<li>Two questions concern us: Will AI growth last? Will increased competition in HBM DRAM create a price collapse?</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q-results-healthy-despite-margin-miss-2024-guidance-reasonable-estimates-tp-tweaked?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q Results Healthy Despite Margin Miss, 2024 Guidance Reasonable, Estimates/TP Tweaked </a></h3><p></p><ul><li>We are maintaining our Strong Buy rating on the shares of Xponential Fitness as we continue to believe the company’s leading position in the attractive boutique fitness market and numerous growth opportunities more than offset any macroeconomic, competitive, or execution risks.4Q beats on revs, in line with Street on EBITDA. Xponential Fitness (XPOF) reported strong 4Q results Thursday afternoon driven by continued healthy studio growth and AUVs, reflecting solid increases in membership and visits.</li><li>Adjusted EBITDA in the quarter increased 38% y/y to $30.8M, below RJe $31.4M though in line with the Street as well as implied guidance of $29.9-31.9M. Revenue increased 27% y/y to $90.2M, well ahead of RJe $80.0M, Street $81.7M and implied guidance of $76.5-81.5M, with North America same-store sales up 14% y/y.</li><li>Adjusted EBITDA margin increased 290 bp y/y to 34.0%, vs. RJe 39.2% reflecting operating leverage though partially offset by higher operating costs associated with company-owned transition studios (reduced to four currently vs. 84 at the end of June).</li></ul>2024-03-01T14:02:38+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "EOG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "INTU@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "KDP@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "SAUDI ARABIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "SHORTS"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "AMD@US"}, {"term": "INTC@US"}, {"term": "BABA@US"}, {"term": "BIDU@US"}, {"term": "MSFT@US"}, {"term": "AMZN@US"}, {"term": "META@US"}, {"term": "GOOG@US"}, {"term": "MU@US"}, {"term": "000660@KS"}, {"term": "SMSN@LI"}, {"term": "NVDA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "XPOF@US"}, {"term": "EOG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "INTU@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "KDP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NVDA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XPOF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/eae460ec-1707-3303-85b8-229bbbf6bf1cBrief USA: Volatile Trading on Medicare Noise Masks Reaction to Solid 4Q and more2024-03-28T22:17:22.775659+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/volatile-trading-on-medicare-noise-masks-reaction-to-solid-4q?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Volatile Trading on Medicare Noise Masks Reaction to Solid 4Q</a></li><li><a href="https://www.smartkarma.com/insights/4q-profitability-and-mix-continues-to-improve-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q: Profitability and Mix Continues to Improve; Outperform</a></li><li><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-industry-demand-remains-soft?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reaffirm Market Perform; Industry Demand Remains Soft</a></li><li><a href="https://www.smartkarma.com/insights/final-fy23-revs-slightly-miss-fy24-sales-guidance-lowered-to-reflect-translarna-mkt-removal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Final FY23 Revs Slightly Miss; FY24 Sales Guidance Lowered to Reflect Translarna Mkt Removal</a></li><li><a href="https://www.smartkarma.com/insights/big-guidance-surprise-drives-20-stock-rebound-it-s-a-show-me-story-at-current-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Big Guidance Surprise Drives 20% Stock Rebound; It's a Show-Me Story at Current Valuation</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/volatile-trading-on-medicare-noise-masks-reaction-to-solid-4q?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Volatile Trading on Medicare Noise Masks Reaction to Solid 4Q </a></h3><p></p><ul><li>Following Wednesday evening’s results (see note) we’re reiterating our Outperform rating on shares of CareDx.</li><li>Profitability was the key area of outperformance in our view in what was an all around solid quarter that marks two straight of improvement off mid-2023 troughs.</li><li>To us, it feels like the floor can officially be called and the business is getting back to a growth cadence, albeit off a lower base.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q-profitability-and-mix-continues-to-improve-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q: Profitability and Mix Continues to Improve; Outperform </a></h3><p></p><ul><li>We maintain our Outperform rating on ARLO following 4Q results that featured revenue growth in line with expectations, but a continuation of strong profitability metrics resulting in EPS upside that pushes our 2024 estimates higher.</li><li>This appears sustainable as service revenue now accounting for over 40% of total revenue (85% of gross profit), and total services gross profit dollars now more than offset total company operating expenses.</li><li>This is particularly relevant as ARLO trades similar to a consumer hardware business (1.5x EV/Rev), but should push higher over time (ALRM is double this level, for example) as services should eclipse 50% of revenue mix in FY24, operating margin has remained positive all year and continues to scale, and FCF generation has eclipsed $35M.Big picture thesis points: 1) Services is now a ~$240M annual run rate business (i.e., has scaled to a standalone level), 2) gross margin has gone from the 40%s just a few years ago (low complexity Services business) to mid-70% (software-like Services business), 3) these trends have occurred alongside price increases (suggests pricing power/sticky customer base), and 4) net cash of $130M+ and sustained positive FCF going forward represent opportunities for incremental value creation.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-industry-demand-remains-soft?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Reaffirm Market Perform; Industry Demand Remains Soft </a></h3><p></p><ul><li>We maintain our Market Perform rating on BBY following the company’s F4Q earnings, conference call, and our management follow-up call.</li><li>Best Buy showed solid operational performance in a challenging industry landscape, delivering EBIT% and EPS above consensus expectations.</li><li>In addition, average selling price trends have stabilized, suggesting a potential moderation in the downward pressure on comps in FY25 (CY24).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/final-fy23-revs-slightly-miss-fy24-sales-guidance-lowered-to-reflect-translarna-mkt-removal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Final FY23 Revs Slightly Miss; FY24 Sales Guidance Lowered to Reflect Translarna Mkt Removal </a></h3><p></p><ul><li>Last month, PTCT preannounced preliminary 2023 total revenues — Final 4Q23 ($307M) and FY23 ($938M) revs ended up slightly missing PTCT’s guidance for the year.</li><li>The company also provided FY24 financial guidance last month — FY24 revenue guidance was lowered today and now implies a y/y decline in the range of -28% to -36% (was -10% to -36%) (prior note).</li><li>Since original guidance was provided, the CHMP affirmed their original negative opinion following a re-examination of Translarna’s marketing status in the EU (prior note); EMA ratification of the decision/ removal from the EU market should occur by April 1.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/big-guidance-surprise-drives-20-stock-rebound-it-s-a-show-me-story-at-current-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Big Guidance Surprise Drives 20% Stock Rebound; It's a Show-Me Story at Current Valuation </a></h3><p></p><ul><li>We are maintaining our Market Perform rating on GDRX following 4Q23 results that were in-line with pre-announced results, but accompanied by a ~$40M EBITDA guidance raise for 2024 that put the ‘24 bogey well ahead of consensus estimates of $226.4M. Specifically on the quarter, revenue of $196.6M (RJ: $196.0M) grew +6.8% y/y and adj. EBITDA of $57.3M (RJ: $57.0M) was up +15.4% y/y, as margins continue to rebound (+220 bps y/y) from their 2022 lows with effective cost management and accelerating PTR revenue driven by direct contracting efforts with retail pharmacies.</li><li>We wonder if any elevated utilization or flu season activity aided 4Q. On the guide, the $800M top-line bogey calls for growth acceleration to +6.6% (an almost 1000 bps inflection), while EBITDA guidance implies y/y margin expansion of +270 bps to 31.3%, above 2021 levels.We now await results from the launch of the new ISP models in 1Q24 which will likely take time to ramp as they gain more adoption throughout the year.</li><li>1Q guidance doesn’t call for any major inflection in revenue from 4Q, but will serve as an early litmus test for GDRX’s new go-to-market strategy.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/volatile-trading-on-medicare-noise-masks-reaction-to-solid-4q?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Volatile Trading on Medicare Noise Masks Reaction to Solid 4Q</a></li><li><a href="https://www.smartkarma.com/insights/4q-profitability-and-mix-continues-to-improve-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q: Profitability and Mix Continues to Improve; Outperform</a></li><li><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-industry-demand-remains-soft?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reaffirm Market Perform; Industry Demand Remains Soft</a></li><li><a href="https://www.smartkarma.com/insights/final-fy23-revs-slightly-miss-fy24-sales-guidance-lowered-to-reflect-translarna-mkt-removal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Final FY23 Revs Slightly Miss; FY24 Sales Guidance Lowered to Reflect Translarna Mkt Removal</a></li><li><a href="https://www.smartkarma.com/insights/big-guidance-surprise-drives-20-stock-rebound-it-s-a-show-me-story-at-current-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Big Guidance Surprise Drives 20% Stock Rebound; It's a Show-Me Story at Current Valuation</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/volatile-trading-on-medicare-noise-masks-reaction-to-solid-4q?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Volatile Trading on Medicare Noise Masks Reaction to Solid 4Q </a></h3><p></p><ul><li>Following Wednesday evening’s results (see note) we’re reiterating our Outperform rating on shares of CareDx.</li><li>Profitability was the key area of outperformance in our view in what was an all around solid quarter that marks two straight of improvement off mid-2023 troughs.</li><li>To us, it feels like the floor can officially be called and the business is getting back to a growth cadence, albeit off a lower base.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q-profitability-and-mix-continues-to-improve-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q: Profitability and Mix Continues to Improve; Outperform </a></h3><p></p><ul><li>We maintain our Outperform rating on ARLO following 4Q results that featured revenue growth in line with expectations, but a continuation of strong profitability metrics resulting in EPS upside that pushes our 2024 estimates higher.</li><li>This appears sustainable as service revenue now accounting for over 40% of total revenue (85% of gross profit), and total services gross profit dollars now more than offset total company operating expenses.</li><li>This is particularly relevant as ARLO trades similar to a consumer hardware business (1.5x EV/Rev), but should push higher over time (ALRM is double this level, for example) as services should eclipse 50% of revenue mix in FY24, operating margin has remained positive all year and continues to scale, and FCF generation has eclipsed $35M.Big picture thesis points: 1) Services is now a ~$240M annual run rate business (i.e., has scaled to a standalone level), 2) gross margin has gone from the 40%s just a few years ago (low complexity Services business) to mid-70% (software-like Services business), 3) these trends have occurred alongside price increases (suggests pricing power/sticky customer base), and 4) net cash of $130M+ and sustained positive FCF going forward represent opportunities for incremental value creation.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-industry-demand-remains-soft?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Reaffirm Market Perform; Industry Demand Remains Soft </a></h3><p></p><ul><li>We maintain our Market Perform rating on BBY following the company’s F4Q earnings, conference call, and our management follow-up call.</li><li>Best Buy showed solid operational performance in a challenging industry landscape, delivering EBIT% and EPS above consensus expectations.</li><li>In addition, average selling price trends have stabilized, suggesting a potential moderation in the downward pressure on comps in FY25 (CY24).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/final-fy23-revs-slightly-miss-fy24-sales-guidance-lowered-to-reflect-translarna-mkt-removal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Final FY23 Revs Slightly Miss; FY24 Sales Guidance Lowered to Reflect Translarna Mkt Removal </a></h3><p></p><ul><li>Last month, PTCT preannounced preliminary 2023 total revenues — Final 4Q23 ($307M) and FY23 ($938M) revs ended up slightly missing PTCT’s guidance for the year.</li><li>The company also provided FY24 financial guidance last month — FY24 revenue guidance was lowered today and now implies a y/y decline in the range of -28% to -36% (was -10% to -36%) (prior note).</li><li>Since original guidance was provided, the CHMP affirmed their original negative opinion following a re-examination of Translarna’s marketing status in the EU (prior note); EMA ratification of the decision/ removal from the EU market should occur by April 1.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/big-guidance-surprise-drives-20-stock-rebound-it-s-a-show-me-story-at-current-valuation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Big Guidance Surprise Drives 20% Stock Rebound; It's a Show-Me Story at Current Valuation </a></h3><p></p><ul><li>We are maintaining our Market Perform rating on GDRX following 4Q23 results that were in-line with pre-announced results, but accompanied by a ~$40M EBITDA guidance raise for 2024 that put the ‘24 bogey well ahead of consensus estimates of $226.4M. Specifically on the quarter, revenue of $196.6M (RJ: $196.0M) grew +6.8% y/y and adj. EBITDA of $57.3M (RJ: $57.0M) was up +15.4% y/y, as margins continue to rebound (+220 bps y/y) from their 2022 lows with effective cost management and accelerating PTR revenue driven by direct contracting efforts with retail pharmacies.</li><li>We wonder if any elevated utilization or flu season activity aided 4Q. On the guide, the $800M top-line bogey calls for growth acceleration to +6.6% (an almost 1000 bps inflection), while EBITDA guidance implies y/y margin expansion of +270 bps to 31.3%, above 2021 levels.We now await results from the launch of the new ISP models in 1Q24 which will likely take time to ramp as they gain more adoption throughout the year.</li><li>1Q guidance doesn’t call for any major inflection in revenue from 4Q, but will serve as an early litmus test for GDRX’s new go-to-market strategy.</li></ul>2024-03-01T10:30:18+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CDNA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ARLO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BBY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PTCT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GDRX@US"}, {"term": "CDNA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ARLO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BBY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PTCT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GDRX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/2187f723-3fd9-392c-bf18-38b2eb6a4c02Brief USA: F1Q24 Report: Campus Digestion Slows Growth and more2024-03-28T22:17:22.769155+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/f1q24-report-campus-digestion-slows-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F1Q24 Report: Campus Digestion Slows Growth</a></li><li><a href="https://www.smartkarma.com/insights/4q23-financial-results-and-2024-outlook-e08f4581-c32b-430f-8602-86a87aad1153?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Financial Results and 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/takeaways-from-the-virtual-road-with-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways From the Virtual Road With Management</a></li><li><a href="https://www.smartkarma.com/insights/impressive-4q-beat-2024-guide-shows-strong-execution-w-key-growth-drivers-raising-est-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Impressive 4Q Beat & 2024 Guide Shows Strong Execution w/Key Growth Drivers; Raising Est./PT</a></li><li><a href="https://www.smartkarma.com/insights/4q23-model-update-88bf48c5-7771-4655-b549-c339214cd297?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Model Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/f1q24-report-campus-digestion-slows-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. F1Q24 Report: Campus Digestion Slows Growth </a></h3><p></p><ul><li>We maintain ourOutperformrating on HP Enterprise following its F1Q24 report.</li><li>HPE cited difficulties obtaining a sufficient supply of GPUs for restraining its AI-related sales, but the primary source of the revenue weakness came from the Intelligent Edge, i.e., campus.</li><li>The intelligent Edge weakness does not come as a complete shock considering the challenges reported by peers.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q23-financial-results-and-2024-outlook-e08f4581-c32b-430f-8602-86a87aad1153?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q23 Financial Results and 2024 Outlook </a></h3><p></p><ul><li>No changes to our Outperform rating following Xenon’s 4Q financial and business update call.</li><li>In 2024, XENE expects the ongoing pivotal Phase 3 X-TOLE2 trial of XEN1101 in focal onset seizures (FOS) to complete enrollment by late 2024.</li><li>The program remains the key value driver for the company as FOS represents a ~$1B opportunity for the drug.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/takeaways-from-the-virtual-road-with-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Takeaways From the Virtual Road With Management </a></h3><p></p><ul><li>This week we hosted a series of investor meetings with the IRON management team.</li><li>Herein we summarize the key takeaways.Bitopertin and the EPP program remains key focus for investors.</li><li>Questions focused on 1) bar for Ph 2b AURORA readout (due in late March/ early April), 2) size of commercial opportunity, and 3) potential for accelerated approval on the AURORA dataset.Regarding the bar for AURORA, management sounds extremely confident in hitting the primary PPIX reduction endpoint (which the trial is powered for).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/impressive-4q-beat-2024-guide-shows-strong-execution-w-key-growth-drivers-raising-est-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Impressive 4Q Beat & 2024 Guide Shows Strong Execution w/Key Growth Drivers; Raising Est./PT </a></h3><p></p><ul><li>4Q had very solid top-line beat mainly from stronger-than-expected performance with Cortrophin (Rare Disease) and Generics, the key growth drivers for ANIP. Importantly, ANIP is confident the strong momentum will continue for both with 2024 guidance for Cortrophin well ahead of expectations (52-61% y/y growth), and for Generics also a very robust outlook (HSD-LDD growth) not factoring any potential benefits from market disruptions that would be upside.</li><li>ANIP is investing behind that growth with its sales efforts for Cortrophin (expanding pulmonology, piloting in ophthalmology, working on improving patient journey across all indications including in neurology, nephrology, rheumatology), and R&D efforts for the Generic pipeline.</li><li>BD remains a high priority to expand the Rare Disease franchise and discussions are very active, and we could potentially see a deal this year.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-model-update-88bf48c5-7771-4655-b549-c339214cd297?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23 Model Update </a></h3><p></p><ul><li>We remain Strong Buy on ETNB following 4Q23 update.</li><li>Following recent positive MASH data for GLP-1 agonists or dual agonists (e.g., tirzepatide, survodutide) which appear to have an improved anti-fibrotic profile relative to semaglutide, we expect a premium going forward on orthogonal mechanisms and molecules that push the fibrosis improvement signal as high as possible such that they are “more antifibrotic” than incretins, and which could also work in the most advanced NASH patients.</li><li>In that regard, 1) ETNB’s pegozafermin has demonstrated the best anti-fibrotic signal in Phase 2 non-cirrhotic NASH (and is on track to initiate Phase 3 ENLIGHTEN NASH program for F2/F3 patients in 1Q24), and 2) ETNB is advancing into a pivotal F4 NASH cirrhosis study in 2Q24.Recall, ETNB’s F4 study uses histologic regression of fibrosis at 24 months as the interim primary endpoint for accelerated approval (see here) and will follow patients for outcomes as well.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/f1q24-report-campus-digestion-slows-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F1Q24 Report: Campus Digestion Slows Growth</a></li><li><a href="https://www.smartkarma.com/insights/4q23-financial-results-and-2024-outlook-e08f4581-c32b-430f-8602-86a87aad1153?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Financial Results and 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/takeaways-from-the-virtual-road-with-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Takeaways From the Virtual Road With Management</a></li><li><a href="https://www.smartkarma.com/insights/impressive-4q-beat-2024-guide-shows-strong-execution-w-key-growth-drivers-raising-est-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Impressive 4Q Beat & 2024 Guide Shows Strong Execution w/Key Growth Drivers; Raising Est./PT</a></li><li><a href="https://www.smartkarma.com/insights/4q23-model-update-88bf48c5-7771-4655-b549-c339214cd297?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Model Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/f1q24-report-campus-digestion-slows-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. F1Q24 Report: Campus Digestion Slows Growth </a></h3><p></p><ul><li>We maintain ourOutperformrating on HP Enterprise following its F1Q24 report.</li><li>HPE cited difficulties obtaining a sufficient supply of GPUs for restraining its AI-related sales, but the primary source of the revenue weakness came from the Intelligent Edge, i.e., campus.</li><li>The intelligent Edge weakness does not come as a complete shock considering the challenges reported by peers.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q23-financial-results-and-2024-outlook-e08f4581-c32b-430f-8602-86a87aad1153?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q23 Financial Results and 2024 Outlook </a></h3><p></p><ul><li>No changes to our Outperform rating following Xenon’s 4Q financial and business update call.</li><li>In 2024, XENE expects the ongoing pivotal Phase 3 X-TOLE2 trial of XEN1101 in focal onset seizures (FOS) to complete enrollment by late 2024.</li><li>The program remains the key value driver for the company as FOS represents a ~$1B opportunity for the drug.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/takeaways-from-the-virtual-road-with-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Takeaways From the Virtual Road With Management </a></h3><p></p><ul><li>This week we hosted a series of investor meetings with the IRON management team.</li><li>Herein we summarize the key takeaways.Bitopertin and the EPP program remains key focus for investors.</li><li>Questions focused on 1) bar for Ph 2b AURORA readout (due in late March/ early April), 2) size of commercial opportunity, and 3) potential for accelerated approval on the AURORA dataset.Regarding the bar for AURORA, management sounds extremely confident in hitting the primary PPIX reduction endpoint (which the trial is powered for).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/impressive-4q-beat-2024-guide-shows-strong-execution-w-key-growth-drivers-raising-est-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Impressive 4Q Beat & 2024 Guide Shows Strong Execution w/Key Growth Drivers; Raising Est./PT </a></h3><p></p><ul><li>4Q had very solid top-line beat mainly from stronger-than-expected performance with Cortrophin (Rare Disease) and Generics, the key growth drivers for ANIP. Importantly, ANIP is confident the strong momentum will continue for both with 2024 guidance for Cortrophin well ahead of expectations (52-61% y/y growth), and for Generics also a very robust outlook (HSD-LDD growth) not factoring any potential benefits from market disruptions that would be upside.</li><li>ANIP is investing behind that growth with its sales efforts for Cortrophin (expanding pulmonology, piloting in ophthalmology, working on improving patient journey across all indications including in neurology, nephrology, rheumatology), and R&D efforts for the Generic pipeline.</li><li>BD remains a high priority to expand the Rare Disease franchise and discussions are very active, and we could potentially see a deal this year.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-model-update-88bf48c5-7771-4655-b549-c339214cd297?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23 Model Update </a></h3><p></p><ul><li>We remain Strong Buy on ETNB following 4Q23 update.</li><li>Following recent positive MASH data for GLP-1 agonists or dual agonists (e.g., tirzepatide, survodutide) which appear to have an improved anti-fibrotic profile relative to semaglutide, we expect a premium going forward on orthogonal mechanisms and molecules that push the fibrosis improvement signal as high as possible such that they are “more antifibrotic” than incretins, and which could also work in the most advanced NASH patients.</li><li>In that regard, 1) ETNB’s pegozafermin has demonstrated the best anti-fibrotic signal in Phase 2 non-cirrhotic NASH (and is on track to initiate Phase 3 ENLIGHTEN NASH program for F2/F3 patients in 1Q24), and 2) ETNB is advancing into a pivotal F4 NASH cirrhosis study in 2Q24.Recall, ETNB’s F4 study uses histologic regression of fibrosis at 24 months as the interim primary endpoint for accelerated approval (see here) and will follow patients for outcomes as well.</li></ul>2024-03-01T09:30:22+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "HPE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CANADA"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "XENE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "IRON@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ANIP@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ETNB@US"}, {"term": "HPE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XENE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "IRON@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ANIP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ETNB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/85baa37f-4b9b-3133-a345-85c6d167749eBrief USA: Lightning Strikes Twice With Another Near Flawless Quarter and more2024-03-28T22:17:22.758682+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/lightning-strikes-twice-with-another-near-flawless-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Lightning Strikes Twice With Another Near Flawless Quarter</a></li><li><a href="https://www.smartkarma.com/insights/4q23-quick-take-4q23-beat-recent-dayrates-advance-again-tdw-completes-expands-repurchases?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Quick Take: 4Q23 Beat; Recent Dayrates Advance Again & TDW Completes/Expands Repurchases</a></li><li><a href="https://www.smartkarma.com/insights/update-note-ses-ai-corp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Update Note- SES AI Corp</a></li><li><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-new-country-entry-with-immediate-production?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">VAALCO Energy (NYSE: EGY): New country entry with immediate production</a></li><li><a href="https://www.smartkarma.com/insights/ecvt-cash-regeneration?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ECVT: Cash Regeneration</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/lightning-strikes-twice-with-another-near-flawless-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Lightning Strikes Twice With Another Near Flawless Quarter </a></h3><p></p><ul><li>Following Wednesday night’s print (note) we’re reiterating our Outperform rating on shares of Natera.</li><li>Much like how we felt exiting the 3Q print, we struggle to come up with a viable bear thesis and have no significant qualms with the print.</li><li>Rising GM are perhaps the biggest boost to sentiment from the print, with shares rising 13% on the day.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q23-quick-take-4q23-beat-recent-dayrates-advance-again-tdw-completes-expands-repurchases?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q23 Quick Take: 4Q23 Beat; Recent Dayrates Advance Again & TDW Completes/Expands Repurchases </a></h3><p></p><ul><li>4Q23 consolidated results came in just ahead of guidance with margins of 47.2%, relative to guidance of 47%, despite a slight revenue miss.</li><li>The slight outperformance was on the heels of margin strength in Americas, Middle East, and Europe/Mediterranean more than overcoming margin shortfalls in Asia Pacific and West Africa relative to our model.</li><li>Reported adjusted EBITDA was $131.3 million, topping both RJ/Street expectations by ~9/3%.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/update-note-ses-ai-corp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Update Note- SES AI Corp </a></h3><p></p><ul><li>During 2023, the company took significant steps toward utilizing AI in the development of future electrolytes.</li><li>SES’ objective is to create a roadmap for the next iterations of Li-Metal technology.</li><li>SES highlighted that practical safety and manufacturability as the key milestones for entering into B-sample development.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-new-country-entry-with-immediate-production?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. VAALCO Energy (NYSE: EGY): New country entry with immediate production </a></h3><p></p><ul>
<li>VAALCO is acquiring Svenska Petroleum Exploration for a headline price of US$66.5 mm.</li>
<li>This price includes a pre-closing dividend of cash on Svenska’s balance sheet to the seller and an estimated cash payment by VAALCO of ~US$30-40 mm on closing in 2Q24.</li>
<li>The primary asset of Svenska is a 27.39% interest in Block CI-40, offshore Cote d'Ivoire with 1P and 2P reserves of respectively 13 mmboe (99% oil) and 21.7 mmboe (97% oil) (as at the end of 3Q23) and current WI production of 4,500 boe/d at the Baobab offshore field (900-1,300 m water depth).</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ecvt-cash-regeneration?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. ECVT: Cash Regeneration </a></h3><p></p><ul>
<li>ECVT continues to encounter macro headwinds in its business after seeing softness in certain end markets in the middle of 2023. </li>
<li>We believe the trough in the business is underscoring the attractive nature of ECVT’s operations. The Company continues to generate free cash flow</li>
<li>Looking ahead, the free cash flow generation in 2024 provides greater balance sheet flexibility in reducing leverage and/or buying back more stock</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/lightning-strikes-twice-with-another-near-flawless-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Lightning Strikes Twice With Another Near Flawless Quarter</a></li><li><a href="https://www.smartkarma.com/insights/4q23-quick-take-4q23-beat-recent-dayrates-advance-again-tdw-completes-expands-repurchases?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Quick Take: 4Q23 Beat; Recent Dayrates Advance Again & TDW Completes/Expands Repurchases</a></li><li><a href="https://www.smartkarma.com/insights/update-note-ses-ai-corp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Update Note- SES AI Corp</a></li><li><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-new-country-entry-with-immediate-production?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">VAALCO Energy (NYSE: EGY): New country entry with immediate production</a></li><li><a href="https://www.smartkarma.com/insights/ecvt-cash-regeneration?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">ECVT: Cash Regeneration</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/lightning-strikes-twice-with-another-near-flawless-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Lightning Strikes Twice With Another Near Flawless Quarter </a></h3><p></p><ul><li>Following Wednesday night’s print (note) we’re reiterating our Outperform rating on shares of Natera.</li><li>Much like how we felt exiting the 3Q print, we struggle to come up with a viable bear thesis and have no significant qualms with the print.</li><li>Rising GM are perhaps the biggest boost to sentiment from the print, with shares rising 13% on the day.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q23-quick-take-4q23-beat-recent-dayrates-advance-again-tdw-completes-expands-repurchases?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q23 Quick Take: 4Q23 Beat; Recent Dayrates Advance Again & TDW Completes/Expands Repurchases </a></h3><p></p><ul><li>4Q23 consolidated results came in just ahead of guidance with margins of 47.2%, relative to guidance of 47%, despite a slight revenue miss.</li><li>The slight outperformance was on the heels of margin strength in Americas, Middle East, and Europe/Mediterranean more than overcoming margin shortfalls in Asia Pacific and West Africa relative to our model.</li><li>Reported adjusted EBITDA was $131.3 million, topping both RJ/Street expectations by ~9/3%.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/update-note-ses-ai-corp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Update Note- SES AI Corp </a></h3><p></p><ul><li>During 2023, the company took significant steps toward utilizing AI in the development of future electrolytes.</li><li>SES’ objective is to create a roadmap for the next iterations of Li-Metal technology.</li><li>SES highlighted that practical safety and manufacturability as the key milestones for entering into B-sample development.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-new-country-entry-with-immediate-production?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. VAALCO Energy (NYSE: EGY): New country entry with immediate production </a></h3><p></p><ul>
<li>VAALCO is acquiring Svenska Petroleum Exploration for a headline price of US$66.5 mm.</li>
<li>This price includes a pre-closing dividend of cash on Svenska’s balance sheet to the seller and an estimated cash payment by VAALCO of ~US$30-40 mm on closing in 2Q24.</li>
<li>The primary asset of Svenska is a 27.39% interest in Block CI-40, offshore Cote d'Ivoire with 1P and 2P reserves of respectively 13 mmboe (99% oil) and 21.7 mmboe (97% oil) (as at the end of 3Q23) and current WI production of 4,500 boe/d at the Baobab offshore field (900-1,300 m water depth).</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ecvt-cash-regeneration?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. ECVT: Cash Regeneration </a></h3><p></p><ul>
<li>ECVT continues to encounter macro headwinds in its business after seeing softness in certain end markets in the middle of 2023. </li>
<li>We believe the trough in the business is underscoring the attractive nature of ECVT’s operations. The Company continues to generate free cash flow</li>
<li>Looking ahead, the free cash flow generation in 2024 provides greater balance sheet flexibility in reducing leverage and/or buying back more stock</li>
</ul>2024-03-01T08:15:17+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NTRA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "TDW@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "SES@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "IVORY COAST"}, {"term": "EGYPT"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "EGY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "VALUE"}, {"term": "NORTH AMERICA"}, {"term": "ECVT@US"}, {"term": "NTRA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TDW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SES@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EGY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ECVT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/8b7bd9b3-0f52-36e2-8636-e5a90e9b52d4Brief USA: XPER: Streaming Execution and more2024-03-28T22:17:22.743794+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/xper-streaming-execution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">XPER: Streaming Execution</a></li><li><a href="https://www.smartkarma.com/insights/eb-delayed-story?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EB: Delayed Story</a></li><li><a href="https://www.smartkarma.com/insights/crypto-moves-17-is-michael-saylor-in-fact-satoshi-nakamoto?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Moves #17 – Is Michael Saylor, in fact, Satoshi Nakamoto?</a></li><li><a href="https://www.smartkarma.com/insights/quick-take-math-on-igt-gaming-combination?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Quick Take/Math on IGT Gaming Combination</a></li><li><a href="https://www.smartkarma.com/insights/macro-nugget-trillions-of-usds-waiting-to-be-unleashed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Macro Nugget: Trillions of USDs waiting to be unleashed</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/xper-streaming-execution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. XPER: Streaming Execution </a></h3><p></p><ul>
<li>XPER reported fourth quarter results mostly in line with our estimates, but the progress made on each of its product lines is the highlight of the report</li>
<li>XPER has added customers for its TV operating system (“TVOS”), IPTV solution, connected car, and has grown the number of people using its media platform</li>
<li>The increase in the number of automobile OEMs electing to use AutoStage is on the rise with XPER’s CEO setting the goal of one video integration win this year</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/eb-delayed-story?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. EB: Delayed Story </a></h3><p></p><ul>
<li>EB reported a decline in the number of tickets and total events held in the fourth quarter as EB continues to adjust its business to the higher price structure.</li>
<li>EB reported Q4 revenue of $87.8 million, which was slightly lower than our forecast of $88.3 million. EB experienced a decline in the number of events and tickets sold</li>
<li>The disappointment in the quarter was from EB’s management’s commentary where they were realizing several of their paid creators had left the platform after the price increase was announced</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/crypto-moves-17-is-michael-saylor-in-fact-satoshi-nakamoto?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Crypto Moves #17 – Is Michael Saylor, in fact, Satoshi Nakamoto? </a></h3><p></p><ul><li>The domain bitcoin.org was registered on August 18th, 2008.</li><li>Just over two months later, on October 31st, an individual or group using the pseudonym Satoshi Nakamoto unveiled the Bitcoin whitepaper.</li><li>This was soon followed by the mining of the first Bitcoin block, known as the genesis block, on January 9th, 2009.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/quick-take-math-on-igt-gaming-combination?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Quick Take/Math on IGT Gaming Combination </a></h3><p></p><ul><li>This morning, EVRI and IGT (Not covered) announced they have reached an agreement whereby IGT will separate its Global Gaming and PlayDigital businesses, and then combine that spin-co with EVRI. More simply, EVRI is essentially buying IGT spin co, keeping IGT management and name but because of significant equity issuance (103M shares), EVRI holders will now become the minority owner at 46%.</li><li>We believe the deal makes both strategic and financial sense as we expect meaningful cross-sell opportunities through selling Everi’s Fintech product suite into IGT’s gaming customer base, and there is $85M of cost savings identified.</li><li>That said, we acknowledge this was likely more out of a position of weakness given the tough 4Q print.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/macro-nugget-trillions-of-usds-waiting-to-be-unleashed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Macro Nugget: Trillions of USDs waiting to be unleashed </a></h3><p></p><ul><li>If we look at M2 trends (narrow money + time deposit / MMFs and similar assets), the broad USD measure remains a staggering 18% above trend with M2 nominally trending almost 4 trillion USDs above a long-term trajectory.</li><li>The similar trend in EURs is much less extraordinary with M2 currently 7% above trend, which translates to a little more than 1 trillion EURs nominally.</li><li>There is still a large excess of USDs in the systemSo where are those excess USDs parked?</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/xper-streaming-execution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">XPER: Streaming Execution</a></li><li><a href="https://www.smartkarma.com/insights/eb-delayed-story?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EB: Delayed Story</a></li><li><a href="https://www.smartkarma.com/insights/crypto-moves-17-is-michael-saylor-in-fact-satoshi-nakamoto?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Crypto Moves #17 – Is Michael Saylor, in fact, Satoshi Nakamoto?</a></li><li><a href="https://www.smartkarma.com/insights/quick-take-math-on-igt-gaming-combination?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Quick Take/Math on IGT Gaming Combination</a></li><li><a href="https://www.smartkarma.com/insights/macro-nugget-trillions-of-usds-waiting-to-be-unleashed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Macro Nugget: Trillions of USDs waiting to be unleashed</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/xper-streaming-execution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. XPER: Streaming Execution </a></h3><p></p><ul>
<li>XPER reported fourth quarter results mostly in line with our estimates, but the progress made on each of its product lines is the highlight of the report</li>
<li>XPER has added customers for its TV operating system (“TVOS”), IPTV solution, connected car, and has grown the number of people using its media platform</li>
<li>The increase in the number of automobile OEMs electing to use AutoStage is on the rise with XPER’s CEO setting the goal of one video integration win this year</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/eb-delayed-story?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. EB: Delayed Story </a></h3><p></p><ul>
<li>EB reported a decline in the number of tickets and total events held in the fourth quarter as EB continues to adjust its business to the higher price structure.</li>
<li>EB reported Q4 revenue of $87.8 million, which was slightly lower than our forecast of $88.3 million. EB experienced a decline in the number of events and tickets sold</li>
