Welp. Didn’t know you could hit ‘Snooze’ on the closing bell. Of course, in our case, it’s the button we didn’t hit: ‘Send’. Sorry about that. But here we are finally, fashionably late, marching to the ring of our own bell.

— Brooks & Cas

OpenAI was supposed to be this year's blockbuster IPO. Now its bankers are reportedly hitting snooze. After watching SpaceX rally then fade, OpenAI's advisors are spooked that retail's appetite has thinned. Kalshi traders have moved the goalposts to early 2027. For now, it will remain ClosedAI.

📈 | Comcast (CMCSA) rose after announcing it will spin off NBCUniversal and Sky.

📉 | TopBuild (BLD) dropped as investors brace for its pending acquisition by QXO (QXO).

📈 | Charter Communications (CHTR) climbed on a report it held exclusive phone talks with SpaceX.

📉 | Martin Marietta Materials (MLM) slipped after agreeing to combine with Lhoist North America for $13.5B.

📈 | Alphabet (GOOGL) gained as it joined the Dow, replacing Verizon.

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Bank of America opened coverage of Applied Aerospace & Defense at Buy, calling the newly public supplier a clean way to play surging US and allied defense spending.

The bank likes that AADX builds critical subsystems for tactical aircraft, missiles, munitions, radars and space launch vehicles, all squarely aligned with national security priorities.

BofA forecasts 14% revenue growth annually through 2030 and roughly 350bps of margin expansion over the same stretch, powered by multiple growth vectors and operating leverage.

Its 23x multiple sits in line with other space- and defense-exposed names and a 1.7x premium to the S&P 500, a tag the bank says the growth justifies.

BofA has plenty of company.

Wolfe Research started at Outperform with a $23 target, RBC Capital Markets (RY) and Stifel (SF) matched the bank at Buy, and Baird went furthest at $30, citing the potential to see a Cold War 2.0 buildout.

Shares have held above their $20 IPO price since the firm’s early-June debut. Five initiations, zero bears. The math is starting to add up for AADX.

🔫 President Trump bought as much as $5M in Axon (AXON) stock two weeks before ICE sought a $220M Taser contract experts say only Axon could fill.

💊 Eli Lilly (LLY) and Regeneron (REGN) were among the first seven companies picked for the FDA's PreCheck pilot to fast-track new domestic drug manufacturing.

💴 The Japanese yen sank to 162.27 per dollar, its weakest since 1986, keeping intervention on the table.

🇨🇳 China's official manufacturing PMI rose to 50.3 in June, beating forecasts as AI-driven tech export demand offset weak domestic consumption.

🚗 Waymo and Uber (UBER) ended their Phoenix robotaxi pilot, with the cars pivoting to DoorDash (DASH) deliveries.

Do you own any shares of Nike (NKE)?

▇▇▇▇▇▇ 🐂 Yup, I'm holding

▇▇▇▇▇▇ 🐻 Nope, not interested

▇▇▇▇▇▇ 👀 No, but I'm interested

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