HAPPY WEDNESDAY TO THE STREET.
Southwest $LUV ( ▼ 0.6% ) is trading its peanuts-and-open-seating vibe for something a bit more… champagne flute. CEO Bob Jordan says lounges, lie-flats, and even Europe are “on the table” as the Dallas carrier overhauls its 50-year playbook. After quietly testing bag fees and scrapping the boarding free-for-all, Southwest now wants to woo flyers who’ve been defecting to competitors’ cushier cabins. If “LUV” really rolls out long-haul premium, your next boarding call might come with a lounge pass instead of a cattle-call.
🟨 | US stocks finished mixed but steady, with the S&P 500 hovering just shy of its record while Nvidia and other AI standouts pulled the Nasdaq 0.3% higher as the Dow eased 0.25%.
📈 | One Notable Gainer: Nvidia $NVDA ( ▲ 0.87% ) jumped to a record, capping a sharp 2025 rebound after surpassing its previous January high.
📉 | One Notable Decliner: Flagstar $FLG ( ▲ 0.17% ) fell after Zohran Mamdani’s NYC mayoral primary win, as his rent freeze pledge raises concerns over real estate profits.
— 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
SUPERMICRO COMPUTERS, NORTHERN TRUST, PAYCHEX
$SMCI ( ▲ 1.08% ) SMCI Bets on DCBBS to Redefine Data Centers: Will it Deliver Growth (Zacks)
$NTRS ( ▲ 0.82% ) Northern Trust Asset Management Appoints Head of International and Responsible Investing (GuruFocus)
$PAYX ( ▼ 0.49% ) Paychex Stock Leads S&P 500 Decliners as Firm Posts Lower-Than-Expected Sales (Investopedia)
$EQIX ( ▼ 1.49% ) Equinix Stock Rises 11.8% Quarter to Date: Will the Trend Last? (Zacks)
$GIS ( ▼ 0.6% ) General Mills Stock Slips as Cereal Maker Sees Larger-Than-Expected Profit Drop (Investopedia)
OVERHEARD ON THE STREET
USA Today: Walmart rolls out new AI tools for workers, including real-time translation in 44 languages to enhance in-store customer service.
Reuters: Bumble to lay off 30% of global staff—about 240 roles—even as it raises Q2 revenue outlook amid dating app industry struggles.
Axios: Spirit urges DOT to block JetBlue-United partnership, calling it anticompetitive and warning of forced consolidation.
AP: Kroger will close 60 U.S. stores over 18 months to boost efficiency, with affected workers offered roles at other locations.
CNBC: BP shares rise on takeover speculation after WSJ report of Shell talks—denied by Shell as “further market speculation.”
Tomorrow's Trade Idea, Today
BIG PHARMA FALL OUT
Biotech Breakup
Shares of the telehealth company Hims & Hers $HIMS ( ▼ 2.0% ) plummeted this week after Danish pharmaceutical giant Novo Nordisk $NVO ( ▲ 3.71% ) ended the partnership between the two companies.
The collapse of the deal — which was only finalized in April — means Hims & Hers will no longer be able to sell the blockbuster weight-loss drug Wegovy on its telehealth platform.
In a statement, Novo Nordisk accused Hims & Hers of “deceptive marketing” practices and said it had “failed to adhere to the law.” It claims sales of knockoff versions of Wegovy could put patient safety at risk.
Trading Accusations
Hims & Hers hit back with counterclaims that Novo had been pressuring the telehealth company to steer patients to Wegovy, regardless of whether the medication was appropriate.
CEO, Andrew Dudum, took to X to accuse Novo Nordisk of “misleading” the public. He said his company refuses to be “strong-armed” by any pharmaceutical company’s “anticompetitive demands”.
Bloomberg reported that Hims & Hers won’t back down from selling cheaper versions of Novo Nordisk’s weight loss drug. Novo is down almost 10% since the news broke, while Hims & Hers has dropped over 30%.
Subscription Sickness
In addition to this week’s issues, Bank of America analyst Allen Lutz, who has an Underperform rating on Hims & Hers, has concerns about slowing growth. In a note to clients this week, he set a $28 price target for the stock — down 32% on today’s close.
He pointed out that revenue growth had already slowed dramatically and warned that new FTC “click to cancel” rules could reduce subscriptions.
Needham $NBBK ( ▲ 0.44% ) downgraded Hims & Hers from Buy to Hold following the news. Deutsche Bank $DB ( ▲ 0.08% ), Morgan Stanley $MS ( ▲ 0.1% ) and Truist Financial $TFC ( ▼ 0.2% ) reiterated their Hold ratings. Per TipRanks, 8 out of 11 analysts have the stock at a Hold.
Who's winning the breakup?
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ON OUR RADAR
TechCrunch: Meta is adding AI message summaries to WhatsApp, using private processing tech that preserves encryption and user privacy.
CNBC: A divided Fed proposes easing capital rules for big banks, opening public comment on changes to the enhanced supplementary leverage ratio.
QZ: JPMorgan warns Trump’s tariffs could trigger stagflation and cuts U.S. GDP forecast to 1.3%, citing rising recession risk in late 2025.
AP: Oil prices plunged despite Iran’s attack on a U.S. base, highlighting a new reality: global supply is strong, keeping pump prices stable—for now.
CNBC: FAA is investigating an engine issue on an American Airlines A321 flight that returned to Las Vegas after reporting smoke; no injuries reported.
YESTERDAY’S POLL RESULTS
Will the S&P 500 reach a new high this summer?
▇▇▇▇▇▇ Yes
▇▇▇▇▇▇ No
And, in response, you said:
Yes — “Over-valued stocks will continue to go up”
No — “It will float up and down until October.”
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