<li>The disappointment in the quarter was from EB’s management’s commentary where they were realizing several of their paid creators had left the platform after the price increase was announced</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/crypto-moves-17-is-michael-saylor-in-fact-satoshi-nakamoto?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Crypto Moves #17 – Is Michael Saylor, in fact, Satoshi Nakamoto? </a></h3><p></p><ul><li>The domain bitcoin.org was registered on August 18th, 2008.</li><li>Just over two months later, on October 31st, an individual or group using the pseudonym Satoshi Nakamoto unveiled the Bitcoin whitepaper.</li><li>This was soon followed by the mining of the first Bitcoin block, known as the genesis block, on January 9th, 2009.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/quick-take-math-on-igt-gaming-combination?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Quick Take/Math on IGT Gaming Combination </a></h3><p></p><ul><li>This morning, EVRI and IGT (Not covered) announced they have reached an agreement whereby IGT will separate its Global Gaming and PlayDigital businesses, and then combine that spin-co with EVRI. More simply, EVRI is essentially buying IGT spin co, keeping IGT management and name but because of significant equity issuance (103M shares), EVRI holders will now become the minority owner at 46%.</li><li>We believe the deal makes both strategic and financial sense as we expect meaningful cross-sell opportunities through selling Everi’s Fintech product suite into IGT’s gaming customer base, and there is $85M of cost savings identified.</li><li>That said, we acknowledge this was likely more out of a position of weakness given the tough 4Q print.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/macro-nugget-trillions-of-usds-waiting-to-be-unleashed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Macro Nugget: Trillions of USDs waiting to be unleashed </a></h3><p></p><ul><li>If we look at M2 trends (narrow money + time deposit / MMFs and similar assets), the broad USD measure remains a staggering 18% above trend with M2 nominally trending almost 4 trillion USDs above a long-term trajectory.</li><li>The similar trend in EURs is much less extraordinary with M2 currently 7% above trend, which translates to a little more than 1 trillion EURs nominally.</li><li>There is still a large excess of USDs in the systemSo where are those excess USDs parked?</li></ul>2024-03-01T04:17:07+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "XPER@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "EB@US"}, {"term": "Crypto"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "XBTUSD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EVRI@US"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "XPER@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XBTUSD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EVRI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/697e3bc0-4a4b-3fb2-8394-e28c6c2a154eBrief USA: Another One Bites The Dust; THC Sells 2 More Hospitals For 11.8x EBITDA and more2024-03-28T22:17:22.729289+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/another-one-bites-the-dust-thc-sells-2-more-hospitals-for-11-8x-ebitda?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Another One Bites The Dust; THC Sells 2 More Hospitals For 11.8x EBITDA</a></li><li><a href="https://www.smartkarma.com/insights/first-blush-strong-4q-results-as-cad-gaap-eps-beat-estimates-bv-increases-1?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Blush: Strong 4Q Results, as CAD & GAAP EPS Beat Estimates; BV Increases 1%</a></li><li><a href="https://www.smartkarma.com/insights/autodesk-inc-adsk-thursday-nov-30-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Autodesk Inc (ADSK) - Thursday, Nov 30, 2023</a></li><li><a href="https://www.smartkarma.com/insights/weekly-cftc-sentiment-report-bullish-usd-sentiment-moderates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly CFTC Sentiment Report - Bullish USD Sentiment Moderates</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-usd-firmer-on-soft-risk-mood?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Daily - USD Firmer on Soft Risk Mood</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/another-one-bites-the-dust-thc-sells-2-more-hospitals-for-11-8x-ebitda?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Another One Bites The Dust; THC Sells 2 More Hospitals For 11.8x EBITDA </a></h3><p></p><ul><li>We are maintaining our Strong Buy rating while raising our price target to $110 (+$5) on shares of THC following this morning’s announcement of the sale of two additional hospitals in California for $450M of after-tax proceeds.</li><li>This marks the third hospital transaction in the last four months for total after-tax proceeds of $3B. Additionally, THC will now provide revenue cycle services through Conifer to Adventist Health (buyer).The two California-based hospitals sold for after-tax proceeds of $450M and generated revenue/EBITDA of $337M/$38M in 2023, representing an after-tax multiple of 11.8x.</li><li>We note that the two hospitals ran at margins (~11%) in line with the broader Hospital segment.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/first-blush-strong-4q-results-as-cad-gaap-eps-beat-estimates-bv-increases-1?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. First Blush: Strong 4Q Results, as CAD & GAAP EPS Beat Estimates; BV Increases 1% </a></h3><p></p><ul><li>4Q23 Headline Results( + ) Cash available for distribution (CAD):$0.51 per share, which beat our estimate of $0.46 per share.( = ) Earnings available for distribution (EAD):$0.44 per share, which was in line with our estimate of $0.44 per share.( + ) GAAP EPS:$0.74 per share, which beat our estimate of $0.35 per share.( + ) Book value:$17.93 per share, which was slightly above our estimate of $17.88 per share and increased 0.7% sequentially from $17.81 per share.Other( – ) Net interest income (NII):$3.8 million, which was below our estimate of $5.0 million.( + ) Other income:$20.5 million, which beat our estimate of $9.6 million.( +/– ) 1Q guidance:The midpoint for the CAD guidance range of $0.58 per share is above our estimate of $0.47 per share.</li><li>Midpoints of GAAP EPS and EAD guidance ranges of $(0.50) per share and $(0.45) per share are below our estimates of $0.37 per share and $0.45 per share due to accelerated premium amortization related to a 1Q senior loan prepayment.( = ) 1Q dividend:Declared regular dividend of $0.50 per share, which was in line with our estimate and flat sequentially.</li><li>The dividend will be paid on March 28.Conference call: NREF will host a conference call today, February 29 at 11:00 a.m. EST. The dial-in number is(888) 660-4430and the passcode is 6891136.Quick thoughts:NREF reported strong 4Q results, as GAAP EPS and CAD both beat our estimate while EAD was in line.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/autodesk-inc-adsk-thursday-nov-30-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Autodesk Inc (ADSK) - Thursday, Nov 30, 2023 </a></h3><p></p><ul><li>Autodesk has faced negative sentiment and underperformed tech and software benchmarks in the past year.</li><li>Despite a decrease in Fwd. EBITDA multiples, the company is well-positioned for long-term earnings growth.</li><li>Comparison with competitor Procore in the construction industry suggests a bullish outlook for Autodesk's stock price appreciation in the future.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/weekly-cftc-sentiment-report-bullish-usd-sentiment-moderates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Weekly CFTC Sentiment Report - Bullish USD Sentiment Moderates </a></h3><p></p><ul><li>Non-commercial (speculative) sentiment favouring the USD moderated slightly in the past week’s data.</li><li>Speculative, aggregate net USD longs edged a little lower in the most recent week’s data to USD832mn, down just under USD600mn from the prior week’s report.</li><li>Additional data showed Real Money (institutional traders) paring aggregate USD shorts by around USD5bn in the week while Leveraged Accounts (hedge funds) cut limited aggregate exposure to the USD long side down from USD2.8bn in the prior week to an all but flat USD400mn. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/fx-daily-usd-firmer-on-soft-risk-mood?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. FX Daily - USD Firmer on Soft Risk Mood </a></h3><p></p><ul><li>A mild bid for the USD generally yesterday developed a little more in overnight trade, largely reflecting weaker risk appetite as stocks in Asia and Europe (mostly) weakened.</li><li>US equity futures are in the red at writing while crude prices have slipped around 1% on the session as well.</li><li>Bonds are firmer, driving yields 1-2bps lower across the major markets. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/another-one-bites-the-dust-thc-sells-2-more-hospitals-for-11-8x-ebitda?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Another One Bites The Dust; THC Sells 2 More Hospitals For 11.8x EBITDA</a></li><li><a href="https://www.smartkarma.com/insights/first-blush-strong-4q-results-as-cad-gaap-eps-beat-estimates-bv-increases-1?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Blush: Strong 4Q Results, as CAD & GAAP EPS Beat Estimates; BV Increases 1%</a></li><li><a href="https://www.smartkarma.com/insights/autodesk-inc-adsk-thursday-nov-30-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Autodesk Inc (ADSK) - Thursday, Nov 30, 2023</a></li><li><a href="https://www.smartkarma.com/insights/weekly-cftc-sentiment-report-bullish-usd-sentiment-moderates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly CFTC Sentiment Report - Bullish USD Sentiment Moderates</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-usd-firmer-on-soft-risk-mood?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">FX Daily - USD Firmer on Soft Risk Mood</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/another-one-bites-the-dust-thc-sells-2-more-hospitals-for-11-8x-ebitda?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Another One Bites The Dust; THC Sells 2 More Hospitals For 11.8x EBITDA </a></h3><p></p><ul><li>We are maintaining our Strong Buy rating while raising our price target to $110 (+$5) on shares of THC following this morning’s announcement of the sale of two additional hospitals in California for $450M of after-tax proceeds.</li><li>This marks the third hospital transaction in the last four months for total after-tax proceeds of $3B. Additionally, THC will now provide revenue cycle services through Conifer to Adventist Health (buyer).The two California-based hospitals sold for after-tax proceeds of $450M and generated revenue/EBITDA of $337M/$38M in 2023, representing an after-tax multiple of 11.8x.</li><li>We note that the two hospitals ran at margins (~11%) in line with the broader Hospital segment.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/first-blush-strong-4q-results-as-cad-gaap-eps-beat-estimates-bv-increases-1?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. First Blush: Strong 4Q Results, as CAD & GAAP EPS Beat Estimates; BV Increases 1% </a></h3><p></p><ul><li>4Q23 Headline Results( + ) Cash available for distribution (CAD):$0.51 per share, which beat our estimate of $0.46 per share.( = ) Earnings available for distribution (EAD):$0.44 per share, which was in line with our estimate of $0.44 per share.( + ) GAAP EPS:$0.74 per share, which beat our estimate of $0.35 per share.( + ) Book value:$17.93 per share, which was slightly above our estimate of $17.88 per share and increased 0.7% sequentially from $17.81 per share.Other( – ) Net interest income (NII):$3.8 million, which was below our estimate of $5.0 million.( + ) Other income:$20.5 million, which beat our estimate of $9.6 million.( +/– ) 1Q guidance:The midpoint for the CAD guidance range of $0.58 per share is above our estimate of $0.47 per share.</li><li>Midpoints of GAAP EPS and EAD guidance ranges of $(0.50) per share and $(0.45) per share are below our estimates of $0.37 per share and $0.45 per share due to accelerated premium amortization related to a 1Q senior loan prepayment.( = ) 1Q dividend:Declared regular dividend of $0.50 per share, which was in line with our estimate and flat sequentially.</li><li>The dividend will be paid on March 28.Conference call: NREF will host a conference call today, February 29 at 11:00 a.m. EST. The dial-in number is(888) 660-4430and the passcode is 6891136.Quick thoughts:NREF reported strong 4Q results, as GAAP EPS and CAD both beat our estimate while EAD was in line.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/autodesk-inc-adsk-thursday-nov-30-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Autodesk Inc (ADSK) - Thursday, Nov 30, 2023 </a></h3><p></p><ul><li>Autodesk has faced negative sentiment and underperformed tech and software benchmarks in the past year.</li><li>Despite a decrease in Fwd. EBITDA multiples, the company is well-positioned for long-term earnings growth.</li><li>Comparison with competitor Procore in the construction industry suggests a bullish outlook for Autodesk's stock price appreciation in the future.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/weekly-cftc-sentiment-report-bullish-usd-sentiment-moderates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Weekly CFTC Sentiment Report - Bullish USD Sentiment Moderates </a></h3><p></p><ul><li>Non-commercial (speculative) sentiment favouring the USD moderated slightly in the past week’s data.</li><li>Speculative, aggregate net USD longs edged a little lower in the most recent week’s data to USD832mn, down just under USD600mn from the prior week’s report.</li><li>Additional data showed Real Money (institutional traders) paring aggregate USD shorts by around USD5bn in the week while Leveraged Accounts (hedge funds) cut limited aggregate exposure to the USD long side down from USD2.8bn in the prior week to an all but flat USD400mn. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/fx-daily-usd-firmer-on-soft-risk-mood?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. FX Daily - USD Firmer on Soft Risk Mood </a></h3><p></p><ul><li>A mild bid for the USD generally yesterday developed a little more in overnight trade, largely reflecting weaker risk appetite as stocks in Asia and Europe (mostly) weakened.</li><li>US equity futures are in the red at writing while crude prices have slipped around 1% on the session as well.</li><li>Bonds are firmer, driving yields 1-2bps lower across the major markets. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>2024-02-29T23:15:13+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "THC@US"}, {"term": "HCA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NREF@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "ADSK@US"}, {"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDMXN@CURNCY"}, {"term": "USDAUD@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "USDCAD@CURNCY"}, {"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "USDMXN@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "HCA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NREF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ADSK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USDCAD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EURUSD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/af5cfeef-23cd-3059-8158-366fcefb379dBrief USA: 4Q23 Recap: Strong Finish to 2023; Gulf Terminals Deal Amended, but Should be Near Completion and more2024-03-28T22:17:22.694222+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q23-recap-strong-finish-to-2023-gulf-terminals-deal-amended-but-should-be-near-completion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Recap: Strong Finish to 2023; Gulf Terminals Deal Amended, but Should be Near Completion</a></li><li><a href="https://www.smartkarma.com/insights/4q-roughly-in-line-but-1q-2024-outlook-falls-short?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Roughly in Line, but 1Q/2024 Outlook Falls Short</a></li><li><a href="https://www.smartkarma.com/insights/us-stronger-growth-unlikely-to-derail-fed-rate-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">US - Stronger growth unlikely to derail Fed rate cuts</a></li><li><a href="https://www.smartkarma.com/insights/global-monthly-will-wage-growth-fall-back-in-time-for-summer-rate-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global Monthly - Will wage growth fall back in time for summer rate cuts?</a></li><li><a href="https://www.smartkarma.com/insights/key-views-global-monthly-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Key views Global Monthly February 2024</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q23-recap-strong-finish-to-2023-gulf-terminals-deal-amended-but-should-be-near-completion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q23 Recap: Strong Finish to 2023; Gulf Terminals Deal Amended, but Should be Near Completion </a></h3><p></p><ul><li>Despite the very volatile macro of the past few years, Global Partners (GLP) has executed well, while the broader fuel distribution and retail C-store industry has remained impressively resilient.</li><li>While macro unknowns can still dominate the day-to-day, GLP’s solid footprint and outlook remain unchanged.</li><li>Further, management remains acquisitive, with one sizable deal still in-flight (see below), and the Motiva terminals and Exxon retail JV completed in 2023.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q-roughly-in-line-but-1q-2024-outlook-falls-short?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q Roughly in Line, but 1Q/2024 Outlook Falls Short </a></h3><p></p><ul><li>OLPX reported 4Q results this morning that were roughly in line with expectations while the full-year outlook and 1Q sales guide were below.</li><li>4Q sales were -15% y/y vs. our -16% estimate and EBITDA was $36M vs. our $34M estimate.</li><li>However, the 1Q sales outlook is for sales $92-97M vs. our $110 estimate and consensus of $112M, or down 17% y/y at the midpoint of the range, a material sequential deceleration in the 2-year stack.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/us-stronger-growth-unlikely-to-derail-fed-rate-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. US - Stronger growth unlikely to derail Fed rate cuts </a></h3><p></p><ul><li>We have raised our 2024 growth forecast on the back of the more resilient labour market</li><li>Still, we expect some slowdown in growth, given evidence of rising financial stress from high rates</li><li>Despite stronger growth, we still expect inflation to fall sustainably back to 2% by mid-2024, keeping the Fed on course to begin lowering rates at the June FOMC meeting</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-monthly-will-wage-growth-fall-back-in-time-for-summer-rate-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Global Monthly - Will wage growth fall back in time for summer rate cuts? </a></h3><p></p><ul><li>Continued economic resilience has driven a significant paring back in market expectations for Fed & ECB rate cuts</li><li>Market expectations are now consistent with our own call for a June start to rate cuts</li><li>But what if wage growth – the current obsession of central banks – proves more persistent? While central banks are likely to gain more confidence in the wage and inflation outlook by June, we think they will need to take a leap of faith in order to avoid the risk of being too late with rate cuts</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/key-views-global-monthly-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Key views Global Monthly February 2024 </a></h3><p></p><ul><li>The global economy is likely to grow at a subdued pace in the near term, as high rates continue to bear down on demand in advanced economies, while China continues to face both cyclical and structural headwinds</li><li>Global trade and industry looks to be bottoming out, but a sharp rebound is unlikely while rates remain restrictive</li><li>On the positive side, inflation has fallen significantly and is now within touching distance of central bank targets</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q23-recap-strong-finish-to-2023-gulf-terminals-deal-amended-but-should-be-near-completion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Recap: Strong Finish to 2023; Gulf Terminals Deal Amended, but Should be Near Completion</a></li><li><a href="https://www.smartkarma.com/insights/4q-roughly-in-line-but-1q-2024-outlook-falls-short?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Roughly in Line, but 1Q/2024 Outlook Falls Short</a></li><li><a href="https://www.smartkarma.com/insights/us-stronger-growth-unlikely-to-derail-fed-rate-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">US - Stronger growth unlikely to derail Fed rate cuts</a></li><li><a href="https://www.smartkarma.com/insights/global-monthly-will-wage-growth-fall-back-in-time-for-summer-rate-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Global Monthly - Will wage growth fall back in time for summer rate cuts?</a></li><li><a href="https://www.smartkarma.com/insights/key-views-global-monthly-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Key views Global Monthly February 2024</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q23-recap-strong-finish-to-2023-gulf-terminals-deal-amended-but-should-be-near-completion?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q23 Recap: Strong Finish to 2023; Gulf Terminals Deal Amended, but Should be Near Completion </a></h3><p></p><ul><li>Despite the very volatile macro of the past few years, Global Partners (GLP) has executed well, while the broader fuel distribution and retail C-store industry has remained impressively resilient.</li><li>While macro unknowns can still dominate the day-to-day, GLP’s solid footprint and outlook remain unchanged.</li><li>Further, management remains acquisitive, with one sizable deal still in-flight (see below), and the Motiva terminals and Exxon retail JV completed in 2023.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q-roughly-in-line-but-1q-2024-outlook-falls-short?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q Roughly in Line, but 1Q/2024 Outlook Falls Short </a></h3><p></p><ul><li>OLPX reported 4Q results this morning that were roughly in line with expectations while the full-year outlook and 1Q sales guide were below.</li><li>4Q sales were -15% y/y vs. our -16% estimate and EBITDA was $36M vs. our $34M estimate.</li><li>However, the 1Q sales outlook is for sales $92-97M vs. our $110 estimate and consensus of $112M, or down 17% y/y at the midpoint of the range, a material sequential deceleration in the 2-year stack.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/us-stronger-growth-unlikely-to-derail-fed-rate-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. US - Stronger growth unlikely to derail Fed rate cuts </a></h3><p></p><ul><li>We have raised our 2024 growth forecast on the back of the more resilient labour market</li><li>Still, we expect some slowdown in growth, given evidence of rising financial stress from high rates</li><li>Despite stronger growth, we still expect inflation to fall sustainably back to 2% by mid-2024, keeping the Fed on course to begin lowering rates at the June FOMC meeting</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-monthly-will-wage-growth-fall-back-in-time-for-summer-rate-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Global Monthly - Will wage growth fall back in time for summer rate cuts? </a></h3><p></p><ul><li>Continued economic resilience has driven a significant paring back in market expectations for Fed & ECB rate cuts</li><li>Market expectations are now consistent with our own call for a June start to rate cuts</li><li>But what if wage growth – the current obsession of central banks – proves more persistent? While central banks are likely to gain more confidence in the wage and inflation outlook by June, we think they will need to take a leap of faith in order to avoid the risk of being too late with rate cuts</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/key-views-global-monthly-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Key views Global Monthly February 2024 </a></h3><p></p><ul><li>The global economy is likely to grow at a subdued pace in the near term, as high rates continue to bear down on demand in advanced economies, while China continues to face both cyclical and structural headwinds</li><li>Global trade and industry looks to be bottoming out, but a sharp rebound is unlikely while rates remain restrictive</li><li>On the positive side, inflation has fallen significantly and is now within touching distance of central bank targets</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>2024-02-29T22:30:18+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLP@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "OLPX@US"}, {"term": "Macroeconomics"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "Macroeconomics"}, {"term": "UNITED KINGDOM"}, {"term": "NETHERLANDS"}, {"term": "CHINA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "UNITED KINGDOM"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "GLP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "OLPX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/1a2794f6-32a8-3609-b7a6-03db6d62b0d3Brief USA: F4Q EBITDA Beats on GM Again; F4Q EBITDA Guide Also Above Views and more2024-03-28T22:17:22.687758+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/f4q-ebitda-beats-on-gm-again-f4q-ebitda-guide-also-above-views?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q EBITDA Beats on GM Again; F4Q EBITDA Guide Also Above Views</a></li><li><a href="https://www.smartkarma.com/insights/4q-beats-but-1q-fy24-outlook-light-of-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Beats but 1Q/FY24 Outlook Light of Expectations</a></li><li><a href="https://www.smartkarma.com/insights/4q23-quick-take-arr-acceleration-continues-in-beat-and-raise-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Quick Take: ARR Acceleration Continues in Beat-and-Raise Quarter</a></li><li><a href="https://www.smartkarma.com/insights/memory-monitor-competition-is-hotting-up-for-key-memory-chips-nvidia-depends-on?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On</a></li><li><a href="https://www.smartkarma.com/insights/reaffirm-strong-buy-trimming-target-to-12-post-4q23-print?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reaffirm Strong Buy; Trimming Target to $12 Post 4Q23 Print</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/f4q-ebitda-beats-on-gm-again-f4q-ebitda-guide-also-above-views?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. F4Q EBITDA Beats on GM Again; F4Q EBITDA Guide Also Above Views </a></h3><p></p><ul><li>Summary: GMS’s F3Q adj. EBITDA dollars again mildly beat views, driven by a strong gross margin performance as Wallboard and Steel organic sales essentially matched guidance and price/volumes missed by low single-digits in Ceilings.</li><li>F4Q EBITDA guidance exceeds consensus by ~5%.</li><li>GMS is holding its conference call at 8:30 a.m. ET.(+) F3Q24 (August-October) ad.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q-beats-but-1q-fy24-outlook-light-of-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q Beats but 1Q/FY24 Outlook Light of Expectations </a></h3><p></p><ul><li>BBWI beat 4Q but the 1Q/FY24 outlook implies a deceleration after improvement in 4Q. We look for incremental color on the drivers of this on today’s 9:00 a.m. earnings call.</li><li>4Q sales, operating margin, EBITDA, and EPS all came in ahead of our expectations.</li><li>That said, management’s 2024 outlook range came in below current expectations for us and consensus, and implies a bigger decline in 1Q than FY.Results of the quarterNet sales were +0.8% y/y vs our -2.4% estimate and consensus of -1.9%, including $80M of sales from an extra week in the quarter/year By segment: U.S. & Canada Store Sales +4%, Direct Sales -8%, International Sales -1%Gross margin 260 bp y/y to 45.9% vs our estimate of 90 bp to 44.2%, and consensus of 44.5%Operating margin 160 bp y/y to 24.2% vs our estimate of -40 bp to 22.2% and consensus of 22.9%EPS of $2.06 vs our $1.81 estimate and consensus of $1.87F1Q outlook implies deceleration from F4Q23Net sales-4.5% to -2% y/y vs our -2.2% estimateEPS of $0.28-$0.33 vs our $0.43 estimate and consensus of $0.39FY24 outlook below street expectationsNet sales-3% to flat vs our +0.6% estimate, which includes ~1pt hit from returning to a 52-week year vs 53 weeks in FY23EPS of $3.00-$3.35 vs our $3.40 estimate and consensus of $3.35The company expects to repurchase $300M in shares</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q23-quick-take-arr-acceleration-continues-in-beat-and-raise-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q23 Quick Take: ARR Acceleration Continues in Beat-and-Raise Quarter </a></h3><p></p><ul><li>4Q23 Results(+/+) Total revenue: $154.9 million (+18% y/y) beat our $146.1 million estimate by 6% and consensus of $146.5 million, with Cloud revenue of $60.6 million (+30% y/y) 7% above our $56.5 million model.(+) Adjusted EBITDA: $32.0 million also topped our $28.5 million estimate (the Street at $28.6 million).(+) Non-GAAP EPS: $0.13 came in above our estimate and consensus of $0.11.1Q24 Outlook(+) Total revenue: $152-156 million (~16% y/y at midpoint) comes in above the Street at $150.4 million.(+) Adjusted EBITDA: $29-31 million (implied ~19% margin) also beat consensus of $28.4 million.Initial 2024 Outlook(+/+) Total revenue: $650-660 million (~14% y/y at midpoint) beat consensus of $638.2 million, with Cloud revenue growth outlook of 28% topping the Street’s anticipated Cloud revenue growth of 23% y/y.(+) Adjusted EBITDA: $130-135 million (implied ~20% margin) exceeds consensus view of $122.6 million.Our ThoughtsARR growth accelerated (against its toughest compare of the year) to 19% exiting the year, with the $512.5 million figure up $28 q/q, its highest increase at least since going public (+$20 million in 4Q22).</li><li>With its 2024 outlook calling for ~14-15% growth also above consensus (and commentary on sustainable mid-to-high teens growth), we suspect investors will be particularly pleased with the Cloud growth guide of 28% y/y that factors an acceleration vs. 2023 (+27%).</li><li>This positive growth outlook also comes with notable profitability improvements (+250 bp at the midpoint of its new guide, and above consensus), which we believe will be viewed favorably in the context of the higher growth outlook.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/memory-monitor-competition-is-hotting-up-for-key-memory-chips-nvidia-depends-on?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/795/original/image?1709211006"/> <ul>
<li>Competition in the High Bandwidth Memory (HBM) space is intensifying; Micron shares have rallied after it announced HBM3e mass production; SK Hynix has outperformed since its earnings release.</li>
<li>Nvidia's H200, its most advanced chip for generative AI, leans heavily on HBM3e memory for its increased performance vs. the previous H100 generation. Memory leaders are key for Nvidia's success.</li>
<li>Taiwan's Nanya Tech appears to be watching HBM competition between Micron, SK Hynix, and Samsung from the sidelines; can its shares get back into the game?</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/reaffirm-strong-buy-trimming-target-to-12-post-4q23-print?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Reaffirm Strong Buy; Trimming Target to $12 Post 4Q23 Print </a></h3><p></p><ul><li>We reaffirm our Strong Buy rating but trim our target price to $12 on ARKO. 4Q23 adj. EBITDA slightly missed consensus expectations.</li><li>That said, we were encouraged by the upside in merchandise gross profit during the quarter, further highlighting management’s in-store initiatives are driving incremental improvements.</li><li>On the other hand, fuel volumes (more detail below) and in-store demand took a step back in 1Q24-to-date, driving a lower-than-expected 2024 outlook.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/f4q-ebitda-beats-on-gm-again-f4q-ebitda-guide-also-above-views?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q EBITDA Beats on GM Again; F4Q EBITDA Guide Also Above Views</a></li><li><a href="https://www.smartkarma.com/insights/4q-beats-but-1q-fy24-outlook-light-of-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Beats but 1Q/FY24 Outlook Light of Expectations</a></li><li><a href="https://www.smartkarma.com/insights/4q23-quick-take-arr-acceleration-continues-in-beat-and-raise-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Quick Take: ARR Acceleration Continues in Beat-and-Raise Quarter</a></li><li><a href="https://www.smartkarma.com/insights/memory-monitor-competition-is-hotting-up-for-key-memory-chips-nvidia-depends-on?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On</a></li><li><a href="https://www.smartkarma.com/insights/reaffirm-strong-buy-trimming-target-to-12-post-4q23-print?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reaffirm Strong Buy; Trimming Target to $12 Post 4Q23 Print</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/f4q-ebitda-beats-on-gm-again-f4q-ebitda-guide-also-above-views?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. F4Q EBITDA Beats on GM Again; F4Q EBITDA Guide Also Above Views </a></h3><p></p><ul><li>Summary: GMS’s F3Q adj. EBITDA dollars again mildly beat views, driven by a strong gross margin performance as Wallboard and Steel organic sales essentially matched guidance and price/volumes missed by low single-digits in Ceilings.</li><li>F4Q EBITDA guidance exceeds consensus by ~5%.</li><li>GMS is holding its conference call at 8:30 a.m. ET.(+) F3Q24 (August-October) ad.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q-beats-but-1q-fy24-outlook-light-of-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q Beats but 1Q/FY24 Outlook Light of Expectations </a></h3><p></p><ul><li>BBWI beat 4Q but the 1Q/FY24 outlook implies a deceleration after improvement in 4Q. We look for incremental color on the drivers of this on today’s 9:00 a.m. earnings call.</li><li>4Q sales, operating margin, EBITDA, and EPS all came in ahead of our expectations.</li><li>That said, management’s 2024 outlook range came in below current expectations for us and consensus, and implies a bigger decline in 1Q than FY.Results of the quarterNet sales were +0.8% y/y vs our -2.4% estimate and consensus of -1.9%, including $80M of sales from an extra week in the quarter/year By segment: U.S. & Canada Store Sales +4%, Direct Sales -8%, International Sales -1%Gross margin 260 bp y/y to 45.9% vs our estimate of 90 bp to 44.2%, and consensus of 44.5%Operating margin 160 bp y/y to 24.2% vs our estimate of -40 bp to 22.2% and consensus of 22.9%EPS of $2.06 vs our $1.81 estimate and consensus of $1.87F1Q outlook implies deceleration from F4Q23Net sales-4.5% to -2% y/y vs our -2.2% estimateEPS of $0.28-$0.33 vs our $0.43 estimate and consensus of $0.39FY24 outlook below street expectationsNet sales-3% to flat vs our +0.6% estimate, which includes ~1pt hit from returning to a 52-week year vs 53 weeks in FY23EPS of $3.00-$3.35 vs our $3.40 estimate and consensus of $3.35The company expects to repurchase $300M in shares</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q23-quick-take-arr-acceleration-continues-in-beat-and-raise-quarter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q23 Quick Take: ARR Acceleration Continues in Beat-and-Raise Quarter </a></h3><p></p><ul><li>4Q23 Results(+/+) Total revenue: $154.9 million (+18% y/y) beat our $146.1 million estimate by 6% and consensus of $146.5 million, with Cloud revenue of $60.6 million (+30% y/y) 7% above our $56.5 million model.(+) Adjusted EBITDA: $32.0 million also topped our $28.5 million estimate (the Street at $28.6 million).(+) Non-GAAP EPS: $0.13 came in above our estimate and consensus of $0.11.1Q24 Outlook(+) Total revenue: $152-156 million (~16% y/y at midpoint) comes in above the Street at $150.4 million.(+) Adjusted EBITDA: $29-31 million (implied ~19% margin) also beat consensus of $28.4 million.Initial 2024 Outlook(+/+) Total revenue: $650-660 million (~14% y/y at midpoint) beat consensus of $638.2 million, with Cloud revenue growth outlook of 28% topping the Street’s anticipated Cloud revenue growth of 23% y/y.(+) Adjusted EBITDA: $130-135 million (implied ~20% margin) exceeds consensus view of $122.6 million.Our ThoughtsARR growth accelerated (against its toughest compare of the year) to 19% exiting the year, with the $512.5 million figure up $28 q/q, its highest increase at least since going public (+$20 million in 4Q22).</li><li>With its 2024 outlook calling for ~14-15% growth also above consensus (and commentary on sustainable mid-to-high teens growth), we suspect investors will be particularly pleased with the Cloud growth guide of 28% y/y that factors an acceleration vs. 2023 (+27%).</li><li>This positive growth outlook also comes with notable profitability improvements (+250 bp at the midpoint of its new guide, and above consensus), which we believe will be viewed favorably in the context of the higher growth outlook.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/memory-monitor-competition-is-hotting-up-for-key-memory-chips-nvidia-depends-on?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/795/original/image?1709211006"/> <ul>
<li>Competition in the High Bandwidth Memory (HBM) space is intensifying; Micron shares have rallied after it announced HBM3e mass production; SK Hynix has outperformed since its earnings release.</li>
<li>Nvidia's H200, its most advanced chip for generative AI, leans heavily on HBM3e memory for its increased performance vs. the previous H100 generation. Memory leaders are key for Nvidia's success.</li>
<li>Taiwan's Nanya Tech appears to be watching HBM competition between Micron, SK Hynix, and Samsung from the sidelines; can its shares get back into the game?</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/reaffirm-strong-buy-trimming-target-to-12-post-4q23-print?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Reaffirm Strong Buy; Trimming Target to $12 Post 4Q23 Print </a></h3><p></p><ul><li>We reaffirm our Strong Buy rating but trim our target price to $12 on ARKO. 4Q23 adj. EBITDA slightly missed consensus expectations.</li><li>That said, we were encouraged by the upside in merchandise gross profit during the quarter, further highlighting management’s in-store initiatives are driving incremental improvements.</li><li>On the other hand, fuel volumes (more detail below) and in-store demand took a step back in 1Q24-to-date, driving a lower-than-expected 2024 outlook.</li></ul>2024-02-29T22:00:21+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GMS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BBWI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "VERX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MU@US"}, {"term": "SIMO@US"}, {"term": "2408@TT"}, {"term": "005930@KS"}, {"term": "000660@KS"}, {"term": "NVDA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ARKO@US"}, {"term": "GMS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BBWI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VERX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NVDA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ARKO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/a0a456f6-c06a-3b66-8846-6d84a8a43490Brief USA: 4Q Generally In Line With Guidance Though EBITDA Slightly Better; 2024 Guidance Encouraging and more2024-03-28T22:17:22.677880+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q-generally-in-line-with-guidance-though-ebitda-slightly-better-2024-guidance-encouraging?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Generally In Line With Guidance Though EBITDA Slightly Better; 2024 Guidance Encouraging</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-bd458777-f42a-4ef1-bb6c-3543eb9867c7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/first-take-solid-quarter-2024-ebitda-guide-raised-notably?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Solid Quarter, 2024 EBITDA Guide Raised Notably</a></li><li><a href="https://www.smartkarma.com/insights/specialty-verticals-remain-growth-opportunity-maintain-mo2-tp-to-16?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Specialty Verticals Remain Growth Opportunity; Maintain MO2, TP to $16</a></li><li><a href="https://www.smartkarma.com/insights/mixed-4q-2024-rev-guide-reasonable-but-spend-higher-still-qs-with-oxybate-closer-to-zani?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mixed 4Q, 2024 Rev Guide Reasonable But Spend Higher; Still Qs With Oxybate, Closer to Zani</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q-generally-in-line-with-guidance-though-ebitda-slightly-better-2024-guidance-encouraging?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q Generally In Line With Guidance Though EBITDA Slightly Better; 2024 Guidance Encouraging </a></h3><p></p><ul><li>4Q results consistent with guidance, EBITDA slightly better.</li><li>Acushnet Holdings’ (GOLF) reported 4Q results Thursday morning were largely in line with expectations, as declines in golf clubs and golf wear were offset by healthy ball sales and gross margin expansion.</li><li>Adj. EBITDA in the quarter of $(2)M compared with $25M last year, RJe $3M and Street consensus of $(1)M, though consistent with implied guidance of $(3)-(13)M. At the same time, net sales fell 8% y/y (down 9% in constant currency) to $413M vs. RJe $434M, Street $429M, and implied guidance of $381-$431M, while GAAP EPS was $(0.41) vs. breakeven last year, RJe $(0.36), and Street $(0.37).Balls outperform clubs, as expected.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-bd458777-f42a-4ef1-bb6c-3543eb9867c7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYCrude prices slipped Wednesday after an unexpected ‘big three’ petroleum build.</li><li>Stockpiles have risen over the last several weeks following winter storms in January and weaker refinery utilization at the start of the year.</li><li>Texas Governor Abbott declared a disaster for counties in the Texas Panhandle that are under threat of raging wildfires that could potentially impact various refiners in the area.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/first-take-solid-quarter-2024-ebitda-guide-raised-notably?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. First Take: Solid Quarter, 2024 EBITDA Guide Raised Notably </a></h3><p></p><ul><li>Event: This morning, GoodRx reported 4Q23 results that were inline with pre-announced results, with revenues of $196.6M (Street: $194.3M; RJ: $196.0M), up +6.8% y/y.</li><li>Gross profit was $181.5M (Street: $177.5M; RJ: $180.1M), and adj. EBITDA was $57.3M (Street: $54.6M; RJ: $57.0M).</li><li>We note that PTR revenue again came in ahead of expectations, while subscriptions were roughly in line with our model and pharma fell behind our estimates ($24.4M vs. RJ: $28.5M).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/specialty-verticals-remain-growth-opportunity-maintain-mo2-tp-to-16?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Specialty Verticals Remain Growth Opportunity; Maintain MO2, TP to $16 </a></h3><p></p><ul><li>We maintain ourOutperform ratingand lowering ourtarget price to $16/share (from $16.50).We believe that the highly diversified SLRC portfolio is attractive, particularly with the mix of equipment finance loans helping to offset sensitivity to future declining rates, and that the dividend will be covered by NII going forward.</li><li>We expect the shares to trade at a valuation below book as income ROE lags the industry due to the ROE lagging the industry — as life science markets (and success fees normalize) and contributions from the JV ramp we expect that gap to close.4Q23:NII was $0.44/share, in-line with our core estimate of $0.44 and slightly above consensus of $0.43.</li><li>The slightly smaller portfolio size was offset by a success fee from the life sciences segment (relating to an asset paid off earlier in the year) and a first substantial dividend from the loan fund JV. NAV/share was $18.09 (previously $18.06), up 14 bp q/q.Credit quality:Non-accruals at cost and fair value were 0.6% and 0.4% of the total portfolio (was 0.8% and 0.3%) — no changes on the number of non-accrual (RD Holco is the only asset).Overall the credit book is in very good shape.Portfolio Growth: The portfolio shrank modestly this quarter — the Sponsor finance cash flow segment shrank (floating rate loans), and the equipment finance business grew (fixed rate float).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mixed-4q-2024-rev-guide-reasonable-but-spend-higher-still-qs-with-oxybate-closer-to-zani?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Mixed 4Q, 2024 Rev Guide Reasonable But Spend Higher; Still Qs With Oxybate, Closer to Zani </a></h3><p></p><ul><li>It was a mixed 4Q with an overall revenue beat but a bottom line miss from higher spend, and the individual product performance was mixed as well.</li><li>There was solid upside for Epidiolex and Vyxeos, while Xyxav, Rylaze and Zepzelca all came up short.</li><li>2024 revenue guidance overall seems reasonable (Neuro seems conservative, Oncology seems aggressive), while SG&A spend is higher than expected (largely for Xywav IH, Epidiolex, Zani prep) and dragging down net income/EPS somewhat.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q-generally-in-line-with-guidance-though-ebitda-slightly-better-2024-guidance-encouraging?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Generally In Line With Guidance Though EBITDA Slightly Better; 2024 Guidance Encouraging</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-bd458777-f42a-4ef1-bb6c-3543eb9867c7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/first-take-solid-quarter-2024-ebitda-guide-raised-notably?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Solid Quarter, 2024 EBITDA Guide Raised Notably</a></li><li><a href="https://www.smartkarma.com/insights/specialty-verticals-remain-growth-opportunity-maintain-mo2-tp-to-16?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Specialty Verticals Remain Growth Opportunity; Maintain MO2, TP to $16</a></li><li><a href="https://www.smartkarma.com/insights/mixed-4q-2024-rev-guide-reasonable-but-spend-higher-still-qs-with-oxybate-closer-to-zani?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mixed 4Q, 2024 Rev Guide Reasonable But Spend Higher; Still Qs With Oxybate, Closer to Zani</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q-generally-in-line-with-guidance-though-ebitda-slightly-better-2024-guidance-encouraging?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q Generally In Line With Guidance Though EBITDA Slightly Better; 2024 Guidance Encouraging </a></h3><p></p><ul><li>4Q results consistent with guidance, EBITDA slightly better.</li><li>Acushnet Holdings’ (GOLF) reported 4Q results Thursday morning were largely in line with expectations, as declines in golf clubs and golf wear were offset by healthy ball sales and gross margin expansion.</li><li>Adj. EBITDA in the quarter of $(2)M compared with $25M last year, RJe $3M and Street consensus of $(1)M, though consistent with implied guidance of $(3)-(13)M. At the same time, net sales fell 8% y/y (down 9% in constant currency) to $413M vs. RJe $434M, Street $429M, and implied guidance of $381-$431M, while GAAP EPS was $(0.41) vs. breakeven last year, RJe $(0.36), and Street $(0.37).Balls outperform clubs, as expected.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-bd458777-f42a-4ef1-bb6c-3543eb9867c7?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYCrude prices slipped Wednesday after an unexpected ‘big three’ petroleum build.</li><li>Stockpiles have risen over the last several weeks following winter storms in January and weaker refinery utilization at the start of the year.</li><li>Texas Governor Abbott declared a disaster for counties in the Texas Panhandle that are under threat of raging wildfires that could potentially impact various refiners in the area.