Good morning. QQQs -15bps as yields slightly down and Oil -1%.
In Tech, software +2% skewed higher by PTC +35% after they announced a $24B takeout bid from Schneider Electric (PCOR +5%/ADSK +5% in sympathy); Semis flat with INTC -4% / TSM +2% as Elon confirmed TSM is discussions with Terafab; CBRS +4.5% bouncing back after Altman confirmed partnership and sell-side out defending; STX/WDC +2% after Friday’s 10% moves down after sell-side was out defending the names arguing Toshiba’s expansion smaller than market move would imply; Internet flat with MELI +5.5% on Bolsonaro’s better than expected performance in Brazil
Overnight, Asia generally up while Korea and Mainland China were closed: TPX +1.33%, NKY +2.4%, Hang Seng +0.28%, HSCEI +0.26%, Taiwan TAIEX +2.55%
This week we get ZS and MRVL investor days on Tuesday.
Lots to get to, so let’s get to it….
TSM/INTC/SPCX: Musk confirms discussions with TSM/Terafab:
INTC -4% / TSM +2%
Some views from TMTB Slack: