HAPPY THURSDAY TO THE STREET
Ford (F) just revealed its $28,350 electric truck, called the Fathom, a word that means “six feet deep”. That’s roughly where Ford would like to bury the Slate Truck. Its feature-free $24,950 rival ships without paint, power windows, or even a stereo. The extra $3,400 buys a touchscreen, a frunk, and an iconic logo on the grille.
It might take more than that to get a Big Three automaker back in the EV race. Then again, it wouldn’t be the first time the tortoise beat the hare…
🟥 | US stocks slid today as oil prices resumed their climb and chipmakers slid, led by a 5% decline from Sandisk (SNDK).
📈 | One Notable Gainer: Mobile phone maker Motorola Solutions (MSI) jumped more than 8% on a beat-and-raise.
📉 | One Notable Decliner: But mobile ads firm AppLovin (APP) went sharply in the opposite direction, tumbling some 20% after guiding Q3 adjusted EBITDA below Wall Street estimates.
— Brooks & The Street Sheet Team
MARKET SNAPSHOT
S&P 500 Heatmap. Credit: Unusual Whales
HOW HIGH WILL THE S&P GET THIS YEAR?
Kalshi traders now give the S&P 500 a 2-in-3 shot at crossing 8,000 this year, up sharply after a 5.5% four-day rally sent the index to fresh records. It sits about 3.6% away. A third of the market thinks 8,200 is in play, a the AI trade catches its second wind. But is it a true tailwind, or just a lot of hot air?
Market Movers
DATADOG, DIAGEO, UWM
📉 | Datadog (DDOG) issued Q3 revenue guidance that only narrowly topped consensus.
📈 | Diageo (DEO) unveiled a $1B cost-cutting plan.
📉 | UWM Holdings (UWMC) plunged more than 30% after the mortgage firm posted a $452M net loss and paused its dividend.
📈 | Albemarle (ALB) beat Q2 earnings and revenue estimates.
📉 | Honeywell Aerospace (HONA) slashed its 2026 organic sales growth outlook.
Tomorrow's Trade Idea, Today
E.L.F. ON THE SHELF
Stock Spotlight
Stock: e.l.f. Beauty (ELF)
Firm: Bernstein
Current Price: $92
Price Target: $113
Implied Upside: 23%
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A Cut Above
e.l.f. Beauty’s fundamentals are anything but airy fairy.
Bernstein just upgraded the underrated stock to Outperform on a bet that its new haircare line becomes a real business rather than a line extension.
The SKIN Playbook
The firm sees a roadmap into a massive category the cosmetics maker has barely touched.
Analyst Cristian Rios points out that its e.l.f. SKIN brand grew from 0.6% market share in 2022 to 1.4% in 2026 across Nielsen-tracked channels.
Run the same play in hair, Rios estimates, and e.l.f. reaches roughly 0.9% share by 2029, worth about $210M in fully incremental annual net sales.
Root Cause
e.l.f. Hair began rolling out on TikTok Shop in June before reaching Target (TGT) and other retailers, and shares have run hard since the debut.
Bernstein thinks the second act sells as well as the first. Talk about believing in fairies.
Do you own any shares of e.l.f. Beauty (ELF)?
OVERHEARD ON THE STREET
🚀 More than 911M SpaceX (SPCX) shares unlock today in the first post-IPO lockup expiration.
🛢️ Oil prices rose after Iranian state media published a draft plan barring US and Israeli ships from the Strait of Hormuz.
🌡️ Roughly 8 in 10 Americans say extreme heat has hit electricity bills over the past year, up from 69% in July 2024.
✈️ Southwest (LUV) and JetBlue (JBLU) are refusing to let ICE agents board planes without a judge-signed warrant as airport arrests escalate.
📊 Technology-focused hedge funds lost 10.2% in July, the worst month on record for the category, according to JPMorgan (JPM).
WEDNESDAY’S POLL RESULTS
Do you own any shares of West Pharmaceutical Services (WST)?
▇▇▇▇▇▇ 🐂 Yup, I’m holding
▇▇▇▇▇▇ 🐻 Nope, not interested
▇▇▇▇▇▇ 👀 No, but I’m interested
And, in response, you said:
🐻 Nope, not interested — “This company makes disposable injectors and needles. They are easier to use but cost limited if they cost much more than traditional syringes and needles.”
👀 No, but I’m interested — “Sounds like a great moat.”