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/first-take-solid-quarter-2024-ebitda-guide-raised-notably?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. First Take: Solid Quarter, 2024 EBITDA Guide Raised Notably </a></h3><p></p><ul><li>Event: This morning, GoodRx reported 4Q23 results that were inline with pre-announced results, with revenues of $196.6M (Street: $194.3M; RJ: $196.0M), up +6.8% y/y.</li><li>Gross profit was $181.5M (Street: $177.5M; RJ: $180.1M), and adj. EBITDA was $57.3M (Street: $54.6M; RJ: $57.0M).</li><li>We note that PTR revenue again came in ahead of expectations, while subscriptions were roughly in line with our model and pharma fell behind our estimates ($24.4M vs. RJ: $28.5M).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/specialty-verticals-remain-growth-opportunity-maintain-mo2-tp-to-16?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Specialty Verticals Remain Growth Opportunity; Maintain MO2, TP to $16 </a></h3><p></p><ul><li>We maintain ourOutperform ratingand lowering ourtarget price to $16/share (from $16.50).We believe that the highly diversified SLRC portfolio is attractive, particularly with the mix of equipment finance loans helping to offset sensitivity to future declining rates, and that the dividend will be covered by NII going forward.</li><li>We expect the shares to trade at a valuation below book as income ROE lags the industry due to the ROE lagging the industry — as life science markets (and success fees normalize) and contributions from the JV ramp we expect that gap to close.4Q23:NII was $0.44/share, in-line with our core estimate of $0.44 and slightly above consensus of $0.43.</li><li>The slightly smaller portfolio size was offset by a success fee from the life sciences segment (relating to an asset paid off earlier in the year) and a first substantial dividend from the loan fund JV. NAV/share was $18.09 (previously $18.06), up 14 bp q/q.Credit quality:Non-accruals at cost and fair value were 0.6% and 0.4% of the total portfolio (was 0.8% and 0.3%) — no changes on the number of non-accrual (RD Holco is the only asset).Overall the credit book is in very good shape.Portfolio Growth: The portfolio shrank modestly this quarter — the Sponsor finance cash flow segment shrank (floating rate loans), and the equipment finance business grew (fixed rate float).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mixed-4q-2024-rev-guide-reasonable-but-spend-higher-still-qs-with-oxybate-closer-to-zani?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Mixed 4Q, 2024 Rev Guide Reasonable But Spend Higher; Still Qs With Oxybate, Closer to Zani </a></h3><p></p><ul><li>It was a mixed 4Q with an overall revenue beat but a bottom line miss from higher spend, and the individual product performance was mixed as well.</li><li>There was solid upside for Epidiolex and Vyxeos, while Xyxav, Rylaze and Zepzelca all came up short.</li><li>2024 revenue guidance overall seems reasonable (Neuro seems conservative, Oncology seems aggressive), while SG&A spend is higher than expected (largely for Xywav IH, Epidiolex, Zani prep) and dragging down net income/EPS somewhat.</li></ul>2024-02-29T21:00:16+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GOLF@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PXD@US"}, {"term": "FANG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GDRX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SLRC@US"}, {"term": "BXSL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "IRELAND"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "JAZZ@US"}, {"term": "GOLF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FANG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GDRX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BXSL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "JAZZ@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/79b6294c-96ff-34f9-bfae-625445fd74a7Brief USA: New Branch in Southern California Reflects Positive Business Momentum; Reiterate Strong Buy and more2024-03-28T22:17:22.671615+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/new-branch-in-southern-california-reflects-positive-business-momentum-reiterate-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">New Branch in Southern California Reflects Positive Business Momentum; Reiterate Strong Buy</a></li><li><a href="https://www.smartkarma.com/insights/insurance-life-life-insurance-refocus-recap-life-reinsurance-market-trends-provide-favorable-backdrop-for-u-s-life-insurers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insurance - Life - Life Insurance</a></li><li><a href="https://www.smartkarma.com/insights/updating-estimates-reiterate-market-perform-d2c84a31-731b-4c85-a7f5-122d16074515?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating Estimates; Reiterate Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/upgrading-to-strong-buy-investor-day-maps-pivot-to-improvement?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Upgrading to Strong Buy; Investor Day Maps Pivot to Improvement</a></li><li><a href="https://www.smartkarma.com/insights/updating-estimates-reiterate-strong-buy-3172ed02-5221-459a-a69c-973920970670?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating Estimates, Reiterate Strong Buy</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/new-branch-in-southern-california-reflects-positive-business-momentum-reiterate-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. New Branch in Southern California Reflects Positive Business Momentum; Reiterate Strong Buy </a></h3><p></p><ul><li>ESQ’s announcement that it plans to establish a de novo retail branch in Los Angeles, CA, near Beverly Hills, reflects positive business momentum and should support future loan and deposit growth and management indicated that the existing client base combined with many large prospects made Los Angeles a desirable target to expand their physical presence.</li><li>California is ESQ’s third largest market for litigation-related loans at $113M, or 18% of total, as of 4Q23.</li><li>The branch is expected to open in late-2024 to early-2025.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/insurance-life-life-insurance-refocus-recap-life-reinsurance-market-trends-provide-favorable-backdrop-for-u-s-life-insurers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Insurance - Life - Life Insurance </a></h3><p></p><ul><li>We attended the ReFocus life reinsurance conference in Las Vegas.</li><li>Following are our key takeaways; see the body of our note for more details.Primary writers could benefit as block deal activity should remain highly active, and experts see the potential for more complex deals such as long-term care (LTC), variable annuities, and guaranteed universal life.</li><li>Mid-sized deals of ~$5-10B of AUM are most likely, as the big blocks ($20+ billion) are largely sold and come with a heavy regulatory burden and extended timeline.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/updating-estimates-reiterate-market-perform-d2c84a31-731b-4c85-a7f5-122d16074515?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Updating Estimates; Reiterate Market Perform </a></h3><p></p><ul><li>Model Update —We’re updating estimates forPXD following 4Q23 results last week.</li><li>Oil volumes were in-line, while NGLs and gas production both beat expectations.</li><li>As a result, total volumes came in 3%/2% over RJ/Street estimates.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/upgrading-to-strong-buy-investor-day-maps-pivot-to-improvement?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Upgrading to Strong Buy; Investor Day Maps Pivot to Improvement </a></h3><p></p><ul><li>We are upgrading shares of HTLF to Strong Buy from Market Perform.</li><li>We came away from its Investor Day with increasing conviction that its pivot to focusing on organic growth and profitability via its HTLF 3.0 strategic initiative will soon drive profitability improvement.</li><li>Gone are its serial-acquirer days (15 bank acqs.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/updating-estimates-reiterate-strong-buy-3172ed02-5221-459a-a69c-973920970670?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Updating Estimates, Reiterate Strong Buy </a></h3><p></p><ul><li>We’re updating estimates post earnings, and to account for the acquisition of Endeavor, which was extremely well-received given the acreage overlap and synergies.</li><li>As a reminder, FANG posted a solid quarter operationally, beating CFPS by 12% vs Street estimates.</li><li>2024 guidance was in-line with RJ/Street expectations.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/new-branch-in-southern-california-reflects-positive-business-momentum-reiterate-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">New Branch in Southern California Reflects Positive Business Momentum; Reiterate Strong Buy</a></li><li><a href="https://www.smartkarma.com/insights/insurance-life-life-insurance-refocus-recap-life-reinsurance-market-trends-provide-favorable-backdrop-for-u-s-life-insurers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Insurance - Life - Life Insurance</a></li><li><a href="https://www.smartkarma.com/insights/updating-estimates-reiterate-market-perform-d2c84a31-731b-4c85-a7f5-122d16074515?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating Estimates; Reiterate Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/upgrading-to-strong-buy-investor-day-maps-pivot-to-improvement?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Upgrading to Strong Buy; Investor Day Maps Pivot to Improvement</a></li><li><a href="https://www.smartkarma.com/insights/updating-estimates-reiterate-strong-buy-3172ed02-5221-459a-a69c-973920970670?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Updating Estimates, Reiterate Strong Buy</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/new-branch-in-southern-california-reflects-positive-business-momentum-reiterate-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. New Branch in Southern California Reflects Positive Business Momentum; Reiterate Strong Buy </a></h3><p></p><ul><li>ESQ’s announcement that it plans to establish a de novo retail branch in Los Angeles, CA, near Beverly Hills, reflects positive business momentum and should support future loan and deposit growth and management indicated that the existing client base combined with many large prospects made Los Angeles a desirable target to expand their physical presence.</li><li>California is ESQ’s third largest market for litigation-related loans at $113M, or 18% of total, as of 4Q23.</li><li>The branch is expected to open in late-2024 to early-2025.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/insurance-life-life-insurance-refocus-recap-life-reinsurance-market-trends-provide-favorable-backdrop-for-u-s-life-insurers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Insurance - Life - Life Insurance </a></h3><p></p><ul><li>We attended the ReFocus life reinsurance conference in Las Vegas.</li><li>Following are our key takeaways; see the body of our note for more details.Primary writers could benefit as block deal activity should remain highly active, and experts see the potential for more complex deals such as long-term care (LTC), variable annuities, and guaranteed universal life.</li><li>Mid-sized deals of ~$5-10B of AUM are most likely, as the big blocks ($20+ billion) are largely sold and come with a heavy regulatory burden and extended timeline.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/updating-estimates-reiterate-market-perform-d2c84a31-731b-4c85-a7f5-122d16074515?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Updating Estimates; Reiterate Market Perform </a></h3><p></p><ul><li>Model Update —We’re updating estimates forPXD following 4Q23 results last week.</li><li>Oil volumes were in-line, while NGLs and gas production both beat expectations.</li><li>As a result, total volumes came in 3%/2% over RJ/Street estimates.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/upgrading-to-strong-buy-investor-day-maps-pivot-to-improvement?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Upgrading to Strong Buy; Investor Day Maps Pivot to Improvement </a></h3><p></p><ul><li>We are upgrading shares of HTLF to Strong Buy from Market Perform.</li><li>We came away from its Investor Day with increasing conviction that its pivot to focusing on organic growth and profitability via its HTLF 3.0 strategic initiative will soon drive profitability improvement.</li><li>Gone are its serial-acquirer days (15 bank acqs.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/updating-estimates-reiterate-strong-buy-3172ed02-5221-459a-a69c-973920970670?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Updating Estimates, Reiterate Strong Buy </a></h3><p></p><ul><li>We’re updating estimates post earnings, and to account for the acquisition of Endeavor, which was extremely well-received given the acreage overlap and synergies.</li><li>As a reminder, FANG posted a solid quarter operationally, beating CFPS by 12% vs Street estimates.</li><li>2024 guidance was in-line with RJ/Street expectations.</li></ul>2024-02-29T18:30:41+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ESQ@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "UNM@US"}, {"term": "PRU@US"}, {"term": "PFG@US"}, {"term": "MET@US"}, {"term": "LNC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PXD@US"}, {"term": "XOM@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "HTLF@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FANG@US"}, {"term": "ESQ@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LNC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XOM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HTLF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FANG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/fc0850f6-f033-31f5-86ed-f9c004b307dcBrief USA: Allianz X and CWC Strategic Investment to Materially Increase AUM and Revenue and more2024-03-28T22:17:22.661975+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/allianz-x-and-cwc-strategic-investment-to-materially-increase-aum-and-revenue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Allianz X and CWC Strategic Investment to Materially Increase AUM and Revenue</a></li><li><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-limited-further-multiple-expansion-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrading to Market Perform — Limited Further Multiple Expansion Opportunity</a></li><li><a href="https://www.smartkarma.com/insights/4q-preview-thoughts-on-24-raising-pt-to-29-reit-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Preview + Thoughts on '24; Raising PT to $29; Reit. Strong Buy</a></li><li><a href="https://www.smartkarma.com/insights/palo-alto-networks-is-the-increased-demand-for-cybersecurity-platforms-expected-to-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Palo Alto Networks: Is The Increased Demand For Cybersecurity Platforms Expected To Last? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-mosaic-company-stable-demand-potash-production-increase-catalyzing-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Mosaic Company: Stable Demand & Potash Production Increase Catalyzing Growth? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/allianz-x-and-cwc-strategic-investment-to-materially-increase-aum-and-revenue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Allianz X and CWC Strategic Investment to Materially Increase AUM and Revenue </a></h3><p></p><ul><li>On February 22, Strong Buy-rated ALTIannounceda strategic investment of up to $450M, including up to $300M from Allianz X (an investment arm of Allianz) and $150M from Constellation Wealth Capital (CWC) (a private equity firm focused on the wealth management sector).</li><li>The $110M of newly issued shares component of the investment will dilute existing shareholders by ~14%.</li><li>See the body of this note for more details on the investment.We think ALTI can leverage this investment to add $35B or more of AUM, a 50%+ increase versus $68B as of 3Q23, and increase revenue by 50%+.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-limited-further-multiple-expansion-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Downgrading to Market Perform — Limited Further Multiple Expansion Opportunity </a></h3><p></p><ul><li>Summary: We are lowering our rating to Market Perform on Blackstone Secured Lending (BXSL).This is a purely valuation driven assessment, where we view limited opportunity for the multiple to expand from its current level — though we also see no material risk of downside at this time.</li><li>The companies earnings were above expectations, as market activity and origination volumes exceeded expectations.</li><li>Non-accruals and portfolio stress remain extremely low, and we have no reason to expect material deterioration — we explicitly model that non-accruals and NAV/share trends will outperform the industry over the 2024-2025 period, but believe that is priced into the stock at these levels.4Q23:Core NII/share (after excise tax, excluding capital gains incentive fees) was $0.95/share, above our core estimate of $0.89 and consensus of $0.93.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q-preview-thoughts-on-24-raising-pt-to-29-reit-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q Preview + Thoughts on '24; Raising PT to $29; Reit. Strong Buy </a></h3><p></p><ul><li>We reiterate our Strong Buy rating on FWRG and raise our price target to $29 ahead of the company’s 4Q earnings scheduled for Tuesday, 3/5.</li><li>Given 4Q comps were pre-released in early January, we expect investors will be focused on QTD comps and management’s 2024 guidance.- We expect a more cautious tone on 1Q given bad weather/tough comparisons, but are optimistic that comps can recover into solidly positive territory in ‘24.</li><li>In our view, traffic should return to flat/slightly positive territory as 1) off-premise headwinds ease (emerged in 2Q23) and 2) First Watch (scaled category leader) continues to capitalize on strong demand growth within the brunch/day-time cafe segment.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/palo-alto-networks-is-the-increased-demand-for-cybersecurity-platforms-expected-to-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Palo Alto Networks: Is The Increased Demand For Cybersecurity Platforms Expected To Last? - Major Drivers </a></h3><p></p><ul><li>Palo Alto Networks' Q2 2024 earnings highlight indicate the company's continued success in executing its profitable growth strategy.</li><li>The cybersecurity giant achieved significant top-line growth with revenues surging by 19% YoY, the RPO growing by 22%, and billings increasing by 16% YoY. Impressive, non-GAAP operating margins of 28.6% expanded roughly 600 basis points YoY, generating $2.9 billion in adjusted free cash flow on a trailing 12-month basis.</li><li>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.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/the-mosaic-company-stable-demand-potash-production-increase-catalyzing-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. The Mosaic Company: Stable Demand & Potash Production Increase Catalyzing Growth? - Major Drivers </a></h3><p></p><ul><li>The Mosaic Company's fourth quarter and full year 2023 earnings highlighted robust phosphate markets and an expected recovery of demand for potash.</li><li>Mosaic's CEO, Bruce Bodine, spoke positively about their financial performance in 2023, with reported revenue of $13.7 billion and adjusted EBITDA of $2.8 billion, along with investing $1.4 billion in the business and returning $1.1 billion to shareholders through share repurchases.</li><li>One positive takeaway from the call was the strong phosphate market conditions, resulting from tight supply due to China's fertilizer export restrictions and limited capacity additions in the short term.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/allianz-x-and-cwc-strategic-investment-to-materially-increase-aum-and-revenue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Allianz X and CWC Strategic Investment to Materially Increase AUM and Revenue</a></li><li><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-limited-further-multiple-expansion-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrading to Market Perform — Limited Further Multiple Expansion Opportunity</a></li><li><a href="https://www.smartkarma.com/insights/4q-preview-thoughts-on-24-raising-pt-to-29-reit-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Preview + Thoughts on '24; Raising PT to $29; Reit. Strong Buy</a></li><li><a href="https://www.smartkarma.com/insights/palo-alto-networks-is-the-increased-demand-for-cybersecurity-platforms-expected-to-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Palo Alto Networks: Is The Increased Demand For Cybersecurity Platforms Expected To Last? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-mosaic-company-stable-demand-potash-production-increase-catalyzing-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Mosaic Company: Stable Demand & Potash Production Increase Catalyzing Growth? - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/allianz-x-and-cwc-strategic-investment-to-materially-increase-aum-and-revenue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Allianz X and CWC Strategic Investment to Materially Increase AUM and Revenue </a></h3><p></p><ul><li>On February 22, Strong Buy-rated ALTIannounceda strategic investment of up to $450M, including up to $300M from Allianz X (an investment arm of Allianz) and $150M from Constellation Wealth Capital (CWC) (a private equity firm focused on the wealth management sector).</li><li>The $110M of newly issued shares component of the investment will dilute existing shareholders by ~14%.</li><li>See the body of this note for more details on the investment.We think ALTI can leverage this investment to add $35B or more of AUM, a 50%+ increase versus $68B as of 3Q23, and increase revenue by 50%+.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/downgrading-to-market-perform-limited-further-multiple-expansion-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Downgrading to Market Perform — Limited Further Multiple Expansion Opportunity </a></h3><p></p><ul><li>Summary: We are lowering our rating to Market Perform on Blackstone Secured Lending (BXSL).This is a purely valuation driven assessment, where we view limited opportunity for the multiple to expand from its current level — though we also see no material risk of downside at this time.</li><li>The companies earnings were above expectations, as market activity and origination volumes exceeded expectations.</li><li>Non-accruals and portfolio stress remain extremely low, and we have no reason to expect material deterioration — we explicitly model that non-accruals and NAV/share trends will outperform the industry over the 2024-2025 period, but believe that is priced into the stock at these levels.4Q23:Core NII/share (after excise tax, excluding capital gains incentive fees) was $0.95/share, above our core estimate of $0.89 and consensus of $0.93.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q-preview-thoughts-on-24-raising-pt-to-29-reit-strong-buy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q Preview + Thoughts on '24; Raising PT to $29; Reit. Strong Buy </a></h3><p></p><ul><li>We reiterate our Strong Buy rating on FWRG and raise our price target to $29 ahead of the company’s 4Q earnings scheduled for Tuesday, 3/5.</li><li>Given 4Q comps were pre-released in early January, we expect investors will be focused on QTD comps and management’s 2024 guidance.- We expect a more cautious tone on 1Q given bad weather/tough comparisons, but are optimistic that comps can recover into solidly positive territory in ‘24.</li><li>In our view, traffic should return to flat/slightly positive territory as 1) off-premise headwinds ease (emerged in 2Q23) and 2) First Watch (scaled category leader) continues to capitalize on strong demand growth within the brunch/day-time cafe segment.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/palo-alto-networks-is-the-increased-demand-for-cybersecurity-platforms-expected-to-last-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Palo Alto Networks: Is The Increased Demand For Cybersecurity Platforms Expected To Last? - Major Drivers </a></h3><p></p><ul><li>Palo Alto Networks' Q2 2024 earnings highlight indicate the company's continued success in executing its profitable growth strategy.</li><li>The cybersecurity giant achieved significant top-line growth with revenues surging by 19% YoY, the RPO growing by 22%, and billings increasing by 16% YoY. Impressive, non-GAAP operating margins of 28.6% expanded roughly 600 basis points YoY, generating $2.9 billion in adjusted free cash flow on a trailing 12-month basis.</li><li>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.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/the-mosaic-company-stable-demand-potash-production-increase-catalyzing-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. The Mosaic Company: Stable Demand & Potash Production Increase Catalyzing Growth? - Major Drivers </a></h3><p></p><ul><li>The Mosaic Company's fourth quarter and full year 2023 earnings highlighted robust phosphate markets and an expected recovery of demand for potash.</li><li>Mosaic's CEO, Bruce Bodine, spoke positively about their financial performance in 2023, with reported revenue of $13.7 billion and adjusted EBITDA of $2.8 billion, along with investing $1.4 billion in the business and returning $1.1 billion to shareholders through share repurchases.</li><li>One positive takeaway from the call was the strong phosphate market conditions, resulting from tight supply due to China's fertilizer export restrictions and limited capacity additions in the short term.</li></ul>2024-02-29T18:30:19+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ALTI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BXSL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "@FWRG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "PANW@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MOS@US"}, {"term": "ALTI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BXSL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "@FWRG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PANW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MOS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/f87ea25d-f546-3227-9830-033aceac14dcBrief USA: Verisk Analytics: Is Its Growth Outlook Too Optimistic? What Are The Biggest Challenges? - Major Drivers and more2024-03-28T22:17:22.655948+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/verisk-analytics-is-its-growth-outlook-too-optimistic-what-are-the-biggest-challenges-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Verisk Analytics: Is Its Growth Outlook Too Optimistic? What Are The Biggest Challenges? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/keysight-technologies-is-the-strength-in-aerospace-defense-market-expected-to-continue-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Keysight Technologies: Is The Strength In Aerospace & Defense Market Expected To Continue? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/western-midstream-partners-an-analysis-of-the-various-components-of-its-future-outlook-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Western Midstream Partners: An Analysis Of The Various Components Of Its Future Outlook! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/marathon-oil-corporation-is-its-capital-efficiency-sustainable-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Marathon Oil Corporation: Is Its Capital Efficiency Sustainable? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/united-therapeutics-corporation-initiation-of-coverage-6-biggest-factors-driving-its-future-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">United Therapeutics Corporation: Initiation Of Coverage - 6 Biggest Factors Driving Its Future Growth! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/verisk-analytics-is-its-growth-outlook-too-optimistic-what-are-the-biggest-challenges-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Verisk Analytics: Is Its Growth Outlook Too Optimistic? What Are The Biggest Challenges? - Major Drivers </a></h3><p></p><ul><li>Verisk experienced a successful 2023 with strategic, organizational, and cultural changes, outstanding financial performance, and substantial value creation for clients and shareholders.</li><li>The company delivered 8.7% organic constant currency revenue growth in 2023, the highest rate since its initial public offering in 2009.</li><li>They exceeded the expectations set during the Investor Day in March.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/keysight-technologies-is-the-strength-in-aerospace-defense-market-expected-to-continue-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Keysight Technologies: Is The Strength In Aerospace & Defense Market Expected To Continue? - Major Drivers </a></h3><p></p><ul><li>Keysight Technologies has announced its first quarter earnings for the fiscal year of 2024.</li><li>The company outperformed predictions, recording revenue of $1.3 billion in addition to earnings per share of $1.63.</li><li>This demonstrates the strength of the Keysight team in overcoming market challenges.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/western-midstream-partners-an-analysis-of-the-various-components-of-its-future-outlook-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Western Midstream Partners: An Analysis Of The Various Components Of Its Future Outlook! - Major Drivers </a></h3><p></p><ul><li>Western Midstream Partners (WES) reported its fourth-quarter and full-year 2023 earnings with a mixed financial result.</li><li>Nevertheless, the company retains a degree of optimism, particularly when considering certain initiatives and expected future outcomes.</li><li>In 2023, Western Midstream Partners successfully divested its remaining interest in several non core, non-operated assets worth $790 million.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/marathon-oil-corporation-is-its-capital-efficiency-sustainable-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Marathon Oil Corporation: Is Its Capital Efficiency Sustainable? - Major Drivers </a></h3><p></p><ul><li>Marathon Oil's Q4 and full year 2023 results and full year 2024 outlook have highlighted some of the successes and challenges faced by the company.</li><li>The company's Chairman, President, and CEO, Lee Tillman, emphasized on the company's commitment to safety, environmental responsibility, and ongoing work to achieve zero routine flaring.</li><li>The company has continued to prioritize providing safe working conditions and has achieved a record safety year in 2023.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/united-therapeutics-corporation-initiation-of-coverage-6-biggest-factors-driving-its-future-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. United Therapeutics Corporation: Initiation Of Coverage - 6 Biggest Factors Driving Its Future Growth! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on biotech major, United Therapeutics Corporation (UTC).</li><li>The company posted solid financial results for the fourth quarter of 2023, marking the third consecutive quarter of record revenue, and the second consecutive year of record income.</li><li>The company achieved over 20% growth in both quarterly and annual revenue for the fourth quarter and the full year.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/verisk-analytics-is-its-growth-outlook-too-optimistic-what-are-the-biggest-challenges-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Verisk Analytics: Is Its Growth Outlook Too Optimistic? What Are The Biggest Challenges? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/keysight-technologies-is-the-strength-in-aerospace-defense-market-expected-to-continue-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Keysight Technologies: Is The Strength In Aerospace & Defense Market Expected To Continue? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/western-midstream-partners-an-analysis-of-the-various-components-of-its-future-outlook-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Western Midstream Partners: An Analysis Of The Various Components Of Its Future Outlook! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/marathon-oil-corporation-is-its-capital-efficiency-sustainable-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Marathon Oil Corporation: Is Its Capital Efficiency Sustainable? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/united-therapeutics-corporation-initiation-of-coverage-6-biggest-factors-driving-its-future-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">United Therapeutics Corporation: Initiation Of Coverage - 6 Biggest Factors Driving Its Future Growth! - Financial Forecasts</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/verisk-analytics-is-its-growth-outlook-too-optimistic-what-are-the-biggest-challenges-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Verisk Analytics: Is Its Growth Outlook Too Optimistic? What Are The Biggest Challenges? - Major Drivers </a></h3><p></p><ul><li>Verisk experienced a successful 2023 with strategic, organizational, and cultural changes, outstanding financial performance, and substantial value creation for clients and shareholders.</li><li>The company delivered 8.7% organic constant currency revenue growth in 2023, the highest rate since its initial public offering in 2009.</li><li>They exceeded the expectations set during the Investor Day in March.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/keysight-technologies-is-the-strength-in-aerospace-defense-market-expected-to-continue-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Keysight Technologies: Is The Strength In Aerospace & Defense Market Expected To Continue? - Major Drivers </a></h3><p></p><ul><li>Keysight Technologies has announced its first quarter earnings for the fiscal year of 2024.</li><li>The company outperformed predictions, recording revenue of $1.3 billion in addition to earnings per share of $1.63.</li><li>This demonstrates the strength of the Keysight team in overcoming market challenges.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/western-midstream-partners-an-analysis-of-the-various-components-of-its-future-outlook-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Western Midstream Partners: An Analysis Of The Various Components Of Its Future Outlook! - Major Drivers </a></h3><p></p><ul><li>Western Midstream Partners (WES) reported its fourth-quarter and full-year 2023 earnings with a mixed financial result.</li><li>Nevertheless, the company retains a degree of optimism, particularly when considering certain initiatives and expected future outcomes.</li><li>In 2023, Western Midstream Partners successfully divested its remaining interest in several non core, non-operated assets worth $790 million.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/marathon-oil-corporation-is-its-capital-efficiency-sustainable-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Marathon Oil Corporation: Is Its Capital Efficiency Sustainable? - Major Drivers </a></h3><p></p><ul><li>Marathon Oil's Q4 and full year 2023 results and full year 2024 outlook have highlighted some of the successes and challenges faced by the company.</li><li>The company's Chairman, President, and CEO, Lee Tillman, emphasized on the company's commitment to safety, environmental responsibility, and ongoing work to achieve zero routine flaring.</li><li>The company has continued to prioritize providing safe working conditions and has achieved a record safety year in 2023.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/united-therapeutics-corporation-initiation-of-coverage-6-biggest-factors-driving-its-future-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. United Therapeutics Corporation: Initiation Of Coverage - 6 Biggest Factors Driving Its Future Growth! - Financial Forecasts </a></h3><p></p><ul><li>This is our first report on biotech major, United Therapeutics Corporation (UTC).</li><li>The company posted solid financial results for the fourth quarter of 2023, marking the third consecutive quarter of record revenue, and the second consecutive year of record income.</li><li>The company achieved over 20% growth in both quarterly and annual revenue for the fourth quarter and the full year.</li></ul>2024-02-29T17:00:37+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "VRSK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "KEYS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "WES@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MRO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "UTHR@US"}, {"term": "VRSK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "KEYS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WES@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MRO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "UTHR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/070b0afe-f101-33a8-b267-c2f1b38fc193Brief USA: Celanese Corporation: Integrated Value Chain Model & 5 Biggest Catalysts For Its Growth! - Major Drivers and more2024-03-28T22:17:22.646345+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/celanese-corporation-integrated-value-chain-model-5-biggest-catalysts-for-its-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Celanese Corporation: Integrated Value Chain Model & 5 Biggest Catalysts For Its Growth! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/nvidia-corporation-what-are-the-3-biggest-challenges-that-could-halt-its-dream-run-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">NVIDIA Corporation: What Are The 3 Biggest Challenges That Could Halt Its Dream Run? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/international-flavors-fragrances-iff-new-launches?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">International Flavors & Fragrances (IFF): New Launches</a></li><li><a href="https://www.smartkarma.com/insights/upgrading-rating-to-outperform-31-pt-pullback-offers-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Upgrading Rating to Outperform; $31 PT; Pullback Offers Opportunity</a></li><li><a href="https://www.smartkarma.com/insights/f4q24-and-takeaways-from-post-earnings-call-with-management-raising-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q24 and Takeaways from Post-Earnings Call with Management; Raising Price Target</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/celanese-corporation-integrated-value-chain-model-5-biggest-catalysts-for-its-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Celanese Corporation: Integrated Value Chain Model & 5 Biggest Catalysts For Its Growth! - Major Drivers </a></h3><p></p><ul><li>During the recent earnings of Celanese Corporation for Q4 2023, the management discussed certain issues and decisions influencing the company's future financial performance.</li><li>CEO Lori Ryerkerk indicated that they expect significant improvements in the M&M (Materials Solutions) business in the first quarter of 2024, set to be the highest quarterly EBITDA since its acquisition.</li><li>This development results from starting to see the pull through of lower raw materials and lower fixed costs that were being generated, with a recovery in auto expected as well.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/nvidia-corporation-what-are-the-3-biggest-challenges-that-could-halt-its-dream-run-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. NVIDIA Corporation: What Are The 3 Biggest Challenges That Could Halt Its Dream Run? - Major Drivers </a></h3><p></p><ul><li>NVIDIA Corporation reported a robust Q4 with significant year-on-year growth, marking a strong finish to the fiscal year 2024.</li><li>The company generated a 265% year-on-year increase in revenue, standing at $22.1 billion, exceeding the projected figure of $20 billion.</li><li>The fiscal 2024 revenue was $60.9 billion, a 126% increase from the previous year.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/international-flavors-fragrances-iff-new-launches?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. International Flavors & Fragrances (IFF): New Launches </a></h3><p></p><ul><li>International Flavors and Fragrances Inc.</li><li>(IFF) reported its fourth quarter and full year 2023 earnings, where it was highlighted that comparable currency-neutral sales increased by 1%, and comparable currency-neutral EBITDA grew by 17% for the fourth quarter.</li><li>This comes amid a reported sales decline underscoring resilience within the company's operational framework.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/upgrading-rating-to-outperform-31-pt-pullback-offers-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Upgrading Rating to Outperform; $31 PT; Pullback Offers Opportunity </a></h3><p></p><ul><li>We are raising our rating on COLD shares to Outperform from Market Perform and establishing a $31 target price.</li><li>The more aggressive stance follows a near week long sell-off in COLD shares following 4Q results and initial 2024 guidance.Overall, 4Q results and 2024 AFFO/share guidance were in-line with our expectations (4Q ahead of expectations, guidance a bit short of consensus), with a weaker 1H expected to lead to stronger 2H results.</li><li>Americold’s outlook and core business fundamentals have improved during the past year, as labor challenges have eased, customers have normalized production levels, and the company has reportedly succeeded in gaining competitive share.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/f4q24-and-takeaways-from-post-earnings-call-with-management-raising-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. F4Q24 and Takeaways from Post-Earnings Call with Management; Raising Price Target </a></h3><p></p><ul><li>We maintain ourStrong Buyrating on shares of Dycom (DY) following F4Q results.</li><li>We expect big telco to continue its ~20 years of catch-up to incumbent cable over the next three to five years.</li><li>As a leading engineering and construction services provider to several of these players, we believe Dycom is well-positioned to remain one of the most direct beneficiaries of this secular trend.Street Shrugs off FQ4 Miss on Solid Outlook.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/celanese-corporation-integrated-value-chain-model-5-biggest-catalysts-for-its-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Celanese Corporation: Integrated Value Chain Model & 5 Biggest Catalysts For Its Growth! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/nvidia-corporation-what-are-the-3-biggest-challenges-that-could-halt-its-dream-run-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">NVIDIA Corporation: What Are The 3 Biggest Challenges That Could Halt Its Dream Run? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/international-flavors-fragrances-iff-new-launches?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">International Flavors & Fragrances (IFF): New Launches</a></li><li><a href="https://www.smartkarma.com/insights/upgrading-rating-to-outperform-31-pt-pullback-offers-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Upgrading Rating to Outperform; $31 PT; Pullback Offers Opportunity</a></li><li><a href="https://www.smartkarma.com/insights/f4q24-and-takeaways-from-post-earnings-call-with-management-raising-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q24 and Takeaways from Post-Earnings Call with Management; Raising Price Target</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/celanese-corporation-integrated-value-chain-model-5-biggest-catalysts-for-its-growth-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Celanese Corporation: Integrated Value Chain Model & 5 Biggest Catalysts For Its Growth! - Major Drivers </a></h3><p></p><ul><li>During the recent earnings of Celanese Corporation for Q4 2023, the management discussed certain issues and decisions influencing the company's future financial performance.</li><li>CEO Lori Ryerkerk indicated that they expect significant improvements in the M&M (Materials Solutions) business in the first quarter of 2024, set to be the highest quarterly EBITDA since its acquisition.</li><li>This development results from starting to see the pull through of lower raw materials and lower fixed costs that were being generated, with a recovery in auto expected as well.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/nvidia-corporation-what-are-the-3-biggest-challenges-that-could-halt-its-dream-run-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. NVIDIA Corporation: What Are The 3 Biggest Challenges That Could Halt Its Dream Run? - Major Drivers </a></h3><p></p><ul><li>NVIDIA Corporation reported a robust Q4 with significant year-on-year growth, marking a strong finish to the fiscal year 2024.</li><li>The company generated a 265% year-on-year increase in revenue, standing at $22.1 billion, exceeding the projected figure of $20 billion.</li><li>The fiscal 2024 revenue was $60.9 billion, a 126% increase from the previous year.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/international-flavors-fragrances-iff-new-launches?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. International Flavors & Fragrances (IFF): New Launches </a></h3><p></p><ul><li>International Flavors and Fragrances Inc.</li><li>(IFF) reported its fourth quarter and full year 2023 earnings, where it was highlighted that comparable currency-neutral sales increased by 1%, and comparable currency-neutral EBITDA grew by 17% for the fourth quarter.</li><li>This comes amid a reported sales decline underscoring resilience within the company's operational framework.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/upgrading-rating-to-outperform-31-pt-pullback-offers-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Upgrading Rating to Outperform; $31 PT; Pullback Offers Opportunity </a></h3><p></p><ul><li>We are raising our rating on COLD shares to Outperform from Market Perform and establishing a $31 target price.</li><li>The more aggressive stance follows a near week long sell-off in COLD shares following 4Q results and initial 2024 guidance.Overall, 4Q results and 2024 AFFO/share guidance were in-line with our expectations (4Q ahead of expectations, guidance a bit short of consensus), with a weaker 1H expected to lead to stronger 2H results.</li><li>Americold’s outlook and core business fundamentals have improved during the past year, as labor challenges have eased, customers have normalized production levels, and the company has reportedly succeeded in gaining competitive share.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/f4q24-and-takeaways-from-post-earnings-call-with-management-raising-price-target?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. F4Q24 and Takeaways from Post-Earnings Call with Management; Raising Price Target </a></h3><p></p><ul><li>We maintain ourStrong Buyrating on shares of Dycom (DY) following F4Q results.</li><li>We expect big telco to continue its ~20 years of catch-up to incumbent cable over the next three to five years.</li><li>As a leading engineering and construction services provider to several of these players, we believe Dycom is well-positioned to remain one of the most direct beneficiaries of this secular trend.Street Shrugs off FQ4 Miss on Solid Outlook.</li></ul>2024-02-29T17:00:18+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "CE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "NVDA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "IFF@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "COLD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DY@US"}, {"term": "CMCSA@US"}, {"term": "WOW@US"}, {"term": "ATUS@US"}, {"term": "CHTR@US"}, {"term": "LUMN@US"}, {"term": "CCOI@US"}, {"term": "T@US"}, {"term": "FYBR@US"}, {"term": "TMUS@US"}, {"term": "VZ@US"}, {"term": "SBAC@US"}, {"term": "CCI@US"}, {"term": "AMT@US"}, {"term": "USM@US"}, {"term": "SHEN@US"}, {"term": "CABO@US"}, {"term": "CE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NVDA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "IFF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "COLD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CABO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/9dc037c9-ebf1-3678-b300-d42b08797f58Brief USA: Good to See EBITDA Growth Resuming in 4Q23, Though We Remain Mindful of Project Delay Risk and more2024-03-28T22:17:22.639959+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/good-to-see-ebitda-growth-resuming-in-4q23-though-we-remain-mindful-of-project-delay-risk?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Good to See EBITDA Growth Resuming in 4Q23, Though We Remain Mindful of Project Delay Risk</a></li><li><a href="https://www.smartkarma.com/insights/solid-4q-and-guidance-raise-once-again-as-numbers-keep-getting-better-raising-estimates-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Solid 4Q and Guidance Raise Once Again as Numbers Keep Getting Better; Raising Estimates & PT</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Semiconductor Memory 2023 In Review, 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/exact-sciences-corporation-launch-of-mrd-product-oncodetect-other-new-products-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Exact Sciences Corporation: Launch Of MRD product OncoDetect & Other New Products! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/reiterate-mp3-jamming-to-better-dtc-losses-and-oibda-fcf-growth-as-m-a-rumors-swirl?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reiterate MP3 - "Jamming" to Better DTC Losses and OIBDA/FCF Growth as M&A Rumors Swirl</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/good-to-see-ebitda-growth-resuming-in-4q23-though-we-remain-mindful-of-project-delay-risk?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Good to See EBITDA Growth Resuming in 4Q23, Though We Remain Mindful of Project Delay Risk </a></h3><p></p><ul><li>Energy efficiency is an underappreciated dimension of decarbonization, and Ameresco is one of the few public companies with a high degree of leverage toimproving the efficiency of buildings.</li><li>There is particular expertise in working with government customers in the U.S., plus a small but rapidly growingEuropean footprint.Concurrently, Ameresco is expanding the in-house portfolio of renewable energy assets – solar and RNG –that generate recurring revenue with above-average margins, albeit with sensitivity to both federal and state policy incentives.</li><li>We reiterate our Outperform rating, which balances the substantial upside to our target price with the lumpy quarterly metrics.4Q23 marks the first quarter since 2022 with y/y top line and EBITDA growth.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/solid-4q-and-guidance-raise-once-again-as-numbers-keep-getting-better-raising-estimates-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Solid 4Q and Guidance Raise Once Again as Numbers Keep Getting Better; Raising Estimates & PT </a></h3><p></p><ul><li>ADMA had already reported preliminary 4Q23 revenue that beat RJe/cons.</li><li>(though actual came in at top of the range), and raised 2024/25 guidance once again after it was just raised in early Jan.</li><li>Asceniv continues to exceed expectations as ADMA is seeing greater demand for that higher-margin product as the prescriber/patient base keeps growing.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Semiconductor Memory 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/756/original/image?1709186910"/> <ul>
