Airbnb Inc (ABNB) Q1 2023 Earnings Call Transcript

Airbnb Inc (NASDAQ: ABNB) Q1 2023 Earnings Call dated May. 09, 2023 Corporate Participants: Ellie Mertz — Vice President-Finance, Airbnb, Inc Brian Chesky — Airbnb Co-founder and Chief Executive Officer Dave Stephenson — Chief Financial Officer and Head of Employee Experience Analysts: Mark Mahaney — Evercore ISI — Analyst Richard Clarke — Sanford Bernstein — Analyst Brian Nowak — Morgan Stanley…

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Texas Instruments Inc. stock underperforms Thursday when compared to competitors [ NASDAQ:TXN ]

Texas Instruments Inc. stock underperforms Thursday when compared to competitors [News Summary] Shares of Texas Instruments Inc. slid 1.23% to $163.67 Thursday, on what proved to be an all-around mixed trading session for the stock… TXN Elliott Wave Analysis Trading Lounge Daily Chart, Texas Instruments Inc., (TXN) Daily Chart TXN Elliott Wave technical analysis… Tuesday – Evercore ISI has…

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[ad_1] Tesla’s woes prompt an E.V. reassessment Wall Street has sounded the alarm for weeks that the transition to electric vehicles may be stalling, despite billions in government subsidies and huge investments by auto giants.Tesla’s latest sales figures suggest that the pullback may be worse than thought — and beyond one company’s ability to fix.Tesla’s numbers undershot forecasts. The car maker’s stock fell nearly 5 percent on Tuesday after it reported deliveries of 387,000 cars worldwide in the first quarter — the Evercore ISI estimate was 443,000 — in its first year-on-year quarterly decline since 2020.That has contributed to a more than 30 percent decline in Tesla’s stock, which has made it one of the worst performers on the S&P 500 this year.Tesla had warned of “notably lower” growth this year. The company has faced setbacks including a suspected arson attack on its German gigafactory and shipping delays tied to the turmoil in the Red Sea. Meanwhile, high interest rates and the rise of cheaper Chinese E.V.s are sapping global demand and eating into Tesla’s once dominant market share.Some Elon Musk critics — including Ross Gerber, an outspoken Tesla investor — laid the blame squarely on the company’s C.E.O., saying that his “toxic behavior” had “ absolutely damaged the brand.” (Musk has said little about the Tesla numbers, except to call Gerber “ an idiot,” and to note “it was a tough quarter” for all E.V. makers.)Musk isn’t wrong on that front. China’s BYD, which briefly dethroned Tesla as the world’s biggest E.V. maker, on Tuesday reported sales of roughly 300,000 last quarter, a 13 percent gain from the same period earlier but a quarter-on-quarter dip. The Warren Buffett-backed carmaker has gained market share in Europe and Asia by appealing to more cost-conscious buyers, though it doesn’t sell cars in the U.S. because of tariffs.Kia, Toyota and Volkswagen have reported better sales growth, though all are coming off smaller bases than Tesla or BYD.Analysts are worried that E.V. demand may cool further. Government credits for car buyers in the U.S. and Europe have expired in recent months. And concerns about charging times and battery range are pushing some consumers to pick hybrid-engine vehicles or stick with less expensive gasoline-powered ones.Is it a blip? Over all, E.V. sales were flat in the fourth quarter of 2023, despite being up 40 percent year on year, “suggesting a sharp deterioration in growth,” Tom Narayan, an auto analyst at RBC Capital Markets, wrote to investors on Tuesday.HERE’S WHAT’S HAPPENING President Biden talks trade, TikTok and more with China’s Xi Jinping. In a call on Tuesday, the two leaders covered trade policies, the detainment of U.S. nationals and China’s support of Russia despite its full-scale invasion of Ukraine. The conversation precedes Treasury Secretary Janet Yellen’s visit to Beijing this week, where she is expected to address China’s dominance over raw materials essential for E.V.s and solar panels.Fed officials warn that they’re in no hurry to cut interest rates. Two voting members of the central bank’s rate-setting committee, Loretta Mester and Mary Daly, said that they saw three cuts as likely this year — but added that, with the economy growing, there’s no rush to do so. Investors on Wednesday penciled in a 66 percent chance of a June cut, down slightly from the prior week.Taiwan is rocked by its worst earthquake in decades. The 7.4-magnitude tremor, which struck shortly before 8 a.m. local time, occurred in the country’s east coast but could be felt in the capital, Taipei; at least nine are dead and hundreds are wounded. TSMC, the world’s biggest maker of advanced semiconductors, briefly evacuated some factory workers, amid worries about potential harm to the country’s chip manufacturing sector.Can going private fix Endeavor’s problems?After years of complaining that public investors didn’t understand what they were building, Endeavor executives, led by the Hollywood superagent Ari Emanuel, are finally getting their wish: a breakup with Wall Street.But will taking Endeavor private — with the help of Silver Lake, its longtime financial partner — actually make help the company grow?Endeavor was built on serial deal making. Emanuel and his team believed that their company could be not just be a talent agency, but an entertainment hub that supplied media companies with content (and the talent that created it) as well.With the help of Silver Lake, which invested in Endeavor in 2012, Emanuel bought an array of assets: IMG, the sports- and fashion-focused talent agency, Professional Bull Riders; New York Fashion Week; and sports-betting technology.The crowning achievement was buying