Please see below for our usual MicroQuad and other weekly data updates. Let us know if you like this as a standalone note - we think it's easier to digest. As always, email us if you have any questions on any of the data or our takeaways. - .
KEY CALL OUT - Estimate Revisions & 2022 Consensus
The Estimate Revision trend is under some pressure here and Delta Variant is likely the culprit. As noted in our AM Brief today, several companies guided cautiously for 2H21, and we've been pointing out the lack of acceleration in 2022 #s for weeks. You can see what's happening here in the 3Q22 trend (below). All that said, we're seeing the relationship between vaccination rates and COVID burden hold up, and comparing Alabama (least) with Vermont (most) has been a good barometer. We'll also be keeping an eye on the jobs data this week, which should show sequential weakness. How much will be key.
MICROQUADS*
As a reminder, if you have questions about the MicroQuad process, please try to find ~20 minutes to watch our Dec 30, 2020 call replay: Process & Utility of the Hedgeye Health Care #MicroQuads - CLICK HERE for event details (includes video link and materials link).
The MQ4 bucket has really thinned out here, and ONEM fell out of the bins this week (due to the correlation dropping). We are cautiously optimistic that the Street is starting to "bake-in" Iora, as there's another + revision this week, but the stock obviously hasn't been cooperating outside of a nice +8% move last week.
Position Monitor MQ Updates**
Top & Bottom 20 Lists
All data available upon request. Please reach out to with any feedback or inquiries.
Best,
Thomas Tobin
Managing Director
Twitter
LinkedIn
William McMahon
Analyst
Twitter
LinkedIn
Justin Venneri
Director, Primary Research
Twitter
LinkedIn
*Please note, not all Position Monitor names make it into the MicroQuad output - most likely due to a lack of sufficient historical trading and estimate data.
**We may show stocks that we have data for but the correlation fails to meet the criteria for MQ bin inclusion week-to-week.
