💼 Tesla Looking For New CEO?

Good afternoon! Apple just got benched for ignoring the ref. A federal judge ruled the company violated a previous court order in its antitrust battle with Epic Games, referring both Apple and a senior exec to federal prosecutors for possible criminal contempt. The judge accused Apple of stonewalling competition in the App Store and using “outright lies” to justify it—ouch.

The ruling blocks Apple’s sneaky 27% off-App fee and bans tactics that scared users away from third-party payments. Epic, meanwhile, is celebrating and prepping Fortnite’s return to iOS. Apple says it’s appealing, but the message is clear: court orders aren’t optional, even in Cupertino.

MARKETS

• Big Tech kept the rally alive Thursday as upbeat earnings from Microsoft and Meta helped investors look past tariff chaos—at least for now. The Nasdaq jumped 1.5%, while the S&P 500 added 0.6% and the Dow ticked up 0.2%, marking its longest winning streak of the year.

• But the mood cooled after hours, with futures slipping on cautious guidance from Apple and Amazon. Add in soaring jobless claims and a potential loosening of Nvidia chip bans in the UAE, and investors are bracing for Friday’s nonfarm payrolls report to close out a wild economic week.

STOCKS
Winners & Losers

What’s up 📈

• Carrier Global climbed 11.61% after raising full-year guidance and beating expectations, helped by steady HVAC demand. ($CARR)

• Quanta Services surged 9.99% after first-quarter results topped estimates on both revenue and earnings. ($PWR)

• Microsoft rose 7.63% after a top- and bottom-line beat and bullish full-year guidance. ($MSFT)

• Kohl’s popped 7.61% after the company abruptly fired its CEO over ethical concerns. ($KSS)

• CoreWeave rose 7.31%, boosted by Microsoft’s strong capital expenditure guidance. ($CRWV)

• CVS Health added 4.11% after beating estimates and raising full-year earnings guidance. ($CVS)

• Meta Platforms jumped 4.23% on an earnings beat and resilient ad business, despite macro uncertainty. ($META)

• Amazon rose 3.13% after announcing a $4 billion plan to expand delivery operations in rural areas. ($AMZN)

• Roblox climbed 2.91% as user activity hit record highs in the virtual gaming platform. ($RBLX)

What’s down 📉

• Organon & Co. plummeted 26.91% after slashing its dividend to just 2 cents, citing a deleveraging effort. ($OGN)

• Becton, Dickinson and Company dropped 18.13% after cutting its EPS guidance due to tariff-related headwinds. ($BDX)

• Eli Lilly sank 11.66% after lowering full-year guidance despite strong revenue from weight-loss drugs. ($LLY)

• Church & Dwight declined 7.01% after missing revenue expectations. ($CHD)

• Moderna slipped 5.29% after weak revenue and plans for $1.5 billion in cost cuts. ($MRNA)

• Robinhood Markets dropped 5.07% despite posting a 50% revenue increase last quarter. ($HOOD)

• Qualcomm fell 8.92% after issuing soft revenue guidance, despite an earnings beat. ($QCOM)

EXEC
Tesla Board Allegedly Opened Search for a CEO to Succeed Elon Musk

Tesla isn’t shopping for a new driver—at least, not according to its board.

After a Wall Street Journal report claimed Tesla had quietly launched a search for a new CEO amid Elon Musk’s D.C. detour, board chair Robyn Denholm shot down the story as “absolutely false.” She said the board remains “highly confident” in Musk, even as the company weathers a steep 71% profit drop, a 44% decline in sales, and growing investor frustration over Musk’s dual role running the Trump administration’s Department of Government Efficiency.

Return of the Musk

Musk, for his part, promised on last week’s earnings call that he’ll be “allocating far more” of his time to Tesla starting next month. The Journal reported that board members had engaged executive search firms and even told Musk he needed to re-engage—something he reportedly didn’t contest.

Whether that early outreach was real or just a “warning shot” to Musk is up for debate, but the fallout reflects deeper concerns about Tesla’s future. Musk pushed back hard, accusing the Journal of ethical misconduct for allegedly ignoring the company’s denial before publishing the story.

Stormy Weather, Clear Signals

While Tesla’s EV sales have softened and the brand has taken some hits abroad, Musk and the board appear aligned on one thing: He’s not leaving. At least not now. Investors like Ross Gerber suggest this could be a gentle setup for Musk to eventually shift into a chairman role, but for the moment, he’s still behind the wheel.

