UG
#MSCI /DB/Buy：UBS/CSの合併による一時的な下振れとQ1の季節的な弱さはあったが、ここからは伸びるし調整を経てバリュエーションも改善
#SE /Loop Cap/Buy：インドネシアの規制当局を満たすために合併して以来初めての動きであるTikTok-Tokopediaの手数料率の引き上げの最近の発表が、Seaの株式の再評価を引き起こした
#TSLA /BofA/Buy：経営陣のコメントと相まって、主要な懸念事項に対処し、「成長の物語を再活性化した」。同社は、Q 1レポートで否定的なカタリストが「ノックアウト」され、今年の残りの期間を通じて肯定的なカタリストが構築されると見ています。
#PKG /WFC/OW：商業的なプラスオペレーション戦略、よく投資された資産、そして潜在的なキャピタルリターンが魅力
#ABNB /Mizuho/Buy：スポンサーの住居提供により10%超のEBITDAの成長が長期にわたって見込める

DG
#IVZ /Keefe/MP：AUMが手数料の低いプロダクトで伸びており収益の成長に逆風
#TAP /Citi/Sell：ScannerのデータによればTAPのビールの伸び率はYoYでマイナスに転じ、その傾向は続く可能性が高い。BUDからのシェアの獲得の追い風は今年はもうない
#ENPH /Guggenheim/N

