reports
- TMT Team
Moody's upgrades STMicroelectronics N.V. to Baa1 from Baa2, outlook po...
Moody's Investors Service (Moody's) has today upgraded STMicroelectronics N.V. (ST or the company)'s long term issuer rating to Baa1 from Baa2. The outlook remains positive. "The upgrade with a positive outlook of ST reflects its strong financial performance as a consequence of the ongoing high de...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Emerging Markets Breaking Out We see global equities (ACWI-US) going through a consolidation phase between support at $77 and resistance at $84. To reiterate, as long as ACWI-US is above $77 we are constructive and would be buyers. Our work suggests that $77 support is likely to hold based on current market dynamics, and we would flip to bullish on a breakout above $84. · Emerging Markets Breaking Out. One of the many dynamics that supports our constructive outlook is that emerging mar...
STMICROELECTRONICS N.V. ADS
TRI THOMSON REUTERS
TEP TELEPERFORMANCE SE
RTO RENTOKIL INITIAL PLC
030000 CHEIL WORLDWIDE INC.
6750 ELECOM
002475 LUXSHARE PRECISION INDUSTRY CO. LTD. CLASS A
6965 HAMAMATSU PHOTONICS K.K.
6981 MURATA MANUFACTURING CO. LTD.
6723 RENESAS ELECTRONICS CORPORATION
6488 YOSHITAKE INC.
300012 CENTRE TESTING INTERNATIONAL GROUP CO. LTD. CLASS A
DHG DALATA HOTEL GROUP PLC
6098 RECRUIT HOLDINGS CO. LTD.
WTC WISETECH GLOBAL LTD.
CCL CARNIVAL CORPORATION
SOI SOLARIS OILFIELD INFRASTRUCTURE
NICE NICE LTD
LWSA3 LOCAWEB SERVICOS DE INTERNET
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
S&P 500 Coiled Spring Our view remains bullish as long as the S&P 500 is above the 2940-2980 support zone and we suggest buying any dips. Additionally, 3076 is a short-term support level to watch on the S&P 500; if 3076 holds it would be further confirmation that the bulls are still in charge. · What Would Alter Our Bullish Outlook? Key support levels we are watching include the 2940-2980 zone on the S&P 500, 9500 on the Nasdaq 100 (or $231.50 on the QQQ), and $133 on the Russell 2000...
QRVO QORVO INC.
STMICROELECTRONICS N.V. ADS
XLNX XILINX INC.
WK WORKIVA
TER TERADYNE INC.
SPLK SPLUNK INC.
PRO PROS HOLDINGS INC.
PFSW PFSWEB INC
MPWR MONOLITHIC POWER SYSTEMS INC.
MKSI MKS INSTRUMENTS INC.
MCHP MICROCHIP TECHNOLOGY INCORPORATED
LRCX LAM RESEARCH CORPORATION
EPAY BOTTOMLINE TECHNOLOGIES (DE) INC.
ECOM CHANNELADVISOR CORP
APPS DIGITAL TURBINE
AMAT APPLIED MATERIALS INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
SWKS SKYWORKS SOLUTIONS INC.
FREJA VERISEC AB
KLAC KLA CORPORATION
ASML ASML HOLDING N.V.
AMD ADVANCED MICRO DEVICES INC.
CDLX CARDLYTICS INC
AVLR AVALARA INC
ESTC ELASTIC N.V.
- Dave Nicoski
- Ross LaDuke
Int'l Macro Vision: Sector Synopsis
Int'l Equity Strategy Global equities were on a tear in early January, continuing the trend that began in 4Q2019. As global equities started to get extended, the coronavirus outbreak hit in mid-January, leading to some market setbacks and deterioration in market indicators as global growth expectations were dialed-in. Despite this deterioration, what was important to us was that there were not any breakdowns. Even the areas of the market most-directly affected by the outbreak -- China (MSCI Chi...
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
UBI UBISOFT ENTERTAINMENT SA
STMICROELECTRONICS N.V. ADS
NOVN REALTEK SEMICONDUCTOR CORP
LONN NOVARTIS AG
MAS LONZA GROUP AG
SOBI MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
BAYN SWEDISH ORPHAN BIOVITRUM AB
GEN BAYER AG
AMP GENMAB A/S
KXS AMPLIFON S.P.A.
2376 KINAXIS INC.
9697 GIGA-BYTE TECHNOLOGY CO. LTD.
2379 CAPCOM CO. LTD.
009150 DIP CORPORATION
TECN SAMSUNG ELECTRO-MECHANICS CO. LTD
8WY TECAN GROUP AG
DIM WYNN MACAU LTD.
