To paraphrase Jamie Dimon, when you see one cockroach, there's probably more. He was talking about private credit, a $3 trillion market that's suddenly producing bankruptcies, redemptions, and major stock sell-offs.

We’ve been getting a lot of questions about it from our readers. So we're going on the record. A week from today — Thursday, 4/30 at 12:30 PM CDT — Street Sheet Research is hosting a live 30-minute webinar with Max Sabert, CFP®, CEPA® (SVP, Private Wealth Advisor at UBS) to break down what's happening, who's exposed, and whether the 2008 comparisons are warranted.

Not a member yet? This is exactly the kind of access the membership is built for. Unlock it here →

— Brooks & Cas

Happy Draft Day! For those of you betting against Fernando Mendoza going number one overall, we’ll call you A-A-Ron, the way you’re slinging those Hail Marys. For the rest of us, the bigger question is: just how predictive of the actual outcome are the prediction market odds?

With more than 100 draft props listed on the likes of Kalshi, potentially giving insiders the ability to wager anonymously, the NFL asked prediction markets to pull the polls. They declined. So there’s still time to put money behind your calls. Just remember the guys making the calls may be betting alongside you.

📉 | Lululemon (LULU) slumped after announcing Heidi O'Neill as incoming CEO effective September 8.

📈 | American Airlines (AAL) surged on a Q1 beat, while Southwest Airlines (LUV) fell on a top- and bottom-line miss.

📉 | IBM (IBM) slid after posting an earnings beat without raising full-year guidance.

📈 | Penn Entertainment (PENN) rallied on an earnings win, powered by regional casinos and its interactive segment.

📉 | ServiceNow (NOW) plunged as the Armis cybersecurity integration weighed on its 2026 subscription revenue outlook.

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Raymond James thinks athletic footwear firm On Holding has room to run. The firm upgraded the stock to Strong Buy, with analyst Rick Patel citing resilient growth and pricing power as the core reasons to step in now.

Patel argues On can raise prices enough to offset tariff and freight costs. That is a CloudTec® cushion most retail peers simply do not have in the current macro environment.

He expects the Swiss brand to lead meaningful growth across athleisure and footwear this year, even as the broader consumer sector absorbs pressure from the Iran war.

Shares are in the red year-to-date, weighed down by a looming CEO change. Martin Hoffmann steps down May 1, leaving a leadership gap that has spooked investors.

Wall Street mostly sees the pullback as a buying opportunity. Of the 29 analysts covering On, 25 rate it a Buy or Strong Buy. The stock has tripped over its own laces. Patel thinks it is ready to run again.

🛢️ | The US-Iran war devolved into a naval standoff over the Strait of Hormuz today, sending Brent crude back above $100 per barrel.

🌿 | The Trump administration moved to reclassify cannabis as a Schedule III drug, easing research restrictions and opening banking pathways for companies like Tilray (TLRY).

⚡ | Tesla (TSLA) posted positive free cash flow, but plans to spend $25B this year on AI, humanoid robots, and a chip joint venture with SpaceX and Intel (INTC).

🎬 | Warner Bros Discovery (WBD) shareholders approved Paramount's (PSKY) $81B takeover, clearing a major hurdle for the $111B mega-merger.

🌲 | Weyerhaeuser (WY), America's largest private landowner, is rolling out AI and semiautonomous logging equipment in a bid to double annual profits by 2030.

Do you own any shares of Qorvo (QRVO)?

▇▇▇▇▇▇ 🐂 Yup, I’m holding

▇▇▇▇▇▇ 🐻 Nope, not interested

▇▇▇▇▇▇ 👀 No, but I’m interested

And, in response, you said: