HAPPY SUNDAY TO THE STREET.

The American consumer might be bruised, but they're still swiping. UBS says spending is “holding up reasonably well,” especially among higher-income shoppers, even as inflation keeps squeezing the bottom half.

Add in a jobs report that beat expectations and a Tesla bounce-back, and suddenly Wall Street's feeling a bit less moody. Maybe resilience is the real soft landing.

— Brooks & Cas

A SEAFARER ON SALE?

A Battleship Business

The sea “does not reward those who are too anxious, too greedy, or too impatient,” if the American writer Anne Morrow Lindbergh is to be believed. 

But that hardly applies to the cruise stock Viking Holdings $VIK ( ▲ 0.78% ), shares of which are up nearly 100% since its IPO just over a year ago.

Can the momentum last?

Cruising for a Bruising?

Fortunes have been made — and then lost — from stocks that roared out of the gate in the days and weeks after going public, only to crash and never recover.

Look no further than shares of Norwegian Cruise Line $NCLH ( ▼ 1.89% ), which rocketed as high as 135%, but now trade below their 2013 IPO price.

Last week, Barron’s joined the bullish chorus around the stock. Quoting T. Rowe Price analyst Jodi Love, who noted Viking’s “best-in-class balance sheet, return on invested capital, and capacity expansion,” the 104-year-old financial journal called $VIK’s recent dip “a buying opportunity.”

Icebergs Ahead?

Sometimes, the problem with terrific stocks is that everyone knows they’re terrific. And when even a great company is “priced for perfection,” it can have nowhere to go but down. 

From a valuation standpoint, Viking has a price-to-earnings ratio of 36, nearly 1.5x higher than the S&P 500 average.

For now, the cruise liner can point to 92% capacity already sold in 2025 as proof that it’s weathering trade war turbulence and fears of recession. Then again, we’re old enough to remember Carnival Cruise $CCL ( ▼ 1.26% )’s 57% plunge in 2020 — and how unexpected icebergs can sink even the biggest ships.

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BREWING UP BIG GROWTH

Citi’s Big Bet on Chagee

ICiti Research is feeling bullish on Chinese tea chain Chagee $CHA ( ▼ 2.91% ), kicking off coverage with a Buy rating and a $43.70 price target — a call that implies shares could climb 34% from Friday’s close. Analyst Xiaopo Wei highlighted the stock’s long growth runway and cited Chagee’s dominance in the premium tea space as a key catalyst.

While Chagee shares have dropped significantly after their mid-April debut, the stock rebounded around over 16%this week following a strong first-quarter earnings report. Wei sees that as just the beginning. As of March, Chagee boasted 6,681 teahouses — a 63.6% increase year-over-year — and currently holds about 20% of China’s premium, freshly made tea market.

Wei called Chagee a “fast-growing premium tea play,” with room to grow not just in China, but globally, thanks to its streamlined operations and digital infrastructure.

Technology Meets Tea

Chagee’s approach blends traditional tea with high-tech efficiency. The company’s digitized platform, called “Five Things Online,” manages everything from drink prep to store lifecycle support — all online. This not only helps franchisees streamline operations but also lets the company maintain strong oversight of its far-reaching network.

The result is a highly standardized operation that supports rapid scale without sacrificing quality. Chagee’s franchise-heavy model appears to be working: just 160 of its stores were company-owned at year-end, with more than 6,250 run by franchisees.

Wei believes this “mutually beneficial relationship” between the brand and its partners is what enables Chagee to expand quickly while delivering sustainable financial results.

Differentiating the Brew

Chagee isn’t just riding the tea wave — it’s carving its own lane. Wei pointed to the company’s “simple core menu,” brand strength via social media marketing as a major differentiator from lower-end competitors.

That formula could make Chagee a standout among China's crowded tea market — and a contender globally. Wei’s thesis is that the company’s strategy and execution offer a clear advantage in both scaling and profitability.

With strong brand equity, tech-driven consistency, and an aggressive international expansion strategy, Chagee may be one to watch as it builds out its premium tea empire.

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TACO-VER

Alphabet Soup

Change has been one of the bywords of 2025. But if there's one thing you can still count on, it's that Wall Street still loves a good acronym. Case in point? The TACO trade. It's short for "Trump Always Chickens Out" and was first used by the Financial Times. 

It describes how some investors have been buying the tariff dips and profiting when markets rebound after the government backs away from the brink. 

Now, CNBC says there's another acronym investors need to know: ABUSA, aka "Anywhere But the USA." Several analysts say this isn't a short-term play on trade negotiations, it's a wider shift away from non-US assets.

Think BIG

According to Bank of America's $BAC ( ▼ 0.25% ) data on fund flows, people are pulling out of US stocks in favor of European and Japanese equities. Confidence in US exceptionalism is waning as investors grapple with ever-changing tariffs, falling confidence in the dollar, and budget deficit fears.

However, this is more of a recalibration than a dramatic rejection of US markets. Barings Managing Director, Brian Mangwiro describes it more as diversification away from heavily weighted US positions.

Bank of America has another acronym. It recently told investors to consider a BIG allocation: Bonds, International, Gold.

Eurovision

According to Bank of America's data on fund flows, people are pulling out of US stocks in favor of European and Japanese equities. Confidence in US exceptionalism is waning as investors grapple with ever-changing tariffs, falling confidence in the dollar, and budget deficit fears.

However, this is more of a recalibration than a dramatic rejection of US markets. Barings Managing Director, Brian Mangwiro describes it more as diversification away from heavily weighted US positions.

Bank of America has another acronym. It recently told investors to consider a BIG allocation: Bonds, International, Gold.

LAST WEEK’S POLL RESULTS

Which do you think will outperform over the next 12 months?

▇▇▇▇▇▇ 🥈 Danaher (DHR)

▇▇▇▇▇▇ 🥉 Defense (NKE)

▇▇▇▇▇▇ 🥇 Netflix (NFLX)

And, in response, you said:

• 🥇 Netflix (NFLX) —  “Best bet!”

Are you bullish or bearish on Idacorp (IDA) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

And, in response, you said:

• 🐂 Bullish — “Just a bit better than a CD”

Are you bullish or bearish on Cummins (CMI) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

And, in response, you said:

• 🐂 Bullish — “It’s diesel trucks that tow the windmills, and everything else.”