📌 Top story -- scroll down for more updates
Loews Q1: Boardwalk, Hotels Strong; CNA Weak
3:15 pm — L -6.84%
By Buck Hartzell
Loews (L +0.85%) had mixed Q1 results. Things are going very well at Boardwalk Pipelines and Hotels. Boardwalk purchased Spire Marketing for $215 M and their Capex backlog is $3.2 billion. Hotels saw adjusted EBTIDA jump 50% to $124 million as 3 new Orlando resorts opened. On the other hand, CNA’s combined ratio increased to 102.2%, driven by higher loss trends. Net premium growth slowed to 1% too.
Elephant Hunting With a Peashooter
3:00 pm — EBAY +5.53%
By Buck Hartzell
GameStop (GME +2.04%), an $11 billion company, made an unsolicited offer to purchase eBay (EBAY +4.22%) for $56 billion. The offer entails half cash and half GME stock. GameStop only has $9 billion in cash & over $4 billion in debt. GameStop’s CEO claims "there is nobody more qualified to run eBay" than himself, according to a WSJ article. But, if you look at a 1-, 3-, or 5-year chart of both stocks, why would eBay need GameStop’s help or its stock? There doesn’t appear to be much in this offer that would entice eBay’s shareholders to take it seriously.
Crypto Stocks Pop as Bitcoin Clears $80K
2:15 pm — CRCL +19.00%, COIN +6.90%
Circle Internet Group (CRCL +0.53%) shares are climbing alongside other crypto-exposed stocks after Bitcoin (BTC +0.65%) traded above $80,000. The rally followed reports of pro-crypto policy initiatives gaining momentum in political circles.
- Bitcoin surge lifts crypto stocks: Circle and Coinbase (COIN 1.12%) were among the leading gainers in crypto-exposed equities during the broad sector rally.
- Macro move drives gains: The advance reflects CRCL’s sensitivity to Bitcoin price movements rather than company-specific news, with pre-market trading showing immediate reaction to the cryptocurrency’s spike.
Amazon Launches Direct Attack on UPS and FedEx
1:15 pm — AMZN +0.91%, UPS -9.50%, FDX -8.45%
By Matt Argersinger
Team Rule Breakers
It’s going to be a tough day for shareholders of UPS (UPS +2.11%) and FedEx (FDX +3.01%).
Today Amazon (AMZN +2.14%) announced the launch of Amazon Supply Chain Services — opening its vast logistics network, including 80,000 trailers, 24,000 intermodal containers, and 100 aircraft, to outside businesses beyond its own operations. This puts Amazon in direct, head-on competition with the two big legacy carriers across ocean, air, ground, and rail freight. According to Amazon’s press release, a number of major companies, including 3M (MMM +0.28%) and Procter & Gamble (PG +0.81%), have already signed up to use the network for their logistics.
The move is particularly damaging for UPS because Amazon is already ramping down the packages it sends through UPS by more than 50% by mid-2026 — and now Amazon is actively targeting the very third-party shippers that UPS has been counting on to replace that lost volume. Shares of UPS are down 10%. It’s a good bet that investors are reassessing whether UPS’s recovery story, which appeared to be underway following its latest quarterly results and management’s recent guidance, can still play out.
Opening Bell
10:00 am
U.S. stocks opened the week on shaky ground as mounting fears of an escalation in the Middle East overshadowed a backdrop of robust quarterly earnings growth. Despite the geopolitical noise, the "AI trade" remains front and center as investors prepare for a deluge of high-stakes results from the semiconductor sector. All eyes are on Advanced Micro Devices (AMD +8.04%), Arm Holdings (ARM +14.96%), and Lattice Semiconductor (LSCC +11.67%) to see if hardware demand can sustain its recent momentum. Meanwhile, the software and entertainment sectors will provide further clues on the health of the broader economy with reports due from Palantir (PLTR +1.35%) and the newly consolidated Paramount Skydance (PSKY +2.32%).
