Google and Microsoft headline earnings, but many more reported today. First Republic Bank looks shaky, crypto dispute with Coinbase and SEC sees a new update and consumer confidence dips to the lowest since July.

Let’s keep it concise.

Market Headlines 👀

• US Conference Board Consumer Confidence comes in at 101.3; est 104.

• US new home sales are 683k; est 632k; prev 640k.

• US President Joe Biden formally announces his re-election bid for 2024.

• Johnson & Johnson (JNJ) will spin-off their consumer health business into a company called Kenvue and is looking to raise up to $3.5b through an IPO.

• Coinbase (COIN) files a petition in an attempt to have the SEC write rules regarding crypto and digital assets.

• Apple (AAPL) is working on an AI powered health coaching and mood tracker app.

• 3M (MMM) announces it will be cutting 6,000 jobs.

• First Republic Bank (FSR) reports it saw a 40% drop QoQ in their deposits down to $104b; company will look to reduce its workforce by 20 to 25%.

• First Republic Bank (FSR) is weighing to divest anywhere from $50-100b long dated securities.

• Tesla (TSLA) new model Y is now cheaper than an average new vehicle in the US.

Earnings 💸

• Microsoft (MSFT)

  • EPS: $2.45 beats (exp. $2.23)

  • Revenue: $52.9b beats (exp. $51.03b)

• Alphabet (GOOGL)

  • EPS: $1.17 beats (exp. $1.09)

  • Revenue: $58b beats (exp. $56.9b)

• Chipotle (CMG)

  • EPS: $10.50 beats (exp. $8.92)

  • Revenue: $2.4b beats (exp. $2.34b)

• Pepsi (PEP)

  • EPS: $1.50 beats (exp. $1.39)

  • Revenue: $17.85b beats (exp. $17.27b)

• Mcdonalds (MCD)

  • EPS: $2.63 beats (exp. $2.34)

  • Revenue: $5.9b beats (exp. $5.58b)

• UPS (UPS)

  • EPS: $2.20 misses (exp. $2.21)

  • Revenue: $22.93 misses (exp. $23b)

• Visa (V)

  • EPS: $2.09 beats (exp. $1.99)

  • Revenue: $7.99b beats (exp. $7.79b)

• Enphase Energy (ENPH)

  • EPS: $1.37 beats (exp. $1.23)

  • Revenue: $726m misses (exp. $732m)

• General Electric (GE)

  • EPS: $0.27 beats (exp. $0.14)

  • Revenue: $13.7b beats (exp. $13.3b)

• Verizon (VZ)

  • EPS: $1.20 beats (exp. $1.19)

  • Revenue: $32.9b misses (exp. $33.6b)

• 3M (MMM)

  • EPS: $1.97 beats (exp. $1.58)

  • Revenue: $8b beats (exp. $7.5b)

Recap Around the Street 🧠

Apart from uncertainty around the path of future rate hikes yen appreciation has emerged as the institutional consensus for driving U.S. dollar depreciation with the end of quantitative easing and yield curve control that were the hallmarks of the Kuroda era. - (contributed by Benjamin Lavine, CIO at 3D/L Capital)

Implied options move after their earnings for some of the big tech names…

Companies generally turn more optimistic on the near term earnings outlook, driven by more upbeat sentiment across financials and consumer discretionary. (contributed by Benjamin Lavine, CIO at 3D/L Capital)

Market Preview 🎞️

• Wednesday, April 26: MBA mortgage applications; Wholesale inventories, Durable and Capital goods orders

• Wednesday earnings: Boeing (BA), Facebook (META), Roku (ROKU), and ServiceNow (NOW)

• Thursday, April 27: Weekly jobless claims; Gross domestic product (GDP) first release; Pending home sales

• Thursday earnings: American Airlines (AAL), Amazon (AMZN), Snapchat (SNAP), Cloudfare (NET), Pinterest (PINS), Mastercard (MA), and Southwest Airlines (LUV)

• Friday, April 28: Employment cost index; PCE

• Friday earnings: Exxon Mobil (XOM)

That’s all for today, folks! We’ll be back around the same time tomorrow with a curated list of important news, economic data and market highlights. 

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