May 20 2025

 

Markets:

• S&P Futures: Down 0.15%

• NASDAQ 100: Down 0.3%

• Dow Futures: Slightly up

• Russell 2000 (IWM): Down <0.1%

• 10-Year Treasury Yield: Up to 4.49% (from 4.47%)

Macro Context:

• Treasury yield climbed following the Moody’s U.S. debt downgrade, though the concerns weren't surprising.

---

Earnings Highlights:

• Amer Sports (AS):

  • Strong EPS and 25% revenue growth

  • Raised guidance despite tariffs, citing pricing power

• Viking (VIK):

  • Smaller-than-expected loss, 25% revenue growth

  • Weak fiscal 2026 bookings hurt sentiment

• Home Depot (HD):

  • EPS miss; revenue beat with 9.4% increase

  • U.S. comps +0.2% (slight beat)

  • Reaffirmed 2025 guidance (slightly below consensus)

• Elbit Systems (ESLT):

  • Beat with 42% EPS and 22% revenue growth

• Qifu Technology (QFIN):

  • Revenue beat (+12%), unclear on EPS/guidance

• Trip.com (TCOM):

  • EPS beat, revenue miss (-19%)

• H-World (HTHT):

  • EPS and revenue both missed

• Bilibili (BILI):

  • 24% revenue gain, stock rising

• D-Wave Quantum (QBTS):

  • Surging after launching new “Advantage 2” system

• Pony.ai:

  • Revenue +12%, robotaxi revenue up 800%, strong momentum

• VIPS, YALA, EXP, GDS, SBLK:

  • Mixed results; YALA dropped due to -8% in paying users

  • EXP missed EPS/revenue

  • GDS revenue miss, still up

  • SBLK beat but revenue down -21%

• AGYS:

  • Beat on both EPS and revenue

• Pegasystems (PEGA):

  • Joining S&P MidCap 400, replacing Nordstrom (JWN)

• Tesla (TSLA):

  • China weekly sales bounced, but Q2 still tracking below Q1 — a concern

• Levi’s (LEVI):

  • Sold Dockers to Authentic Brands for up to $391M

---

Downgrades:

• Nutanix (NTNX):

  • Raymond James downgraded to Market Perform (PT: $83), citing valuation

• KLA Corp (KLIC):

  • Downgraded to Hold, valuation concerns (PT: $790 unchanged)