Financial Performance - TSMC posted fourth-quarter revenue of NT$868.46 billion ($26.35 billion), beating the NT$854.82 billion consensus estimate [2] - The company's 2024 revenue surged 34% to NT$2.89 trillion compared to 2023 [2][4] Market Reaction - TSMC shares rose 1.25% in premarket trading following the earnings report [1] - The stock increased 1.5% in premarket trading after the announcement [4] Industry Context - TSMC benefits from the artificial intelligence (AI) boom, supplying tech giants like Apple and Nvidia [1][2] - Foxconn, another Taiwanese company, also reported record fourth-quarter revenue driven by strong demand for AI servers [3] Business Operations - TSMC is the world's largest contract chip manufacturer [1][4] - The company supplies major technology companies including Apple and Nvidia [2]

Key Takeaways - Oppenheimer analysts maintained an "outperform" rating on Costco Wholesale (COST) following strong December sales performance, citing potential catalysts such as a stock split [1][3] - Costco's adjusted U.S. comparable sales increased nearly 10% year-over-year in December, reinforcing its position as a top pick for analysts [2] - The analysts set a price target of $1,075 per share for Costco, above the consensus estimate of $1,047 from Visible Alpha [2] - Costco's combination of gold bars and a strong gift card assortment continues to resonate with consumers [2] - Costco shares have risen nearly 40% over the past year, closing at $927.37 on Wednesday [2][3] Stock Performance and Catalysts - Costco shares closed at $927.37 on Wednesday, reflecting a 41% increase over the past year [3] - A potential stock split is highlighted as a catalyst for Costco's shares, as high share prices often lead to splits to make them more accessible to retail investors [1][3] Sales and Consumer Appeal - Costco's December sales growth of nearly 10% year-over-year underscores its strong performance in the U.S. market [2] - The company's product offerings, including gold bars and gift cards, continue to attract consumer interest [2]

Group 1 - UBS is reportedly close to paying "at least hundreds of millions of dollars" in penalties to settle U.S. tax evasion violations related to Credit Suisse, which UBS acquired in 2023 [1][5] - The potential settlement with the U.S. Justice Department could occur as soon as this week, following a 2014 plea agreement where Credit Suisse admitted to aiding wealthy Americans in tax evasion [1][5] - Credit Suisse had previously agreed to disclose American accounts but allegedly continued to hide accounts, leading to further scrutiny from the Justice Department [2][3] Group 2 - The 2014 plea deal included $2.6 billion in fines, and UBS set aside approximately $4 billion to address ongoing investigations and lawsuits after acquiring Credit Suisse [4] - A Senate investigation in 2023 indicated that Credit Suisse likely concealed hundreds of millions of dollars in accounts after the plea deal, which were not reported to U.S. regulators until whistleblowers intervened [4][5] - UBS has not yet responded to requests for comment regarding the ongoing investigation and potential settlement [4][5]

Sales Performance - Costco reported net sales of $27.52 billion in the five-week period through Jan 5, a 10% year-over-year increase [1] - US comparable sales improved more than 9% year-over-year [1] - E-commerce sales surged 34% year-over-year, with an estimated 15 percentage point boost from the later timing of Thanksgiving/Black Friday/Cyber Monday [1] Analyst Commentary - JPMorgan analysts reiterated an "overweight" rating but lowered price target to $1,065 from $1,090 [1] - Visible Alpha analyst consensus price target is $1,047.06 [1] - Citi analysts expect "modest strength" in Costco stock following December results, maintaining a "neutral" rating and $1,060 price target [2][3] Market Context - Costco shares closed at $927.37 on Wednesday, representing a roughly 15% discount to JPMorgan's price target [1] - Shares have fallen 7% since hitting an all-time closing high of $994.69 on Dec 11 [2] - Results indicate improving consumer spending, particularly among upper-middle class and higher-income consumers [2]

Stock Performance and Analyst Downgrade - Advanced Micro Devices (AMD) shares tumbled more than 4% intraday to $121 60 after HSBC analysts double downgraded the stock from "buy" to "reduce" [2][3] - AMD shares have lost about 24% of their value over the past three months leading up to Wednesday [3] - HSBC analysts believe "there remains further downside" for AMD shares [3] AI Chip Revenue and Competitive Landscape - HSBC lowered its fiscal 2025 AI GPU revenue forecast for AMD to $8 1 billion from $12 3 billion well below the $9 5 billion analyst consensus [5] - AMD's AI chip roadmap was described as "less competitive" than previously anticipated with soft demand for its MI325 GPU [4] - The upcoming MI350 chip from AMD is expected to struggle competing with Nvidia's offerings [4] Earnings and Market Expectations - AMD is expected to report 2024 fourth-quarter earnings in late January or early February based on last year's timing [5] - HSBC also lowered AMD's price target to $110 from $200 reflecting reduced confidence in the company's AI chip prospects [3]

