Markets
markets
Luke Kawa

Tariff-sensitive stocks swoon again after Supreme Court declines to deliver tariff ruling

Déjà vu all over again.

The Supreme Court once again declined to issue an opinion on the legality of the bulk of President Trump’s tariff regime, and once again a basket of stocks deemed to be “tariff losers” is meaningfully underperforming the S&P 500 in response to this lack of a decision.

Since news of the lack of news dropped around 10:12 a.m. ET, Crocs, RH, and Under Armour have been among the worst-performing members in this group, all off more than 1% in the past 10 minutes.

It looks like the stock market was expecting some tariff relief

It looks like the stock market was expecting some tariff relief

Since news of the lack of news dropped around 10:12 a.m. ET, Crocs, RH, and Under Armour have been among the worst-performing members in this group, all off more than 1% in the past 10 minutes.

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Luke Kawa

Hedge funds are following retail traders into the Magnificent 7

Hedge funds are following retail traders into the stocks the masses never stopped buying.

“As we kick off earnings for megacap tech stocks, this stood out: [hedge funds] have started buying Mag7 stocks again this month though positioning remains well below the peak levels seen in early 2016,” writes Goldman Sachs’ Cullen Morgan.

Goldman PB Mag 7
Source: Goldman Sachs

In early April, JPMorgan strategist Arun Jain noted that retail investors had basically been selling everything but the Magnificent 7 stocks as part of a more cautious stance due to the Iran war.

(Apple has been a longstanding exception to this trend, presumably because retail traders aren't fond of its hands-off approach to AI.)

JPM Retail flows

Last August, Jain discussed how retail activity tended to “crowd in” institutional buyers in meme stocks, while Goldman’s John Marshall advised clients to piggyback on stocks beloved by retail traders. Speculative, retail-geared assets proceeded to go on a tremendous run that soured in October.

But there are some early indications that a similar bout of speculative fervor is bubbling up once more.

markets
Luke Kawa

POET Technologies surges above $10 for first time in 4 years amid explosion in call volumes

POET Technologies is up nearly 40% this week as options market activity goes haywire in a faint echo of what got the stock on retail traders’ radars in October.

As of 11:12 a.m. ET, more than 10 calls have changed hands for every put traded. This bullish impulse has propelled the stock above the $10 threshold for the first time since March 2022.

Shares of the optical communications firm briefly dipped last week after Wolfpack Research said it was short the company because its investors would be exposed to an “IRS tax nightmare.”

The company responded that day saying it was taking measures for US shareholders that “should mitigate certain potential adverse US federal income tax consequences to it that could otherwise result from the Company’s status as a passive foreign investment company.”

Luke Kawa
4h
The parabolic surge in Avis reached new heights, with shares halted for volatility

More motivated buyers than motivated sellers.

Travelers at Sacramento International Airport (SMF)
markets
Matt Phillips

GE Aerospace falls after leaving earnings guidance unchanged

Jet engine maker GE Aerospace slid in early trading Tuesday, as its better-than-expected Q1 results were overshadowed by uninspiring guidance.

It reported:

  • Q1 adjusted revenue of $11.61 billion vs. the $10.71 billion consensus expectation.

  • Adjusted earnings per share of $1.86 vs. the $1.60 consensus estimate.

But management left full-year 2026 adjusted EPS guidance where it was at between $7.10 and $7.40, compared to a consensus expectation of $7.49 from analysts.

“We’re holding our full-year guidance across the board, given the macro uncertainty, though, with our strong start to the year, we are trending toward the high end of that range,” CEO Larry Culp said on the conference call.

GE Aerospace hit an air pocket in March as the start of the US war against Iran sent energy prices soaring and hurt expectations for the profitability of commercial carriers. A rally in April had pushed the stock close to positive territory for the year, but it’s solidly in the red after the results today.

markets
Max Knoblauch

Trump says he doesn’t like potential United-American merger but would “love somebody to buy Spirit”

President Trump on Tuesday told CNBC that he doesn’t like the idea of a United Airlines-American Airlines merger, but would “love somebody to buy Spirit.”

“Maybe the federal government should help that one,” Trump said on Tuesday, referring to Spirit’s attempts to emerge from bankruptcy.

Trump’s thoughts on United-American are an update from last week, when White House Press Secretary Karoline Leavitt said the potential megamerger was “not something the president or the White House have an ​opinion on or are weighing in on.”

American and United shares dipped following Trump’s comments, as did Spirit rival Frontier Airlines.

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