🏀 The Celtics Get Sold

Good afternoon! Klarna is making it easier to finance your cravings. The BNPL giant is teaming up with DoorDash to let users split payments for their delivery orders. Soon, you’ll be able to Pay in Full, Pay in 4 (interest-free), or Pay Later (once that paycheck clears) when you order through DoorDash’s app or website. Klarna is clearly in growth mode as it gears up for its New York Stock Exchange debut.

DoorDash, which handled $80 billion in orders last year, is betting that more flexible payment options will keep hungry customers coming back. Klarna’s timing is strategic—it recently booted Affirm as Walmart’s go-to BNPL partner, and adding DoorDash to the mix strengthens its grip on the consumer payment space. Eat now, pay later just became a whole lot easier.

MARKETS

• The Powell Pump lost steam fast. Stocks opened higher after the Fed signaled two more rate cuts this year, but investors soured on the central bank’s lowered GDP forecast and sticky inflation outlook. The Nasdaq fell 0.3%, the S&P 500 dropped 0.2%, and the Dow barely budged, down just 11 points.

• Tech stocks dragged down the Nasdaq, which is now down 8.3% for the year. The S&P 500 is down 2.5% for 2025, while the Dow remains the relative winner, down 1.4%. Investors seem to be realizing that while the Fed may cut rates, the road ahead could still be pretty bumpy.uptions from the conflict. All eyes are now on Friday's jobs report.

STOCKS
Winners & Losers

What’s up 📈

• ProAssurance surged 48.13% after The Doctors Company announced it will acquire the specialty insurer in a $1.3 billion cash deal. ($PRA)

• Carvana climbed 5.30% after Piper Sandler upgraded the car retailer to overweight, saying it could be insulated from macroeconomic pressures. ($CVNA)

• Darden Restaurants popped 5.77% after reporting better-than-expected earnings despite a slight revenue miss. ($DRI)

• Jabil gained 3.12% after the electronics manufacturer beat second-quarter earnings expectations with adjusted earnings of $1.94 per share on $6.73 billion in revenue. ($JBL)

• PDD Holdings rose 3.97% after reporting adjusted earnings of 18.53 yuan per share on revenue of 110.6 billion yuan, narrowly missing estimates. ($PDD)

What’s down 📉

• Accenture fell 7.26% after beating second-quarter earnings estimates but reporting lower bookings and a weaker outlook. ($ACN)

• Microchip Technology fell 6.54% after announcing a $1.35 billion convertible stock offering to service debt and pay for derivative instruments. ($MCHP)

• Rivian dropped 4.23% after Piper Sandler downgraded the stock to neutral, citing a lack of catalysts for 2025. ($RIVN)

• Stellantis declined 3.95% after Piper Sandler downgraded the automaker to neutral due to increased uncertainty. ($STLA)

PRIVATE EQUITY
Boston Celtics Sold for Record $6.1 Billion

The Boston Celtics are getting new ownership — and setting a new record in the process. A group led by Bill Chisholm, co-founder of private equity firm STG Partners, has agreed to buy the reigning NBA champions for $6.1 billion, making it the largest sale for any U.S. sports team ever. That edges out the $6.05 billion price tag for the Washington Commanders in 2023. Sixth Street, a private equity firm, will kick in over $1 billion toward the deal.

From $360M to $6.1B

The current Celtics ownership group, led by Wyc Grousbeck, bought the team for just $360 million in 2002. Under Grousbeck, the Celtics have won two titles (in 2008 and 2024) and built one of the NBA’s most dominant rosters — albeit with a hefty price tag. The team’s payroll and luxury tax bill top $246 million this season, one of the highest in the league.

Chisholm takes the reins

Chisholm, a Massachusetts native and lifelong Celtics fan, called the purchase a “once-in-a-lifetime opportunity.” His group includes Bruce Beal Jr., president of Related Companies, and Rob Hale, head of Granite Telecommunications. Grousbeck will stay on as the Celtics’ governor through the 2027-28 season, helping transition control to the new ownership group.

Media money talks

The sale reflects a broader surge in sports franchise values, fueled by ballooning media rights deals. The NBA recently inked an $76 billion, 11-year contract with NBC, ESPN, and Amazon, more than doubling the value of its previous deal. The Celtics are now the league’s second-most valuable franchise, trailing only the $9.4 billion Golden State Warriors.

What’s next: The deal still needs NBA approval but is expected to close this summer. With Boston in position for another deep playoff run, Chisholm’s group could be lifting another Larry O’Brien trophy before they even officially take over.