<li>2023 DRAM + NAND revenues declined 36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022.</li>
<li>Forecasting ~40% YoY growth in 2024, bringing overall memory revenues back to roughly 2022 levels</li>
<li>ASML's Memory-related WFE revenue in 2023 was an all time record high at $5.9 billion. Much of that was spent in China and its impact remains to be seen..</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/exact-sciences-corporation-launch-of-mrd-product-oncodetect-other-new-products-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Exact Sciences Corporation: Launch Of MRD product OncoDetect & Other New Products! - Major Drivers </a></h3><p></p><ul><li>Exact Sciences Corporation showcased substantial growth and improved profitability throughout 2023.</li><li>With a 24% increase in core revenue amounting to $2.5 billion and an uplifted adjusted EBITDA amounting to $362 million, the firm grew robustly.</li><li>This success is largely credited to the advancement of its mission to eradicate cancer via the facilitation of innovative screening and precision oncology under major brands like Cologuard, Oncotype DX, and PreventionGenetics.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/reiterate-mp3-jamming-to-better-dtc-losses-and-oibda-fcf-growth-as-m-a-rumors-swirl?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Reiterate MP3 - "Jamming" to Better DTC Losses and OIBDA/FCF Growth as M&A Rumors Swirl </a></h3><p></p><ul><li>We reiterate ourMarket Performrating of PARA following 4Q23 results, including a miss on Revenue ($7.64B vs. RJE $7.74B and Street $7.86B), but a strong beat on OIBDA ($520M vs. RJE $484M and Street $490M), driven by DTC losses better than expected (-$490M vs. RJE -$537M and Street -$556M).</li><li>Meanwhile, with numerous stories around buyers for PARA or its controlling shareholder National Amusements, Inc.</li><li>(NAI), we believe the stock has become a more event-driven story in 2024.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/good-to-see-ebitda-growth-resuming-in-4q23-though-we-remain-mindful-of-project-delay-risk?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Good to See EBITDA Growth Resuming in 4Q23, Though We Remain Mindful of Project Delay Risk</a></li><li><a href="https://www.smartkarma.com/insights/solid-4q-and-guidance-raise-once-again-as-numbers-keep-getting-better-raising-estimates-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Solid 4Q and Guidance Raise Once Again as Numbers Keep Getting Better; Raising Estimates & PT</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Semiconductor Memory 2023 In Review, 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/exact-sciences-corporation-launch-of-mrd-product-oncodetect-other-new-products-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Exact Sciences Corporation: Launch Of MRD product OncoDetect & Other New Products! - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/reiterate-mp3-jamming-to-better-dtc-losses-and-oibda-fcf-growth-as-m-a-rumors-swirl?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reiterate MP3 - "Jamming" to Better DTC Losses and OIBDA/FCF Growth as M&A Rumors Swirl</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/good-to-see-ebitda-growth-resuming-in-4q23-though-we-remain-mindful-of-project-delay-risk?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Good to See EBITDA Growth Resuming in 4Q23, Though We Remain Mindful of Project Delay Risk </a></h3><p></p><ul><li>Energy efficiency is an underappreciated dimension of decarbonization, and Ameresco is one of the few public companies with a high degree of leverage toimproving the efficiency of buildings.</li><li>There is particular expertise in working with government customers in the U.S., plus a small but rapidly growingEuropean footprint.Concurrently, Ameresco is expanding the in-house portfolio of renewable energy assets – solar and RNG –that generate recurring revenue with above-average margins, albeit with sensitivity to both federal and state policy incentives.</li><li>We reiterate our Outperform rating, which balances the substantial upside to our target price with the lumpy quarterly metrics.4Q23 marks the first quarter since 2022 with y/y top line and EBITDA growth.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/solid-4q-and-guidance-raise-once-again-as-numbers-keep-getting-better-raising-estimates-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Solid 4Q and Guidance Raise Once Again as Numbers Keep Getting Better; Raising Estimates & PT </a></h3><p></p><ul><li>ADMA had already reported preliminary 4Q23 revenue that beat RJe/cons.</li><li>(though actual came in at top of the range), and raised 2024/25 guidance once again after it was just raised in early Jan.</li><li>Asceniv continues to exceed expectations as ADMA is seeing greater demand for that higher-margin product as the prescriber/patient base keeps growing.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Semiconductor Memory 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/756/original/image?1709186910"/> <ul>
<li>2023 DRAM + NAND revenues declined 36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022.</li>
<li>Forecasting ~40% YoY growth in 2024, bringing overall memory revenues back to roughly 2022 levels</li>
<li>ASML's Memory-related WFE revenue in 2023 was an all time record high at $5.9 billion. Much of that was spent in China and its impact remains to be seen..</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/exact-sciences-corporation-launch-of-mrd-product-oncodetect-other-new-products-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Exact Sciences Corporation: Launch Of MRD product OncoDetect & Other New Products! - Major Drivers </a></h3><p></p><ul><li>Exact Sciences Corporation showcased substantial growth and improved profitability throughout 2023.</li><li>With a 24% increase in core revenue amounting to $2.5 billion and an uplifted adjusted EBITDA amounting to $362 million, the firm grew robustly.</li><li>This success is largely credited to the advancement of its mission to eradicate cancer via the facilitation of innovative screening and precision oncology under major brands like Cologuard, Oncotype DX, and PreventionGenetics.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/reiterate-mp3-jamming-to-better-dtc-losses-and-oibda-fcf-growth-as-m-a-rumors-swirl?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Reiterate MP3 - "Jamming" to Better DTC Losses and OIBDA/FCF Growth as M&A Rumors Swirl </a></h3><p></p><ul><li>We reiterate ourMarket Performrating of PARA following 4Q23 results, including a miss on Revenue ($7.64B vs. RJE $7.74B and Street $7.86B), but a strong beat on OIBDA ($520M vs. RJE $484M and Street $490M), driven by DTC losses better than expected (-$490M vs. RJE -$537M and Street -$556M).</li><li>Meanwhile, with numerous stories around buyers for PARA or its controlling shareholder National Amusements, Inc.</li><li>(NAI), we believe the stock has become a more event-driven story in 2024.</li></ul>2024-02-29T15:15:19+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AMRC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ADMA@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "JAPAN"}, {"term": "KOREA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "2344@TT"}, {"term": "WDC@US"}, {"term": "6600@JP"}, {"term": "2408@TT"}, {"term": "005930@KS"}, {"term": "000660@KS"}, {"term": "MU@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "EXAS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PARA@US"}, {"term": "WBD@US"}, {"term": "NFLX@US"}, {"term": "DIS@US"}, {"term": "CMCSA@US"}, {"term": "AMRC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ADMA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MU@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EXAS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CMCSA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/311da775-fe6c-3ed2-a3c0-c693bc17c659Brief USA: Personal Products - Beauty, Personal Care & Household Products and more2024-03-28T22:17:22.630629+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/personal-products-beauty-personal-care-household-products-short-interest-tracker-1h-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Personal Products - Beauty, Personal Care & Household Products</a></li><li><a href="https://www.smartkarma.com/insights/walmart-inc-robust-technology-adoption-for-operational-efficiency-5-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Walmart Inc.: Robust Technology Adoption For Operational Efficiency & 5 Other Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/synopsys-inc-what-are-the-biggest-synergies-from-the-ansys-acquisition-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Synopsys Inc.: What Are The Biggest Synergies From The Ansys Acquisition? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-home-depot-inc-strategic-investment-in-pro-ecosystem-interconnected-experience-other-developments-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Home Depot Inc.: Strategic Investment in Pro Ecosystem & Interconnected Experience & Other Developments - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/analog-devices-inc-ai-and-machine-learning-in-data-centers-as-a-massive-growth-catalyst-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Analog Devices Inc.: AI and Machine Learning In Data Centers As A Massive Growth Catalyst! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/personal-products-beauty-personal-care-household-products-short-interest-tracker-1h-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Personal Products - Beauty, Personal Care & Household Products </a></h3><p></p><ul><li>Short Interest data was released after the close on February 27, reflecting data for 1H February 2024.</li><li>When comparing to the prior period data:Short interest as a % of float, largest increase: SBH +70 bpShort interest as a % of float, largest decrease: SKIN -110 bpShort interest as a % of float, highest: HELE 15.6%, SKIN 15.4%, SBH 10.8%Short interest as a % of float, lowest: PG 0.7%, CL 1.4%, EL 2.5%Short interest ratio, largest increase: SKIN +160 bpShort interest ratio, largest decrease: COTY -290 bpShort interest ratio, highest: HELE 18.8, SBH 7.2Short interest ratio, lowest: EL 1.3, ELF 1.6Short interest, largest % increase: CHD +23.4%, COTY +10.7%Short interest, largest % decrease: CLX -10.1%, SPB -8.0%Please see the charts below and starting on page 2 for more detail.Source: Bloomberg and Raymond James research</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/walmart-inc-robust-technology-adoption-for-operational-efficiency-5-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Walmart Inc.: Robust Technology Adoption For Operational Efficiency & 5 Other Major Drivers </a></h3><p></p><ul><li>In its recent earnings, Walmart demonstrated a strong performance with sales growth of 4.9% and adjusted operating profit growth of 10.9% in constant currency.</li><li>Major highlights include higher transaction counts and unit volumes, gains in market shares in both the U.S and internationally, improved in-stock levels, and strong performance in customer experience scores.</li><li>It's also significant that the company surpassed $100 billion in global eCommerce sales for the first time.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/synopsys-inc-what-are-the-biggest-synergies-from-the-ansys-acquisition-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Synopsys Inc.: What Are The Biggest Synergies From The Ansys Acquisition? - Major Drivers </a></h3><p></p><ul><li>Synopsys, a leader in the field of silicon-to-system design solutions, has displayed strong growth in their first quarter of the fiscal year 2024.</li><li>They reported revenue of $1.65 billion, marking a 21% year-over-year increase, and their non-GAAP operating margin rose by approximately 3.5 points to 38.7%.</li><li>Likewise, non-GAAP EPS was up 36% year-over-year, at $3.56.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-home-depot-inc-strategic-investment-in-pro-ecosystem-interconnected-experience-other-developments-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The Home Depot Inc.: Strategic Investment in Pro Ecosystem & Interconnected Experience & Other Developments - Major Drivers </a></h3><p></p><ul><li>The Home Depot's Q4 2023 earnings highlighted both opportunities realized during the fiscal year and challenges faced, which contributed to a year of moderate performance.</li><li>Overall, the company witnessed a sales decline by 3% reaching $152.7 billion for the fiscal year 2023 while comp sales dropped by 3.2% and EPS stood at $15.11, revealing a reduction from the previous year's $16.69.</li><li>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.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/analog-devices-inc-ai-and-machine-learning-in-data-centers-as-a-massive-growth-catalyst-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Analog Devices Inc.: AI and Machine Learning In Data Centers As A Massive Growth Catalyst! - Major Drivers </a></h3><p></p><ul><li>Analog Devices Inc.'s Q1 2024 earnings reflected a mixed performance amidst challenging global economic conditions, as well as the potential for future growth and leadership in the intelligent edge era.</li><li>The company reported its revenues above the midpoint of their outlook at more than $2.5 billion, backed by operating margins of 42% and an earnings per share of $1.73.</li><li>While these figures are positive, the call also acknowledges an existing inventory rationalization at customers which began in mid-2023 and is expected to continue through Q2.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/personal-products-beauty-personal-care-household-products-short-interest-tracker-1h-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Personal Products - Beauty, Personal Care & Household Products</a></li><li><a href="https://www.smartkarma.com/insights/walmart-inc-robust-technology-adoption-for-operational-efficiency-5-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Walmart Inc.: Robust Technology Adoption For Operational Efficiency & 5 Other Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/synopsys-inc-what-are-the-biggest-synergies-from-the-ansys-acquisition-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Synopsys Inc.: What Are The Biggest Synergies From The Ansys Acquisition? - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/the-home-depot-inc-strategic-investment-in-pro-ecosystem-interconnected-experience-other-developments-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Home Depot Inc.: Strategic Investment in Pro Ecosystem & Interconnected Experience & Other Developments - Major Drivers</a></li><li><a href="https://www.smartkarma.com/insights/analog-devices-inc-ai-and-machine-learning-in-data-centers-as-a-massive-growth-catalyst-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Analog Devices Inc.: AI and Machine Learning In Data Centers As A Massive Growth Catalyst! - Major Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/personal-products-beauty-personal-care-household-products-short-interest-tracker-1h-february-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Personal Products - Beauty, Personal Care & Household Products </a></h3><p></p><ul><li>Short Interest data was released after the close on February 27, reflecting data for 1H February 2024.</li><li>When comparing to the prior period data:Short interest as a % of float, largest increase: SBH +70 bpShort interest as a % of float, largest decrease: SKIN -110 bpShort interest as a % of float, highest: HELE 15.6%, SKIN 15.4%, SBH 10.8%Short interest as a % of float, lowest: PG 0.7%, CL 1.4%, EL 2.5%Short interest ratio, largest increase: SKIN +160 bpShort interest ratio, largest decrease: COTY -290 bpShort interest ratio, highest: HELE 18.8, SBH 7.2Short interest ratio, lowest: EL 1.3, ELF 1.6Short interest, largest % increase: CHD +23.4%, COTY +10.7%Short interest, largest % decrease: CLX -10.1%, SPB -8.0%Please see the charts below and starting on page 2 for more detail.Source: Bloomberg and Raymond James research</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/walmart-inc-robust-technology-adoption-for-operational-efficiency-5-other-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Walmart Inc.: Robust Technology Adoption For Operational Efficiency & 5 Other Major Drivers </a></h3><p></p><ul><li>In its recent earnings, Walmart demonstrated a strong performance with sales growth of 4.9% and adjusted operating profit growth of 10.9% in constant currency.</li><li>Major highlights include higher transaction counts and unit volumes, gains in market shares in both the U.S and internationally, improved in-stock levels, and strong performance in customer experience scores.</li><li>It's also significant that the company surpassed $100 billion in global eCommerce sales for the first time.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/synopsys-inc-what-are-the-biggest-synergies-from-the-ansys-acquisition-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Synopsys Inc.: What Are The Biggest Synergies From The Ansys Acquisition? - Major Drivers </a></h3><p></p><ul><li>Synopsys, a leader in the field of silicon-to-system design solutions, has displayed strong growth in their first quarter of the fiscal year 2024.</li><li>They reported revenue of $1.65 billion, marking a 21% year-over-year increase, and their non-GAAP operating margin rose by approximately 3.5 points to 38.7%.</li><li>Likewise, non-GAAP EPS was up 36% year-over-year, at $3.56.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-home-depot-inc-strategic-investment-in-pro-ecosystem-interconnected-experience-other-developments-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. The Home Depot Inc.: Strategic Investment in Pro Ecosystem & Interconnected Experience & Other Developments - Major Drivers </a></h3><p></p><ul><li>The Home Depot's Q4 2023 earnings highlighted both opportunities realized during the fiscal year and challenges faced, which contributed to a year of moderate performance.</li><li>Overall, the company witnessed a sales decline by 3% reaching $152.7 billion for the fiscal year 2023 while comp sales dropped by 3.2% and EPS stood at $15.11, revealing a reduction from the previous year's $16.69.</li><li>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.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/analog-devices-inc-ai-and-machine-learning-in-data-centers-as-a-massive-growth-catalyst-major-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Analog Devices Inc.: AI and Machine Learning In Data Centers As A Massive Growth Catalyst! - Major Drivers </a></h3><p></p><ul><li>Analog Devices Inc.'s Q1 2024 earnings reflected a mixed performance amidst challenging global economic conditions, as well as the potential for future growth and leadership in the intelligent edge era.</li><li>The company reported its revenues above the midpoint of their outlook at more than $2.5 billion, backed by operating margins of 42% and an earnings per share of $1.73.</li><li>While these figures are positive, the call also acknowledges an existing inventory rationalization at customers which began in mid-2023 and is expected to continue through Q2.</li></ul>2024-02-29T13:15:16+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CL@US"}, {"term": "ELF@US"}, {"term": "CHD@US"}, {"term": "EPC@US"}, {"term": "COTY@US"}, {"term": "ULTA@US"}, {"term": "SPB@US"}, {"term": "OLPX@US"}, {"term": "SBH@US"}, {"term": "SKIN@US"}, {"term": "HELE@US"}, {"term": "NWL@US"}, {"term": "CLX@US"}, {"term": "BBWI@US"}, {"term": "PG@US"}, {"term": "EL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "WMT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "SNPS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "HD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "ADI@US"}, {"term": "EL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "WMT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SNPS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ADI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/59ccee97-a006-34ac-8005-409d0aec1cfaBrief USA: 4Q Largely In Line, 2024 Outlook Puts Focus on Profitability - Stay Market Perform and more2024-03-28T22:17:22.624213+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q-largely-in-line-2024-outlook-puts-focus-on-profitability-stay-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Largely In Line, 2024 Outlook Puts Focus on Profitability - Stay Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/medtronic-plc-data-driven-innovations-5-major-drivers-of-its-future-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Medtronic plc: Data Driven Innovations & 5 Major Drivers Of Its Future Growth! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/4q-print-as-expected-sinqia-now-the-focus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Print as Expected; Sinqia Now the Focus</a></li><li><a href="https://www.smartkarma.com/insights/vulcan-materials-company-continued-investment-in-expense-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Vulcan Materials Company: Continued Investment in Expense Management</a></li><li><a href="https://www.smartkarma.com/insights/shareholder-friendly-actions-leap-to-new-bounds-crm-remains-our-top-pick?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Shareholder Friendly Actions "Leap" to New Bounds - CRM Remains Our Top Pick</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q-largely-in-line-2024-outlook-puts-focus-on-profitability-stay-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q Largely In Line, 2024 Outlook Puts Focus on Profitability - Stay Market Perform </a></h3><p></p><ul><li>We are maintaining our Market Perform rating on DH following a 4Q23 report where we saw moderation across key metrics, though management noted some encouraging greenshoots exiting 4Q23.</li><li>Among those are a potential bottoming in net retention (100-200bps expansion expected in 2024) and strength in the provider end-market driven by Populi, which may represent a new growth opportunity in life sciences with its claims analytics functionality.</li><li>While shares don’t look expensive at ~6x our 2024 sales estimate, we remain on the sidelines until we have a better line of sight into the company’s mid-term growth levers.4Q23 Rundown: Total revenue of $65.9 million (+9% y/y) came in roughly in line with our $66.1 million model (Street at $66.0 million).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/medtronic-plc-data-driven-innovations-5-major-drivers-of-its-future-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Medtronic plc: Data Driven Innovations & 5 Major Drivers Of Its Future Growth! - Financial Forecasts </a></h3><p></p><ul><li>Medtronic delivered a solid quarter with its mid-single-digit revenue growth exceeding expectations.</li><li>The fiscal '24 third quarter earnings were underpinned by strength across multiple businesses like Core Spine, Cardiac Surgery, Structural Heart and Cardiac Pacing, along with robust growth witnessed across various international markets.</li><li>Innovation-driven core technologies such as robotics, AI and closed-loop systems acted as significant growth propellers, with five AI products already FDA approved.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q-print-as-expected-sinqia-now-the-focus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q Print as Expected; Sinqia Now the Focus </a></h3><p></p><ul><li>We are maintaining ourOutperformrating on EVTC following 4Q results that we estimate were largely in line with the Street after adjusting for the Sinqia deal closing in November.</li><li>The 2024 outlook came in a bit below expectations, likely out of conservatism, with revenue growth expected to be ~22% (est ~4% organic ex $6M one time GetNet true up in 3Q23) and EPS growth of ~2% at the midpoint.</li><li>Sinqia is now expected to be EPS neutral (from neutral to slightly accretive), and Sinqia revenue growth likely decelerated to mid-to-high single digits from +9% in their last public report based on organic growth commentary.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/vulcan-materials-company-continued-investment-in-expense-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Vulcan Materials Company: Continued Investment in Expense Management </a></h3><p></p><ul><li>Vulcan Materials Company provided a comprehensive outlook on the company's performance and future expectations in its earnings.</li><li>The company reported an exceptional year in 2023 as they achieved significant milestones; generating over $2 billion in adjusted EBITDA and surpassing $9 of aggregate cash gross profit per ton.</li><li>They also reported a 27% year-over-year improvement in adjusted EBITDA in the fourth quarter, apart from margin expansion across their three primary product lines.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/shareholder-friendly-actions-leap-to-new-bounds-crm-remains-our-top-pick?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Shareholder Friendly Actions "Leap" to New Bounds - CRM Remains Our Top Pick </a></h3><p></p><ul><li>We reiterate our Strong Buy rating on Salesforce following strong F4Q results that showed progress on key growth and margin initiatives, although shares pulled back 4-5% after hours on a below consensus FY25 growth outlook.</li><li>We think this move may be a bit short-sighted, as the subscription outlook at ~10% is only a point below the street (and could prove conservative).</li><li>This is all being done as margins now ramp towards the low-to-mid 30% range this year, endorsing FCF growth in the mid-20% range.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q-largely-in-line-2024-outlook-puts-focus-on-profitability-stay-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Largely In Line, 2024 Outlook Puts Focus on Profitability - Stay Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/medtronic-plc-data-driven-innovations-5-major-drivers-of-its-future-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Medtronic plc: Data Driven Innovations & 5 Major Drivers Of Its Future Growth! - Financial Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/4q-print-as-expected-sinqia-now-the-focus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Print as Expected; Sinqia Now the Focus</a></li><li><a href="https://www.smartkarma.com/insights/vulcan-materials-company-continued-investment-in-expense-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Vulcan Materials Company: Continued Investment in Expense Management</a></li><li><a href="https://www.smartkarma.com/insights/shareholder-friendly-actions-leap-to-new-bounds-crm-remains-our-top-pick?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Shareholder Friendly Actions "Leap" to New Bounds - CRM Remains Our Top Pick</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q-largely-in-line-2024-outlook-puts-focus-on-profitability-stay-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q Largely In Line, 2024 Outlook Puts Focus on Profitability - Stay Market Perform </a></h3><p></p><ul><li>We are maintaining our Market Perform rating on DH following a 4Q23 report where we saw moderation across key metrics, though management noted some encouraging greenshoots exiting 4Q23.</li><li>Among those are a potential bottoming in net retention (100-200bps expansion expected in 2024) and strength in the provider end-market driven by Populi, which may represent a new growth opportunity in life sciences with its claims analytics functionality.</li><li>While shares don’t look expensive at ~6x our 2024 sales estimate, we remain on the sidelines until we have a better line of sight into the company’s mid-term growth levers.4Q23 Rundown: Total revenue of $65.9 million (+9% y/y) came in roughly in line with our $66.1 million model (Street at $66.0 million).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/medtronic-plc-data-driven-innovations-5-major-drivers-of-its-future-growth-financial-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Medtronic plc: Data Driven Innovations & 5 Major Drivers Of Its Future Growth! - Financial Forecasts </a></h3><p></p><ul><li>Medtronic delivered a solid quarter with its mid-single-digit revenue growth exceeding expectations.</li><li>The fiscal '24 third quarter earnings were underpinned by strength across multiple businesses like Core Spine, Cardiac Surgery, Structural Heart and Cardiac Pacing, along with robust growth witnessed across various international markets.</li><li>Innovation-driven core technologies such as robotics, AI and closed-loop systems acted as significant growth propellers, with five AI products already FDA approved.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q-print-as-expected-sinqia-now-the-focus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q Print as Expected; Sinqia Now the Focus </a></h3><p></p><ul><li>We are maintaining ourOutperformrating on EVTC following 4Q results that we estimate were largely in line with the Street after adjusting for the Sinqia deal closing in November.</li><li>The 2024 outlook came in a bit below expectations, likely out of conservatism, with revenue growth expected to be ~22% (est ~4% organic ex $6M one time GetNet true up in 3Q23) and EPS growth of ~2% at the midpoint.</li><li>Sinqia is now expected to be EPS neutral (from neutral to slightly accretive), and Sinqia revenue growth likely decelerated to mid-to-high single digits from +9% in their last public report based on organic growth commentary.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/vulcan-materials-company-continued-investment-in-expense-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Vulcan Materials Company: Continued Investment in Expense Management </a></h3><p></p><ul><li>Vulcan Materials Company provided a comprehensive outlook on the company's performance and future expectations in its earnings.</li><li>The company reported an exceptional year in 2023 as they achieved significant milestones; generating over $2 billion in adjusted EBITDA and surpassing $9 of aggregate cash gross profit per ton.</li><li>They also reported a 27% year-over-year improvement in adjusted EBITDA in the fourth quarter, apart from margin expansion across their three primary product lines.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/shareholder-friendly-actions-leap-to-new-bounds-crm-remains-our-top-pick?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Shareholder Friendly Actions "Leap" to New Bounds - CRM Remains Our Top Pick </a></h3><p></p><ul><li>We reiterate our Strong Buy rating on Salesforce following strong F4Q results that showed progress on key growth and margin initiatives, although shares pulled back 4-5% after hours on a below consensus FY25 growth outlook.</li><li>We think this move may be a bit short-sighted, as the subscription outlook at ~10% is only a point below the street (and could prove conservative).</li><li>This is all being done as margins now ramp towards the low-to-mid 30% range this year, endorsing FCF growth in the mid-20% range.</li></ul>2024-02-29T13:04:46+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DH@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "MDT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EVTC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "VMC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CRM@US"}, {"term": "DH@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MDT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "EVTC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VMC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CRM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/c6150af7-e782-3134-82e9-c076e6bbb5dfBrief USA: First Take: Strong Close to '23 as '24 Guided to 5-10% Top-Line and more2024-03-28T22:17:22.614322+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/first-take-strong-close-to-23-as-24-guided-to-5-10-top-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Strong Close to '23 as '24 Guided to 5-10% Top-Line</a></li><li><a href="https://www.smartkarma.com/insights/f2q24-report-improving-renewals-and-pipeline-prospects-drive-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F2Q24 Report: Improving Renewals and Pipeline Prospects Drive Upside</a></li><li><a href="https://www.smartkarma.com/insights/rinse-repeat-with-cgi-remains-an-attractive-compounder?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Rinse & Repeat with CGI; Remains an Attractive Compounder</a></li><li><a href="https://www.smartkarma.com/insights/4q23-model-update-0fdcffd5-862b-4595-aeaf-b513f64e22d0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Model Update</a></li><li><a href="https://www.smartkarma.com/insights/f4q24-report-surprise-ceo-change-and-guide-down?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q24 Report: Surprise CEO Change and Guide Down</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/first-take-strong-close-to-23-as-24-guided-to-5-10-top-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. First Take: Strong Close to '23 as '24 Guided to 5-10% Top-Line </a></h3><p></p><ul><li>Wedneday afternoon, Cytek Biosciences reported 4Q results which came in ahead of consensus on both revenue and profitability, with revenue landing at $58.6M, above the guide and above of the pre-announcement (see here).</li><li>Total legacy Cytek instrument placements of 152 (vs 142 RJe) were weighted towards the higher-end offerings, helping drive the beat.</li><li>With the macro environment remaining challenged, the $203-213M 2024 revenue guidance brackets consensus and puts our number nearer the high end.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/f2q24-report-improving-renewals-and-pipeline-prospects-drive-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. F2Q24 Report: Improving Renewals and Pipeline Prospects Drive Upside </a></h3><p></p><ul><li>We maintain our Market Perform rating following Nutanix’s F2Q24 (January) results which reflected a beat and raise to F3Q24 and also full year guidance.</li><li>Upside was driven by better than expected renewals, helped by better renewal terms, improved on-time renewals, as well as early co-term renewals.</li><li>Management continues to expect improvement around renewals going forward, and also envisions the Broadcom-VMware disruption driving an increase in larger deals down the pipeline; however, timing and visibility around the exact impact remains uncertain.Event:Nutanix reported F2Q24 sales of $565.2 million, above our $549.7 million estimate and also above the Street’s $551.3 million.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/rinse-repeat-with-cgi-remains-an-attractive-compounder?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Rinse & Repeat with CGI; Remains an Attractive Compounder </a></h3><p></p><ul><li>While there may be scrutiny over the nuances of the ‘24 guide, we do not expect consensus estimates to move much, and ultimately believe this guidance will prove conservative.</li><li>The new three-year plan (‘24-’26) called Continued Growth Initiatives (CGI) came in-line with our expectation (link).</li><li>Again, there may be some scrutiny on the margins, but we expect MMSI to ultimately achieve these goals, like they did with the original FFG initiative (see below).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q23-model-update-0fdcffd5-862b-4595-aeaf-b513f64e22d0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q23 Model Update </a></h3><p></p><ul><li>We are updating our model following 4Q23 earnings and remain Strong Buy on RNA. Important near-term milestones for Avidity include 1) long-term safety and efficacy data of AOC1001 from MARINA-OLE at MDA 2024 (this Monday, March 4; company call 8 a.m.), 2) first time FSHD data of AOC1020 from FORTITUDE in 2Q24 (competitive data hurdle from Fulcrum can be beat), 3) initiation of the Phase 3 HARBOR trial in DM1 mid-2024 (should come with lift or clarity on status of partial hold on 4 mg/kg pivotal dose), and 4) 5 mg/kg AOC1044 data in DMD44 patients from the EXPLORE44 trial 2H24.</li><li>We provided context and additional details on each program in our previous note (see here).Expectations for AOC1001 and Path Forward.</li><li>AOC1001 appears to be in a proverbial half-way house with the FDA and it’s not clear to us if a formal “hold lift” on the MARINA study will be announced prior to Phase 3 (given the MARINA study is completed and the OLE is ongoing with all patients titrated to 4 mg/kg anyway, which is the dose on partial hold for new patient starts).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/f4q24-report-surprise-ceo-change-and-guide-down?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. F4Q24 Report: Surprise CEO Change and Guide Down </a></h3><p></p><ul><li>Snowflake reported solid F4Q24 results, but surprised investors with a lower than expected outlook and the announcement thatFrank Slootmanwould retireas CEO (but remain chairman of the board).</li><li>While incoming CEO Sridhar Ramaswamy is well-known and respected, including 15 years running Google’s Advertising products, unexpected management transitions create uncertainty and present a risk.</li><li>That said, conservative consumption estimates and a slew of new product launches makes FY25 guidance look less like a deceleration year, and more like an easy bar for a new CEO to succeed against.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/first-take-strong-close-to-23-as-24-guided-to-5-10-top-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Strong Close to '23 as '24 Guided to 5-10% Top-Line</a></li><li><a href="https://www.smartkarma.com/insights/f2q24-report-improving-renewals-and-pipeline-prospects-drive-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F2Q24 Report: Improving Renewals and Pipeline Prospects Drive Upside</a></li><li><a href="https://www.smartkarma.com/insights/rinse-repeat-with-cgi-remains-an-attractive-compounder?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Rinse & Repeat with CGI; Remains an Attractive Compounder</a></li><li><a href="https://www.smartkarma.com/insights/4q23-model-update-0fdcffd5-862b-4595-aeaf-b513f64e22d0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Model Update</a></li><li><a href="https://www.smartkarma.com/insights/f4q24-report-surprise-ceo-change-and-guide-down?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q24 Report: Surprise CEO Change and Guide Down</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/first-take-strong-close-to-23-as-24-guided-to-5-10-top-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. First Take: Strong Close to '23 as '24 Guided to 5-10% Top-Line </a></h3><p></p><ul><li>Wedneday afternoon, Cytek Biosciences reported 4Q results which came in ahead of consensus on both revenue and profitability, with revenue landing at $58.6M, above the guide and above of the pre-announcement (see here).</li><li>Total legacy Cytek instrument placements of 152 (vs 142 RJe) were weighted towards the higher-end offerings, helping drive the beat.</li><li>With the macro environment remaining challenged, the $203-213M 2024 revenue guidance brackets consensus and puts our number nearer the high end.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/f2q24-report-improving-renewals-and-pipeline-prospects-drive-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. F2Q24 Report: Improving Renewals and Pipeline Prospects Drive Upside </a></h3><p></p><ul><li>We maintain our Market Perform rating following Nutanix’s F2Q24 (January) results which reflected a beat and raise to F3Q24 and also full year guidance.</li><li>Upside was driven by better than expected renewals, helped by better renewal terms, improved on-time renewals, as well as early co-term renewals.</li><li>Management continues to expect improvement around renewals going forward, and also envisions the Broadcom-VMware disruption driving an increase in larger deals down the pipeline; however, timing and visibility around the exact impact remains uncertain.Event:Nutanix reported F2Q24 sales of $565.2 million, above our $549.7 million estimate and also above the Street’s $551.3 million.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/rinse-repeat-with-cgi-remains-an-attractive-compounder?