HAPPY FRIDAY TO THE STREET.
If the future is hands-free, why are our wrists full?
Smart glasses plus a neural wristband, a ring for sleep, a watch for workouts, maybe an AI pendant for vibes — Big Tech’s post-phone wearable strategy is “all of the above.”
Bull case: every body part becomes a SKU and attach rates/ARPU climb. Bear case: user fatigue, privacy blowback, and charging-cable purgatory. Here comes the new tech, same as the old one.
🟥 | US stocks fell sharply after Trump threatened higher China tariffs over rare-earth curbs, reversing gains as tech led the slide.
📈 | One Notable Gainer: Rare earth stocks like MP Materials $MP ( ▲ 8.37% ) jumped after President Trump warned China was holding the world “captive” over minerals.
📉 | One Notable Decliner: Mosaic $MOS ( ▼ 9.24% ) slumped over after reporting weak Q3 volumes due to equipment failures and utility outages at two Florida plants.
Finally, read to the end for the fastest-growing non-AI company in America…
— 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
ALIBABA, ROCKET LAB, LEVI STRAUSS
$BABA ( ▼ 8.45% ) Why Alibaba Stock and Other Chinese Tech Shares Are Falling (Barron’s)
$RKLB ( ▼ 3.25% ) Rocket Lab Stock Squeezes Shorts With Japan Space Deal (SIR)
$LEVI ( ▼ 12.55% ) Levi Strauss Drops 12% Post-Earnings After Wall Street Raises Concerns On Margins (StockTwits)
$PTGX ( ▲ 29.77% ) Johnson & Johnson in Talks to Buy Protagonist Therapeutics (WSJ)
$DOCS ( ▼ 9.59% ) JPMorgan downgrades Doximity stock to Underweight on valuation concerns (Investing.com)
OVERHEARD ON THE STREET
CNBC: The Labor Department recalled staff to finish September’s CPI report despite the shutdown, with release rescheduled for Oct. 24.
NBC News: UPS $UPS ( ▼ 2.83% ) said it is disposing of some US-bound packages stuck in customs as shifting Trump tariffs cause massive clearance delays
Reuters: UK regulators designated Google $GOOGL ( ▼ 2.05% ) as having strategic market status, giving authorities new power to curb its search dominance.
QZ: Taco Bell $YUM ( ▼ 0.75% ) expanded testing of its $3 “luxe value” menu to Ohio after success in Indiana, hinting at a possible nationwide launch.
Axios: Sam’s Club $WMT ( ▲ 0.07% ) extended store hours nationwide to 8 am–8 pm daily starting Oct. 12, giving shoppers more flexibility ahead of the holidays.
Tomorrow's Trade Idea, Today
ENERGY STOCK RIPE FOR A REBOUND
Cheap Stock, Global Reach
BMO Capital Markets sees Weatherford International $WFRD ( ▼ 4.51% ) as an overlooked value play in the oilfield services sector. The firm initiated coverage with an Outperform rating and a $82 price target, implying nearly 34% upside from current levels.
Analyst Phillip Jungwirth called the stock attractively priced, noting it trades at just 12.4x forward earnings compared to the S&P 500’s 25x multiple.
Though Weatherford shares are down roughly 15% this year, Jungwirth believes the pullback creates opportunity. The company’s heavy international exposure could help cushion it from near-term weakness in North American drilling. In 2024, overseas markets accounted for 81% of total revenue — a mix that BMO says positions the company for steadier activity and stronger long-term growth.
Quiet Leader in the Field
BMO highlighted Weatherford’s leadership across several specialized service lines, including managed pressure drilling, tubular running, and cementation products. It also has sizable operations in artificial lift systems and completion equipment, making it a key supplier throughout the production process.
That footprint has translated into solid profitability. In 2024, Weatherford’s adjusted EBITDA margin surpassed those of larger rivals SLB $SLB ( ▼ 4.26% ), Halliburton $HAL ( ▼ 6.11% ), and Baker Hughes $BKR ( ▼ 5.95% ).
While margins are expected to dip slightly in 2025, BMO believes they’ve likely bottomed, and they should remain above those of Halliburton and Baker Hughes. The firm said this margin resilience underscores Weatherford’s operational strength and efficiency improvements.
A Comeback in Motion
After years of restructuring, Weatherford’s fundamentals appear to be on firmer ground.
The company has pared debt, refocused on higher-return markets, and demonstrated consistent cash generation — all while maintaining strong international momentum. BMO expects its global weighting to continue driving revenue stability even as oil prices fluctuate.
At current valuations, the firm argues that Weatherford is still priced like a mid-tier service provider despite showing performance metrics closer to the industry’s top players.
In Partnership With Yieldstreet
If you’re only invested in stocks and bonds, you may be leaving performance on the table. Private markets offer:
Smart diversification: Gain broad exposure to private equity, real estate, private credit, and more — all in one place.
Prominent managers: Invest alongside some of the world’s largest private markets sponsors.
Personalization: Build your own portfolio — or let our automated investing solution handle everything for you.
Discover what private markets can do for your portfolio.
ON OUR RADAR
Bloomberg: The White House began mass layoffs of federal workers on the 10th day of the shutdown, Budget Director Russell Vought confirmed online.
QZ: Ray Dalio warned US debt was growing “like plaque in the arteries,” calling it a “deficit-and-debt bomb” threatening economic stability.
TechCrunch: After OpenAI’s Sora app launch, over a dozen fake “Sora” and “Sora 2” apps flooded the App Store, racking up 300K installs before removal.
CNBC: States including Minnesota and Colorado imposed new “doorstep taxes” on deliveries, adding up to 50 cents per order to fund infrastructure.
The Guardian: JPMorgan $JPM ( ▼ 1.52% ) now requires employees at its new $3B New York headquarters to use fingerprint or eye scans for building access.
STREET TWEET
Kalshi might officially be the fastest growing non AI company in America now
Huge congrats to the entire team there
— #Boring_Business (#@BoringBiz_)
2:17 PM • Oct 10, 2025
Kalshi is on the call sheet.
The company just crossed $50B in annualized volume — and might be the fastest-growing startup not powered by GPUs. Betting on inflation, elections, and Fed cuts apparently scales.
THURSDAY’S POLL RESULTS
Are you bullish or bearish on DraftKings $DKNG ( ▼ 7.13% ) over the next 12 months?
▇▇▇▇▇ 🐂 Bullish
▇▇▇▇▇ 🐻 Bearish
And, in response, you said:
🐂 Bullish —
“DKNG has been bouncing around in a fairly tight range, between low-30s to mid-40s for the last year or so. I would expect another surge back to the 40 range, based on that historical data.”
🐻 Bearish —
“I don't think prediction market fears are misplaced. It will impact DKNG's growth.”