NEWS
Market Movements

• ⚕️ Apple's Streaming Service Losing $1B Annually: Apple TV+ is reportedly losing $1B a year due to high content costs and rising churn levels. The service has the highest churn rate among major platforms at 7%, despite successful shows like Severance and Ted Lasso. Shares are down 0.5% YTD ($AAPL).

• 🚀 Nike Warns of Sales Drop Amid Tariffs and Weak Consumer Confidence: Nike expects fiscal Q4 sales to decline at the low end of the mid-teens range, worse than analysts expected. Sales fell 9% last quarter, including a 17% drop in China, while gross margin slipped 3.3 percentage points to 41.5% due to higher discounts and inventory clearances. Shares dropped over 4% in extended trading and are down more than 5% YTD ($NKE).

• 💰 Netflix Director Charged With $11 Million Fraud: Federal prosecutors charged director Carl Rinsch with misusing $11 million in Netflix funds meant for the sci-fi series Conquest. Rinsch allegedly spent the funds on stock trades, luxury cars, and personal expenses, including five Rolls Royces and a $390,000 watch. Netflix abandoned the project in 2021 after losing $55 million.

• 📈 Micron Jumps on Earnings Beat and Strong Guidance: Micron reported Q2 earnings of $1.56 per share, beating estimates, with revenue up 38% to $8.05B. Data center revenue tripled, and Micron expects Q3 revenue of $8.8B, above Wall Street’s $8.5B estimate. Shares rose 6% in extended trading ($MU).

• 📈 CoreWeave Aims to Raise $2.7B in IPO: Nvidia-backed CoreWeave plans to raise up to $2.7B in its IPO, with shares priced between $47 and $55. The AI cloud services firm recently signed an $11.9B contract with OpenAI, which will receive $350M in shares through a private placement ($NVDA, $CRWV).

• ⚕️ Chevron May Get Extension to Pump Oil in Venezuela: The Trump administration is considering extending Chevron’s license to pump oil in Venezuela while imposing tariffs on countries buying Venezuelan oil. The move follows lobbying by Chevron CEO Mike Wirth and aims to counter Chinese influence while securing U.S. energy access ($CVX).

• 💰 VW's Audi to Cut 7.5K Jobs, Lamborghini Reports Strong Growth: Audi, a unit of Volkswagen, will cut 7.5K jobs in Germany by 2029 to reduce costs and accelerate its shift to EVs, aiming to save $1.1B and invest $8.8B in EV production. Separately, Lamborghini reported a 16% revenue increase to $3.31B in 2024 but warned that U.S. tariffs could hurt sales.

• 🛡 X Raises Nearly $1B, Maintains $44B Valuation: Elon Musk’s social network X has raised nearly $1B in new equity funding, keeping its valuation close to its 2022 buyout price of $44B. Musk personally participated in the funding round, and some proceeds may be used to reduce X’s remaining debt.

AI
Apple Puts The Vision Pro Guy In Charge Of Siri

Apple is switching up its AI playbook — and it’s a head-scratcher. Mike Rockwell, the guy behind the Vision Pro (you know, that $3,500 headset that barely anyone bought), is now in charge of Siri. Rockwell will take over from John Giannandrea, Apple’s AI chief, after CEO Tim Cook reportedly lost faith in his ability to deliver. Rockwell will now report to software boss Craig Federighi, cutting Giannandrea out of Siri’s future entirely.

Siri’s big problem

The handoff comes after Siri’s much-hyped AI upgrade — the main selling point of the iPhone 16 — turned into a dud. Apple Intelligence was supposed to be a game-changer, but with nothing else major separating the iPhone 16 from previous models, it’s looking more like false advertising. After promising to give Siri new AI-driven capabilities like accessing user data and handling complex tasks, Apple quietly admitted that those features weren’t ready and delayed them into "sometime this year." Even Robby Walker, the executive previously leading Siri, called the delays "ugly."

From flop to fix? Putting the Vision Pro guy in charge of Siri seems like a bold choice — or maybe a desperate one. The Vision Pro was a technical marvel but a commercial flop, struggling to gain traction beyond hardcore Apple fans. But Rockwell has a reputation for solving complex problems and leading large engineering teams, which might be exactly what Siri needs. Still, the move raises questions about whether hardware expertise will translate to fixing Siri’s long-running software issues.

AI race heats up

Apple is falling behind in AI. OpenAI's ChatGPT, Google’s Gemini, and even Amazon’s Alexa are all evolving faster than Siri, leaving Apple’s once-groundbreaking assistant looking outdated. Cook knows this — Apple’s stock is down 15% this year, partly because investors aren’t convinced Apple can compete in the AI arms race. Rockwell will have to move quickly to close the gap, especially as Apple plans to embed more AI into future hardware (including rumored AI-powered AirPods).

