Category Archive for "TMT"

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Quick Thoughts: Apple – The Song Remains the Same

AAPL shares are up about 12% over the past month on little concrete news, as analysts looked to brighten the narrative. We remain skeptical. Today’s big AAPL event was underwhelming, with no product likely to spark significant new demand. Meanwhile,

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TMT Model Portfolio Update: What next?

January was hard on high-multiple TMT stocks, and thus, our model long portfolio, which underperformed the tech elements of the S&P 500 by -690 bp since our last update. In particular, the market reaction to signs of deceleration in demand

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Cybersecurity: Trust No One

Cybersecurity attacks have been growing more sophisticated in recent years, making headlines with major breaches that have compromised the personal information of millions. However, beefed up spending on security hardware and software have done little to stop cybercrime, as more

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Quick Thoughts: Catching the TWTR Knife

TWTR remains in a jail of its own making, languishing at multiples incongruous with its torrid sales growth and expanding margins. Given GOOGL and FB’s very strong ad growth, and press reports of sales well above plan, we expect a

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The VERY Long View: The Biggest TMT Companies for 2025

Of the top 10 US TMT companies by market cap today, just 5 were on the list a decade ago. AAPL, AMZN and FB were nowhere to be seen, and GOOG had just edged onto the list at #10. Meanwhile,

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TMT: Model Portfolio Update – NOW WITH SHORTS!

We have strong conviction on the near-term opportunities created by paradigmatic changes across the TMT landscape – i.e. Web scale cloud data centers, streaming on-demand media, native digital advertising, increasingly fast and efficient mobile commerce, falling competitive barriers in wireless

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AMZN: Winning Christmas

With ~$250B in annual gross merchandise volume (GMV) and more than 250M active customers, AMZN, already 3x the size of its closest US online rival Ebay, is responsible for nearly 20% of global e-tail sales and is on a trajectory

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TMT: 3Q Earnings – The Aftermath

3Q15 earnings season played out mostly, but not entirely, along the lines that we saw in 2Q and highlighted in our preview note from Oct 13. 1. Linear TV metrics were bad, but perhaps, not as bad as had been

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Quick Thoughts: QCOM – How Many Shoes are There to Drop?

QCOM traded off 9.4% on Wednesday after revealing that the South Korean government had opened an antitrust inquiry into the company’s patent licensing practices in the country. As we have seen with Qualcomm’s protracted negotiations with the Chinese government, even

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TWTR: Beyond MAUs

The bull-bear tug-o-war over TWTR has been one sided, with the stock 40% off its May highs. Is it a buying opportunity or a falling knife? 5 key issues will determine the answer: 1. Can TWTR reaccelerate growth in registered

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