⁠Wall St Engine
DA Davidson DOWNGRADES $CRWV to Underperform from Neutral, Says Business Not Worth Scaling, Maintains PT at $36

Analyst comments: "We are downgrading to Underperform from Neutral and maintain a $36 price target based on 3x CY26 revenue. Investors regretted scaling WeWork, and they may not want to scale this business. We realize shares may have limited short-term downside given the very small float and very high cost to borrow, but that may change upon the expiration of the lockup and likely need for secondaries."

Analyst: Gil Luria

BOFA RAISES $CRWV PT TO $76 FROM $42 - BUY

Analyst comments: "CoreWeave delivered a solid first quarter as a public company, with 16% revenue upside to our model driven by better return on net assets. The return of 10.3% well exceeded our estimate of 8.6%. Some of the upside came from capital expenditure timing, which pushed into Q2 and lowered the denominator. However, strength was also supported by better consumption.

Q1 was an impressive quarter for contract signings, including a new $11.9 billion deal with OpenAI and a $4 billion expansion with a large AI enterprise. These results validate that CoreWeave is well positioned to capitalize on the rapidly growing AI infrastructure market as a best-in-class data center provider. While the business remains capital-intensive, expanding return on net assets points to a widening spread over cost of capital.

We reiterate our Buy rating and raise our price objective from $42 to $76 to reflect revenue upside. Our new target is based on a forward 16x CY27e EBIT valuation (up from 13x prior), a premium to the cloud datacenter group at 15x given CoreWeave’s long runway of EBIT growth."

Analyst: Brad Sills - Wall St Engine
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⁠Wall St Engine
JPMorgan’s April credit card net charge-off rate dropped to 1.67% from 1.85% in March, still below April 2019’s 2.51%. Delinquency rate stayed at 0.89%, flat M/M and below pre-pandemic levels. Receivables rose 1.6% M/M to $12.4B.
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⁠Wall St Engine
Coinbase offers $20M bounty after attackers stole data from <1% of users by bribing overseas support agents, then demanded $20m in btc. no passwords or funds were exposed. coinbase refused to pay, involved law enforcement, & will reimburse affected users
https://t.co/skdldqgvca
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⁠Wall St Engine
BLACKROCK CEO LARRY FINK SAYS MARKETS HAVE BEEN DISRUPTED, BUT RISKS AREN'T SYSTEMIC - ANNUAL MEET
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⁠Wall St Engine
Walmart is prepping for a future where AI agents shop for us. The company’s building its own in-app bots while also planning for third-party agents like OpenAI’s Operator. $WMT is rethinking how it lists, prices, and advertises products—not just for people, but for algorithms. “Advertising will have to evolve,” says Walmart’s U.S. CTO.
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⁠Wall St Engine
JPMORGAN CEO JAMIE DIMON ON RECESSION: `I WOULDN'T TAKE IF OFF THE TABLE'
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⁠Wall St Engine
JPMorgan CEO Dimon:

“There’s good volatility & bad volatility. I’d expect continued volatility. So far, this one’s been the good kind, but I wouldn’t count on it being the same next time. More volatility’s actually a plus for traders—it means wider spreads & more trading volume” https://t.co/tl74SUmZMy
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⁠Wall St Engine
US APRIL RETAIL SALES RISE 0.1% M/M; EST. +0.0%
US APRIL RETAIL SALES EX-AUTO RISE 0.1% M/M; EST. +0.3%

US APRIL RETAIL SALES EX AUTOS, GAS RISE 0.2% M/M; PREV. 0.8%
US APRIL RETAIL 'CONTROL GROUP' SALES FALL 0.2% M/M; EST. +0.3%
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⁠Wall St Engine
US APRIL PRODUCER PRICES FALL 0.5% M/M; EST. +0.2%
US APRIL PRODUCER PRICES RISE 2.4% Y/Y; EST. +2.5%

US APRIL CORE PPI FALLS 0.4% M/M; EST. +0.3%
US APRIL CORE PPI RISES 3.1% Y/Y; EST. +3.1%
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⁠Wall St Engine
US JOBLESS CLAIMS 229,000 IN MAY 10 WEEK; EST. 228K
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⁠Wall St Engine
U.S. Philly Fed Business Conditions just hit their second-best level in the past four years. https://t.co/Grme23F6Og
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⁠Wall St Engine
BLACKROCK CEO LARRY FINK: "THE STRENGTH OF THE ENTIRE FINANCIAL SYSTEM IS SAFE AND SOUND"
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⁠Wall St Engine
Fed's Powell: We may be entering a period of more frequent, and potentially more persistent, supply shocks—a difficult challenge for the economy and for central banks
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⁠Wall St Engine
POWELL: APPROPRIATE TO RECONSIDER AVERAGE INFLATION TARGETING
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⁠Wall St Engine
INDIA SAYS MANY FTAS TO BE CONCLUDED ‘VERY SOON’
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⁠Wall St Engine
A big part of the PPI drop (-0.5% MoM, the lowest since 2020) came from a sharp pullback in airfare and a steep 6.9% drop in PPI for portfolio management in April—that's the biggest decline since July 2022. The selloff in equities played a major role in that drop.
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⁠Wall St Engine
CHINA 🇨🇳 TO TIGHTEN CONTROL OVER AI DATA CENTERS: INFORMATION
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