TMTB EOD Wrap

Good afternoon. QQQs +16bps as both non-profitable tech and TMT Momentum trade led the way lower. Yields ticked down slightly; BTC - 1%; IWM -1.11% with first day of underperformance vs QQQs in a while ahead of a big week of earnings. Reminder, Jensen and Zuck fireside chat tonight at 6pm est.

Internet

• GOOGL +1.5% on Phillips Upgrade to Buy

• BABA +3% on new service fees announced - was out Friday but got play from some sell-siders today

• ETSY +2.5% - didn’t see much here but might have missed something

• AMZN +40bps as ISI removed from “Tactical underperform list”

• Others: META flat; DASH +1%

• OTAs strong: EXPE +1.9%; BKNG +1.5% while Ride-share was weaker: UBER -1%; LYFT - 1%

• NFLX - 70bps hitting new lows after the print

• MTCH -15bps as DB called out slightly better June/July data although 3p still showing weaker data

• W +2% as JPM was previewed positively saying likely to see some EBITDA upside. Live yip data also showed an uptick in last week with first positive y/y week growth in orders placed i…