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China’s iPhones & mobile phone exports to the US dropped 72% in April to just $688M — the lowest since 2011. Meanwhile, shipments of phone parts to India have surged, with Apple ramping up iPhone production outside China. https://t.co/iRMsxMbK8N
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China’s iPhones & mobile phone exports to the US dropped 72% in April to just $688M — the lowest since 2011. Meanwhile, shipments of phone parts to India have surged, with Apple ramping up iPhone production outside China. https://t.co/iRMsxMbK8N
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Citi's Atif Malik reiterated a Buy on $NVDA with a $150 price target, saying Huang’s Computex keynote reinforced NVDA’s push to expand Gen AI infrastructure. Citi points to key updates like NVLink Fusion, Isaac GR00T N1.5 for humanoid AI, and RTX PRO 6000 Blackwell servers as signs NVIDIA is widening its TAM. GB300 shipments start in Q3, which is in line with Citi’s ~1M unit forecast for 2025.
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Citi's Atif Malik reiterated a Buy on $NVDA with a $150 price target, saying Huang’s Computex keynote reinforced NVDA’s push to expand Gen AI infrastructure. Citi points to key updates like NVLink Fusion, Isaac GR00T N1.5 for humanoid AI, and RTX PRO 6000 Blackwell servers as signs NVIDIA is widening its TAM. GB300 shipments start in Q3, which is in line with Citi’s ~1M unit forecast for 2025.
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Evercore ISI reiterates Outperform on $DELL with a $120 PT after Day 1 of Dell World. Analyst Amit Daryanani says Dell is set to benefit as 85% of enterprises plan to shift Gen AI workloads on-prem over the next 2 years. With new Blackwell-powered servers, AI PCs, and managed services, DELL is positioning as a full-stack AI partner for enterprise customers.
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Evercore ISI reiterates Outperform on $DELL with a $120 PT after Day 1 of Dell World. Analyst Amit Daryanani says Dell is set to benefit as 85% of enterprises plan to shift Gen AI workloads on-prem over the next 2 years. With new Blackwell-powered servers, AI PCs, and managed services, DELL is positioning as a full-stack AI partner for enterprise customers.
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Wolfe Research Lowers $UNH PT to $390 from $501; 'We See a Path to Recovery'
Analyst comments: "We are confident UnitedHealth Group can recover margins in its $190 billion Medicare Advantage segment, which would add $4.94 to EPS versus our 2025 estimate of $21.75. We view signs of stabilization or improvement at Optum Health as the key swing factor for stock performance going forward.
We See a Path to Recovery – Reiterate Outperform. The past five weeks have been unprecedented for UNH in both operational and stock performance terms. While it will take time for earnings and investor sentiment to recover, we are confident in a recovery path for the Medicare Advantage segment. Our 2026 estimate of $26.00 assumes no improvement at the OptumCare capitated physician group, as improved coding and bids are expected to be offset by the final year of the V28 phase-in.
For now, our year-end 2025 price target of $390 is based on a 15x multiple, representing a 30% discount to the S&P 500 based on our 2026 estimate—implying 23% upside."
Analyst: Justin Lake
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Wolfe Research Lowers $UNH PT to $390 from $501; 'We See a Path to Recovery'
Analyst comments: "We are confident UnitedHealth Group can recover margins in its $190 billion Medicare Advantage segment, which would add $4.94 to EPS versus our 2025 estimate of $21.75. We view signs of stabilization or improvement at Optum Health as the key swing factor for stock performance going forward.
We See a Path to Recovery – Reiterate Outperform. The past five weeks have been unprecedented for UNH in both operational and stock performance terms. While it will take time for earnings and investor sentiment to recover, we are confident in a recovery path for the Medicare Advantage segment. Our 2026 estimate of $26.00 assumes no improvement at the OptumCare capitated physician group, as improved coding and bids are expected to be offset by the final year of the V28 phase-in.
For now, our year-end 2025 price target of $390 is based on a 15x multiple, representing a 30% discount to the S&P 500 based on our 2026 estimate—implying 23% upside."
Analyst: Justin Lake
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Wells Fargo sticks with Overweight on $AMD and $120 PT after Sanmina agrees to buy ZT Systems' manufacturing ops for ~$3B—below their $3.5B+ expectation. AMD keeps the engineering side, gaining a strategic NPI partner for rack-scale AI. This lines up with AMD’s MI400 series push in 2026, aiming for high-performance GPU clusters. More clarity expected at AMD’s June 12 AI event.
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Wells Fargo sticks with Overweight on $AMD and $120 PT after Sanmina agrees to buy ZT Systems' manufacturing ops for ~$3B—below their $3.5B+ expectation. AMD keeps the engineering side, gaining a strategic NPI partner for rack-scale AI. This lines up with AMD’s MI400 series push in 2026, aiming for high-performance GPU clusters. More clarity expected at AMD’s June 12 AI event.
