更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 ab Global Research and Evidence Lab 5 April 2024 European Economic Comment Economics Eurozone: Retail sales disappoint again in Europe including UK February Franziska Fischer Economist franziska.fischer@ubs.com +41-44-239 2054 Retail sales fell 0.5% m/m in February, after stagnating in January Reinhard Cluse In February, Eurozone retail sales continued their weak trend of the past two months, Economist falling by 0.5% m/m (-0.7% y/y), slightly weaker than consensus (-0.4% m/m). ...

更多资料加入知识星J球P：水M木调O研纪要R 关G注公A众号：N水木纪要 Global Economic Research 05 April 2024 Global Data Watch Economic and Policy Research Bruce Kasman (1-212) 834-5515 • Growth and inflation resilience raise odds of high-for-long soft-landing bruce.c.kasman@jpmorgan.com Joseph Lupton • Yen weakness bolsters July BoJ hike; upside risks to 1H24 China GDP (1-212) 834-5735 • Firming PMIs point to growth upturn in EMAX joseph.p.lupton@jpmorgan.com • Up next: US Mar CPI (Wed); ECB (Thu), BoC (Wed), BoI (Tue) Michael S Hanson (1 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 ab Global Research and Evidence Lab 4 April 2024 European Economic Comment Economics Switzerland: March inflation surprises to the Europe including UK downside - again Franziska Fischer Economist franziska.fischer@ubs.com +41-44-239 2054 Inflation falls 20bp in March to 1.0% y/y Anna Titareva Swiss inflation dropped to 1.0% y/y in March, down 20bp from February and notably Economist below our and consensus' expectations of a small increase (UBSe and consensus: 1.3%). anna.titare ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 M Idea April 8, 2024 04:54 PM GMT Asia Economics | Asia Pacific Morgan Stanley Asia Limited Chetan Ahya Chief Asia Economist The Viewpoint: What if rate cuts Chetan.Ahya@morganstanley.com +852 2239-7812 Derrick Y Kam Asia Economist are delayed? Derrick.Kam@morganstanley.com + 65 6834-8272 Jonathan Cheung Economist Jonathan.Cheung@morganstanley.com +852 2848-5652 Across the region, real rates are rising given lower inflation. As long as central banks begin to cut rates from June- ...

The Charles Schwab Corporation (NYSE:SCHW) Spring Business Update Conference Call April 15, 2024 9:00 AM ET Company Participants Jeff Edwards - Head of Investor Relations Walt Bettinger - Co-Chairman and CEO Rick Wurster - President Peter Crawford - CFO Conference Call Participants Ken Worthington - JPMorgan Steven Chubak - Wolfe Research Alex Blostein - Goldman Sachs Brennan Hawken - UBS Devin Ryan - Citizens JMP Brian Bedell - Deutsche Bank Bill Katz - TD Cowen Kyle Voigt - KBW Jeff Edwards Good morning, ...

CRISPR Therapeutics AG (NASDAQ:CRSP) Annual Needham Virtual Healthcare Conference Call April 10, 2024 11:45 AM ET Company Participants Samarth Kulkarni - Chief Executive Officer and Chairman Conference Call Participants Gil Blum - Needham & Company Gil Blum Good morning, everyone, and thank you for joining us on the Third Day of the Needham Healthcare Conference. My name is Gil Blum and I am a Senior Biotech Analyst with a focus on immune oncology. I have with me today Sam Kulkarni, CEO of CRISPR Therapeuti ...

Tesco PLC (OTCPK:TSCDF) Preliminary Results 2023/24 Conference Call April 10, 2024 4:00 AM ET Company Participants Ken Murphy - Group Chief Executive Imran Nawaz - Chief Financial Officer Conference Call Participants Andrew Gwynn - Exane BNP Paribas Izabel Dobreva - Morgan Stanley Nick Coulter - Citi James Anstead - Barclays Sreedhar Mahamkali - UBS William Woods - Bernstein Francois Digard - Kepler Cheuvreux Clive Black - Shore Capital Ken Murphy Good morning, everyone, and welcome to our preliminary resul ...