With Tesla’s core lineup getting refreshes and its AI and robotaxi ambitions rolling ahead, the focus now is whether Musk’s recommitment can calm nerves and re-center the story around execution rather than headlines.

NEWS
Market Movements

• 📈 Reddit jumps after earnings beat and bullish guidance: Reddit’s revenue soared 61% YoY, beating estimates and projecting Q2 sales above expectations. Daily active users grew 31%, and execs said the platform is navigating macro turmoil well. ($RDDT)

• 🎮 Roblox pops as bookings and users exceed expectations: Roblox narrowed its loss and beat on Q1 bookings, with daily active users climbing to nearly 98 million. The company expects Q2 bookings above forecasts and touted rising ad revenue. ($RBLX)

• 🧬 Wegovy shows promise for liver disease patients: A new study showed Novo Nordisk’s Wegovy reduced liver inflammation and fibrosis in people with metabolic dysfunction–associated steatohepatitis (MASH), fueling optimism for FDA approval beyond weight loss. Shares rose over 2% premarket ($NVO).

• 🥫 Chef Boyardee heads to private equity: Conagra will sell its iconic Chef Boyardee brand to Brynwood Partners for $600 million. The divestiture is part of a broader shift toward higher-margin snack and frozen food categories ($CAG).

• 🍔 McDonald’s sales fall as consumers cut back: U.S. same-store sales fell 3.6%, marking the worst decline since 2020, as consumers pulled back on fast food spending. Shares slipped despite beating on earnings. ($MCD)

• 📊 Citadel rebounds with April gains across funds: Ken Griffin’s flagship Wellington fund gained 1.3% in April, reversing Q1 losses. Griffin emphasized conviction-driven investing amid tariff-driven volatility. (Private)

• 🛡️ Palantir’s Army intel truck named a top performer: The Army ranked Palantir’s Titan vehicle among its highest-performing programs, securing a $178 million contract as it eyes a broader AI defense push. ($PLTR)

  📣 Google CEO warns DOJ’s remedy could gut Search: At an antitrust trial, CEO Sundar Pichai argued that forcing Google to license its search index at marginal cost would weaken the service’s quality and undercut the company’s $49 billion annual R&D investment. He said the proposal would amount to dismantling Google Search itself ($GOOGL).

EARNINGS
Echelon Of Earnings From Amazon, Apple, Mcdonald’s & AirBnB

📦 Amazon’s Profit Forecast Misses Estimates

Amazon’s first-quarter sales rose 9% to $155.7 billion, narrowly beating expectations, but the e-commerce giant’s forward guidance stole the show—for the wrong reasons. It expects operating profit of $13–$17.5 billion this quarter, underwhelming compared to Wall Street’s $17.8 billion forecast. CEO Andy Jassy blamed trade tensions, currency swings, and consumer jitters, while CFO Brian Olsavsky said Amazon is prepping for “various outcomes.” Advertising and AWS hit their marks, but third-party seller services underdelivered. The market's mood soured fast—shares fell 3% after hours.

🍎 Apple’s China Troubles Take Center Stage

Apple posted solid Q2 revenue of $95.4 billion, topping estimates, with earnings of $1.65/share, but Wall Street zeroed in on its warning: $900 million in added costs from Trump-era tariffs. Sales in China slipped 2.3% to $16 billion, missing forecasts and underlining the region’s growing resistance to foreign tech brands. The company beefed up its buyback program by $100 billion and hiked its dividend, but investors weren’t sold—shares fell over 4%. Apple’s refreshed iPads and foldable iPhone teasers couldn’t distract from mounting regulatory and supply chain pressures. Tim Cook said iPhone demand got a boost as shoppers tried to beat future price hikes.

🍔 McDonald’s Feels the Heat From Anxious Consumers

McDonald’s reported its biggest US same-store sales drop since 2020, falling 3.6% in Q1 as diners pulled back. Global comparable sales dipped 1%, missing estimates, while weakness in the UK and soft sentiment worldwide added pressure. Execs said low- and middle-income customers are getting squeezed—despite new menu items and value meals. The company will keep pushing $5 deals and expanding its chicken offerings, hoping to stabilize foot traffic. CEO Chris Kempczinski says even middle-class diners are now “grappling with uncertainty.”

