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Chery’s $1.5B HONG KONG IPO is moving ahead without Wall Street banks. JPMorgan dropped out before a formal mandate, & other global firms passed too. The deal is being led solely by Chinese banks, partly due to Chery’s exposure to markets like Russia and past ties to Cuba & Iran. https://t.co/ChhXWX8MUc
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Chery’s $1.5B HONG KONG IPO is moving ahead without Wall Street banks. JPMorgan dropped out before a formal mandate, & other global firms passed too. The deal is being led solely by Chinese banks, partly due to Chery’s exposure to markets like Russia and past ties to Cuba & Iran. https://t.co/ChhXWX8MUc
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$TSLA'S UK SALES DROP 62% YOY IN APRIL — its weakest month there in over 2 years, per New AutoMotive. EV demand overall rose nearly 7%, but VW and BYD stole the spotlight, up 194% and 311%. Tesla sold just 536 cars, down from 1,404 a year ago. Revamped Model Y arrives in June. https://t.co/NWp1G812VL
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$TSLA'S UK SALES DROP 62% YOY IN APRIL — its weakest month there in over 2 years, per New AutoMotive. EV demand overall rose nearly 7%, but VW and BYD stole the spotlight, up 194% and 311%. Tesla sold just 536 cars, down from 1,404 a year ago. Revamped Model Y arrives in June. https://t.co/NWp1G812VL
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MORGAN STANLEY: WALMART+ MEMBERSHIP HITS NEW HIGH IN APRIL
Their latest survey shows Walmart+ $WMT now has ~27.3M members, or ~17.7M when adjusted for response error, marking ~35% y/y growth. They say this “supports better platform monetization” through loyalty, eCommerce & ads. https://t.co/olALqu9JKv
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MORGAN STANLEY: WALMART+ MEMBERSHIP HITS NEW HIGH IN APRIL
Their latest survey shows Walmart+ $WMT now has ~27.3M members, or ~17.7M when adjusted for response error, marking ~35% y/y growth. They say this “supports better platform monetization” through loyalty, eCommerce & ads. https://t.co/olALqu9JKv
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$CELH | Celsius Holdings Q1 2025 Earnings Highlights:
🔹 Revenue: $329.3M (Est. $348.6M) 🔴
🔹 Adj. EPS: $0.18 (Est. $0.20) 🔴
🔹 Gross Margin: 52.3% (+110 bps YoY)
🔹 Adj EBITDA: $69.7M vs. $88.0M YoY
Segment Revenue:
🔹 North America: $306.5M, DOWN -10% YoY
🔹 International: $22.8M, UP +41% YoY
🔹 Organic growth in EMEA; new launches in UK, Ireland, France, Australia & NZ
🔹 Excluding 2024 launches, international revenue UP +9% YoY
Retail Performance:
🔹 U.S. Retail Dollar Sales: CELSIUS -3% YoY
Dollar Share:
🔹 CELSIUS: 10.9% (DOWN -140bps YoY)
🔹 Alani Nu: 5.3% (UP +221bps YoY)
🔹 Combined CELH Portfolio: 16.2% (UP +81bps YoY)
🔹 Alani Nu surpassed $1B in trailing 12-month retail sales (as of Apr. 13, 2025)
Market Share by Country:
🔹 Sweden: 13.5% | Finland: 6.0% | New Zealand: 4.5%
🔹 Canada: 4.0% | Australia: 2.5% | Ireland: 1.2%
🔹 France: 0.6% | Great Britain: 0.2%
Commentary & Strategic Update:
🔸 Closed Alani Nu® acquisition on April 1, 2025, adding a second billion-dollar brand
🔸 Gross margin improved due to sourcing efficiencies
🔸 SG&A rose 22% YoY to $120.3M, driven by acquisition-related costs and global headcount investments
🔸 Q1 revenue decline attributed to timing of distributor incentives and lower promo activity compared to prior year
🔸 CEO: “Momentum building in Q2 with stronger shelf presence and international traction; well-positioned for leadership in modern energy”
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$CELH | Celsius Holdings Q1 2025 Earnings Highlights:
🔹 Revenue: $329.3M (Est. $348.6M) 🔴
🔹 Adj. EPS: $0.18 (Est. $0.20) 🔴
🔹 Gross Margin: 52.3% (+110 bps YoY)
🔹 Adj EBITDA: $69.7M vs. $88.0M YoY