Summary of Intensity Therapeutics (INTS) Conference Call - April 09, 2024 Company Overview - Intensity Therapeutics is focused on developing innovative cancer therapies using a unique intratumoral delivery technology that aims to enhance immune response against tumors [2][3][4] Key Points and Arguments Innovative Drug Delivery Technology - The company utilizes an oral form of Ozempic with a unique delivery mechanism that allows for intratumoral drug administration, leading to a new immunological approach to cancer treatment [2][3] - The drug is a water-based formulation that can effectively diffuse through fat-dense tumor environments, enhancing absorption [5][6] Clinical Trials and Studies - Over 200 patients have been treated in studies, with a Phase 3 study for metastatic sarcoma expected to begin in mid-2024 [3][7] - The company has received FDA orphan drug status, providing advantages in regulatory processes and potential market exclusivity [8] - The metastatic sarcoma market consists of approximately 157,000 patients in the U.S., with a median survival of only 13-14 months [9] Treatment Efficacy - Preliminary data suggests that the drug can significantly increase median survival from 3 months to 18 months in patients who have failed previous therapies [13][20] - In a breast cancer study involving 91 patients, the drug achieved 95% necrosis in tumors without affecting cosmetic outcomes post-surgery [25][26] Safety Profile - The treatment has shown a favorable safety profile, with less than 10% of patients experiencing grade three adverse events, primarily mild pain and fatigue [18] Market Potential and Future Plans - The company plans to initiate two major studies: one for metastatic sarcoma and another for triple-negative breast cancer, with hopes to complete enrollment by Q3 2025 [28][34] - The company has $14.8 million in cash and no debt, indicating a solid financial position to support upcoming studies [28] Additional Important Information - The drug aims to activate the immune system against tumors that are typically non-immunogenic, potentially transforming the treatment landscape for various cancers [10][11] - The company emphasizes the importance of personalized treatment based on tumor size rather than a one-size-fits-all approach [12] - The management team has a strong background in drug development, and the company has established partnerships with leading cancer research institutions [5][32] Conclusion - Intensity Therapeutics is positioned to potentially revolutionize cancer treatment with its innovative drug delivery technology and promising clinical results, focusing on improving patient outcomes and quality of life while addressing significant unmet medical needs in oncology [29][30]

The Home Depot, Inc. (NYSE:HD) J. P. Morgan 10th Annual Retail Round Up Conference April 4, 2024 9:00 AM ET Company Participants Richard McPhail - EVP & CFO Conference Call Participants Chris Horvers - J. P. Morgan Chris Horvers All right, great. Thank you for everyone joining us today on our 10th Annual Retail Round Up Day 2. It's my distinct pleasure to have with me Chief Financial Officer of The Home Depot, Richard McPhail. Thank you for joining us again this year. We always appreciate your support of ou ...

Summary of Ulta Beauty, Inc. Conference Call Company Overview - **Company**: Ulta Beauty, Inc. (NASDAQ: ULTA) - **Event**: JPMorgan 10th Annual Retail Round Up Conference - **Date**: April 3, 2024 - **Participants**: - David Kimbell - Chief Executive Officer - Paula Oyibo - Senior Vice President, Finance Industry Insights - **Consumer Environment**: - The beauty industry has shown consistent growth historically, particularly post-pandemic with strong engagement from consumers in beauty as part of their wellness and self-care routines [3][4] - Economic factors affecting consumers include healthy employment rates and wage growth, but also rising credit card debt and student loan pressures [4] - Ulta has observed a slowdown in the beauty category growth, which is expected to moderate to mid-single-digit growth rates [5][6] Key Financial Metrics - **Market Share**: - Ulta holds approximately 9% of the total beauty category and has maintained this share in 2023, with significant growth compared to pre-pandemic levels [9] - Despite competitive pressures, Ulta has seen growth in mass makeup categories while facing challenges in prestige makeup and haircare [10][11] Competitive Landscape - **Market Dynamics**: - The competitive environment has intensified with over 1,000 new points of distribution in the prestige beauty segment, impacting Ulta's market share [27][28] - Ulta's strategy includes leveraging its loyalty program, which has grown by 8% last year, to maintain customer engagement [10] Product and Innovation Strategy - **New Product Launches**: - Ulta is excited about its new product pipeline, including exclusive launches like the WYN brand by Serena Williams, aimed at active lifestyles [12] - The company is focusing on both mass and prestige segments, with a strong emphasis on innovation and marketing to drive engagement [15][19] Financial Guidance - **2024 Outlook**: - Ulta expects a comp growth of 4% to 5% for 2024, with the first half in low single digits and the second half in mid-single digits [14] - The guidance reflects confidence in the new product pipeline and the overall health of the beauty category, despite anticipated moderation [14][15] International Expansion - **Market Entry**: - Ulta is considering expansion into Canada in the long term but is currently entering Mexico through a joint venture to mitigate risks and scale faster [35] Operational Efficiency - **Margin Expectations**: - Ulta has guided for operating margins in the range of 14% to 15%, with expectations that it will be challenging to exceed 15% due to competitive dynamics and necessary investments [36][39] - The company is focused on maintaining operational efficiency through ongoing investments in technology and supply chain improvements [42][46] Promotional Strategy - **Promotional Activities**: - Ulta plans to maintain a below-2019 level of promotional activity, focusing on targeted promotions rather than broad-based discounts [55] - The company is adapting its promotional strategies based on consumer engagement and competitive pressures [55][56] Conclusion - **Overall Sentiment**: - Ulta remains optimistic about its long-term growth potential despite current market challenges, emphasizing the importance of innovation, customer engagement, and operational efficiency to navigate the evolving beauty landscape [30][39]