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Tuesday, October 14

Noteworthy macro moves today: Ethereum -7.1%. Copper -3.7%. Bitcoin -3.8%. Noteworthy US mega-cap moves today: Broadcom Inc (AVGO) -2.4%. Tesla Inc (TSLA) -2.4%. Alphabet Inc (GOOG) -1.8%. 

Recent developments in the global markets are heavily influenced by escalating trade tensions between the United States and China. The U.S. has imposed new port fees on Chinese vessels, prompting a reciprocal response from Beijing that includes sanctions against American companies linked to shipping operations. This tit-for-tat escalation raises concerns about broader disruptions to international trade flows, contributing to risk aversion among investors.

In economic data releases today, Germany's consumer price inflation rose 2.4% year-on-year for September 2023, matching preliminary estimates and indicating an acceleration from August’s rate of 2.2%. Meanwhile, UK wage growth showed signs of resilience with average weekly earnings increasing by 5%, although there was also a slight uptick in unemployment rates which may influence future monetary policy decisions.

Market reactions have been notable; major equity indices such as the S&P 500 and Dow Jones experienced declines following these geopolitical tensions alongside weaker sentiment driven by ongoing political instability in France related to Prime Minister Macron's government facing no-confidence motions amid budget discussions. Additionally, gold prices reached record highs due largely to safe-haven demand amidst this uncertainty while oil prices fell sharply reflecting fears over reduced global demand stemming from potential prolonged conflicts affecting supply chains.

Ethereum (ETH/USD) [-7.0%]
Ethereum (ETH/USD) has dropped significantly today, breaking key support levels amid a broader downturn in the cryptocurrency market. This decline coincides with substantial ETF outflows exceeding $750 million for both Bitcoin and Ethereum. Concurrently, escalating trade tensions between the U.S. and China, marked by new shipping fees on each other's vessels, contribute to market uncertainty. In a notable acquisition, BitMine purchased over 202,000 ETH for approximately $827 million during the recent market correction, increasing its total holdings to over 3 million tokens. This positions BitMine as the largest corporate holder of Ethereum, controlling about 2.5% of its total supply. Additionally, ETF flow updates reveal that around 103,250 ETH, valued at approximately $428 million, has exited funds. Meanwhile, Bitcoin (BTC/USD) has also experienced a decline, further reflecting the prevailing negative sentiment in the market.

VanEck Semiconductor ETF (SMH) [-2.1%]
The VanEck Semiconductor ETF (SMH) has seen a decline of 2.1% amid significant sell-offs in the U.S. stock market, primarily due to escalating trade tensions between the United States and China, which have led to new shipping fees imposed by both nations. This geopolitical uncertainty is affecting technology stocks critical to SMH's holdings. Notably, the Nasdaq 100 Index has also dropped, reflecting broader market trends that impact technology and semiconductor sectors. Among SMH's holdings, key contributors to its performance included NVIDIA, Broadcom, Micron Technology, Lam Research, and Applied Materials, all of which reported negative returns. NVIDIA launched its DGX Spark AI supercomputer, facing competition from Broadcom's new AI networking chip. Micron was downgraded from Buy to Neutral, indicating shifting analyst sentiment following a recent stock surge. Conversations on social media highlighted both AI optimism and ongoing developments in the semiconductor space.

ERIC | +15.1% | +4.3B
Telefonaktiebolaget LM Ericsson | Communications Equipment
Telefonaktiebolaget LM Ericsson's stock experienced a notable surge following the release of its third-quarter results, which exceeded analyst expectations. The company reported earnings per share (EPS) of 3.33 Swedish Krona, significantly up from 1.14 Swedish Krona a year earlier and surpassing estimates of 0.14 Swedish Krona. Revenue for the quarter was 56.24 billion Swedish Krona, slightly above the consensus estimate of 55.90 billion Swedish Krona but down from 61.79 billion Swedish Krona in the same quarter last year. The adjusted gross margin improved to 48.1%, compared to 46.3% year-over-year. Additionally, Ericsson announced a five-year strategic partnership with Vodafone aimed at modernizing network infrastructure across multiple countries, enhancing their collaboration on advanced 5G solutions.