Can Rockwell turn it around? Rockwell is already making moves. He’s pulled trusted deputies from the Vision Pro team into Siri’s division, giving them a front-row seat to the mess. If Apple’s AI upgrades hit the market this year and actually work, Rockwell might just pull off a comeback. If not, Siri could end up as another expensive Apple misfire.

Calendar
On The Horizon

Tomorrow

Tomorrow looks like a snooze fest for the markets. No major economic data on deck, and the earnings calendar is looking pretty thin too.

Before The Open:

• Nio might need to recharge. The Chinese EV maker soared in popularity, but a sluggish domestic recovery and fading global EV demand have put the brakes on growth. Tariffs are squeezing margins, and while Nio has plenty of cash, it’s burning through it faster than ever. Investors need to hear a strategy for turning things around, or the company’s stock could remain stuck in neutral. Consensus: -$0.40 EPS, $2.85 billion in revenue. ($NIO)

• Carnival is facing stormy seas. The cruise giant thrived post-pandemic as pent-up travelers rushed back to the high seas, but headwinds are building. An economic slowdown could tighten wallets, and the Trump administration’s plan to close tax loopholes for internationally registered cruise lines could hit Carnival’s bottom line hard. Shareholders are hoping management outlines a clear plan tomorrow—otherwise, this stock could keep sinking. Consensus: -$0.01 EPS, $5.7 billion in revenue. ($CCL)

NEWS
The Daily Rundown

• 📡 Student Manager Scores First NIL Deal: Amir Khan of McNeese State became the first student manager to land a NIL (name, image, and likeness) deal, signing contracts with Buffalo Wild Wings, TickPick, and Insomnia Cookies. Khan went viral last month for leading the team out of the tunnel while rapping and carrying a boombox. His popularity earned him sponsorships typically reserved for athletes.

• 🚀 Istanbul Mayor Arrested Before Presidential Election: Ekrem Imamoglu, the mayor of Istanbul and a political rival to President Erdogan, was arrested just days before he was expected to be named the opposition’s presidential candidate. The arrest has raised concerns about political freedoms and election fairness in Turkey.

• 💰 JFK Assassination Records Released With Few New Insights: The government released over 63,000 pages of documents related to the JFK assassination. Historians have yet to find significant new information, leaving many questions about the event unanswered.

• 🚦 Ben & Jerry’s Sues Unilever Over CEO Firing: Ben & Jerry’s sued parent company Unilever, alleging that CEO Dave Stever was illegally fired for supporting progressive policies. The lawsuit follows earlier tensions over the company’s opposition to Israeli settlement sales and other social issues. Unilever allegedly blocked Ben & Jerry’s from making posts supporting Palestinian refugees and Black History Month. Unilever has denied earlier accusations but has not commented on the latest allegations. The co-founders of Ben & Jerry’s have reportedly expressed interest in buying the brand back.

• 📈 Trump Proposes US Ownership of Ukraine’s Nuclear Plants: In a call with Ukrainian President Zelensky, Trump proposed US ownership of Ukraine’s nuclear plants as a security measure. Zelensky reportedly agreed to a ceasefire despite previous accusations of violations from both sides. Putin previously agreed to a limited 30-day ceasefire but rejected a broader halt to the conflict unless the US stopped supplying Ukraine with weapons and intelligence.

• 🛡 Israel Sends Ground Troops Back to Gaza: Israel launched a new ground offensive into Gaza, targeting areas previously vacated under a ceasefire. The operation follows airstrikes that killed over 400 people, with protests erupting in Israeli cities over the renewed conflict. The Israeli military called the operation “targeted” and aimed at creating a “partial buffer zone” between northern and southern Gaza.

• ⚾ Trump Signs Order to Dismantle Department of Education: President Trump signed an executive order to dismantle the U.S. Department of Education, aiming to shift control over education to states and local communities. While core functions like Title I funding and Pell Grants will remain, the move has sparked debate, with supporters pushing for reduced federal oversight and critics warning of harm to vulnerable students.

• 🎥 Greenpeace Ordered to Pay $650 Million Over Pipeline Protests: A North Dakota jury found Greenpeace liable for defamation and other claims tied to protests against the Dakota Access pipeline, awarding Energy Transfer $650 million in damages. Greenpeace plans to appeal, arguing that the ruling threatens environmental activism.

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