Closing Bell - Mega-Cap Tech Earnings and Trade Uncertainty in Focus 04/30/25

Episode Date: April 30, 2025

A jam-packed afternoon with Meta, Microsoft, Qualcomm, and Robinhood headlining a massive tech earnings slate. Barbara Doran of BD8 Capital helps break down the results. Wedbush’s Dan Ives gives instant reaction to Microsoft and Meta, followed later by T. Rowe’s Tony Wang for broader tech insight and the policy implications of Trump’s first 100 days. Mizuho’s Dan Dolev gives his take on Robinhood, while DA Davidson’s Gil Luria looks ahead to Apple reporting tomorrow. 

Well, that bell marks the end of regulation. All spring global investments bring in the closing bell to New York Stock Exchange. Gold House doing the honors at the Nasdaq in a wild session to close out in even wilder months. Stocks rallying off the lows after an early dive triggered by soft GDP data. The Dow erasing nearly an 800 point decline in the Nasdaq, managing to close with gains for April. And now attention turns to major earnings coming out in just moments.

That is the scorecard on Wall Street, but winners stay late. Welcome to Closing Battle for Time. I'm John Ford with Morgan Brennan. Well, it is one of the biggest hours of earnings season. With results ahead from Microsoft, Metta, Qualcomm, Robinhood, and many others, our team is standing by to bring you all of the key metrics.

And President Trump is expected to speak this hour about investing in America. As CEOs convene at the White House, including the heads of Nvidia, GE Aerospace, Johnson & Johnson, and SoftBank, we will bring you headlines as we get them. But as we await this flood of earnings, let's get straight to today's market action. Joining us now is BD8 Capital Partners CEO Barbara Durant. Barbara, it's great to have you on. It's a mixed session here as we settle out for for stocks, but perhaps what is most incredible is if you were ripped when Winkle and slept through the entire month of April, you'd be waking up and not realizing how wild and volatile this month actually was just the fact that the Nasdaq's finishing higher on the month and the S&P less than 1% from the flat line.

What does it tell us about this rebound and does it have legs? Well, the rebound, it's off obviously the S&P got down 20% and that was really worst case scenario after the Trump reciprocal tariffs when it looked pretty dire. And I think since then he's backed off a bit. We have the 90 day pause. We have updates on autos. And of course the big thing is he backed off from firing, talking about firing power shares. That really spooked the markets.

So the markets recovered about half what the losses from the high. And I think then you have animal spirits kicking in a bit, believe it or not. I think it's been a buy on weakness. But personally, I think that it's going to be range bound. I think you still have a big uncertainty out there in the tariffs have not started to flow through. So the GDP number this morning it

was negative but there's a lot of you know the big rush to import before the prices go up and that sort of thing you saw consumer spending is holding up visa this morning talked about the resilient consumer American Express a few weeks

ago but all these numbers all these things you know, and although in the case of Visa, they're seeing it through April 21. But we have not seen the impact of the tariff. There's all this uncertainty. And I think that is going to start to feed. Okay. Yeah, I'm going to cut you off right there. So we have those Microsoft earnings out shares up 6.5% right now. Steve Kovac has the numbers for us. Hi, Steve. Yeah, Morgan, that's because we got some nice beats here on the top of bottom lines. EPS coming in at $3.46. Street was looking for $3.22. Revenue also a beat here by a couple billion. $70.07 billion.

Street wanted to see $68.4 billion. And then Azure Cloud growth, always an important one here. Also beating expectations up 33% on the year ago quarter. Street wanted to see up 30.3%. We see shares up now 6%, guys. All right, and we also have Qualcomm results that are out. Qualcomm fiscal Q2 2025 results beat on the top and bottom lines.

Revenue at $10.84 billion versus $10.66 consensus. Non-GAAP EPS $2.85 versus $2.82 expected. On the guide, just in line on the top line, if you take the midpoint of the range here, Qualcomm guiding to revenue of $9.9 to $10.7 billion. That's $10.3 at the midpoint. the street looking for 10.35. EPS guide is a beat, $2.70 at the midpoint versus a $2.67 consensus. Underneath here, it's interesting, the chips business is performing well across the board. If you look at Qualcomm's QCT revenue,

handsets a bit better than expected, but automotive and IoT doing particularly well. The licensing business, though, QTL, a bit weaker than expectations for Q2 at $1.32 billion versus $1.36 expected, and the QTL guide is below the street at $1.25 billion at the midpoint versus $1.31 expected. Not sure that might account for this 6% down move we see in Qualcomm right here in overtime Morgan. Yeah, it is a big move for beats on some of those key, given the beats on some of those key metrics.

