DOCU
DocuSign, Inc. Common Stock
stock NASDAQ

MAJOR NEWS:
* Despite speculation of progress In trade talks with Japan over the long weekend, we got some commentary from Japan PM this morning that throws doubt on that.
* This comes as Ishiba says JAPAN WON’T YIELD TO ALL U.S. DEMANDS.
* tariff negotiations going well with China over the weekend, but we aren't seeing anything concrete there either.
* The market is clearly fed up with all this rhetoric. right now Tr.um/p is the boy who cried wolf at this time and the market isn't buying the speculation that things are going well.
* They need something concrete or the market reaction will continue to be like this.
* Ukraine and Russia ceasefire over easter, still working on talks for permanent peace. US getting frustrated at lack of progress
* Talk and speculation on Pwoell's future continues. Bond market reflects the uncertainty here. Powell being fired would not be bullish as it undermines a lot about Fed independence
* Dollar is in the floor. This as a result of lack of confidence of foreign investors in US economy. Trade uncertainties continue.
* Equities lower also this morning as ar result of lack of concrete progress.
* So we have bond market, FX and equities all pointing to a lack of confidence in the US right now.
* Gold ripping on economic uncertainty
* Earnings this week - TSLA and GOOGL to report.
NFLX earnings:
MAG7:
* AMZN - Raymond James downgrades to outperform from Strong Buy, PT to 195 from 275. Cities bias that street underestimates EBIT pressure.
* NVDA - HUAWEI TO BEGIN MASS SHIPPING OF NEW 910C AI CHIP NEXT MONTH. This comes as China seeks NVDA alternatives.
* NVDA - CEO VISITS SHANGHAI, SAID SHANGHAI IS AN IMPORTANT R&D BASE FOR NVIDIA
* TSLA - DELAYS U.S. LAUNCH OF LOWER-COST MODEL Y. Originally planned for early this year, the delay comes as Tesla navigates aging product lines, rising tariffs, and growing political scrutiny around Elon Musk.
OTHER COMPANIES:
* NFLX - Canaccord raises NFLX PT to 1200 rom 1150. Reiterates buy rating. stable acquisition and retention trends, which contributed to healthy member growth during the quarter. So far, the company has not seen any impact on the business from the current macro backdrop
* NFLX - Goldman Raises PT To 1000 from 955. Maintains Neutral rating. See no unsettling of the narrative that NFLX demand is defensive. Said they still see balanced risk/reward
* MSTR buys 6556 more BTC for \~$555.8M AT \~$84,785 EACH.
* NCLH - Loop Capital upgrades to Buy from Hold, PT at 25. price target is based on our discounted cash flow model. We are favorably disposed to the entire cruise industry, as we think market share gains would be even more likely in a recession.
* UNH - Trust lowers UNH PT to 580 from 660. Maintains Buy rating. While the '25 guidance revision tied to unanticipated member profile changes at Optum Health and heightened Medicare Advantage care activity was disappointing, we expect steps to address the profile changes and think MA trend emergence early in the year coupled with the better than expected Final rate should aid flexibility into 2026.
* SPOT - Morgan Stanley says Spot's competitive moat is deepening, reiterates overweight rating PT 670.
* WWW - Baird upgrades WWW to outperform rom neutral, PT of 15. Shares are down 55% from peak despite limited China-to-U.S. sourcing (China mid-teens global mix, but mostly dual-sourced) and conservative embedded 2025E assumptions both for Saucony growth and consolidated gross margin.
* F - has halted shipments of F-150s, Mustangs, Broncos, and Lincoln Navigators to China as retaliatory tariffs push duties on U.S.-made vehicles as high as 150%, per WSJ.
* TEM - Initiated with Buy at BTIG; $60 target.
* CTSH and DOCU expand partnership.
* DIS - Upgraded to Outperform at Wolfe Research; $112 target.
OTHER NEWS:
* US TARIFFS CREATE COVID-LEVEL UNCERTAINTY, SAYS MORGAN STANLEY
* Dollar at lowest level since March 2022. US safe haven bid fading.
* This week’s AAII sentiment survey shows 36.4% of investors say they're favoring a mix of stock types right now, followed closely by dividend stocks at 35.6%. Value stocks came in at 15.8%, while growth and small caps are seeing much less interest at 9.6% and 2.5% respectively.
* THAI-U.S. TARIFF NEGOTIATIONS WILL NOT BE ON APRIL 23, SOURCES SAY, AFTER PRIME MINISTER HAD GIVEN THAT DATE
* INDIA TO IMPOSE 12% TEMP TARIFF ON STEEL IMPORTS
* BOJ IS SAID TO SEE LITTLE NEED TO CHANGE BASIC RATE HIKE STANCE; ALSO TO DISCUSS LOWERING GROWTH PROJECTION FOR THIS YEAR
* Musk said will visit India after call with modi.
