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OVERVIEW
Tariffs, Coming To A Theater Near You 📽️

Coming Soon To Theaters – tenor

Happy Cinco de Mayo!! The market fell after hitting the best day after day climb for twenty years, who knew that would happen? Earnings came in from Hims, Ford, and Palantir, Trump talked tariffs some more, and Treasury Secretary Scott Bessent said everything was going great.

Today’s issue covers tariffs coming to a theater near you this summer, PLTR and HIMS report, and more. 📰

Here’s the S&P 500 heatmap. 2 of 11 sectors closed green, with communications (+0.24%) leading and consumer discretionary (-1.06%) lagging.

S&P 500 Map – finviz

And here are the closing prices: 

STOCKS
Tariffs, Coming To A Theater Near You? 📽️ 

Have no fear, Trump said he would save Hollywood from a “very fast death” in a Truth social post on Sunday, announcing 100% tariffs on foreign-made movies, whatever that could mean.

The White House walked back the comments on Monday, and Trump said he wanted to boost domestic film production and help, not hurt, the industry.

Industry public stocks were falling Monday on the news, as it was not clear how the White House would implement levies on intellectual property. Did it mean all streaming from outside the country as well? Would Formula 1 races in Dubai get a surcharge for American audiences?

The largest content producers felt the sell-off on Monday, with Netflix, Warner Bros. Discovery, and Walt Disney falling. $PARA ( ▼ 1.58% ) was off nearly 2%, due to report later this week.

According to production tech firm ProdPro, in 2023, about half of U.S. production spending went outside the U.S., for projects over $10M. It’s not just Hollywood that should be worried. Axios reported that up until now, tariffs have focused on physical shipments.

70% of the U.S. economy by GDP produces services, including tech subscriptions and financial products. No one makes goods in the U.S. anymore, but the U.S. is one of the wealthiest countries in the world largely because of its intellectual property. If the White House starts taxing ideas like they have shipping containers… no one knows what could happen. 🤯 

Trump also said he will lower tariffs on China “at some point” but ruled out dropping them to bring China to the negotiating table. Treasury Secretary Scott Bessent, meanwhile, defended Trump’s tariffs, stating they encourage companies to invest in the U.S. He called the U.S. economy “antifragile.” 🦴 

Stocktwits users went ‘extremely bullish’ on Netflix, and in a poll, nearly 40% said they were selling or trimming their holdings.

Netflix Inc (NFLX) – Stocktwits

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COMPANY NEWS
Software Is King, But Drugs, Tariffs, And Cars Don’t Mix 🫠 

Palantir posted an earnings and revenue beat, and said it expects to make nearly $1B in revenue in the current quarter, upwards of $40M more than analysts had expected.

Palantir reported Q1 EPS of $0.13 on revenue of $884M. According to Yahoo Finance, analysts expected earnings of $0.13/share on revenue of $862.13M.
The firm expects $934-$938M in Q2 revenue.

For forward guidance, analysts were looking for $0.13/share for the next quarter, with revenue at $899.12M. For the full year, analysts wanted earnings of $0.55 with revenue at $3.75B. 

Stocktwits users are ‘extremely bullish’ on Palantir Technologies

$HIMS Posted an earnings miss but a revenue beat, but the firm’s forward guidance was both wide and bad.

Hims reported Q1 Basic EPS of $0.22 on revenue of $586M. According to Yahoo Finance, analysts expected earnings of $0.23/share on revenue of $538.87M. Factset had analysts’ estimates at $0.12/share, and in that light, Hims beat. 🤷 

Hims Inc. – Hims & Hers Health, Inc. Reports First Quarter 2025 Financial Results

The firm reported a Q2 outlook of expecting a wide range of $530-$550M in revenue. For forward guidance, analysts were looking for $0.26/share for the next quarter with revenue at $564.57M. For the full year, analysts were looking for earnings of $1.08, and revenue of $2.32B.

Hims & Hers also appointed former Amazon executive Nader Kabbani as COO to scale its personalized healthcare platform. Kabbani, who led Amazon Pharmacy and PillPack acquisitions, will oversee global operations as the company expands access to affordable care.

They were not the only ones to report today. Ford reported a revenue beat for their most recent quarter, but the car giant cut all forward guidance from their report. Ford said it expects the full-year cost of tariffs to run upwards of $2.5B.

