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RT @wallstengine: Goldman Sachs says the recent trade court ruling won’t stop the Trump administration from moving forward with new tariffs. In a note, Alec Phillips writes that even if the IEEPA-based tariffs are struck down, the White House could use Section 122 of the Trade Act of 1974 to impose up to 15% tariffs for 150 days without any formal investigation. That short-term move could serve as a bridge while launching Section 301 investigations, which take longer but allow for more durable, targeted tariffs.
Goldman notes that sector-based tariffs, like those already applied to steel and autos under Section 232, remain unaffected by the court ruling. Phillips adds, “We already expect additional sectoral tariffs (pharmaceuticals, semiconductors/electronics, etc.) and uncertainty regarding the IEEPA-based tariffs could lead the White House to put more emphasis on sectoral tariffs, where there is much less legal uncertainty.”
He also flags Section 338 of the 1930 Trade Act as another tool available to the president, though it’s never been used and doesn’t require congressional input. Overall, Goldman calls the court ruling a “nothingburger” given the other options still available to impose trade measures.
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RT @wallstengine: Goldman Sachs says the recent trade court ruling won’t stop the Trump administration from moving forward with new tariffs. In a note, Alec Phillips writes that even if the IEEPA-based tariffs are struck down, the White House could use Section 122 of the Trade Act of 1974 to impose up to 15% tariffs for 150 days without any formal investigation. That short-term move could serve as a bridge while launching Section 301 investigations, which take longer but allow for more durable, targeted tariffs.
Goldman notes that sector-based tariffs, like those already applied to steel and autos under Section 232, remain unaffected by the court ruling. Phillips adds, “We already expect additional sectoral tariffs (pharmaceuticals, semiconductors/electronics, etc.) and uncertainty regarding the IEEPA-based tariffs could lead the White House to put more emphasis on sectoral tariffs, where there is much less legal uncertainty.”
He also flags Section 338 of the 1930 Trade Act as another tool available to the president, though it’s never been used and doesn’t require congressional input. Overall, Goldman calls the court ruling a “nothingburger” given the other options still available to impose trade measures.
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Wall St Engine
S&P 500 Closing Bell Heatmap (May 29, 2025)
$SPY +0.38% 🟩
$QQQ +0.20% 🟩
$DJI +0.28% 🟩
$IWM +0.30% 🟩
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S&P 500 Closing Bell Heatmap (May 29, 2025)
$SPY +0.38% 🟩
$QQQ +0.20% 🟩
$DJI +0.28% 🟩
$IWM +0.30% 🟩
S&P 500 Opening Bell Heatmap (May 29, 2025)
$SPY +0.89% 🟩
$QQQ +1.36% 🟩
$DJI +0.15% 🟩
$IWM +0.64% 🟩 tweet
Wall St Engine
$NTAP | NetApp Q4 Earnings Highlights
