morning-note

Lead with one top call, then list overnight developments with one-line takes, key events today, and any trade ideas with risk framing. Keep the entire note to one page so portfolio managers can read it in two minutes.

Include earnings surprises versus consensus, guidance changes, M&A or management news, analyst rating actions, sector and macro moves, and a calendar of today's events. Each item should carry an explicit opinion, not just a summary.

Build a table comparing consensus versus actual for revenue, EPS, key metrics, and guidance, then add a two-to-three sentence take on whether the result changes your thesis. Finish with a clear rating and price target action.

State plainly that nothing material occurred and that positioning is maintained. A no-news note is valid; padding it with minor analyst notes or non-events reduces credibility with readers.

Morning notes are written under time pressure, so pre-market takes may change by the open and should be time-stamped. They suit quick reactions, not deep thesis changes, which require full research reports.