HAPPY MONDAY TO THE STREET.

Spirit Airlines $SAVEQ ( β–² 0.43% ) is trimming more than just legroom.

The black sheep of budget carriers will furlough 270 pilots and demote another 140 as it scales back flights for the off-season. The move comes just months after Spirit emerged from bankruptcy β€” and as demand continues to disappoint.

Fewer flights. Fewer captains. Fewer signs of a turnaround.

Finally, read to the end for proof that no one is immune to vibes-based hiring…

β€” Brooks & Cas

Sponsored by Atlas Critical Minerals

In a world racing to secure rare earth independence, Atlas Critical Minerals Corporation (OTC: JUPGF) isn’t just playing catch-upβ€”it’s out front, quietly building a game-changing position in one of the most critical supply chain arenas of the 21st century.Β 

With the largest critical minerals portfolio in Brazil, near-term revenue from existing operations, and a leadership team built to scale success, Atlas is a high-upside investment opportunity hiding in plain sight. Unlike many early-stage explorers, Atlas is already generating revenue.Β 

Its quartzite operation delivered 35% profit margins in 2024, and an iron ore project is set to bring in additional cash flow in 2025. These early earnings are helping to fund exploration without the constant need for new financingβ€”an investor-friendly model in a capital-intensive sector.

Global demand for rare earth elements is exploding. From electric vehicles and semiconductors to fighter jets and satellite systems, these minerals power the backbone of modern technology and national defense. But there's a problem: China controls the lion’s share of production and processing, giving it sweeping influence over global innovation and security.Β 

The United States and its allies are urgently seeking alternativesβ€”and JUPGF is stepping up with a scalable, politically secure solution rooted in resource-rich Brazil. Led by MIT- and Harvard-educated CEO Marc Fogassa, who previously steered Atlas Lithium to success, Atlas Critical Minerals combines visionary leadership with boots-on-the-ground mining execution.Β 

The company holds more than 575,000 acres of mineral rightsβ€”an unparalleled footprint packed with rare earths, graphite, titanium, copper, nickel, uranium, and iron ore. This isn’t just exploration. It’s execution in motion.

STOCK HEATMAPS

S&P 500 Heatmap. Credit: Finviz

All Stock Heatmap. Credit: Finviz

Global ADR snapshot. Credit: Finviz

Market Movers

ANHEUSER BUSCH, SUPER MICRO, ALBEMARLE

$BUD ( β–² 0.28% ) / $HEINY ( β–² 0.08% ) Heineken blames supermarket price disputes for falling beer sales (FT)

$SMCI ( β–² 1.08% ) What's Going On With Super Micro Stock On Monday? (Benzinga)

$ALB ( β–² 1.1% ) Albemarle Corporation FQ2: Lithium Price May Have Bottomed (SeekingAlpha)

$LNG ( β–Ό 0.09% ) / $VG ( β–Ό 0.88% ) LNG stocks jump after European Union agrees to massive U. energy purchases (CNBC)

$RVTY ( β–Ό 1.2% ) Revvity Stock Tumbles After Earnings. What’s Dragging On the Shares. (Barron’s)

OVERHEARD ON THE STREET

Reuters: The US and EU reached a trade deal imposing 15% tariffs on most goods, avoiding a broader trade war.

AP: President Trump is securing major trade wins with allies like the EU and Japan, but economists warn his success could undermine global growth.

Bloomberg: Warner Bros. Discovery $WBD ( β–Ό 0.25% ) will split into two entities: Warner Bros. for studios and streaming, and Discovery Global for cable networks.

CNBC: JPMorgan $JPM ( β–² 0.36% ) says fintech aggregators like Plaid are overloading its systems with billions of unnecessary data requests.

The Verge: Microsoft $MSFT ( β–Ό 0.59% ) is testing a new Copilot Mode in Edge that uses AI to search tabs, compare products, and book reservations.

Tomorrow's Trade Idea, Today

HOW LONG TIL THE EAGLE LANDS?

JPMorgan’s Not Laughing

American Eagle $AEO ( β–Ό 1.0% ) had its moment in the meme stock spotlight last week, soaring 8% in two days after announcing actress (and perennial Redditor $RDDT ( β–Ό 1.92% ) favorite) Sydney Sweeney would headline its fall campaign.

But JPMorgan isn’t buying the hype. The bank downgraded the retail stock to Underweight and set a $9 price target for December 2026. That implies a 25% downside from today’s close.

Denim Blues

Analyst Matthew Boss cited multiple headwinds for the retailer, including tariff costs, foreign exchange pressure, and weak product performance. Despite traffic gains and a growing customer file, spring and summer assortments failed to resonate, and the company responded with deeper markdowns to clear inventory.

Boss warned that these issues are likely to persist into the second half. Management is planning price hikes to help offset an expected $40 million in annual tariff costs, but amid persistent economic uncertainty, it’s unclear how increasingly price-sensitive shoppers will respond.

After a year of missteps, analysts aren’t confident that a single campaign can reverse the trend, no matter how Reddit-friendly.

Fandom vs. Fundamentals

American Eagle is still down about 30% in 2025, even after the Sweeney rally.

JPMorgan says brand buzz alone isn’t enough to change that. Without a clear sign that product strategy is improving, the bank believes the recent bounce may be short-lived, and that anyone who profited may be wise to lock those gains in now.

Are you bullish or bearish on American Eagle (AEO) over the next 12 months?

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Sponsored by Atlas Critical Minerals

Atlas Critical Minerals (OTC: JUPGF) is more than a resource company. It’s a strategic asset in a reshaped global orderβ€”poised to deliver near-term returns and long-term geopolitical relevance.

As the global economy scrambles to break free from China’s chokehold on rare earths, Atlas Critical Minerals Corporation (OTC: JUPGF) is emerging as a powerful force in the new geopolitical landscape. With the largest portfolio of critical minerals in Brazil, near-term revenue, and leadership with a proven track record, Atlas is uniquely positioned to become a cornerstone supplier for U.S.-friendly markets in defense, technology, and clean energy.Β 

This isn’t just a mining story, it’s a national security imperative. Today, China controls around 70% of rare earth mining and 90% of processing, giving it outsized leverage over everything from EVs and smartphones to missiles and satellite systems. Governments across the world, especially the U.S., are responding with urgencyβ€”backing alternative supply chains, fast-tracking permitting, and deploying billions in strategic investments.

JUPGF is at the center of this transformation. Based in Brazil, a country with over 21 million metric tons in rare earth reserves and growing U.S. support, Atlas offers a scalable, secure, and timely alternative to Chinese supply dominance. Its flagship Alto Paranaiba Project in Minas Gerais has already delivered high-grade resultsβ€”surface samples showing over 15,000 ppm TREOβ€”and the company holds an enormous 575,000+ acres of mineral rights across multiple high-impact sites.Β 

What truly sets JUPGF apart is timing. With rising tensions between China and the West, and a critical push for secure supply chains, rare earths have become a battlefield of influenceβ€”and Atlas is providing a U.S.-aligned solution from a politically stable, resource-rich region. The company’s diverse portfolio, including graphite, titanium, copper, nickel, uranium, and iron ore, only adds to its strategic value.

ON OUR RADAR

AP: US and Chinese trade officials began two days of talks in Sweden that could extend current tariff levels.

Reuters: New EU tariffs pose a challenge for luxury brands like Chanel and LVMH $LVMUY ( β–Ό 0.48% ), as weakening consumer demand may not support more price hikes.

CNBC: President Trump shortened his deadline for Russia to reach a peace deal with Ukraine to under two weeks.

Fortune: Anthropic faces a copyright lawsuit over using pirated books to train Claude AI. Potential damages could threaten the startup’s survival.

CNN: Disney’s $DIS ( β–² 1.01% ) The Fantastic Four: First Steps topped the weekend box office with an $118M gross, revitalizing the struggling Marvel franchise.

STREET TWEET

Unemployment: now inclusive of all backgrounds.

In this economy, meritocracy is looking more like mythology. Whether you spent four years studying or went straight to work, Gen Z men all share a singular struggle: low pay, few offers, and a whole lot of LinkedIn scrolling.

FRIDAY’S POLL RESULTS

Are you bullish or bearish on Pinterest $PINS ( β–² 0.89% ) over the next 12 months?

β–‡β–‡β–‡β–‡β–‡β–‡ πŸ‚ Bullish

β–‡β–‡β–‡β–‡β–‡β–‡Β πŸ» Bearish

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