TMTB EOD Wrap

QQQs +1% as market continues to rally into the Fed next week. Treasuries saw modest pressure, with yields finishing flat to up 2bps. Fed expects didn’t shift a lot.

Post-close, ORCL +6% after providing bullish guidance with F26 sales of at least $66B up from prior $65B vs street at $64.5B. The big number was the $104B sales target for F29, which is far above the street’s $83B estimate. Thats pretty big if it’s anywhere near realistic. Our tgt had been based on $7 earnings power next year and 25x that, but need to think longer-term about what that # means for the stock.

Has been a busy week and a busy day as news flow has picked up in Sept…Let’s get to the recap…