HAPPY WEDNESDAY TO THE STREET
Analysts said Allbirds’ (BIRD) AI pivot misunderstands its core business. Its new CEO said, “Hold my beer.”
The firm legally renamed itself Smartbird today, sold the shoe business, and named Nadia Carlsten as chief exec. Carlsten maintains she has never worn the sneakers, and says nobody will remember them in a few months.
Talk about sole searching.
🟥 | US stocks slid sharply today following the first Federal Reserve meeting under new chair Kevin Warsh. (More on that below.)
📈 | One Notable Gainer: uniQure (QURE) soared after the FDA backed its plan to file for a Huntington’s disease gene therapy.
— Brooks & Cas
MARKET SNAPSHOT
S&P 500 Heatmap. Credit: Unusual Whales
NEXT FED RATE HIKE?
Kevin Warsh ran his first meeting as Fed chair today, and although central bankers ultimately held rates steady, he wasted no time making changes. Despite President Trump’s preference, the Fed scrapped the bias toward cuts and trimmed the statement to a terse 130 words.
The dot plot now hints at a hike, not a cut. Traders have stopped asking when rates fall and started betting on when they climb.
Market Movers
CARMAX, INTEL, SALESFORCE
📉 | CarMax (KMX) fell even after first-quarter earnings and revenue beat estimates.
📈 | Intel (INTC) rose after its Intel 18A-P chip entered production on schedule.
📉 | Salesforce (CRM) slid for a record 12th straight session, its lowest since early 2023.
📈 | La-Z-Boy (LZB) surged after fiscal fourth-quarter retail sales rose 11%.
📉 | AT&T (T) fell after naming Jennifer Biry as its new chief financial officer.
Tomorrow's Trade Idea, Today
MEMORY SERVES
Stock Spotlight
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Banking On Memory
Deutsche Bank thinks Micron’s run — up more than 230% YTD — has plenty of road left. Analyst Melissa Weathers reiterated a Buy and lifted her price target, pointing to a deepening memory shortage as AI adoption widens.
She sees strong upward bias to her estimates after management’s upbeat intra-quarter commentary.
Short Supply
The heart of the call is a supply-demand imbalance that Weathers expects to sustain, if not worsen, through the back half of 2026 and well into 2028.
She also flags Micron’s habit of beating Street revenue estimates. Deutsche Bank models fiscal third-quarter revenue of $35.1 billion, above the $33.5 billion the company itself guided. Micron reports those results on June 24.
Total Buy-In
Deutsche Bank has plenty of company. Of the 47 analysts covering Micron, 44 rate it a Buy or Strong Buy, and rival targets have climbed as high as $1,625.
The stock has been one of the year’s biggest winners. For a company that sells memory, Wall Street sure isn’t forgetting it.
Do you own any shares of Micron Technology (MU)?
OVERHEARD ON THE STREET
🛢️ President Trump defended his Iran war deal as a way to dodge an “economic catastrophe,” warning the US could resume bombing if Tehran breaks the terms.
🕵️ Trump also delayed Jay Clayton’s nomination for intelligence director to pressure Congress into a voter ID bill.
🛍️ US retail sales rose a stronger-than-expected 0.9% in May, underscoring consumer resilience despite higher gas prices.
🏦 Goldman Sachs (GS) and Morgan Stanley (MS) are forming separate internal teams to underwrite the dueling OpenAI and Anthropic IPOs expected this fall.
🥧 McDonald’s (MCD) is bringing back its fried apple pie for the first time in over three decades, starting June 23.
TUESDAY’S POLL RESULTS
Do you own any shares of nVent (NVT)?
▇▇▇▇▇▇ 🐂 Yup, I’m holding
▇▇▇▇▇▇ 🐻 Nope, not interested
▇▇▇▇▇▇ 👀 No, but I’m interested
And, in response, you said:
🐻 Nope, not interested — “Too.much going on in this industry now.”
👀 No, but I’m interested — “What do the next 30 to 90 days look like, should one throw $100k and see if it hits?”