All right, I wanna bring Mike Santoli into the conversation too. Mike, wanna get your thoughts on these initial numbers we've got, whether it is Qualcomm or Microsoft. Microsoft, in particular, 33% for Azure growth. It was better than the sheet was expecting. Absolutely, and the stock wasn't really geared for that.

I mentioned in the last hour, the stock's kind of been paying the price of valuation compression, obviously some shortfalls concerned about spending. So this obviously is going to kind of enliven the bull case a little bit for Microsoft. Wouldn't say it's gotten super cheap. I think a lot of these big stocks have lived off of the fact that they produce huge amounts of free cash flow every year. Microsoft is not really in free cash flow harvesting mode

right now, but the top line, the net income number, and obviously Azure growth, all of them definitely I think clean beats and you're going to see the maybe the broader market even get a little bit of a boost from that. Let's stick with Microsoft. Go back to Steve Kovac for more on the quarter, Steve. Hey, John. Yeah. Within that Azure growth number, I wanted to point out another thing. Artificial intelligence made up 16 points of that 33 percent growth.

So not only beating expectations on the Azure growth number, 33%, Street was looking for 30%, we continue to see every quarter over quarter, the percentage or the share of AI contributing that continues to grow, you're looking at it right there, it was 30% last quarter, 12% the quarter before that. So that continues to grow, showing some strength there in the AI contribution to the cloud, John.

Thank you, Steve Kovach. And do you want to note that meta results are out? We're going through those, but in the meantime, let's get to Kate Rooney, who's got Robinhood results. Kate. Hey, John, yeah, it's looking like a solid beat for Robinhood in the quarter, both on the top line from what we're seeing,

as well as the bottom line and record. Net deposits earnings per share beat by 4 cents. That came in at 37 cents, doubling roughly year over year. Better than expected revenue as well, 927 million. That was up roughly 50% or so from a year ago. Revenue per user, also stronger than expected, 145 bucks per user. Funded accounts, 25.8 million. That also beat consensus. And then transaction-based revenue, a beat as well, $583 million. Crypto made up almost half of

that options revenue. Interestingly, it was roughly the other half. And then equities, which was a much smaller part of that in comparison, about $56 million total. All stronger than expected. 51% margins for Robinhood, seeing better profitability in the business. $18 billion in net deposits, that was a record. I spoke to CFO Jason Warnick, who told me a bulk of that, and those deposits are coming from more sophisticated, high net worth traders.

So in prior quarters, they said it's about $100,000 on average, more details to come on the call around that. OpEx, I would note a small miss, slight miss. Warnick telling me that was due to more marketing to attract some of those deposits and says they are seeing momentum continuing. In April said they see strong engagement continuing by customers, strong start to Q2 as he put it. He also says they are seeing clients buy into the recent dips we've been seeing. Said quote, when the market is down our customers tend to be net buying on the day. A few years ago, folks were worried,

he said, about what would happen to the retail trader if the market softened this quarter and the strength of April, he says, really helps to answer some of those questions, guys. Shares, it looks like, down slightly after hours. Becca, what do you have? And we've been talking about the role of retail traders in this market, so it's interesting to hear those comments.

Kate Rooney, thank you. We've got those meta earnings to bring you. Julia Borsten has the numbers for us. Julia. Meta beating on the top and bottom line. EPS of six dollars and 43 cents. Far ahead of the estimates of five dollars and 28 cents. Revenues of 42.31 billion ahead of estimates of 41.4 billion. That's driven by better than expected to add revenue and higher than expected operating margin of 41% versus the 37%. That's the street account estimate. Daily active people, these are all the people using Meta's family of apps.

3.43 billion, well ahead of the 3.39 billion street account estimate. Now, I just want to note here in terms of the outlook, the company is saying it sees second quarter revenue in a range roughly in line with estimates, but they're increasing the full year 2025 CapEx to between 64 billion and 72 billion, up from the prior outlook of 60 billion to 65 billion. Saying this updated outlook reflects additional data center investments

to support our artificial intelligence efforts, as well as an increase in the expected cost of infrastructure hardware. You see shares of Meta now about 3%. Back over to you. All right, Julia, thank you. Barbara Duran, while this is interesting, particularly that piece at the end, but we got Meta and Microsoft both beating.

There have been questions about whether Microsoft's going to pull back on AI and infrastructure investment. We'll have to wait for the call to hear more about that. But we hear Meta via Julia Borsten saying more CapEx than expected. That might be, I don't know what you think, a key potential to reverse some sentiment around that super micro headline that we got in overtime yesterday. Yeah, I think so. Because even their last comment about the data center demand, because that was a question about Microsoft because they were pulling back on some leases.