5483 SARTORIUS STEDIM BIOTECH SA
000660 SINO-AMERICAN SILICON PRODUCTS INC.
00027 SK HYNIX INC
2337 GALAXY ENTERTAINMENT GROUP LIMITED
TECN3 MACRONIX INTERNATIONAL CO. LTD.
237690 TECHNOS
SAP ST PHARM
VIFN SAP SE
OTEX VIFOR PHARMA AG
BIM OPEN TEXT CORPORATION
AMBU B BIOMERIEUX SA
SSU AMBU A/S CLASS B
1928 SAMSUNG ELECTRONICS CO. LTD. SPONSORED GDR
SANDS CHINA LTD.
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Growth Surging Relative to Value Note: This report is presented in an abbreviated format, as we are in production of our January US Macro Vision book. As we head into Q4 earnings season we remain bullish on the broad market. Our bullish outlook is supported by the themes highlighted below: • Price Trends Remain Bullish. Price trends for major indexes in the US (large-, mid-, and small-caps) and abroad (MSCI EM and EAFE) remain on bullish trajectories. • Internals are Healthy. Advance/dec...
STMICROELECTRONICS N.V. ADS
WYNN WYNN RESORTS LIMITED
SNPS SYNOPSYS INC.
SLAB SILICON LABORATORIES INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RMBS RAMBUS INC.
POWI POWER INTEGRATIONS INC.
ON ON SEMICONDUCTOR CORPORATION
MPWR MONOLITHIC POWER SYSTEMS INC.
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
MCHP MICROCHIP TECHNOLOGY INCORPORATED
LVS LAS VEGAS SANDS CORP.
IPHI INPHI CORPORATION
HIMX HIMAX TECHNOLOGIES INC. SPONSORED ADR
DIOD DIODES INCORPORATED
CREE CREE INC.
CDNS CADENCE DESIGN SYSTEMS INC.
ASX ASE TECHNOLOGY HOLDING
ANSS ANSYS INC.
AMBA AMBARELLA INC.
ADSK AUTODESK INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
SWKS SKYWORKS SOLUTIONS INC.
CRUS CIRRUS LOGIC INC.
LSCC LATTICE SEMICONDUCTOR CORPORATION
MGM MGM RESORTS INTERNATIONAL
SMI SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORP. ADS (REP 50 ORD SHS)
MTSI MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC.
UMCB UNITED MICROELECTRONICS CORP (ADR)
DASTY DASSAULT SYSTEMES SA
SGH SMART GLOBAL HOLDINGS INC.
AMD ADVANCED MICRO DEVICES INC.
TSEM TOWER SEMICONDUCTOR LTD
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
MSCI ACWI, STOXX 600 Breaking Out The market continues to feed off of optimism surrounding the US-China “phase one†trade deal. Boris Johnson's UK election victory has added an additional tailwind, particularly in the UK and Europe, where the UK's FTSE 250 and the STOXX Europe 600 indexes are breaking out to all-time highs. At some point the euphoria is likely to wear off, but with continued global bullish developments, it remains our belief that pullbacks should be bought and that global e...
QRVO QORVO INC.
NXPIN NXP SEMICONDUCTORS NV
STMICROELECTRONICS N.V. ADS
ADI ANALOG DEVICES INC.
TXN TEXAS INSTRUMENTS INCORPORATED
TECH BIO-TECHNE CORPORATION
SGEN SEAGEN INC.
RGEN REPLIGEN CORPORATION
QURE UNIQURE NV
ON ON SEMICONDUCTOR CORPORATION
NVDA NVIDIA CORPORATION
MYOK MYOKARDIA INC.
MU MICRON TECHNOLOGY INC.
MTRX MATRIX SERVICE COMPANY
MPWR MONOLITHIC POWER SYSTEMS INC.
MCHP MICROCHIP TECHNOLOGY INCORPORATED
IRWD IRONWOOD PHARMACEUTICALS INC. CLASS A
INTC INTEL CORPORATION
IMMU IMMUNOMEDICS INC.
HZNP HORIZON THERAPEUTICS PUBLIC LIMITED COMPANY
HALO HALOZYME THERAPEUTICS INC.
GBT GLOBAL BLOOD THERAPEUTICS INC
FGEN FIBROGEN INC.
EDIT EDITAS MEDICINE INC.
BMRN BIOMARIN PHARMACEUTICAL INC.
BGNE BEIGENE LTD. SPONSORED ADR
ASX ASE TECHNOLOGY HOLDING
ALNY ALNYLAM PHARMACEUTICALS INC
AIMT AIMMUNE THERAPEUTICS INC
AGIO AGIOS PHARMACEUTICALS INC.
ACAD ACADIA PHARMACEUTICALS INC.
SWKS SKYWORKS SOLUTIONS INC.
IONS IONIS PHARMACEUTICALS INC.
UMCB UNITED MICROELECTRONICS CORP (ADR)
CRSP CRISPR THERAPEUTICS AG
ARNA ARENA PHARMACEUTICALS INC.
IOVA IOVANCE BIOTHERAPEUTICS INC
AMD ADVANCED MICRO DEVICES INC.
EIDX EIDOS THERAPEUTICS
- Dave Nicoski
- Ross LaDuke
Vermilion Macro Vision: U.S. Equity Strategy
The S&P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern. Sending the generals into battle often ends up with no more leaders. Our view of the markets is to deploy a barbell approach of growth and safety. While growth continues to outperform, it does so without the small-caps. Meanwhile utilities and staples continue to march just behind the growth areas of the market, and have been unable to reach new RS highs ...
WEX WEX INC
CMCSA COMCAST CORPORATION CLASS A
STMICROELECTRONICS N.V. ADS
ACN ACCENTURE PLC CLASS A
V VISA INC. CLASS A
PYPL PAYPAL HOLDINGS INC
MCO MOODY'S CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EQIX EQUINIX INC.
CLGX CORELOGIC INC.
CHTR CHARTER COMMUNICATIONS INC. CLASS A
AMT AMERICAN TOWER CORPORATION
ADBE ADOBE INC.
NFLX NETFLIX INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
AZPN ASPEN TECHNOLOGY INC.
EEM ISHARES MSCI EMERGING MARKETS ETF
GDX VANECK VECTORS GOLD MINERS ETF
SBAC SBA COMMUNICATIONS CORP. CLASS A
SPGI S&P GLOBAL INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLU SELECT SECTOR SPDR-UTILITIES
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
FXI ISHARES CHINA LARGE-CAP ETF
A2AHFT MARKET VECTORS JUNIOR GOLD MINERS ETF
RYF INVESCO S&P 500 EQUAL WEIGHT FINANCIALS ETF
RGI INVESCO S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
- Brian Colello
Morningstar | ST Provides a Bullish Midterm Target of $12 Billion of R...
The highlight of STMicroelectronics' 2019 analyst day, in our view, was its introduction of its midterm financial model, which was ahead of our expectations on the top line and consistent with our prior assumptions on the gross margin and operating margin lines. We remain pleased with ST's transformation and focus on higher-margin products in analog, automotive, and microcontrollers. Meanwhile, investments in silicon-carbide based power semis may lead to $1 billion of revenue (as targeted) by 20...
- Brian Colello
ST Provides a Bullish Midterm Target of $12 Billion of Revenue; Mainta...
The highlight of STMicroelectronics' 2019 analyst day, in our view, was its introduction of its midterm financial model, which was ahead of our expectations on the top line and consistent with our prior assumptions on the gross margin and operating margin lines. We remain pleased with ST's transformation and focus on higher-margin products in analog, automotive, and microcontrollers. Meanwhile, investments in silicon-carbide based power semis may lead to $1 billion of revenue (as targeted) by 20...
- Brian Colello
Morningstar | ST Seeks to Power Through Latest Chip Industry Slowdown;...
STMicro reported mildly disappointing first-quarter results and provided investors with a predictably soft second-quarter forecast in light of the ongoing chip industry downturn. However, ST provided relatively bullish revenue guidance for all of 2019 that was ahead of our prior expectations and implies strong sequential growth in the second half of the year. The two main programs that may move the needle for ST appear to be rising chip content in Apple's next generation of iPhones and silicon c...
- Brian Colello
Morningstar | ST Seeks to Power Through the Latest Chip Industry Slowd...
STMicroelectronics is Europe's largest chipmaker and holds one of the broadest product portfolios in the industry. We are pleased to see the company make structural improvements to its product mix and margin profile, and we think it has some promising growth opportunities on the horizon in microcontrollers, sensors, and automotive products.STMicro had some struggles in years past, regularly failing to earn robust profitability due to investments in money-losing digital chip businesses and share ...
- Brian Colello
ST Seeks to Power Through Latest Chip Industry Slowdown; Maintain $22 ...
STMicro reported mildly disappointing first-quarter results and provided investors with a predictably soft second-quarter forecast in light of the ongoing chip industry downturn. However, ST provided relatively bullish revenue guidance for all of 2019 that was ahead of our prior expectations and implies strong sequential growth in the second half of the year. The two main programs that may move the needle for ST appear to be rising chip content in Apple's next generation of iPhones and silicon c...
