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TMTB: EOD Wrap
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TMTB: EOD Wrap

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TMT Breakout
May 07, 2024
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TMTB: EOD Wrap
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Good afternoon. QQQs finished flat; SOX -75bps; ARKK -2%; IWM +20bps. Quality led the way today as non-profitable tech / AI names underperformed. Yields ticked down 1-3bps across the curve.

Sent out some initial LYFT MTCH CFLT ANET takes earlier. Some others post-close:

EA - 4% as Q4 and guide below street
RDDT +15% with Q1 and Q2 guide beating street and letter calling out more data licensing agreements
DV -25% despite a beat as Q2 guide is below (Revs $154M vs $158M) and bit cut to FY rev guide to 17% from 22%. EBITDA FY guide also cut 3%.
ZI -16% on an inline print but Q2 guide and mgmt cutting outlook as well by 2%

Let’s get to today’s recap….

Internet:

  • GOOGL +2% as TheInformation reported OpenAI is moving back their product announcement which was supposed to be on Thursday. Recall last week GOOGL was weak from speculation OpenAi might announce a search engine product this week.

  • META +55bps as they announced new AI tools to help marketers with ad campaigns

  • NFLX +1.5% back above $600. Yipit…

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