HAPPY MONDAY TO THE STREET
General Motors (GM) spent years going all-in on EVs. Now it says hybrids are coming, with sales of the gas-electric middle child hitting a record share of the US market while EV demand sputters. GM insists it's "not tone deaf" to customers, which is a nice way of saying it finally heard the honking.
🟩 | US stocks rose as AI enthusiasm powered tech higher, helping the Nasdaq hit a fresh record despite rising Treasury yields.
📈 | One Notable Gainer: Vaxcyte (PCVX) surged after its pneumococcal vaccine posted positive Phase 3 results.
— Brooks & The Street Sheet Team
MARKET SNAPSHOT
Market Movers
PTC, SPHERE ENTERTAINMENT, HARLEY-DAVIDSON
📈 | PTC (PTC) agreed to a $22B buyout from Schneider Electric at $205 per share.
📉 | Sphere Entertainment (SPHR) was downgraded on softening demand for "The Wizard of Oz."
📈 | Itau Unibanco (ITUB) soared as Brazilian stocks rallied on first-round election results.
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T-Minus Flight 15
SpaceX shares spent months drifting below their June IPO price. Now they're nearly back, and Morgan Stanley analyst Adam Jonas says the countdown is on.
Jonas rates the stock Overweight and argues that, adjusted for growth, it's one of the cheaper ways to play the space and AI economy. Never mind the 133x forward earnings multiple.
His advice: get on board before Flight 15, the next Starship test.
Starship Shape
Starship is the main event. Wall Street sees the reusable rocket, which can haul more than 100 metric tons, as a major profit engine thanks to expected cost savings.
Jonas is waiting to hear whether SpaceX will attempt to catch the Starship upper stage. He thinks a successful ship catch could be the biggest positive catalyst since the IPO.
Ground Control
Wells Fargo (WFC) is less starry-eyed on timing. Analyst Ken Gawrelski, also at Overweight with a $212 target, sees a ship catch as a late 2027 or early 2028 story.
Meanwhile, Deutsche Bank (DB) thinks the broader space sector may have hit bottom after a brutal correction.
Jonas just hopes investors make the catch before the rocket does.
Do you own any shares of SpaceX (SPCX)
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OVERHEARD ON THE STREET
🤖 OpenAI's Sam Altman said society should accept "bad things" from AI in exchange for its benefits.
🥤 More than 122K cases of Gatorade are being recalled over undeclared food dyes.
⚖️ Ex-Groq engineers sued, alleging the startup's $20B deal with Nvidia (NVDA) shortchanged stockholders.
🏦 China shut a record 670 banks in 2025 as Beijing consolidates its weak rural lenders.
FRIDAY'S POLL RESULTS
Do you own any shares of Airbnb (ABNB)
▇▇▇▇▇▇ 🐂 Yup, I’m holding
▇▇▇▇▇▇ 🐻 Nope, not interested
▇▇▇▇▇▇ 👀 No, but I’m interested
And, in response, you said:
🐻 Nope, not interested — “Not one owner, expensive cleaning fees, at the vagaries of independent homeowners. NOPE.”
🐻 Nope, not interested — “They expect us to clean, do laundry, etc. Hotels are so much better and easier.”
🐻 Nope, not interested — “AirBnb fees and rules have gotten ridiculous. We're back to hotels.”
Disclaimers (if applicable)