People were asking is that because of demand? Is it for other issues? And so that's going to be an important part to hear about because that was a question. And the capex plans are put in place well ahead of time. So I wouldn't be surprised if they upped their capex as well. Particularly because Azure is going so well. That 33% is significant beat. I mean, people were actually afraid there would be a de-sell because the last quarter it

was slightly less than the quarter before that. And as Steve pointed out, also increasing the percentage of AI for Microsoft in the cloud is important as well because there's always the question, AI monetization, is it helping? And so I think there's some very sound stuff in meta. I mean, those numbers are dramatic and people were concerned about China. We'll see what they say about that because it may not have shown up yet. As we know, that's about 11% of their revenue

and to see what they're seeing there. But it sounds like their algorithms or ad algorithms are so powerful and they have so many things that they are beginning to monetize like threads and WhatsApp messaging. And so they have a they are beginning to monetize like threads and whatsapp messaging and so they have a lot of room to grow. So it's very exciting and also very important for the market.

Mike Santoli, it makes me wonder if this is Mark Zuckerberg effectively saying double down at the poker table given the top line looks strong for Mag 7 so far. We still have to wait for some more news and overtime this week. But for those who are worried about tariff impacts and whether people are getting queasy, maybe not? Right, well, this was always a group that had the ability to serve as defense

against some of the macro and tariff concerns, whether in fact you were gonna give them credit for it. So I see the quarter for Metta as both a flex in terms of saying they absolutely have the ability to just widen out margins be more disciplined let it all fall to the bottom line.

On the other hand you know upping the ante in terms of their capex spend for this year probably is why you're only getting a 4 percent pop on an absolute blowout beat on margins and top and bottom line for Metta. So you know that I think there's still a little bit of ambivalence.

You want to have some kind of confidence that they have a handle on the payback. But it's a good story. It's again just goes back to that idea that you're doing without really radical free cash flow growth in these companies and playing it on some educated guess or faith that it's going to come back to them in the out years. Yeah, growth in AI across the business, that's gonna be the commentary to watch for for Meta. And Microsoft and really so many of these names. Barbara Juran, thank you.

Mike, we're gonna see you in just a little bit. Let's get back to Julia Borson for more on Meta. Meta warning in its release here that they're monitoring an active regulatory landscape, including legal and regulatory headwinds in the EU and US that could significantly impact their business and results. They call out the recent fine from the Digital Markets Act, say they are appealing the EC's DMA decision, but any modifications to our model may be imposed before or during the appeal process, saying that they expect to need to make some changes, which could result in a materially worse user experience for their European users and a significant impact to our European business and revenue as early as the third quarter of 2025. So just noting that there.

Two other interesting notes here. Ad impressions just delivered across the family of apps increased 5% year over year, and average price per ad increased 10% year over year Meta share is now about 5% and after hours trading back to you. Hmm Definitely juxtaposition between that and snap especially where the macro is concerned Julia. Thank you eBay earnings are out Courtney Reagan has the numbers. Hey court. Hi there Morgan So it does look like a beat across the board here for eBay turning in a dollar And so it does look like a beat across the board here for eBay turning on a dollar 38 adjusted earnings. The street was looking for 134 revenues stronger than expected at two point five nine billion.

The street was looking for two point five five billion. The G and V value is not the revenue, but that gross value of the merchandise. That was at eighteen point eight billion, also above expectations for eight point five three. There is guidance in here for its second quarter and it does look like it is fairly strong. Revenue guidance are stronger than expected, I should say, although the earnings guidance is a little bit light. You can see here shares of eBay bouncing around a bit,

but right now are down slightly here after hours in trading. Also announcing a CFO transition. The CFO, Steve Priest, will be leaving the company as of May 11th, at least in that position, but will stay on in an advisory capacity through July and Peggy Ulford will return to that company. Interestingly, it looks like she is a Meta board member as well. So sort of a crossover for those names in that leadership ranks here today. Morgan, back over to you. Okay Courtney, Reagan, thank you. We're just getting started here on overtime. After the break, we've got much more

on today's Crucial Mag-7 results. Dan Ives from Wedbush joins us next with his first reaction to Microsoft and Meta. Yeah, I wanna note, Nvidia is up here in overtime better than 2% interesting on that Meta news. And we're gonna talk to an analyst about Robin Hood's report as well, with that name wrapping up a strong month of gains

heading into a print. We're also awaiting President Trump's remarks on investing in America. We're going to bring you headlines from the White House as we get them. Overtime is back in two. Welcome back to Overtime. KLA earnings are out. Pippa Stevens has got the numbers. Pippa. Hey John, the top and bottom line beat here 841 adjusted EPS. That did beat by 31 cents. Revenue coming in at 3.06 billion, also ahead of expectations.

