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ELON MUSK, SAM ALTMAN, JENSEN HUANG TO ATTEND LUNCH WITH TRUMP, MBS IN RIYADH https://t.co/qLDuGqKOH1
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ELON MUSK, SAM ALTMAN, JENSEN HUANG TO ATTEND LUNCH WITH TRUMP, MBS IN RIYADH https://t.co/qLDuGqKOH1
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Barclays Upgrades $SWK to Overweight from Equalweight, Raises PT to $90 from $69
Analyst comments: "We upgrade our rating on SWK to Overweight from Equalweight, alongside an increase in our EPS estimates, and our price target moves to $90. We highlight the following: 1. EPS 'worst case' looks to be off the table for now. Following the news that U.S.–China tariffs would be significantly lower than what was discussed in April, we have revised our EPS estimates to be closer to where they sat prior to April 2, i.e., nearer to $5 in 2025, which compares with the initial EPS guide of ~$5.25, and the recent post-April 2 framework scenario of ~$4.50. In 2026, we estimate EPS of $5.76 vs the Street at $5.64, based on organic sales growth of +4% and adjusted operating margin expansion of +100bps. As a reminder, SWK had screened as the most vulnerable within multi-industry to U.S.–China tariffs. Our revised estimates now embed 30% U.S. tariffs on China and 10% China tariffs on the U.S., down from 145% and 125% prior."
Analyst: Julian Mitchell
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Barclays Upgrades $SWK to Overweight from Equalweight, Raises PT to $90 from $69
Analyst comments: "We upgrade our rating on SWK to Overweight from Equalweight, alongside an increase in our EPS estimates, and our price target moves to $90. We highlight the following: 1. EPS 'worst case' looks to be off the table for now. Following the news that U.S.–China tariffs would be significantly lower than what was discussed in April, we have revised our EPS estimates to be closer to where they sat prior to April 2, i.e., nearer to $5 in 2025, which compares with the initial EPS guide of ~$5.25, and the recent post-April 2 framework scenario of ~$4.50. In 2026, we estimate EPS of $5.76 vs the Street at $5.64, based on organic sales growth of +4% and adjusted operating margin expansion of +100bps. As a reminder, SWK had screened as the most vulnerable within multi-industry to U.S.–China tariffs. Our revised estimates now embed 30% U.S. tariffs on China and 10% China tariffs on the U.S., down from 145% and 125% prior."
Analyst: Julian Mitchell
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Wolfe Research Upgrades $FSLR to Outperform from Peerperform, Sets PT at $221
Analyst comments: "We rate FSLR an Outperform as a direct way to benefit from the Inflation Reduction Act (IRA) as well as anti-China sentiment. The proposed bill by the House Ways and Means Committee shortens the 45X runway by a year, but in our view, likely helps resolve any lingering investor concerns over election fears jeopardizing IRA tax credits. The fact that we're seeing Republican support and a tax bill reaffirming 45X likely suggests the credit is safe from repeal. Downside risks include warranty issues related to Series 7 panels, perceived disadvantages in thin film technology, new competition in the U.S. market that eventually drives down average selling prices, customer project delays or contract cancellation risk, and logistics or freight issues that can cause negative surprises."
Analyst: Steve Fleishman
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Wolfe Research Upgrades $FSLR to Outperform from Peerperform, Sets PT at $221
Analyst comments: "We rate FSLR an Outperform as a direct way to benefit from the Inflation Reduction Act (IRA) as well as anti-China sentiment. The proposed bill by the House Ways and Means Committee shortens the 45X runway by a year, but in our view, likely helps resolve any lingering investor concerns over election fears jeopardizing IRA tax credits. The fact that we're seeing Republican support and a tax bill reaffirming 45X likely suggests the credit is safe from repeal. Downside risks include warranty issues related to Series 7 panels, perceived disadvantages in thin film technology, new competition in the U.S. market that eventually drives down average selling prices, customer project delays or contract cancellation risk, and logistics or freight issues that can cause negative surprises."
