SpaceX is set to go public this Friday, under the ticker SPCX and at a $1.75T price tag, with retail traders handed a hefty 30% of the float.

Facebook (META) ran the same retail-heavy playbook in 2012, then shed half its value within months. Investors balked at its nosebleed $100B valuation and an untested mobile ad plan, then watched insiders dump shares once lockups expired.

SpaceX brings its own version of each: a near $2T tag, despite a $5B loss last year, a 5% float, and a potential wave of insider selling waiting on deck. History does not repeat, and we don’t have a crystal ball. But we do know it likes to rhyme.

— Brooks & Cas

Kalshi just blew past $1B in volume on its new perpetual futures, one week after launching the feature stateside. The same milestone took its prediction markets 40 months. With perps locked out of US traders until last month and a million-name waitlist still open, the pent-up demand looks plenty real.

📉 | Coherent (COHR) sharply declined, leading a broader AI infrastructure sell-off.

📈 | DraftKings (DKNG) reported its Predictions volume jumped 24% month over month in May.

📉 | Vail Resorts (MTN) posted a Q3 earnings miss.

📈 | J.M. Smucker (SJM) topped fiscal Q4 earnings and revenue estimates.

📉 | SailPoint (SAIL) issued soft full-year guidance despite a Q1 beat.

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Bernstein's Aneesha Sherman calls Coach-parent Tapestry a rare discount on one of retail's hottest brands.

The analyst believes the post-earnings selloff is the ideal time to bag the dip.

Her thesis rests on Gen Z, a consumer base she casts as particularly prone to nostalgia. Coach’s customizable bags and old-school horse-and-carriage charm have surprisingly resonated with the generation.

The fiscal third quarter was a beat and raise that pulled in 2.4 million mostly younger customers. Gross margins expanded past 76%, even with marketing spend up roughly 50% over the past year.

On a two-year basis, revenue growth is tracking near 30%, and consensus sees double-digit EPS growth this year and next.

Not everything is in fashion. Kate Spade sales fell 10%. But that brand is just 17% of the business.

Shares trade below 18x next year's earnings and under their five-year average, with a 1.1% dividend yield and steady buybacks.

This year's it-bag may be tomorrow's thrift find, but Sherman thinks the rally still has legs.

🚁 | Trump said the US must respond after confirming Iran shot down a US Apache helicopter over the Strait of Hormuz, with both crew members rescued.

🤖 | Anthropic released a Mythos-style AI model called Claude Fable 5 to paid subscribers, months after Mythos sent shockwaves across the stock market.

💼 | Salesforce (CRM) cut more jobs in a fresh round of layoffs hitting its Agentforce, MuleSoft, and Marketing Cloud teams.

⚖️ | A federal court weighed whether to expand refunds of Trump's struck-down tariffs beyond the companies that sued, with $166B in duties at stake.

☀️ | The FDA approved bemotrizinol, the first new sunscreen ingredient cleared for the US market in more than 25 years.

Do you own any shares of Kontoor Brands (KTB)?

▇▇▇▇▇▇ 🐂 Yup, I’m holding

▇▇▇▇▇▇ 🐻 Nope, not interested

▇▇▇▇▇▇ 👀 No, but I’m interested

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