KLA also raising its dividend to 190 per share, announcing an additional $5 billion stock repurchase. Now the company said that though global trade dynamics are driving uncertainty across the economy that they have yet they have received no indications of demand changes from their customers for calendar year 2025. The stock down about 2% here. Morgan. Okay. Pippa Stevens, thank you.

We're not done there. MGM Resorts earnings are out as well and Contessa Brewer has the numbers. Hi Contessa. Hi there Morgan. Yeah it was a good quarter for MGM Resorts. Earnings per share of 69 cents adjusted, beating the street's expectations of 46 cents. Revenues roughly in line at 4.28 billion and that key earnings metric adjusted EBITDA, $637 million versus the street consensus of 601 million. In fact it beat million. In fact, it beat expectations in Las Vegas, it beat expectations in regionals and digital, though revenues declined year over year, and that's also true for MGM China as well. A little lackluster on that front.

BetMGM, its joint sports betting and iGaming venture with Entain posted $22 million of EBITDA in the first quarter. Notably, it's the iGaming revenues there. More than double its sports betting revenues. Sports betting gets all the attention, but iGaming is really the fuel. Finally, the company announced a $2 billion stock buyback in terms of authorization. You can see those shares have popped 2.5%.

John? All right, Contessa Brewer, thank you. Well, let's get back to big tech. Meta and Microsoft reporting moments ago, both stocks moving higher right now in overtime. Let's bring in Dan Ives, Wed Bush Securities Global Head of Technology Research. Dan, I'm not sure which is the bigger deal here,

the beats, big Azure quarter for Microsoft, big margin quarter for Meta, or the doubling down from Zuckerberg on data center hardware at a time when there are questions about whether Big Tech is going to pull back. What do you think? Yeah, I think what you heard from Zuckerberg, I mean, those are those are capex words that are going to be heard around the world and especially around the street because it just

speaks to the worry that you're going to see big tech pull back. They're doubling down and I think you'll hear the same from the Dell on the call as well and this is just so important and crucial. I think crucial to the whole tech trade because that's where the spending, the AI revolution is not getting slowed down because of tariffs and I think big tech is fueling that and you look at these numbers, look at this is a home run quarter across the board for Big Tech Aaron Judge-like quarter I think what we saw from Meta as well as Microsoft. Now we still got to get you know Amazon and some others we're going to hear from Apple soon as well but on these cloud players that we're hearing from so far

is there enough confidence despite the uncertainties that even Metta referred to on the regulatory front, and of course on the tariff front, that you think are gonna give investors some confidence that wow, if these big spenders continue to be confident, maybe I can too? Yeah, John, that's a great set, but I think the tech trade changes after these results.

Because as an investor, the thing that I've heard over the last three, four weeks is, are they going to pull back? Can I have confidence in numbers second half? And you look at what we're seeing from the hyperscalers, and we've talked about it in our checks, in some ways there's actually an acceleration. And you could say just a more and more resilient, it just shows enterprises are going full steam ahead because you don't wanna lose your spot in line.

Bullish for when it comes to Google, and obviously we saw GCP, you know, obviously what we're seeing with Azure, the 200-bit beep, and I think many thought that they were actually gonna miss, and this is obviously a huge barometer going into Amazon, where I think you're gonna have strong AWS numbers tomorrow. That is, if you're a bull,

you just checked every box here in terms of what you're seeing. You'll see some caution, regulatory, of course, but relative to this category five storm that we've seen, software, big tech, really holding up, rocker Gibraltar-like. So the takeaway here for me then, from what you're saying, Dan,

is whether it's Microsoft, whether it's Meta, it's really how AI is driving growth across these companies' businesses. How key then, between today and then with the rest of the hyperscaler and mega-cap tech names that we get tomorrow, whether it's Amazon or whether it's Apple, how key then are the comments and the results we get here

to sustaining the idea that AI is a secular growth story and thus perhaps despite macro uncertainty, a defensive story? Yeah, Morgan, I think what you heard today on these calls, and I think in terms on the press release and what you can hear in the Calls That just speaks so loudly because it shows if there was a time to pull back they were gonna pull back here They're not they're doubling down and I think what it shows is the resiliency of this AI revolution

We've talked about it. We're only 5% in to what the spending is going to look like here and we talked about it's two trillion that you're ultimately going to see in terms of this AI revolution. Big tech, everyone's looking at the big tech players and what you heard from them from digital advertising, hyperscaler, to AI, to cloud, not pulling back. And if you're a tech bull, I think this is gonna put some sort of gasoline in this tech bull rally that I see going into next few weeks,

despite uncertainty when it comes to tariffs, and everything we're seeing, it comes down to what they're seeing in the field. Hardware versus software in this environment. And I realize that there's nuance to that question and that answer, but where would you be putting money to work right now given the trade and tariff uncertainty? It's software, software, software.