Ultimate Fighting Championship and World Wrestling Entertainment, combining them into TKO Group, a publicly traded combat-sports company that Endeavor controls.But investors were unimpressed, with Endeavor often trading below its I.P.O. stock price.Going private means that Emanuel and Silver Lake are freer to pursue their vision: “We are all in on working with the Endeavor team and our trusted anchor investors to create value by accelerating growth at scale,” Egon Durban, Silver Lake’s co-C.E.O., said of the deal announced on Tuesday, which values the company at $13 billion, including debt.The big question: Will Endeavor’s strategy make sense now? Profiting from content deals hasn’t always worked out. TKO’s stock tumbled after W.W.E. scored a better rights agreement for its SmackDown franchise.But Endeavor and Silver Lake appear to be betting that they’ll benefit from giving their premium strategy more time to play out. They also believe that the sum of Endeavor’s parts are greater than yesterday’s deal valuation.Silver Lake has gotten rich from this kind of deal before. It partnered with Michael Dell to buy out other investors in Dell, then a mostly unloved maker of personal computers. That deal was bitterly contested by the activist financier Carl Icahn, who accused the two of buying the computer maker on the cheap.Dell Technologies eventually returned to the public markets — and Dell, Silver Lake and their partners are believed to have made a profit exceeding $40 billion.The deal hurdles facing Paramount’s boardMerger talks between Paramount, the media company that’s the home of the “Top Gun” franchise and Nickelodeon, and the studio Skydance are heating up, with the two discussing entering into exclusive talks, DealBook’s Lauren Hirsch and The Times’s Benjamin Mullin report.Such a move would be a big step forward in a process dogged by uncertainty for months. But many questions, and obstacles, remain.The Paramount special board committee is under extra pressure to be fair. Shari Redstone controls Paramount via special shares held by National Amusements, her family’s holding company. Under the terms being discussed, Skydance would buy National Amusements and then combine with Paramount.But virtually every time there’s a controlling shareholder, companies appoint a group of directors to ensure that any offer treats all investors fairly.Given the shareholder litigation over the merger of Viacom and CBS that created Paramount, the special committee here has been especially cautious, DealBook hears. Some investors have expressed concern that a Skydance deal would benefit Redstone more than other shareholders.Then there’s the question of cultural fit. Personality matches matter in any deal, but are especially pertinent when it comes to media companies that tend to have executives with outsize personas.How will that play out in the potential union of an old-school company like Paramount and Skydance, a much-younger studio led by David Ellison, the son of the tech billionaire Larry Ellison?Don’t forget that there are others interested in Paramount. They include the investment firm Apollo, which has offered $11 billion to buy Paramount’s movie studio, and the media mogul Byron Allen.“I wanted to have you on a podcast, and Apple asked us not to do it.”— Jon Stewart, a host of “The Daily Show.” On his most recent episode, he told his guest, the F.T.C. chair and aggressive antitrust enforcer Lina Khan, that when he had an Apple TV+ show, the tech giant urged him not to interview her. Behind Biden’s love-hate approach to corporate America President Biden has taken aim at big companies in recent months on issues including rising prices, tax breaks and big mergers. But he has also introduced huge corporate subsidies via his climate and manufacturing laws, and presided over an enormous increase in oil production.In short, he has sought to walk a fine line between challenging corporate America and courting it to help carry out his policy goals, The Times’s Jim Tankersley writes. His re-election chances may depend in part on how well he manages that balance.Democratic pollsters have encouraged Biden to hit big companies for political gain, particularly by emphasizing his plans to raise corporate taxes and call out companies for so-called shrinkflation and junk fees.The hope is that those attacks will expose a vulnerability for Donald Trump, whose policies as president largely benefited companies — and who is currently leading Biden in key battleground states, according to a new poll.Biden has also sought counsel from C.E.O.s. He regularly asks their advice on issues including supply chains and worker training. Key initiatives like infrastructure improvements and increased domestic manufacturing rely on cooperation with the private sector.Not all corporate leaders buy his approach. C.E.O.s including Jamie Dimon of JPMorgan Chase and Ken Griffin of Citadel have criticized Biden’s economic policies, while oil and gas executives have denounced an administration pause on the permitting of new liquefied natural gas export terminals.Some may favor the likely chaos of a potential Trump return. “You can look at a Trump administration with a lot more uncertainty, but directionally, the regulatory effort was moving to lighten the regulatory costs,” Neil Bradley, the chief policy officer at the U.S. Chamber of Commerce, told The Times.While the Biden administration has been clear about what regulations will look like, they’ll still be onerous, Bradley added. “And so, interestingly, there’s a lot of people saying, ‘The chaos is better,’” he said.THE SPEED READ DealsPolicyBest of the restWe’d like your feedback! Please email thoughts and suggestions to [email protected]. [ad_2] Source link