- Brian Colello
ST Seeks to Power Through the Latest Chip Industry Slowdown
STMicro reported decent fourth-quarter results and provided investors with a predictably soft first-quarter forecast with declining chip demand from Apple and a broad base of Chinese manufacturers. The far bigger news, in our view, was ST's bullish views on its end markets. ST said it expects the first quarter to be a bottom for its China business;Â it anticipates sequential sales growth in the second quarter and an acceleration of such growth in the second half of 2019. ST also believes that th...
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Upgrading equal-weight Energy Of the ten items highlighted in last week's Compass that we would like to see in order to turn more bullish, two have happened -- equal-weighted Energy and UK/European Financials are breaking out. Just as important, the other eight items have not deteriorated significantly. This only serves to add to our already positive outlook as equities are poised to test all-time highs. • Upgrading equal-weight Energy to market weight. Energy equities are waking up and begi...
QRVO QORVO INC.
NXPIN NXP SEMICONDUCTORS NV
STMICROELECTRONICS N.V. ADS
ADI ANALOG DEVICES INC.
TXN TEXAS INSTRUMENTS INCORPORATED
SLAB SILICON LABORATORIES INC.
RMBS RAMBUS INC.
POWI POWER INTEGRATIONS INC.
NBL NOBLE ENERGY INC.
MXL MAXLINEAR INC
MPWR MONOLITHIC POWER SYSTEMS INC.
MCHP MICROCHIP TECHNOLOGY INCORPORATED
IPHI INPHI CORPORATION
INTC INTEL CORPORATION
HES HESS CORPORATION
DVN DEVON ENERGY CORPORATION
CREE CREE INC.
AMBA AMBARELLA INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
SWKS SKYWORKS SOLUTIONS INC.
CRUS CIRRUS LOGIC INC.
MXIM MAXIM INTEGRATED PRODUCTS INC.
PTEN PATTERSON-UTI ENERGY INC.
WPX WPX ENERGY INC.
IFNNY INFINEON TECHNOLOGIES AG
AMD ADVANCED MICRO DEVICES INC.
AVGO BROADCOM INC.
- Dave Nicoski
- Ross LaDuke
Insights: Bullish Stocks
Semiconductors breaking out -- add exposure/overweight Relative strength for the PHLX Semiconductor index began a bottoming process in November of 2018. In mid-December, we pointed out that RS for the index was bottoming and making a bullish inflection, recommending XLNX and INTC. Since then we have expanded our recommendations substantially and upgraded Technology to overweight in late-January. Despite four months of outperformance, we believe the move for semis is just beginning. Below we lay...
STMICROELECTRONICS N.V. ADS
TXN TEXAS INSTRUMENTS INCORPORATED
TER TERADYNE INC.
ON ON SEMICONDUCTOR CORPORATION
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
MCHP MICROCHIP TECHNOLOGY INCORPORATED
LRCX LAM RESEARCH CORPORATION
AMBA AMBARELLA INC.
AMAT APPLIED MATERIALS INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
SWKS SKYWORKS SOLUTIONS INC.
ACLS AXCELIS TECHNOLOGIES INC.
ICHR ICHOR HOLDINGS LTD.
ASML ASML HOLDING N.V.
TSEM TOWER SEMICONDUCTOR LTD
- Dave Nicoski
- Ross LaDuke
Vermilion Macro Vision: Bullish trends intact; Technology Leading
STRATEGY: UP AND AWAY The market's bounce off of the December, 2018 low was a swift “V†reversal. While we often see a retest of such events, our outlook since that time has repeatedly suggested that a retest may not occur. The reason has to do with the percentage of stocks trading above their 200-day moving average. We have only reached oversold extremes similar to what we saw in Q4, 2018 once since the 2009 low. At that time, which was 2011, and on the back of perceived, further, economic...
NXPIN NXP SEMICONDUCTORS NV
STMICROELECTRONICS N.V. ADS
NOW SERVICENOW INC.
ADI ANALOG DEVICES INC.
RNG RINGCENTRAL INC. CLASS A
IVAC INTEVAC INC.
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
DVN DEVON ENERGY CORPORATION
ATEN A10 NETWORKS INC.
NFLX NETFLIX INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
SCWX SECUREWORKS
NOVT NOVANTA INC
AMZN AMAZON.COM INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
DWDP DUPONT DE NEMOURS INC.
FXI ISHARES CHINA LARGE-CAP ETF
RYH INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
EUFN ISHARES MSCI EUROPE FINANCIALS
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