Segment Revenue:
🔹 North America: $306.5M, DOWN -10% YoY
🔹 International: $22.8M, UP +41% YoY
🔹 Organic growth in EMEA; new launches in UK, Ireland, France, Australia & NZ
🔹 Excluding 2024 launches, international revenue UP +9% YoY
Retail Performance:
🔹 U.S. Retail Dollar Sales: CELSIUS -3% YoY
Dollar Share:
🔹 CELSIUS: 10.9% (DOWN -140bps YoY)
🔹 Alani Nu: 5.3% (UP +221bps YoY)
🔹 Combined CELH Portfolio: 16.2% (UP +81bps YoY)
🔹 Alani Nu surpassed $1B in trailing 12-month retail sales (as of Apr. 13, 2025)
Market Share by Country:
🔹 Sweden: 13.5% | Finland: 6.0% | New Zealand: 4.5%
🔹 Canada: 4.0% | Australia: 2.5% | Ireland: 1.2%
🔹 France: 0.6% | Great Britain: 0.2%
Commentary & Strategic Update:
🔸 Closed Alani Nu® acquisition on April 1, 2025, adding a second billion-dollar brand
🔸 Gross margin improved due to sourcing efficiencies
🔸 SG&A rose 22% YoY to $120.3M, driven by acquisition-related costs and global headcount investments
🔸 Q1 revenue decline attributed to timing of distributor incentives and lower promo activity compared to prior year
🔸 CEO: “Momentum building in Q2 with stronger shelf presence and international traction; well-positioned for leadership in modern energy”
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BofA Reiterates Buy Rating on $F, PT $14, Says Ford Positioned to Capitalize on U.S. Footprint
Analyst comments: "Ford delivered a solid performance in 1Q25, and the lower losses in Model e were encouraging. Management continued to emphasize the strength of Ford’s portfolio in the core truck market, though they acknowledged that high volatility limits forward visibility. While the estimated impact from tariffs is not insignificant, we believe it is relatively manageable in the broader context. Ford is well positioned to capitalize on its large U.S. manufacturing footprint, which should help the automaker gain market share. We reiterate our Buy rating."
Analyst: John Murphy
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BofA Reiterates Buy Rating on $F, PT $14, Says Ford Positioned to Capitalize on U.S. Footprint
Analyst comments: "Ford delivered a solid performance in 1Q25, and the lower losses in Model e were encouraging. Management continued to emphasize the strength of Ford’s portfolio in the core truck market, though they acknowledged that high volatility limits forward visibility. While the estimated impact from tariffs is not insignificant, we believe it is relatively manageable in the broader context. Ford is well positioned to capitalize on its large U.S. manufacturing footprint, which should help the automaker gain market share. We reiterate our Buy rating."
Analyst: John Murphy
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$RACE | Ferrari Q1'25 Earnings Highlights
🔹 Revenue: €1.79B (Est. €1.77B) 🟢
🔹 Diluted EPS: €2.30 (Est. €2.25) 🟢
🔹 Net Profit: €412M (vs. €352M YoY) +17%
FY25 Guidance:
🔹 Adj. EPS: €8.46 – €8.60 (vs. Est. €8.94) 🔴
🔹 Revenue: > €7.0B (vs. €6.7B in 2024)
🔹 Adj. EBITDA: ≥ €2.68B, Margin ≥ 38.3%
🔹 Adj. EBIT: ≥ €2.03B, Margin ≥ 29.0%
🔹 Industrial FCF: ≥ €1.20B
🔸 Tariff Impact Risk: Potential -50bps drag on EBITDA/EBIT margin
Other Key Q1 Metrics:
🔹 EBITDA: €693M (vs. €605M YoY) +15%
🔹 Industrial Free Cash Flow: €620M
🔹 Gross Margin (EBITDA): 38.7% (vs. 38.2% YoY) +50 bps
🔹 EBIT Margin: 30.3% (vs. 27.9% YoY) +240 bps
Shipments:
🔹 Total Units: 3,593 (vs. 3,560 YoY) +1%
🔹EMEA: +8%
🔹Americas: +3%
🔹Mainland China, HK & Taiwan: -25%
🔹Rest of APAC: -6%
🔹 Product Mix: 51% ICE / 49% Hybrid
Segment Revenue:
🔹 Cars & Spare Parts: €1.536B (UP +11%)
🔹 Sponsorship, Commercial & Brand: €191M (UP +32%)
🔹 Other (e.g., financial services): €64M (UP +10%)
Commentary & Strategic Updates:
🔸 CEO: “Strong profitability driven by product mix and demand for personalizations. Strategy remains focused on quality of revenue.”
