Macro & Earnings Updates

Timely macro analysis and corporate earnings updates. Key trends, results, and insights shaping markets

[Macro & Earnings Updates @MacroEarnings]

4/ The Street is re-rating fast: Baird upgraded $HUM to Outperform, hiking its target to $596 from $390, and sees $35+ in adjusted EPS for 2028. Barclays raised its target to $582. Open question: how much of the two-year bonus arc is already in today's 15% pop?

[Macro & Earnings Updates @MacroEarnings]

$HUM is up ~15% premarket — not on earnings, but on a single number: 95% of its Medicare Advantage members will be in 4-star-plus plans for 2027, up from ~20%. Why that one metric can be worth billions. 🧵 #MedicareAdvantage #Healthcare #Stocks

[Macro & Earnings Updates @MacroEarnings]

3/ The contrast is stark. J.P. Morgan estimates UnitedHealth's share of 4-star-plus members falls to ~67% from 81%, and CVS Health's to ~70% from 84%. $HUM went from laggard to best-in-class in one rating cycle — the mirror image of its biggest rivals.

[Macro & Earnings Updates @MacroEarnings]

$AMZN +2.7% Friday — and AWS just raised prices ~15% on Nvidia-based EC2 capacity blocks (B300 $16.15/hr, eff. Oct 7). The cloud's biggest provider hiking compute prices mid-AI-capex-cycle is pricing power, not cost pass-through. BNP: AWS +43–45%. #Cloud #AI #Stocks

[Macro & Earnings Updates @MacroEarnings]

4/ The catch is cash. S&P 500 firms returned only 63% of earnings via dividends and buybacks over the last year — the lowest since 2004, down from 80%+ for two decades. Earnings are surging, but the cash is being reinvested. That's the AI trade in one number.

[Macro & Earnings Updates @MacroEarnings]

In September, the 10Y treasury jumped 54bps — 4.75% to 5.29%, one of the sharpest monthly moves since 1962. Stocks didn't care: the market added $2.5 trillion in value. Damodaran's new post explains the puzzle. Thread on what the numbers say. #Markets #Economy #AI

[Macro & Earnings Updates @MacroEarnings]

3/ The engine: AI capex. Corporate capex was up $133.4B (+36%) YoY in Q2, with tech, comm services and consumer discretionary each up >50%. Builders' spending becomes suppliers' revenue — which is why $NVDA and the chip/power chain keep printing while hyperscalers amortize.

[Macro & Earnings Updates @MacroEarnings]

Watch the balance sheet: total debt fell $893M to $673M in a year, leverage 3.03x with a ≤2.7x target by year-end. The stock barely moved (+0.9%). At $25.55, the tape is pricing the B&W decline, not the margin repair. That's the tension.

[Macro & Earnings Updates @MacroEarnings]

$HELE is the rare beat-and-raise with real repair behind it: adj EPS $0.79 vs $0.50 expected (+58%), and FY27 EPS guide raised to $3.60–$4.15 — from $3.25–$3.75, above the $3.41 consensus. Thread on where the quality lives, and where it doesn't. #Earnings #Stocks #Retail

[Macro & Earnings Updates @MacroEarnings]

The split inside the numbers: Home & Outdoor sales +9.2% to $227.9M, growth across all brands. Beauty & Wellness -4.5% to $213.0M, hit by hair appliances and water filtration. One business is recovering; the other is still sliding.

[Macro & Earnings Updates @MacroEarnings]

Watch: whether premium revenue keeps outrunning the fuel tax — and whether $DAL's Monroe refinery (H1 revenue +70% to $3.75B, an 11¢/gal savings benefit) widens its gap vs unhedged peers. Pricing power vs. the barrel; the barrel is winning this quarter.

[Macro & Earnings Updates @MacroEarnings]

$DAL posted record Q3 revenue of $17.6B — and the stock fell anyway. EPS $1.72 missed FactSet's $1.77, and full-year guidance was slashed to $5.10–$5.60 from $6.50–$7.50. Demand isn't the problem. Fuel is. Thread on the math. #Earnings #Airlines #Stocks

[Macro & Earnings Updates @MacroEarnings]

$DAL is +19% YTD but -10% over three months — still outrunning rivals. Deutsche Bank sees only four US airlines profitable this year. The moat is premium: affluent travelers absorb fare hikes that leisure demand can't.