Core Viewpoint - UBS Research upgraded Novo Nordisk's stock to "buy" from "neutral," citing that the recent sell-off was "overdone" [2] Group 1: Stock Performance and Analyst Actions - Novo Nordisk's shares rose after the upgrade, with Copenhagen-listed shares closing up approximately 2.8% and U.S.-listed shares up nearly 2% at $84.94 [6] - UBS lowered the price target for Novo Nordisk's domestic shares to 750 Danish kroner ($103.55) from 1,100 kroner, while the stock closed at 619.50 kroner, about 40% below its record close of 1,028 kroner on June 25, 2024 [2][6] Group 2: Market Outlook and Drug Performance - Analysts view the recent decline in stock price as an "attractive entry point," anticipating growth in the weight-loss drug market in the first quarter of the year [3] - Novo Nordisk is a leader in the weight-loss drug market with its products Ozempic and Wegovy, competing with Eli Lilly's Mounjaro and Zepbound [3] Group 3: Sales Projections and Patent Expiration - UBS analysts projected "risk adjusted peak sales" of $75 billion annually through 2031, down from a previous estimate of $80 billion, due to upcoming patent expirations in Europe (2031) and the U.S. (2032) [5] - The lowered sales projection is also influenced by disappointing trial results for Novo Nordisk's newest weight-loss drug, although it is still expected to be more effective than Ozempic [4][5]

Core Insights - Albertsons reported better-than-expected third-quarter earnings with a net income of $400.6 million, surpassing both last year's $361.4 million and analysts' expectations of $318.1 million [2] - Revenue for the quarter was $18.77 billion, slightly below the analyst consensus of $18.8 billion but up from $18.56 billion a year ago [2] - The company slightly raised its fiscal 2024 adjusted EPS outlook to a range of $2.25 to $2.31, while lowering the top end of its same-store sales growth projection to 1.8% to 2% [2] Financial Performance - Net income increased to $400.6 million from $361.4 million year-over-year [2] - Revenue was reported at $18.77 billion, compared to $18.56 billion the previous year [2] - Analysts had expected a revenue of $18.8 billion, indicating a slight miss [2] Merger and Legal Developments - This quarterly report is the first since the proposed merger with Kroger was called off due to legal rulings against the deal [3] - Albertsons has filed a lawsuit against Kroger, alleging that Kroger did not take sufficient actions to secure merger approval [4] - Both companies have resumed their stock buyback programs after pausing them during the merger approval process [4]

Core Insights - ExxonMobil expects a potential hit of up to $900 million to its upstream earnings in Q4 2024 due to falling oil prices [2][5] - The decline in upstream earnings is attributed to lower liquids prices, estimated to reduce earnings by $500 million to $900 million compared to Q3 2024 [2][5] - The earnings forecast comes amid soft oil demand and an oversupply in the market [4][5] Company Strategy - ExxonMobil is committed to increasing oil and gas production, leveraging its nearly $60 billion acquisition of Pioneer Natural Resources from the previous year [3] Market Context - The forecasted earnings decline coincides with OPEC+ maintaining voluntary production cuts of 2.2 million barrels per day until the end of March [4] - ExxonMobil's shares have decreased approximately 4% over the past month, with a 0.5% drop in premarket trading [4]

Key TakeawaysNHTSA opened an investigation into Tesla's Smart Summon and Actually Smart Summon features, which allow users to move their vehicles remotely using an app.The regulatory agency has received complaints that Tesla vehicles failed to detect obstacles or parked vehicles, resulting in crashes.Meanwhile, Bank of America Securities analysts downgraded their rating on Tesla to "neutral" from "buy," but raised their price target for the stock. Tesla (TSLA) shares dropped Tuesday as federal regulators sa ...

Nvidia's AI Leadership and Market Performance - Nvidia CEO Jensen Huang made significant AI-related announcements at CES, reinforcing the company's leadership in AI technology [2] - Nvidia's stock hit an all-time high of $153.13 before declining 5.3% to $141.50 amid broader market trends [2] - Analysts attribute the stock's decline to market-wide issues and profit-taking rather than the company's announcements [3] New Product Launches and Partnerships - Nvidia unveiled the GeForce RTX 50 series chips for AI PCs, priced between $550 and $2,000, with desktop models launching this month and laptops expected in March [4] - The company introduced AI foundational models for RTX AI PCs and the Cosmos platform for robotics, autonomous vehicles, and vision AI [5] - Nvidia highlighted partnerships with Toyota and Aurora Innovation in autonomous driving, calling the autonomous vehicle revolution "here" [6] Analyst Sentiment and Market Projections - Bank of America analysts labeled Nvidia a "top pick" due to its AI dominance, maintaining a "buy" rating with a $190 price target, implying a 35% upside [7] - 20 out of 21 analysts covering Nvidia maintain a "buy" or equivalent rating, with a consensus price target of $177, suggesting 25% upside [8] - Wedbush analysts projected the robotics and autonomous tech market could present a $1 trillion opportunity for Nvidia in the coming years [8] - Nvidia's market value is projected to exceed $4 trillion, potentially reaching $5 trillion in the next 18 months, up from its current $3.5 trillion market cap [10]