HAPPY WEDNESDAY TO THE STREET.
$X has been X’ed out. US Steel — the century-and-a-quarter-year-old company that traded on the NYSE under the ticker $X for decades — was finally officially acquired by Japan’s Nippon Steel in a $15B deal.
Guess “US” Steel is a bit of a misnomer now…
🟨 | US stocks wavered following the Federal Reserve’s latest interest rate decision: a hold. Shocker…
📈 | One Notable Gainer: Crypto stocks surged after the GENIUS Act passed through the Senate, enabling stablecoins to be pegged to the US dollar. Coinbase $COIN ( ▼ 0.83% ) and Circle $CRCL ( ▲ 0.48% ) soared on the news.
📉 | One Notable Decliner: The bill was another nail in the coffin for payment stocks like Mastercard $MA ( ▲ 2.11% ) and PayPal $PYPL ( ▲ 0.92% ), which already fell earlier in the week as more retail giants explore stablecoin integration.
— 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
MARVELL, APPLOVIN, ORACLE
$MRVL ( ▲ 0.31% ) Marvell Stock Surges. What Could Keep Its AI Chip Rally Going. (Barron’s)
$APP ( ▲ 4.88% ) AppLovin: EPS And Revenue Start Moving In Opposite Directions (SeekingAlpha)
$ORCL ( ▲ 3.99% ) Oracle Unveils Initiative to Help Companies Sell Tech to the Pentagon (WSJ)
$ZTS ( ▼ 0.14% ) Zoetis downgraded to Hold from Buy at Stifel (TipRanks)
$SRRK ( ▼ 1.09% ) Scholar Rock drug preserves muscle in obesity trial (YF)
OVERHEARD ON THE STREET
CNBC: The Fed held rates steady at 4.25%-4.5%, but reaffirmed plans for two cuts in 2025, amid persistent inflation and slowing growth.
Bloomberg: Caris Life Sciences $CAI ( ▼ 0.34% ) raised $494M in its IPO, pricing above range at $21 per share, with a $5.9B market valuation.
AP: Amazon $AMZN ( ▼ 1.75% ) plans to produce 10,000 robotaxis annually, challenging Waymo $GOOGL ( ▼ 1.29% ) in the self-driving cab market.
Axios: CEO economic sentiment fell to its lowest level since 2020, with over 40% expecting workforce cuts.
CNN: Texas Instruments $TXN ( ▲ 0.26% ) will invest over $60B to build seven US chip plants, creating 60,000+ jobs.
Tomorrow's Trade Idea, Today
MODEL Y IN THE HEADLIGHTS
Tailwinds at the Tailights
Tesla $TSLA ( ▼ 1.85% ) is facing fresh heat in China’s redlining EV market.
Chinese tech giant Xiaomi $XIACY ( ▲ 1.9% ) has pulled forward the release of its highly anticipated YU7 crossover, which is expected to directly rival Tesla’s Model Y.
The launch, originally scheduled for late July, is now expected later this month.
Another SU7 Moment?
This isn’t Xiaomi’s first shot across Tesla’s bow.
Earlier this year, the company’s debut EV, the SU7, outsold the Model 3 in China for months. The China EV market is growing overall, but Tesla is losing share.
Now, Morgan Stanley’s $MS ( ▲ 0.12% ) Adam Jonas is warning that the YU7 could deliver a similar blow, calling it a Ferrari lookalike priced like a VW.
The early release of the YU7 comes at a fragile time for Tesla in China. Insurance registrations — a proxy for deliveries — have slumped nearly 9% year-to-date. That’s in addition to a sharp 30% year-over-year sales decline in May.
Guggenheim expects the slump to continue. It projects Tesla to deliver 360,000 vehicles globally in Q2, well below the consensus of 399,000 — and miles off early expectations of more than 500,000.
EV vs AV
While Tesla doubles down on innovation — think autopilot, robotaxis, humanoid robots, and so on — Xiaomi favors a back-to-basics approach. It just keeps putting out high-quality EVs at low prices.
Tesla has big plans for the future. But right now, Xiaomi seems to be the one speeding up.
Which stock do you think will outperform over the next 12 months?
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ON OUR RADAR
BBC: Debate is intensifying among Trump allies as the president weighs a potential US strike on Iran’s nuclear sites.
CNBC: The FDA approved Gilead’s $GILD ( ▲ 0.18% ) twice-yearly HIV prevention shot, a major milestone amid proposed federal funding cuts.
Reuters: Autodoc’s upcoming IPO is expected to value the German auto parts retailer at up to $2.8B, with shares priced between €58 and €61.
WSJ: The US Supreme Court upheld state bans on transgender treatments for minors in a 6-3 ruling.
BI: Regencell Bioscience, a revenue-less Chinese herbal medicine firm, has surged 60,000% in 2025. Here’s why.
TUESDAY’S POLL RESULTS
Are you bullish or bearish on Tapestry $TPR ( ▲ 0.8% ) over the next 12 months?
▇▇▇▇▇▇ 🐂 Bullish
▇▇▇▇▇▇ 🐻 Bearish
And, in response, you said:
“Sorry, unrelated to today's poll. Yesterday re: Celsius - the Bearish comment - ‘Energy drinks are all the same except for marketing. The durability of any brand on the market tends not to be long.’ For real...? Red Bull launched in 1987. The internet launched in 1989.”
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