Tue 5 May: After the Bell
Stocks Rise as Oil Retreats and Earnings Take Center Stage
📈 Today’s performance tables.
Good evening,
Risk assets rebounded on Tuesday as geopolitical fears eased and investors shifted their focus back to corporate earnings. Oil prices fell roughly 4%, reversing part of Monday’s sharp rally, as the fragile US-Iran truce appeared to hold despite continued clashes and competing efforts to control shipping routes through the Strait of Hormuz.
Equities moved higher, led by technology stocks as Intel surged on reports that Apple is exploring alternative chip manufacturing partners, while AMD extended gains after strong earnings were released after the close. The broader Mag-7 ended flat, while currency and rates markets were largely unchanged as traders remained focused on Middle East headlines and earnings season.
Intel shares surged 13% to an all-time high after a Bloomberg report said Apple has opened early talks with Intel and another chipmaker (Samsung) about manufacturing processors, as Apple looks to reduce its heavy reliance on Taiwan’s TSMC. Investors viewed the news as a potentially major win for Intel’s foundry business, which has struggled to land large external customers, and an Apple contract would significantly boost credibility for its manufacturing turnaround strategy.
Earnings: → Advanced Micro Devices (mcap $580bn) reported strong Q1 results after the bell, with EPS of $1.37 (+43% YoY) and revenue rising 38% YoY, both ahead of estimates, while operating margin reached 25%. Shares jumped 6% in extended trading after already closing nearly 4% higher during the regular session, as investors welcomed continued AI-driven growth momentum.
→ Abroad, earnings reactions were harsh despite decent headline numbers. HSBC (mcap $300bn) fell 6% in London after reporting weaker-than-expected Q1 profit, hurt by a surprise $400mn loss tied to private credit exposure linked to the collapse of Market Financial Solutions, while management also raised expected credit-loss guidance amid macro uncertainty. Investors were also disappointed by softer wealth-management growth versus peers.
→ Shopify (mcap $140bn) plunged 15% despite beating on revenue and EPS, as investors focused on lukewarm Q2 guidance, margin concerns, and rising AI-related operating expenses. Revenue grew 34% YoY to $3.17bn, but expectations had moved even higher into the print. Shares are 33% lower YTD.
Monetary Policy: → The Reserve Bank of Australia raised its cash rate by 25bp to 4.35% as expected, marking its third consecutive rate hike this year in an 8-1 vote, as policymakers responded to still-elevated 4.6% inflation and rising energy prices linked to Middle East tensions. The RBA maintained a hawkish tone, warning that further tightening may be needed if inflation remains persistent.
Economics: → US March trade data shows exports up 2.0% YoY to $321bn and imports up 2.3% YoY to $381bn, widening the goods/services deficit to $60.3B (+4.4% YoY). Petroleum was a key driver on the export side amid higher oil prices.
→ US JOLTS job openings fell slightly to 6.86mn matching forecasts with no major market impact.
Deals: → In the Australian mining sector, Regis Resources (mcap $3.7bn) agreed to acquire Vault Minerals (mcap $3.4bn) in an all-stock deal that will create Australia’s third-largest ASX-listed pure-play gold producer, with a combined valuation of $7.7 bn. The merged company is expected to produce 700,000+ ounces of gold annually and will own five operating gold mines, giving it greater scale at a time when elevated gold prices are driving consolidation across the sector. Regis shares fell 6% whole Vault rose 3% today.
→ Swedish buyout firm EQT raised its takeover offer for UK-based business services company Intertek Group (mcap £7.8bn) to £8.9bn, offering shareholders £58/share in cash after previous bids of £51.50 and £54 were rejected. Intertek Group said it is reviewing the latest proposal. Shares rose 56% to £51, while RBC upgraded the stock to outperform, signalling markets see a higher probability of a deal.
→ GameStop (mcap $10.8bn) drew attention after CEO Ryan Cohen struggled in an interview to clearly explain how the company would finance its unsolicited $56bn bid for eBay (mcap $46bn), a target far larger than GameStop itself. Cohen cited a $20bn credit line from TD Bank but offered limited detail on how the remaining funding gap ($16bn) would be addressed. eBay shares fell ~4%, reversing the prior session’s rally as markets questioned the credibility of the proposal.
Day Ahead:
Data → US ADP employment change.
Earnings → Realty Income, AppLovin, Disney, Uber, CVS, Marriott.
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