🔹 Adj. EPS: $1.93 (Est. $1.89) 🟢; +7% YoY
🔹 Revenue: $1.73B (Est. $1.72B) 🟢; +4% YoY
🔹 All-Flash ARR: $4.1B; +14% YoY
🔹 Public Cloud Rev: $164M; +8% YoY
Q1 Guide:
🔹 Adj. EPS: $1.48–$1.58 (Est. $1.66) 🔴
🔹 Revenue: $1.46B–$1.61B (Est. $1.60B) 🟡
🔹 Gross Margin (Non-GAAP): 71%–72%
🔹 Op. Margin (Non-GAAP): 25%–26%
FY26 Guidance:
🔹 Revenue: $6.625B–$6.875B
🔹 Adj. EPS: $7.60–$7.90
🔹 Gross Margin (Non-GAAP): 71%–72%
🔹 Op. Margin (Non-GAAP): 28.8%–29.8%
Other Key Q1 Metrics:
🔹 Gross Profit (Non-GAAP): $1.20B; Record
🔹 Op. Income (Non-GAAP): $496M; Record
🔹 Cash from Ops: $675M (vs. $613M YoY)
Dividend Update:
🔸 Next dividend: $0.52/share, payable July 23, 2025
Strategic & Product Highlights:
🔸 Innovation: New ASA/FAS50 storage arrays, EF portfolio QLC support, BlueXP AI tools, AI/ML data vaulting, ransomware protection, Trident 25.02 for Kubernetes
🔸 Cloud Focus: Exited Spot by NetApp; stronger Microsoft & Google Cloud integrations
🔸 AI Leadership: Validated by NVIDIA for DGX SuperPOD; integrated with NVIDIA AI Data Platform
🔸 NFL Partnership: Named Official Intelligent Data Infrastructure Partner
Executive & Recognition:
🔸 New Appointments:
• Frank Pelzer to Board
• Beth O’Callahan as Chief Administrative Officer
🔸 Awards:
• Google Cloud Infra Partner of the Year
• Gartner Peer Insights: Customers’ Choice
• CRN: Top AI, Storage, Data Center & Partner Awards
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$NTAP | NetApp Q4 Earnings Highlights
🔹 Adj. EPS: $1.93 (Est. $1.89) 🟢; +7% YoY
🔹 Revenue: $1.73B (Est. $1.72B) 🟢; +4% YoY
🔹 All-Flash ARR: $4.1B; +14% YoY
🔹 Public Cloud Rev: $164M; +8% YoY
Q1 Guide:
🔹 Adj. EPS: $1.48–$1.58 (Est. $1.66) 🔴
🔹 Revenue: $1.46B–$1.61B (Est. $1.60B) 🟡
🔹 Gross Margin (Non-GAAP): 71%–72%
🔹 Op. Margin (Non-GAAP): 25%–26%
FY26 Guidance:
🔹 Revenue: $6.625B–$6.875B
🔹 Adj. EPS: $7.60–$7.90
🔹 Gross Margin (Non-GAAP): 71%–72%
🔹 Op. Margin (Non-GAAP): 28.8%–29.8%
Other Key Q1 Metrics:
🔹 Gross Profit (Non-GAAP): $1.20B; Record
🔹 Op. Income (Non-GAAP): $496M; Record
🔹 Cash from Ops: $675M (vs. $613M YoY)
Dividend Update:
🔸 Next dividend: $0.52/share, payable July 23, 2025
Strategic & Product Highlights:
🔸 Innovation: New ASA/FAS50 storage arrays, EF portfolio QLC support, BlueXP AI tools, AI/ML data vaulting, ransomware protection, Trident 25.02 for Kubernetes
🔸 Cloud Focus: Exited Spot by NetApp; stronger Microsoft & Google Cloud integrations
🔸 AI Leadership: Validated by NVIDIA for DGX SuperPOD; integrated with NVIDIA AI Data Platform
🔸 NFL Partnership: Named Official Intelligent Data Infrastructure Partner
Executive & Recognition:
🔸 New Appointments:
• Frank Pelzer to Board
• Beth O’Callahan as Chief Administrative Officer
🔸 Awards:
• Google Cloud Infra Partner of the Year
• Gartner Peer Insights: Customers’ Choice
• CRN: Top AI, Storage, Data Center & Partner Awards
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Wall St Engine
$DELL Q1 Earnings Highlights
🔹 Revenue: $23.38B (Est. $23.14B) 🟢; +5% YoY
🔹 Adj. EPS: $1.55 (Est. $1.69) 🔴; +17% YoY
🔸 AI Server Demand: $12.1B in AI orders this quarter alone; $14.4B AI backlog