Because that's the safety blanket trade in this market. That's the hyperscale. That's where the spending is on the enterprises. We'll hear from Cook and Cupertino tomorrow. I mean, that's a little game of blindfolded darts, right, in terms of tariffs, how that's impacting chips, what that's gonna do to prices. You're not seeing that in the hyperscalers.

You're not seeing that on, you'll see some uncertainty on enterprise, but you look at what I believe these guidance and what we're gonna hear much better than you ever could have expected over the last few weeks. And I think that's going to be the narrative over the coming weeks. Big tech came, they doubled down, and I think that is about as confident as you can get

for AI revolution navigating this tariff called tornado. Okay. Dan Ives, thanks for joining us. Thank you. Shares of Microsoft up 6%, Meta up about 3.5% right now. Well coming up, Mike Santoli returns with two overlooked parts of today's data dump that could help signal the Fed's next move. And T-Row tech portfolio manager Tony Wong is going to be with us to talk more about

the Mag-7 results. Why the group has been underperforming in a big way during Trump's first 100 days in office. Not 101 though. I don't know. We'll see. Be right back. Welcome back to Overtime.

Mike Santoli returns with a deeper dive into some under the radar parts of today's data dump. Mike. Yeah, John. so that GDP report, obviously negative on the headline for the first quarter, not what you want to see, a very noisy, a huge surge in net imports. There was a big bump in inventories,

but a lot of economists often go to look at final sales to domestic purchases. That's at the core of the GDP report, and that remained very steady and on trend at around 3% on a real basis. So right now we're not seeing anything here. Now some of this might be benefiting from some of that pull forwarding demand and some goods ahead of those tariffs but right now maybe this is part of the explanation for why the stock market was able to find its footing. A separate report, the

employment cost index numbers, also showed further softening of total private sector worker compensation. You see here down to about a 3.4 percent annual rate. Now obviously you don't necessarily want to see wages plummeting, but you see at the absolute levels right it's still pretty healthy and it could take the pressure off some inflationary dynamics as people are looking for perhaps the Fed to have a window to move. You see the pre-pandemic levels were much around 3%. So we're still kind of on the right side of that line, John. Mike, one more trading day before we get the jobs report. Is that going to help us interpret what's really going on here? I think it should, yeah. I mean, again, it's not like we had a full tariff-impacted sample when we did this survey in April earlier this month

for the jobs report. But a weak ADP number today, that's private sector. You saw some weakness in some small to mid-size business employment in that number. So yes, I do still think that while the trends have been healthy and the forecasts are for, you know, 150,000 net new jobs or something in that area and maybe a steady unemployment rate that will speed the start I think of the macro data that are going to tell us if in fact all the the really weak survey

Results we've been getting is finally spilling into the hard numbers Hmm, and of course, you've already started to see some of that data coming out of China, some of that hard data. In the meantime, speaking of trade war dynamics, Mike Santoli, thank you. It's time now for a CNBC News Update with Leslie Picker. Hi, Leslie. Hey Morgan. Lawyers representing the FBI Agents Association and a group of anonymous agents today asked a federal judge to order the government to destroy a list of employees who worked on

the January 6 cases that was made shortly after the beginning of the Trump administration. The government said in a recent filing that the Justice Department hasn't accessed the list of names. The judge did not say when she would rule. Pakistan said today it had quote credible intelligence that India is planning to attack within days and vowed to respond quote very strongly but it didn't elaborate further on the intelligence it cited while indian officials didn't immediately comment secretary of state

marker rubio urged both countries to de-escalate tensions that have been growing in the wake of last week's deadly attack at a resort in india controlled kashmir india blames Pakistan for the attack. Pakistan denies it. And Starbucks is about to open its first ever 3D printed store. A computer controlled robot layered concrete to build the drive-thru. Only location in Brownsville, Texas. The store opens its doors on Friday. That's a grande deal right there guys. Yeah we'll see how well the doors open. Leslie thank you. That's so cool. We've got a news alert on Amazon. Kate Rooney has the details. Kate. Hey John we're just getting news that Amazon is going to be investing four billion dollars in small towns across the US

they say to expand their last mile delivery network and a press release that just came out here. The SVP of worldwide operations saying the investment is going to be creating local jobs in small towns across the US. They say here about 100,000 jobs, new jobs estimated. They talk about driving opportunities, flexible positions, and these are zip codes outside of sort of the big cities. They talk about Alaska and Texas and Arkansas and here. The context, guys, I would say is key.

