HAPPY THURSDAY TO THE STREET
Mark your calendar. The Street Sheet is about to take its biggest step forward yet.
For the past month, a small group of readers has been seeing something the rest of this list hasn't. Without spoiling the specifics, it's the difference between being handed a fish, and learning how to catch and cook a decadent surf-and-turf meal.
Tomorrow, we're opening the doors to everyone, so you too can get in on the ground floor. Friday morning, before the bell, watch your inbox. Bon appetit.
🟥 | US stocks slid today as the chipmaker sell-off picked up steam.
📉 | One Notable Decliner: AST SpaceMobile (ASTS) slumped after announcing a $1B convertible senior notes offering.
— Brooks & The Street Sheet Team
MARKET SNAPSHOT
S&P 500 Heatmap. Credit: Unusual Whales
WHAT WILL TRUMP SAY TONIGHT?
President Trump takes the primetime stage tonight at 9pm ET for his first formal address since April. Traders aren't wagering on what he'll do. They're wagering on what he'll say. "Election" is a near-lock at 99¢. "Rigged Election" sits at 61¢. And a not-insignificant number of bettors are giving "Alien" a 46% shot.
Market Movers
ABBOTT, TSMC, UNITEDHEALTH
📈 | Abbott Laboratories (ABT) climbed after raising its full-year earnings guidance.
📉 | Taiwan Semiconductor (TSM) slipped after lifting its full-year capex despite an earnings beat.
📈 | UnitedHealth (UNH) rose after topping Q2 estimates and hiking its full-year outlook.
📈 | ManpowerGroup (MAN) surged after beating Q2 estimates and guiding Q3 revenue above consensus.
Tomorrow's Trade Idea, Today
SOLID AS A BLACKROCK
Stock Spotlight
Looking for more upside? Street Sheet Research members get 1 stock pick from the Top 10% of analysts with 100%+ implied upside every month. Subscribe today.
Overweight Class
JPMorgan thinks BlackRock's stock would be wise to remember how good its business is.
Analyst Michael Cho upgraded the asset manager to Overweight, calling it a best-in-class operator firing on every business line.
Riding The Flows
The analyst says the stock has lagged, but the fundamentals say it shouldn't.
Cho's case rests on the setup ahead: strong flows, organic revenue growth, and operating leverage. And Q2 numbers seemed to back him up. BlackRock earned $13.91 per share ex-items on $7.08B in revenue, topping the $12.69 and $6.73B analysts expected. Assets under management swelled to $15.345T from $14.842T.
Catch-Up Trade
Of the 19 analysts covering BlackRock, 16 rate it Buy or Strong Buy.
The stock has gone almost nowhere in 2026, lagging while investors chase AI names and back away from asset managers. Cho expects that gap to close as the market wakes up to what the business is doing.
Do you own any shares of BlackRock (BLK)?
OVERHEARD ON THE STREET
📉 | Short sellers have built bearish bets against SpaceX (SPCX) to nearly 1/3rd of its public float as the stock slips below its $135 IPO price.
🛢️ | Chevron (CVX) plans to sign preliminary deals to invest in two Iraqi oil fields and explore a pipeline that would bypass the Strait of Hormuz.
🛒 | US grocery unit sales fell 1.8% in June from a year earlier as shoppers buy fewer items and trade down to cheaper brands.
⚖️ | Legal experts increasingly expect the SEC to take on a role alongside the CFTC in regulating prediction markets.
WEDNESDAY'S POLL RESULTS
Do you own any shares of Advanced Micro Devices (AMD)?
▇▇▇▇▇▇ 🐂 Yup, I'm holding
▇▇▇▇▇▇ 🐻 Nope, not interested
▇▇▇▇▇▇ 👀 No, but I'm interested
And, in response, you said:
🐂 Yup, I'm holding — “It’s been a staple position for years. Ages like fine wine.”
🐂 Yup, I'm holding — “Taken a lot of profits throughout the years and still holding, but couldn’t justify buying more at these valuations.”
👀 No, but I'm interested — “My last 4 laptops have had AMD chips — stable product, I guess it is time (when it is down) to purchase some stock.”
