Jack of All Trades

FRMI hit all-time lows (−24%) after reporting $486M loss with zero revenue and no signed tenant. MAAS closed its Huazhi AI acquisition. WTI $102, tech death cross, VIX 30+. SKORE: FRMI 2.8 Avoid · MAAS 5.4 Spec Buy.

AGX beat by 63%, backlog doubled to $2.9B, zero debt, +35% on a day the Dow lost 793 points. The AI data center demand is already in the backlog. CCL: Record bookings, 85% prebooked, demand intact through 2028. Unhedged on fuel.

PDD missed EPS by 15%, stock up 4.6%. The market bought the RMB 100B supply chain pledge, not the quarter. Transaction services +19%, de minimis cliff is permanent, EU now 40% of Temu GMV. Cintas: record gross margins, guidance raised again, UniFirst acquisition pending. EPS matched

GameStop is no longer a retailer. It's a $9B cash-holding entity in a dying retail wrapper, with Ryan Cohen communicating via press release and a compensation structure that only pays out if market cap hits $20B→$100B milestones.

FedEx beat by 28% on EPS, raised the full-year guide by over a dollar at the midpoint, cut CapEx, and posted six consecutive quarters of margin expansion. The bear case was tariffs and route disruptions. The DRIVE program printed anyway. Freight spin-off June 1.

Micron tripled revenue, sold off on capex fear. The spend is building for a $100B HBM market with contracts already signed. Accenture beat and raised, hit a 52-week low. Record bookings don't print for 6–18 months. Alibaba: Quick Commerce war killed net income −66%. Cloud +36%.

WSM delivered record EPS, zero debt, 51.6% ROIC — and raised guidance twice in the year before beating it. Macy's posted its third consecutive positive comp; Bloomingdale's +9.9%. LULU lost 550 bps of gross margin to tariffs and discounting. Americas comps negative. GIS missed EPS by 12%

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.