Happy Tuesday, Zingernation! Who ever said Wall Street makes sense? Just when it looked like the bubble might be bursting, the market rallied both days to start the week, erasing more than 2% of last week’s losses. In fact, although Tesla, one of the most beaten-down names in the S&P 500, missed on both EPS and sales estimates, it still rallied more than 7%. Cause of course it did. So, even though it may not make sense, you can still make cents.

(If you’re lucky, maybe a few bucks too.)

–Aaron Bry and Nic Chahine

Today’s Price Action:

$SPY: +1.19%
$QQQ: +1.50%
$DIA: +.69%

Plus, want to learn how the experts are making quick gains in the options market? Look no further than Benzinga’s very own Nic Chahine.

And, did someone forward you this email? Click here to subscribe to this Benzinga newsletter and more.

TODAY’S MOST VOLATILE STOCKS

TODAY’S TOP STORY

Spotify Demonstrates Robust Financial Health: Analyst

Briefly: Shareholders were happy today after Spotify wrapped a nice present for its investors — a strong Q1 print with improving margins.

What Happened: The streaming giant reported fiscal first-quarter 2024 revenue growth of 20% year-on-year, well above consensus, and beat on EPS as well.

What Else: Premium Revenue grew 20% year over year to 3.25 billion euros, helped by subscriber additions and ARPU increases.

What Next: The analyst expects a positive market reaction to Spotify’s Q1 2024 earnings report as the company reported roughly in-line subscriber and revenue performance across its businesses.

Click here to read more.

PRESENTED BY BENZINGA

Ex-Startup CEO Turned Day Trader Cracks The Options Code

Nic Chahine is pulling off feats in the options world no one else is doing. Most options traders who buy calls and puts only win 20-30% of the time. Not Nic. He’s pulling off a win rate over 83% with a net gain of 27% per trade (winners and losers). Also the trade lasts for an average of 20 days. We begged Nic to share what secret tool or strategy he's using to pull this off. And he just smiles. There’s no fancy software, indicator or moving average that’s allowing him to win this much. Here’s what his secret is.

FIVE MOVERS

Texas Instruments is proving that everything’s bigger in Texas, including the earnings. Here’s why the tech company is soaring after hours. 

Semiconductor stocks soared higher in today’s session as investors rushed to buy the dip in names like NVIDIA and Arm.

Alibaba and other Chinese stocks edged higher today following an upgrade from UBS amid a “valuation collapse” in the group.

United Healthcare shares moved lower today after the company provided more details regarding the cyber attack that impacted the insurance giant.

Hibbett shares closed up nearly 20% in today’s session following news of a planned acquisition of the sports retailer by JD Sports.

ONE TRADE IDEA FOR TOMORROW

Qualcomm Poised for Growth in AI Smartphones and Automotive Sectors

Briefly: Benchmark analyst Cody Acree initiated coverage on Qualcomm with a Buy rating and a price target of $200.

So Basically: Qualcomm is well positioned to lead the market in the ramp of generative AI smartphones and AI-PCs, with both likely sparking long-term replacement cycles in their respective markets, Acree said.

So Then: Acree heard encouraging feedback from multiple industry checks, suggesting at least 15-20% annual increases in the volumes of Samsung S24 smartphone variants as compared to last year's S23 volumes.

So What? These positive Samsung indications should be echoed in QCOM's earnings report and help offset a weaker seasonal add from Apple. Acree expects Qualcomm to capture over 80% of the GenAI smartphone market in the next two years as GenAI drives smartphone refresh rates.

Click here to read more.

PRESENTED BY BENZINGA

Ex-Startup CEO Turned Day Trader Cracks The Options Code

Nic Chahine is pulling off feats in the options world no one else is doing. Most options traders who buy calls and puts only win 20-30% of the time. Not Nic. He’s pulling off a win rate over 83% with a net gain of 27% per trade (winners and losers). Also the trade lasts for an average of 20 days. We begged Nic to share what secret tool or strategy he's using to pull this off. And he just smiles. There’s no fancy software, indicator or moving average that’s allowing him to win this much. Here’s what his secret is.