HAPPY MONDAY TO THE STREET.

Well, guess that answers that! Yesterday, we asked whether US Treasury Secretary Bessent’s “productive” talks with China were bullish, or just plain bull. Wall Street has come down decidedly on the side of the former.

The two nations decided to pause most trade barriers for 90 days, and as President Donald Trump put it, “open up”. Naturally, the floodgates did, too.

• 🟩 | US stocks surged as the aforementioned trade development soothed investors’ trade war fears.

• 📈 | One Notable Gainer: NRG Energy $NRG ( ▲ 25.46% ) paced the S&P 500 pack, compounding the tariff celebration by announcing a $12B deal to acquire LS Power’s natural gas and power plant portfolio.

• 📉 | One Notable Decliner: Defensive stocks were down as the broader market rallied, with Coca-Cola $KO ( ▼ 1.73% ) leading the Dow in declines.

— Brooks & Cas

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STOCK HEATMAPS

Market Movers

Amazon, Apple, Tesla

$AMZN ( ▲ 8.11% ) Prime Video Now Reaches 130 Million U.S. Ad-Supported Customers, Amazon Says (HR)

$AAPL ( ▲ 6.04% ) Apple Considers Raising iPhone Prices, Without Blaming Tariffs (WSJ)

$TSLA ( ▲ 6.42% ) GM hires ex-Tesla, Aurora exec as chief product officer (CNBC)

$NVDA ( ▲ 5.37% ) Nvidia: The Drama Is Over - Back To $150 By Year-End (SeekingAlpha)

$NEM ( ▼ 5.85% ) Gold Prices Tumble. What the Latest Tariff News Means for Newmont and Other Stocks. (Barron’s)

OVERHEAD ON THE STREET

CNBC: Here are the specifics of the US-China deal, which brought the total tariffs levied against China from 145% to 30%.

Bloomberg: Stocks are trading like Liberation Day never happened, with the S&P 500 up 20% from its tariff rout low — but not everyone is buying it.

WSJ: Trump signed an executive order aiming to lower US drug prices by tying them to prices in other countries.

Reuters: US car prices surged 2.5% month-over-month in April as tariffs took effect.

AP: Mexico is pushing back after the US suspended beef imports from the country, citing a screwworm outbreak.

Tomorrow's Trade Idea, Today

TKO COULD KNOCK OUT ITS COMPETITION

Limousine Riding

Jefferies $JEF ( ▲ 7.29% ) has one word for TKO Group Holdings $TKO ( ▲ 0.36% ): WOO!

The firm’s analyst Randal Konik recently praised the WWE-parent company for its business model, after TKO impressed analysts with its robust Q1 performance, surpassing expectations for both revenue and profit. It also raised its full-year revenue and EBITDA guidance following the earnings beat.

Jet Flying

Specifically, Konik pointed to TKO’s $40 million in cost synergies and diversified revenue as key strengths.

He believes TKO is poised for continued success thanks to its 60% free cash flow conversion and management’s optimism, prompting him to reiterate his Buy rating with a $220 price target — implying a 37% upside from today’s close.

Konik expects WWE’s partnership with Netflix $NFLX ( ▼ 2.65% ) and upcoming boxing ventures to continue to add fuel to the fire. Record-setting live events for both WWE and UFC support this growth narrative.

The analyst also praised its ability to leverage its wide-ranging properties to maintain strong performance and capitalize on new entertainment opportunities.

Wheeling & Dealing

The UFC, one of TKO’s key partners, saw a 15% year-over-year revenue increase to $360 million. It also saw a 66% spike in hospitality and live event earnings over the same period.

Additionally, high ticket sales and site fees from international shows like Fight Night in Saudi Arabia highlight its global appeal.

UFC’s ESPN $DIS ( ▲ 4.31% ) deal expires in 2025. This could present a strategic opportunity to renegotiate media rights, Konik argues, potentially boosting revenue while simultaneously growing the brand.

TKO shares are up around 12.5% YTD and nearly 40% over the past six months. But Jefferies believes it may still be on the lower rungs, leaving TKO bulls echoing a famous WWE refrain: “Climb the ladder, kid! Make yourself famous!”

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ON OUR RADAR

WSJ: The Trump administration is in talks to accept a gifted luxury private jet from Qatar as the new Air Force One.

Bloomberg: The US and EU are reportedly cooperating on mutual economic security measures.

AP: US Republicans’ proposed budget includes around $880B in cuts, largely to Medicaid, which Democrats warn will cause millions to lose coverage.

Fortune: Billy Evans, partner of disgraced Theranos founder Elizabeth Holmes, founded a… wait for it… new blood-testing startup.

CNN: CNN dove deep into how the US-China trade deal came together.

FRIDAY’S POLL RESULTS

Are you bullish or bearish on National Vision (EYE) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

And, in response, you said:

• 🐂 Bullish — “I spy with my little EYE — the bulls pounding the eye charts.”

• 🐻 Bearish — “As a veteran of the eyecare industry, there is so much competition and Warby Parker and other low-cost eyecare retailers are in a better position to take advantage of customer pullback. Even in good times customers normally buy new glasses every 2 to 3 years.”