Amazon, if you remember this week, got on the wrong side of the White House. We had that back and forth about reports about pricing, around tariffs, the White House calling Amazon hostile, and then we had the call with President Trump and founder Jeff Bezos. Here we are a day later with this Amazon announcement around investing in America. It also comes as we await a press conference from President Trump about investing in America. So $4 billion total investing in the U.S.

amid some of the back and forth with the White House, I would say this week, guys. Back to you. I would just also add, it also comes as UPS continues to shed its business with Amazon, something they talked more about yesterday in their own earnings as well. So in terms of delivery network

and building out that last mile, perhaps in light of that dynamic too. And earnings tomorrow, Amazon's gonna report earnings and that delivery logistics network is key. They wanna keep offering Prime members fast delivery, regardless of where you are. That's been a huge part of the value proposition and making it justified for people to want to keep paying that Prime subscription. So this is a big part of it

and kind of fits into the big e-commerce picture, but might come up in earnings tomorrow. A lot to look forward to, guys. The plot thickens. Okay, thanks. Up next, T-RO Tech portfolio manager Tony Wong shares his first thoughts on earnings from Meta and Microsoft as Microsoft's post-market move pushes it back above that $3 trillion market cap. And later, we're looking ahead to Apple results tomorrow, where any commentary on trade, China, tariffs will be front and center. And we're awaiting President Trump's remarks on investing in America.

We're going to bring you those headlines from the White House as soon as we get them, which could be any moment here. Stay with us. Welcome back. Let's get another check on Meta and Microsoft. Both companies still moving higher here in overtime after posting a beat on earnings and better than expected results across other key metrics too. Joining us now is T-RO price portfolio manager, Tony Wong.

Tony, let's start right there. Meta and Microsoft, what do they tell us about this AI trade and sort of the health despite the macro uncertainty? Yeah, well, I'd say the results are stronger than expected, like you just mentioned. I'd say the results are stronger than expected, like you just mentioned. I'd say that the proof points are really for the app. For Microsoft, as Azure came in,

a couple points higher at 35% cost of currency growth. And then for Meta, I think that you also saw continued ad strength. And particularly, you know, it was good to see price per ad or click was actually up substantially. And so I think when you put those two pieces together, it seems like, you know, AI still is really strong. Demand is strong.

I think from here, it is by the market is going to be debating how sustainable is it? Have we just not seen the full effects? But so far, you know, I think that these results are very supportive for the strength for AI. What do you think of tech more broadly right now? Because it's pretty incredible to see that the Nasdaq finished the month of April higher by about 7 tenths of 1%. The Nasdaq 100 did even better. We're still lower on the year.

We know there had been a rotation out of some of these big, more expensive names in the market. We're 100 days into the Trump administration. Where does it go from here? Yeah, well, there's been a lot of pivoting and direction change in the market. I think that's what a lot of investors have had a hard time with is that there hasn't been a consistent message or kind or direction in the market. I think that from here, I do think the fundamentals really matter.

I think that we had peak policy uncertainty, and perhaps the market is just realizing that likely cooler heads will prevail. From here, I think that the fundamentals, if they're continually strong, the stocks probably move off. We saw the VIX really spike. And so there's some good evidence that sentiment may be bottoming before the fundamentals bottom in that situation. Tony, on Meta, we do know there's been a push to move certain goods ahead of tariffs, maybe

some pull forward in demand, and Meta has lots of ways through ads to probably help do that. How much of this might signal that, and does it tell us anything about how, in a more chaotic pricing environment, the targeted data-rich likes of Meta might fare? Yeah, I think that's a great point

in that there could be some pull forward. I thought you look at the results from TI, I think that they actually saw a celebration in orders. And so the debate there was like, how much is it just like kind of panic buying, you know, there's inflation coming, so people buy ahead. And so perhaps with Meta,

like I think you're alluding to is that there's an element of maybe people are, there is increased business ahead of kind of tariffs. But I think that the law can be probably discussed on the call. But so far, I'd say it seems like things are holding in well. But if the economy weakens, if the consumer's weaker, It's hard to not look at the data that's coming out of the port of LA and just see the utilizations are really low. So I think that's going to be what the market's going to be grappling with here.