Uber and Lyft threaten finish to service in Twin Cities attributable to minimal wage mandate

Evercore ISI senior managing director Mark Mahaney makes the case for elevating Uber's worth goal and explains why he is staying away from Snap Inc. on 'Varney & Co.' Trip-share firms Uber and Lyft are threatening to tug out of Minnesota's largest metropolis in response to laws regulating a minimal wage for drivers. The competing firms each intend to depart the Twin Cities firstly of Might after the town council voted to mandate a minimal wage for drivers on Thursday, based on local outlet Fox 9. "Uber helps complete statewide laws that ensures drivers $35/hr minimal earnings whereas working and protects their flexibility and independence. If this ordinance is enacted, we look ahead to working with drivers, riders and the legislature to convey rideshare again," a press release from Uber reads. THOUSANDS OF UBER, LYFT, DOORDASH DRIVERS TO STRIKE ON VALENTINE'S DAY TO DEMAND FAIR PAY Each Uber and Lyft plan to depart the world in Might if modifications usually are not made. (Smith Collections/Gado through Getty Photographs / Getty Photographs) "The hijacked a state course of that proposed actual options and is within the technique of analyzing knowledge to tell a workable earnings customary," the ride-share firm's assertion to Minneapolis officers reads. "The state’s process power made a sequence of suggestions that must be legislated and picked up actual knowledge to provide you with an applicable minimal earnings customary." Uber says it's going to exit the market on Might 1 if the council's mandate is just not modified or revoked. Uber competitor Lyft launched the same assertion of disapproval, saying that the corporate is "dedicated to working with any stakeholders on a extra sustainable and considerate coverage answer, however if this explicit proposal turns into regulation, it's going to power Lyft to stop operations in the Metropolis on Might 1." LYFT RIDES BOOSTED BY TAYLOR SWIFT, BEYONCE, SPORTING EVENTS IN 2023

 The town council voted on Thursday to mandate a minimal wage for ride-share drivers. (UCG through Getty Photographs / Getty Photographs) "We assist a minimal earnings customary for drivers, but it surely have to be executed in a approach that enables the service to sustainably and affordably function for riders. For the second time in lower than a yr, the bill-sponsors have willfully chosen to disregard gives to collaborate, as a substitute selecting to hurry by essentially the most excessive figures attainable," the Lyft assertion reads. "We implore Mayor Frey to veto this laws and as a substitute be a part of our efforts to move a statewide minimal earnings customary that may steadiness the wants of all." Lyft has additionally marked Might 1 because the date it plans to finish service within the Twin Cities space. Trip-sharing firms made comparable threats in Austin, Texas, following laws requiring drivers to be fingerprinted. GET FOX BUSINESS ON THE GO BY CLICKING HERE

The businesses are insisting on a minimal earnings customary for its drivers. (Getty Photographs) Different firms shortly rushed to fill the void left by Uber and Lyft — and ultimately each returned to the Austin space with out criticism. Cities comparable to New York and Seattle have handed minimal wage mandates for ride-share drivers and confronted pushback from the business, however operations have continued. Read the full article

Market Shake-Up: Microsoft Soars, Tesla Stumbles, and Economy's Health in Question #Amazonpricetarget #analystcalls #CloudComputing #economicslowdown #economyhealth #electricvehicleindustry #GoldmanSachsbuyrating #markettrends #Microsoftupgrade #stockmarketmovement #streamingservices #Tesladowngrade #yieldcurveinversion

Huntington capital actions a 'modest positive,' says Evercore ISI - Real Money Pro

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Nvidia Stock Hits Record High Ahead of Earnings as AI Focus Returns with OpenAI Executive Departure

Nvidia is slated to report its fiscal third quarter results after the market close on Tuesday, with Wall Street eagerly awaiting an update on the fundamentals behind the artificial intelligence hype. The chipmaker's stock hit a record high of $504.09 per share on Monday, with AI back in investor focus amid Sam Altman's departure from ChatGPT-maker OpenAI for Microsoft. With Nvidia positioned as the face of the 2023 AI story, expectations remain high for the chip juggernaut. Here's what Wall Street expects for Nvidia's third quarter results, per Bloomberg data compiled by Yahoo Finance compared to last year: - Revenue: $5.93 billion expected vs. $5.93 billion last year - Adjusted EPS: $0.58 expected vs. $0.58 last year - Data Center Revenue: $3.83 billion expected vs. $3.83 billion last year - Gaming Revenue: $1.57 billion expected vs. $1.57 billion last year Investors will also look for the company's revenue outlook, with the Street expecting fourth quarter guidance around $6.52 billion. The company has delivered its biggest guidance surprises for investors on the topline in 2023. In August, Nvidia posted second quarter results that topped Wall Street's expectations for revenue and EPS, while providing guidance above the high end of estimates which sent shares to record highs. Back in May, one analyst called the company's forecast "epic guidance." But after the August report, shares have been volatile over the past few months as investors began to question Nvidia's valuation, and updated challenges around chip export restrictions cast doubt on assumptions around end market size. The company said in an SEC filing after announcing the new curbs that it does not expect an impact in the immediate term. Stifel analyst Ruben Roy, in a Yahoo Finance Live interview, said he expects similar commentary from Nvidia on Tuesday. "Our sense is there's still tremendous amount of demand globally. So certainly in the U.S., the large cloud service providers...we think will continue to be a huge opportunity for Nvidia. Even outside of the U.S. in areas like Europe, Japan, Korea, etc - there's a lot of AI activity taking place... We still think Nvidia's the best way to play that growth," Roy said. A key member of the 'Magnificent Seven' cohort of stocks powering the market this year alongside Apple, Google, Microsoft, Amazon, Meta and Tesla - Nvidia has risen over 70% collectively with those names so far in 2022, while the other 493 stocks in the S&P 500 are up just 6%. "This continues to be Nvidia's world," Evercore ISI Senior Managing Director Julian Emanuel warned on Sunday, telling investors to brace for "fireworks" in the stock no matter which way it trades following earnings.

🤔Will Dynavax Present at the 6th Annual Evercore ISI HealthCONx Conference? #HealthCONxConference #EvercoreISI #Dyn...

Evercore ISI’s Liisa Bayko joins BiotechTV for Analyst Thursdays

Citigroup Inc (C) Q3 2023 Earnings Call Transcript

Citigroup Inc  (NYSE: C) Q3 2023 Earnings Call dated Oct. 13, 2023  Corporate Participants: Jennifer Landis — Head of Investor Relations Jane Fraser — Chief Executive Officer Mark Mason — Chief Financial Officer Analysts: Mike Mayo — Wells Fargo — Analyst Glenn Schorr — Evercore ISI — Analyst Erika Najarian — UBS — Analyst Jim Mitchell — Seaport Global Securities — Analyst Ryan Kenny — Morgan…

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Fisker Risk Forces Wall Street to Downgrade Magna (MGA) Stock [ Evercore ]

Fisker Risk Forces Wall Street to Downgrade Magna (MGA) Stock [News Summary] With Fisker (FSRN) possibly heading for bankruptcy and Fisker stock trading around 6 cents, manufacturing partner Magna has been downgraded. Evercore ISI downgraded Magna International (NYSE:MGA) on Monday to an In Line rating after having the auto supplier set at Outperform. StockNews.com cut Magna International from a…

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"Unveiling Thursday's most captivating Wall Street insights: See what Apple has in store!"

