⁠Wall St Engine
Today’s $16B 20-year Treasury auction came in soft. High yield landed at 5.047%, 1.2bps above the 5.035% WI — much worse than the 6-month avg tail of -0.4bps. Bid-to-cover was 2.46x vs 2.57x avg. Directs took just 14.1% (vs 17.1%), while indirects stepped up at 70.7% (vs 67.2%).
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⁠Quiver Quantitative
JUST IN: Representative Nancy Mace has filed a resolution to expel Representative LaMonica McIver https://t.co/kaEwN87vEw
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⁠Wall St Engine
S&P 500 Closing Bell Heatmap (May 21, 2025)

$SPY -1.59% 🟥
$QQQ -1.40% 🟥
$DJI -1.88% 🟥
$IWM -2.82% 🟥 https://t.co/PGyvdDHLav
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⁠Wall St Engine
OpenAI is buying Jony Ive’s AI hardware startup for $6.5B. Ive, known for shaping the iPhone, said it’s “common sense” to move beyond “decades-old” legacy products. He’ll now lead design at OpenAI and its device arm io.
https://t.co/v9SUa6xssZ
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⁠Wall St Engine
MERCADOLIBRE $MELI SAYS ARIEL SZARFSZTEJN TO BECOME CEO JAN. 2026
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⁠Wall St Engine
$SNOW | Snowflake Q1 Earnings Highlights

🔹 Revenue: $1.04B (Est. $1.01B) 🟢; UP +26% YoY
🔹 Adj EPS: $0.24 (Est. $0.21) 🟢

FY26 Guidance:
🔹 Product Revenue: $4.325B (Est. $4.18B) 🟢; UP +25% YoY
🔹 Product Gross Margin: 75%
🔹 Operating Margin: 8%
🔹 Adjusted Free Cash Flow Margin: 25%
🔹 Weighted Avg. Diluted Shares: ~372M

Q2'26 Guidance:
🔹 Product Revenue: $1.035B – $1.040B (Est. $1.01B) 🟢
🔹 Operating Margin: 8%
🔹 Weighted Avg. Diluted Shares: ~371M

Other Key Q1 Metrics:
🔹 Product Revenue: $996.8M; UP +26% YoY
🔹 Product Gross Profit: $754.1M; Margin: 76%
🔹 Adj Oper Income: $91.7M; Margin: 9%
🔹 Net Cash from Operating Activities: $228.4M; UP +22% YoY
🔹 Adj Free Cash Flow: $206.3M; UP +20% YoY
🔹 Remaining Performance Obligations: $6.7B; UP +34% YoY
🔹 Net Revenue Retention Rate: 124%
🔹 Customers with TTM Product Revenue > $1M: 606; UP +27% YoY
🔹 Forbes Global 2000 Customers: 754; UP +4% YoY

CEO Sridhar Ramaswamy Commentary:
🔸 "Snowflake delivered another strong quarter with 26% YoY growth in product revenue and a 34% increase in RPO. Our platform’s ease of use, scalability, and trust for enterprise-grade performance continue to drive adoption across industries. We see enormous opportunity ahead as we extend our value throughout the full data lifecycle, including AI."
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⁠Wall St Engine
$ZM | Zoom Q1 Earnings Highlights

🔹 Revenue: $1.1747B (Est. $1.166B) 🟢; +2.9% YoY
🔹 Adj EPS: $1.43 (Est. $1.31) 🟢; +6.0% YoY

FY Guidance:
🔹 Revenue: $4.800B–$4.810B (Est. $4.788B) 🟢
🔹 Adjusted EPS: $5.56–$5.59 (Est. $5.37) 🟢
🔹 Free Cash Flow: $1.68B–$1.72B
🔹 Shares Outstanding: ~312M

Q2 Guidance:
🔹 Revenue: $1.195B–$1.200B (Est. $1.192B) 🟢
🔹 Adjusted EPS: $1.36–$1.37 (Est. $1.34) 🟢
🔹 Shares Outstanding: ~310M

Segment Revenue:
🔹 Enterprise: $704.7M; +5.9% YoY
🔹 Online: $470.0M; -1.2% YoY

Cash & Capital Allocation:
🔹 Free Cash Flow: $463.4M; ↓ YoY from $569.7M
🔹 Net Cash from Ops: $489.3M; ↓ YoY from $588.2M
🔹 Total Cash & Investments: $7.8B
🔹 Share Repurchase: 5.6M shares (↑ from 4.3M in Q4)

Customer Metrics:
🔹 Customers >$100K TTM Revenue: 4,192; +8% YoY
🔹 Enterprise Net Dollar Expansion Rate: 98%
🔹 Online Churn: 2.8%; ↓ 40bps YoY
🔹 74.2% of Online MRR from customers with ≥16 months; ↑ 40bps YoY

🔸 CEO Eric Yuan Commentary:
"Zoom exceeded guidance in both revenue and profitability despite macro uncertainty. Our AI-first innovation is resonating with customers across CX, sales, and culture. We’re doubling down on execution and shareholder returns."
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⁠Wall St Engine
AT&T $T is buying Lumen’s $LUMN consumer fiber biz—including Quantum Fiber—for $5.75B in cash. The deal adds ~1M subs and ~$750M in annual rev, boosting AT&T’s fiber reach. Lumen keeps its core network, shifts focus to enterprise, and plans to use proceeds to pay down debt
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⁠Wall St Engine
NVIDIA is teaming up with Navitas $NVTS to build out its next-gen 800V HVDC data center power infrastructure to support 1MW+ GPU racks like Rubin Ultra. Navitas’ GaN and SiC tech will help cut copper use by 45%, improve power efficiency by up to 5%, and lower PSU failures by 70%.
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⁠Wall St Engine
CMS has rolled out an expanded Medicare Advantage audit plan. They're now set to review all eligible contracts, recover past overpayments, and speed up audits from 2018 to 2024 using new resources.

$UNH $CVS $HUM
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⁠Hidden Value Gems
Wondering who is more at risk from Chatbots here, $AAPL or $GOOG ?

“OpenAI’s acquisition of io points to its growing ambitions as a more consumer-centric company focused on mass-market products and impact.” https://t.co/1etZ9YQnxQ
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⁠App Economy Insights
$SNOW Snowflake Q1 FY26 (April quarter):

• Customers +19% Y/Y to 11,578.
• Customers > $1M +27% Y/Y to 606.
• Net Retention 124% (-2pp Q/Q).
• Revenue +26% Y/Y to $1,042M ($30M beat).
• Non-GAAP EPS $0.26 ($0.05 beat).
• FY26 Product revenue +25% Y/Y ($45M raise). https://t.co/xCq7pZv1Be
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⁠Quiver Quantitative
Last year, we noticed a US politician buying stock in a German arms manufacturer.

We posted this report.

The stock has now risen 249% since the trade. https://t.co/lrtljJ5VI9
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