TMTB EOD Wrap

Good afternoon. QQQs flattish as the game of factor see-saw continues. GARP software led us up a the expense of AI linked names. Both non-profitable Tech and TMT mo were down, while areas of momentum/spec (gold, crypto, quantum) sold off. Hearing a lot of continued frustration among the L/S crowd in Oct.

Post-close NFLX -6% looks like a bit of a yawner although commentary implies they are taking a look at WBD.

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TXN -7% on a GM/EPS miss that was a bit worse despite low expectations coming in. The search for the ever elusive analog cycle turn continues…

Q3 revenue/GM/EPS of $4.74b/57.4%/$1.48 vs. Street at $4.65b/57.7%/$1.49
Q4 revenue/EPS of $4.40b/$1.26 vs. Street at $4.52b/$1.42

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Let’s get to it…

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