Earnings Reports - 180 S&P 500 companies are expected to report earnings this week, including four from the Magnificent 7, which will test the market's appetite for momentum names [2] - Microsoft, Apple, Meta, and Amazon are among the key companies reporting, with Microsoft and Meta on Wednesday and Apple and Amazon on Thursday [3] Microsoft - Analysts expect Microsoft to report EPS of $3.22 on revenue of $68.44 billion, although Morgan Stanley has lowered some estimates due to macroeconomic uncertainty [4] - There are mixed views on Microsoft's strategy, with some analysts believing the company is sacrificing profitability for economies of scale, while others warn of potential impacts from tariff retaliation and a U.S. recession [5] Apple - The Street anticipates Apple will report EPS of $1.61 on revenue of $94.06 billion, with some analysts expecting a slight earnings beat due to effective tariff management [6] - However, concerns exist regarding Apple's vulnerability to tariff impacts due to its integrated supply chain and significant revenue from China [6] Economic Indicators - The first estimate of Q1 GDP is expected to show a growth rate of 0.4%, influenced by a historic import surge due to anticipated tariff hikes [7] - Payrolls are expected to rise by 130,000, with the unemployment rate holding at 4.2% and average hourly earnings increasing by 0.3% [7] Trade Relations - Treasury Secretary Scott Bessent indicated uncertainty about direct communications between President Trump and Chinese President Xi Jinping, suggesting that high tariff levels are unsustainable for China's business model [8] - Ken Griffin criticized the Trump administration's trade policies, arguing that tariffs will not revive American manufacturing jobs and emphasized the need for the U.S. to leverage its competitive advantages [9][10]

Core Viewpoint - Abbott Laboratories has experienced a 15% increase in share price year-to-date, but ongoing tariff pressures have limited further market gains despite a strong first-quarter earnings report [1][20]. Financial Performance - Abbott's shares have declined by 0.2% since the earnings release on April 16, underperforming both the industry and the S&P 500, which gained 2% during the same period [2]. - The broader Medical sector saw a collective gain of 1%, while competitors Boston Scientific and Medtronic saw share price increases of 6.2% and 2%, respectively [2]. Tariff Impact - Abbott estimates that U.S. tariffs could result in a direct financial impact of "a few hundred million dollars" for the current year, although this is considered manageable in the short term [5]. - The company's reliance on global production and distribution networks makes it particularly vulnerable to tariff-induced cost pressures, expected to rise starting in Q3 2025 [6]. Strategic Response - Abbott's management is confident in the company's ability to navigate the challenges posed by trade policies, leveraging its global footprint of 90 manufacturing sites to mitigate regional risks [7]. - The company is exploring long-term strategies to minimize tariff exposure, including localizing production and optimizing supplier contracts [8]. Long-Term Growth Prospects - Abbott's Established Pharmaceuticals Division (EPD) is positioned for sustainable growth in emerging markets, with a five-year compound annual growth rate (CAGR) of 8% [9][10]. - EPD sales increased by 8% organically in Q1 2025, with over half of its top 15 markets showing double-digit growth [11]. Diabetes Care Segment - Abbott's Diabetes Care business is thriving, driven by the success of its FreeStyle Libre continuous glucose monitoring system, which has achieved global leadership in the CGM market [12]. - In Q1 2025, sales in the Diabetes Care segment exceeded $1.7 billion, growing by 21.6% [13]. Market Position and Valuation - Abbott is currently trading below its 50-day simple moving average (SMA) but above its 200-day SMA, indicating short-term bearishness amid macroeconomic complexities [14]. - The company's forward 12-month price-to-earnings (P/E) ratio is 24.37X, higher than the industry average of 21.07X, suggesting a stretched valuation [18]. Investment Outlook - Despite Abbott's strong fundamentals and growth strategies, the stock price has not fully reflected its underlying strength, leading to a cautious market reaction [20]. - Current shareholders are advised to hold their positions, while new investors may consider waiting for a more favorable entry point [21].

A股这边，惊心动魄的一周结束了，虽然绝大多数人还是亏钱的，但我估计大家的心情应该还是可以的。 以Wind全A为例，周一跌了9%之后，周二到周五连涨4天，累计涨幅5.5%左右，虽然本周还是亏了4个多点，但人的情绪，主要是被环境 的边际变化影响的，换句话说，同样是亏4个多点，如果本周是每天阴跌1个点，跌5天，恐怕大家会是另外一个心情了。 就好像你家儿子，如果第一次考试考50分，后面每次考试都能多考10分，那后面的日子，全家可能每天都和过节一样；反之，如果一开始 考80分，结果后面每次掉10分，那家里可能就不太和谐了。 今天市场里表现最猛的板块，是芯片和半导体方向 ，ETF的涨幅榜， 都被它们霸占了，A股的半导体指数今天涨超5%，港股半导体指数涨 了接近6.5%，更为重要的是，两个指数，都已经完全收复了周一的大跌，A股的半导体相较于上周五的收盘价，还涨了0.5%，港股半导体 更是涨了4%以上。 换句话说，在资本的定价里，贸易冲突和关税战，利好国内的半导体和芯片产业。 其中，主要的原因，在于今天 半导体行业协会发布的， 《关于半导体产品"原产地"认定规则的紧急通知》 ，看到紧急通知这四个字，就 知道这是临时的关税战反 ...