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
The Nasdaq 100:
- if you bought at the December 2022 low, you are up 64% - if you bought at the 2021 high. you are up 5%. - if you bought at March 2020 lows, you are up 150% Source: Bespoke, TME
Smart money is extremely bearish
Source: Game of Trades
Average 3-month ATM implied volatility (max/min range since 2008)
.
There are now 7 comps in the Trillion Dollar Club again. Meta has passed the $1tn mark, and Microsoft is now worth $3tn for the 1st time ever
Note that saudi aramco is the only non-US one Source: Holger Z, Bloomberg
BREAKING: Nvidia, $NVDA, officially hits a record market cap of $1.5 trillion and is now up 27% in 2024
Over the last 3 weeks, Nvidia has added $320 billion in market cap. Since the October 2023 low, Nvidia's market cap is up nearly $600 billion. The stock is also just 6% away from surpassing Amazon as the 5th largest public company in the world. Just 2 years ago, Nvidia had a market cap of $300 billion. Source: The Kobeissi Letter
Total Put/Call Ratio dropped to 0.77 on Friday, one of the lowest levels in the last 2 years
Source: Barchart
