Newsquawk Daily US Earnings Estimates - 13th August: AMAT

Applied Materials is the marquee print, and the pattern for wafer fab equipment names of this size is established: the reported quarter is typically overshadowed by guidance, with the forward revenue line and any commentary on leading-edge logic and foundry spending, Chinese customer demand, and memory capex doing the repricing work. Read-across to the semi equipment peer set, Lam Research, KLA, Tokyo Electron, is the usual transmission channel, and moves in the complex tend to be correlated on the print even before peers report. On the consumer side, Tapestry and JD.com offer the morning's demand read, the former on US discretionary and the latter on Chinese consumption, where margin commentary has historically mattered more than the headline revenue number given the sector's promotional intensity. The distinction to draw is between an in-line quarter with a raised guide, which the market has tended to reward in this group, and a beat with flat forward numbers, which has often been sold. Next tells are the pre-print positioning in the equipment peers and any analyst estimate revisions into the release.