按照阿斯麦官方发布的财报日程，公司会在周三上午(北京时间周三午后)发布财报，并召开电话会议进行解读。然而，在北京时间周二晚间22点半左右，各大金融终端同时抓到了公司不小心挂到网上的财报。Source: Zhitong Finance "Since 1950, the S&P 500 index has risen more than 10% 21 times as of the end of May. In about 90% of these cases, the S&P 500 index rose for the rest of the year. There were only two instances of declines for the rest of the year, in 1987 (-13%) and 1986 (-0.1%)." With the rebound of the stock market, the old adage "Sell in May and Go Away" seems to have been a bad advice once again. Last month, the S&P 500 index rose 4.8%, the best May performance since 2009. The NASDAQ 100 index rose nearly 6.2%, and the NASDAQ Composite Index rose 6.9%. Goldman Sachs FICC & Equities Trading Division said: "History doesn't really support this saying. Don't sell, leave the market (go on vacation), and enjoy the good times." The rising trend is still to be continued? If history is any guide, it may indicate that the rise of the stock market is not over yet. Looking ahead to the rest of 2024, Scott Rubner, Managing Director of the Goldman Sachs Global Markets Division and tactical expert, pointed out the following historical background for investors. Rubner stated that the S&P 500 index has risen 10.7% year-to-date, and since 1950, the S&P 500 index has risen more than 10% 21 times as of the end of May. In about 90% of these cases, the S&P 500 index rose for the rest of the year. There were only two instances of declines for the rest of the year, in 1987 (-13%) and 1986 (-0.1%). "Since 1950, the median return of the last 7 months of each year (June 1 to December 31) is 5.4%. In the aforementioned 21 cases, the average performance of the last 7 months increased to 8.1%." Rubner added. Rubner also pointed out that the NASDAQ index has risen for 16 consecutive Julys, with an average return of about 4.64%.
Raymond James suggests that KLA Corp and Lam Research may both face the impact of declining demand from China in the short term.
On Tuesday local time, lithography giant $ASML Holding (ASML.US)$ The financial report, originally scheduled to be released on Wednesday, was unexpectedly published early. To make matters worse, as Q3 order data is only half of the market's expectations, coupled with the downgrade of the 2025 fiscal year guidance, it led to a sharp drop in stock prices, dragging down the entire semiconductor sector and weakening the US stock market. Raymond James stated, $KLA Corp (KLAC.US)$ Both Lam Research (LRCX.US) and KLA Corp may face the impact of declining demand from China in the short term. KLA Corp's stock price fell by 14.7% on Tuesday, while Lam Research's stock price fell by 10.9% on Tuesday. ASML Holding's stock price dropped significantly by 16.26% on Tuesday.
According to the official financial report schedule released by ASML, the company was supposed to announce the financial report on Wednesday morning (Wednesday afternoon Beijing time) and hold a conference call for interpretation. However, around 10:30 pm Beijing time on Tuesday night, major financial terminals simultaneously captured the company's financial report accidentally posted online.
In the prematurely disclosed data, ASML announced that its orders for the third quarter of this year were only 2.6 billion euros, nearly half of the market expectation of 5.4 billion euros. The company expects that by 2025, the total net sales will increase to between 30 billion to 35 billion euros (previously guided at 30-40 billion euros), which is at the lower end of the guidance provided during the 2022 Investor Day. The gross margin ranges between 51% and 53%, lower than the range provided at that time.
Subsequently, Raymond James analyst Srini Pajjuri lowered the target price for KLA Corp from $975 to $925. However, this investment firm still maintains an 'outperform' rating on the stock. Pajjuri mentioned in an investor report that in the past five years, KLA Corp's revenue has surpassed wafer manufacturing equipment, and due to the long-term growth in process control intensity, this trend is expected to continue. Yet, Raymond James slightly lowered its forecast for KLA Corp in 2025, citing that 'the company has investments in wafer and mask factories in China, and it believes that the construction of these factories is still in the early stages.' Pajjuri pointed out that advanced wafer foundry and logic continue to improve, and the 2nm node will be a key driver for KLA Corp.
Additionally, Pajjuri also lowered the target price for Lam Research from $125 to $100, but the company maintains a 'shareholding' rating on the stock. The institution noted that the demand for DRAM chips in China is expected to slow down in the near future.
Raymond James points out that kla corp and lam research may both face impacts from the decline in demand from China in the short term.
Pajjuri stated: "Nevertheless, Raymond James believes that the valuation has undervalued some of the recent prospects and continues to be bullish on Lam Research's progress in HBM growth and foundry/logic aspects (64% of Q4 system sales). According to Raymond James, the increase in NAND flash memory utilization is expected to lead to a recovery of wafer fabrication equipment in 2025."
Editor / jayden
