Hershey's (HSY) latest earnings revealed an unexpected GLP-1 beneficiary: breath mints. Ice Breakers sales jumped over 8% as Ozempic users reached for gum to mask the dreaded "Ozempic breath," while protein bars climbed 17%. Turns out the fastest-growing weight-loss accessory isn't a smaller plate. It's a tin of Tic Tacs.

— Brooks & Cas

Apple (AAPL) reports earnings tonight, its first call since announcing Tim Cook's September exit. Kalshi traders see China and tariffs as near-locks at 96%-plus odds, but they're skeptical Apple will dish on glasses, foldables, or anything M3-flavored. Apparently traders find Apple's secrecy more reliable than its AI roadmap, and roughly as exciting.

📈 | Eli Lilly (LLY) raised its full-year sales outlook on continued Zepbound and Mounjaro strength.

📈 | Alphabet (GOOGL) beat Q1 revenue with Google Cloud surging 63% year over year.

📈 | Qualcomm (QCOM) topped earnings estimates and announced data center chip shipments to a major hyperscaler.

📉 | KLA Corp (KLAC) issued Q4 guidance below Wall Street's earnings consensus.

📉 | Stellantis (STLA) fell on messy Q1 results tied to tariffs and provisions.

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Microsoft posted its strongest quarterly report in years, and the Street is positioning for a rebound. Analyst Gabriela Borges sees a meaningful turn in the stock's multi-quarter slump, citing milestones across Azure, Microsoft 365, and a refined pricing strategy. Her Buy rating signals more catalysts to come.

Borges is constructive on Microsoft's AI positioning and expects a catalyst-rich back half. Citi's (C) Tyler Radke echoes the call, noting Azure and Copilot are inflecting on a 26% jump in commercial RPO. Wells Fargo's (WFC) Michael Turrin pegs the AI business at $37B in run-rate revenue, growing more than 120%. JPMorgan (JPM) and Barclays (BCS) agree the company remains the most indispensable IT vendor in the enterprise.

Investors are still nursing concerns about $190 billion in projected capex and pricier memory squeezing margins. Shares are in the red after the print, capping Microsoft's worst quarter since 2008. But the Street sees the sell-off as the setup, not the story. Sometimes the best Copilots fly through turbulence.

📊 | US Q1 GDP rebounded to 2.0% annualized growth as the PCE price index jumped to 4.5%.

💼 | JPMorgan (JPM) hired Keefe, Bruyette & Woods bank coverage analyst Chris Mihok as a managing director in its financial institutions group.

🏛️ | The House passed a Department of Homeland Security funding bill, ending the partial government shutdown that began in February.

🛢️ | Brent crude topped $126 per barrel as the Iran war drags on, lifting average US gas prices to $4.30 a gallon.

🤖 | Elon Musk's X began a phased rollout of a rebuilt, AI-powered ads platform aimed at winning back marketers.

Do you own any shares of Visa (V)?

▇▇▇▇▇▇ 🐂 Yup, I’m holding

▇▇▇▇▇▇ 🐻 Nope, not interested

▇▇▇▇▇▇ 👀 No, but I’m interested