In partnership with

HAPPY FRIDAY TO THE STREET

There’s an unspoken rule for juniors on Wall Street: don’t outshine your MD. It just got broken en masse.

A group of junior analysts at major firms posed in Loro Piana and Rolex at Delmonico's for Interview magazine. The internet was quick to roast the spread, which the bankers took in stride, responding with emojis and shares. Maybe they should be less concerned with the internet’s response than with their employers’.

  • 🟥 | US stocks fell sharply today to end a down week, following escalating rhetoric from the White House and a surprising job loss in February.

  • 📈 | One Notable Gainer: Marvell Technology (MRVL) surged after beating earnings expectations on the back of AI demand.

  • 📉 | One Notable Decliner: United Airlines (UAL) tumbled after CEO Scott Kirby warned that spiking fuel prices since US and Israeli strikes on Iran will have a "meaningful" impact on Q1 results.

— Brooks & Cas

Sponsored by Wispr Flow

Speak naturally. Send without fixing.

Wispr Flow turns your voice into clean, professional text you can send the moment you stop talking. Not rough transcription you have to clean up. Actual polished text - ready for email, Slack, or any app.

Reid Hoffman sends 89% of his messages with zero edits using Flow. Millions of people worldwide have made it part of how they work, including teams at OpenAI, Vercel, and Clay.

Speak the way you think. Go on tangents. Change your mind mid-sentence. Flow strips the filler, fixes the grammar, and gives you text that reads like you spent five minutes writing it.

Works on Mac, Windows, iPhone, and now Android - free and unlimited on Android during launch.

MARKET SNAPSHOT

S&P 500 Heatmap. Credit: Unusual Whales

PREDICTION MARKET SNAPSHOT

Gas prices hit their highest level of President Trump's second term this week, as oil markets absorbed the shock of US and Israeli strikes on Iran last weekend. Brent crude crossed $91 a barrel, and BloombergNEF estimates only about half the eventual price increase has reached the pump yet, with roughly 90% expected to land within three weeks.

When asked about rising fuel costs, the president's response was brief: "If they rise, they rise." The only question now is, how high?

Market Movers

DAY ONE, WESTERN ALLIANCE, SAMSARA

📈 | Day One Biopharmaceuticals (DAWN) will be acquired by French drugmaker Servier for $2.5B.

📉 | Western Alliance Bancorp (WAL) dropped along with the broader S&P Bank ETF as a bear steepening of the yield curve raised concerns about net interest margins, credit risk, and loan demand.

📈 | Samsara (IOT) issued full-year guidance that topped Wall Street's estimates.

📉 | Gap (GAP) earnings came in one cent below analyst consensus.

📈 | CF Industries (CF) hit a 52-week high as the Iran conflict threatened global fertilizer supply chains through the Strait of Hormuz.

Tomorrow's Trade Idea, Today

THE SECRET AGENT KEY

Stock Spotlight

  • Stock: Okta (OKTA)

  • Firm: BMO Capital Markets (BMO)

  • Current Price: $81

  • Price Target: $97

  • Implied Upside: 20%

Unlocking the Upgrade

The Rating: Analyst Keith Bachman at BMO Capital Markets upgraded Okta to Outperform on increased confidence in revenue growth durability.

The Thesis: Rising adoption of AI agents will make identity and access management a critical enterprise priority, positioning Okta as an early beneficiary among established identity vendors.

The Follow-On: Okta has already launched two AI agent products with early positive reception, and Bachman believes smaller identity vendors lack the scale and enterprise trust to compete at Okta's level.

Are you bullish or bearish on Okta (OKTA) over the next 12 months?

Login or Subscribe to participate

OVERHEARD ON THE STREET

💼 | US payrolls unexpectedly fell by 92,000 in February, while the unemployment rate rose to 4.4%, another red flag for the labor market.

🛍️ | Retail sales fell 0.2% in January, below flat expectations, as declines at auto dealers and gas stations outweighed gains in online and home-goods spending.

🚨 | Trump said the US will not negotiate with Iran until it achieves what he called an "unconditional surrender" and "acceptable" new leadership in Tehran.

📉 | BlackRock (BLK) capped quarterly redemptions on its HPS Corporate Lending Fund for the first time in the fund’s four-year history, after withdrawal requests reached 9.3% of net asset value.

⚖️ | US CBP told a federal judge it cannot immediately comply with an order to refund an estimated $166 billion in tariffs the Supreme Court ruled illegal.

THURSDAY’S POLL RESULTS

Are you bullish or bearish on Westlake Corp (WLK) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

And, in response, you said:

  • 🐂 Bullish — “The USA has a strong position in manufacturing of plastics products. The growth prediction seems higher than reasonable, but there will be growth.”

  • 🐻 Bearish — “Supply shock will likely be short, which will depress the share price from where it is today. The ship has sailed.”

STREET SHEET RESEARCH MEMBERS ONLY

Become a paying subscriber to read the rest and instantly access 3 TRADE IDEAS from TOP ANALYSTS with 30%+ UPSIDE every week.

UPGRADE TODAY

Reply

Avatar

or to participate