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Rinse & Repeat with CGI; Remains an Attractive Compounder </a></h3><p></p><ul><li>While there may be scrutiny over the nuances of the ‘24 guide, we do not expect consensus estimates to move much, and ultimately believe this guidance will prove conservative.</li><li>The new three-year plan (‘24-’26) called Continued Growth Initiatives (CGI) came in-line with our expectation (link).</li><li>Again, there may be some scrutiny on the margins, but we expect MMSI to ultimately achieve these goals, like they did with the original FFG initiative (see below).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q23-model-update-0fdcffd5-862b-4595-aeaf-b513f64e22d0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q23 Model Update </a></h3><p></p><ul><li>We are updating our model following 4Q23 earnings and remain Strong Buy on RNA. Important near-term milestones for Avidity include 1) long-term safety and efficacy data of AOC1001 from MARINA-OLE at MDA 2024 (this Monday, March 4; company call 8 a.m.), 2) first time FSHD data of AOC1020 from FORTITUDE in 2Q24 (competitive data hurdle from Fulcrum can be beat), 3) initiation of the Phase 3 HARBOR trial in DM1 mid-2024 (should come with lift or clarity on status of partial hold on 4 mg/kg pivotal dose), and 4) 5 mg/kg AOC1044 data in DMD44 patients from the EXPLORE44 trial 2H24.</li><li>We provided context and additional details on each program in our previous note (see here).Expectations for AOC1001 and Path Forward.</li><li>AOC1001 appears to be in a proverbial half-way house with the FDA and it’s not clear to us if a formal “hold lift” on the MARINA study will be announced prior to Phase 3 (given the MARINA study is completed and the OLE is ongoing with all patients titrated to 4 mg/kg anyway, which is the dose on partial hold for new patient starts).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/f4q24-report-surprise-ceo-change-and-guide-down?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. F4Q24 Report: Surprise CEO Change and Guide Down </a></h3><p></p><ul><li>Snowflake reported solid F4Q24 results, but surprised investors with a lower than expected outlook and the announcement thatFrank Slootmanwould retireas CEO (but remain chairman of the board).</li><li>While incoming CEO Sridhar Ramaswamy is well-known and respected, including 15 years running Google’s Advertising products, unexpected management transitions create uncertainty and present a risk.</li><li>That said, conservative consumption estimates and a slew of new product launches makes FY25 guidance look less like a deceleration year, and more like an easy bar for a new CEO to succeed against.</li></ul>2024-02-29T12:46:22+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CTKB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NTNX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MMSI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "RNA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SNOW@US"}, {"term": "CTKB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NTNX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MMSI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RNA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SNOW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/1fd3b4b2-6aae-3cd3-8c38-0feb4dfca870Brief USA: 4Q23 - Bookings Blowout, No Butts About It and more2024-03-28T22:17:22.607401+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q23-bookings-blowout-no-butts-about-it?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 - Bookings Blowout, No Butts About It</a></li><li><a href="https://www.smartkarma.com/insights/first-take-margins-expanding-faster-than-the-cfp-field-on-healthy-top-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Margins Expanding Faster than the CFP Field on Healthy Top-line</a></li><li><a href="https://www.smartkarma.com/insights/4q23-model-update-bab6b1ec-3a36-4a57-8363-88b1373400dd?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Model Update</a></li><li><a href="https://www.smartkarma.com/insights/maintain-market-perform-lowering-estimates-turnaround-engine-just-getting-started?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Maintain Market Perform; Lowering Estimates; Turnaround Engine Just Getting Started</a></li><li><a href="https://www.smartkarma.com/insights/f4q24-report-shifting-to-recurring-revenue-and-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q24 Report: Shifting to Recurring Revenue and AI</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q23-bookings-blowout-no-butts-about-it?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q23 - Bookings Blowout, No Butts About It </a></h3><p></p><ul><li>We reiterate our Market Perform rating on shares of DUOL following strong 4Q23 results that included a +14% bookings beat, accelerating DAUs (+65% y/y), high incremental margins (+64%), and a 2024 outlook that was above consensus.</li><li>With +45% y/y bookings growth in 2023 (+51% in 4Q23; +49% constant currency) as a backdrop, we see a continued favorable set up for shares heading into 2024 with its initial outlook calling for +36% growth.</li><li>While we suspect the magnitude of its upside could come in (at least relative to 4Q23), we see several drivers for durable growth to continue, particularly given the nascent benefits to date from AI, its newer premium tier offering, advanced English content, the Music/Math opportunity, and a more formal push around family plans (higher LTVs).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/first-take-margins-expanding-faster-than-the-cfp-field-on-healthy-top-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. First Take: Margins Expanding Faster than the CFP Field on Healthy Top-line </a></h3><p></p><ul><li>Wednesday evening Natera printed 4Q results, delivering revenues $11M north of the previous pre-announced $300M figure (note), or ~$6M ahead ex prior period collections, and +12.6/12.8% ahead of prior consensus/RJe.</li><li>Admittedly oncology volumes were modestly below our view (98K vs. 100K RJe) but ASPs north of $1K for Signatera more than offset this, and reproductive and organ health segments grew nicely as well.</li><li>Of similar import, GM reached ~49% on a normalized basis and all the way to 51.4% overall in 4Q vs. Street/RJe of 45.1/45.2%.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q23-model-update-bab6b1ec-3a36-4a57-8363-88b1373400dd?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q23 Model Update </a></h3><p></p><ul><li>We remain Market Perform on CBAY following 4Q23 earnings.</li><li>The previously announced acquisition of CBAY by Gilead is expected to close in 1Q24 (see more here).</li><li>FDA has accepted CymaBay’s NDA filing for seladelpar with expected PDUFA on August 14, 2024.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/maintain-market-perform-lowering-estimates-turnaround-engine-just-getting-started?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Maintain Market Perform; Lowering Estimates; Turnaround Engine Just Getting Started </a></h3><p></p><ul><li>We maintain our Market Perform rating on AAP in light of 4Q23 earnings, conference call, and our follow-up call.</li><li>We are reducing our estimates and remain concerned that the core business continues to deteriorate on profit headwinds (both self-inflicted and macro-related).</li><li>The good news, however, is market share losses continue to stabilize and the new senior leadership announced incremental proactive measures to improve the business.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/f4q24-report-shifting-to-recurring-revenue-and-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. F4Q24 Report: Shifting to Recurring Revenue and AI </a></h3><p></p><ul><li>We maintain aStrong Buyrating on Pure Storage, following a beat and raise vs. the Street.</li><li>Pure is experiencing two meaningful shifts - a greater portion of sales are coming from recurring sources, and AI use cases are aiding sales, with the biggest opportunities likely on the come.</li><li>We still see Pure benefiting from the new E Series product ramp and AI use cases down the road.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q23-bookings-blowout-no-butts-about-it?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 - Bookings Blowout, No Butts About It</a></li><li><a href="https://www.smartkarma.com/insights/first-take-margins-expanding-faster-than-the-cfp-field-on-healthy-top-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Margins Expanding Faster than the CFP Field on Healthy Top-line</a></li><li><a href="https://www.smartkarma.com/insights/4q23-model-update-bab6b1ec-3a36-4a57-8363-88b1373400dd?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Model Update</a></li><li><a href="https://www.smartkarma.com/insights/maintain-market-perform-lowering-estimates-turnaround-engine-just-getting-started?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Maintain Market Perform; Lowering Estimates; Turnaround Engine Just Getting Started</a></li><li><a href="https://www.smartkarma.com/insights/f4q24-report-shifting-to-recurring-revenue-and-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q24 Report: Shifting to Recurring Revenue and AI</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q23-bookings-blowout-no-butts-about-it?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q23 - Bookings Blowout, No Butts About It </a></h3><p></p><ul><li>We reiterate our Market Perform rating on shares of DUOL following strong 4Q23 results that included a +14% bookings beat, accelerating DAUs (+65% y/y), high incremental margins (+64%), and a 2024 outlook that was above consensus.</li><li>With +45% y/y bookings growth in 2023 (+51% in 4Q23; +49% constant currency) as a backdrop, we see a continued favorable set up for shares heading into 2024 with its initial outlook calling for +36% growth.</li><li>While we suspect the magnitude of its upside could come in (at least relative to 4Q23), we see several drivers for durable growth to continue, particularly given the nascent benefits to date from AI, its newer premium tier offering, advanced English content, the Music/Math opportunity, and a more formal push around family plans (higher LTVs).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/first-take-margins-expanding-faster-than-the-cfp-field-on-healthy-top-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. First Take: Margins Expanding Faster than the CFP Field on Healthy Top-line </a></h3><p></p><ul><li>Wednesday evening Natera printed 4Q results, delivering revenues $11M north of the previous pre-announced $300M figure (note), or ~$6M ahead ex prior period collections, and +12.6/12.8% ahead of prior consensus/RJe.</li><li>Admittedly oncology volumes were modestly below our view (98K vs. 100K RJe) but ASPs north of $1K for Signatera more than offset this, and reproductive and organ health segments grew nicely as well.</li><li>Of similar import, GM reached ~49% on a normalized basis and all the way to 51.4% overall in 4Q vs. Street/RJe of 45.1/45.2%.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q23-model-update-bab6b1ec-3a36-4a57-8363-88b1373400dd?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q23 Model Update </a></h3><p></p><ul><li>We remain Market Perform on CBAY following 4Q23 earnings.</li><li>The previously announced acquisition of CBAY by Gilead is expected to close in 1Q24 (see more here).</li><li>FDA has accepted CymaBay’s NDA filing for seladelpar with expected PDUFA on August 14, 2024.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/maintain-market-perform-lowering-estimates-turnaround-engine-just-getting-started?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Maintain Market Perform; Lowering Estimates; Turnaround Engine Just Getting Started </a></h3><p></p><ul><li>We maintain our Market Perform rating on AAP in light of 4Q23 earnings, conference call, and our follow-up call.</li><li>We are reducing our estimates and remain concerned that the core business continues to deteriorate on profit headwinds (both self-inflicted and macro-related).</li><li>The good news, however, is market share losses continue to stabilize and the new senior leadership announced incremental proactive measures to improve the business.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/f4q24-report-shifting-to-recurring-revenue-and-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. F4Q24 Report: Shifting to Recurring Revenue and AI </a></h3><p></p><ul><li>We maintain aStrong Buyrating on Pure Storage, following a beat and raise vs. the Street.</li><li>Pure is experiencing two meaningful shifts - a greater portion of sales are coming from recurring sources, and AI use cases are aiding sales, with the biggest opportunities likely on the come.</li><li>We still see Pure benefiting from the new E Series product ramp and AI use cases down the road.</li></ul>2024-02-29T11:30:21+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DUOL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NTRA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CBAY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AAP@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PSTG@US"}, {"term": "DUOL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NTRA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CBAY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AAP@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PSTG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/c1858cce-882e-3ee6-a602-4437d8111155Brief USA: First Take: Aiming to Get Back to Normal in '24; Profitability by '25? and more2024-03-28T22:17:22.598498+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/first-take-aiming-to-get-back-to-normal-in-24-profitability-by-25?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Aiming to Get Back to Normal in '24; Profitability by '25?</a></li><li><a href="https://www.smartkarma.com/insights/f4q-solid-close-to-fy24-incident-a-fy25-wildcard-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q: Solid Close to FY24; Incident a FY25 Wildcard; Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/4q23-update-steady-2024-guidance-clinical-development-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Update: Steady 2024 Guidance + Clinical Development Upside</a></li><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-us-europe-inflation-opec-shipping-bitcoin-boom?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5 Things We Watch: US & Europe inflation, OPEC, Shipping, Bitcoin boom</a></li><li><a href="https://www.smartkarma.com/insights/preannounced-4q23-beat-2024-outlook-hinges-on-elevidys-label-expansion-decision-in-late-june?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Preannounced 4Q23 Beat; 2024 Outlook Hinges On Elevidys Label Expansion Decision In Late June</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/first-take-aiming-to-get-back-to-normal-in-24-profitability-by-25?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. First Take: Aiming to Get Back to Normal in '24; Profitability by '25? </a></h3><p></p><ul><li>Wednesday evening CareDx reported full 4Q results which were in-line with the January pre-announcement (note) and showed upside vs. expectations at the time on both revenues and profitability.</li><li>The top-line benefited from both volume and price in the testing services business and to us indicates that the cadence of progress for CareDx may be returning to normal, albeit off a lower base and with a somewhat lower ceiling vs. before the billing changes of 2023.</li><li>Still, the company is the clear leader in a still underpenetrated market that should support growth for years to come.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/f4q-solid-close-to-fy24-incident-a-fy25-wildcard-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. F4Q: Solid Close to FY24; Incident a FY25 Wildcard; Market Perform </a></h3><p></p><ul><li>We maintain our Market Perform rating on OKTA following strong F4Q24 (Jan.) results that surpassed expectations reaffirmed earlier this month (link), and growth and profitability expectations were above our bogeys (link).</li><li>Recent quarters had shown shortening duration which stoked investor fears that customers were signing a “band-aid” deal as they engage in RFPs with intent to move off of Okta following numerous security incidents.</li><li>However, duration increased and large deal activity was strong during F4Q which may provide some relief for now.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q23-update-steady-2024-guidance-clinical-development-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q23 Update: Steady 2024 Guidance + Clinical Development Upside </a></h3><p></p><ul><li>We remain Strong Buy on MIRM following 4Q23 earnings.</li><li>Mirum reported 2023 net product sales of $179M (was pre-announced).</li><li>2024 net product guidance of $310M to $320M is in-line with prevailing consensus ~$316M. According to management, sales guidance includes a minor contribution from PFIC and regulatory progress remains on track with PDUFA March 13.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/5-things-we-watch-us-europe-inflation-opec-shipping-bitcoin-boom?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 5 Things We Watch: US & Europe inflation, OPEC, Shipping, Bitcoin boom </a></h3><p></p><ul><li>Hi everybody and welcome to this week’s 5 Things We Watch.</li><li>This week we’ll cover Euro-flation on the back of the Ifo numbers dropping this week.</li><li>Then we’ll have a look at the inflation outlook in the US using the same metrics as applied to Europe.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/preannounced-4q23-beat-2024-outlook-hinges-on-elevidys-label-expansion-decision-in-late-june?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Preannounced 4Q23 Beat; 2024 Outlook Hinges On Elevidys Label Expansion Decision In Late June </a></h3><p></p><ul><li>Last month, SRPT preannounced 4Q23 revenues, and we make no changes to our Market Perform rating following this evening’s 2023 financial update 2024 outlook call.</li><li>4Q total product sales were $365.1M (2023: $1.145B), comprised of $233.8M from exon skipping (2023: $944.5M, vs prior guidance >$925M) and $131.3M from Elevidys (2023: $200.4M) (prior note).</li><li>Given the pending regulatory action for Elevidys (June 21 PDUFA), mgmt did not provide 2024 rev guidance for the product.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/first-take-aiming-to-get-back-to-normal-in-24-profitability-by-25?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Aiming to Get Back to Normal in '24; Profitability by '25?</a></li><li><a href="https://www.smartkarma.com/insights/f4q-solid-close-to-fy24-incident-a-fy25-wildcard-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q: Solid Close to FY24; Incident a FY25 Wildcard; Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/4q23-update-steady-2024-guidance-clinical-development-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Update: Steady 2024 Guidance + Clinical Development Upside</a></li><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-us-europe-inflation-opec-shipping-bitcoin-boom?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5 Things We Watch: US & Europe inflation, OPEC, Shipping, Bitcoin boom</a></li><li><a href="https://www.smartkarma.com/insights/preannounced-4q23-beat-2024-outlook-hinges-on-elevidys-label-expansion-decision-in-late-june?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Preannounced 4Q23 Beat; 2024 Outlook Hinges On Elevidys Label Expansion Decision In Late June</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/first-take-aiming-to-get-back-to-normal-in-24-profitability-by-25?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. First Take: Aiming to Get Back to Normal in '24; Profitability by '25? </a></h3><p></p><ul><li>Wednesday evening CareDx reported full 4Q results which were in-line with the January pre-announcement (note) and showed upside vs. expectations at the time on both revenues and profitability.</li><li>The top-line benefited from both volume and price in the testing services business and to us indicates that the cadence of progress for CareDx may be returning to normal, albeit off a lower base and with a somewhat lower ceiling vs. before the billing changes of 2023.</li><li>Still, the company is the clear leader in a still underpenetrated market that should support growth for years to come.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/f4q-solid-close-to-fy24-incident-a-fy25-wildcard-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. F4Q: Solid Close to FY24; Incident a FY25 Wildcard; Market Perform </a></h3><p></p><ul><li>We maintain our Market Perform rating on OKTA following strong F4Q24 (Jan.) results that surpassed expectations reaffirmed earlier this month (link), and growth and profitability expectations were above our bogeys (link).</li><li>Recent quarters had shown shortening duration which stoked investor fears that customers were signing a “band-aid” deal as they engage in RFPs with intent to move off of Okta following numerous security incidents.</li><li>However, duration increased and large deal activity was strong during F4Q which may provide some relief for now.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q23-update-steady-2024-guidance-clinical-development-upside?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q23 Update: Steady 2024 Guidance + Clinical Development Upside </a></h3><p></p><ul><li>We remain Strong Buy on MIRM following 4Q23 earnings.</li><li>Mirum reported 2023 net product sales of $179M (was pre-announced).</li><li>2024 net product guidance of $310M to $320M is in-line with prevailing consensus ~$316M. According to management, sales guidance includes a minor contribution from PFIC and regulatory progress remains on track with PDUFA March 13.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/5-things-we-watch-us-europe-inflation-opec-shipping-bitcoin-boom?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 5 Things We Watch: US & Europe inflation, OPEC, Shipping, Bitcoin boom </a></h3><p></p><ul><li>Hi everybody and welcome to this week’s 5 Things We Watch.</li><li>This week we’ll cover Euro-flation on the back of the Ifo numbers dropping this week.</li><li>Then we’ll have a look at the inflation outlook in the US using the same metrics as applied to Europe.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/preannounced-4q23-beat-2024-outlook-hinges-on-elevidys-label-expansion-decision-in-late-june?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Preannounced 4Q23 Beat; 2024 Outlook Hinges On Elevidys Label Expansion Decision In Late June </a></h3><p></p><ul><li>Last month, SRPT preannounced 4Q23 revenues, and we make no changes to our Market Perform rating following this evening’s 2023 financial update 2024 outlook call.</li><li>4Q total product sales were $365.1M (2023: $1.145B), comprised of $233.8M from exon skipping (2023: $944.5M, vs prior guidance >$925M) and $131.3M from Elevidys (2023: $200.4M) (prior note).</li><li>Given the pending regulatory action for Elevidys (June 21 PDUFA), mgmt did not provide 2024 rev guidance for the product.</li></ul>2024-02-29T10:15:14+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CDNA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "OKTA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MIRM@US"}, {"term": "Macroeconomics"}, {"term": "NETHERLANDS"}, {"term": "NORWAY"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "SPAIN"}, {"term": "ITALY"}, {"term": "GERMANY"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "KUWAIT"}, {"term": "EGYPT"}, {"term": "SAUDI ARABIA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "XBTUSD@CURNCY"}, {"term": "CL1@COM@COMDTY"}, {"term": "GT10@GOVT"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SRPT@US"}, {"term": "CDNA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "OKTA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MIRM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GT10@GOVT", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SRPT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/3dad836f-c159-33ac-955c-6889cbc297e2Brief USA: Following the Patriots Playbook - a Work in Progress; Market Perform and more2024-03-28T22:17:22.591357+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/following-the-patriots-playbook-a-work-in-progress-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Following the Patriots Playbook - a Work in Progress; Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/is-openai-s-business-model-sustainable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Is OpenAI’s business model sustainable?</a></li><li><a href="https://www.smartkarma.com/insights/vulcan-materials-rock-on-business-breakdowns-ep-151?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Vulcan Materials: Rock On - [Business Breakdowns, EP.151]</a></li><li><a href="https://www.smartkarma.com/insights/qurate-retail-inc-qrtea-wednesday-nov-29-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Qurate Retail Inc (QRTEA) - Wednesday, Nov 29, 2023</a></li><li><a href="https://www.smartkarma.com/insights/relmada-therapeutics-inc-rlmd-wednesday-nov-29-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Relmada Therapeutics Inc (RLMD) - Wednesday, Nov 29, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/following-the-patriots-playbook-a-work-in-progress-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Following the Patriots Playbook - a Work in Progress; Market Perform </a></h3><p></p><ul><li>IART has always been a complex business, and the 4Q call provided another new (temporary) challenge (supply issues on Integra Skin, a ~$175M product line).</li><li>While this dynamic will impact 1Q results, IART is confident the issue is largely behind them, and the guidance implies that organic growth accelerates (to 7-7.9% y/y) in 2Q-4Q. We trend to the lower end of this range.</li><li>Similarly, we lower our EPS to reflect a weaker 1Q. While these issues add noise to the story, to some extent, this is factored into the depressed multiple.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/is-openai-s-business-model-sustainable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Is OpenAI’s business model sustainable? </a></h3><p></p><ul><li>OpenAI, founded in 2015 as a nonprofit research lab, has transitioned into a for-profit entity with ambitious goals of creating artificial general intelligence to benefit humanity.</li><li>The company's CEO, Sam Altman, is focused on solving the problem of super intelligence and has plans to set up his own semiconductor manufacturing pipeline and extend human lifespan.</li><li>OpenAI's business model now involves catering to enterprise customers to generate revenue, and they face challenges in balancing their grand mission with the need for significant investment.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/vulcan-materials-rock-on-business-breakdowns-ep-151?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Vulcan Materials: Rock On - [Business Breakdowns, EP.151] </a></h3><p></p><ul><li>Vulcan Materials is America's largest producer of construction aggregates, providing the foundation for buildings, roads, and infrastructure.</li><li>The company owns over 400 quarries located within 60% of the US population, producing aggregates used in asphalt and concrete.</li><li>The industry structure involves owning quarries and crushing rocks down to create materials used in various construction projects, with a market size of around $35 billion.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/qurate-retail-inc-qrtea-wednesday-nov-29-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Qurate Retail Inc (QRTEA) - Wednesday, Nov 29, 2023 </a></h3><p></p><p>Key points</p><ul><li>Qurate Retail's capital structure is being optimized through buying back bonds to reduce leverage</li><li>The equity is viewed as a low-cost call option due to the company's 35% annual growth in OIBDA</li><li>Despite industry concerns, QRTEA is positioned as a market leader in a growing sector, making it an attractive investment option.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/relmada-therapeutics-inc-rlmd-wednesday-nov-29-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Relmada Therapeutics Inc (RLMD) - Wednesday, Nov 29, 2023 </a></h3><p></p><p>Key points</p><ul><li>RLMD is a biotech company with a high-stakes binary outcome in 2024 for their antidepressant, REL-1017</li><li>Despite previous phase 3 trial failures, the drug has a validated mechanism of action and promising phase 2 data, leading to a $1.1B valuation</li><li>The stock is undervalued and presents a compelling investment opportunity with significant upside potential, especially through underpriced options for exposure to the outcome in mid-2024</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/following-the-patriots-playbook-a-work-in-progress-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Following the Patriots Playbook - a Work in Progress; Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/is-openai-s-business-model-sustainable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Is OpenAI’s business model sustainable?</a></li><li><a href="https://www.smartkarma.com/insights/vulcan-materials-rock-on-business-breakdowns-ep-151?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Vulcan Materials: Rock On - [Business Breakdowns, EP.151]</a></li><li><a href="https://www.smartkarma.com/insights/qurate-retail-inc-qrtea-wednesday-nov-29-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Qurate Retail Inc (QRTEA) - Wednesday, Nov 29, 2023</a></li><li><a href="https://www.smartkarma.com/insights/relmada-therapeutics-inc-rlmd-wednesday-nov-29-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Relmada Therapeutics Inc (RLMD) - Wednesday, Nov 29, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/following-the-patriots-playbook-a-work-in-progress-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Following the Patriots Playbook - a Work in Progress; Market Perform </a></h3><p></p><ul><li>IART has always been a complex business, and the 4Q call provided another new (temporary) challenge (supply issues on Integra Skin, a ~$175M product line).</li><li>While this dynamic will impact 1Q results, IART is confident the issue is largely behind them, and the guidance implies that organic growth accelerates (to 7-7.9% y/y) in 2Q-4Q. We trend to the lower end of this range.</li><li>Similarly, we lower our EPS to reflect a weaker 1Q. While these issues add noise to the story, to some extent, this is factored into the depressed multiple.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/is-openai-s-business-model-sustainable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Is OpenAI’s business model sustainable? </a></h3><p></p><ul><li>OpenAI, founded in 2015 as a nonprofit research lab, has transitioned into a for-profit entity with ambitious goals of creating artificial general intelligence to benefit humanity.</li><li>The company's CEO, Sam Altman, is focused on solving the problem of super intelligence and has plans to set up his own semiconductor manufacturing pipeline and extend human lifespan.</li><li>OpenAI's business model now involves catering to enterprise customers to generate revenue, and they face challenges in balancing their grand mission with the need for significant investment.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/vulcan-materials-rock-on-business-breakdowns-ep-151?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Vulcan Materials: Rock On - [Business Breakdowns, EP.151] </a></h3><p></p><ul><li>Vulcan Materials is America's largest producer of construction aggregates, providing the foundation for buildings, roads, and infrastructure.</li><li>The company owns over 400 quarries located within 60% of the US population, producing aggregates used in asphalt and concrete.</li><li>The industry structure involves owning quarries and crushing rocks down to create materials used in various construction projects, with a market size of around $35 billion.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/qurate-retail-inc-qrtea-wednesday-nov-29-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Qurate Retail Inc (QRTEA) - Wednesday, Nov 29, 2023 </a></h3><p></p><p>Key points</p><ul><li>Qurate Retail's capital structure is being optimized through buying back bonds to reduce leverage</li><li>The equity is viewed as a low-cost call option due to the company's 35% annual growth in OIBDA</li><li>Despite industry concerns, QRTEA is positioned as a market leader in a growing sector, making it an attractive investment option.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/relmada-therapeutics-inc-rlmd-wednesday-nov-29-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Relmada Therapeutics Inc (RLMD) - Wednesday, Nov 29, 2023 </a></h3><p></p><p>Key points</p><ul><li>RLMD is a biotech company with a high-stakes binary outcome in 2024 for their antidepressant, REL-1017</li><li>Despite previous phase 3 trial failures, the drug has a validated mechanism of action and promising phase 2 data, leading to a $1.1B valuation</li><li>The stock is undervalued and presents a compelling investment opportunity with significant upside potential, especially through underpriced options for exposure to the outcome in mid-2024</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>2024-02-29T08:15:06+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "IART@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "2193707D@US"}, {"term": "MSFT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "VMC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "@QRTEA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "RLMD@US"}, {"term": "IART@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MSFT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "VMC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "@QRTEA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RLMD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/b7d8d0fc-09fb-3408-880c-d241643f3067Brief USA: VAALCO Energy (NYSE: EGY): Potentially acquiring producing assets in Cote d’Ivoire? and more2024-03-28T22:17:22.582036+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-potentially-acquiring-producing-assets-in-cote-d-ivoire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">VAALCO Energy (NYSE: EGY): Potentially acquiring producing assets in Cote d’Ivoire?</a></li><li><a href="https://www.smartkarma.com/insights/4q-results-muddied-by-aco-reach-2024-guidance-in-line-but-not-a-cake-walk?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Results Muddied by ACO Reach; 2024 Guidance in Line but Not a Cake Walk</a></li><li><a href="https://www.smartkarma.com/insights/a-relief-rally-after-a-guidance-cut-yes-it-s-good-to-see-guidance-becoming-more-realistic?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">A Relief Rally After a Guidance Cut? Yes! It's Good to See Guidance Becoming More Realistic</a></li><li><a href="https://www.smartkarma.com/insights/mixed-4q-below-average-sales-unit-growth-visibility-offset-by-depressed-valuation-reit-mp3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mixed 4Q; Below Average Sales, Unit Growth Visibility Offset by Depressed Valuation; Reit. MP3</a></li><li><a href="https://www.smartkarma.com/insights/follow-up-4q-beats-on-healthy-margins-2024-guide-reasonable-though-estimates-and-tp-lowered?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Follow-Up: 4Q Beats on Healthy Margins, 2024 Guide Reasonable Though Estimates and TP Lowered</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-potentially-acquiring-producing-assets-in-cote-d-ivoire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. VAALCO Energy (NYSE: EGY): Potentially acquiring producing assets in Cote d’Ivoire? </a></h3><p></p><ul><li>• VAALCO is in discussions with Svenska Petroleum Exploration regarding a possible corporate transaction to acquire Svenska, whose primary asset is a 27.39% interest in Block CI-40, offshore Cote d'Ivoire.</li><li>Current working interest production is approximately 4,500 boe/d net to Svenska.</li><li>In 2022, Svenska generated after tax cashflow (before changes in working capital) of ~US$115 mm.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q-results-muddied-by-aco-reach-2024-guidance-in-line-but-not-a-cake-walk?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q Results Muddied by ACO Reach; 2024 Guidance in Line but Not a Cake Walk </a></h3><p></p><ul><li>We reiterate our Strong Buy rating but are reducing our price target to $10 (-$2) on shares of ALHC following 4Q23 results that were ahead of top-line expectations ($465.4M vs. Street: $444.6M), but fell short of adj. EBITDA expectations (-$19.7M vs. Street: -$15.2M), driven by a 120 bps MBR miss (89.4% vs. Street: 88.2%), which was adversely impacted by an ACO Reach-related one-timer of $2M (40 bps) and higher supplemental benefits utilization (~80 bps).</li><li>Notably, the company changed its 2024 risk model on its 8.9K ACO Reach members to “net accounting” with upside arrangements only and (helpfully) broke out its MBR with and without ACO Reach in 2023 and incorporated the new supplemental costs into its 2024 guidance.</li><li>Our price target change incorporates a more conservative view of the EV per life and the short-term reality that its MBR guidance appears, on the surface, to be aggressive.As the good news on the outsized membership was already known, the focus on the call was largely on the 2024 MBR guide (as membership/adj.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/a-relief-rally-after-a-guidance-cut-yes-it-s-good-to-see-guidance-becoming-more-realistic?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. A Relief Rally After a Guidance Cut? Yes! It's Good to See Guidance Becoming More Realistic </a></h3><p></p><ul><li>In the context of the decarbonization megatrend,Chart has a diverse rangeofproductswith a sustainability dimension: solutions for hydrogen, renewable natural gas, curtailment of gas flaring, water treatment, and carbon capture.There is upside potential from pre-FID large LNG projects, a commodity-sensitive opportunity linked toenergy security in Europe.</li><li>In the aftermath of Chart’s acquisition of Howden, investor focus is on the trajectory of cost synergies and deleveraging.</li><li>Following ourupgrade in January, we reiterate ourStrong Buy rating, but we need to be mindful of thelumpy quarterly metrics.Howden cost synergies in 4Q23 surpass their year-one target ahead of schedule.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/mixed-4q-below-average-sales-unit-growth-visibility-offset-by-depressed-valuation-reit-mp3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Mixed 4Q; Below Average Sales, Unit Growth Visibility Offset by Depressed Valuation; Reit. MP3 </a></h3><p></p><ul><li>We reiterate our Market Perform rating on DIN behind the company’s mixed 4Q results reflecting soft comps that were more than offset by lower G&A, driving EPS upside.</li><li>While EBITDA dynamics remain stable (guided slight y/y growth in 2024), comp visibility remains below average and s/wide net unit growth has stalled with Applebee’s footprint expected to decline ~2% in 2024.</li><li>2024 guidance embeds a return to positive comps after 1Q (RJE down low SD%, bad weather and tough compares), with Applebee’s guided flat to +2% and IHOP +1-3% (both embedding more modest check growth vs. 2023).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/follow-up-4q-beats-on-healthy-margins-2024-guide-reasonable-though-estimates-and-tp-lowered?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Follow-Up: 4Q Beats on Healthy Margins, 2024 Guide Reasonable Though Estimates and TP Lowered </a></h3><p></p><ul><li>Our Outperform rating on the shares of Holley reflects the company’s positioning as the leader in the attractive and historically defensive U.S. performance automotive aftermarket products industry, with potential upside from further cost efficiencies and M&A.4Q beats on top and bottom lines.</li><li>Holley (HLLY) reported better than expected 4Q results Wednesday morning, capping a year of meaningful operational improvements.</li><li>Adjusted EBITDA in the quarter of $28.5M increased 89% y/y and beat RJe $25.4M, Street $25.7M and implied guide $21.4-26.4M. Similarly, sales were up 1% y/y to $155.7M vs. RJe $151.0M, Street $153.3M and implied guide $141-171M, as the quarter benefited from an improvement in past due orders (though not quite as much as hoped, as orders in the quarter were stronger than anticipated) as well as greater involvement of HLLY’s distribution partners in its promotional programs.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-potentially-acquiring-producing-assets-in-cote-d-ivoire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">VAALCO Energy (NYSE: EGY): Potentially acquiring producing assets in Cote d’Ivoire?</a></li><li><a href="https://www.smartkarma.com/insights/4q-results-muddied-by-aco-reach-2024-guidance-in-line-but-not-a-cake-walk?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Results Muddied by ACO Reach; 2024 Guidance in Line but Not a Cake Walk</a></li><li><a href="https://www.smartkarma.com/insights/a-relief-rally-after-a-guidance-cut-yes-it-s-good-to-see-guidance-becoming-more-realistic?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">A Relief Rally After a Guidance Cut? Yes! It's Good to See Guidance Becoming More Realistic</a></li><li><a href="https://www.smartkarma.com/insights/mixed-4q-below-average-sales-unit-growth-visibility-offset-by-depressed-valuation-reit-mp3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Mixed 4Q; Below Average Sales, Unit Growth Visibility Offset by Depressed Valuation; Reit. MP3</a></li><li><a href="https://www.smartkarma.com/insights/follow-up-4q-beats-on-healthy-margins-2024-guide-reasonable-though-estimates-and-tp-lowered?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Follow-Up: 4Q Beats on Healthy Margins, 2024 Guide Reasonable Though Estimates and TP Lowered</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/vaalco-energy-nyse-egy-potentially-acquiring-producing-assets-in-cote-d-ivoire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. VAALCO Energy (NYSE: EGY): Potentially acquiring producing assets in Cote d’Ivoire? </a></h3><p></p><ul><li>• VAALCO is in discussions with Svenska Petroleum Exploration regarding a possible corporate transaction to acquire Svenska, whose primary asset is a 27.39% interest in Block CI-40, offshore Cote d'Ivoire.</li><li>Current working interest production is approximately 4,500 boe/d net to Svenska.</li><li>In 2022, Svenska generated after tax cashflow (before changes in working capital) of ~US$115 mm.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q-results-muddied-by-aco-reach-2024-guidance-in-line-but-not-a-cake-walk?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q Results Muddied by ACO Reach; 2024 Guidance in Line but Not a Cake Walk </a></h3><p></p><ul><li>We reiterate our Strong Buy rating but are reducing our price target to $10 (-$2) on shares of ALHC following 4Q23 results that were ahead of top-line expectations ($465.4M vs. Street: $444.6M), but fell short of adj. EBITDA expectations (-$19.7M vs. Street: -$15.2M), driven by a 120 bps MBR miss (89.4% vs. Street: 88.2%), which was adversely impacted by an ACO Reach-related one-timer of $2M (40 bps) and higher supplemental benefits utilization (~80 bps).</li><li>Notably, the company changed its 2024 risk model on its 8.9K ACO Reach members to “net accounting” with upside arrangements only and (helpfully) broke out its MBR with and without ACO Reach in 2023 and incorporated the new supplemental costs into its 2024 guidance.</li><li>Our price target change incorporates a more conservative view of the EV per life and the short-term reality that its MBR guidance appears, on the surface, to be aggressive.As the good news on the outsized membership was already known, the focus on the call was largely on the 2024 MBR guide (as membership/adj.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/a-relief-rally-after-a-guidance-cut-yes-it-s-good-to-see-guidance-becoming-more-realistic?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. A Relief Rally After a Guidance Cut? Yes! It's Good to See Guidance Becoming More Realistic </a></h3><p></p><ul><li>In the context of the decarbonization megatrend,Chart has a diverse rangeofproductswith a sustainability dimension: solutions for hydrogen, renewable natural gas, curtailment of gas flaring, water treatment, and carbon capture.There is upside potential from pre-FID large LNG projects, a commodity-sensitive opportunity linked toenergy security in Europe.</li><li>In the aftermath of Chart’s acquisition of Howden, investor focus is on the trajectory of cost synergies and deleveraging.</li><li>Following ourupgrade in January, we reiterate ourStrong Buy rating, but we need to be mindful of thelumpy quarterly metrics.Howden cost synergies in 4Q23 surpass their year-one target ahead of schedule.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/mixed-4q-below-average-sales-unit-growth-visibility-offset-by-depressed-valuation-reit-mp3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Mixed 4Q; Below Average Sales, Unit Growth Visibility Offset by Depressed Valuation; Reit. MP3 </a></h3><p></p><ul><li>We reiterate our Market Perform rating on DIN behind the company’s mixed 4Q results reflecting soft comps that were more than offset by lower G&A, driving EPS upside.</li><li>While EBITDA dynamics remain stable (guided slight y/y growth in 2024), comp visibility remains below average and s/wide net unit growth has stalled with Applebee’s footprint expected to decline ~2% in 2024.</li><li>2024 guidance embeds a return to positive comps after 1Q (RJE down low SD%, bad weather and tough compares), with Applebee’s guided flat to +2% and IHOP +1-3% (both embedding more modest check growth vs. 2023).