This US equity bull market doesn't care about earnings misses...
Despite the fact that >20% of SPX companies have missed, on average, they are still getting rewarded for it. Source: TME, Jefferies
The "Deutsche Mag 5" -> Germany has its version of Magnificent 7 stocks
An index consisting of SAP, Siemens, Allianz, Munich Re, and Deutsche Telekom has outperformed the Dax Price Index by almost 90ppts over a 10y period. Source: HolgerZ, Bloomberg, TME
Germany has its version of Magnificent 7 stocks">
Germany has its version of Magnificent 7 stocks">
NARROWNESS >>> The top 13 stocks have driven the whole of the S&P’s YTD upside with the top five contributing ~70%
Source: Bloomberg, TME
How are the 'Magnificent 7' Tech Stocks doing so far this year?
Nvidia Is Up +23.2% $NVDA. Meta Is Up +11.3% $META. Alphabet Is Up +9.1% $GOOGL. Microsoft Is Up +7.4% $MSFT. Amazon Is Up +4.7% $AMZN. 🔴 Apple Is Down -0.1% $AAPL 🔴 Tesla Is Down -26.2% $TSLA Source: Jesse Cohen, Bloomberg
With the exception of Tesla (-25%), the Magnificent 7 stocks are off to a big start in 2024 with Nvidia (+26%) once again leading the way
Source: Charlie Bilello
This is mind-blowing!
$GOOGL $MSFT $AAPL Source: Bespoe
Intel $INTC, is down 10% after-hours after providing weaker than expected guidance in their earnings release
The move lower has erased $20 billion in market cap in just two hours. Intel provided Q1 2024 EPS guidance of $0.13, which is well below expectations of $0.34. They are also guiding Q1 2024 revenue of $12.2B-$13.2B, below expectations of $14.2B. The question becomes if this weakness is an Intel issue or an industry-wide issue. Source: The Kobeissi Letter
Tesla shares plunged 12% in worst trading day since 2020 after automaker warns of slowdown
Note that short interest as a % of equity float is near record low... Source: Bloomberg, HolgerZ