🏡 Airbnb’s Q2 Forecast Hits a Booking Wall

Airbnb delivered in Q1, with nights booked up 7.9% and revenue hitting $2.27 billion—but its Q2 outlook fell flat. The company warned growth in bookings will “moderate” below Wall Street’s expectations, citing soft US travel demand and tariff-linked recession fears. Shares slipped 1.6% after hours, as investors digested the cautious tone. Airbnb also plans to pour up to $250 million into new business lines like premium guest services and “Experiences.”Canadian tourists are skipping US getaways in favor of Mexico, helping Latin America lead regional growth.

Calendar
On The Horizon

Tomorrow

One more sleep ‘til Jobs Day. After a week packed with labor data appetizers—JOLTS, ADP, and jobless claims—the main course arrives tomorrow: April’s nonfarm payrolls report. Economists are bracing for a hiring cooldown, with expectations of 130,000 new jobs versus March’s 228,000, while unemployment is seen holding steady at 4.2%.

It’s less mass layoffs, more corporate pause button. Tariff jitters have execs in wait-and-see mode, stalling hiring plans just as the Fed gears up for next week’s policy meeting. And while the earnings flood slows a touch, we’re still getting updates from energy and finance heavyweights like Exxon, Chevron, Shell, Apollo, and Wendy’s—because nothing says market clarity like a burger chain reporting the same day as a jobs cliffhanger.

NEWS
The Daily Rundown

• 🎮 Infamous anti-piracy PSA may have used pirated font: The “You Wouldn’t Steal a Car” campaign from the early 2000s is being roasted again—this time for reportedly using a pirated typeface. An investigation found the ad may have used an unlicensed clone of the FF Confidential font, originally created in 1992. While no legal consequences are expected, the irony hasn’t gone unnoticed by the design world.

• 🎵 Jack Black’s ‘Lava Chicken’ hits the Billboard charts: A 34-second song from A Minecraft Movie, sung by Jack Black, just cracked the Billboard Hot 100. “Steve’s Lava Chicken” has gone viral on TikTok, with over 280,000 videos featuring the track. It’s now the shortest song ever to chart in the Billboard’s 67-year history.

• 🧠 Nvidia’s CEO says China is neck-and-neck in AI race: Jensen Huang warned that China’s AI capabilities are highly competitive, singling out Huawei as a major force. With U.S. restrictions limiting Nvidia’s chip exports, Chinese firms have turned to domestic alternatives. Huang urged lawmakers not to underestimate China’s progress, saying the U.S. could lose its lead without smarter policy decisions.

• 🤝 U.S. and Ukraine sign mineral access deal amid uncertainty: The U.S. and Ukraine inked a partnership that gives America access to Ukraine’s rare earth minerals, despite wavering signals from Washington on future military aid. President Trump framed the agreement as Ukraine’s way of “repaying” past support, though peace negotiations that may cede territory to Russia loom large. The deal also includes a joint investment fund to strengthen economic ties.

• 🏫 Supreme Court signals support for religious charter schools: The justices heard arguments over whether Oklahoma can fund a Catholic charter school under its public school system. Most conservative justices seemed open to it, suggesting religious institutions shouldn’t be treated as “second class.” The court’s decision could reshape the national boundary between public funding and religious education.

• 🕊️ Columbia student released after ICE arrest sparks outrage: A judge ordered the release of Mohsen Mahdawi, a Palestinian Columbia student detained during his citizenship interview. His arrest was widely seen as retaliatory for his campus activism, and the court cited concerns over violations of protected speech. The case has reignited debate over ICE practices and civil liberties under the Trump administration.

• 💳 Visa integrates AI chatbots for smarter online shopping: Visa is partnering with AI firms like OpenAI and Anthropic to allow consumers to make purchases through chatbots. These AI agents could change the way users shop online by enabling conversational payments. Pilot programs are in development, with broader rollout expected next year.

• 🏈 Falcons fined for draft prank involving Shedeur Sanders: The Atlanta Falcons were fined $250,000 after their defensive coordinator’s son prank-called top QB prospect Shedeur Sanders during the NFL Draft. The teen impersonated a team exec using his dad’s iPad, misleading Sanders about his draft status. The team apologized and pledged to tighten digital security protocols.

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