🔸 Six new models in 2025 including 296 Speciale, 296 Speciale A, and the first Ferrari Elettrica.
🔸 SG&A rose due to racing and brand investments; offset partially by model phase-outs reducing D&A.
🔸 Net industrial debt improved to €49M (from €180M in Dec 2024).
Other Highlights:
🔸 Participated in Exor’s accelerated bookbuild, repurchasing €300M in shares
🔸 Announced commercial pricing update post-April 2 due to U.S. import tariffs (up to +10% pricing for non-exempt models)
🔸 Lifestyle segment expected to grow in contribution
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$RACE | Ferrari Q1'25 Earnings Highlights
🔹 Revenue: €1.79B (Est. €1.77B) 🟢
🔹 Diluted EPS: €2.30 (Est. €2.25) 🟢
🔹 Net Profit: €412M (vs. €352M YoY) +17%
FY25 Guidance:
🔹 Adj. EPS: €8.46 – €8.60 (vs. Est. €8.94) 🔴
🔹 Revenue: > €7.0B (vs. €6.7B in 2024)
🔹 Adj. EBITDA: ≥ €2.68B, Margin ≥ 38.3%
🔹 Adj. EBIT: ≥ €2.03B, Margin ≥ 29.0%
🔹 Industrial FCF: ≥ €1.20B
🔸 Tariff Impact Risk: Potential -50bps drag on EBITDA/EBIT margin
Other Key Q1 Metrics:
🔹 EBITDA: €693M (vs. €605M YoY) +15%
🔹 Industrial Free Cash Flow: €620M
🔹 Gross Margin (EBITDA): 38.7% (vs. 38.2% YoY) +50 bps
🔹 EBIT Margin: 30.3% (vs. 27.9% YoY) +240 bps
Shipments:
🔹 Total Units: 3,593 (vs. 3,560 YoY) +1%
🔹EMEA: +8%
🔹Americas: +3%
🔹Mainland China, HK & Taiwan: -25%
🔹Rest of APAC: -6%
🔹 Product Mix: 51% ICE / 49% Hybrid
Segment Revenue:
🔹 Cars & Spare Parts: €1.536B (UP +11%)
🔹 Sponsorship, Commercial & Brand: €191M (UP +32%)
🔹 Other (e.g., financial services): €64M (UP +10%)
Commentary & Strategic Updates:
🔸 CEO: “Strong profitability driven by product mix and demand for personalizations. Strategy remains focused on quality of revenue.”
🔸 Six new models in 2025 including 296 Speciale, 296 Speciale A, and the first Ferrari Elettrica.
🔸 SG&A rose due to racing and brand investments; offset partially by model phase-outs reducing D&A.
🔸 Net industrial debt improved to €49M (from €180M in Dec 2024).
Other Highlights:
🔸 Participated in Exor’s accelerated bookbuild, repurchasing €300M in shares
🔸 Announced commercial pricing update post-April 2 due to U.S. import tariffs (up to +10% pricing for non-exempt models)
🔸 Lifestyle segment expected to grow in contribution
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$CEG | Constellation Energy Q1'25 Earnings Highlights
🔹 Revenue: $6.79B (Est. $5.24B) 🟢
🔹 Adj. EPS: $2.14 (Est. $2.16) 🔴
🔹 Adj. Net Income: $673M (vs. $579M YoY) +16%
FY25 Guidance:
🔹 Adj. EPS: $8.90–$9.60 (Est. $9.57) 🟡
🔸 Guidance reaffirmed despite macro/policy uncertainty
🔸 Calpine acquisition expected to close by Q4'25
Other Q1 Metrics:
🔹 Nuclear Output: 45,582 GWh (vs. 45,391 GWh YoY)
🔹 Nuclear Capacity Factor: 94.1% (vs. 93.3% YoY)
🔹 Gas Fleet Dispatch Match: 99.2% (vs. 97.9% YoY)
🔹 Renewables Capture: 96.2% (vs. 96.3% YoY)
Strategic Updates:
🔸 Crane Clean Energy Center selected for fast-track PJM interconnect
🔸 PJM approved >1,150 MW of clean capacity additions from CEG
🔸 CEO: “We’re powering the AI era… demand from tech partners surging”
🔸 Actively investing in clean, firm capacity amid AI and national security focus
Commentary:
🔸 “Q1 strength highlights fleet reliability, customer demand, and strategic positioning.”