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$HD | Home Depot Q1 Earnings Highlights
🔹 Revenue: $39.86B (Est. $39.27B) 🟢; +9.4% YoY
🔹 Adj EPS: $3.56 (Est. $3.59) 🔴; -3.0% YoY
🔹 S.S.S: -0.3% (Est. -0.2%) 🔴
🔸 Not raising prices because of tariffs
FY26 Guide:
🔹 Comparable Sales Growth: About +1.0% (Est. +1.15%) 🔴
🔹 Revenue Growth: About +2.8%
🔹 Operating Margin: ~13.0%
🔹 Adjusted Operating Margin: ~13.4%
🔹 Gross Margin: ~33.4%
🔹 Tax Rate: ~24.5%
🔹 Net Interest Expense: ~$2.2B
🔹 Adjusted EPS: Expected to decline ~2% from FY2024 ($15.24)
🔹 GAAP EPS: Expected to decline ~3% from FY2024 ($14.91)
🔹 Capital Expenditures: ~2.5% of total sales
🔹 New Store Openings: ~13
Q1 Comparable Sales:
🔹 U.S. Comp Sales: +0.2% (Est. -0.16%) 🟢
🔹 Total Comp Sales: -0.3% (Est. -0.2%) 🔴
🔹 FX impact: ~70bps negative to total comp sales
Other Key Q1 Metrics:
🔹 Adj OI: $5.27B; UP +2.7% YoY
🔹 Adj OM: 13.2% (Est. 13.3%) 🔴
🔹 Gross Margin: 33.8%
🔹 Customer Transactions: 394.8M; UP +2.1% YoY
🔹 Average Ticket Size: $90.71 (Flat YoY)
Strategic and Operational Updates:
🔸 Continued customer engagement in smaller projects and seasonal spring events
🔸 SRS acquisition contributed to amortization expense and long-term growth opportunities
🔸 2,350 total retail stores across the U.S., Canada, and Mexico
🔸 Workforce strength: Over 470,000 associates
🔸 Inventory levels: $25.76B vs. $22.42B YoY
CEO Ted Decker's Commentary:
🔸 "Our first quarter results were in line with expectations. We saw solid customer engagement and feel confident about store readiness and product assortment for the spring season."
🔸 CFO: Will not raise prices because of tariffs; More than half of what the company sells comes from the U.S.; We’ve seen the great level of customer engagement that we saw in April continue into the first few weeks of May
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$HD | Home Depot Q1 Earnings Highlights
🔹 Revenue: $39.86B (Est. $39.27B) 🟢; +9.4% YoY
🔹 Adj EPS: $3.56 (Est. $3.59) 🔴; -3.0% YoY
🔹 S.S.S: -0.3% (Est. -0.2%) 🔴
🔸 Not raising prices because of tariffs
FY26 Guide:
🔹 Comparable Sales Growth: About +1.0% (Est. +1.15%) 🔴
🔹 Revenue Growth: About +2.8%
🔹 Operating Margin: ~13.0%
🔹 Adjusted Operating Margin: ~13.4%
🔹 Gross Margin: ~33.4%
🔹 Tax Rate: ~24.5%
🔹 Net Interest Expense: ~$2.2B
🔹 Adjusted EPS: Expected to decline ~2% from FY2024 ($15.24)
🔹 GAAP EPS: Expected to decline ~3% from FY2024 ($14.91)
🔹 Capital Expenditures: ~2.5% of total sales
🔹 New Store Openings: ~13
Q1 Comparable Sales:
🔹 U.S. Comp Sales: +0.2% (Est. -0.16%) 🟢
🔹 Total Comp Sales: -0.3% (Est. -0.2%) 🔴
🔹 FX impact: ~70bps negative to total comp sales
Other Key Q1 Metrics:
🔹 Adj OI: $5.27B; UP +2.7% YoY
🔹 Adj OM: 13.2% (Est. 13.3%) 🔴
🔹 Gross Margin: 33.8%
🔹 Customer Transactions: 394.8M; UP +2.1% YoY
🔹 Average Ticket Size: $90.71 (Flat YoY)
Strategic and Operational Updates:
🔸 Continued customer engagement in smaller projects and seasonal spring events
🔸 SRS acquisition contributed to amortization expense and long-term growth opportunities
🔸 2,350 total retail stores across the U.S., Canada, and Mexico
🔸 Workforce strength: Over 470,000 associates
🔸 Inventory levels: $25.76B vs. $22.42B YoY
CEO Ted Decker's Commentary:
🔸 "Our first quarter results were in line with expectations. We saw solid customer engagement and feel confident about store readiness and product assortment for the spring season."
🔸 CFO: Will not raise prices because of tariffs; More than half of what the company sells comes from the U.S.; We’ve seen the great level of customer engagement that we saw in April continue into the first few weeks of May
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MORGAN STANLEY ON $TSLA (OW; $410 PT): TESLA IS MOVING AWAY FROM 'CAR' & GOING ALL-IN ON AUTONOMY', 'AS CHINA MAY HAVE ALREADY WON THE EV BATTLE'
Analyst comments: "Stunning design at an affordable price. A year ago, when Xiaomi launched the SU7, many of our clients thought it looked like a Porsche, had better tech than a Tesla M3 and was priced like a used VW iD3. With the YU7 small SUV, they may have done it again. It looks like a Ferrari Purosangue or Aston Martin DBX but will be priced like a VW or low-spec Model Y.