Analyst: Steve Fleishman
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$JD.com Q1'25 Earnings Highlights
🔹 Revenue: RMB301.1B (Est. RMB290.6B) 🟢; UP +15.8% YoY
🔹 Adj. EPS: RMB8.41 (Est. RMB7.09) 🟢; UP +48.8% YoY
🔹 Non-GAAP Net Income: RMB12.8B; UP +43.4% YoY
🔹 Operating Income: RMB10.5B; UP +36.8% YoY
🔹 Non-GAAP Operating Income: RMB11.7B; UP +31.4% YoY
🔹 Non-GAAP EBITDA: RMB13.7B; UP +27.0% YoY
🔹 Operating Ma
rgin: 3.5% (vs. 3.0% YoY)
🔹 Non-GAAP Operating Margin: 3.9% (vs. 3.4% YoY)
🔹 Free Cash Flow: RMB(21.6)B (vs. RMB(15.5)B YoY)
Segment Revenue
🔹 JD Retail: RMB263.8B; UP +16.3% YoY
🔹 JD Logistics: RMB47.0B; UP +11.5% YoY
🔹 New Businesses: RMB5.75B; UP +18.1% YoY
🔹 Net Product Revenue: RMB242.3B; UP +16.2% YoY
🔹 Net Service Revenue: RMB58.8B; UP +14.0% YoY
🔹 Electronics & Home Appliances: RMB144.3B; UP +17.1% YoY
🔹 General Merchandise: RMB98.0B; UP +14.9% YoY
🔹 Marketplace & Marketing Services: RMB22.3B; UP +15.7% YoY
🔹 Logistics & Other Services: RMB36.5B; UP +13.0% YoY
Operational Highlights
🔸 JD Retail: Strengthened partnerships with Xiaomi, Crocs, La Prairie; launched RMB200B export-to-domestic sales initiative
🔸 New Businesses: Launched JD Food Delivery in Feb 2025, leveraging logistics and retail integration
🔸 JD Health: Expanded pharma launches (Pfizer, Innogen); 80%+ consultations now AI-assisted
🔸 JD Logistics: Opened air route to Bangkok; second warehouse in Warsaw live; HK operations center launched in March
ESG & Shareholder Returns
🔸 Provided full social and housing benefits to full-time food delivery riders — first in China
🔸 JD Ecosystem headcount: ~700,000
🔸 Human resources spend: RMB128.8B over the last 12 months
🔸 Repurchased $1.5B in stock in Q1; $3.5B remaining in buyback authorization
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$JD.com Q1'25 Earnings Highlights
🔹 Revenue: RMB301.1B (Est. RMB290.6B) 🟢; UP +15.8% YoY
🔹 Adj. EPS: RMB8.41 (Est. RMB7.09) 🟢; UP +48.8% YoY
🔹 Non-GAAP Net Income: RMB12.8B; UP +43.4% YoY
🔹 Operating Income: RMB10.5B; UP +36.8% YoY
🔹 Non-GAAP Operating Income: RMB11.7B; UP +31.4% YoY
🔹 Non-GAAP EBITDA: RMB13.7B; UP +27.0% YoY
🔹 Operating Ma
rgin: 3.5% (vs. 3.0% YoY)
🔹 Non-GAAP Operating Margin: 3.9% (vs. 3.4% YoY)
🔹 Free Cash Flow: RMB(21.6)B (vs. RMB(15.5)B YoY)
Segment Revenue
🔹 JD Retail: RMB263.8B; UP +16.3% YoY
🔹 JD Logistics: RMB47.0B; UP +11.5% YoY
🔹 New Businesses: RMB5.75B; UP +18.1% YoY
🔹 Net Product Revenue: RMB242.3B; UP +16.2% YoY
🔹 Net Service Revenue: RMB58.8B; UP +14.0% YoY
🔹 Electronics & Home Appliances: RMB144.3B; UP +17.1% YoY
🔹 General Merchandise: RMB98.0B; UP +14.9% YoY
🔹 Marketplace & Marketing Services: RMB22.3B; UP +15.7% YoY
🔹 Logistics & Other Services: RMB36.5B; UP +13.0% YoY
Operational Highlights
🔸 JD Retail: Strengthened partnerships with Xiaomi, Crocs, La Prairie; launched RMB200B export-to-domestic sales initiative
🔸 New Businesses: Launched JD Food Delivery in Feb 2025, leveraging logistics and retail integration
🔸 JD Health: Expanded pharma launches (Pfizer, Innogen); 80%+ consultations now AI-assisted
🔸 JD Logistics: Opened air route to Bangkok; second warehouse in Warsaw live; HK operations center launched in March
