HAPPY WEDNESDAY TO THE STREET.
Bots, assemble: X is about to give AI chatbots a crack at fact-checking the timeline. The plan? Let Grok and friends crank out Community Notes in the background, then run the best ones past human editors before they go live—because even Elon knows you can’t spell ‘hallucination’ without ‘AI.’ If the experiment sticks, your next “Actually…” reply might come from silicon, not snarky strangers.
🟨 | US stocks finished mixed, with the S&P 500 and Nasdaq notching fresh records on a U.S.–Vietnam trade deal, while a surprise drop in private payrolls and a flat Dow kept enthusiasm in check.
📈 | One Notable Gainer: Robinhood $HOOD hit a $100 record—up 30% since S&P 500 snub—as execs push tokenized stocks, ETFs, and equities on-chain.
📉 | One Notable Decliner: Centene plummeted % after pulling 2025 outlook amid marketplace enrollment shortfall and rising Medicaid costs.
— 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
REDDIT, TESLA, VERINT SYSTEMS
$RDDT ( ▼ 2.33% ) Wells Fargo raises Reddit stock price target to $118 on stabilizing ad trends (Investing.com)
$TSLA ( ▼ 6.79% ) Tesla reports 14% decline in vehicle deliveries, marking second straight year-over-year drop (CNBC)
$VRNT ( ▼ 1.44% ) Thoma Bravo reportedly in talks with Verint Systems stock, Evercore maintains rating (Investing.com)
$RGTI ( ▲ 2.23% ) Rigetti Gains After Cantor's Bold Call (GuruFocus)
$STZ ( ▼ 1.15% ) Constellation Brands stock maintains Buy rating at Goldman despite earnings miss (Investing.com)
OVERHEARD ON THE STREET
The Verge: Microsoft to cut up to 9,100 jobs—4% of workforce—with Xbox and King studios hit hardest, as new layoffs extend year-long cuts.
WSJ: Netflix eyes unscripted push with Spotify-backed music awards, live concerts and celeb interviews.
QZ: Google faces $314M payout to 14M California Android users over unauthorized idle-data transfers that ate data plans.
CNBC: New Stellantis CEO Antonio Filosa elevates Tim Kuniskis to head U.S. brands and revives the SRT performance division.
WSJ: Paramount will pay $16 million to settle Trump lawsuit over edited ‘60 Minutes’ Harris interview, pledging future transcript releases.
Tomorrow's Trade Idea, Today
MCCORMICK IS BACK ON THE MENU
Earnings Beat
McCormick & Company $MKC ( ▼ 1.75% ) saw its shares climb 4.9% to $77.21 in premarket trading last Thursday following its better-than-expected earnings report. It posted adjusted earnings of 69 cents per share on $1.66 billion in sales for FY Q2.
These numbers beat Wall Street’s estimates, albeit narrowly, of 65 cents per share and $1.658 billion in revenue. The company reaffirmed its full-year guidance, signaling modest growth across key financial indicators, which further served to restore investor confidence following its previous earnings miss.
Executive Optimism
CEO Brendan M. Foley highlighted MKC’s ability to thrive in a challenging economic landscape. Foley said that he is pleased with the “strong results” for the first half of the year, and reinforced confidence in its long-t’s long-term trajectory.
His comments reflect a broader effort to position McCormick as resilient amid widespread uncertainty. His comments stood in direct contrast to recent struggles among other food manufacturers, helping to set the company apart.
Staying Strong Despite Broader Struggles
While many packaged food giants are facing declining demand, dietary shifts, and new tariffs, McCormick has been largely able to avoid those pressures. Its specialization in condiments and seasonings has allowed it to maintain consumer interest better than many of its peers.
Thursday’s report was a sigh of relief for the company and its investors, alike. It missed earnings last quarter, so this quarter’s rebound is evidence that that won’t be the new trend.
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ON OUR RADAR
CNBC: Private sector loses 33K jobs in June—far below the +100K forecast and first drop since 2023—per ADP report, hinting at economic cooling.
CBS News: Trump’s Vietnam trade pact adds a 20% import tariff and 40% transshipping fee ahead of wider duty hikes.
CNBC: Trump tariffs would hit midsize U.S. employers for $82.3B, likely driving price hikes and job cuts, per a JPMorgan Chase Institute analysis.
QZ: Japan rejects U.S. demand to cap car exports, stalling talks a week before Trump’s tariff deadline and daring him to impose 25% auto duties.
Axios: Lease expirations will flood US used car lots with 1M+ EVs by 2027, widening access for budget buyers even as federal tax credits fade.
YESTERDAY’S POLL RESULTS
Are you bullish or bearish Nike $NKE ( ▲ 0.18% ) over the next 12 months?
▇▇▇▇▇▇ 🐂 Bullish
▇▇▇▇▇▇ 🐻 Bearish
And, in response, you said:
🐂 Bullish — “I buy their shoes!”
🐻 Bearish — “Too many better and stronger competitors.”
🐻 Bearish — “The name 'Nike' is just worn out. Its products are dull, especially due to its non-inspirational advertising.”
🐻 Bearish — “Just a short burst of optimism.”
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