But I think for Meta specifically, I think there is a secular thesis of is AI actually strengthening the business significantly to the point that like they are generating superior returns for their customers. So I think that's a secular backdrop within kind of the cyclical dynamic that we're dealing with. We'll watch the commentary for sure. Tony Wong, thank you. Well up next, the top analyst tells us what he wants to hear

from Robin Hood's management when its call begins at the top of the hour. Plus we will discuss whether Apple's earnings tomorrow during overtime can help keep Apple's win streak going after its seventh positive close in a row. Stay with us. Welcome back to overtime. Let's get another check on Robinhood. Stock moving lower by about three and a quarter percent in overtime despite beating on the top and bottom lines.

Let's bring in Mizuho America's senior analyst Dan Dolev. He's got an outperform rating on the stock. Dan, what's not to like? I don't see anything that's not to like. I mean, this is one of their best quarters on record, right? You're getting funded accounts are at an all time high. They beat on record, right? You're getting funded accounts are at an all-time high. They beat on revenue, record gold number, record, I think, both quarterly and also on a year-over-year basis. This talks up 25% year-to-date. It makes sense to get some air out of it, but I think this is probably just a buying opportunity at this point. And how much progress are they making on the undergirding things that they need to do so that the numbers

look good even when there isn't all this volatility and crypto isn't doing so well? I think you hit the nail on the head. This is the most important thing that people are missing about Robinhood. They're looking at a $600 billion TAM, and I've never seen a company that's more aggressive and actually addressing that TAM, right? Three billion in revenue now going to probably like 30 in 10 years. They're getting into more territories, to your point. They're getting into Asia.

They're getting into Europe. Their product velocity is the best one I've ever seen, right, with Robinhood Gold, with like pretty much every quarter there's something new. And so I think over time, what you're going to see is that they're not going to bifurcate from the volatility, but they're going to fare out better than the volatility. Yeah, I think the commentary in the release about the fact that they're attracting more high net worth users, more high net worth traders as well, was very telling. I think about it like interactive brokers, for example, when it comes to that type of

clientele, are they going after more of those demographics? And if so, is that a more robust customer to have to move through market cycles? 100%, right? So this is exactly the point. They're going after the Schwabs and the interactive brokers of the world, and they're doing really, really well.

I think if we sat here three years ago, everyone thought this was like a joke for millennials, and now people are taking them really seriously, right? And I think their competitors are getting worried about them taking assets away. The deposits was like 18 billion this quarter. I think that's exactly the strategy. They're growing with their customers

and they're bringing in wealthier customers into the platform. So you cover FinTech more broadly. We've heard from a number of companies over the last couple of days. The ones that have either direct or indirect exposure to consumers, both in the U.S. and abroad, have seemed to me, I think about Visa, for example, or even like a shift four, have seemed to me to be very constructive, if not cautiously optimistic about the health of the consumer right

now, despite all of the uncertainty around trade and softening economic data more broadly. What is your takeaway? My takeaway is that it's either they're not seeing it yet or we're just overly worried, right? Because you're looking at all the B2B companies, they're saying uncertainty, they're saying they're worried. And yet to your point, Visa was very upbeat. Shift 4 was very upbeat. So I think that there's a bit of a disconnect here, right? Like Chipotle, like had a same store

sales that were negative for the first time since COVID. So there's a lot of this sort of either they're not seeing something that's about to happen. Or I think that, you know, we're just being overly worried. But thus far, most of the companies that we cover in fintech, which is basically like the broader economy, are way more constructive than what we were fearing heading into Q1 earnings. Okay, Dan Dolev, great to get your thoughts.

Thank you. Thank you. Shares of Robinhood down a little over 1% right now. Up next, some of the under the radar overtime movers you need to know about as we await the analyst calls from Meta and Microsoft. And we've got a QR code for you. See, it's there in the upper right.

You can scan that to sign up for the Fast Money Live event that's June 5th. You can get a behind the scenes look at the show one on one time with the traders during the Q&A session. We'll be right back. Welcome back. Let's get a check on some more overtime movers. Shares of Teladoc. Those are moving lower down about five and a half percent right now after much wider than expected loss per share. The revenue did come in above estimates. Aligned technology higher after beating on earnings and revenue saying it does not expect the significant impact to costs from tariffs.

You can see those shares are up about eight and a half percent right now. And specialty chemical maker Albemarle reporting a mixed quarter regarding tariffs. The company saying, quote, we benefit from our global footprint and the current exemption exemptions for critical minerals. As a result, we are maintaining our full year 2025 outlook considerations. They of course, John, are focused on things like lithium, including here in the U.S. Those shares are up 1%. All right.

Well, get ready. Apple headlining another huge hour of overtime earnings tomorrow. Up next, find out how you should trade the stock ahead of those results. And don't forget, you can catch us on the go by following the closing bell overtime podcast on your favorite podcast app. We'll be right back. We'll be right back. We'll be right back.

We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back.

We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. Let's get another check on meta and Microsoft. Those earnings calls getting underway shortly and tomorrow we've got two more

major reports coming right here on overtime. Apple and Amazon. Now for Apple, investors will be awaiting CEO Tim Cook's first public comments since president Trump ramped up tariffs. Shares closed higher today. It's the seventh straight session in a row. Uh, that's the longest wind streak since August of last year. Joining us now is da Davidson's Gil Luria. He has a buy rating on Apple with a $230 price target. Gil, what will you be watching going into those results tomorrow,

especially given the fact that the stock has been moving in higher in anticipation? Yeah, we're not expecting a good result or a good outlook. What we're really hoping for is for Apple to give us visibility and a sense for a stable outlook that they wrap their hands around what the impact from tariffs is going to be and that they can give us an outlook based on that. You just talked a lot about Meta and Microsoft. Those results aren't just as not as bad as feared. Those results were actually good. I would not expect that from Apple. Let's not forget, we're talking about a consumer-driven slowdown, and Apple is the consumer products company.

Only later on, if a consumer slowdown may lead to an advertising slowdown, and maybe eventually to an enterprise technology slowdown, for now, the impact is first gonna be felt by Apple and we wanna get a hands around how much of an impact that is tomorrow. Okay, we're seeing a growing number of companies pulling or suspending guidance. GM, JetBlue, UPS, Stellantis, just to name a few here. Snap yesterday here on overtime, just to name a few.

What do you expect in terms of that guidance from Apple? I mean, think back to the pandemic when they basically froze guidance for a while, given all the uncertainty then. That is possible, but they've had a few weeks to do the calculations of what are the potential impacts to their business, mostly to the business of importing equipment into the US, importing

handsets into the US. They probably have a sense of what the range of outcomes is going to be, and they still have a good sense for the rest of the business. So I wouldn't necessarily expect them to pull guidance, but I also wouldn't expect them to give aggressive guidance. Let's not forget, just nine months ago ago we were talking about the possibility of iPhone growing 10% this year based on the AI upgrade cycle. At this point if they told investors that they could grow low single digits for the year, investors will be absolutely thrilled. Which makes me

wonder Gil, is this tariff situation logistical headache in a weird way a backhanded blessing for Apple because they're top line challenged, they're technology challenged around AI, but Tim Cook and the crew are always really good at operations and here's a chance for them to perhaps do better than the competition at that. That's a great point and because the AI

hasn't been a driver yet, maybe for Apple this year is just a gimme and we're talking more about next year. They'll get the supply chain in order. They'll get the AI applications ready and maybe that big upgrade cycle just gets pushed into next year and then we'll see the benefit. Investors will have patience for that because they see Apple as a defensive name. They see it as a place to be safe because in all of our minds we think three to five years from now, am I buying more Apple?

Am I buying more handsets, more services from Apple? Am I paying more for it? Since it probably answering yes to those questions. People have the patience with Apple to look through a bad year and allow Apple to adjust everything it needs to to be ready for a better year next year. Qualcomm's results make me wonder as well, especially on the QTL line,

it seems like overall handset demand isn't necessarily that strong, though they're doing well in the premium tier. That could signal decent things for Apple. That's right. Let's not forget that they're gonna have to raise prices. Part of the mitigation tariffs is raise prices, accept slightly lower margins,

and push costs down to suppliers. But that first piece, they're gonna really have to get at the high end. For them to get the premium pricing and get higher pricing, that's not going to come from the lower end handsets. That's going to come from the higher end handsets. So that's where they really want to see the strength. All right.

Gil Luria, thank you. Got Apple to look forward to tomorrow, Morgan. Apple and Amazon, which is trading higher in sympathy with Microsoft and Meta right now. Listen, 100 days into the Trump administration, S&P's down 7%. Worst start to a presidential term since 1974. But it could be so much worse. Imagine we were at the lows of April.

What a month it has been. I mean, you could take the whole 101 days and go, wow, but just the April part, especially based on what people were expecting, something else. Yes, it's been a wild month. That's going to do it for us here at Overtime. Fast Money starts now.