* Pope Francis died at age 88

MAJOR NEWS:
* Despite speculation of progress In trade talks with Japan over the long weekend, we got some commentary from Japan PM this morning that throws doubt on that.
* This comes as Ishiba says JAPAN WON’T YIELD TO ALL U.S. DEMANDS.
* tariff negotiations going well with China over the weekend, but we aren't seeing anything concrete there either.
* The market is clearly fed up with all this rhetoric. right now Tr.um/p is the boy who cried wolf at this time and the market isn't buying the speculation that things are going well.
* They need something concrete or the market reaction will continue to be like this.
* Ukraine and Russia ceasefire over easter, still working on talks for permanent peace. US getting frustrated at lack of progress
* Talk and speculation on Pwoell's future continues. Bond market reflects the uncertainty here. Powell being fired would not be bullish as it undermines a lot about Fed independence
* Dollar is in the floor. This as a result of lack of confidence of foreign investors in US economy. Trade uncertainties continue.
* Equities lower also this morning as ar result of lack of concrete progress.
* So we have bond market, FX and equities all pointing to a lack of confidence in the US right now.
* Gold ripping on economic uncertainty
* Earnings this week - TSLA and GOOGL to report.
NFLX earnings:
MAG7:
* AMZN - Raymond James downgrades to outperform from Strong Buy, PT to 195 from 275. Cities bias that street underestimates EBIT pressure.
* NVDA - HUAWEI TO BEGIN MASS SHIPPING OF NEW 910C AI CHIP NEXT MONTH. This comes as China seeks NVDA alternatives.
* NVDA - CEO VISITS SHANGHAI, SAID SHANGHAI IS AN IMPORTANT R&D BASE FOR NVIDIA
* TSLA - DELAYS U.S. LAUNCH OF LOWER-COST MODEL Y. Originally planned for early this year, the delay comes as Tesla navigates aging product lines, rising tariffs, and growing political scrutiny around Elon Musk.
OTHER COMPANIES:
* NFLX - Canaccord raises NFLX PT to 1200 rom 1150. Reiterates buy rating. stable acquisition and retention trends, which contributed to healthy member growth during the quarter. So far, the company has not seen any impact on the business from the current macro backdrop
* NFLX - Goldman Raises PT To 1000 from 955. Maintains Neutral rating. See no unsettling of the narrative that NFLX demand is defensive. Said they still see balanced risk/reward
* MSTR buys 6556 more BTC for \~$555.8M AT \~$84,785 EACH.
* NCLH - Loop Capital upgrades to Buy from Hold, PT at 25. price target is based on our discounted cash flow model. We are favorably disposed to the entire cruise industry, as we think market share gains would be even more likely in a recession.
* UNH - Trust lowers UNH PT to 580 from 660. Maintains Buy rating. While the '25 guidance revision tied to unanticipated member profile changes at Optum Health and heightened Medicare Advantage care activity was disappointing, we expect steps to address the profile changes and think MA trend emergence early in the year coupled with the better than expected Final rate should aid flexibility into 2026.
* SPOT - Morgan Stanley says Spot's competitive moat is deepening, reiterates overweight rating PT 670.
* WWW - Baird upgrades WWW to outperform rom neutral, PT of 15. Shares are down 55% from peak despite limited China-to-U.S. sourcing (China mid-teens global mix, but mostly dual-sourced) and conservative embedded 2025E assumptions both for Saucony growth and consolidated gross margin.
* F - has halted shipments of F-150s, Mustangs, Broncos, and Lincoln Navigators to China as retaliatory tariffs push duties on U.S.-made vehicles as high as 150%, per WSJ.
* TEM - Initiated with Buy at BTIG; $60 target.
* CTSH and DOCU expand partnership.
* DIS - Upgraded to Outperform at Wolfe Research; $112 target.
OTHER NEWS:
* US TARIFFS CREATE COVID-LEVEL UNCERTAINTY, SAYS MORGAN STANLEY
* Dollar at lowest level since March 2022. US safe haven bid fading.
* This week’s AAII sentiment survey shows 36.4% of investors say they're favoring a mix of stock types right now, followed closely by dividend stocks at 35.6%. Value stocks came in at 15.8%, while growth and small caps are seeing much less interest at 9.6% and 2.5% respectively.
* THAI-U.S. TARIFF NEGOTIATIONS WILL NOT BE ON APRIL 23, SOURCES SAY, AFTER PRIME MINISTER HAD GIVEN THAT DATE
* INDIA TO IMPOSE 12% TEMP TARIFF ON STEEL IMPORTS
* BOJ IS SAID TO SEE LITTLE NEED TO CHANGE BASIC RATE HIKE STANCE; ALSO TO DISCUSS LOWERING GROWTH PROJECTION FOR THIS YEAR
* Musk said will visit India after call with modi.
* Pope Francis died at age 88