Moby 🐳

In the first twelve days of the Iran war, the U.S. spent $16.5B, roughly $5B more than the TSA's entire annual operating budget. ⁠

Adobe $ADBE shares are down 6% today after CEO Shantanu Narayen announced that he is leaving the company after 18 years.

Economists expected the U.S. economy to add 59,000 jobs in February. It lost 92,000 instead. That's not a miss, it's a sign flip, and it arrived alongside a quietly revised January and a jobs market that has now declined three times in five months.⁠

IRAN WAR ENTERS DAY FOUR - The Dow shed over 1,000 points at Tuesday's open - The S&P dropped 1.9% - Brent crude topped $84 a barrel after an 8% single-day jump

Palantir $PLTR is up more than 6% today as the U.S.-Iran conflict enters its third day.

FedEx just filed suit against the U.S. government demanding a "full refund" on tariffs the Supreme Court declared illegal last week. The shipping giant appears to be the first major American company to go on offense after Friday's ruling. $FDX

All three major indexes slid on Monday following Trump's weekend announcement to increase his 10% global tariff to 15%. The Dow dropped 800 points, while the S&P 500 slipped 1.2% and the Nasdaq fell 1.4%.

President Trump says countries that “play games” with the Supreme Court's tariff decision would face “much higher” tariffs, adding that he does not need congressional approval to impose them.

Klarna shares fell 27% today after reporting Q4 earnings that missed profitability expectations but beat revenue targets. $KLAR

Netflix grants a seven-day waiver so Warner Bros. Discovery can entertain a slightly higher hostile bid from Paramount, proving that in modern M&A, “best and final” is more of a suggestion than a number. $NFLX $PSKY $WBD

Crocs $CROX ripped 20% after crushing Q4 estimates, posting $2.29 EPS vs. $1.92 expected and $957.6M in revenue vs. $916.1M. The company also guided 2026 EPS well above forecasts. Shares touched $100 for the first time since August.

The United States now has 10 companies with market caps over $1 trillion, after Walmart crossed the milestone last week.

Hims fell 24% on Monday morning after Novo Nordisk announced a lawsuit against the company over its copycat weight loss drugs. $HIMS $NVO

Bitcoin is falling again, slipping below the $70,000 mark and hovering around $68,000 as of midday Thursday. Just three days ago, it was trading near $80,000 and is now down more than 25% over the past month. $BTC

PayPal stock took a nosedive Tuesday following an earnings miss and the announcement that CEO Alex Chriss will be replaced by HP CEO Enrique Lores. $PYPL

After a historic run with gold hitting $5,594.82 per ounce and silver clearing $120, both assets have now reversed. Gold is down over 10% today, while silver is down 30%.

Big Tech earnings are pushing stocks in opposite directions. Microsoft beat on revenue and profit, but cautious guidance and margin pressure sent the stock down 12%. Meta saw the reverse, with strong beats and bullish forecasts driving shares up 8%. $MSFT $META