HAPPY WEDNESDAY TO THE STREET.

Bang, bang, he shot it down! Elon Musk must be trying to get #ShotsFired trending on X, the way he keeps subdissing his former federal colleague, President Donald Trump.

His latest tirade, after calling the president’s “big, beautiful bill” a “disgusting abomination” yesterday, was a little more laconic. “Bankrupting America is NOT ok!” he tweeted, following it up with, “KILL the BILL”.

Cue the Ironside sirens. 😳

• 🟨 | US stocks were mixed in the wake of a lackluster ADP payroll report, which showed private sector hiring’s weakest gain in more than two years.

• 📈 | One Notable Gainer: Chip stocks like Marvell Technology $MRVL ( ▼ 3.52% ) and ON Semiconductor $ON ( ▼ 3.7% ) surged on news that the Trump administration is reworking subsidy awards for the sector.

• 📉 | One Notable Decliner: If a Dollar Tree $DLTR ( ▼ 0.94% ) falls and no one is around to hear it, does it make a sound? Moot point, because the whole Street listened as the retailer warned tariffs could halve its Q2 profits.

— Brooks & Cas

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STOCK HEATMAPS

Market Movers

ASANA, CHIPOTLE, CROWDSTRIKE

$ASAN ( ▼ 4.63% ) Asana slides as results, guidance highlight weaker growth trends (SeekingAlpha)

$CMG ( ▼ 1.28% ) Chipotle’s new CEO is bringing back a missing ingredient to hit the chain’s next goal—raising annual sales per store to $4 million (Fortune)

$CRWD ( ▼ 0.23% ) CrowdStrike Falls On Weak Guidance, Bank Of America Downgrade (IBD)

$GWRE ( ▲ 1.01% ) Guidewire Software Spikes After Earnings. The Stock Is on Pace for a Record High. (Barron’s)

$TSLA ( ▲ 1.94% ) Tesla stock slumps amid Musk-Trump budget rumpus (YF)

OVERHEARD ON THE STREET

AP: Trump’s 50% steel and aluminum tariffs officially went into effect.

Reuters: The US services sector contracted in May for the first time in nearly a year, as businesses faced rising input costs, partly due to tariffs.

CNBC: The US economy also contracted over the past six weeks due to slowing hiring and spending, per the Federal Reserve’s Beige Book.

Bloomberg: US Treasury yields fell as weak service sector data and slower hiring fueled expectations of Fed rate cuts.

WSJ: Reddit $RDDT ( ▲ 1.7% ) sued AI startup Anthropic for allegedly using its data without a license.

Tomorrow's Trade Idea, Today

IN CLOSE DOXIMITY TO GAINS

What’s Up, DOCS?

BTIG is asking, “What’s up, DOCS?” — with the emphasis on “up”.

The firm upgraded online service provider stock Doximity $DOCS ( ▼ 1.81% ) to a Buy with a 12-month price target of $80, implying a more than 46% upside.

Despite broader macroeconomic challenges, analyst David Larsen remains bullish, citing strong demand for software from medical professionals. He believes that, even amid concerns like drug pricing reforms and Medicare rate pressures, high-quality SaaS commercialization tools such as Doximity’s will continue to thrive.

Overstated & Overblown

Larsen argued that fears about tariffs and broader biopharma uncertainty are largely overstated by the market. By extension, he thinks their impact on Doximity has been overblown, too.

Doximity is down 8% in the past month. But according to the analyst, the stock’s pullback is driven by concerns related to drug pricing reform and Trump’s tariffs, and he believes the sell-off has gone too far.

He downplayed the threat of the most-favored-nation drug pricing order being fully enacted, suggesting the industry may not face the full brunt of these policies.

Larsen also noted that Doximity’s niche role in software-based healthcare marketing positions it well for sustained demand, regardless of policy noise.

Close Doximity

Finally, Larsen highlighted Doximity’s robust financials and recent product advancements. Stronger-than-expected Q4 results and a healthy balance sheet underscore the company’s operational health, the analyst said.

While the stock has pulled back in 2025, it is up nearly 100% over the past 12 months, reflecting long-term investor optimism despite near-term turbulence.

Many patients undergoing treatment get worse before they get better. BTIG believes the same goes for this stock — but that Doximity is in close proximity to a full recovery.

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ON OUR RADAR

Reuters: Despite new US metals tariffs, the EU and US reported progress in ongoing trade talks.

CNBC: Trump said he spoke with Russian President Putin and predicted no immediate peace with Ukraine.

Bloomberg: The Trump administration attacked Columbia University for failing to meet accreditation standards, following further Gaza protests.

AP: According to the CBO, the GOP tax bill would add $2.4T to the deficit and leave nearly 11M people uninsured in the next 10 years.

The Verge: The Nintendo Switch 2 $NTDOY ( ▲ 1.12% ) launched today. Here’s what you need to know.

TUESDAY’S POLL RESULTS

Are you bullish or bearish on Planet Fitness $PLNT ( ▼ 1.4% ) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

And, in response, you said:

• 🐂 Bullish — “A very good, reasonably priced place to work out.”