In its last report, the company expected up to $8.5B in full-year earnings before taxes and interest. The car maker said they could offset maybe $1B of tariff costs, and otherwise would have been on track for that earlier guidance. 🛻 

STOCKS
Other Noteworthy Pops & Drops 📋️ 

Berkshire Hathaway ($BRK.A $BRK.B -5%) board members voted for Warren Buffett to remain chairman on Sunday, while Greg Abel will take over as CEO starting January 1, 2026. Buffett, 94, announced his decision to step down as CEO but assured shareholders he would remain available to assist the company when needed. Even though acquisitions may remain cautious, investor Bill Ackman believes Berkshire could introduce dividends or expand buybacks under Greg Abel’s leadership.

Global Jets ETF ($JETS+1%) airlines flew after oil prices fell back when OPEC+ announced a larger-than-expected production increase, adding 411,000 barrels per day in June. Brent crude slipped below $60, while Exxon ($XOM), Chevron ($CVX), and Shell ($SHEL) stocks declined.

ON Semiconductor ($ON-8%) stock dipped after reporting a Q1 net loss of $1.15 per share, missing expectations for a $0.45 profit. Despite the miss, adjusted EPS of $0.55 beat estimates, and the company raised its full-year revenue and earnings guidance.

Skechers ($SKX+24%) is being taken private by 3G Capital in a $9.4 billion deal, offering shareholders $63 per share or $57 plus an unlisted equity unit in the new parent company. CEO Robert Greenberg and the executive team will remain in place, with headquarters staying in Manhattan Beach, California.

BioCryst ($BCRX+24%) stock jumped after raising its full-year revenue guidance to $580M–$600M, up from $535M–$550M. Q1 revenue of $145.5M beat estimates, driven by strong Orladeyo sales, while retail sentiment turned extremely bullish.

TG Therapeutics ($TGTX-14%) fell after Q1 EPS of $0.03 missed estimates of $0.17. Revenue of $120.86M beat forecasts, driven by strong Briumvi sales, while retail sentiment turned extremely bullish.

Tesla ($TSLA-2%) sales in Spain fell 36% year-over-year in April, with just 571 units sold. Despite overall EV sales rising 54%, Tesla lost market share to Chinese rivals like BYD and MG, which saw surges of 644% and 80%, respectively. Retail sentiment remains bearish.

Hyperscale Data ($GPUS+466%) surged after reporting preliminary Q1 revenue above $25M and issuing a bullish full-year outlook of $115M–$125M. The company is pivoting toward AI and high-performance computing, repurposing its Michigan facility into an AI-focused data center.

Sunoco ($SUN-6%) said it is acquiring Parkland $PKI in a $9.1 billion cash-and-stock deal, creating the largest independent fuel distributor in the U.S. The deal includes a $2.65 billion bridge loan and is expected to generate $250 million in annual cost savings by year three. Parkland gained 8.5% following the announcement.

ImmunityBio ($IBRX-17%) fell after the FDA issued a Refuse to File (RTF) letter for its bladder cancer treatment application. Despite the setback, retail sentiment shifted from bearish to bullish as the company requested an urgent meeting with the FDA to address inconsistencies in the agency’s guidance.

WHAT’S ON DECK
Tomorrow’s Top Things 📋

Economic data: Trade Balance (8:30 am), EIA Short-Term Energy Outlook (12:00 pm), 10-Year Note Auction (1:00 pm). 📊

Pre-Market Earnings: Celsius Holdings ($CELH), Lemonade ($LMND), UWM Holdings ($UWMC), Datadog ($DDOG), Cormedix ($CRMD), EVgo ($EVGO). 🛏️

After-Hour Earnings:  Advanced Micro Devices ($AMD), Lucid Group ($LCID), Rivian Automotive ($RIVN), Super Micro Computer ($SMCI), Upstart Holdings ($UPST), Opendoor Technologies ($OPEN), Electronic Arts ($EA).🎧

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 🌐

🎦 Skype dead at 22

👕 Temu walks back price increases

📺️Why Trump’s Hollywood tariff threat matters

⚠️ Where Trump is likely getting his $1.98 gas price figure

🧓 Berkshire Hathaway stock drops after CEO Warren Buffett announces successor

🤖 Waymo plans to double robotaxi production at Arizona plant by end of 2026

🛫 Newark airport outage last week lasted 60-90 seconds, ATC screens went dark

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