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NEWS
Don’t Think About It

Don Draper Madmen GIF – tenor

The Federal Open Market Committee did not change the target Federal Funds rates today, leaving them at 4.25%-4.5%. Though the committee warned uncertainty has increased. New risks for higher unemployment and inflation are dimming the economic outlook. Fed Chair Jerome Powell took the stage later and said they were still waiting to see what happens next.

Oh, and Trump’s frequent commentary on the Fed’s work? It’s not something they consider, he said, and it does not affect his job at all. Yeesh. Looks like it’s up to Scott Bessent to save the day, though he downplayed his Friday Switzerland trip to start U.S.-China trade talks. Bessent did say adviser Peter Navarro would not be there, thankfully. 👀

Today’s issue covers ARM + AMC both beat but fell, Alphabet is looking jealous of them Apples, and more. 📰

Here’s the S&P 500 heatmap. 7 of 11 sectors closed green, with technology (+1%) leading and materials (-0.55%) lagging.

S&P 500 Map – finviz

And here are the closing prices: 

STOCKS
A Tale Of Two Earnings 🎞️ 

Arm, a British chip design licensing firm, posted an earnings beat and included positive guidance for their current quarter and year. That is, it would have been great news if the Trump Administration had not announced this afternoon they would redo Biden’s chip trade restrictions.

Arm posted an EPS of $0.55, beating the FactSet $0.52 estimate, on revenue of $1.24 vs. estimates for $1.23B.

Trump plans to rescind Biden-era AI chip curbs, aiming to revise semiconductor trade restrictions that faced opposition from tech firms and foreign governments. Nvidia shares climbed 3.6% on the news, while the Philadelphia Semiconductor Index gained 2.1%. Maybe Arm was the odd one out.

Arm said in its report that it achieved record-breaking results in Q4, delivering record revenue and crossing the $1 billion revenue milestone for the first time in its history. Record royalty revenue brought in $600 million for the quarter. Based on that, they expected $4 billion in revenue this year.

Stocktwits users are ‘extremely bullish on Arm Holdings  

Theater chain AMC came in at the other end of the spectrum. The theater posted an adjusted loss of ($0.58), better than an expected loss of ($0.59).

CEO Adam Aron said their revenue beat of $862.5M vs. $837.48M estimates was great considering the box office season. He called it the worst butts in seats quarter for the movie business since 1996, besides during Covid.

The firm’s net loss of $(202.1) million was worse than last year’s $(163.5) million loss in the same quarter. Aron said the current quarter has already shown improved ticket sales. 🙏 

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MORE NEWS
The Top And Bottom Of The S&P 500

Google’s parent Alphabet fell 7% after an Apple product rep said it might be making AI for search in Safari. $AAPL is exploring AI-powered search in Safari as its deal with Google faces scrutiny. SVP of Services Eddy Cue testified as a part of Google’s antitrust trial that Safari searches declined for the first time in April, attributing the shift to AI tools like OpenAI and Perplexity. Apple may integrate AI search engines, but wants Google to remain the default.

It’s not great news for Apple. Seeking Alpha reported that the search giant pays tech providers to use their search. Google is widely believed to have paid $20B to the iPhone maker in 2022 to be the default search option in Safari.

Stocktwits users are still ‘extremely bullish’ on Alphabet Inc  

Charles River Laboratories ($CRL +19%) surged after the lab tech firm announced a board shakeup stemming from an agreement with its largest investor, Elliott Investment Management. The company will add four new directors, while four current members won’t seek reelection.

The firm also raised its full-year guidance and reported Q1 adjusted EPS above estimates. 🔥 

STOCKS
Other Noteworthy Pops & Drops 📋️ 

Disney ($DIS +10%) surged after beating Q2 earnings expectations, reporting EPS of $1.45 vs. $1.21 expected. The firm also announced a new Disney park underway in Abu Dabi. Revenue hit $23.62B, exceeding forecasts of $23.09B. Disney+ subscribers unexpectedly grew by 1.4M to 126M. Fiscal year 2025 EPS guidance was raised to $5.75, above Wall Street’s $5.44 consensus.

