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๐ Weekend Drama

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โ๏ธ GM Munchers! Best weekend I have had in months. Golf on Saturday. Hockey on Sunday. Wife completely unbothered. I am currently treating this the same way I treat a three-day market rally. Grateful, suspicious, and not getting too comfortable.
On todayโs menu:
๐๏ธ Friday Wrap, Weekend Drama, and What's On Deck
โ๏ธ Spirit Airlines Is Dead. Forever.
๐ฎ GameStop Wants to Buy eBay. No, Really.
๐ Reddit Crushes Earnings
๐คฏ This Stock Is Absolutely Insane
Fridayโs numbers:
S&P 500 | 7,230 | +0.29% |
Nasdaq | 25,114 | +0.89% |
Dow Jones | 49,499 | -0.31% |
Bitcoin | $78,452 | -0.14% |
BREAKING NEWS
๐๏ธ Friday Wrap, Weekend Drama, and What's On Deck
The market finished April by acting like someone who just found a $20 bill in an old jacket. $AAPL delivered a clean earnings beat, services revenue held up, and the company announced a fresh buyback. That was enough to send tech ripping and carry the S&P and Nasdaq to fresh all-time highs. The Dow disagreed. Nobody asked the Dow.
Then the weekend happened.
Trump pulled his guys out of the peace talks, saying Iran's leadership can't even agree with itself right now. Iran's foreign minister showed up in Pakistan anyway and put a new offer on the table: open the Strait back up, worry about nukes later. Trump said no. The two sides still can't agree on Iran's missiles or how to actually verify that any deal gets honoured. Nobody is close to shaking hands.
Here is what the market is staring down this week:
๐ข๏ธ Iran headlines will move oil, and oil will move everything else. Brent is still sitting above $100 a barrel with no clean resolution in sight.
๐ A monster earnings week. 121 S&P 500 companies report, including $PLTR, $AMD, $DIS, and $ARM.
๐ผ April nonfarm payrolls drop Friday. With core PCE running hot, a strong number kills Fed cut chatter for the summer.
The Munch Take: The market spent last week pretending Iran was basically solved. It is not solved. We have a ceasefire nobody trusts, a Strait still choking global shipping, and oil refusing to cooperate. Earnings are real and mostly good. But one bad headline out of Islamabad and this rally gets a cold shower fast. My wife asked if we should book the summer vacation. I said wait and see how the week plays out. She booked it anyway. She's probably right.

โ๏ธ Spirit Airlines Is Dead. The Yellow Jets Are Grounded. Forever.
After two bankruptcies and a failed government bailout, Spirit has ceased operations immediately. Thirty-three years of ultra-cheap flying. Gone overnight.
Here is what killed it:
The Iran war sent jet fuel costs through the roof and Spirit could not absorb it.
Bondholders rejected a $500 million Trump administration rescue package.
The lights went off at 3 a.m. 17,000 workers are now out of a job.
What Happens to Shareholders: This is liquidation, not restructuring. Secured lenders get paid first, bondholders second, unsecured creditors third. Shareholders get essentially nothing. If you are holding $SAVE, you are holding a yellow receipt.
What Happens to Your Flights: Credit and debit card bookings get automatic refunds. Vouchers, credits, and Free Spirit points go through bankruptcy court. Do not hold your breath.
What Happens to Your Airfare: Without Spirit on those routes, the big carriers will raise fares. Enjoy your $400 Spirit-less flight to Orlando.
The Munch Take: Spirit was the airline equivalent of a gas station sushi roll. You knew what you were getting and it usually worked out fine. Now itโs gone and the legacy carriers are already licking their chops. My wife refused to fly Spirit on principle for five years. She is now looking extremely smart. She always is.
What is Trump's "Project 2026"? (Ad)
Dear Reader,
President Trump is about to rewrite the rules of the stock market.
Liberation Day triggered the fastest 10% drawdown in recent memory โ wiping over $2 trillion off the markets in a single day.
Then he paused tariffs for 90 days โ and the S&P 500 gained $4 trillion in value.
His AI initiatives sent Palantir soaring over 140%.
But Larry Benedict says all of that was just the warm-up for what Trump is planning to do next.
Larry is calling it "Project 2026."
And Larry believes when itโs triggered, it could move more money than anything Trump did in 2025.
Weโre talking billions โ potentially trillions โ of dollars flowing into overlooked corners of the market.
Creating massive new winners and losers.
And thereโs ONE ticker sitting right at the center of it all.
Larryโs revealing the name and ticker today โ completely free.
Regards,
Lauren Wingfield
Managing Editor, The Opportunistic Trader
MARKET OVERVIEW
๐ฟ Tasty Movers & Shakers
๐ $RDDT Reddit ripped 13% after posting a top and bottom-line beat, with revenue surging 69% year over year. The internet's front page is printing money now.
๐ $EL Estee Lauder climbed 3.38% after raising its annual profit outlook. The catch: 3,000 jobs are getting cut to get there. Estรฉe Lauder is tidying up the house.
๐ฑ $AAPL Apple rose 3.28% on the back of what the company called "extraordinary" iPhone 17 demand. Beat on revenue. Beat on earnings. Tim Cook is leaving on a high.
๐ค $TWLO Twilio surged 28.83% after strong results and raised guidance showed that demand for its AI voice tools is not slowing down. Nobody saw that one coming.
๐งน $CLX Clorox face-planted 9.67% after cutting its full-year earnings outlook, blaming acquisition costs and ongoing investments. Clorox is spending money it does not have to make money it cannot find yet. My wife just switched to generic cleaning spray. Sheโs responsible for this.
โ๏ธ $TEAM Atlassian ripped 29.58% on an earnings beat driven by cloud and data center growth. Atlassian had been under pressure with the rest of the SaaS crowd. Consider this a reminder that the good ones come back.
STOCK OF THE DAY
๐ฎ GameStop Wants to Buy eBay. No, Really.
Ryan Cohen has lost his mind (again). But in the best possible way.
$GME made an unsolicited offer to acquire $EBAY for about $56 billion, at $125 a share in cash and stock. That is roughly a 20% premium to where eBay closed Friday. Cohen has already built a 5% stake in eBay and secured a commitment letter from TD Bank for about $20 billion in debt financing. He is also reportedly prepared for a proxy fight if eBay's board says no.
One small detail. This deal is nearly 5 times the market cap of GameStop itself.
๐ The Bull Case:
GameStop is sitting on approximately $9.4 billion in cash. Cohen actually has the balance sheet to attempt this.
The combined company projects $2 billion in annualized cost reductions within twelve months of closing.
eBay is a real, profitable e-commerce business. Cohen built one before. He knows the space.
๐ The Bear Case:
Half the offer is paid in $GME stock. eBay shareholders would have to voluntarily accept meme stock as currency.
This is a non-binding, unsolicited proposal. eBay's board can and probably will tell him to kick rocks.
Regulatory approval for a $56 billion deal involving one of the internet's oldest marketplaces will not be a quick process.
The Munch Take: This is either the most audacious corporate move of 2026 or the most expensive cry for attention in Wall Street history. Cohen turned a dying video game retailer into a cash pile, so the man has earned the right to be taken seriously. But asking eBay shareholders to take $GME stock as payment is like offering someone Applebee's gift cards to buy their house. Not technically impossible, but itโs a stretch.
๐ Pre-Market Fuel
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