Financial Data and Key Metrics Changes - Ternium reported a sequential increase in EBITDA driven by improved margins and slightly higher shipments [6] - Net income for Q1 2025 stood at $142 million, including a $45 million provision adjustment charge related to ongoing litigation [18] - Adjusted net income, excluding the major charge, was $188 million, marking a significant improvement over the prior quarter [19] Business Line Data and Key Metrics Changes - The steel segment saw higher shipments in Brazil and other markets, partially offset by lower sales volumes in Mexico [19] - Mining segment shipments increased slightly quarter over quarter and rose 14% year over year, driven by higher production levels in Mexico and Brazil [22] Market Data and Key Metrics Changes - In Mexico, apparent consumption of steel decreased almost 5% in 2024, affecting demand [30] - Brazilian trade authorities reported a significant year-over-year increase in imports during Q1 2025, with ongoing anti-dumping investigations on imports from China [9] Company Strategy and Development Direction - The company aims to enhance competitiveness by increasing operational efficiency and reducing costs amid a challenging trade environment [10] - Ternium's expansion project in Mexico has a revised total CapEx of $4 billion, representing a 16% increase compared to previous estimates [12] - The company expects to achieve a double-digit EBITDA margin in Q2 2025, supported by increased realized prices and cost reduction initiatives [11] Management's Comments on Operating Environment and Future Outlook - Management noted that trade tensions and uncertainty are impacting global economic growth, but there is optimism regarding the Plan Mexico initiative to enhance industrialization [6][8] - The outlook for the steel sector in Argentina is improving, with expectations of a 20% increase in shipments in the upcoming quarters [56] Other Important Information - The company maintains a strong balance sheet with a net cash position of $1.3 billion as of March 2025 [23] - Ternium's CapEx for 2025 is projected to be around $2.5 billion, with significant investments in ongoing projects [23] Q&A Session Summary Question: Situation in Mexico and GDP impact - Management acknowledged the challenging environment in Mexico, with expectations for demand to improve in the following quarters, particularly in the commercial market [30][31] Question: Margins and profitability outlook - Management indicated that margins are expected to improve in Q2 2025, with a potential return to more reasonable levels compared to previous quarters [37][38] Question: Cost reduction and volume growth opportunities - Management confirmed ongoing cost reduction programs and highlighted the potential for volume growth in Mexico due to decreased imports [41][45] Question: Cash returns and dividend payments - Management expressed confidence in sustaining dividend payments despite ongoing CapEx plans, citing a solid financial position [54] Question: Argentina's steel sector outlook - Management noted improvements in Argentina's steel sector, with expectations for increased shipments and no immediate plans for capacity expansion [56] Question: CapEx increase reasons and timeline - Management explained that the CapEx increase was due to higher construction costs and inflation, with the additional costs expected to be distributed over the project timeline [64]

Core Insights - Big Tech companies are experiencing significant sell-offs, creating potential buying opportunities for investors who view the downturn as temporary and sentiment-driven [2][3]. Group 1: Market Conditions - Major tech stocks like Nvidia, Alphabet, Microsoft, Amazon, and Meta have been heavily sold off due to inflation concerns, trade tensions, and skepticism around AI spending [1][2]. - Year-to-date performance shows Nvidia down over 25%, Alphabet down about 18%, Microsoft down over 10%, Amazon down 18%, and Meta down over 13% [3]. Group 2: Geopolitical Factors - The Trump administration's softened stance on China and the potential easing of tariffs have contributed to a short-term rally in Big Tech stocks [4][5]. - Despite temporary exemptions on electronics, the threat of broader tariffs, particularly on semiconductors, remains a concern for companies like Nvidia [5]. Group 3: Investment Opportunities - The current price weakness in Big Tech is viewed as an opportunity for accumulation, especially for investors with a long-term perspective [3][5]. - Historical trends suggest that strong market rebounds often follow sharp declines, indicating potential for recovery in oversold tech stocks [5].

Core Viewpoint - Intuitive Surgical, Inc. (ISRG) is expected to report first-quarter 2025 earnings on April 22, with sales estimated at $2.18 billion and earnings per share at $1.71, reflecting stable earnings estimates for 2025 and 2026 [1][2] Earnings and Estimates - The company has shown a consistent earnings surprise, with a 24.86% surprise in the last quarter and an average surprise of 14.97% over the past four quarters [2] - Current estimates indicate an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold), suggesting uncertainty regarding an earnings beat this time [3] Segment Performance - The Instruments & Accessories segment is anticipated to report strong results due to robust da Vinci procedure growth, particularly in U.S. general surgery and cancer procedures in international markets [4] - The launch of the da Vinci 5 systems is expected to contribute positively to system placements, with 174 systems placed in the U.S. during the fourth quarter, marking a nearly 60% sequential growth [5][9] - The Services segment is likely to reflect strong adoption of digital products, while margins may improve due to cost reductions and lower freight rates, despite increased depreciation expenses [11] Market Trends - General surgery procedures have driven growth in the U.S., while cancer procedures have benefited international markets, a trend expected to continue [7] - China's recovery post-COVID is likely to boost sales, although tariff-related challenges may impact performance [8] - The Systems segment is expected to show strong adoption of the da Vinci 5, although placements in China may face pressure due to delayed tenders [10] Valuation and Performance - ISRG shares have declined 7.5% year-to-date, outperforming the industry decline of 12.6% and the S&P 500's decline of 10.6% [13] - The company is trading at a forward P/E of 57.48X, significantly higher than the industry average of 26.59X, indicating a premium valuation despite a decrease from a five-year high [16] Investment Outlook - Despite high valuation, ISRG is expected to maintain strong performance driven by growth in da Vinci procedure volume and system placements [19] - The launch of new systems in Europe and the U.S. is likely to support growth, although challenges in bariatric procedures and trade tensions may offset some gains [20][21] - Investors are advised to monitor the stock for potential entry points amid tariff uncertainties and high valuation concerns [24][25]

今天的盘面应该无需多说了，10/20/40周期情绪指标都已经完全脱离极寒区域，10周期情绪已经越过均衡值50，意味着短期情绪趋向高涨。 那么短期是否连续上攻，还是回落做双底呢，我们拆解一下5分钟级别的走势结构和动量： 如上图，自反转以后，5分钟级别上攻动能输出没有顶背离现象，也就是说存在继续上攻的潜力。 但上午的成交量水平偏低，缩量比较明显，这个怎么理解，至少说明主动资金并没有继续大力输出。 走势结构上，昨天开始就展开了窄幅横盘震荡，也就是缠论说的中枢，这个震荡结构倾向看多。 半导体板块继续大涨，机器人板块继续红盘为主， 本轮牛市的两大成长主线交替发力，整体都是温和放量，隔日缩量对应小级别横盘，可视为正常。半 导体指数创了RSLINE年高，令人振奋。 半导体今天发力最猛的是模拟电路细分，这个底层逻辑值得细嚼一下，肯定和贸易对抗有关。 ...