Initiate
#SMCI /KeyBanc/SW：AI関連の伸びの恩恵を受けられ、サーバー需要は2027までに10% YoYで成長

earnings
〇#HLT：System-wide comparable RevPAR increased 2.0 percent, on a currency neutral basis, for the first quarter compared to the same period in 2023/Approved 29,800 new rooms for development during the first quarter, bringing Hilton's development pipeline to a record 472,300 rooms as of March 31, 2024, representing growth of 10 percent from March 31, 2023/Full year 2024 system-wide RevPAR is projected to increase between 2.0 percent and 4.0 percent on a comparable and currency neutral basis compared to 2023/For the three months ended March 31, 2024, system-wide comparable RevPAR increased 2.0 percent compared to the same period in 2023 due to increases in both occupancy and ADR, and management and franchise fee revenues increased 14.4 percent compared to the same period in 2023./
◎#TMO：Organic revenue was 4% lower and Core organic revenue growth declined 3%.
×SYF：Q1 profit misses expectations on higher provisions tied to Ally deal：Point-of-sale financing allows customers to pay for purchases over a period of time. It is similar to buy now, pay later loans but is typically used to finance bigger purchases with longer repayment periods./Provisions for credit losses were $1.88 billion, higher than the $1.65 billion analysts had predicted./Says receivables growth consistent with expectations, payment rate slightly lower than expectations and purchase volume below expectations.expects net charge-offs to peak mid-year.
×#BG：In Agribusiness higher Processing results were more than offset by lower results in Merchandising
〇#HUM Reports First Quarter 2024 Financial Results; Affirms Full Year Adjusted 2024 Financial Guidance：Raises 2024 individual Medicare Advantage annual membership growth by 50,000 to now anticipate annual growth of approximately 150,000, or 2.8 percent/Continues successful track record of organic expansion in Medicaid with recent contract wins in Florida, Texas, and Virginia/
〇#BSX：Reported net sales of $3.856 billion, representing an increase of 13.8 percent on a reported basis, compared to the company's guidance range of 7.5 to 9.5 percent/Strong demand for heart devices driving revenue and profit growth./Continued growth trajectory expected in both reported and organic net sales.
〇#HAS：sees FY24 consumer products segment revenue down 7%-12%
〇#T beats estimates for subscriber additions, free cash flow：more people purchased its higher-tier unlimited plans/AT&T added 349,000 net monthly bill-paying wireless phone subscribers in the first quarter, flying past expectations of 286,800 additions/
×#GD：Revenue of $10.7 billion, up 8.6% from year-ago quarter/The consolidated book-to-bill ratio, defined as orders divided by revenue, was 1-to-1 for the quarter. Company-wide backlog of $93.7 billion was up 4.4% from the year-ago quarter./In the Aerospace segment, orders in the quarter totaled $2.4 billion, growing backlog to $20.5 billion, up 6.2% from the year-ago quarter.
#BA lower MAX production will slow planemaker's recovery, CEO says：
#NSC
〇#LAD Reports Record First Quarter Revenue of $8.6 billion, 23% Increase：Total revenues increased 23%/
New vehicle same store units grew by 3.6 %/Total vehicle gross profit per unit of $4,346, down $1,239
(AH)
×#META Sees Q2 Revenue: $36.5B - $39B (Est. $38.2B)/We anticipate our full-year 2024 capital expenditures will be in the range of $35-40 billion, increased from our prior range of $30-37 billion as we continue to accelerate our infrastructure investments to support our artificial intelligence (AI) roadmap/"We typically don't focus that much on monetization of the new areas until they reach significant scale,..So, you enter this period where, I think, smart investors see that the product is scaling & that there's a clear monetizable opportunity there, even before the revenue materializes"/For the second quarter, the social media giant sees revenue of $36.5 billion to $39 billion. Analysts were expecting $38.24 billion of revenue in the quarter, which means the midpoint of the range is a disappointment to the Street./Meta Stock Slides Despite Q1 Earnings Beat. AI Costs Rising As Guidance Disappoints.
×#IBM Revenue: $14.46B (Est. $14.51B)/Expects FY revenue performance in line with mid-single-digit model./"You're seeing clients in this uncertain macroeconomic environment. You're seeing clients that are tightening discretionary spending,"＝The consulting results reflect a “weak IT spending climate,”/Red Hat posted sales growth of 9%, another comparatively slow period for a business that once regularly jumped more than 20% each quarter
〇#CMG Q1 2024 Earnings: Surpasses Analyst Revenue and EPS Forecasts：same-store sales jumping by 7%, higher than estimates of 5.13%/The chain saw a 5.4% increase in foot traffic, though the average check was only up 1.6%, lower than the 2.0% expected./For 2024, the company expects sales growth of mid- to high-single digits, up from the previous guidance of mid-single-digit growth.
〇#WHR Q1 Earnings: Challenges in North America Offset by Strong International
#NOW forecasts weak quarterly revenue as businesses trim spending: $2.525B - $2.53B (Est. $2.54B)/FY Subscription Revenue Guidance: $10.56B - $10.575B (Est. $10.59B)/As of March 31, 2024, current remaining performance obligations ("cRPO"), contract revenue that will be recognized as revenue in the next 12 months, was $8.45 billion, representing 21% year-over-year growth and 21% in constant currency. The company now has 1,933 total customers with more than $1 million in annual contract value ("ACV"), representing 15% year-over-year growth in customers./That's a bit fewer contract wins than last quarter and quite a bit below what we've typically observed over the past four quarters, suggesting that its sales momentum with large customers is slowing.
〇#F Earnings Surprise Wall Street. Auto Giant Maintains 2024 Profit Outlook. EPS: $Ford now expects free cash flow of $6.5 billion-$7.5 billion in 2024, up from its initial outlook of $6 billion-$7 billion. /Ford will recover sales volume and selection later in the year/But Model e, the electric vehicle business, lost $1.3 billion, almost $600 million more than the first quarter of last year. The company said it's cutting costs, but those have been erased by electric vehicle price declines across the industry.he pledged further cost cuts, and profits on the next generation of electric vehicles coming out in the next two to three years.
×#LRCX Q1: Beats On Revenue/chipmakers ordered more of its equipment used to manufacture semiconductors for artificial intelligence applications./Some of those electronics categories are showing signs of recovery even as an AI-boom is prompting chip firms to build new capacity, lending a cascading upside to vendors such as Lam Research./As our customers address the challenges in scaling semiconductors to meet the power and speed requirements for driving AI transformation, Lam is strengthening its leadership and is well-positioned for the significant opportunities ahead
〇#URI Surpasses Analysts' Q1 Revenue Projections and Raises 2024 Guidance：The company's net income margin improved by 190 basis points to 15.6%, driven by higher gross margins from rental revenue and effective cost management.