• Explains why TSLA is moving away from 'car' and going all-in on autonomy. The YU7 is just the latest sign that Chinese tech firms are taking EV performance and cost to the next level. China may have already won the EV battle. Who can win the autonomy war?
• It's worth remembering... this is Xiaomi's 2nd car - ever. On Ford's 4Q24 conference call, I asked Ford CEO Jim Farley his thoughts on the Xiaomi SU7, a vehicle for which he himself expressed admiration, adding "But (at) the end of the day, it's management's responsibility to beat the SU7 straight up in a street fight." In our view, it may take many years before Ford could have a comparable product to the SU7 or YU7 on dealer lots, by which time one can only imagine the improvements made to Xiaomi's subsequent products and innovations.
• Growth. By 2027, Andy Meng estimates Xiaomi's EV business achieves revenues of 233bn Rmb ($32bn) which is roughly equal to what Tesla's auto unit was achieving in mid to late 2020.
• China EVs are coming to US shores - we think it's just a matter of time. In our view, you can't keep the best product away from the best consumer for very long. Add Xiaomi to the list of capable China auto/tech firms that may represent attractive collaboration candidates as Western legacy auto firms look for ways to achieve higher re-shoring scale, improved capital discipline and lower execution risks. We are not aware of any auto CEO who believes tariffs will be successful in keeping Chinese EV technology fully out of the US market. Many others we speak with are quite open to working with Chinese EV firms to 'on-ramp' critical technologies on-shore, subject to obvious data/compute sensitivities. The biggest question in our minds is: will Beijing allow it?
• Tesla implications. We find market expectations around Tesla's near-term automotive business remain too high and do not fully reflect the quantum of incremental capacity and competition coming out of China, ultimately having an impact in international markets. Understanding this will help make more sense out of Tesla's 'all-in' push into autonomy across a range of modalities, extending far beyond four wheels."
Analyst: Adam Jonas
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MORGAN STANLEY ON $TSLA (OW; $410 PT): TESLA IS MOVING AWAY FROM 'CAR' & GOING ALL-IN ON AUTONOMY', 'AS CHINA MAY HAVE ALREADY WON THE EV BATTLE'
Analyst comments: "Stunning design at an affordable price. A year ago, when Xiaomi launched the SU7, many of our clients thought it looked like a Porsche, had better tech than a Tesla M3 and was priced like a used VW iD3. With the YU7 small SUV, they may have done it again. It looks like a Ferrari Purosangue or Aston Martin DBX but will be priced like a VW or low-spec Model Y.
• Explains why TSLA is moving away from 'car' and going all-in on autonomy. The YU7 is just the latest sign that Chinese tech firms are taking EV performance and cost to the next level. China may have already won the EV battle. Who can win the autonomy war?
• It's worth remembering... this is Xiaomi's 2nd car - ever. On Ford's 4Q24 conference call, I asked Ford CEO Jim Farley his thoughts on the Xiaomi SU7, a vehicle for which he himself expressed admiration, adding "But (at) the end of the day, it's management's responsibility to beat the SU7 straight up in a street fight." In our view, it may take many years before Ford could have a comparable product to the SU7 or YU7 on dealer lots, by which time one can only imagine the improvements made to Xiaomi's subsequent products and innovations.
• Growth. By 2027, Andy Meng estimates Xiaomi's EV business achieves revenues of 233bn Rmb ($32bn) which is roughly equal to what Tesla's auto unit was achieving in mid to late 2020.
• China EVs are coming to US shores - we think it's just a matter of time. In our view, you can't keep the best product away from the best consumer for very long. Add Xiaomi to the list of capable China auto/tech firms that may represent attractive collaboration candidates as Western legacy auto firms look for ways to achieve higher re-shoring scale, improved capital discipline and lower execution risks. We are not aware of any auto CEO who believes tariffs will be successful in keeping Chinese EV technology fully out of the US market. Many others we speak with are quite open to working with Chinese EV firms to 'on-ramp' critical technologies on-shore, subject to obvious data/compute sensitivities. The biggest question in our minds is: will Beijing allow it?
• Tesla implications. We find market expectations around Tesla's near-term automotive business remain too high and do not fully reflect the quantum of incremental capacity and competition coming out of China, ultimately having an impact in international markets. Understanding this will help make more sense out of Tesla's 'all-in' push into autonomy across a range of modalities, extending far beyond four wheels."
Analyst: Adam Jonas
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CHINA GOLD IMPORTS JUMP TO 11-MONTH HIGH
Despite record prices, China brought in 127.5 tons of gold in April — up 73% from March — as investors rushed to hedge rising geopolitical risks. PBOC eased import quotas to meet the spike in demand. Gold briefly hit $3,500/oz last month. https://t.co/sZOxuF0oSf
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CHINA GOLD IMPORTS JUMP TO 11-MONTH HIGH
Despite record prices, China brought in 127.5 tons of gold in April — up 73% from March — as investors rushed to hedge rising geopolitical risks. PBOC eased import quotas to meet the spike in demand. Gold briefly hit $3,500/oz last month. https://t.co/sZOxuF0oSf
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