HAPPY TUESDAY TO THE STREET.
Lucid $LCID ( 0.0% ), Snap $SNAP ( β² 2.66% ), and Super Micro Computer $SMCI ( β² 1.08% ) all reported lackluster earnings after the close today. The after-hours menu just got interesting.
π₯ | US stocks slid today on a fresh batch of earnings β and tariff threats.
π | One Notable Gainer: Palantir $PLTR ( βΌ 1.77% ) surged following yesterdayβs βonce in a generationβ earnings report.
π | One Notable Decliner: Investors cashed out on Coinbase $COIN ( β² 1.0% ) after the crypto exchange sold $2B in convertible senior bonds.
Finally, read to the end for a job post that comes with its own rubricβ¦
β 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
YUM BRANDS, PFIZER, HIMS & HERS
$YUM ( β² 0.78% ) Yum Brands earnings miss estimates as Pizza Hut, KFC struggle in the US (CNBC)
$PFE ( βΌ 0.28% ) Pfizer Raises Profit View as Cost Cuts Offset Poor Sales Growth (Bloomberg)
$HIMS ( βΌ 2.0% ) Hims & Hers Health Stock Stumbles After Earnings. Hereβs Why. (Barronβs)
$ALC ( β² 0.48% ) / $STAA ( βΌ 1.34% ) Alcon strikes $1.5bn deal to acquire ailing rival STAAR Surgical (YF)
$IT ( β² 0.11% ) Why Gartner Shares Are Falling Today (TradingView)
OVERHEARD ON THE STREET
CNBC: President Trump says pharmaceutical imports could face tariffs as high as 250% within 18 months.
Reuters: The US trade deficit fell to a two-year low in June as Trumpβs tariffs slashed consumer goods imports and narrowed the China trade gap.
AP: Trump said he has narrowed his list of Fed chair candidates to four, while excluding Treasury Secretary Scott Bessent.
Barronβs: US services sector activity slowed in July, with declines in business activity and hiring, even as input costs continued to rise.
WSJ: The White House is preparing an executive order that would penalize banks for debanking conservative-aligned businesses, including crypto firms.
Tomorrow's Trade Idea, Today
HYATT CHECKS OUT

Bringing the McDonaldβs Model to Hotels
Ray Croc, the man whose leadership transformed McDonaldβs $MCD ( βΌ 0.07% ) from a single hamburger stand to a global fast food empire, famously said that the company was βnot in the hamburger business,β but βin the real estate business.β
By overseeing franchises and leasing the locations, Croc was able to supersize McDonaldβs expansion plans while minimizing capital expenditures.
Today, a series of hotel chains are following suit, most recently Hyatt Hotels $H ( βΌ 0.42% ). As the company transitions to an βasset-lightβ business model, analysts are forecasting double-digit upside for shares.
Industry Leaders Go βAsset Lightβ
As Barronβs notes, Hyatt is midway through the transition to an βasset-lightβ business model that larger hotels like Marriott $MAR ( β² 0.4% ) and Hilton $HLT ( β² 0.53% ) have largely completed.
The new business model has worked well for them, with Marriott stock up roughly 200% over the last five years, while Hilton shares have returned roughly 240%.
Hyatt shares are up about 175% in that time frame. But Mike Smith, head of Allspringβs Growth equity team, says Hyatt shares are at a discount, pointing out Hyattβs room for improvement as it follows the playbook that its bigger brothers have laid out.
And Melius Research analyst Conor Cunningham issued a $166 price target on the stock, arguing that its high-end customer base justifies the stock trading at a premium rather than a discount. This target implies a 22% gain from todayβs close.
Headwinds in Hospitality?
Taken together, analysts expect Hyattβs earnings to rise 44% in 2026. The next hint as to whether or not it is on track will come Thursday, when the hotel chain reports Q2 earnings.
However, itβs worth noting these forecasts came before Julyβs jobs report alarmed economists by showing a dramatic weakness in the jobs market that typically spills into consumer discretionary sectors like hospitality first.
Not only that, but these are the same analysts who have overestimated Hyattβs earnings by as much as 46% in recent quarters. Itβs a reminder that the hospitality business is especially hard to predict, as itβs subject to an array of micro and macroeconomic forces no one can see coming.
Are you bullish or bearish on Hyatt Hotels (H) over the next 12 months?
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ON OUR RADAR
WSJ: A House committee subpoenaed the Justice Department for Epstein records and plans to depose Bill and Hillary Clinton, along with former officials.
Bloomberg: Switzerlandβs president arrived in the US to push for a last-minute deal lowering a 39% tariff on Swiss exports.
AP: The US government proposed a new rule to streamline approvals for long-distance drone flights beyond visual line of sight.
Fortune: Who made Fortuneβs list of the 100 most powerful businesspeople?
CNN: Economists are sounding recession alarms after July's jobs report showed sharp downward revisions and weak hiring trends.
STREET TWEET
How do we measure AI fluency at Zapier?
Here are some role-by-role examples π§΅
β #Wade Foster (#@wadefoster)
5:36 PM β’ Jun 5, 2025
Move fast and prompt correctly.
Zapierβs new standard is simple: if you canβt speak AI, youβre not on the team.
Where do yβall land on the chart? π€
MONDAYβS POLL RESULTS
Are you bullish or bearish on Coinbase $COIN ( β² 1.0% ) over the next 12 months?
ββββββ π Bullish
ββββββΒ π» Bearish
And, in response, you said:
π Bullish βΒ βAs long as they print money to band-aid the problem, we will see BTC rise. That will help Coinbase.β
π» Bearish βΒ βThere are now several better ways to deal in coins with lower exchange costs and improved privacy and security.β
Are you buying the dip on UnitedHealth $UNH ( β² 1.47% ) β or still waiting for the bottom?
ββββββ Itβs a buy
ββββββ Waiting for the bottom