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/follow-up-4q-beats-on-healthy-margins-2024-guide-reasonable-though-estimates-and-tp-lowered?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Follow-Up: 4Q Beats on Healthy Margins, 2024 Guide Reasonable Though Estimates and TP Lowered </a></h3><p></p><ul><li>Our Outperform rating on the shares of Holley reflects the company’s positioning as the leader in the attractive and historically defensive U.S. performance automotive aftermarket products industry, with potential upside from further cost efficiencies and M&A.4Q beats on top and bottom lines.</li><li>Holley (HLLY) reported better than expected 4Q results Wednesday morning, capping a year of meaningful operational improvements.</li><li>Adjusted EBITDA in the quarter of $28.5M increased 89% y/y and beat RJe $25.4M, Street $25.7M and implied guide $21.4-26.4M. Similarly, sales were up 1% y/y to $155.7M vs. RJe $151.0M, Street $153.3M and implied guide $141-171M, as the quarter benefited from an improvement in past due orders (though not quite as much as hoped, as orders in the quarter were stronger than anticipated) as well as greater involvement of HLLY’s distribution partners in its promotional programs.</li></ul>2024-02-29T02:00:07+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "ENERGY"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "EGY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ALHC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GTLS@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DIN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "HLLY@US"}, {"term": "EGY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ALHC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "GTLS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DIN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HLLY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/3f954428-01dd-317f-8acf-59a7bedfccd8Brief USA: 4Q23 Well Ahead; 2024 Guide Solidly Above the Street and more2024-03-28T22:17:22.574691+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q23-well-ahead-2024-guide-solidly-above-the-street?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Well Ahead; 2024 Guide Solidly Above the Street</a></li><li><a href="https://www.smartkarma.com/insights/clearer-roads-ahead-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Clearer Roads Ahead in 2024</a></li><li><a href="https://www.smartkarma.com/insights/first-take-4q-eps-beat-on-lower-g-a-sales-light-2024-guidance-largely-in-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: 4Q EPS Beat on Lower G&A, Sales Light; 2024 Guidance Largely In Line</a></li><li><a href="https://www.smartkarma.com/insights/expr-snapping-the-store-clearing-gearing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EXPR: Snapping the Store: Clearing & Gearing</a></li><li><a href="https://www.smartkarma.com/insights/first-take-4q-in-line-ish-softer-24-eps-ceo-transition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: 4Q In-line'ish, Softer '24 EPS; CEO Transition</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q23-well-ahead-2024-guide-solidly-above-the-street?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q23 Well Ahead; 2024 Guide Solidly Above the Street </a></h3><p></p><ul><li>Following years of steady growth, RSG has refocused its efforts across the board, which have seemingly sparked a new level of emphasis on growth, profitability, and consistency.</li><li>Importantly, through both organic and M&A channels, RSG is posting some of the strongest growth in a decade.</li><li>Further, we remain enamored with RSG’s focus on challenging assumptions in efforts to drive margins and FCF generation/conversion higher, which could provide upside to estimates.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/clearer-roads-ahead-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Clearer Roads Ahead in 2024 </a></h3><p></p><ul><li>We are maintaining our Outperform rating on LPRO following disappointing 4Q results, which included a negative profit share revision that caused a substantial revenue miss (~46% below Street) and negative EBITDA. On the positive side, total certs were 9% ahead, and revenue ex profit share provision would have been ahead of expectations.</li><li>Importantly, many headwinds should moderate in 2024, albeit with the timing and magnitude difficult to predict, and we are expecting a return to revenue growth (+mid-teens) alongside EBITDA improvement (~600 bp expansion).</li><li>Simply put, we think the brunt of unprecedented auto lending headwinds have passed, and we continue to believe LPRO possesses a unique business model (40%+ EBITDA margin and $94M of FCF in ‘23) that can generate 20%+ normalized EBITDA growth at an attractive valuation (~9x our 2025E EBITDA), though we admit patience will likely be required.4Q results disappoint.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/first-take-4q-eps-beat-on-lower-g-a-sales-light-2024-guidance-largely-in-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. First Take: 4Q EPS Beat on Lower G&A, Sales Light; 2024 Guidance Largely In Line </a></h3><p></p><ul><li>This morning, Dine Brands reported a 4Q Adj. EPS beat ($1.40 vs. RJE $1.10) driven by lower G&A that more than offset soft comps that were slightly below our expectations.</li><li>Applebee’s comps down 0.5% continued to underperform casual dining peers, while IHOP +1.6% was more in line with family dining segment trends (where menu pricing seems to be staying “higher for longer,” offsetting weak traffic trends).</li><li>2024 Adj. EBITDA guidance of $255-265M (+2% y/y at mid-point) reflects higher store closures at Applebee’s and modest net unit growth at IHOP, slightly positive comps at each brand, and G&A +5% y/y to $200-210M. DIN shares appear to be up in pre-market trading on this news, noting that the stock has meaningfully underperformed and trades at a very depressed valuation.Key highlights include:(+) 4Q Adj. EPS of $1.40 vs. $1.34 was above our $1.10 estimate and the $1.14 Street mean.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/expr-snapping-the-store-clearing-gearing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. EXPR: Snapping the Store: Clearing & Gearing </a></h3><p></p><ul><li>We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.</li><li>With the stores receiving early Spring shipments, the focus is on the final clearance of older goods and setting up for the new Spring Season.</li><li>The new Spring season for women is setting up for lighter colors, continued high levels of versatility, and further expansion of key categories such as denim and Body Contour and women's suiting, while for men the focus is on textured and patterned tops, denim and seasonal suiting and dress shirts, with the relaunch of performance long sleeve shirts.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/first-take-4q-in-line-ish-softer-24-eps-ceo-transition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. First Take: 4Q In-line'ish, Softer '24 EPS; CEO Transition </a></h3><p></p><ul><li>4Q results were a tad light, and the initial ‘24 adj. EPS guidance is ~6% below our estimate.</li><li>The revenue guide is roughly in line with consensus (and does not include Acclarent, which is expected to close in 2Q), but lower margins are expected to weigh on earnings.</li><li>The shortfall vs. consensus seems largely confined to 1Q24, and implies an acceleration in 2Q-4Q (helped by the return of products at the Boston facility).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q23-well-ahead-2024-guide-solidly-above-the-street?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Well Ahead; 2024 Guide Solidly Above the Street</a></li><li><a href="https://www.smartkarma.com/insights/clearer-roads-ahead-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Clearer Roads Ahead in 2024</a></li><li><a href="https://www.smartkarma.com/insights/first-take-4q-eps-beat-on-lower-g-a-sales-light-2024-guidance-largely-in-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: 4Q EPS Beat on Lower G&A, Sales Light; 2024 Guidance Largely In Line</a></li><li><a href="https://www.smartkarma.com/insights/expr-snapping-the-store-clearing-gearing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EXPR: Snapping the Store: Clearing & Gearing</a></li><li><a href="https://www.smartkarma.com/insights/first-take-4q-in-line-ish-softer-24-eps-ceo-transition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: 4Q In-line'ish, Softer '24 EPS; CEO Transition</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q23-well-ahead-2024-guide-solidly-above-the-street?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q23 Well Ahead; 2024 Guide Solidly Above the Street </a></h3><p></p><ul><li>Following years of steady growth, RSG has refocused its efforts across the board, which have seemingly sparked a new level of emphasis on growth, profitability, and consistency.</li><li>Importantly, through both organic and M&A channels, RSG is posting some of the strongest growth in a decade.</li><li>Further, we remain enamored with RSG’s focus on challenging assumptions in efforts to drive margins and FCF generation/conversion higher, which could provide upside to estimates.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/clearer-roads-ahead-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Clearer Roads Ahead in 2024 </a></h3><p></p><ul><li>We are maintaining our Outperform rating on LPRO following disappointing 4Q results, which included a negative profit share revision that caused a substantial revenue miss (~46% below Street) and negative EBITDA. On the positive side, total certs were 9% ahead, and revenue ex profit share provision would have been ahead of expectations.</li><li>Importantly, many headwinds should moderate in 2024, albeit with the timing and magnitude difficult to predict, and we are expecting a return to revenue growth (+mid-teens) alongside EBITDA improvement (~600 bp expansion).</li><li>Simply put, we think the brunt of unprecedented auto lending headwinds have passed, and we continue to believe LPRO possesses a unique business model (40%+ EBITDA margin and $94M of FCF in ‘23) that can generate 20%+ normalized EBITDA growth at an attractive valuation (~9x our 2025E EBITDA), though we admit patience will likely be required.4Q results disappoint.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/first-take-4q-eps-beat-on-lower-g-a-sales-light-2024-guidance-largely-in-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. First Take: 4Q EPS Beat on Lower G&A, Sales Light; 2024 Guidance Largely In Line </a></h3><p></p><ul><li>This morning, Dine Brands reported a 4Q Adj. EPS beat ($1.40 vs. RJE $1.10) driven by lower G&A that more than offset soft comps that were slightly below our expectations.</li><li>Applebee’s comps down 0.5% continued to underperform casual dining peers, while IHOP +1.6% was more in line with family dining segment trends (where menu pricing seems to be staying “higher for longer,” offsetting weak traffic trends).</li><li>2024 Adj. EBITDA guidance of $255-265M (+2% y/y at mid-point) reflects higher store closures at Applebee’s and modest net unit growth at IHOP, slightly positive comps at each brand, and G&A +5% y/y to $200-210M. DIN shares appear to be up in pre-market trading on this news, noting that the stock has meaningfully underperformed and trades at a very depressed valuation.Key highlights include:(+) 4Q Adj. EPS of $1.40 vs. $1.34 was above our $1.10 estimate and the $1.14 Street mean.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/expr-snapping-the-store-clearing-gearing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. EXPR: Snapping the Store: Clearing & Gearing </a></h3><p></p><ul><li>We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.</li><li>With the stores receiving early Spring shipments, the focus is on the final clearance of older goods and setting up for the new Spring Season.</li><li>The new Spring season for women is setting up for lighter colors, continued high levels of versatility, and further expansion of key categories such as denim and Body Contour and women's suiting, while for men the focus is on textured and patterned tops, denim and seasonal suiting and dress shirts, with the relaunch of performance long sleeve shirts.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/first-take-4q-in-line-ish-softer-24-eps-ceo-transition?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. First Take: 4Q In-line'ish, Softer '24 EPS; CEO Transition </a></h3><p></p><ul><li>4Q results were a tad light, and the initial ‘24 adj. EPS guidance is ~6% below our estimate.</li><li>The revenue guide is roughly in line with consensus (and does not include Acclarent, which is expected to close in 2Q), but lower margins are expected to weigh on earnings.</li><li>The shortfall vs. consensus seems largely confined to 1Q24, and implies an acceleration in 2Q-4Q (helped by the return of products at the Boston facility).</li></ul>2024-02-28T22:45:49+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "RSG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "LPRO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DIN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "EXPR@US"}, {"term": "AEO@US"}, {"term": "PVH@US"}, {"term": "LULU@US"}, {"term": "ROST@US"}, {"term": "URBN@US"}, {"term": "GIII@US"}, {"term": "TPR@US"}, {"term": "GPS@US"}, {"term": "GES@US"}, {"term": "TJX@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "IART@US"}, {"term": "RSG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LPRO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DIN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "TJX@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "IART@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/0fc5ea53-415e-3f20-b5d1-9551187e8b85Brief USA: LE: Shifting to A Returns Driven Model; Initiating LE With Buy Rating & $12 PT and more2024-03-28T22:17:22.566013+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/le-shifting-to-a-returns-driven-model-initiating-le-with-buy-rating-12-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">LE: Shifting to A Returns Driven Model; Initiating LE With Buy Rating & $12 PT</a></li><li><a href="https://www.smartkarma.com/insights/strong-beat-and-guide-goes-even-stronger-in-our-model?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strong Beat and Guide Goes Even Stronger in Our Model</a></li><li><a href="https://www.smartkarma.com/insights/remember-the-days-of-100-kg-polysilicon-profitability-finally-rebounds-to-those-levels?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Remember the Days of $100+/kg Polysilicon? Profitability Finally Rebounds to Those Levels</a></li><li><a href="https://www.smartkarma.com/insights/quick-take-4q-beats-on-strong-margins-and-progress-on-past-due-orders-2024-guide-reasonable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Quick Take: 4Q Beats on Strong Margins and Progress on Past Due Orders, 2024 Guide Reasonable</a></li><li><a href="https://www.smartkarma.com/insights/first-take-top-line-okay-in-4q-but-24-core-guide-a-bit-light-vs-street?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Top Line Okay in 4Q, but '24 Core Guide a Bit Light vs. Street</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/le-shifting-to-a-returns-driven-model-initiating-le-with-buy-rating-12-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. LE: Shifting to A Returns Driven Model; Initiating LE With Buy Rating & $12 PT </a></h3><p></p><ul><li>We are initiating coverage of Lands' End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear and home products under the Lands’ End label, and school uniforms and workwear under the Lands' End Outfitters brand, with a Buy rating and $12 price target, or 8.1X our FY24 (January) Adjusted EBITDA projection.</li><li>Under new CEO Andrew McLean, Lands' End has shifted to a more returns driven business model, with a focus on offering key customer solutions, reducing inventory and discounting levels, shifting lower margin products to the licensing model, and expanding into key digital marketplaces, resulting in higher margins and cash flow.</li><li>With Lands' End projected to shift into an EPS driven mode in FY24 and beyond, we believe the risk/reward in LE has materially improved, and we are initiating coverage of LE with a Buy rating and $12 price target.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/strong-beat-and-guide-goes-even-stronger-in-our-model?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Strong Beat and Guide Goes Even Stronger in Our Model </a></h3><p></p><ul><li>We reiterate our Outperform rating and raise our target to $300 following another impressive beat, five straight years of 25%+ top line growth, ARR growth of 47%, continued traction in ancillary markets (Federal, Corrections, International, etc.), and a better-than-expected 2024/2025 guide that still feels conservative.ARR remains in pole position.</li><li>ARR of $697M was 6.6% above our estimate ($43M), finishing the year with an average q/q increase of $56M. Our 2024E ARR goes 32% higher to $921M (~$56M quarterly increments) and supports our Street-high Cloud revenue of $809M (44% y/y growth).</li><li>2025E ARR and Cloud revenue approach and eclipse the $1B mark, respectively, introducing visibility and multiple expansion.High on Street 2024/2025 biased higher.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/remember-the-days-of-100-kg-polysilicon-profitability-finally-rebounds-to-those-levels?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Remember the Days of $100+/kg Polysilicon? Profitability Finally Rebounds to Those Levels </a></h3><p></p><ul><li>First Solar is among the more crowded trades in clean tech, and the investor excitement is overwhelmingly due to the Section 45X manufacturing incentive.As the new capacity in the U.S. and India ramps up, there is an elevated risk of top line and (especially) margin shortfalls.Wemaintain ourMarket Performrating.As below-the-radar plays on U.S. manufacturing in the PV value chain, we suggest taking a look at FTC Solar and Maxeon Solar.With the 4Q23 beat, full-year EPS surpasses the previous high set in 2010.</li><li>Adjusted EPS of $3.19 topped our estimate of $3.02 and consensus of $3.14.</li><li>Revenue of $1.16 billion was up 45% q/q and up 16% y/y.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/quick-take-4q-beats-on-strong-margins-and-progress-on-past-due-orders-2024-guide-reasonable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Quick Take: 4Q Beats on Strong Margins and Progress on Past Due Orders, 2024 Guide Reasonable </a></h3><p></p><ul><li>4Q beats on top and bottom lines.</li><li>Holley (HLLY) reported better than expected 4Q results Wednesday morning, capping a year in which the company delivered meaningful operational improvements.</li><li>Adj. EBITDA in the quarter of $28.5M increased 89% y/y and beat our estimate of $25.4M, Street consensus of $25.7M and implied guidance of $21.4-26.4M. Similarly, sales were up 1% y/y to $155.7M, above RJe $151.0M and Street $153.3M and within the implied guide of $141-171M. Importantly, past due orders totaled $9M at year-end, down from $14M at the end of 3Q though a bit shy of the company’s outlook of ~$4M.Margins show healthy expansion.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/first-take-top-line-okay-in-4q-but-24-core-guide-a-bit-light-vs-street?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. First Take: Top Line Okay in 4Q, but '24 Core Guide a Bit Light vs. Street </a></h3><p></p><ul><li>Wednesday morning, Fulgent Genetics released 4Q results with a 1% core revenuesbeat, adjusted EBITDA of $(6.8)M shy of the $(3.0)M/$(5.8)M Street/RJe, but a big adjusted EPS beat ($0.28 vs. $(0.29) consensus) driven by a major tax benefit.</li><li>Initial 2024 guidance calls for ~7% core revenue growth to ~$280M vs. our $300M estimate and the Street’s $294M. Precision Diagnostics is expected to remain the stalwart at $173M vs. RJe of $172M, while Anatomic Pathology and Pharma Services are both guided down y/y to $96M and $11M vs. RJe of $107M and $21M. In terms of profitability, the ~$(1.05) adjusted EPS is also shy of our $(0.85) view and the Street’s $(0.95).</li><li>Despite this, we note that ending cash balance expectations of ~$800M match our view despite EPS noise.Shifting back to the 4Q print, Precision Diagnostics was called out as the top-line driver, but the lack of comment on other areas (and their guides) indicates some level of ongoing disruption.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/le-shifting-to-a-returns-driven-model-initiating-le-with-buy-rating-12-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">LE: Shifting to A Returns Driven Model; Initiating LE With Buy Rating & $12 PT</a></li><li><a href="https://www.smartkarma.com/insights/strong-beat-and-guide-goes-even-stronger-in-our-model?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Strong Beat and Guide Goes Even Stronger in Our Model</a></li><li><a href="https://www.smartkarma.com/insights/remember-the-days-of-100-kg-polysilicon-profitability-finally-rebounds-to-those-levels?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Remember the Days of $100+/kg Polysilicon? Profitability Finally Rebounds to Those Levels</a></li><li><a href="https://www.smartkarma.com/insights/quick-take-4q-beats-on-strong-margins-and-progress-on-past-due-orders-2024-guide-reasonable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Quick Take: 4Q Beats on Strong Margins and Progress on Past Due Orders, 2024 Guide Reasonable</a></li><li><a href="https://www.smartkarma.com/insights/first-take-top-line-okay-in-4q-but-24-core-guide-a-bit-light-vs-street?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Top Line Okay in 4Q, but '24 Core Guide a Bit Light vs. Street</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/le-shifting-to-a-returns-driven-model-initiating-le-with-buy-rating-12-pt?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. LE: Shifting to A Returns Driven Model; Initiating LE With Buy Rating & $12 PT </a></h3><p></p><ul><li>We are initiating coverage of Lands' End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear and home products under the Lands’ End label, and school uniforms and workwear under the Lands' End Outfitters brand, with a Buy rating and $12 price target, or 8.1X our FY24 (January) Adjusted EBITDA projection.</li><li>Under new CEO Andrew McLean, Lands' End has shifted to a more returns driven business model, with a focus on offering key customer solutions, reducing inventory and discounting levels, shifting lower margin products to the licensing model, and expanding into key digital marketplaces, resulting in higher margins and cash flow.</li><li>With Lands' End projected to shift into an EPS driven mode in FY24 and beyond, we believe the risk/reward in LE has materially improved, and we are initiating coverage of LE with a Buy rating and $12 price target.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/strong-beat-and-guide-goes-even-stronger-in-our-model?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Strong Beat and Guide Goes Even Stronger in Our Model </a></h3><p></p><ul><li>We reiterate our Outperform rating and raise our target to $300 following another impressive beat, five straight years of 25%+ top line growth, ARR growth of 47%, continued traction in ancillary markets (Federal, Corrections, International, etc.), and a better-than-expected 2024/2025 guide that still feels conservative.ARR remains in pole position.</li><li>ARR of $697M was 6.6% above our estimate ($43M), finishing the year with an average q/q increase of $56M. Our 2024E ARR goes 32% higher to $921M (~$56M quarterly increments) and supports our Street-high Cloud revenue of $809M (44% y/y growth).</li><li>2025E ARR and Cloud revenue approach and eclipse the $1B mark, respectively, introducing visibility and multiple expansion.High on Street 2024/2025 biased higher.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/remember-the-days-of-100-kg-polysilicon-profitability-finally-rebounds-to-those-levels?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Remember the Days of $100+/kg Polysilicon? Profitability Finally Rebounds to Those Levels </a></h3><p></p><ul><li>First Solar is among the more crowded trades in clean tech, and the investor excitement is overwhelmingly due to the Section 45X manufacturing incentive.As the new capacity in the U.S. and India ramps up, there is an elevated risk of top line and (especially) margin shortfalls.Wemaintain ourMarket Performrating.As below-the-radar plays on U.S. manufacturing in the PV value chain, we suggest taking a look at FTC Solar and Maxeon Solar.With the 4Q23 beat, full-year EPS surpasses the previous high set in 2010.</li><li>Adjusted EPS of $3.19 topped our estimate of $3.02 and consensus of $3.14.</li><li>Revenue of $1.16 billion was up 45% q/q and up 16% y/y.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/quick-take-4q-beats-on-strong-margins-and-progress-on-past-due-orders-2024-guide-reasonable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Quick Take: 4Q Beats on Strong Margins and Progress on Past Due Orders, 2024 Guide Reasonable </a></h3><p></p><ul><li>4Q beats on top and bottom lines.</li><li>Holley (HLLY) reported better than expected 4Q results Wednesday morning, capping a year in which the company delivered meaningful operational improvements.</li><li>Adj. EBITDA in the quarter of $28.5M increased 89% y/y and beat our estimate of $25.4M, Street consensus of $25.7M and implied guidance of $21.4-26.4M. Similarly, sales were up 1% y/y to $155.7M, above RJe $151.0M and Street $153.3M and within the implied guide of $141-171M. Importantly, past due orders totaled $9M at year-end, down from $14M at the end of 3Q though a bit shy of the company’s outlook of ~$4M.Margins show healthy expansion.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/first-take-top-line-okay-in-4q-but-24-core-guide-a-bit-light-vs-street?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. First Take: Top Line Okay in 4Q, but '24 Core Guide a Bit Light vs. Street </a></h3><p></p><ul><li>Wednesday morning, Fulgent Genetics released 4Q results with a 1% core revenuesbeat, adjusted EBITDA of $(6.8)M shy of the $(3.0)M/$(5.8)M Street/RJe, but a big adjusted EPS beat ($0.28 vs. $(0.29) consensus) driven by a major tax benefit.</li><li>Initial 2024 guidance calls for ~7% core revenue growth to ~$280M vs. our $300M estimate and the Street’s $294M. Precision Diagnostics is expected to remain the stalwart at $173M vs. RJe of $172M, while Anatomic Pathology and Pharma Services are both guided down y/y to $96M and $11M vs. RJe of $107M and $21M. In terms of profitability, the ~$(1.05) adjusted EPS is also shy of our $(0.85) view and the Street’s $(0.95).</li><li>Despite this, we note that ending cash balance expectations of ~$800M match our view despite EPS noise.Shifting back to the 4Q print, Precision Diagnostics was called out as the top-line driver, but the lack of comment on other areas (and their guides) indicates some level of ongoing disruption.</li></ul>2024-02-28T22:00:14+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "LE@US"}, {"term": "PVH@US"}, {"term": "OXM@US"}, {"term": "LEVI@US"}, {"term": "JILL@US"}, {"term": "GPS@US"}, {"term": "GES@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AXON@US"}, {"term": "@AXON@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FSLR@US"}, {"term": "MAXN@US"}, {"term": "FTCI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "HLLY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FLGT@US"}, {"term": "GES@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "@AXON@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FTCI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HLLY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FLGT@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/7c00977f-a224-3cf3-aead-32a3324a6ac6Brief USA: Light Initial 24G, but Did $10M Stock Buyback Through January and more2024-03-28T22:17:22.558411+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/light-initial-24g-but-did-10m-stock-buyback-through-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Light Initial 24G, but Did $10M Stock Buyback Through January</a></li><li><a href="https://www.smartkarma.com/insights/2024-guidance-includes-startup-loss-from-rng-jvs-2025-is-when-things-get-juicier?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2024 Guidance Includes Startup Loss From RNG JVs... 2025 Is When Things Get Juicier</a></li><li><a href="https://www.smartkarma.com/insights/bullish-usd-sentiment-moderates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Bullish USD Sentiment Moderates</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-c8292559-9a40-42a3-9ba3-5ae5054345e3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/in-line-but-stabilizing-and-improving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">In-line, but Stabilizing and Improving</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/light-initial-24g-but-did-10m-stock-buyback-through-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Light Initial 24G, but Did $10M Stock Buyback Through January </a></h3><p></p><ul><li>Initial 2024 Guidance: Light, but Affirmed 2025 FCF Target of $150-200MTotal revenues: Light in 2024, but long-term CAGR maintained and extended.</li><li>Range in 2024 is $410-425M with midpoint of $418M (RJE and Street $427M).</li><li>With long-term (2023-2028) CAGR of 15-17% (prior had been CAGR of 15-17% from 2022-2027) including contributions in 2025 from the global broadband initiative GaliLEO (discussed in our note HERE).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/2024-guidance-includes-startup-loss-from-rng-jvs-2025-is-when-things-get-juicier?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 2024 Guidance Includes Startup Loss From RNG JVs... 2025 Is When Things Get Juicier </a></h3><p></p><ul><li>Natural gas fuels, including the biogas-derived variety, are playing a role in decarbonization of fleets, albeit with some headwinds from adoption of electric buses and trucks.</li><li>Clean Energy’s business model is diversifying from its historical status as purely a fuel distributor, with in-house production of RNG ramping up in 2024 and beyond.</li><li>The growth story must be balanced against the fact that this commodity business is highly sensitive to both federal and state policy incentives.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/bullish-usd-sentiment-moderates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Bullish USD Sentiment Moderates </a></h3><p></p><ul>
<li>Non-commercial (speculative) sentiment favouring the USD moderated slightly in the past week’s data.</li>
<li>Speculative, aggregate net USD longs edged a little lower in the most recent week’s data to USD832mn, down just under USD600mn from the prior week’s report.</li>
<li>Additional data showed Real Money (institutional traders) paring aggregate USD shorts by around USD5bn in the week while Leveraged Accounts (hedge funds) cut limited aggregate exposure to the USD long side down from USD2.8bn in the prior week to an all but flat USD400mn. </li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-c8292559-9a40-42a3-9ba3-5ae5054345e3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYCrude prices extended their weekly gains as OPEC+ considers extending its voluntary output cuts, while markets assess the likelihood and impact of an Israeli-Hamas ceasefire.</li><li>Reports indicate that OPEC+ is likely extending its 2.2 million bpd production cut into 2Q and potentially through the end of the year, as OPEC+ would most likely need higher oil prices to justify returning supply.</li><li>Additionally, negotiations continue for a 40-day ceasefire in the Israeli-Hamas war as Ramadan approaches, garnering support from President Biden and the US. All in all, WTI rose by 1.4% to $78.63/bbl, while Brent added 0.9% to settle at $82.43/bbl.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/in-line-but-stabilizing-and-improving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. In-line, but Stabilizing and Improving </a></h3><p></p><ul><li>4Q revenue was slightly higher than expectations, and earnings (normalized) were largely in line.</li><li>The 2024 guidance was also largely in line with consensus, and our model changes are modest.</li><li>Management’s tone was upbeat as the macro environment continues to improve.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/light-initial-24g-but-did-10m-stock-buyback-through-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Light Initial 24G, but Did $10M Stock Buyback Through January</a></li><li><a href="https://www.smartkarma.com/insights/2024-guidance-includes-startup-loss-from-rng-jvs-2025-is-when-things-get-juicier?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2024 Guidance Includes Startup Loss From RNG JVs... 2025 Is When Things Get Juicier</a></li><li><a href="https://www.smartkarma.com/insights/bullish-usd-sentiment-moderates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Bullish USD Sentiment Moderates</a></li><li><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-c8292559-9a40-42a3-9ba3-5ae5054345e3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Commodities - Overall - Raymond James Energy Daily Update</a></li><li><a href="https://www.smartkarma.com/insights/in-line-but-stabilizing-and-improving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">In-line, but Stabilizing and Improving</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/light-initial-24g-but-did-10m-stock-buyback-through-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Light Initial 24G, but Did $10M Stock Buyback Through January </a></h3><p></p><ul><li>Initial 2024 Guidance: Light, but Affirmed 2025 FCF Target of $150-200MTotal revenues: Light in 2024, but long-term CAGR maintained and extended.</li><li>Range in 2024 is $410-425M with midpoint of $418M (RJE and Street $427M).</li><li>With long-term (2023-2028) CAGR of 15-17% (prior had been CAGR of 15-17% from 2022-2027) including contributions in 2025 from the global broadband initiative GaliLEO (discussed in our note HERE).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/2024-guidance-includes-startup-loss-from-rng-jvs-2025-is-when-things-get-juicier?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 2024 Guidance Includes Startup Loss From RNG JVs... 2025 Is When Things Get Juicier </a></h3><p></p><ul><li>Natural gas fuels, including the biogas-derived variety, are playing a role in decarbonization of fleets, albeit with some headwinds from adoption of electric buses and trucks.</li><li>Clean Energy’s business model is diversifying from its historical status as purely a fuel distributor, with in-house production of RNG ramping up in 2024 and beyond.</li><li>The growth story must be balanced against the fact that this commodity business is highly sensitive to both federal and state policy incentives.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/bullish-usd-sentiment-moderates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Bullish USD Sentiment Moderates </a></h3><p></p><ul>
<li>Non-commercial (speculative) sentiment favouring the USD moderated slightly in the past week’s data.</li>
<li>Speculative, aggregate net USD longs edged a little lower in the most recent week’s data to USD832mn, down just under USD600mn from the prior week’s report.</li>
<li>Additional data showed Real Money (institutional traders) paring aggregate USD shorts by around USD5bn in the week while Leveraged Accounts (hedge funds) cut limited aggregate exposure to the USD long side down from USD2.8bn in the prior week to an all but flat USD400mn. </li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/commodities-overall-raymond-james-energy-daily-update-c8292559-9a40-42a3-9ba3-5ae5054345e3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Commodities - Overall - Raymond James Energy Daily Update </a></h3><p></p><ul><li>SUMMARYCrude prices extended their weekly gains as OPEC+ considers extending its voluntary output cuts, while markets assess the likelihood and impact of an Israeli-Hamas ceasefire.</li><li>Reports indicate that OPEC+ is likely extending its 2.2 million bpd production cut into 2Q and potentially through the end of the year, as OPEC+ would most likely need higher oil prices to justify returning supply.</li><li>Additionally, negotiations continue for a 40-day ceasefire in the Israeli-Hamas war as Ramadan approaches, garnering support from President Biden and the US. All in all, WTI rose by 1.4% to $78.63/bbl, while Brent added 0.9% to settle at $82.43/bbl.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/in-line-but-stabilizing-and-improving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. In-line, but Stabilizing and Improving </a></h3><p></p><ul><li>4Q revenue was slightly higher than expectations, and earnings (normalized) were largely in line.</li><li>The 2024 guidance was also largely in line with consensus, and our model changes are modest.</li><li>Management’s tone was upbeat as the macro environment continues to improve.</li></ul>2024-02-28T21:31:50+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GOGO@US"}, {"term": "VSAT@US"}, {"term": "IRDM@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CLNE@US"}, {"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "OKE@US"}, {"term": "AESI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ICUI@US"}, {"term": "IRDM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CLNE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AESI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ICUI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/b419475a-43f7-3607-bce3-d3d80d4aab9bBrief USA: A Real-Time Estimate of Gold's Market Cap and Bitcoin's Potential Value and more2024-03-28T22:17:22.549301+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/a-real-time-estimate-of-gold-s-market-cap-and-bitcoin-s-potential-value?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">A Real-Time Estimate of Gold's Market Cap and Bitcoin's Potential Value</a></li><li><a href="https://www.smartkarma.com/insights/an-early-revenue-increase-is-nice-helping-offset-modestly-lower-profit-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">An Early Revenue Increase is Nice, Helping Offset Modestly Lower Profit Guide</a></li><li><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-with-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Highlights From Investor Meetings With Management</a></li><li><a href="https://www.smartkarma.com/insights/bitcoin-to-continue-outshining-gold-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Bitcoin to Continue Outshining Gold In 2024</a></li><li><a href="https://www.smartkarma.com/insights/detailed-multi-family-disclosures-provide-comfort-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Detailed Multi-Family Disclosures Provide Comfort; Reiterate Outperform</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/a-real-time-estimate-of-gold-s-market-cap-and-bitcoin-s-potential-value?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. A Real-Time Estimate of Gold's Market Cap and Bitcoin's Potential Value </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/603/original/image?1709122867"/> <ul>
<li>The real-time market cap of gold is USD 15 trillion, not USD 13 trillion, as is often stated.</li>
<li>This matters because I expect gold to gain on and outperform bonds within a multi-asset portfolio. In recent years, this has been the case.</li>
<li>A real-time estimate of gold's market cap also translates to a real-time Bitcoin price estimate as it functions as digital gold. In this piece, I show my base case scenario.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/an-early-revenue-increase-is-nice-helping-offset-modestly-lower-profit-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. An Early Revenue Increase is Nice, Helping Offset Modestly Lower Profit Guide </a></h3><p></p><ul><li>We’re reiterating our Outperform rating on shares of Myriad Genetics following a full earnings release post pre-announcement in January (note) that included some puts and takes, but broadly saw the thesis unchanged.</li><li>A $5M increase to the 2024 revenue range is a modest change (70 bp of incremental growth), but more meaningful in context of an increase occurring so early in the year as a sign of confidence.</li><li>On the other hand, management’s first EBITDA guidance calls for $20-30M vs. a $40M consensus and our $41M prior.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-with-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Highlights From Investor Meetings With Management </a></h3><p></p><ul><li>We reiterate our Outperform rating on LKFN shares after hosting investor meetings featuring Chief Executive Officer David Findlay, Chief Financial Officer Lisa O'Neill, and President Kristin Pruitt.</li><li>The meetings carried an optimistic tone as investors recognized the safe haven status of Lakeland’s superior business model that has served it well through numerous economic cycles.</li><li>The conversations primarily centered around the bank’s organic growth opportunities, the newfound attractiveness of its Northern Indiana footprint, and the bank’s capital priorities.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/bitcoin-to-continue-outshining-gold-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Bitcoin to Continue Outshining Gold In 2024 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/342/original/image_87751507751709029274884.png?1709029275"/> <ul>
<li>BTC faces a bullish outlook with tailwinds from ETF inflows and an upcoming halving. Early signs of a broader cryptocurrency market rally are underway.</li>
<li>Gold prices remain pressured from investor rotation to other assets. Fading recession fears are eroding gold's risk premium. </li>
<li>Cumulative ETF fund flows for bitcoin and gold ETFs highlight the diverging outlook with large inflows to bitcoin ETFs and outflows from gold ETFs. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/detailed-multi-family-disclosures-provide-comfort-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Detailed Multi-Family Disclosures Provide Comfort; Reiterate Outperform </a></h3><p></p><ul><li>FFIC provided a detailed investor deck on its multi-family portfolio that provides significant comfort about the underwriting of FFIC’s portfolio.</li><li>In addition to debt service details, the bank also provided stressed scenario data that illustrates its portfolio continues to cash flow (DSCR well north of 1.0x) as loans reprice.</li><li>In particular, the disclosures illustrate that FFIC has a more conservative underwriting structure with its fully amortizing product containing a 5-year reset of the 5-year FHLB advance rate +225 bp (~6.5%), and a small interest only portfolio with a 2.6x DSCR when fully amortizing.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/a-real-time-estimate-of-gold-s-market-cap-and-bitcoin-s-potential-value?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">A Real-Time Estimate of Gold's Market Cap and Bitcoin's Potential Value</a></li><li><a href="https://www.smartkarma.com/insights/an-early-revenue-increase-is-nice-helping-offset-modestly-lower-profit-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">An Early Revenue Increase is Nice, Helping Offset Modestly Lower Profit Guide</a></li><li><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-with-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Highlights From Investor Meetings With Management</a></li><li><a href="https://www.smartkarma.com/insights/bitcoin-to-continue-outshining-gold-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Bitcoin to Continue Outshining Gold In 2024</a></li><li><a href="https://www.smartkarma.com/insights/detailed-multi-family-disclosures-provide-comfort-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Detailed Multi-Family Disclosures Provide Comfort; Reiterate Outperform</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/a-real-time-estimate-of-gold-s-market-cap-and-bitcoin-s-potential-value?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. A Real-Time Estimate of Gold's Market Cap and Bitcoin's Potential Value </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/603/original/image?1709122867"/> <ul>
<li>The real-time market cap of gold is USD 15 trillion, not USD 13 trillion, as is often stated.</li>
<li>This matters because I expect gold to gain on and outperform bonds within a multi-asset portfolio. In recent years, this has been the case.</li>
<li>A real-time estimate of gold's market cap also translates to a real-time Bitcoin price estimate as it functions as digital gold. In this piece, I show my base case scenario.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/an-early-revenue-increase-is-nice-helping-offset-modestly-lower-profit-guide?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. An Early Revenue Increase is Nice, Helping Offset Modestly Lower Profit Guide </a></h3><p></p><ul><li>We’re reiterating our Outperform rating on shares of Myriad Genetics following a full earnings release post pre-announcement in January (note) that included some puts and takes, but broadly saw the thesis unchanged.</li><li>A $5M increase to the 2024 revenue range is a modest change (70 bp of incremental growth), but more meaningful in context of an increase occurring so early in the year as a sign of confidence.</li><li>On the other hand, management’s first EBITDA guidance calls for $20-30M vs. a $40M consensus and our $41M prior.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/highlights-from-investor-meetings-with-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Highlights From Investor Meetings With Management </a></h3><p></p><ul><li>We reiterate our Outperform rating on LKFN shares after hosting investor meetings featuring Chief Executive Officer David Findlay, Chief Financial Officer Lisa O'Neill, and President Kristin Pruitt.</li><li>The meetings carried an optimistic tone as investors recognized the safe haven status of Lakeland’s superior business model that has served it well through numerous economic cycles.</li><li>The conversations primarily centered around the bank’s organic growth opportunities, the newfound attractiveness of its Northern Indiana footprint, and the bank’s capital priorities.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/bitcoin-to-continue-outshining-gold-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Bitcoin to Continue Outshining Gold In 2024 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/342/original/image_87751507751709029274884.png?1709029275"/> <ul>
<li>BTC faces a bullish outlook with tailwinds from ETF inflows and an upcoming halving. Early signs of a broader cryptocurrency market rally are underway.</li>
<li>Gold prices remain pressured from investor rotation to other assets. Fading recession fears are eroding gold's risk premium. </li>
<li>Cumulative ETF fund flows for bitcoin and gold ETFs highlight the diverging outlook with large inflows to bitcoin ETFs and outflows from gold ETFs. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/detailed-multi-family-disclosures-provide-comfort-reiterate-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Detailed Multi-Family Disclosures Provide Comfort; Reiterate Outperform </a></h3><p></p><ul><li>FFIC provided a detailed investor deck on its multi-family portfolio that provides significant comfort about the underwriting of FFIC’s portfolio.</li><li>In addition to debt service details, the bank also provided stressed scenario data that illustrates its portfolio continues to cash flow (DSCR well north of 1.0x) as loans reprice.</li><li>In particular, the disclosures illustrate that FFIC has a more conservative underwriting structure with its fully amortizing product containing a 5-year reset of the 5-year FHLB advance rate +225 bp (~6.5%), and a small interest only portfolio with a 2.6x DSCR when fully amortizing.</li></ul>2024-02-28T20:42:41+08:00[{"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "SAUDI ARABIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "XBTUSD@CURNCY"}, {"term": "GT10@GOVT"}, {"term": "GOLD@COMDTY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MYGN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "LKFN@US"}, {"term": "BUSE@US"}, {"term": "AMZN@US"}, {"term": "FRME@US"}, {"term": "GABC@US"}, {"term": "HBNC@US"}, {"term": "MBWM@US"}, {"term": "OSBC@US"}, {"term": "FMBH@US"}, {"term": "PFC@US"}, {"term": "FFBC@US"}, {"term": "SYBT@US"}, {"term": "GOOG@US"}, {"term": "THFF@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GOLD@COMDTY"}, {"term": "XBTUSD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FFIC@US"}, {"term": "DCOM@US"}, {"term": "GOLD@COMDTY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "MYGN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "THFF@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XBTUSD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DCOM@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/6fcf00d0-38b5-3940-b79e-cbcfd7aa31baBrief USA: Non-Carrier Beneficiary of Auto Insurance Market Recovery; Outperform and more2024-03-28T22:17:22.541637+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/non-carrier-beneficiary-of-auto-insurance-market-recovery-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Non-Carrier Beneficiary of Auto Insurance Market Recovery; Outperform</a></li><li><a href="https://www.smartkarma.com/insights/banks-banking-raymond-james-45th-annual-institutional-investors-conference-compendium?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Banks - Banking</a></li><li><a href="https://www.smartkarma.com/insights/solid-4q-24-guide-monitoring-margins-labor-investments-premium-valuation-reit-mp3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Solid 4Q + '24 Guide; Monitoring Margins, Labor Investments; Premium Valuation; Reit. MP3</a></li><li><a href="https://www.smartkarma.com/insights/partnership-party-a-plus-but-covid-and-core-questions-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Partnership Party a Plus but COVID and Core Questions Continue</a></li><li><a href="https://www.smartkarma.com/insights/upgrading-to-outperform-signs-of-underlying-improvement-support-positive-2024-inflection?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Upgrading to Outperform; Signs of Underlying Improvement Support Positive 2024 Inflection</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/non-carrier-beneficiary-of-auto-insurance-market-recovery-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Non-Carrier Beneficiary of Auto Insurance Market Recovery; Outperform </a></h3><p></p><ul><li>We are reiterating our Outperform rating on the shares of EverQuote, Inc.</li><li>(EVER) reflecting the company’s exposure to the recovering auto insurance market which should lead to strong revenue growth and margin expansion through 2025.The stock was up ~3% after reporting better-than-expected 4Q23 results.</li><li>Additional details of the results can be found in our note, First Look at 4Q23 Results.Management provided 1Q24 guidance above our previous estimates and consensus.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/banks-banking-raymond-james-45th-annual-institutional-investors-conference-compendium?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Banks - Banking </a></h3><p></p><ul><li>The Raymond James 45thAnnual Institutional Investors Conference will take place in Orlando from Monday, March 4, to Wednesday, March 6.</li><li>This year’s conference features 21 banks with median total assets of ~$21.6 billion and median total market capitalization of ~$3.0 billion.Beginninghere, we provide company-specific information for each participating company, including a recent review of quarterly results and questions for management, as well as our most recent earnings model.</li><li>And directly below, we present a valuation analysis, an EPS estimate summary, and the presentation schedule for participating companies.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/solid-4q-24-guide-monitoring-margins-labor-investments-premium-valuation-reit-mp3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Solid 4Q + '24 Guide; Monitoring Margins, Labor Investments; Premium Valuation; Reit. MP3 </a></h3><p></p><ul><li>We reiterate our Market Perform on CAVA following the company’s 4Q results reflecting another quarter of strong comp outperformance (+11.4% vs. RJE +8.0%) partially offset by slightly lower than expected store margins (high expectations).</li><li>2024 guidance reflects strong new unit growth (48-52, +16% y/y) and solid underlying comp momentum (+3-5%) despite lapping very difficult compares in ‘23.</li><li>This is tempered somewhat by expected store margin pressure (~180 bp at mid-point of 22.7-23.3% range) reflecting labor and other investments (worth monitoring), its decision to not take outsized pricing in CA to offset the impact of AB1228 (fast food wage rising to $20 eff.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/partnership-party-a-plus-but-covid-and-core-questions-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Partnership Party a Plus but COVID and Core Questions Continue </a></h3><p></p><ul><li>We reiterate our Market Perform rating on OraSure following a modest 2% top-line beat that was driven by InteliSwab, with core revenues in line with our estimate.</li><li>Profitability was ahead of expectations, however, primarily on opex controls, helping keep management optimistic as they talk about finding additional savings.</li><li>Management continues to identify additional partnerships and distributor agreements that fit in their channels and should be dollar accretive.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/upgrading-to-outperform-signs-of-underlying-improvement-support-positive-2024-inflection?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Upgrading to Outperform; Signs of Underlying Improvement Support Positive 2024 Inflection </a></h3><p></p><ul><li>We upgrade RVLV to Outperform (price target $21) from Market Perform on growing confidence after 4Q results.</li><li>Despite revenue -1% y/y in 4Q, and 1QTD -MSD% (St.</li><li>-2%), we see several signs of underlying improvement: 1) Full-price sales are up y/y for 1QTD (QTD decline reflects less promotional sales), 2) GM% expansion should continue after 5 quarters of contraction, 3) better control of Selling & Distribution exp.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/non-carrier-beneficiary-of-auto-insurance-market-recovery-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Non-Carrier Beneficiary of Auto Insurance Market Recovery; Outperform</a></li><li><a href="https://www.smartkarma.com/insights/banks-banking-raymond-james-45th-annual-institutional-investors-conference-compendium?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Banks - Banking</a></li><li><a href="https://www.smartkarma.com/insights/solid-4q-24-guide-monitoring-margins-labor-investments-premium-valuation-reit-mp3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Solid 4Q + '24 Guide; Monitoring Margins, Labor Investments; Premium Valuation; Reit. MP3</a></li><li><a href="https://www.smartkarma.com/insights/partnership-party-a-plus-but-covid-and-core-questions-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Partnership Party a Plus but COVID and Core Questions Continue</a></li><li><a href="https://www.smartkarma.com/insights/upgrading-to-outperform-signs-of-underlying-improvement-support-positive-2024-inflection?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Upgrading to Outperform; Signs of Underlying Improvement Support Positive 2024 Inflection</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/non-carrier-beneficiary-of-auto-insurance-market-recovery-outperform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Non-Carrier Beneficiary of Auto Insurance Market Recovery; Outperform </a></h3><p></p><ul><li>We are reiterating our Outperform rating on the shares of EverQuote, Inc.</li><li>(EVER) reflecting the company’s exposure to the recovering auto insurance market which should lead to strong revenue growth and margin expansion through 2025.The stock was up ~3% after reporting better-than-expected 4Q23 results.</li><li>Additional details of the results can be found in our note, First Look at 4Q23 Results.Management provided 1Q24 guidance above our previous estimates and consensus.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/banks-banking-raymond-james-45th-annual-institutional-investors-conference-compendium?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Banks - Banking </a></h3><p></p><ul><li>The Raymond James 45thAnnual Institutional Investors Conference will take place in Orlando from Monday, March 4, to Wednesday, March 6.</li><li>This year’s conference features 21 banks with median total assets of ~$21.6 billion and median total market capitalization of ~$3.0 billion.Beginninghere, we provide company-specific information for each participating company, including a recent review of quarterly results and questions for management, as well as our most recent earnings model.</li><li>And directly below, we present a valuation analysis, an EPS estimate summary, and the presentation schedule for participating companies.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/solid-4q-24-guide-monitoring-margins-labor-investments-premium-valuation-reit-mp3?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Solid 4Q + '24 Guide; Monitoring Margins, Labor Investments; Premium Valuation; Reit. MP3 </a></h3><p></p><ul><li>We reiterate our Market Perform on CAVA following the company’s 4Q results reflecting another quarter of strong comp outperformance (+11.4% vs. RJE +8.0%) partially offset by slightly lower than expected store margins (high expectations).</li><li>2024 guidance reflects strong new unit growth (48-52, +16% y/y) and solid underlying comp momentum (+3-5%) despite lapping very difficult compares in ‘23.</li><li>This is tempered somewhat by expected store margin pressure (~180 bp at mid-point of 22.7-23.3% range) reflecting labor and other investments (worth monitoring), its decision to not take outsized pricing in CA to offset the impact of AB1228 (fast food wage rising to $20 eff.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/partnership-party-a-plus-but-covid-and-core-questions-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Partnership Party a Plus but COVID and Core Questions Continue </a></h3><p></p><ul><li>We reiterate our Market Perform rating on OraSure following a modest 2% top-line beat that was driven by InteliSwab, with core revenues in line with our estimate.</li><li>Profitability was ahead of expectations, however, primarily on opex controls, helping keep management optimistic as they talk about finding additional savings.</li><li>Management continues to identify additional partnerships and distributor agreements that fit in their channels and should be dollar accretive.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/upgrading-to-outperform-signs-of-underlying-improvement-support-positive-2024-inflection?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Upgrading to Outperform; Signs of Underlying Improvement Support Positive 2024 Inflection </a></h3><p></p><ul><li>We upgrade RVLV to Outperform (price target $21) from Market Perform on growing confidence after 4Q results.</li><li>Despite revenue -1% y/y in 4Q, and 1QTD -MSD% (St.</li><li>-2%), we see several signs of underlying improvement: 1) Full-price sales are up y/y for 1QTD (QTD decline reflects less promotional sales), 2) GM% expansion should continue after 5 quarters of contraction, 3) better control of Selling & Distribution exp.</li></ul>2024-02-28T18:30:13+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "@EVER@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "OZK@US"}, {"term": "PPBI@US"}, {"term": "TOWN@US"}, {"term": "NYCB@US"}, {"term": "UBSI@US"}, {"term": "FFWM@US"}, {"term": "GBCI@US"}, {"term": "SBCF@US"}, {"term": "WTFC@US"}, {"term": "CASH@US"}, {"term": "PNFP@US"}, {"term": "OCFC@US"}, {"term": "RNST@US"}, {"term": "FNB@US"}, {"term": "ZION@US"}, {"term": "DCOM@US"}, {"term": "FHN@US"}, {"term": "COLB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "@CAVA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "OSUR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "RVLV@US"}, {"term": "@EVER@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "COLB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "@CAVA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "OSUR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RVLV@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/c1ae24da-5612-3a3c-9ffe-85258f6f3771Brief USA: Downgrade to Outperform: Weaker '24 Outlook on Price Concerns, Though Social Opps Still Solid and more2024-03-28T22:17:22.532749+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/downgrade-to-outperform-weaker-24-outlook-on-price-concerns-though-social-opps-still-solid?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrade to Outperform: Weaker '24 Outlook on Price Concerns, Though Social Opps Still Solid</a></li><li><a href="https://www.smartkarma.com/insights/4q-matches-preview-24-guide-is-more-2h-heavy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Matches Preview; '24 Guide is More 2H Heavy</a></li><li><a href="https://www.smartkarma.com/insights/reaffirm-strong-buy-raising-price-target-and-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reaffirm Strong Buy; Raising Price Target and Estimates</a></li><li><a href="https://www.smartkarma.com/insights/chipping-away-at-the-semiconductor-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Chipping Away at the Semiconductor Market</a></li><li><a href="https://www.smartkarma.com/insights/4q23-b2b-motion-paying-dividends-what-will-freemium-bring?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 - B2B Motion Paying Dividends, What Will Freemium Bring?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/downgrade-to-outperform-weaker-24-outlook-on-price-concerns-though-social-opps-still-solid?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Downgrade to Outperform: Weaker '24 Outlook on Price Concerns, Though Social Opps Still Solid </a></h3><p></p><ul><li>IAS reported 4Q23 results ahead of expectations, but its 1Q24/FY24 outlooks came in weaker than forecast.</li><li>Company commentary suggested pricing softness for measurement services among a small group of large clients upon contract renewals (though with higher volume commitments and exclusivity provisions) and one optimization client.</li><li>The comments were notably more conservative than our pre-quarter checks, which suggested a stable pricing environment (perhaps not surprising given the small number of clients affected).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q-matches-preview-24-guide-is-more-2h-heavy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q Matches Preview; '24 Guide is More 2H Heavy </a></h3><p></p><ul><li>Final 4Q results came in as previewed, with reaffirmed FY24 guidance.</li><li>Overall, MASI has seen a positive start 2024, with the win in the Apple ITC litigation, and utilization trends stabilizing.</li><li>The core healthcare trends are improving, with 2024 guidance reflecting 7%+ growth, although the cautious capital commentary deviates from the group.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/reaffirm-strong-buy-raising-price-target-and-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Reaffirm Strong Buy; Raising Price Target and Estimates </a></h3><p></p><ul><li>We reaffirm our Strong Buy rating on AZO and increase our price target to $3,400 from $3,100 following AutoZone’s F2Q24 results, conference call, and our follow-up call.</li><li>We expect F2H24 results to support our favorable long-term thesis of DIY/DIFM market share gains driven by improved parts coverage and availability following more mega hub openings (locations to double to 200 in near-term), enhanced delivery times (IT investments/SG&A investments), and easier y/y compares.</li><li>F2Q24's solid EBIT% and EPS outperformance, despite relatively flat DIY comps, further strengthens this view.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/chipping-away-at-the-semiconductor-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Chipping Away at the Semiconductor Market </a></h3><p></p><ul>
<li>Semiconductor chips are essential building blocks of innovation and technological advancements in areas such as artificial intelligence, electrification, and cloud computing.</li>
<li>The global shortage of semiconductor chips has affected industries beyond high-tech products, such as the automotive industry where chips are vital for various functions like safety features, infotainment systems, and driver assistance technologies.</li>
<li>Understanding the significance of semiconductor chips can provide valuable insights for investors looking to capitalize on opportunities in the growing semiconductor industry.</li>
</ul>
<p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-b2b-motion-paying-dividends-what-will-freemium-bring?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23 - B2B Motion Paying Dividends, What Will Freemium Bring? </a></h3><p></p><ul><li>We reiterate our Outperform rating on NRDY following 4Q23 results that included another quarter of strong Institutional bookings and execution against profitability initiatives, but with slower learning membership growth and new freemium model testing weighing on the near-term consumer growth outlook.</li><li>While we suspect the benefits of its pivot to platform access as part of a freemium motion should drive increased pipeline, usage, and perhaps favorable margins (including from a self-service conversion motion), it’s unclear to us how incremental this motion could be in the near term.</li><li>We still see a favorable risk/reward with shares trading at ~2x our 2024E revenue (with no debt, ~12% of its market cap in cash, and projected cash flow positive going forward), and look to more consistent execution against its new quarterly and annual targets to catalyze shares with perceived risks remaining from its subscription transition and new platform access model.4Q23 Rundown: Total revenue of $55.1M (+32% y/y) came in 1% above our $54.6M estimate, with the Consumer shortfall ($43.5M vs. consensus of $45.0M) more than offset by Institutional strength, (~20% of total revenue; +160% y/y).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/downgrade-to-outperform-weaker-24-outlook-on-price-concerns-though-social-opps-still-solid?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Downgrade to Outperform: Weaker '24 Outlook on Price Concerns, Though Social Opps Still Solid</a></li><li><a href="https://www.smartkarma.com/insights/4q-matches-preview-24-guide-is-more-2h-heavy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q Matches Preview; '24 Guide is More 2H Heavy</a></li><li><a href="https://www.smartkarma.com/insights/reaffirm-strong-buy-raising-price-target-and-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reaffirm Strong Buy; Raising Price Target and Estimates</a></li><li><a href="https://www.smartkarma.com/insights/chipping-away-at-the-semiconductor-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Chipping Away at the Semiconductor Market</a></li><li><a href="https://www.smartkarma.com/insights/4q23-b2b-motion-paying-dividends-what-will-freemium-bring?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 - B2B Motion Paying Dividends, What Will Freemium Bring?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/downgrade-to-outperform-weaker-24-outlook-on-price-concerns-though-social-opps-still-solid?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Downgrade to Outperform: Weaker '24 Outlook on Price Concerns, Though Social Opps Still Solid </a></h3><p></p><ul><li>IAS reported 4Q23 results ahead of expectations, but its 1Q24/FY24 outlooks came in weaker than forecast.</li><li>Company commentary suggested pricing softness for measurement services among a small group of large clients upon contract renewals (though with higher volume commitments and exclusivity provisions) and one optimization client.</li><li>The comments were notably more conservative than our pre-quarter checks, which suggested a stable pricing environment (perhaps not surprising given the small number of clients affected).</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q-matches-preview-24-guide-is-more-2h-heavy?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q Matches Preview; '24 Guide is More 2H Heavy </a></h3><p></p><ul><li>Final 4Q results came in as previewed, with reaffirmed FY24 guidance.</li><li>Overall, MASI has seen a positive start 2024, with the win in the Apple ITC litigation, and utilization trends stabilizing.</li><li>The core healthcare trends are improving, with 2024 guidance reflecting 7%+ growth, although the cautious capital commentary deviates from the group.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/reaffirm-strong-buy-raising-price-target-and-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Reaffirm Strong Buy; Raising Price Target and Estimates </a></h3><p></p><ul><li>We reaffirm our Strong Buy rating on AZO and increase our price target to $3,400 from $3,100 following AutoZone’s F2Q24 results, conference call, and our follow-up call.</li><li>We expect F2H24 results to support our favorable long-term thesis of DIY/DIFM market share gains driven by improved parts coverage and availability following more mega hub openings (locations to double to 200 in near-term), enhanced delivery times (IT investments/SG&A investments), and easier y/y compares.</li><li>F2Q24's solid EBIT% and EPS outperformance, despite relatively flat DIY comps, further strengthens this view.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/chipping-away-at-the-semiconductor-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Chipping Away at the Semiconductor Market </a></h3><p></p><ul>
<li>Semiconductor chips are essential building blocks of innovation and technological advancements in areas such as artificial intelligence, electrification, and cloud computing.</li>
<li>The global shortage of semiconductor chips has affected industries beyond high-tech products, such as the automotive industry where chips are vital for various functions like safety features, infotainment systems, and driver assistance technologies.</li>
<li>Understanding the significance of semiconductor chips can provide valuable insights for investors looking to capitalize on opportunities in the growing semiconductor industry.</li>
</ul>
<p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-b2b-motion-paying-dividends-what-will-freemium-bring?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23 - B2B Motion Paying Dividends, What Will Freemium Bring? </a></h3><p></p><ul><li>We reiterate our Outperform rating on NRDY following 4Q23 results that included another quarter of strong Institutional bookings and execution against profitability initiatives, but with slower learning membership growth and new freemium model testing weighing on the near-term consumer growth outlook.</li><li>While we suspect the benefits of its pivot to platform access as part of a freemium motion should drive increased pipeline, usage, and perhaps favorable margins (including from a self-service conversion motion), it’s unclear to us how incremental this motion could be in the near term.</li><li>We still see a favorable risk/reward with shares trading at ~2x our 2024E revenue (with no debt, ~12% of its market cap in cash, and projected cash flow positive going forward), and look to more consistent execution against its new quarterly and annual targets to catalyze shares with perceived risks remaining from its subscription transition and new platform access model.4Q23 Rundown: Total revenue of $55.1M (+32% y/y) came in 1% above our $54.6M estimate, with the Consumer shortfall ($43.5M vs. consensus of $45.0M) more than offset by Institutional strength, (~20% of total revenue; +160% y/y).</li></ul>2024-02-28T16:30:07+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "IAS@US"}, {"term": "META@US"}, {"term": "AMZN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "MASI@US"}, {"term": "AAPL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AZO@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "JAPAN"}, {"term": "CHINA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "AMD@US"}, {"term": "2330@TT"}, {"term": "TSM@US"}, {"term": "NVDA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "NRDY@US"}, {"term": "AMZN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AAPL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AZO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NVDA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "NRDY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/d6300726-4fcc-3c92-b92c-8f488697cdc9Brief USA: Elon Musk Can't Be Trusted. He Also Can't Be Stopped, Apparently. and more2024-03-28T22:17:22.524719+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/elon-musk-can-t-be-trusted-he-also-can-t-be-stopped-apparently?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Elon Musk Can't Be Trusted. He Also Can't Be Stopped, Apparently.</a></li><li><a href="https://www.smartkarma.com/insights/ebitda-guide-sees-no-changes-wonder-what-it-takes-to-make-it-see-starts-makin-some-changes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EBITDA Guide Sees No Changes, Wonder What It Takes to Make It; SEE Starts Makin' Some Changes</a></li><li><a href="https://www.smartkarma.com/insights/4q23-lower-signals-2h24-fresh-start-under-new-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Lower; Signals 2H24 Fresh Start Under New Management</a></li><li><a href="https://www.smartkarma.com/insights/4q23-update-aficamten-nda-submission-planned-for-3q24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Update: Aficamten NDA Submission Planned for 3Q24</a></li><li><a href="https://www.smartkarma.com/insights/they-re-back?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">They're Back</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/elon-musk-can-t-be-trusted-he-also-can-t-be-stopped-apparently?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Elon Musk Can't Be Trusted. He Also Can't Be Stopped, Apparently. </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/473/original/image_65706946521709091089125.png?1709091090"/> <ul>
<li>Tesla Q1 must be tracking even worse than I expected based on the uptick in Elon Musk's erratic behavior—his tell when bad news spirals out of control.</li>
<li>Wacko conspiracies, Putin propaganda, National security threat! At least he has his self-flattering alter ego Adrian Dittmann to boost his spirits. </li>
<li>Musk's companies continue to rack up safety violations, government investigations, and lawsuits, while he loses his massive pay package and tries to dodge the SEC investigation into his Twitter acquisition.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ebitda-guide-sees-no-changes-wonder-what-it-takes-to-make-it-see-starts-makin-some-changes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. EBITDA Guide Sees No Changes, Wonder What It Takes to Make It; SEE Starts Makin' Some Changes </a></h3><p></p><ul><li>SEE’s 4Q23 result was initially met with optimism, and while the 2024 guide largely reiterated the full-year goalposts provided inlate Nov., we expect shares faded as a weaker than expected 1Q24 guide introduces risk with little visibility into 2H24.</li><li>Encouragingly, SEE’s longer term strategy beyond structural cost programs is coming into focus with anticipated benefits from new sustainable products and renewed commercial rigor post reorganization.</li><li>However, such benefits are likely not material until 2025+.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q23-lower-signals-2h24-fresh-start-under-new-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q23 Lower; Signals 2H24 Fresh Start Under New Management </a></h3><p></p><ul><li>Bumble posted 4Q23 results slightly below expectations, with a more conservative 2024 top line outlook (though higher margin expectations).</li><li>On CEO Lidiane Jones's first call, she confronted challenges facing the company head-on; a difficult monetization facing the industry has been compounded by company-specific issues including feature clutter in the Bumble app and a weaker Premium+ launch than hoped.</li><li>She set out a four-point plan to tackle these to include a refresh of the Bumble app, a rightsizing of the business (cutting 350 roles), a renewed focus on product innovation including accelerating development on Bumble BFF, and a suite of new C-level execs to spearhead execution.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q23-update-aficamten-nda-submission-planned-for-3q24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q23 Update: Aficamten NDA Submission Planned for 3Q24 </a></h3><p></p><ul><li>Tuesday, after market close, Cytokinetics reported 4Q23 financial results and outlook for the remainder of 2024.</li><li>The company reported an EPS of $(1.38) vs. our estimated $(0.79).</li><li>The company guided for FY2024 OpEx to be down substantially to $420-450M, though we note there was a modest step up q/q into 4Q23.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/they-re-back?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. They're Back </a></h3><p></p><ul>
<li>We are reiterating our Strong Buy rating on FLYW following impressive 4Q results that featured a significant adj EBITDA beat on ~9% revenue upside, and we estimate FX adj organic revenue growth accelerated ~12 pts into the high-30s.</li>
<li>More importantly, while the 1Q outlook was softer than expected on tighter Canada permit restrictions, the FY24 guide calls for 30% top line growth (high-20s FX adj organic) despite absorbing a ~300-400 bp headwind related to the Canadian restrictions.</li>
<li>Moreover, the adj EBITDA guide came in better than expected (~10% ahead), though we suspect there is some incremental conservatism embedded as it implies just ~320 bp of margin expansion despite moderating expense headwinds (‘23 +540 bp).</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/elon-musk-can-t-be-trusted-he-also-can-t-be-stopped-apparently?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Elon Musk Can't Be Trusted. He Also Can't Be Stopped, Apparently.</a></li><li><a href="https://www.smartkarma.com/insights/ebitda-guide-sees-no-changes-wonder-what-it-takes-to-make-it-see-starts-makin-some-changes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">EBITDA Guide Sees No Changes, Wonder What It Takes to Make It; SEE Starts Makin' Some Changes</a></li><li><a href="https://www.smartkarma.com/insights/4q23-lower-signals-2h24-fresh-start-under-new-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Lower; Signals 2H24 Fresh Start Under New Management</a></li><li><a href="https://www.smartkarma.com/insights/4q23-update-aficamten-nda-submission-planned-for-3q24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Update: Aficamten NDA Submission Planned for 3Q24</a></li><li><a href="https://www.smartkarma.com/insights/they-re-back?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">They're Back</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/elon-musk-can-t-be-trusted-he-also-can-t-be-stopped-apparently?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Elon Musk Can't Be Trusted. He Also Can't Be Stopped, Apparently. </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/473/original/image_65706946521709091089125.png?1709091090"/> <ul>
<li>Tesla Q1 must be tracking even worse than I expected based on the uptick in Elon Musk's erratic behavior—his tell when bad news spirals out of control.</li>
<li>Wacko conspiracies, Putin propaganda, National security threat! At least he has his self-flattering alter ego Adrian Dittmann to boost his spirits. </li>
<li>Musk's companies continue to rack up safety violations, government investigations, and lawsuits, while he loses his massive pay package and tries to dodge the SEC investigation into his Twitter acquisition.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ebitda-guide-sees-no-changes-wonder-what-it-takes-to-make-it-see-starts-makin-some-changes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. EBITDA Guide Sees No Changes, Wonder What It Takes to Make It; SEE Starts Makin' Some Changes </a></h3><p></p><ul><li>SEE’s 4Q23 result was initially met with optimism, and while the 2024 guide largely reiterated the full-year goalposts provided inlate Nov., we expect shares faded as a weaker than expected 1Q24 guide introduces risk with little visibility into 2H24.</li><li>Encouragingly, SEE’s longer term strategy beyond structural cost programs is coming into focus with anticipated benefits from new sustainable products and renewed commercial rigor post reorganization.</li><li>However, such benefits are likely not material until 2025+.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q23-lower-signals-2h24-fresh-start-under-new-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q23 Lower; Signals 2H24 Fresh Start Under New Management </a></h3><p></p><ul><li>Bumble posted 4Q23 results slightly below expectations, with a more conservative 2024 top line outlook (though higher margin expectations).</li><li>On CEO Lidiane Jones's first call, she confronted challenges facing the company head-on; a difficult monetization facing the industry has been compounded by company-specific issues including feature clutter in the Bumble app and a weaker Premium+ launch than hoped.</li><li>She set out a four-point plan to tackle these to include a refresh of the Bumble app, a rightsizing of the business (cutting 350 roles), a renewed focus on product innovation including accelerating development on Bumble BFF, and a suite of new C-level execs to spearhead execution.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q23-update-aficamten-nda-submission-planned-for-3q24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q23 Update: Aficamten NDA Submission Planned for 3Q24 </a></h3><p></p><ul><li>Tuesday, after market close, Cytokinetics reported 4Q23 financial results and outlook for the remainder of 2024.</li><li>The company reported an EPS of $(1.38) vs. our estimated $(0.79).</li><li>The company guided for FY2024 OpEx to be down substantially to $420-450M, though we note there was a modest step up q/q into 4Q23.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/they-re-back?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. They're Back </a></h3><p></p><ul>
<li>We are reiterating our Strong Buy rating on FLYW following impressive 4Q results that featured a significant adj EBITDA beat on ~9% revenue upside, and we estimate FX adj organic revenue growth accelerated ~12 pts into the high-30s.</li>
<li>More importantly, while the 1Q outlook was softer than expected on tighter Canada permit restrictions, the FY24 guide calls for 30% top line growth (high-20s FX adj organic) despite absorbing a ~300-400 bp headwind related to the Canadian restrictions.</li>
<li>Moreover, the adj EBITDA guide came in better than expected (~10% ahead), though we suspect there is some incremental conservatism embedded as it implies just ~320 bp of margin expansion despite moderating expense headwinds (‘23 +540 bp).</li>
</ul>2024-02-28T12:26:19+08:00[{"term": "Credit"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "TSLA@US"}, {"term": "TWTR@US"}, {"term": "LCID@US"}, {"term": "GOOG@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SEE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BMBL@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "CYTK@US"}, {"term": "BMY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "FLYW@US"}, {"term": "GOOG@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SEE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BMBL@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BMY@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "FLYW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/66af8d33-3d3d-3572-bfbd-9863f517a1c5Brief USA: US Rates: Slowly but Surely, Pushing Back the QT Taper Timeline and more2024-03-28T22:17:22.516247+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/us-rates-slowly-but-surely-pushing-back-the-qt-taper-timeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">US Rates: Slowly but Surely, Pushing Back the QT Taper Timeline</a></li><li><a href="https://www.smartkarma.com/insights/let-s-get-it-started-in-here-inch-by-inch-with-the-new-solution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Let's Get it Started in Here; Inch By Inch With the New Solution</a></li><li><a href="https://www.smartkarma.com/insights/4q23-first-look-some-good-some-not-so-good-read-through-to-cube?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 First Look: Some Good, Some Not so Good; Read-Through to CUBE</a></li><li><a href="https://www.smartkarma.com/insights/4q23-results-and-vudalimab-mcrpc-monotherapy-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Results and Vudalimab mCRPC Monotherapy Update</a></li><li><a href="https://www.smartkarma.com/insights/the-call-hedgeye-february-26-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Call @ Hedgeye</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/us-rates-slowly-but-surely-pushing-back-the-qt-taper-timeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. US Rates: Slowly but Surely, Pushing Back the QT Taper Timeline </a></h3><p></p><ul><li>The Federal Reserve was expected to announce tapering of quantitative tightening (QT) in March and implement it in April, but recent minutes suggest a more relaxed approach with no urgency to start the process soon.</li><li>SOFR rates have trended lower in January, easing concerns over upward pressure, and there is plenty of liquidity in the marketplace, with significant RRP and reserve balances.</li><li>Forecasting for the Fed's balance sheet evolution suggests a less volatile TGA balance and a shift in the relationship between t-bill issuance and RRP balances, leading to a more stable scenario for reserves in the near term.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/let-s-get-it-started-in-here-inch-by-inch-with-the-new-solution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Let's Get it Started in Here; Inch By Inch With the New Solution </a></h3><p></p><ul><li>We are updating our forecasts following Lilium’s investor update and preliminary financial disclosure, with cash burn trending slightly below expectations.</li><li>Along with Joby and Archer, Lilium is embarking on for credit testing in 2024-25, and crewed flights in 2H24 will be the first opportunity to demonstrate the capabilities of a full-scale Lilium Jet.</li><li>As discussed, while still a greater technology hurdle than other eVTOL peers given the longer range targets and question around producing its battery cells at scale, Lilium can build a certification-conforming aircraft with confidence due to greater clarity in EASA’s criteria.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q23-first-look-some-good-some-not-so-good-read-through-to-cube?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q23 First Look: Some Good, Some Not so Good; Read-Through to CUBE </a></h3><p></p><ul><li>OverviewEXR’s much-anticipated 4Q23 earnings release was mixed: results to close out 2023 were solid and as-expected, highlighted by revenue growth accelerating sequentially within the Life Storage portfolio as those properties benefit from transitioning to the more sophisticated EXR platform, though initial 2024 guidance fell short of consensus andour more optimistic expectations.</li><li>Revenue growth of 0.8% y/y decelerated 110 bp sequentially and was driven by rents up 1.6% y/y and occupancy down 120 bp y/y.</li><li>Rentals/vacates were down 3-4% y/y and ~4.5% for the year reflecting the well-known weakness in housing mobility.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q23-results-and-vudalimab-mcrpc-monotherapy-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q23 Results and Vudalimab mCRPC Monotherapy Update </a></h3><p></p><ul><li>Tuesday, after market close, Xencor provided 4Q23 financial results and a data update for vudalimab, the company's PD-1 x CTLA-4 bispecific antibody in development for the treatment of mCRPC and NSCLC. On the quarter they reported $44.7M in total revenues vs. our estimated ~$171M and an EPS of $(0.31) vs. our estimated $1.59.</li><li>We previously modeled an up front payment from the sale of a portion of royalty revenues for Ultomiris and Monjuvi to OMERS Life Sciences (link), which will continue to be reported through royalty revenues on an ongoing basis and not as a one time payment.</li><li>Cash and equivalents to end FY2023 totaled $697M, providing runway into 2027 (guided for $475-525M in cash at end of FY2024).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/the-call-hedgeye-february-26-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. The Call @ Hedgeye </a></h3><p></p><ul><li>Russell was down almost a full percent last week, but consumer staples, MLPS, and shipping performed well</li><li>Domino's reported slightly lower earnings and showed signs of global headwinds, momentum slowing</li><li>China looks like a good long bias opportunity for the second half of 2024, while consumer staples are poorly positioned for reaccelerating inflation</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/us-rates-slowly-but-surely-pushing-back-the-qt-taper-timeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">US Rates: Slowly but Surely, Pushing Back the QT Taper Timeline</a></li><li><a href="https://www.smartkarma.com/insights/let-s-get-it-started-in-here-inch-by-inch-with-the-new-solution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Let's Get it Started in Here; Inch By Inch With the New Solution</a></li><li><a href="https://www.smartkarma.com/insights/4q23-first-look-some-good-some-not-so-good-read-through-to-cube?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 First Look: Some Good, Some Not so Good; Read-Through to CUBE</a></li><li><a href="https://www.smartkarma.com/insights/4q23-results-and-vudalimab-mcrpc-monotherapy-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Results and Vudalimab mCRPC Monotherapy Update</a></li><li><a href="https://www.smartkarma.com/insights/the-call-hedgeye-february-26-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">The Call @ Hedgeye</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/us-rates-slowly-but-surely-pushing-back-the-qt-taper-timeline?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. US Rates: Slowly but Surely, Pushing Back the QT Taper Timeline </a></h3><p></p><ul><li>The Federal Reserve was expected to announce tapering of quantitative tightening (QT) in March and implement it in April, but recent minutes suggest a more relaxed approach with no urgency to start the process soon.</li><li>SOFR rates have trended lower in January, easing concerns over upward pressure, and there is plenty of liquidity in the marketplace, with significant RRP and reserve balances.</li><li>Forecasting for the Fed's balance sheet evolution suggests a less volatile TGA balance and a shift in the relationship between t-bill issuance and RRP balances, leading to a more stable scenario for reserves in the near term.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/let-s-get-it-started-in-here-inch-by-inch-with-the-new-solution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Let's Get it Started in Here; Inch By Inch With the New Solution </a></h3><p></p><ul><li>We are updating our forecasts following Lilium’s investor update and preliminary financial disclosure, with cash burn trending slightly below expectations.</li><li>Along with Joby and Archer, Lilium is embarking on for credit testing in 2024-25, and crewed flights in 2H24 will be the first opportunity to demonstrate the capabilities of a full-scale Lilium Jet.</li><li>As discussed, while still a greater technology hurdle than other eVTOL peers given the longer range targets and question around producing its battery cells at scale, Lilium can build a certification-conforming aircraft with confidence due to greater clarity in EASA’s criteria.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q23-first-look-some-good-some-not-so-good-read-through-to-cube?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q23 First Look: Some Good, Some Not so Good; Read-Through to CUBE </a></h3><p></p><ul><li>OverviewEXR’s much-anticipated 4Q23 earnings release was mixed: results to close out 2023 were solid and as-expected, highlighted by revenue growth accelerating sequentially within the Life Storage portfolio as those properties benefit from transitioning to the more sophisticated EXR platform, though initial 2024 guidance fell short of consensus andour more optimistic expectations.</li><li>Revenue growth of 0.8% y/y decelerated 110 bp sequentially and was driven by rents up 1.6% y/y and occupancy down 120 bp y/y.</li><li>Rentals/vacates were down 3-4% y/y and ~4.5% for the year reflecting the well-known weakness in housing mobility.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q23-results-and-vudalimab-mcrpc-monotherapy-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q23 Results and Vudalimab mCRPC Monotherapy Update </a></h3><p></p><ul><li>Tuesday, after market close, Xencor provided 4Q23 financial results and a data update for vudalimab, the company's PD-1 x CTLA-4 bispecific antibody in development for the treatment of mCRPC and NSCLC. On the quarter they reported $44.7M in total revenues vs. our estimated ~$171M and an EPS of $(0.31) vs. our estimated $1.59.</li><li>We previously modeled an up front payment from the sale of a portion of royalty revenues for Ultomiris and Monjuvi to OMERS Life Sciences (link), which will continue to be reported through royalty revenues on an ongoing basis and not as a one time payment.</li><li>Cash and equivalents to end FY2023 totaled $697M, providing runway into 2027 (guided for $475-525M in cash at end of FY2024).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/the-call-hedgeye-february-26-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. The Call @ Hedgeye </a></h3><p></p><ul><li>Russell was down almost a full percent last week, but consumer staples, MLPS, and shipping performed well</li><li>Domino's reported slightly lower earnings and showed signs of global headwinds, momentum slowing</li><li>China looks like a good long bias opportunity for the second half of 2024, while consumer staples are poorly positioned for reaccelerating inflation</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>2024-02-28T11:23:58+08:00[{"term": "FX & Rates"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "USD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "GERMANY"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "LILM@US"}, {"term": "JOBY@US"}, {"term": "ACHR@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EXR@US"}, {"term": "PSA@US"}, {"term": "CUBE@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "XNCR@US"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SJM@US"}, {"term": "HSY@US"}, {"term": "IFF@US"}, {"term": "CAG@US"}, {"term": "MDLZ@US"}, {"term": "CLX@US"}, {"term": "CHD@US"}, {"term": "SBUX@US"}, {"term": "MCD@US"}, {"term": "DPZ@US"}, {"term": "RTY@INDEX"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ACHR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CUBE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "XNCR@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "RTY@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/af5c90f4-1fb3-321b-9448-ce0f2e9c2d11Brief USA: LyondellBasell Industries N.V.: 6 Biggest Catalysts Of Its Top-Line Growth In 2024 & Beyond! and more2024-03-28T22:17:22.507506+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/lyondellbasell-industries-n-v-6-biggest-catalysts-of-its-top-line-growth-in-2024-beyond?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">LyondellBasell Industries N.V.: 6 Biggest Catalysts Of Its Top-Line Growth In 2024 & Beyond!</a></li><li><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-rating-following-4q-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reaffirm Market Perform Rating Following 4Q Results</a></li><li><a href="https://www.smartkarma.com/insights/market-overlooks-4q23-2024-guidance-in-favor-of-permian-proppant-powerhouse-creation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Market Overlooks 4Q23/2024 Guidance in Favor of Permian Proppant Powerhouse Creation</a></li><li><a href="https://www.smartkarma.com/insights/initial-thoughts-4q23-earnings-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Initial Thoughts – 4Q23 Earnings/2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/maintain-market-perform-lowering-estimates-as-2024-comps-start-off-slow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Maintain Market Perform; Lowering Estimates as 2024 Comps Start off Slow</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/lyondellbasell-industries-n-v-6-biggest-catalysts-of-its-top-line-growth-in-2024-beyond?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. LyondellBasell Industries N.V.: 6 Biggest Catalysts Of Its Top-Line Growth In 2024 & Beyond! </a></h3><p></p><ul>