Marvell Technology ($MRVL -8%) dropped after the chip maker postponed its investor day from June 10 to an unspecified date in 2026. Analysts view the delay as a negative signal, with Cantor Fitzgerald downgrading the stock to neutral and slashing its price target from $125 to $60.

Oscar Health ($OSCR +30%) surged after the health insurance firm reported Q1 revenue of $3.05B, beating estimates of $2.87B. EPS came in at $0.92, above the expected $0.81. Membership grew over 40% year-over-year to 2M.

AMD ($AMD +2%) posted Q1 revenue of $7.44B, beating estimates of $7.13B, with EPS of $0.96 vs. $0.94 expected. Despite the beat, the company warned of a $1.5B revenue hit from U.S. chip restrictions on China. Bank of America upgraded AMD to “Buy.” Morgan Stanley lowered its target to $121, flagging an “underwhelming” sales mix. AMD’s data center revenue surged 57% YoY to $3.7B.

Electronic Arts ($EA %) reaffirmed its fiscal 2026 launch window for Battlefield and Skate, both designed as live-service titles. Q4 earnings beat expectations, with EPS of $0.98 vs. $0.91 forecasted and revenue of $1.80B vs. $1.55B expected. Benchmark raised its price target to $180 from $160, citing GTA VI’s delay as a strategic window for EA. Net bookings for FY26 are projected between $7.60B and $8B. Retail sentiment remains bullish.

CrowdStrike ($CRWD -5%) is cutting 500 jobs, about 5% of its workforce, to streamline operations. The cybersecurity company expects charges between $36M and $53M related to severance and stock-based compensation.

Novo Nordisk ($NVO +2%) climbed after beating Q1 estimates but lowering its full-year outlook. Net sales hit $11.89B, up 19% YoY, while net profit rose 14%. Wegovy sales surged 85%, Ozempic climbed 18%, but the company warned pharmacy demand might dwindle.

Microsoft ($MSFT 0.01%) won its appeal against the FTC’s challenge to its $69B Activision Blizzard acquisition. The Ninth Circuit upheld a lower court ruling, rejecting the FTC’s request for an injunction. The deal, finalized in 2023, faced scrutiny in multiple global markets, including the UK, EU, South Korea, and China.

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WHAT’S ON DECK
Tomorrow’s Top Things 📋

Economic data: Continuing and Initial Jobless Claims (8:30 am), Nonfarm Productivity (8:30 am), 30-Year Bond Auction (1:00 pm). 📊

Pre-Market Earnings: Peloton Interactive ($PTON), MannKind ($MNKD), Jumia Technologies ($JMIA), PENN Entertainment ($PENN), D-Wave Quantum ($QBTS), Hut 8 Mining ($HUT). 🛏️  

After-Hour Earnings: Coinbase ($COIN), DraftKings ($DKNG), Pinterest ($PINS), SoundHound AI ($SOUN), Lyft ($LYFT), Trade Desk ($TTD), Affirm Holdings ($AFRM), Rocket Lab USA ($RKLB), Cloudflare ($NET), Rumble ($RUM), Paramount Global ($PARA), Dropbox ($DBX). 🎧

P.S. You can listen to all of these earnings calls and more straight from the Stocktwits app or website. You’ll find them on the calendar page and individual symbol pages once they’re set to begin! We’ll see you there. 👍

Links That Don’t Suck 🌐

😨 Trump offers to help resolve conflict between India and Pakistan

⚠️ Ford hikes prices on these Mexico-produced models, citing Trump’s tariffs

📺️ Trump’s tariffs have reportedly caused up to 50% plummet in exports at some ports

💣️ Google is making another bet on nuclear energy as it steps up its AI efforts

🚬 Papal Conclave: Black Smoke as Cardinals Cast Inconclusive Vote for the Next Pope

👀 We visited 2 of the busiest US airports on the first day of Real ID requirements. Here’s what our reporters saw.

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