Events this week:
Mon 5/6
- Earnings: post: ADTN, AXON, COHR, FIS, FN, LCID, LITE, MCHP, PLTR, PAY, TDC, UCTT, VRNS;
- RSA Security Conference – GS hosts: Armis Security, Sysdig
- NOW Investor Day @ Knowledge Conference
- Gartner US Supply Chain Symposium/Xpo
- Oppenheimer Annual Industrial Growth Conference
Tues 5/7:
- Earnings: pre: BSY, DIS, DDOG, GFS, SQSP, SEAT, TWKS, VPG; // post: ANGI, ALAB, ANET, AZPN, BL, CRUS, CFLT, CPNG, DV, EA, ENV, FLYW, IAC, ICHR, JKHY, KD, LZ, LYFT, MQ, MTCH, ODD, OLO, POWI, PWSC, QLYS, RPD, RDDT, RDFN, RNG, RIVN, TOST, TRIP, TWLO, VECO, VTEX, ZI;
- RSA Security Conference – GS hosts: Versa, Illumio, Vanta, Netskope
- AAPL hosting “Let Loose” event @ 10am ET (iPad Pro and iPad Air expected to debut)
- FIS investor day @ 830am ET
- NOW: Knowledge Conference 5/7-5/9
- VEEV: Veeva Commercial Summit in Boston
- Payroll Congress 2024
- Sellside hosts: ENTG
Weds 5/8:
- Earnings: pre: AFRM, APP, AVDX, BR, CLVT, EMR, FOXA, KLTR, Liberty (FWONK / LBRDK), NYT, PAYO, UBER, VERX, VSH, YOU; // post: ABNB, ARM, BMBL, DOX, DUOL, HUBS, IONZ, JAMF, KVYO, MKSI, NWSA, SEDG, TTD;
- RSA Security Conference – GS hosts: MSFT, CHKP
- NOW: Knowledge Conference 5/7-5/9
- VEEV: Veeva Commercial Summit in Boston
- Sellside hosts: UPWK, IPGP
Thurs 5/9: initial jobless claims
- Earnings: pre: ALGM, BIGC, CCOI, COMM, EPAM, EDR, FOUR, FVRR, Hyatt, PLTK, RBLX, WBD, WMG; // post: AKAM, AAOI, AVPT, CMBM, DIOD, DBX, FROG, GEN, Genpact, GRPN, HRB, INDI, IAS, RXT, SOUN, SYNA, Unity, VCSA, YELP, ZIP;
- RSA Security Conference – GS hosts: Wiz
- NOW: Knowledge Conference 5/7-5/9
- Bloomberg Tech Summit – SNAP (CEO)
- Morgan Stanley Business Services Conference
- Sellside hosts: DNB, FRSH
Fri 5/10: UoM Sentiment
- Earnings: pre: AMCX, DOCN
CATALYSTS
A sneaky robust catalyst path for the Big 6 from here ..
- AAPL: Apple “Let Loose” event on May 7 (iPad Pro and iPad Air expected to debut.)
- GOOGL: Google I/O on May 14
- MSFT: Microsoft to hold a special Windows and Surface AI event on May 20 (“AI vision across hardware and software”)
- GOOGL: Google Marketing Live on May 21st
- NVDA earnings May 22nd
- MSFT: Microsoft Build May 21-23
- PCs at the Edge Theme: COMPUTEX June 3 – 7
- AMZN AWS re: Inforce June 10-12
- AAPL WWDC June 10-14
Finally, if you had to try and rank investor sentiment and positioning on the group right now, you might say:
AMZN > MSFT > META | GOOGL > AAPL
Within this construct, note:
- investor conviction in AMZN feels very strong ..
- MSFT, at the moment, feels like a ‘limited downside’ story (with Bulls ‘waiting’ for a break-out after months of consolidation) ..
- META more 2 way post print given tougher 2H comps & no clear A.I. catalyst ..
- GOOGL has an inflecting bull case (cost cutting), but just carries more ‘headline’ risks (DoJ + A.I.) …
- AAPL is turning into a popular positioning & narrative ‘trade’ ..
Source: Bloomberg. Goldman Sachs