Jack of All Trades

TME revenue +16%, margins expanding, paying users up, $5.4B cash. The business is working. Then they announced they're stopping quarterly user metric disclosure — same day free MAUs fell 5%. The market didn't separate the two. −25%.

Dollar Tree's transformation is working — gross margin up 150 bps, FCF nearly doubled, Family Dollar gone. The macro writes the pitch for them. SAIC: deliberate + involuntary contraction. Margins held. Revenue didn't. Two years of shrinkage guided.

ULTA — 6.4 Hold. The quarter was actually good on the surface: +5.8% comps, $3.90B revenue beating estimates, record 46.7M loyalty members. The market didn't care. SG&A jumped 23% to 25.7% of sales — up 230 bps year over year — and operating income fell 7.9% on 11.8% revenue growth.

Adobe delivered record Q1 results — $6.40B revenue, $2.96B in operating cash flow, AI-first ARR tripling year over year. Then Shantanu Narayen announced he's stepping down after 18 years. The business didn't miss. The market sold the uncertainty.

Bumble deliberately shrank its user base in 2025 — took $1B in impairment, watched revenue fall 10%. Operating cash flow still doubled. The reset is real. The growth isn't confirmed yet.

Oracle's $553B backlog is math on committed contracts — not pipeline. First 20%+ organic revenue and EPS growth since 2009. The AI infrastructure buildout that the market spent 2026 punishing them for just printed a 32% gross margin.

HPE's Juniper bet paid off in Q1 — Networking +151%, margins expanded 720bps, EPS beat the top of guidance. Casey's crushed estimates by 18% during a $111 oil spike and raised guidance

Strong Buy on Marvell's $15B FY2028 raise backed by signed designs. Hold on Costco at 49x, Gap at 12x pending Athleta recovery, and Guidewire at 125x with a real moat but a punishing entry.

Costco beat everything and still fell 2.4% — 49x P/E demands more than perfection. Marvell raised FY2028 to $15B on live demand. Gap's 8th straight positive comp dropped 13% on Athleta's collapse and tariff margin pressure.

Strong Buy on Broadcom's historic AI infrastructure dominance. Buy on Wix's credible platform expansion into low-code software. Hold on Abercrombie navigating a tariff-pressured transition year. Sell on Bath & Body Works — the Consumer First Formula is real