ESG & Shareholder Returns
🔸 Provided full social and housing benefits to full-time food delivery riders — first in China
🔸 JD Ecosystem headcount: ~700,000
🔸 Human resources spend: RMB128.8B over the last 12 months
🔸 Repurchased $1.5B in stock in Q1; $3.5B remaining in buyback authorization
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JPMorgan Reiterates Overweight Rating on $NFLX, PT $1,150
Analyst Comments: "Netflix shares are +30% above post-tariff lows, significantly outperforming the SPX +15%, driven by NFLX’s defensive subscription nature & streaming leadership against macro and tariff uncertainty. We recognize some of that may reverse near-term as trade relief shifts investors more to tariff-impacted names that have lagged in recent weeks. More fundamentally, heading into Netflix’s Upfronts this week we expect the company to: 1) provide updated Ad Tier MAUs , which we believe will be 100M+; 2) announce further expansion of the Netflix Ads Suite across int’l markets (currently available in the US & Canada); & 3) highlight key Live/Sports content — WWE Raw (including int’l rights), Taylor vs. Serrano boxing rematch on 7/11, two Xmas Day NFL Games, & possibly more. We remain bullish on NFLX’s growing Ad Tier scale, & we project Ad Tier subs of 60M+ by the end of 2025, which ties to 140M+ MAUs assuming ~2.3x MAUs/subs. Now that NFLX has reached sufficient scale, the company is shifting its focus more to monetization, & we project Advertising revenue (ex-subscription) of $3.0B in 2025, more than doubling from $1.4B in 2024. Beyond Advertising, the 2025 content slate remains strong, w/key 2Q releases including Nonnas, Sirens, Big Mouth S8, Fear Street: Prom Queen, Ginny & Georgia S3, Tires S2, FUBAR S2, & Squid Game S3. Potential tariff implementation on films produced outside the US has been a growing topic, but implementation remains unclear & it is difficult to size potential financial impact. We note that NFLX produces original content across 50+ countries globally & 3P articles suggest that 50%+ of content is produced internationally. However, NFLX’s contributions to the US are significant with 9k+ full-time US employees, 2.2M square feet of corporate office space in the US, & 3.1M square feet of studio space across 60 US soundstages. We remain positive on NFLX shares & our bull thesis is supported by:1) healthy double-digit revenue growth in both ’25 & ’26; 2) continued operating margin expansion while increasing investments in content, ads, & gaming; 3) multi-year FCF ramp on improving profit & cash content discipline, with increasing buybacks; 4) NFLX’s strong streaming leadership position; & 5) potential to become global TV as NFLX expands its ~308M member base (700M+ global audience) across the 750M+ broadband HHs ex-Russia & China. We project average 2025 & 2026 growth of +13% for FXN revenue, +22% for operating income, +24% for GAAP EPS, & +30% for FCF, which we believe supports NFLX’s premium valuation. We remain Overweight, though we acknowledge shares are not far from our December 2025 PT of $1,150 which is based on ~38x 2026E GAAP EPS of $30.46 & equates to ~42x 2026E FCF of $11.7B."
