$TXN: always find commentary important given the diversified end markets. On the neg side: TR down in all segments/needed inventory depletion, GMs down 820 bps on lower revs/costs.

But on the pos side: 'some' industrial customers are at the end of the inventory cycle.

India’s Economic Activity Continues to Expand, Flash PMIs Show - fastest pace in 14 years. bloomberg.com/news/articles/…

$LVS: not a great Q but EPS revisions down 2% and stock down 9% - a disconnect as Macau renovations will help future earnings. Singapore on fire post renovations. $1B buy back as support.

$SLB: Strong Q with very supportive guide - mid teens y/y EBITDA growth with seasonal tailwinds to Intl/Digital & ME/Asia up 29% y/y. M&A synergies $400m/yr. Reit $7B in S/H returns in 2024/2025. 14x.

Just doing some homework this weekend: $AXP new customer acquisitions accelerated in Q with Millennial and Gen Z consumers at 60% of cos new consumer account growth. EPS ests revised higher on a more sustainable growth target.

Markets don't go up in a straight line. Watch the underlying rotation.

Next week will be another busy one with 33% of $SPX earnings to report - and PCE.

Have a good weekend.
Cool band from Charleston, SC
Susto - Homeboy

$NKE considering Caitlin Clark for endorsement. How great - and smart.
theathletic.com/5424729/2024/0…

'We've hit an air pocket because we are trying to adjust as to what we think the Fed is going to do,' says @stephanie_link. 'I'm not more nervous because the growth in the macro economies around the world is actually much stronger than people have expected.'

Bank cos generally optimistic on M&A pipelines. Yesterday CEO of $MS specifically pointing out to strength in 'cross border' activity - driven by supply chain disruptions and the rebuild globally.

WNBA draft is now in the books - a wonderful event and congratulations to the rock stars. Can't wait to see what all of you will do! bleacherreport.com/articles/10116… via

A good conversation today on @halftimereport - watch the entire clip for a broad-based understanding that it's more than just Maga and that the broadening has legs
cnb.cx/3Q4n7cO

$SCHW: still awaiting NII recovery (like every other bank) but the encouraging data point 1Q was that NIM looks to have bottomed @ 2.02% vs cycle lows at 1.87% y/y with goal of 3% by yr end 2025.

$AXP: March loan data ahead of expectations w US loans +15.8% a 49 bps increase m/m & balances +$3B m//m - faster than seasonality. US consumer loans +14.5% up 74 bps m/m and SMB growth remains strong +20% y/y. 1Q loan growth tracking ahead of 15.5% y/y for card lending biz.

Consumer continues to spend: March Retail Sales .7% vs. .4% expectations with prior revised to .9% from .6%. Ex auto retail sales 1.1% vs .5% expectations. And importantly the control group 1.1% vs .4% expectations - as this goes into GDP figures.

Much to discuss on Monday morning bright and early Monday morning with Worldwide Exchange Frank Holland to discuss this past week and the go-forward.

Challenging week: something to remember - $SPX LT ave total returns are 7.7% & FI at 3%. We have been spoiled for a bit. Look for opportunities LT in dislocation.

Music:
A little daunting yet motivating:
The Last of the Mohicans - Promentory

Much to learn next week!

Good news for $AAPL bloomberg.com/news/articles/…

“In your life”… best quote ever in golf - calm and understood analysis consistently. Verne Lundquist to retire. This is a change moment along w Jim Nantz in NCAA. Thank you to the best. usatoday.com/story/sports/g…

$COST - impressive: Adj benefit from the earlier Easter & gas/FX benefits core comp 7% vs 6.3% ex. Digital biz accelerated 800 bps y/y to multi yr high of 28.3% vs the trailing 12 month average of 7.3%. Traffic rose 6.9% vs 5% in Feb which is good for traffic go forward.

Good read: What’s Behind Private Equity’s Hunger for Wealth Management Firms barrons.com/advisor/articl…