- The Semi-Sovereignty Test: Chipmakers are increasingly caught between record-breaking AI demand and the volatile reality of global supply chains under threat in the Strait of Hormuz.
- Content Consolidation Watch: Results from the merged Paramount Skydance entity will be a litmus test for the traditional media sector’s ability to pivot toward profitable streaming amid rising regional instability.
GameStop’s Bid for eBay: Color Me Skeptical
9:45am
By Matt Argersinger
Team Rule Breakers
According to reporting by CNBC and other news outlets, GameStop (GME +2.04%) has made an unsolicited, non-binding offer to acquire eBay (EBAY +4.22%) at $125 per share -- a cash-and-stock deal valuing eBay at roughly $56 billion. That price represents a 20% premium to eBay’s Friday close and a 46% premium to where the stock was trading in early February when GameStop purportedly began accumulating its roughly 5% stake. To finance the deal, GameStop is leaning on a $20 billion commitment letter from TD Bank, with the remainder drawn from its approximately $9.4 billion cash pile. CEO Ryan Cohen has said he plans to transform eBay into a serious Amazon (AMZN +2.14%) rival (ha!) -- and is prepared to take the bid directly to shareholders in a proxy fight if eBay’s board resists.
A Bad Idea for eBay Shareholders
The financing structure alone should raise red flags. GameStop is proposing to load a profitable, cash-generative business with roughly $20 billion in debt -- a staggering leverage burden for a company that, as of Friday, carried a market cap of only around $12 billion, less than a quarter of eBay’s size. The deal would require eBay’s own balance sheet to effectively service debt taken on to acquire itself.
This Morning’s Breakfast News
7:30 am — BRK .B +0.32% in pre-market trading
Berkshire Hathaway (BRKB +0.08%) posted first-quarter earnings Saturday, the day Greg Abel hosted his first annual shareholder meeting as CEO. Revenue grew 4% year over year, with earnings per B share up 120%. Both, however, missed expectations – as much of the headline gains came from investment holdings revaluations. A Stock Advisor recommendation by Team Hidden Gems, Berkshire saw no real pre-market share price movement as a result.
- “There are no bigger shoes to fill”: On Warren Buffett’s last day as CEO, TMF Chief Investment Officer Andy Cross hinted at the task facing Greg Abel. The new boss reassured shareholders he’ll continue to seek targets for the company’s cash pile – now at a record $380 billion – but only at the right valuations. And he dismissed any talk of a Berkshire breakup.
- “We’ve never had more people in a gambling mood than now”: Buffett had wise words for investors relating to current market conditions, adding, “That doesn’t mean investing is terrible, but it does mean that prices for an awful lot of things will look awfully silly.”
GameStop Makes Audacious $20B Bid for eBay
7:25 am -- EBAY +9.78%, GME -6.56% in pre-market trading
GameStop (GME +2.04%) announced Sunday it's launched an audacious bid for eBay (EBAY +4.22%), with a nonbinding offer of $125 per share – spread 50/50 between cash and stock – valuing eBay at around 20% higher than at Friday's close. eBay jumped 8% in pre-market trading – still some way short of the offer value – as GameStop was largely unmoved.
- "It could be a legit competitor to Amazon (AMZN +2.14%)": Gamestop CEO Ryan Cohen told The Wall Street Journal a merger could boost earnings and cut costs – expecting $2 billion of annual savings within 12 months if it goes ahead. He plans to take the bid hostile with a direct approach to shareholders if necessary.
- "Highly confident letter" from TD Bank: GameStop says it's secured around $20 billion in debt funding in its attempt to take control of a target valued close to 4 times its own market cap.
NASDAQ: EBAY
Key Data Points
This Morning's Breakfast News
7:30 am -- BRK .B +0.32% in pre-market trading
Berkshire Hathaway (BRKB +0.08%) posted first-quarter earnings Saturday, the day Greg Abel hosted his first annual shareholder meeting as CEO. Revenue grew 4% year over year, with earnings per B share up 120%. Both, however, missed expectations – as much of the headline gains came from investment holdings revaluations. A Stock Advisor recommendation by Team Hidden Gems, Berkshire saw no real pre-market share price movement as a result.
- "There are no bigger shoes to fill": On Warren Buffett's last day as CEO, TMF Chief Investment Officer Andy Cross hinted at the task facing Greg Abel. The new boss reassured shareholders he'll continue to seek targets for the company's cash pile – now at a record $380 billion – but only at the right valuations. And he dismissed any talk of a Berkshire breakup.
- "We've never had more people in a gambling mood than now": Buffett had wise words for investors relating to current market conditions, adding, "That doesn't mean investing is terrible, but it does mean that prices for an awful lot of things will look awfully silly."
Today's Take: Avoiding Earnings Season Overload
6:45 am
Here's a sneak preview, but head to the article to share how you cope with the sheer barrage of info during earnings season, or to submit questions to any of the featured analysts today!
By Matt Frankel, CFP®
Team Hidden Gems
It can certainly be tough to keep track of everything. There are two main parts of my earnings season strategy:
- First, I maintain a calendar of all earnings dates for companies I care about -- popular stocks, my own holdings, and top companies in the sectors I cover. Some days, there are just one or two reporting stocks on my radar, but during peak weeks, it can be a couple dozen in a single day.
- Second, I set aside the 4 to 5 p.m. hour every day during the peak earnings season to review earnings results. I don't do anything else during that time.
But even doing those things, earnings season can be tough to keep up with, and I have to remind myself that I can't possibly track every company's earnings.
Before the Opening Bell
6:30 am
Stock futures remained cautious on Monday as the administration officially launched "Project Freedom," a U.S.-led naval operation to escort neutral cargo vessels through the mine-strewn Strait of Hormuz. Despite the military activity, energy markets showed tentative optimism following news that Iran received a U.S. response to its 14-point peace roadmap delivered via Pakistani intermediaries. While geopolitical tensions dominate the tape, investors are also looking ahead to Friday's critical jobs report. Economists anticipate a sharp cooling in the labor market, with nonfarm payrolls expected to grow by just 60,000--a significant drop from March's 178,000--as the dual shocks of AI displacement and Middle Eastern conflict weigh on corporate hiring.
- Oil Supply Pivot: Brent crude retreated slightly to $107 per barrel as traders bet on "Project Freedom" restoring traffic flow rather than escalating a "dual blockade" between the U.S. and Iran.
- Resilience at a Crossroads: Though the unemployment rate is projected to hold at 4.3%, high-exposure sectors like logistics and tech are seeing increased sensitivity to these ongoing global supply chain shocks.
AI Accelerates Bloom Energy's Growth
6:05 am -- BE +2.53% Friday
By David Meier
Team Rule Breakers
Bloom Energy (BE +8.02%) is reaping the benefits of the constrained supply of traditional power generation sources. Revenue growth accelerated, and [management] increased 2026 guidance from 60% growth to 80%. Margins are expanding, demand is rising, and the company is continuously increasing manufacturing capacity. Well done, Bloom!
Roku Raises Full-Year Guidance After Q1 Beat
6:00 am -- ROKU +6.02% Friday
By Rick Munarriz
Team Rule Breakers
Roku's (ROKU +2.97%) Q1 was robust. Revenue of $1.25 billion, up 22% (vs. 18% guidance), it's strongest growth in 4 years. Net income of $85.7 million (vs. $50 million guidance). Full-year guidance on all metrics revised higher, naturally. Ad revevenue rose 27%, subscriptions up 30% (up 23% without Frndly TV acquisition in May of last year). Yes, platform category is expanded now. Devices revenue down 16%, but now less than 10% of top-line results. Adjusted EBITDA up 165%, trailing free cash flow up 81%. Streaming hours up just 8%, but holy monetization on that, Batman.
NASDAQ: ROKU
Key Data Points
"t
