HAPPY TUESDAY TO THE STREET.
Egg-flation is finally off the menu at Waffle House. The 24/7 diner just nixed its 50-cent “bird-flu surcharge,” freeing up America’s favorite short-order cooks to sling 272 million sunnyside-ups a year without the existential crisis. Credit falling egg prices—and, according to the USDA, a five-step “biosecurity blitz” that helped get costs back under $3 a dozen—so your All-Star Special is feeling a little more… special. Chalk up one small win for breakfast budgets everywhere.
🟨 | US stocks split the difference Tuesday: the Dow soared as money rotated into health-care names, while the S&P 500 dipped and the Nasdaq slid on a tech cooldown ahead of next week’s tariff deadline.
📈 | One Notable Gainer: Hyatt Hotels $H ( ▲ 4.11% ) rose after Raymond James upgraded the stock, citing its $2B sale of Playa-owned real estate as a key catalyst.
📉 | One Notable Decliner: Progress Software $PRGS fell 11% after Q2 revenue narrowly missed estimates, despite beating earnings expectations with $1.40 per share.
— 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
TESLA, HASBRO, GE VERNOVA
$TSLA ( ▼ 5.34% ) Musk shreds Trump’s tax bill as ‘DEBT SLAVERY,’ vows to unseat Republicans who back it (CNBC)
$HAS ( ▲ 4.29% ) Goldman Sachs Upgrades Hasbro to Buy, Raises Price Target to $85 (GuruFocus)
$GEV ( ▼ 4.38% ) GE Vernova Is Exploring a Sale of Its Proficy Software Business (Bloomberg)
$JOBY ( ▼ 7.01% ) Joby Aviation Soars on Dubai Test Success (GuruFocus)
$AVAV ( ▼ 11.42% ) AeroVironment stock drops 11% on offering plan to pay off debt (CNBC)
OVERHEARD ON THE STREET
CNBC: Apple is suing a former Vision Pro engineer for allegedly stealing thousands of internal documents before leaving to join Snap.
BBC: X has named Nikita Bier, dubbed the 'king of virality', as head of product, as Elon Musk aims to attract younger users to the platform.
CNN: Lululemon is suing Costco for allegedly selling unauthorized knockoffs of its $128 pants and other apparel under the Kirkland brand.
CNBC: Ford reported a 14.2% Q2 sales jump—ten times the industry average—driven by strong F-Series and hybrid demand, despite a 31% EV sales drop.
NPR: A judge has approved the sale of 23andMe to a nonprofit led by its found, blocking a controversial deal that would’ve handed its vast genetic data trove to pharmaceutical giant Regeneron.
Tomorrow's Trade Idea, Today
NIKE’S NEXT MOVE
Showing Signs of Stabilization
Nike $NKE ( ▲ 3.34% ) beat Q4 earnings expectations with $0.14 per share on $11.1 billion in revenue, outpacing analyst estimates of $0.12 and $10.73 billion, respectively.
Despite the beats, total revenue fell nearly 12% year-over-year. North American sales fell 11%, while Great China’s stumbled 21% and digital sales sank 26%. CEO Elliott Hill acknowledged the results are not exactly what the company is hoping for, but reaffirmed his confidence in its turnaround efforts.
CFO Matthew Friend said the quarter’s results reflect the impact of strategic actions, with expectations of slowing headwinds and continued inventory clean-up in the works.
Analysts are Cautiously Optimistic
Wall Street responded positively to the earnings beat, with JPMorgan $JPM ( ▲ 0.17% ) raising its price target to $64 and HSBC upgrading it to a buy, citing “tangible evidence” of a sales rebound. Bank of America $BAC ( ▲ 1.75% ) stated that it believes Nike has put the worst of it behind them, and raised its price target to $84.
Analysts cited confidence in its innovation pipeline, digital strategy repositioning, and management’s focus on long-term brand health over short-term fixes.
Gross margins are projected to fall up to 4.25% over the next quarter due to tariffs, but experts are confident that its foundational improvements are gaining credibility among investors.
Turnaround Tailwinds
Nike shares surged 18% in their biggest single-day gain ever following the earnings beat. Retail investor sentiment hit a year-high, and the stock rebounded 38% from its April low. The stock is still down around 3% on the year, but is starting to show signs of breaking its long-term downtrend.
With new distribution strategies, including a partnership with Amazon $AMZN ( ▲ 0.49% ), and a plan to rejuvenate product assortments, the brand appears poised for a rebound.
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ON OUR RADAR
Reuters: The dollar strengthened against major currencies after U.S. job openings rose unexpectedly and the Senate passed Trump’s $3.3T tax and spending bill.
CNN: Powell says Fed rate cuts are stalled by Trump's tariffs clouding the outlook, telling bankers in Sintra to wait for lingering tariff impacts to clear.
CNBC: Eurozone inflation edges up to ECB’s 2% target in June; services at 3.3%, core steady at 2.3%, per flash Eurostat data.
Reuters: U.S. manufacturing stays in contraction, June ISM PMI at 49.0 as tariffs weigh; new orders weak and input prices rise, shows ISM PMI report.
CNBC: BoE’s Bailey says rates will move ‘gradually downward,’ with an August cut to 4% likely as wage and energy pressures ease.
YESTERDAY’S POLL RESULTS
Are you bullish or bearish on Advance Auto Parts $AAP ( ▲ 6.41% ) over the next 12 months?
▇▇▇▇▇▇ 🐂 Bullish
▇▇▇▇▇▇ 🐻 Bearish
And, in response, you said:
🐂 Bullish — “Used cars are more expensive than ever, so the car repair and parts market will get bigger.”
🐻 Bearish — “The oft talked about slowdown - the one where folks change their own oil - just hasn't materialized. ”
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