Q2 Guidance:
🔹 Revenue: $28.5B–$29.5B (Est. $25.35B) 🟢
🔹 Adj. EPS: ~$2.25 (Est. $2.09) 🟢
🔹 GAAP EPS: ~$1.85
FY Guidance:
🔹 Revenue: $101B–$105B (Est. $103B midpoint) 🟡
🔹 Adj. EPS: ~$9.40 (Est. $9.20) 🟢
🔹 GAAP EPS: ~$7.99
Q1 Segment Highlights:
🔸 ISG Revenue: $10.3B; +12% YoY
🔹 Servers & Networking: $6.3B; +16% YoY
🔹 Storage: $4.0B; +6% YoY
🔸 ISG Operating Income: $998M; +36% YoY
🔸 CSG Revenue: $12.5B; +5% YoY
🔹 Commercial: $11.0B; +9% YoY
🔹 Consumer: $1.5B; −19% YoY
🔸 CSG Operating Income: $653M; −16% YoY
Other Key Q1 Metrics:
🔹 Record Cash Flow from Ops: $2.80B; +168% YoY
🔹 Adj. Free Cash Flow: $2.23B; +258% YoY
🔹 Capital Return: $2.4B to shareholders (buybacks + dividends)
🔸 Server/Networking Revenue: Record quarter
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$DELL Q1 Earnings Highlights
🔹 Revenue: $23.38B (Est. $23.14B) 🟢; +5% YoY
🔹 Adj. EPS: $1.55 (Est. $1.69) 🔴; +17% YoY
🔸 AI Server Demand: $12.1B in AI orders this quarter alone; $14.4B AI backlog
Q2 Guidance:
🔹 Revenue: $28.5B–$29.5B (Est. $25.35B) 🟢
🔹 Adj. EPS: ~$2.25 (Est. $2.09) 🟢
🔹 GAAP EPS: ~$1.85
FY Guidance:
🔹 Revenue: $101B–$105B (Est. $103B midpoint) 🟡
🔹 Adj. EPS: ~$9.40 (Est. $9.20) 🟢
🔹 GAAP EPS: ~$7.99
Q1 Segment Highlights:
🔸 ISG Revenue: $10.3B; +12% YoY
🔹 Servers & Networking: $6.3B; +16% YoY
🔹 Storage: $4.0B; +6% YoY
🔸 ISG Operating Income: $998M; +36% YoY
🔸 CSG Revenue: $12.5B; +5% YoY
🔹 Commercial: $11.0B; +9% YoY
🔹 Consumer: $1.5B; −19% YoY
🔸 CSG Operating Income: $653M; −16% YoY
Other Key Q1 Metrics:
🔹 Record Cash Flow from Ops: $2.80B; +168% YoY
🔹 Adj. Free Cash Flow: $2.23B; +258% YoY
🔹 Capital Return: $2.4B to shareholders (buybacks + dividends)
🔸 Server/Networking Revenue: Record quarter
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$ZS | Zscaler Q3 Earnings Highlights
🔹 Revenue: $678.0M (Est. $666.4M) 🟢; +23% YoY
🔹 Adj. EPS: $0.84 (Est. $0.75) 🟢; +18% YoY
🔹 Billings: $784.5M; +25% YoY
🔹 Deferred Revenue: $1.99B; +26% YoY
🔹 Adj. Net Income: $136.8M (Est. $123.9M) 🟢
🔹 Cash from Ops: $211.1M; +22% YoY
🔹 Free Cash Flow: $119.5M (vs. $123.1M YoY)
🔹 Cash + ST Investments: $3.01B; +$596M from FY start
Q4;25 Guidance:
🔹 Revenue: $705M–$707M
🔹 Adj. Operating Income: $152M–$154M
🔹 Adj. EPS: $0.79–$0.80
FY25 Guidance:
🔹 Revenue: $2.659B–$2.661B
🔹 Billings: $3.184B–$3.189B
🔹 Adj. Operating Income: $573M–$575M
🔹 Adj. EPS: $3.18–$3.19
🔹 Diluted Share Count Assumption: ~163–164M
🔹 Non-GAAP Tax Rate: 23% (new methodology)
Strategic & Product Highlights:
🔸 Appointed Kevin Rubin as CFO and Raj Judge as EVP of Strategy & Board Member
🔸 Announced acquisition of Red Canary, enhancing AI-powered MDR capabilities
🔸 Leader in Gartner Magic Quadrant for SSE (4th year in a row)
🔸 Recognized in IDC DLP MarketScape
🔸 Launched Zscaler Asset Exposure Management (CTEM platform foundation)
🔸 Published AI Security, VPN Risk, and Phishing reports via ThreatLabz
🔸 T-Mobile adopted Zscaler Zero Trust Exchange for secure hybrid workforce
🔸 Zscaler now available on AWS Marketplace for U.S. Intelligence Community
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$ZS | Zscaler Q3 Earnings Highlights
🔹 Revenue: $678.0M (Est. $666.4M) 🟢; +23% YoY
🔹 Adj. EPS: $0.84 (Est. $0.75) 🟢; +18% YoY
🔹 Billings: $784.5M; +25% YoY
🔹 Deferred Revenue: $1.99B; +26% YoY
🔹 Adj. Net Income: $136.8M (Est. $123.9M) 🟢
🔹 Cash from Ops: $211.1M; +22% YoY
🔹 Free Cash Flow: $119.5M (vs. $123.1M YoY)
🔹 Cash + ST Investments: $3.01B; +$596M from FY start
Q4;25 Guidance:
🔹 Revenue: $705M–$707M
🔹 Adj. Operating Income: $152M–$154M
🔹 Adj. EPS: $0.79–$0.80
FY25 Guidance:
🔹 Revenue: $2.659B–$2.661B
🔹 Billings: $3.184B–$3.189B
🔹 Adj. Operating Income: $573M–$575M
🔹 Adj. EPS: $3.18–$3.19
🔹 Diluted Share Count Assumption: ~163–164M
🔹 Non-GAAP Tax Rate: 23% (new methodology)
Strategic & Product Highlights:
🔸 Appointed Kevin Rubin as CFO and Raj Judge as EVP of Strategy & Board Member
🔸 Announced acquisition of Red Canary, enhancing AI-powered MDR capabilities
🔸 Leader in Gartner Magic Quadrant for SSE (4th year in a row)
🔸 Recognized in IDC DLP MarketScape
🔸 Launched Zscaler Asset Exposure Management (CTEM platform foundation)
🔸 Published AI Security, VPN Risk, and Phishing reports via ThreatLabz
🔸 T-Mobile adopted Zscaler Zero Trust Exchange for secure hybrid workforce
🔸 Zscaler now available on AWS Marketplace for U.S. Intelligence Community
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Wall St Engine
RT @wallstengine: We’ll see if the court ruling holds, but for now, markets are dialing back recession odds—now down to 38%. Expectations for the Fed’s 2025 terminal rate cut are still sitting below 25bps. https://t.co/VsooOMDck6
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RT @wallstengine: We’ll see if the court ruling holds, but for now, markets are dialing back recession odds—now down to 38%. Expectations for the Fed’s 2025 terminal rate cut are still sitting below 25bps. https://t.co/VsooOMDck6
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Wall St Engine
$MRVL | Marvell Q1 Earnings Highlights
🔹 Revenue: $1.90B (Est. $1.88B) 🟢; +63% YoY
🔹 Adj. EPS: $0.62 (Est. $0.61) 🟢
Q2 Guidance:
🔹 Revenue: ~$2.00B (Est. $1.98B) 🟢
🔹 Adj. EPS: ~$0.67 ± $0.05 (Est. $0.67)
🔹 Non-GAAP Gross Margin: 59%–60%
🔹 Diluted Share Count: ~874M
Strategic Commentary:
🔸 CEO Matt Murphy: “Custom silicon programs and electro-optics products are driving AI-led growth in the data center segment.”
🔸 Marvell to host a Custom AI Investor Event on June 17, highlighting its expanding AI platform and market share goals.
🔸 Positioned to lead in the shift toward custom AI infrastructure.
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$MRVL | Marvell Q1 Earnings Highlights
🔹 Revenue: $1.90B (Est. $1.88B) 🟢; +63% YoY
🔹 Adj. EPS: $0.62 (Est. $0.61) 🟢
Q2 Guidance:
🔹 Revenue: ~$2.00B (Est. $1.98B) 🟢
🔹 Adj. EPS: ~$0.67 ± $0.05 (Est. $0.67)
🔹 Non-GAAP Gross Margin: 59%–60%
🔹 Diluted Share Count: ~874M
Strategic Commentary:
🔸 CEO Matt Murphy: “Custom silicon programs and electro-optics products are driving AI-led growth in the data center segment.”
