HAPPY MONDAY TO THE STREET
The IPO class of 2026 is learning that a hot debut and a durable stock are two different animals.
SK Hynix's US listing popped 13% on Friday, then coughed the whole thing back today. SpaceX (SPCX), the biggest IPO ever, now trades within shouting distance of its $135 offer price. Somewhere, a lockup expiration is quietly counting down.
🟥 | US stocks slid today as tensions flared in the Middle East and the broader chip sector sold off on renewed doubts about the AI trade.
📈 | One Notable Gainer: Braiin (BRAI) surged after launching Aria, an AI agent built for the real estate industry.
📉 | One Notable Decliner: Sandisk (SNDK) sank in sympathy with SK Hynix and other memory stocks.
— Brooks & The Street Sheet Team
MARKET SNAPSHOT
S&P 500 Heatmap. Credit: Unusual Whales
WHEN WILL THE STRAIT GET BACK TO NORMAL?
Trump has declared the US the "guardian" of the Strait of Hormuz, and he would like 20% of your cargo for the trouble.
Translation: the blockade of Iranian ports is back on, oil jumped more than 4%, and tanker traffic has slowed to a trickle.
Traders are now pricing when the shipping lane that carried 20% of the world's oil gets moving again. Less than 50% think it will happen this year.
Market Movers
EXXON, APPLOVIN, MGM
📈 | Exxon Mobil (XOM) climbed as oil jumped on the reinstated blockade of Iranian ships.
📉 | AppLovin (APP) tumbled, the worst start to the week of any S&P 500 member.
📈 | MGM Resorts International (MGM) gained on a report it is in private talks with Barry Diller.
📉 | Micron Technology (MU) fell alongside the rest of the memory complex.
Tomorrow's Trade Idea, Today
TAU OR NEVER
Stock Spotlight
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Reading The Room
Truist analyst Danielle Brill upgraded Biogen to Buy on a Phase II readout she has not even seen yet.
The trial in question concerns Biogen’s anti-tau Alzheimer's asset Diranersen. The company is due to present the data at the AAIC conference in London this week.
Two Shots On Goal
The conference embargo is strict, so Brill is reading the room instead. Management sounded confident. And Biogen is already planning a Phase III trial, which the analyst takes as a sign the internal bar was cleared with room to spare.
And Truist sees a second potential catalyst as well. Felzartamab, an investigational kidney disease treatment, posted Phase II results strong enough that Brill is now folding risk-adjusted revenue into her forecasts, with pivotal data due mid-2027.
The Street's Prescription
Wall Street is already leaning in. Of the 38 analysts covering Biogen, 23 rate it a Buy or Strong Buy, and shares are in the green year to date.
The embargo lifts this week. Is buying ahead conviction, or just a very expensive hunch?
Do you own any shares of Biogen (BIIB)?
OVERHEARD ON THE STREET
🎬 12 state attorneys general sued to block Paramount Skydance's (PSKY) takeover of Warner Bros. Discovery (WBD), weeks after the DOJ cleared it.
🧾 A Florida judge voided Trump's $10B settlement with the IRS, ruling he sued "for an improper purpose”.
⚖️ A federal appeals court revived more than 500 lawsuits alleging Kenvue's (KVUE) Tylenol causes autism or ADHD when taken during pregnancy.
🔌 JPMorgan (JPM) estimates some memory chip costs will rise 400% between 2024 and year-end as data center spending tops $700B.
🍎 Apple (AAPL) sued OpenAI, alleging it coached departing Apple staff on dodging security checks and asked job candidates to bring unreleased product samples to interviews.
FRIDAY'S POLL RESULTS
Do you own any shares of Shopify (SHOP)?
▇▇▇▇▇▇ 🐂 Yup, I’m holding
▇▇▇▇▇▇ 🐻 Nope, not interested
▇▇▇▇▇▇ 👀 No, but I’m interested
And, in response, you said:
🐂 Yup, I’m holding — “We'll see a rise in entrepreneurs and side hustles due to AI. That should only benefit SHOP.”
🐻 Nope, not interested — “Amazon is good enough. In fact it is great.”
👀 No, but I’m interested — “So many merchants I personally use are on the Shopify platform and seems to be more and more.”
