United States | Singapore | Hong Kong | Earnings
Extreme Networks, Inc (EXTR US)
- Shares closed above the 5dEMA with rising volume.
- RSI is slightly overbought but MACD is still constructive.
- Long – Entry 18, Target 22, Stop 16
Ondas Inc (ONDS US)
- Shares closed above the 5dEMA with rising volume.
- RSI is constructive and MACD is about to turn positive.
- Long – Entry 10, Target 14, Stop 8
City Developments Limited. (CIT SP)
- Shares closed above the 5dEMA with rising volume.
- RSI is constructive and MACD is about to turn positive.
- Buy – Entry 8.6, Target 10.0, Stop 7.9
MoneyMax Financial Services Ltd. (MMFS SP)
- Shares closed above the 5dEMA with rising volume
- Both RSI and MACD are constructive.
- Buy – Entry 0.88, Target 1.00, Stop 0.82
Sunny Optical Technology (Group) Co., Ltd. (2382 HK)
- Shares closed at a three-months high above the 5dEMA with a jump in volume. The 10dEMA crossed the 100dEMA.
- MACD is constructive, while RSI is at an overbought level.
- Long – Entry 65.0, Target 70.0, Stop 62.5
Hua Hong Semiconductor Ltd. (1347 HK)
- Shares closed at a one-month high above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Long – Entry 92, Target 100, Stop 88
Cleveland-Cliffs Inc. (CLF)
- 1Q26 Revenue: $4.9B, +6.3% YoY, beat estimates by $110M
- 1Q26 Non-GAAP EPS: -$0.40, beat estimates by $0.02
- 2Q26 Guidance: Management did not provide formal EPS guidance in the release.
- Comment: The quarter was better than feared, but not clean. Cleveland-Cliffs reported 1Q26 consolidated revenue of $4.9B and adjusted EBITDA of $95M, versus an adjusted EBITDA loss of $174M a year earlier. That marks a meaningful operational improvement, particularly given management highlighted an $80M one-time energy cost impact from extreme cold weather. Shipment and pricing trends were constructive. Steel product sales volumes were 4.1M net tons, and average net selling price increased to $1,048 per net ton from $980 in the prior quarter. That suggests the business is beginning to benefit from improved domestic steel pricing and a somewhat healthier mix, even if absolute profitability remains weak. The strategic backdrop is improving more quickly than the income statement. Management emphasized that U.S. trade enforcement has pushed imports to very low levels, which is supportive for domestic steel pricing and capacity utilization. Barron’s also noted that investors are looking for materially better performance in the coming quarters, which indicates the market is increasingly focused on the forward setup rather than the quarter itself. However, the balance sheet and execution issues remain important. Investors appear concerned that better steel fundamentals are not yet translating into sufficiently strong earnings conversion, while uncertainty around the timing of the POSCO partnership has also weighed on sentiment. In practical terms, the company still needs to demonstrate that improved pricing, tighter imports, and synergies can convert into sustained free cash flow improvement rather than only quarter-to-quarter EBITDA recovery. Shares fell after the release declining roughly 2% to 5% as investors focused on lingering cost pressure and uncertainty around execution rather than the headline beat. The positive factors are clear: adjusted EBITDA turned positive, pricing improved sequentially, shipments were stable, and domestic policy support for U.S. steel producers remains favourable. The key variables to monitor are hot-rolled coil pricing, whether the POSCO transaction is finalized, the pace of cash flow recovery in 2Q26 and 3Q26, and whether one-time energy and weather distortions fully reverse. 2Q26 recommended trading range: $8 to $12. Neutral Outlook.
Cleveland-Cliffs Inc.（CLF)
- 26财年第一季度营收：49亿美元，同比增长6.3%，超出预期1.1亿美元
- 26财年第一季度非公认会计准则每股亏损：0.40美元，优于预期0.02美元（亏损收窄）
- 26财年第二季度指引：未在财报中提供正式EPS指引
- 短评：本季度表现好于市场最悲观预期，但盈利质量仍不稳固。公司录得调整后EBITDA 9500万美元，相较去年同期亏损1.74亿美元显著改善，标志着运营趋势回暖。然而，这一改善是在极端寒潮导致一次性能源成本增加8000万美元的不利背景下实现的，若剔除该扰动，实际经营表现可能更佳。出货量与价格趋势积极：钢材销量达410万吨，平均净售价环比提升至每吨1048美元（上季度为980美元），反映美国国内钢价企稳及产品结构优化初见成效。战略环境改善快于财务表现：管理层强调，美国贸易执法趋严已将进口钢压至极低水平，利好本土钢厂定价权与产能利用率。《巴伦周刊》指出，投资者正期待未来几个季度出现“实质性业绩跃升”，显示市场焦点已转向前瞻性拐点而非当季数据。然而，资产负债表与执行风险仍是关键顾虑：尽管行业基本面好转，盈利向自由现金流的转化仍显不足；同时，与POSCO合作交易的落地时间不确定，持续压制市场情绪。财报发布后股价下跌2%–5%，反映投资者更关注持续成本压力与执行模糊性，而非顶层小幅超预期。积极因素明确：调整后EBITDA转正、售价环比提升、出货稳定、政策环境有利。但公司仍需证明：改善的钢价、收紧的进口、协同效应能否转化为可持续的自由现金流增长，而非仅季度性EBITDA修复。后续关键变量包括：（1）热轧卷板（HRC）价格走势；（2）POSCO交易能否最终敲定；（3）Q2–Q3自由现金流恢复节奏；（4）一次性能源与天气扰动是否完全消退。26财年第二季度建议交易区间：8美元至12美元。中性前景。