ACI | +7.1% | +748.6M
Albertsons Companies Inc | Food Retail
Albertsons Companies Inc. has made several notable announcements today, contributing to a significant increase in its stock price. The company raised its fiscal year 2025 adjusted earnings per share guidance to a range of 2.06 to 2.19, up from a previous range of 2.03 to 2.16. It also narrowed its identical sales growth outlook to between 2.2% and 2.75%, an improvement from the prior estimate of 2% to 2.75%. For Q2, Albertsons reported adjusted earnings per share of 0.44, surpassing the consensus estimate of 0.40, with revenues of 19.92 billion, exceeding expectations of 18.89 billion. Additionally, the company declared a Q3 cash dividend of 0.15 per share and announced a $750 million accelerated share repurchase agreement, raising its total share repurchase authorization to 2.75 billion.

DPZ | +4.3% | +645.3M
Domino's Pizza Inc | Restaurants
Domino's Pizza Inc reported strong third-quarter results, with earnings per share of $4.08, surpassing analyst expectations of $3.96. Revenue reached $1.15 billion, slightly above the consensus estimate of $1.14 billion. U.S. same-store sales increased by 5.2%, exceeding forecasts of 4.01%. International same-store sales rose by 1.7%, though this fell short of the anticipated 1.9%. The positive performance was attributed to successful promotional strategies, including the "Best Deal Ever" campaign, which drove higher order volumes. The company also expanded its global presence with 214 net new store openings during the quarter. Discussions on social media highlighted the effectiveness of the "Best Deal Ever" promotion and innovations in stuffed crust pizza, contributing to growth in delivery and carryout services, despite a noted decrease in gross margin for company-owned stores due to rising food costs.

INTC | -3.3% | -5.0B
Intel Corp | Semiconductors
Intel Corp (INTC) has experienced a notable decline of 3.3% in pre-market trading, aligning with a broader market downturn. Former CEO Pat Gelsinger criticized the slow implementation of the CHIPS Act, highlighting lost opportunities due to delays. He pointed out that while Intel's shares have increased over the past year, they remain significantly down over the past five years, attributing this to structural issues and challenges in adapting to the AI sector. Bank of America downgraded Intel to Underperform, setting a price target of 34, citing weaknesses in its AI and server CPU divisions. In contrast, Mizuho maintained a Neutral rating but raised its price target from 23 to 39. The Nasdaq 100 Index has also declined, reflecting broader market sentiment that may be influencing Intel's stock movement.

WFC | +3.1% | +8.8B
Wells Fargo & Co | Diversified Banks
Wells Fargo & Co reported its Q3 2025 financial results, posting a net income of $5.589 billion, which represents a 9% increase from the previous year. Earnings per share reached $1.66, surpassing analyst estimates of $1.55. Revenue for the quarter was $21.436 billion, exceeding expectations of $21.147 billion. Net interest income was reported at $11.95 billion, slightly below the forecast of $12.01 billion. The bank's provisions for credit losses were significantly lower than anticipated, at $681 million versus a forecast of $1.17 billion. Additionally, Wells Fargo achieved a return on equity of 12.8% and maintained an efficiency ratio of 65%. The company announced a 12.5% increase in its common stock dividend and repurchased $6.1 billion worth of shares during the quarter. Social media discussions highlighted the bank's target for return on tangible common equity between 17% and 18% for the medium term.

AMD | +3.1% | +11.3B
Advanced Micro Devices Inc | Semiconductors
Oracle Cloud has announced plans to deploy 50,000 AMD Instinct MI450 Series GPUs in a publicly available AI supercluster, set to launch in the third quarter of 2026 and expanding further in 2027 and beyond. This partnership is aimed at addressing the growing demand for AI computing infrastructure and will utilize AMD's "Helios" rack design, which integrates advanced GPUs, next-generation EPYC CPUs, and Pensando networking technology. Concurrently, Wolfe Research upgraded AMD to "Outperform" from "Peer Perform," with a price target of 300, citing AMD's recent successes with OpenAI and potential for strong earnings per share. Social media discussions have highlighted Oracle's initiative as a challenge to Nvidia's market dominance, while AMD stock has experienced a notable quarterly gain.

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