HAPPY THURSDAY TO THE STREET.
Elon Musk just escorted one of his inner-circle generals to the corporate airlock. Tesla’s head of North American and European sales, Omead Afshar—yes, the same exec who was live-tweeting robotaxi hype 48 hours ago—is suddenly off the roster, with no explanation from the chief tweeter himself.
The timing couldn’t be juicier: vehicle deliveries are sagging, profits are off a cliff, and Q2 numbers land next week. Wall Street’s now wondering if the next thing to stall isn’t a Cybertruck, but Tesla’s growth engine.
🟩 | US stocks climbed broadly on Thursday, nudging the S&P 500 within 0.1 % of its record close as tariff-deadline jitters eased and tech powered the rebound.
📈 | One Notable Gainer: Enphase Energy $ENPH ( ▲ 2.67% ) jumps as lawmakers push to preserve rooftop solar tax credits, despite a 60% drop over the past year.
📉 | One Notable Decliner: Equinix $EQIX ( ▼ 1.49% ) slumps for a second day as investors react to long-term growth targets of 7–10% annual revenue and plans to double data center capacity by 2029.
— Brooks & Cas
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STOCK HEATMAPS
S&P 500 Heatmap. Credit: Finviz
All Stock Heatmap. Credit: Finviz
Global ADR snapshot. Credit: Finviz
Market Movers
FREEPORT-MCMORAN, COINBASE, ALBEMARLE
$FCX ( ▼ 1.44% ) Freeport-McMoRan Inc. stock outperforms competitors on strong trading day (MarketWatch)
$COIN ( ▲ 1.0% ) Coinbase stock on pace for first record in over three years (Seeking Alpha)
$ALB ( ▲ 1.1% ) Albemarle Corp. stock outperforms competitors on strong trading day (MarketWatch)
$MRVL ( ▲ 0.72% ) Mixed options sentiment in Marvell with shares up (TipRanks)
$NKE ( ▲ 0.6% ) Nike posts smaller-than-expected drop in quarterly revenue (Reuters)
OVERHEARD ON THE STREET
GlobalData: Nestlé and Conagra pledge to phase out synthetic dyes from U.S. products, with removals set by mid-2026 and end of 2025, respectively.
CNBC: Microsoft is replacing the iconic Windows blue screen of death with a black version, launching this summer on Windows 11 24H2 devices.
Reuters: Meta hires top OpenAI researcher Trapit Bansal to boost its AI reasoning team, joining a wave of high-profile talent in its superintelligence push.
Axios: Despite Shell denying BP takeover talks, speculation persists due to BP’s underperformance, cheap valuation, and industry consolidation trends.
CNBC: Apple unveils new App Store fee structure in Europe to avoid a €500M fine under the EU’s Digital Markets Act; EU reviewing compliance.
Tomorrow's Trade Idea, Today
CHEWY CHARGING HIGHER
Over 70% Upside For Our Furry Friends?
The pet retail stock Chewy $CHWY ( ▲ 1.14% ) could rise over 70%, according to a recent note from Morgan Stanley $MS ( ▲ 0.1% ). The stock has already gained 30% this year, and analysts think it can still deliver paws-itive returns.
Specifically, analyst Nathan Feather pointed to the company’s foray into veterinary clinics as a catalyst for growth. He thinks Chewy’s existing customer base is a solid launchpad for clinical expansion.
Feather is Overweight on Chewy with a $50 price target. However, he raised his best-case scenario target to $75 — a nearly 73% upside on today’s close.
Biting Into a $40 Billion Market
Entering the veterinary clinic market could be huge for Chewy because the sector is worth $40 billion, says Feather. That’s about a quarter of the entire pet market.
There are no guarantees, but for a company currently valued at $17.7 billion, taking even a fraction of that market could move the needle on share price dramatically. Especially since it’s already bringing in $3.5 billion in profit a year.
More Than it Can Chew?
Analyst sentiment is generally positive on Chewy. However, Jefferies $JEF recently downgraded the stock from Buy to Hold. Its team raised concerns that the positive news was already priced in.
According to CNBC Pro, 9 out of 31 analysts rate Chewy a Strong Buy. Another 9 rate it a Buy, and 13 rate it a Hold. None have the stock at Underperform or Sell.
Chewy could be barking up a big money tree with its clinical expansion. But expectations are high, and if it can’t deliver, the stock may find itself in the doghouse.
Sun’s out, savings out
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ON OUR RADAR
WSJ: Trump administration asks McKinsey and BCG to justify federal contracts and propose cost cuts, calling most of their work “not core.”
Axios: Zohran Mamdani’s NYC mayoral primary win has the business world rattled, with Wall Street fearing his socialist agenda could shake markets.
WSJ: Anna Wintour is stepping down as editor-in-chief of American Vogue after 37 years, but will continue overseeing global Vogue and Condé Nast content.
QZ: FICO will start factoring Buy Now, Pay Later loans into credit scores this fall, reshaping how lenders assess millions of U.S. consumers.
CNBC: Trump may name a Fed successor early to pressure Powell, fueling speculation of a “shadow chair” and escalating political tension over rate policy.
YESTERDAY’S POLL RESULTS
Who's winning the breakup?
▇▇▇▇▇▇ Hims & Hers
▇▇▇▇▇▇ Novo Nordisk
And, in response, you said:
Hims & Hers — “I think Him & Hers has a lot of other prescriptions they can offer, including cheaper options of the Novo Nordisk product, and will continue to expand into other areas that offer a convenient way for customers to get their pharmaceuticals.”
Novo Nordisk — “The originator always had the edge in the deal.”
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