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JPMorgan Reiterates Overweight Rating on $NFLX, PT $1,150
Analyst Comments: "Netflix shares are +30% above post-tariff lows, significantly outperforming the SPX +15%, driven by NFLX’s defensive subscription nature & streaming leadership against macro and tariff uncertainty. We recognize some of that may reverse near-term as trade relief shifts investors more to tariff-impacted names that have lagged in recent weeks. More fundamentally, heading into Netflix’s Upfronts this week we expect the company to: 1) provide updated Ad Tier MAUs , which we believe will be 100M+; 2) announce further expansion of the Netflix Ads Suite across int’l markets (currently available in the US & Canada); & 3) highlight key Live/Sports content — WWE Raw (including int’l rights), Taylor vs. Serrano boxing rematch on 7/11, two Xmas Day NFL Games, & possibly more. We remain bullish on NFLX’s growing Ad Tier scale, & we project Ad Tier subs of 60M+ by the end of 2025, which ties to 140M+ MAUs assuming ~2.3x MAUs/subs. Now that NFLX has reached sufficient scale, the company is shifting its focus more to monetization, & we project Advertising revenue (ex-subscription) of $3.0B in 2025, more than doubling from $1.4B in 2024. Beyond Advertising, the 2025 content slate remains strong, w/key 2Q releases including Nonnas, Sirens, Big Mouth S8, Fear Street: Prom Queen, Ginny & Georgia S3, Tires S2, FUBAR S2, & Squid Game S3. Potential tariff implementation on films produced outside the US has been a growing topic, but implementation remains unclear & it is difficult to size potential financial impact. We note that NFLX produces original content across 50+ countries globally & 3P articles suggest that 50%+ of content is produced internationally. However, NFLX’s contributions to the US are significant with 9k+ full-time US employees, 2.2M square feet of corporate office space in the US, & 3.1M square feet of studio space across 60 US soundstages. We remain positive on NFLX shares & our bull thesis is supported by:1) healthy double-digit revenue growth in both ’25 & ’26; 2) continued operating margin expansion while increasing investments in content, ads, & gaming; 3) multi-year FCF ramp on improving profit & cash content discipline, with increasing buybacks; 4) NFLX’s strong streaming leadership position; & 5) potential to become global TV as NFLX expands its ~308M member base (700M+ global audience) across the 750M+ broadband HHs ex-Russia & China. We project average 2025 & 2026 growth of +13% for FXN revenue, +22% for operating income, +24% for GAAP EPS, & +30% for FCF, which we believe supports NFLX’s premium valuation. We remain Overweight, though we acknowledge shares are not far from our December 2025 PT of $1,150 which is based on ~38x 2026E GAAP EPS of $30.46 & equates to ~42x 2026E FCF of $11.7B."
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Latest FDIC data shows banks sitting on nearly $500B in unrealized losses on securities. If stagflation sticks around—high rates, slowing growth—lenders to tech, growth, and VC could face mounting credit losses.
Source: Apollo, FDIC. https://t.co/dapR67A0Af
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Latest FDIC data shows banks sitting on nearly $500B in unrealized losses on securities. If stagflation sticks around—high rates, slowing growth—lenders to tech, growth, and VC could face mounting credit losses.
Source: Apollo, FDIC. https://t.co/dapR67A0Af
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Evercore ISI Reiterates Outperform Rating on $WMT, Maintains PT at $105
Analyst comments: "Walmart reports 1Q results before the market opens on Thursday, 5/15. We expect a 'meet and keep' print, with 1Q in line with widened expectations and effectively flat operating income on a 4% comp. With peak tariff uncertainty hopefully behind us, concerns that management could 'soften up' 2Q (Street at $0.70) to keep operating income growth below sales are receding. While 2H remains a significant unknown, Walmart has enough company-specific sales and profit drivers to maintain full-year EPS in the original $2.50–$2.60 range, assuming tariffs land at 35% incremental on China and 15% rest of world.
We are looking for comps slightly above consensus, with EPS mostly in line ($0.58 vs. $0.57). Intra-quarter data support a resilient consumer, with some temporary relief from deescalating China tariff tensions. Walmart appears poised for another quarter of solid results and commentary. Its April analyst day highlighted long-term business drivers including margin-accretive alternative profit streams, and management left full-year guidance unchanged, suggesting sustained momentum.
While Walmart is better positioned than most retailers due to share gains and supply chain strengths, it is not immune from tariffs, FX volatility, and a choppy lower-income consumer. Longer term, we are bullish on Walmart’s ability to drive sustainable traffic growth while expanding EBIT margin globally. Execution and innovation continue to impress, especially in automation, retail media, and digital business profitability.