個別株
$AMZN +0.3% Amazon target price raised at City with buy rating citing operating income to reach 10% margins in 2025 on continued advertising strength and improving retail efficiencies and conversion rates are improving as Amazon's retail business benefits from its regionalization approach with shorter transport distances as the overall cost to serve comes down. Amazon remains one of its top picks across the internet sector.
$NVDA (+1.9% pre) Nvidia supplier SK Hynix plans new AI chip production base in South Korea - SA
#TXN price target raised to $190 from $175 at BofA ：$TXN $ADI $MCHP $NXPI $ON TI's small Q1 beat and inline but sequentially rising Q2 sales guidance, "while modest, potentially marks a recovery inflection in industrial chip demand," with positive read-across for U.S. peers
#UBER (-0.4% pre) #LYFT (-1.5% pre) Uber and Lyft fall after Elon Musk talks up $TSLA robotaxi concept - SA
$AAL $DAL $LUV $UAL
US mandates new airline fee disclosure, refund rules - Reuters
(航空会社に自動払い戻し義務づけ、フライト欠航や大幅変更－米運輸省)
Boeing (BA) cut to Baa3 from Baa2 by Moody's; outlook negative

マクロ・債券
(米国)
U.S MBA MORTGAGE APPLICATIONS (WOW) ACTUAL: -2.7% VS 3.3% PREVIOUS
Durable Goods 2.6%, Exp. 2.5%,
but of course last month was revised much lower from 1.3% to 0.7%
Durables ex trans 0.2%, Exp. 0.2%, Last revised to 0.1% from 0.3%
Subpar 5Y Auction Tails, Pushes Yields To Session Highs
(欧州)
BREAKING: GERMAN IFO BUSINESS CLIMATE ACTUAL 89.4 (FORECAST 88.8, PREVIOUS 87.8) $MACRO
GERMAN IFO CURRENT CONDITIONS ACTUAL 88.9 (FORECAST 88.7, PREVIOUS 88.1) $MACRO
GERMAN IFO EXPECTATIONS ACTUAL 89.9 (FORECAST 88.9, PREVIOUS 87.5) $MACRO
ITALIAN MFG BUSINESS CONFIDENCE ACTUAL 87.6 (FORECAST 89.2, PREVIOUS 88.6) $MACRO
ITALIAN CONSUMER CONFIDENCE ACTUAL 95.2 (FORECAST 96.8, PREVIOUS 96.5) $MACRO
Kering CEO: "While we had anticipated a challenging start to the year, sluggish market conditions, notably in China, and the strategic repositioning of certain of our Houses, starting with Gucci, exacerbated downward pressures on our topline"
(その他)
*与党高官：ドル円、160円から170円にかけて上昇なら為替介入の可能性ー現状は活発な介入議論なし
*JAPAN'S OCHI: USD/JPY MOVE TO 160 COULD TRIGGER ACTION; NO ACTIVE DISCUSSION YET
UK CBI ORDERS ACTUAL -23 (FORECAST -16, PREVIOUS -18) $MACRO
CANADIAN RETAIL SALES MOM ACTUAL -0.1% (FORECAST 0.1%, PREVIOUS -0.3%) $MACRO
BOC MINUTES: GOVERNING COUNCIL WAS SPLIT OVER WHEN TO CUT RATES.

(コモディティ)
China's Steel Market Tactics Under Scrutiny as Steel Demand
Standard Chartered: Global Oil Demand Will Pick Up Strongly In May And June