Several notable calls were made on Wall Street by various investment firms. Here is a summary of the calls: 1. BTIG initiated FlyWire as a “buy” and expressed optimism in the company’s future. They highlighted Flywire’s ability to drive significant annual gross profit growth over the past three years due to its early recognition of the value of software in the payments sector. 2. Evercore ISI…

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"Unveiling Thursday's most captivating Wall Street insights: See what Apple has in store!"

Several notable calls were made on Wall Street by various investment firms. Here is a summary of the calls: 1. BTIG initiated FlyWire as a “buy” and expressed optimism in the company’s future. They highlighted Flywire’s ability to drive significant annual gross profit growth over the past three years due to its early recognition of the value of software in the payments sector. 2. Evercore ISI…

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"Unveiling Thursday's most captivating Wall Street insights: See what Apple has in store!"

Several notable calls were made on Wall Street by various investment firms. Here is a summary of the calls: 1. BTIG initiated FlyWire as a “buy” and expressed optimism in the company’s future. They highlighted Flywire’s ability to drive significant annual gross profit growth over the past three years due to its early recognition of the value of software in the payments sector. 2. Evercore ISI…

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Heavy Equipment Trends and Innovations

What are the Heavy Equipment Trends and Innovations? The situation that has arisen at Covid19 is compelling a great number of businesses to cut their capital expenditures. As a result, there has been an increase in demand for old heavy equipment and machinery.

Current Trends and Demands

Recycling Equipment and Machinery are predicted to account for about 6% CAGR from 2019 to 2026, according to Global Market Insights. This growth is expected to take place in the global market. As a result of the granular structure of the market, players are delivering strategic investments to increase their total capabilities worldwide to cater to the requirements of consumers.

According to Mordor Intelligence, the European Used Construction Machinery Market is anticipated to show roughly 3.98% growth throughout the projection period. This information pertains to the construction industry. The reason for this is the unpredictability of the economy as well as the rising prices of new pieces of equipment. In addition, 60 percent of the market is contributed to by local and regional enterprises.

According to Dennis Howard, vice president of RDO Equipment, the surge in technological advancement was especially noticeable in the secondhand equipment market. In addition, a greater number of machines are already fitted with additional options, such as GPS controls, which made their debut on the market for used machinery in 2017. This pattern is one that will carry on developing in the year 2020.

According to Gordon Brothers, the cost of secondhand metalworking equipment has been going down at a rate of between 10 and 30 percent annually, depending on the type and the year.

The internal data and trend research team at Ritchie Bros. found that prices remained rather stable across all of the geographic areas that the company operates in.

In a recent article, Greg Peterson, the founder of Machinery Pete, was quoted as saying that the distribution of purchase premiums is one way that bidders assist farmers in more comfortably accepting online bids. Facts That Are Interesting

Because people are prevented from going to gyms by societal conventions of separation, there has been a rise in sales of used fitness equipment and other things designed to improve physical fitness.

According to Sanders of United Food and Beverage, refurbished machinery in the food and beverage industry has the potential to save approximately fifty percent of businesses in the same ballpark. Based on the original equipment manufacturer and the whole machine capacity, EquipNet’s Medicino forecasts that the company will save between 50,000 and 300,000 dollars per item.

Many shops were able to realize an increase in their year-over-year profits of 9.9% because to the rise in sales of used agricultural machinery in the period ending on June 30, 2020.

According to findings from a survey conducted by Evercore ISI, sales of secondhand equipment inventory have increased to their highest level since 2009.

The number of people taking advantage of internet offerings has gone up.

Watch Out For These Points

The requirements and trends are always evolving, as are any necessary modifications. However, to determine whether weather forecasts and trend activities will continue as they have been or merely vary slightly in the near future. And in order to have an overarching perspective, we need to search for points of similarity.

Perspectives on the Market and Demand

It will take significantly more time for the global economy and transportation systems to return to normal. Because of this, it is anticipated that there will be a continued lack of demand for equipment. Even though we are pessimistic optimists, we recognize that very few businesses are in a position to purchase brand new equipment. This opens up a possibility for the previously utilized machinery. Fewer New Items Available

Because of the lockdowns and the increased need for work equipment, it’s possible that there won’t be enough new machines to match the demand. The flow of new machine manufacture will be slowed down if there is a decline in demand as well as the amount of specialist parts needed. This is yet another component that contributes to the overall favorable nature of the used heavy equipment.

Rental Fleets

Equipment rental provides the same advantages over purchasing new machinery as does purchasing old machinery; hence, many dealers have increased their fleets by renting machines in order to meet the growing demand for machine rentals. To summarize, this will result in the machines having an increased level of utility.