New Study - Power and AI

Apple releases new AI (first version)

Bitcoin - Not Buying the Electoral Rhetoric

Correction territory for many tech names

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Warm Up
- NEW CTP ANNOUNCED!
- Jailtime? Short Seller targeted
- The EXCITING Summer Olympics
- Last vote - never again!

Market Update
- New Study - Power and AI
- Apple releases new AI (first version)
- Bitcoin - Not Buying the Electoral Rhetoric
- Correction territory for many of the tech names....
- Microsoft Earnings...

Crowdstrike Glitch
- 2nd shoe is dropping
- Lawsuits are on the way - hitting Crowdstrike and Microsoft
- Several announced this week.....
- CRWD still falling - Down 40% since before the "glitch"

 

Microsoft
- Reports Q4 (Jun) earnings of $2.95 per share, $0.01 better than the FactSet Consensus of $2.94; revenues rose 15.2% year/year to $64.73 bln vs the $64.38 bln FactSet Consensus.
- Azure and other cloud services revenue growth of +29%, +30% constant currency vs +30-31% CC prior guidance.
- Guides next quarter is below consensus
- Stock getting hit - down 7% initially, but comes back a bit in after-hours

AMD
- Better than feared - stock up after hours nicely

Intel
- cutting 1000's of  jobs - they are not a contender at all

Citron Boss
- The activist short seller Andrew Left surrendered in Los Angeles on Monday to face federal criminal securities fraud charges, a spokesman for the U.S. Attorney’s Office there said. (Like he was in jail until bail was paid!)
- $10M Bail
- Andrew Left - is accused of using his public platform, which included social media posts on X and appearances on CNBC, to make illegal profits of at least $16 million by manipulating stock market activity and trading in a way that was contrary to the positions he publicly purported to take.
- Left is also being sued by the U.S. Securities and Exchange Commission, which in a civil complaint filed last week in LA federal court accused him and Citron of “engaging in a $20 million multi-year scheme to defraud followers by “publishing false and misleading statements regarding his supposed stock trading recommendations.”
- “Left bragged to colleagues that some of these statements [he made] were especially effective at inducing retail investors to trade based on his recommendations and said that it was like taking ‘candy from a baby,’” the SEC alleges in that lawsuit.

Big Boys - Tuesday Update
- NVDA (-6.5%) extends to session lows, as AI group comes under pressure ahead of key earnings reports and AI capex guides... other AI movers of note include ARM -6%, VRT -6%, SMCI -5.5%, QCOM -4%, MU -3%, SMH -3%

Eurozone
- The euro zone's economy grew by more than expected in the second quarter of 2024, flash figures from the European Union's statistics office showed Tuesday.
- The zone's gross domestic product rose by 0.3% in the three months to the end of June compared to the previous quarter, the data showed. Economists polled by Reuters had expected a 0.2% increase on a quarterly basis.

McDonald's Earnings
- McDonald’s on Monday reported quarterly earnings and revenue that missed analysts’ expectations as same-store sales declined across every division.
- Earnings per share: $2.97 adjusted vs. $3.07 expected
- Revenue: $6.49 billion vs. $6.61 billion expected
- “At the end of the day, we expect customers will continue to feel the pinch of the economy and a higher cost of living for at least the next several quarters in this very competitive landscape,” McDonald’s U.S. President Joe Erlinger said
- Stock - Went up
- Big plan ????? Bring back the Value Meal (How does that actually help?)