🔸 CEG reaffirmed its long-term value creation strategy, leveraging nuclear/gas mix
🔸 Acquisition of Calpine to create the largest competitive clean energy retailer in U.S.
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$CEG | Constellation Energy Q1'25 Earnings Highlights
🔹 Revenue: $6.79B (Est. $5.24B) 🟢
🔹 Adj. EPS: $2.14 (Est. $2.16) 🔴
🔹 Adj. Net Income: $673M (vs. $579M YoY) +16%
FY25 Guidance:
🔹 Adj. EPS: $8.90–$9.60 (Est. $9.57) 🟡
🔸 Guidance reaffirmed despite macro/policy uncertainty
🔸 Calpine acquisition expected to close by Q4'25
Other Q1 Metrics:
🔹 Nuclear Output: 45,582 GWh (vs. 45,391 GWh YoY)
🔹 Nuclear Capacity Factor: 94.1% (vs. 93.3% YoY)
🔹 Gas Fleet Dispatch Match: 99.2% (vs. 97.9% YoY)
🔹 Renewables Capture: 96.2% (vs. 96.3% YoY)
Strategic Updates:
🔸 Crane Clean Energy Center selected for fast-track PJM interconnect
🔸 PJM approved >1,150 MW of clean capacity additions from CEG
🔸 CEO: “We’re powering the AI era… demand from tech partners surging”
🔸 Actively investing in clean, firm capacity amid AI and national security focus
Commentary:
🔸 “Q1 strength highlights fleet reliability, customer demand, and strategic positioning.”
🔸 CEG reaffirmed its long-term value creation strategy, leveraging nuclear/gas mix
🔸 Acquisition of Calpine to create the largest competitive clean energy retailer in U.S.
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$DDOG | Datadog Q1'25 Earnings Highlights
🔹 Revenue: $762M (Est. $739M) 🟢; +25% YoY
🔹 EPS (Non-GAAP): $0.46 (Est. $0.43) 🟢
🔹 Free Cash Flow: $244M; +28%
🔹 $100K+ ARR Customers: ~3,770 (vs. 3,340 YoY) +13%
FY25 (Raised):
🔹 Revenue: $3.215B–$3.235B (Est. $3.19B) 🟢
🔹 EPS (Non-GAAP): $1.67–$1.71 (Prior: $1.65–$1.70 | Est. $1.69) 🟡
Q2 Guidance:
🔹 Revenue: $787M–$791M (Est. $768M) 🟢
🔹 EPS (Non-GAAP): $0.40–$0.42 (Est. $0.40) 🟢
Other Key Q1 Metrics:
🔹 Operating Cash Flow: $272M
🔹 Non-GAAP Operating Margin: 22%
🔹 NG Gross Margin: 80% (vs. 83% YoY)
🔹 FCF Margin: 32% (vs. 31% YoY)
Commentary & Strategic Updates
🔸 CEO: “We’re innovating rapidly to help customers solve mission-critical problems in modern cloud environments.”