🔸 Marvell to host a Custom AI Investor Event on June 17, highlighting its expanding AI platform and market share goals.
🔸 Positioned to lead in the shift toward custom AI infrastructure.
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Wall St Engine
$PATH | UiPath Q1 Earnings Highlights
🔹 Revenue: $356.6M (Est. $332.8M) 🟢 +6% YoY
🔹 Adj. EPS: $0.11 (Est. $0.10) 🟢
🔹 ARR: $1.693B; +12% YoY; Net New ARR: $27M
🔹 Dollar-Based Net Retention: 108%
Q2 Guidance:
🔹 Revenue: $345M–$350M (Est. $331.8M) 🟢
🔹 ARR (as of July 31): $1.715B–$1.720B
🔹 Non-GAAP Op. Income: ~$40M
FY26 Guidance:
🔹 Revenue: $1.549B–$1.554B (Est. $1.523B) 🟢
🔹 ARR (as of Jan 31, 2026): $1.820B–$1.825B
🔹 Non-GAAP Op. Income: ~$305M
Other Key Q1 Metrics:
🔹 Cash Flow from Ops: $119M
🔹 Free Cash Flow: $117M
🔹 Cash & Equivalents: $1.59B
Strategic Commentary & Business Highlights:
🔸 CEO: “Strong start to FY26 with better-than-expected top & bottom line. Confident in product roadmap and execution.”
🔸 Launched Agentic Automation Platform: Unifies AI agents, robots, and humans in a single system.
🔸 Debuted Test Cloud: AI-powered platform for full-cycle software testing.
🔸 Enhanced Microsoft Copilot integration through UiPath Maestro.
🔸 Named Leader in IDC MarketScape for Business Automation Platforms and Everest Group’s IDP Assessment.
🔸 Announced Google Cloud AI partnership: Deployed medical record summarization agents using Gemini 2.0 Flash via Vertex AI.
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$PATH | UiPath Q1 Earnings Highlights
🔹 Revenue: $356.6M (Est. $332.8M) 🟢 +6% YoY
🔹 Adj. EPS: $0.11 (Est. $0.10) 🟢
🔹 ARR: $1.693B; +12% YoY; Net New ARR: $27M
🔹 Dollar-Based Net Retention: 108%
Q2 Guidance:
🔹 Revenue: $345M–$350M (Est. $331.8M) 🟢
🔹 ARR (as of July 31): $1.715B–$1.720B
🔹 Non-GAAP Op. Income: ~$40M
FY26 Guidance:
🔹 Revenue: $1.549B–$1.554B (Est. $1.523B) 🟢
🔹 ARR (as of Jan 31, 2026): $1.820B–$1.825B
🔹 Non-GAAP Op. Income: ~$305M
Other Key Q1 Metrics:
🔹 Cash Flow from Ops: $119M
🔹 Free Cash Flow: $117M
🔹 Cash & Equivalents: $1.59B
Strategic Commentary & Business Highlights:
🔸 CEO: “Strong start to FY26 with better-than-expected top & bottom line. Confident in product roadmap and execution.”
🔸 Launched Agentic Automation Platform: Unifies AI agents, robots, and humans in a single system.
🔸 Debuted Test Cloud: AI-powered platform for full-cycle software testing.
🔸 Enhanced Microsoft Copilot integration through UiPath Maestro.
🔸 Named Leader in IDC MarketScape for Business Automation Platforms and Everest Group’s IDP Assessment.
🔸 Announced Google Cloud AI partnership: Deployed medical record summarization agents using Gemini 2.0 Flash via Vertex AI.
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Dimitry Nakhla | Babylon Capital®
The S&P 500 $SPY just turned positive YTD
At one point $SPY entered a bear market and was down -21%
Here are 10 quality stocks that are up substantially more than the market YTD & their latest forward multiples 🧵 https://t.co/HW0hh04KOr
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The S&P 500 $SPY just turned positive YTD
At one point $SPY entered a bear market and was down -21%
Here are 10 quality stocks that are up substantially more than the market YTD & their latest forward multiples 🧵 https://t.co/HW0hh04KOr
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