<li>Upon evaluation of LyondellBasell's Q4 and full-year 2023 results, a finely balanced investment thesis can be derived, considering the company's strategic initiatives, performance, and the broader economic environment.</li>
<li>LyondellBasell safely navigated a challenging year, as illustrated in its outcome of earning $8.65 per share and a robust EBITDA of $5.2 billion.</li>
<li>The company's cash generation was commendable, marked at $4.9 billion from operations, validating its efficient cash conversion ratio of 98%.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-rating-following-4q-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Reaffirm Market Perform Rating Following 4Q Results </a></h3><p></p><ul><li>We reaffirm our Market Perform rating on AAN following Aaron’s 4Q23 results, conference call and our follow-up call.</li><li>4Q23 adj. EBITDA missed expectations (ours and consensus), primarily driven by continued demand pressures and higher than modeled operating expenses (versus our model).</li><li>In addition, management’s 2024 guidance outlook came in below prior expectations (ours and consensus), driven by lower revenue and margin pressure.Overall, demand for household durable items remains soft, with 4Q written demand at the Aaron’s business down 4% y/y, driven by ticket down 5% y/y, and BrandsMart same-store sales down 14% y/y.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/market-overlooks-4q23-2024-guidance-in-favor-of-permian-proppant-powerhouse-creation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Market Overlooks 4Q23/2024 Guidance in Favor of Permian Proppant Powerhouse Creation </a></h3><p></p><ul><li>AESI’s 4Q23 results fell short of the mark as weaker activity and lower selling prices impacted both proppant sales and logistics to drive a ~6% miss vs Street EBITDA expectations.</li><li>EPS came up further short on a much higher tax rate.</li><li>While activity has started to rebound into February, the lower selling price and especially logistics margin weakness drove an implied stand-alone Atlas EBITDA view of $315-350M, as compared to a low-$360M Street consensus (we were at $359M).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/initial-thoughts-4q23-earnings-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Initial Thoughts – 4Q23 Earnings/2024 Outlook </a></h3><p></p><ul><li>Tuesday, after market close, Strong Buy rated Arko reported 4Q23 results.</li><li>4Q adjusted EBITDA of ~$66M came in above our ~$57M estimate but modestly below the ~$69M consensus.</li><li>The slight miss versus consensus was likely driven by a more modest outperformance in fuel margins versus Arko’s historic average.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/maintain-market-perform-lowering-estimates-as-2024-comps-start-off-slow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Maintain Market Perform; Lowering Estimates as 2024 Comps Start off Slow </a></h3><p></p><ul><li>We reaffirm our Market Perform rating on LOW following F4Q23 earnings, conference call, and follow -up call.</li><li>We are lowering our FY24 estimates on a lower comps outlook and profit flow through particularly for 1Q24.</li><li>Our model has each quarter’s growth rate improving sequentially as we progress through the year (compares turn easier) and we are maintaining a conservative view on home improvement demand (consumer volatility and general discretionary slowdown).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/lyondellbasell-industries-n-v-6-biggest-catalysts-of-its-top-line-growth-in-2024-beyond?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">LyondellBasell Industries N.V.: 6 Biggest Catalysts Of Its Top-Line Growth In 2024 & Beyond!</a></li><li><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-rating-following-4q-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reaffirm Market Perform Rating Following 4Q Results</a></li><li><a href="https://www.smartkarma.com/insights/market-overlooks-4q23-2024-guidance-in-favor-of-permian-proppant-powerhouse-creation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Market Overlooks 4Q23/2024 Guidance in Favor of Permian Proppant Powerhouse Creation</a></li><li><a href="https://www.smartkarma.com/insights/initial-thoughts-4q23-earnings-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Initial Thoughts – 4Q23 Earnings/2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/maintain-market-perform-lowering-estimates-as-2024-comps-start-off-slow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Maintain Market Perform; Lowering Estimates as 2024 Comps Start off Slow</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/lyondellbasell-industries-n-v-6-biggest-catalysts-of-its-top-line-growth-in-2024-beyond?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. LyondellBasell Industries N.V.: 6 Biggest Catalysts Of Its Top-Line Growth In 2024 & Beyond! </a></h3><p></p><ul>
<li>Upon evaluation of LyondellBasell's Q4 and full-year 2023 results, a finely balanced investment thesis can be derived, considering the company's strategic initiatives, performance, and the broader economic environment.</li>
<li>LyondellBasell safely navigated a challenging year, as illustrated in its outcome of earning $8.65 per share and a robust EBITDA of $5.2 billion.</li>
<li>The company's cash generation was commendable, marked at $4.9 billion from operations, validating its efficient cash conversion ratio of 98%.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/reaffirm-market-perform-rating-following-4q-results?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Reaffirm Market Perform Rating Following 4Q Results </a></h3><p></p><ul><li>We reaffirm our Market Perform rating on AAN following Aaron’s 4Q23 results, conference call and our follow-up call.</li><li>4Q23 adj. EBITDA missed expectations (ours and consensus), primarily driven by continued demand pressures and higher than modeled operating expenses (versus our model).</li><li>In addition, management’s 2024 guidance outlook came in below prior expectations (ours and consensus), driven by lower revenue and margin pressure.Overall, demand for household durable items remains soft, with 4Q written demand at the Aaron’s business down 4% y/y, driven by ticket down 5% y/y, and BrandsMart same-store sales down 14% y/y.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/market-overlooks-4q23-2024-guidance-in-favor-of-permian-proppant-powerhouse-creation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. Market Overlooks 4Q23/2024 Guidance in Favor of Permian Proppant Powerhouse Creation </a></h3><p></p><ul><li>AESI’s 4Q23 results fell short of the mark as weaker activity and lower selling prices impacted both proppant sales and logistics to drive a ~6% miss vs Street EBITDA expectations.</li><li>EPS came up further short on a much higher tax rate.</li><li>While activity has started to rebound into February, the lower selling price and especially logistics margin weakness drove an implied stand-alone Atlas EBITDA view of $315-350M, as compared to a low-$360M Street consensus (we were at $359M).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/initial-thoughts-4q23-earnings-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. Initial Thoughts – 4Q23 Earnings/2024 Outlook </a></h3><p></p><ul><li>Tuesday, after market close, Strong Buy rated Arko reported 4Q23 results.</li><li>4Q adjusted EBITDA of ~$66M came in above our ~$57M estimate but modestly below the ~$69M consensus.</li><li>The slight miss versus consensus was likely driven by a more modest outperformance in fuel margins versus Arko’s historic average.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/maintain-market-perform-lowering-estimates-as-2024-comps-start-off-slow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. Maintain Market Perform; Lowering Estimates as 2024 Comps Start off Slow </a></h3><p></p><ul><li>We reaffirm our Market Perform rating on LOW following F4Q23 earnings, conference call, and follow -up call.</li><li>We are lowering our FY24 estimates on a lower comps outlook and profit flow through particularly for 1Q24.</li><li>Our model has each quarter’s growth rate improving sequentially as we progress through the year (compares turn easier) and we are maintaining a conservative view on home improvement demand (consumer volatility and general discretionary slowdown).</li></ul>2024-02-28T10:21:33+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "INCOME"}, {"term": "NORTH AMERICA"}, {"term": "LYB@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AAN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AESI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ARKO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "LOW@US"}, {"term": "LYB@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AAN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "AESI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ARKO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "LOW@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/94aea290-b0d5-35c4-83f0-7d65863bb3a2Brief USA: 4Q23 Recap: Nice Print & Solid Guide; Synergies Arriving & Growing; Upside Visible Into 2026 and more2024-03-28T22:17:22.498763+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q23-recap-nice-print-solid-guide-synergies-arriving-growing-upside-visible-into-2026?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Recap: Nice Print & Solid Guide; Synergies Arriving & Growing; Upside Visible Into 2026</a></li><li><a href="https://www.smartkarma.com/insights/money-watch-trillions-of-usds-are-waiting-to-be-unleashed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Money Watch: Trillions of USDs Are Waiting to Be Unleashed</a></li><li><a href="https://www.smartkarma.com/insights/f4q-operational-metrics-strong-as-splunk-sunsets-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q: Operational Metrics Strong as Splunk Sunsets; Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/first-blush-4q-results-below-expectations-conference-call-tomorrow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Blush: 4Q Results Below Expectations; Conference Call Tomorrow</a></li><li><a href="https://www.smartkarma.com/insights/first-take-solid-4q-and-2024-guide-well-above-street-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Solid 4Q and 2024 Guide Well Above Street Expectations</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q23-recap-nice-print-solid-guide-synergies-arriving-growing-upside-visible-into-2026?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q23 Recap: Nice Print & Solid Guide; Synergies Arriving & Growing; Upside Visible Into 2026 </a></h3><p></p><ul><li>ONEOK (OKE) remains a polarizing name due to its Bakken and refined products tilts, its premium valuation, and high expectations.</li><li>Despite plenty of “noise” of late around the legacy MMP acquisition, the broad pitch changes little: OKE remains an investment grade C-Corp.</li><li>with healthy financial flexibility, a solid yield, substantial integration (driving growth and ROIC), and respected management — well suited for generalists.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/money-watch-trillions-of-usds-are-waiting-to-be-unleashed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Money Watch: Trillions of USDs Are Waiting to Be Unleashed </a></h3><p></p><ul><li>Money trends were abysmal for most parts of 2022 and the early parts of 2023, but we are starting to see interesting trends arising in the global money growth with clear geographical divergences.</li><li>Japan, China and the Euro zone have reported January M1, M2 and M3 developments and while trends remain benign in JPY and CNY, the money trends in EUR are re-worsening.</li><li>A gap seems to be opening between USD and EUR money trends, which rhymes well with our strong thesis of a growing inflation gap between the US and the Euro zone.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/f4q-operational-metrics-strong-as-splunk-sunsets-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. F4Q: Operational Metrics Strong as Splunk Sunsets; Market Perform </a></h3><p></p><ul><li>We maintain our Market Perform rating on SPLK following F4Q results that featured solid growth trends, but even more impressive profitability metrics as the pending acquisition by Cisco (LINK) should be closing imminently (EU approval mid-March).</li><li>Similar to F3Q, gross profit dollars increased 20% while opex declined y/y, resulting in a best-in-class margin profile that generated strong FCF. We see limited room for operational improvement, which likely means the incremental benefit to Cisco from this acquisition will need to come in the form of revenue synergies, yet our experience with channel partners and go-to market strategy suggests this may take time.</li><li>While the strategic direction post merger remains ominous, we can’t help but observe that this financial profile would support more aggressive pricing/bundling (i.e., give back some gross margin for incremental growth considering EBT and FCF are so strong).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/first-blush-4q-results-below-expectations-conference-call-tomorrow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. First Blush: 4Q Results Below Expectations; Conference Call Tomorrow </a></h3><p></p><ul><li>4Q23 Headline Results:( – ) Distributable EPS: $0.26 per share, which was below our estimate of $0.29 per share.( – ) GAAP EPS: $0.04 per share, which was below our estimate of $0.23 per share.Net income from continuing operations was $0.12 per share.( – ) Book value: $14.10 per share, which was below our estimate of $14.37 per share.Other:( – ) Net interest income (NII): $53 million, which was below our estimate of $63 million.( = ) Provision for loan losses: expense of $7 million, or $0.04 per share, which was in line with our estimate of $6 million, or $0.04 per share.4Q new investments: $449 million, consisting of SBA originations of $152 million, Freddie Mac originations of $288 million, and bridge originations of $9 million.Exit of Residential Mortgage Banking: During 4Q, RC moved residential mortgage banking to discontinued operations and expects to complete the disposition of this segment by June 30.Conference call: RC will host a conference call tomorrow, February 28 at 8:30 a.m. ET. The dial-in number is 877-407-0792.Quick Thoughts:RC reported lower than expected 4Q results, as GAAP EPS, distributable EPS and book value were all below our estimates.</li><li>GAAP earnings were impacted by lower net interest income, higher non-interest expenses, and loss from discontinued operations, while distributable EPS was slightly below our estimate due to the income tax adjustment (distributable earnings before income taxes was in line with our estimate).</li><li>Given the expected disposition of residential mortgage banking by June 30, this segment is now reflected in discontinued operations.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/first-take-solid-4q-and-2024-guide-well-above-street-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. First Take: Solid 4Q and 2024 Guide Well Above Street Expectations </a></h3><p></p><ul><li>Event: After the close, UHS reported 4Q23 results that were ahead of Street expectations but slightly behind our model, with revenues of $3.70B (Street: $3.66B; RJe: $3.73B), adj. EBITDA of $473M (Street: $465M; RJe: $486M), and adj. EPS of $3.13 (Street: $2.89; RJe: $3.10).</li><li>The quarter benefited from $17.8M of after-tax reimbursement from the Mississippi supplemental program.Management also established its 2024 guidance which is well above Street expectations as they expect revenue of $15.411-15.706B (Street: 15.033B) and adj. EBITDA of $1.931-2.019B (Street: $1.861B).</li><li>2024 Guidance includes a $158M benefit from the previously disclosed Nevada supplemental program.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q23-recap-nice-print-solid-guide-synergies-arriving-growing-upside-visible-into-2026?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Recap: Nice Print & Solid Guide; Synergies Arriving & Growing; Upside Visible Into 2026</a></li><li><a href="https://www.smartkarma.com/insights/money-watch-trillions-of-usds-are-waiting-to-be-unleashed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Money Watch: Trillions of USDs Are Waiting to Be Unleashed</a></li><li><a href="https://www.smartkarma.com/insights/f4q-operational-metrics-strong-as-splunk-sunsets-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">F4Q: Operational Metrics Strong as Splunk Sunsets; Market Perform</a></li><li><a href="https://www.smartkarma.com/insights/first-blush-4q-results-below-expectations-conference-call-tomorrow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Blush: 4Q Results Below Expectations; Conference Call Tomorrow</a></li><li><a href="https://www.smartkarma.com/insights/first-take-solid-4q-and-2024-guide-well-above-street-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">First Take: Solid 4Q and 2024 Guide Well Above Street Expectations</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q23-recap-nice-print-solid-guide-synergies-arriving-growing-upside-visible-into-2026?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. 4Q23 Recap: Nice Print & Solid Guide; Synergies Arriving & Growing; Upside Visible Into 2026 </a></h3><p></p><ul><li>ONEOK (OKE) remains a polarizing name due to its Bakken and refined products tilts, its premium valuation, and high expectations.</li><li>Despite plenty of “noise” of late around the legacy MMP acquisition, the broad pitch changes little: OKE remains an investment grade C-Corp.</li><li>with healthy financial flexibility, a solid yield, substantial integration (driving growth and ROIC), and respected management — well suited for generalists.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/money-watch-trillions-of-usds-are-waiting-to-be-unleashed?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Money Watch: Trillions of USDs Are Waiting to Be Unleashed </a></h3><p></p><ul><li>Money trends were abysmal for most parts of 2022 and the early parts of 2023, but we are starting to see interesting trends arising in the global money growth with clear geographical divergences.</li><li>Japan, China and the Euro zone have reported January M1, M2 and M3 developments and while trends remain benign in JPY and CNY, the money trends in EUR are re-worsening.</li><li>A gap seems to be opening between USD and EUR money trends, which rhymes well with our strong thesis of a growing inflation gap between the US and the Euro zone.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/f4q-operational-metrics-strong-as-splunk-sunsets-market-perform?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. F4Q: Operational Metrics Strong as Splunk Sunsets; Market Perform </a></h3><p></p><ul><li>We maintain our Market Perform rating on SPLK following F4Q results that featured solid growth trends, but even more impressive profitability metrics as the pending acquisition by Cisco (LINK) should be closing imminently (EU approval mid-March).</li><li>Similar to F3Q, gross profit dollars increased 20% while opex declined y/y, resulting in a best-in-class margin profile that generated strong FCF. We see limited room for operational improvement, which likely means the incremental benefit to Cisco from this acquisition will need to come in the form of revenue synergies, yet our experience with channel partners and go-to market strategy suggests this may take time.</li><li>While the strategic direction post merger remains ominous, we can’t help but observe that this financial profile would support more aggressive pricing/bundling (i.e., give back some gross margin for incremental growth considering EBT and FCF are so strong).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/first-blush-4q-results-below-expectations-conference-call-tomorrow?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. First Blush: 4Q Results Below Expectations; Conference Call Tomorrow </a></h3><p></p><ul><li>4Q23 Headline Results:( – ) Distributable EPS: $0.26 per share, which was below our estimate of $0.29 per share.( – ) GAAP EPS: $0.04 per share, which was below our estimate of $0.23 per share.Net income from continuing operations was $0.12 per share.( – ) Book value: $14.10 per share, which was below our estimate of $14.37 per share.Other:( – ) Net interest income (NII): $53 million, which was below our estimate of $63 million.( = ) Provision for loan losses: expense of $7 million, or $0.04 per share, which was in line with our estimate of $6 million, or $0.04 per share.4Q new investments: $449 million, consisting of SBA originations of $152 million, Freddie Mac originations of $288 million, and bridge originations of $9 million.Exit of Residential Mortgage Banking: During 4Q, RC moved residential mortgage banking to discontinued operations and expects to complete the disposition of this segment by June 30.Conference call: RC will host a conference call tomorrow, February 28 at 8:30 a.m. ET. The dial-in number is 877-407-0792.Quick Thoughts:RC reported lower than expected 4Q results, as GAAP EPS, distributable EPS and book value were all below our estimates.</li><li>GAAP earnings were impacted by lower net interest income, higher non-interest expenses, and loss from discontinued operations, while distributable EPS was slightly below our estimate due to the income tax adjustment (distributable earnings before income taxes was in line with our estimate).</li><li>Given the expected disposition of residential mortgage banking by June 30, this segment is now reflected in discontinued operations.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/first-take-solid-4q-and-2024-guide-well-above-street-expectations?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. First Take: Solid 4Q and 2024 Guide Well Above Street Expectations </a></h3><p></p><ul><li>Event: After the close, UHS reported 4Q23 results that were ahead of Street expectations but slightly behind our model, with revenues of $3.70B (Street: $3.66B; RJe: $3.73B), adj. EBITDA of $473M (Street: $465M; RJe: $486M), and adj. EPS of $3.13 (Street: $2.89; RJe: $3.10).</li><li>The quarter benefited from $17.8M of after-tax reimbursement from the Mississippi supplemental program.Management also established its 2024 guidance which is well above Street expectations as they expect revenue of $15.411-15.706B (Street: 15.033B) and adj. EBITDA of $1.931-2.019B (Street: $1.861B).</li><li>2024 Guidance includes a $158M benefit from the previously disclosed Nevada supplemental program.</li></ul>2024-02-28T09:30:07+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "OKE@US"}, {"term": "Cross Asset Strategy"}, {"term": "SWEDEN"}, {"term": "SWITZERLAND"}, {"term": "SPAIN"}, {"term": "SERBIA"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "NETHERLANDS"}, {"term": "NORWAY"}, {"term": "MONACO"}, {"term": "MALTA"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "ITALY"}, {"term": "IRELAND"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BULGARIA"}, {"term": "BELGIUM"}, {"term": "CHINA"}, {"term": "AUSTRIA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "TLH@US"}, {"term": "TLT@US"}, {"term": "TU1@COMDTY"}, {"term": "USDEUR@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "USDCNY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SPLK@US"}, {"term": "CSCO@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "@RC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "UHS@US"}, {"term": "OKE@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "USD@CURNCY", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "CSCO@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "@RC@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "UHS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/1c80adbc-0113-32cd-a4fc-de588c6da01bBrief USA: Reiterate MO2, Raise PT to $226; Initial '24 Guide Above RJE, Carrier Discussions Picking Up and more2024-03-28T22:17:22.489740+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/reiterate-mo2-raise-pt-to-226-initial-24-guide-above-rje-carrier-discussions-picking-up?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reiterate MO2, Raise PT to $226; Initial '24 Guide Above RJE, Carrier Discussions Picking Up</a></li><li><a href="https://www.smartkarma.com/insights/4q23-results-in-line-q-soft-outlook-suggests-daybue-s-strong-debut-may-be-coming-to-an-end?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Results: In-line Q & Soft Outlook Suggests Daybue's Strong Debut May Be Coming to an End</a></li><li><a href="https://www.smartkarma.com/insights/4q-ebitda-at-high-end-of-guide-2024-midpoint-mildly-above-street?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q EBITDA at High-End of Guide, 2024 Midpoint Mildly Above Street</a></li><li><a href="https://www.smartkarma.com/insights/4q23-first-look-new-narrative-means-solid-in-line-2024-outlook-another-dividend-increase?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 First Look: New Narrative Means Solid, In-Line 2024 Outlook, Another Dividend Increase</a></li><li><a href="https://www.smartkarma.com/insights/4q23-quick-take-4q-beat-attention-now-shifts-to-improving-capital-efficiency?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Quick Take: 4Q Beat; Attention Now Shifts to Improving Capital Efficiency</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/reiterate-mo2-raise-pt-to-226-initial-24-guide-above-rje-carrier-discussions-picking-up?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Reiterate MO2, Raise PT to $226; Initial '24 Guide Above RJE, Carrier Discussions Picking Up </a></h3><p></p><ul><li>We reiterate our Outperform rating on AMT, and raise price target to $226, from $221, after 4Q23 results and initial 2024 guidance that was mostly above RJE, further discussed HERE, including Attributable AFFO of $10.33/share (prior RJE $10.23, Street $10.31) that includes an ~$82M hit from the devaluation of the Nigerian Naira.</li><li>We continue to see an attractive risk-reward in all three tower stocks, that are fundamentally non-cyclical, cash-yielding, and feature long-term secular growth.</li><li>We believe that: 1) Stabilizing and potentially declining interest rates should benefit Tower stock multiples, 2) most of the fundamental bad news (e.g., Sprint churn and temporary U.S. leasing slowdown) is priced in, and 3) Towers remain attractively valued relative to Data Centers and other REIT sectors.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q23-results-in-line-q-soft-outlook-suggests-daybue-s-strong-debut-may-be-coming-to-an-end?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q23 Results: In-line Q & Soft Outlook Suggests Daybue's Strong Debut May Be Coming to an End </a></h3><p></p><ul><li>Daybue came in-line with 4Q guidance and its FY24 outlook ($370M to $420M) suggests the launch may be past its peak.</li><li>As such, our cautious outlook remains unchanged, and we reiterate our Market Perform rating.</li><li>Nuplazid growth appears to be driven primarily by price increases at this point as the high end of the FY24 sales guide implies ~7% y/y growth (vs.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q-ebitda-at-high-end-of-guide-2024-midpoint-mildly-above-street?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q EBITDA at High-End of Guide, 2024 Midpoint Mildly Above Street </a></h3><p></p><ul><li>Summary: Beacon’s 4Q EBITDA was at the high-end of the Jan 10 pre-release.</li><li>1Q sales guidance (+HSD) was similar to Street views (+7%), with January daily sales -4% on bad weather, and 1Q EBITDA guidance at least ~8% below consensus.</li><li>The 2024 EBITDA guidance range was widened to $920-980M vs ~$935-965M prior, but the per-pre-release midpoint remains $950M vs Street $946M. We will update our estimates and thoughts after our follow-up call with management tomorrow morning.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q23-first-look-new-narrative-means-solid-in-line-2024-outlook-another-dividend-increase?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q23 First Look: New Narrative Means Solid, In-Line 2024 Outlook, Another Dividend Increase </a></h3><p></p><ul><li>Park this evening 1) reported detailed 4Q results (headline KPI were pre-announced in January, although FFO/sh came in a penny below the January release), 2) introduced 2024 guidance in-line with consensus expectations (would have been higher if not for $9M in expected disruption from renovations), 3) announced an increased pace of share repurchases in 4Q, and 4) announced a 67% increase to the dividend (now yielding 6.3% — among the highest yields of the lodging REITs and well north of the average REIT dividend).While management did not provide 1Q FFO/EBITDA guidance, RevPAR is tracking up double-digits QTD and the $173-175 expected RevPAR range is above our model.</li><li>Urban results continue to drive growth on softer year-ago comps, accelerating business travel and robust group demand.4Q Results (previously announced): Adj. FFO/share of $0.52, which was $0.01/share below the preliminary results first reported on January 22, was above our prior estimate and consensus (both $0.49).</li><li>Relative to our model, the beat was primarily driven by lower interest expense (+$0.03) and higher interest income (+$0.02) which were partially offset by higher taxes (-$0.01) and lower NOI (-$0.01).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-quick-take-4q-beat-attention-now-shifts-to-improving-capital-efficiency?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23 Quick Take: 4Q Beat; Attention Now Shifts to Improving Capital Efficiency </a></h3><p></p><ul><li>4Q23 Quick Take: 4Q Beat; Attention Now Shifts to Improving Capital Efficiency.</li><li>Devon posted a top-line production beat that drove upside to earnings metrics.</li><li>Production beat by 2%, EBITDA 2%, CFPS 3% and EPS 3%.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/reiterate-mo2-raise-pt-to-226-initial-24-guide-above-rje-carrier-discussions-picking-up?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Reiterate MO2, Raise PT to $226; Initial '24 Guide Above RJE, Carrier Discussions Picking Up</a></li><li><a href="https://www.smartkarma.com/insights/4q23-results-in-line-q-soft-outlook-suggests-daybue-s-strong-debut-may-be-coming-to-an-end?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Results: In-line Q & Soft Outlook Suggests Daybue's Strong Debut May Be Coming to an End</a></li><li><a href="https://www.smartkarma.com/insights/4q-ebitda-at-high-end-of-guide-2024-midpoint-mildly-above-street?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q EBITDA at High-End of Guide, 2024 Midpoint Mildly Above Street</a></li><li><a href="https://www.smartkarma.com/insights/4q23-first-look-new-narrative-means-solid-in-line-2024-outlook-another-dividend-increase?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 First Look: New Narrative Means Solid, In-Line 2024 Outlook, Another Dividend Increase</a></li><li><a href="https://www.smartkarma.com/insights/4q23-quick-take-4q-beat-attention-now-shifts-to-improving-capital-efficiency?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4Q23 Quick Take: 4Q Beat; Attention Now Shifts to Improving Capital Efficiency</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/reiterate-mo2-raise-pt-to-226-initial-24-guide-above-rje-carrier-discussions-picking-up?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Reiterate MO2, Raise PT to $226; Initial '24 Guide Above RJE, Carrier Discussions Picking Up </a></h3><p></p><ul><li>We reiterate our Outperform rating on AMT, and raise price target to $226, from $221, after 4Q23 results and initial 2024 guidance that was mostly above RJE, further discussed HERE, including Attributable AFFO of $10.33/share (prior RJE $10.23, Street $10.31) that includes an ~$82M hit from the devaluation of the Nigerian Naira.</li><li>We continue to see an attractive risk-reward in all three tower stocks, that are fundamentally non-cyclical, cash-yielding, and feature long-term secular growth.</li><li>We believe that: 1) Stabilizing and potentially declining interest rates should benefit Tower stock multiples, 2) most of the fundamental bad news (e.g., Sprint churn and temporary U.S. leasing slowdown) is priced in, and 3) Towers remain attractively valued relative to Data Centers and other REIT sectors.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/4q23-results-in-line-q-soft-outlook-suggests-daybue-s-strong-debut-may-be-coming-to-an-end?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. 4Q23 Results: In-line Q & Soft Outlook Suggests Daybue's Strong Debut May Be Coming to an End </a></h3><p></p><ul><li>Daybue came in-line with 4Q guidance and its FY24 outlook ($370M to $420M) suggests the launch may be past its peak.</li><li>As such, our cautious outlook remains unchanged, and we reiterate our Market Perform rating.</li><li>Nuplazid growth appears to be driven primarily by price increases at this point as the high end of the FY24 sales guide implies ~7% y/y growth (vs.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q-ebitda-at-high-end-of-guide-2024-midpoint-mildly-above-street?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">3. 4Q EBITDA at High-End of Guide, 2024 Midpoint Mildly Above Street </a></h3><p></p><ul><li>Summary: Beacon’s 4Q EBITDA was at the high-end of the Jan 10 pre-release.</li><li>1Q sales guidance (+HSD) was similar to Street views (+7%), with January daily sales -4% on bad weather, and 1Q EBITDA guidance at least ~8% below consensus.</li><li>The 2024 EBITDA guidance range was widened to $920-980M vs ~$935-965M prior, but the per-pre-release midpoint remains $950M vs Street $946M. We will update our estimates and thoughts after our follow-up call with management tomorrow morning.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q23-first-look-new-narrative-means-solid-in-line-2024-outlook-another-dividend-increase?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">4. 4Q23 First Look: New Narrative Means Solid, In-Line 2024 Outlook, Another Dividend Increase </a></h3><p></p><ul><li>Park this evening 1) reported detailed 4Q results (headline KPI were pre-announced in January, although FFO/sh came in a penny below the January release), 2) introduced 2024 guidance in-line with consensus expectations (would have been higher if not for $9M in expected disruption from renovations), 3) announced an increased pace of share repurchases in 4Q, and 4) announced a 67% increase to the dividend (now yielding 6.3% — among the highest yields of the lodging REITs and well north of the average REIT dividend).While management did not provide 1Q FFO/EBITDA guidance, RevPAR is tracking up double-digits QTD and the $173-175 expected RevPAR range is above our model.</li><li>Urban results continue to drive growth on softer year-ago comps, accelerating business travel and robust group demand.4Q Results (previously announced): Adj. FFO/share of $0.52, which was $0.01/share below the preliminary results first reported on January 22, was above our prior estimate and consensus (both $0.49).</li><li>Relative to our model, the beat was primarily driven by lower interest expense (+$0.03) and higher interest income (+$0.02) which were partially offset by higher taxes (-$0.01) and lower NOI (-$0.01).</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/4q23-quick-take-4q-beat-attention-now-shifts-to-improving-capital-efficiency?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">5. 4Q23 Quick Take: 4Q Beat; Attention Now Shifts to Improving Capital Efficiency </a></h3><p></p><ul><li>4Q23 Quick Take: 4Q Beat; Attention Now Shifts to Improving Capital Efficiency.</li><li>Devon posted a top-line production beat that drove upside to earnings metrics.</li><li>Production beat by 2%, EBITDA 2%, CFPS 3% and EPS 3%.</li></ul>2024-02-28T08:45:09+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "AMT@US"}, {"term": "SBAC@US"}, {"term": "CCI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ACAD@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "BECN@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "PK@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "DVN@US"}, {"term": "CCI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "ACAD@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BECN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "PK@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "DVN@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/us.rss/0b47f420-5fb5-3891-a9f3-2b1bbb5cccb1Brief USA: Weekly Sustainable Investing Surveyor - Week Ended February 23, 2024 and more2024-03-28T22:17:22.481301+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-week-ended-february-23-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly Sustainable Investing Surveyor - Week Ended February 23, 2024</a></li><li><a href="https://www.smartkarma.com/insights/steelcase-inc-re-examining-estimates-ahead-of-earnings-report-in-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Steelcase, Inc. - Re-Examining Estimates Ahead of Earnings Report in March</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-week-ended-february-23-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Weekly Sustainable Investing Surveyor - Week Ended February 23, 2024 </a></h3><p></p><ul><li>The WTR Sustainable Index was down by 0.5% W/W versus the S&P 500 Index (up 1.7%), the Russell 2000 Index (down 0.8%), and the Nasdaq Index (up 1.4%).</li><li>Energy Technology (12.7% of the index) was down by 10.5%, while Industrial Climate and Ag Technology (55.2% of the index) was up by 2.0%, ClimateTech Mining was down 6.8%, and Advanced Transportation Solutions was down 2.2%.</li><li>Top 10 Performers: EFOI, IPWR, CYDVF, ROOF, PGTK, CLIR, LITM, FIX, LOOP, RE</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/steelcase-inc-re-examining-estimates-ahead-of-earnings-report-in-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Steelcase, Inc. - Re-Examining Estimates Ahead of Earnings Report in March </a></h3><p></p><ul><li>Steelcase is expected to report 4QFY24, ended February 23, in mid- to late March.</li><li>We expect EPS of $0.22 on sales of $784 million. FactSet consensus is $0.21 on sales of $780 million.</li><li>Our focus in the coming quarter will be on margin and efficiencies. End demand in the sector is challenging and we don’t expect any change.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-week-ended-february-23-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Weekly Sustainable Investing Surveyor - Week Ended February 23, 2024</a></li><li><a href="https://www.smartkarma.com/insights/steelcase-inc-re-examining-estimates-ahead-of-earnings-report-in-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">Steelcase, Inc. - Re-Examining Estimates Ahead of Earnings Report in March</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/weekly-sustainable-investing-surveyor-week-ended-february-23-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">1. Weekly Sustainable Investing Surveyor - Week Ended February 23, 2024 </a></h3><p></p><ul><li>The WTR Sustainable Index was down by 0.5% W/W versus the S&P 500 Index (up 1.7%), the Russell 2000 Index (down 0.8%), and the Nasdaq Index (up 1.4%).</li><li>Energy Technology (12.7% of the index) was down by 10.5%, while Industrial Climate and Ag Technology (55.2% of the index) was up by 2.0%, ClimateTech Mining was down 6.8%, and Advanced Transportation Solutions was down 2.2%.</li><li>Top 10 Performers: EFOI, IPWR, CYDVF, ROOF, PGTK, CLIR, LITM, FIX, LOOP, RE</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/steelcase-inc-re-examining-estimates-ahead-of-earnings-report-in-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=US">2. Steelcase, Inc. - Re-Examining Estimates Ahead of Earnings Report in March </a></h3><p></p><ul><li>Steelcase is expected to report 4QFY24, ended February 23, in mid- to late March.</li><li>We expect EPS of $0.22 on sales of $784 million. FactSet consensus is $0.21 on sales of $780 million.</li><li>Our focus in the coming quarter will be on margin and efficiencies. End demand in the sector is challenging and we don’t expect any change.</li></ul>2024-02-28T07:54:23+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "LOOP@US"}, {"term": "FIX@US"}, {"term": "LITM@US"}, {"term": "CLIR@US"}, {"term": "ROOF@LN"}, {"term": "IPWR@US"}, {"term": "EFOI@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "SCS@US"}, {"term": "EFOI@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "SCS@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}]