🔸 M&A: Acquired Eppo (feature flagging) & Metaplane (data observability)
🔸 Named Leader: Forrester Wave AIOps Platforms Q2 2025
🔸 New DC: Announced first data center in Australia
🔸 DASH Conference: Scheduled June 10–11 in NYC
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$DDOG | Datadog Q1'25 Earnings Highlights
🔹 Revenue: $762M (Est. $739M) 🟢; +25% YoY
🔹 EPS (Non-GAAP): $0.46 (Est. $0.43) 🟢
🔹 Free Cash Flow: $244M; +28%
🔹 $100K+ ARR Customers: ~3,770 (vs. 3,340 YoY) +13%
FY25 (Raised):
🔹 Revenue: $3.215B–$3.235B (Est. $3.19B) 🟢
🔹 EPS (Non-GAAP): $1.67–$1.71 (Prior: $1.65–$1.70 | Est. $1.69) 🟡
Q2 Guidance:
🔹 Revenue: $787M–$791M (Est. $768M) 🟢
🔹 EPS (Non-GAAP): $0.40–$0.42 (Est. $0.40) 🟢
Other Key Q1 Metrics:
🔹 Operating Cash Flow: $272M
🔹 Non-GAAP Operating Margin: 22%
🔹 NG Gross Margin: 80% (vs. 83% YoY)
🔹 FCF Margin: 32% (vs. 31% YoY)
Commentary & Strategic Updates
🔸 CEO: “We’re innovating rapidly to help customers solve mission-critical problems in modern cloud environments.”
🔸 M&A: Acquired Eppo (feature flagging) & Metaplane (data observability)
🔸 Named Leader: Forrester Wave AIOps Platforms Q2 2025
🔸 New DC: Announced first data center in Australia
🔸 DASH Conference: Scheduled June 10–11 in NYC
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$DASH | DoorDash Q1'25 Earnings Highlights
🔹 Revenue: $3.03B (Est. $3.09B) 🔴
🔹 EPS: $0.44 (Est. $0.39) 🟢
🔹 Adj EBITDA: $590M (vs. $371M YoY) +59%
🔹 Free Cash Flow: $494M (vs. $487M YoY)
🔹 Net Revenue Margin: 13.1% (Flat YoY)
Guidance (Q2'25):
🔹 Marketplace GOV: $23.3B – $23.7B (Est. 23.5B) 😐
🔹 Adj EBITDA: $600M – $650M
🔸 Expects Q/Q margin improvement through Q3
Key Operating Metrics:
🔹 Total Orders: 732M; +18% YoY
🔹 Marketplace GOV: $23.08B; +20% YoY
🔹 Avg Order Frequency: All-time high
🔹 DashPass & Wolt+ Memberships: Y/Y growth accelerated
🔹 International MAUs: Double-digit Y/Y growth
Acquisition Announcements:
🔸 SevenRooms (Hospitality software, $1.2B deal)
🔸 Deliveroo plc (UK-based, $2.9B all-cash offer)
🔸 Purpose: Enhance commerce platform, expand categories, increase international scale
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$DASH | DoorDash Q1'25 Earnings Highlights
🔹 Revenue: $3.03B (Est. $3.09B) 🔴
🔹 EPS: $0.44 (Est. $0.39) 🟢
🔹 Adj EBITDA: $590M (vs. $371M YoY) +59%
🔹 Free Cash Flow: $494M (vs. $487M YoY)
🔹 Net Revenue Margin: 13.1% (Flat YoY)
Guidance (Q2'25):
🔹 Marketplace GOV: $23.3B – $23.7B (Est. 23.5B) 😐
🔹 Adj EBITDA: $600M – $650M
🔸 Expects Q/Q margin improvement through Q3
Key Operating Metrics:
🔹 Total Orders: 732M; +18% YoY
🔹 Marketplace GOV: $23.08B; +20% YoY
🔹 Avg Order Frequency: All-time high
🔹 DashPass & Wolt+ Memberships: Y/Y growth accelerated
🔹 International MAUs: Double-digit Y/Y growth
Acquisition Announcements:
🔸 SevenRooms (Hospitality software, $1.2B deal)
🔸 Deliveroo plc (UK-based, $2.9B all-cash offer)
🔸 Purpose: Enhance commerce platform, expand categories, increase international scale
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EU 🇪🇺 SAID TO TARGET €100 BILLION OF US GOODS WITH TARIFFS IF TALKS FAIL
Bloomberg reports the European Commission may unveil the proposal this week, aiming to counter Trump's tariffs. In 2023, the EU posted a €48B trade surplus with the US, per EC data—driven by strong goods exports, offset partly by a €109B services deficit.
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EU 🇪🇺 SAID TO TARGET €100 BILLION OF US GOODS WITH TARIFFS IF TALKS FAIL
Bloomberg reports the European Commission may unveil the proposal this week, aiming to counter Trump's tariffs. In 2023, the EU posted a €48B trade surplus with the US, per EC data—driven by strong goods exports, offset partly by a €109B services deficit.
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