Walmart remains a Fab Five preferred stock for its defensive growth profile, margin levers, and strong balance sheet/cash flow amid a volatile tariff backdrop. For 1Q, we model net sales up +3.4% and EPS of $0.58 (vs. Street at +2.6% and $0.57), with operating income growing 0.2% (400bps below algorithm). We project 1Q Walmart U.S. and Sam’s Club comps at +4.1% and +6.0%, ahead of Street at +3.9% and +4.5%, respectively. Channel checks and data from Numerator and 2nd Measure indicate Walmart is gaining share amid a tariff pull-forward YTD. Margins are likely flat to slightly down YoY as alternative profit streams offset price investment, Vizio headwinds, leap year comparison, and ~$200M in legal costs cited on April 9. SG&A should remain relatively controlled thanks to efficiency efforts. FX is a risk, along with near-term Vizio dilution. International will underperform in 1Q due to Easter timing shifting to 2Q for some markets."
Analyst: Greg Melich
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Evercore ISI Reiterates Outperform Rating on $WMT, Maintains PT at $105
Analyst comments: "Walmart reports 1Q results before the market opens on Thursday, 5/15. We expect a 'meet and keep' print, with 1Q in line with widened expectations and effectively flat operating income on a 4% comp. With peak tariff uncertainty hopefully behind us, concerns that management could 'soften up' 2Q (Street at $0.70) to keep operating income growth below sales are receding. While 2H remains a significant unknown, Walmart has enough company-specific sales and profit drivers to maintain full-year EPS in the original $2.50–$2.60 range, assuming tariffs land at 35% incremental on China and 15% rest of world.
We are looking for comps slightly above consensus, with EPS mostly in line ($0.58 vs. $0.57). Intra-quarter data support a resilient consumer, with some temporary relief from deescalating China tariff tensions. Walmart appears poised for another quarter of solid results and commentary. Its April analyst day highlighted long-term business drivers including margin-accretive alternative profit streams, and management left full-year guidance unchanged, suggesting sustained momentum.
While Walmart is better positioned than most retailers due to share gains and supply chain strengths, it is not immune from tariffs, FX volatility, and a choppy lower-income consumer. Longer term, we are bullish on Walmart’s ability to drive sustainable traffic growth while expanding EBIT margin globally. Execution and innovation continue to impress, especially in automation, retail media, and digital business profitability.
Walmart remains a Fab Five preferred stock for its defensive growth profile, margin levers, and strong balance sheet/cash flow amid a volatile tariff backdrop. For 1Q, we model net sales up +3.4% and EPS of $0.58 (vs. Street at +2.6% and $0.57), with operating income growing 0.2% (400bps below algorithm). We project 1Q Walmart U.S. and Sam’s Club comps at +4.1% and +6.0%, ahead of Street at +3.9% and +4.5%, respectively. Channel checks and data from Numerator and 2nd Measure indicate Walmart is gaining share amid a tariff pull-forward YTD. Margins are likely flat to slightly down YoY as alternative profit streams offset price investment, Vizio headwinds, leap year comparison, and ~$200M in legal costs cited on April 9. SG&A should remain relatively controlled thanks to efficiency efforts. FX is a risk, along with near-term Vizio dilution. International will underperform in 1Q due to Easter timing shifting to 2Q for some markets."
Analyst: Greg Melich
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BLACKROCK CEO FINK:
“There is $11 trillion sitting in money market funds in the U.S... When there is uncertainty, you are going to keep more & more money in cash — & that is what we witnessed.” The U.S. deficits are “an issue” & warns of more volatility over the next 90 days https://t.co/vdPedHEYlN
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BLACKROCK CEO FINK:
“There is $11 trillion sitting in money market funds in the U.S... When there is uncertainty, you are going to keep more & more money in cash — & that is what we witnessed.” The U.S. deficits are “an issue” & warns of more volatility over the next 90 days https://t.co/vdPedHEYlN
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