💔 Hims & Novo Call It Quits

Good afternoon! Fred Smith, who built FedEx from a scrappy startup into a global shipping powerhouse, has died at 80. A Marine vet and Yale grad, Smith famously used a “hub and spokes” system to revolutionize package delivery and once saved the company in its early days by gambling the last $5,000 in Vegas and winning enough to cover fuel costs.

By the time he stepped down as CEO in 2022, FedEx was moving 17 million packages a day. Despite his legendary business instincts, Smith kept a low profile, focusing on philanthropy and crediting his Marine training — not Yale for shaping his leadership style.

MARKETS

• Stocks opened the week on a high note after Iran’s response to U.S. strikes turned out to be more bark than bite. Missiles were launched at a U.S. base in Qatar, but with no casualties reported, investors saw a window for de-escalation.

• The S&P 500 climbed nearly 1%, while the Nasdaq 100 and Russell 2000 added 1.1%. Oil, which initially jumped, slid as fears of a broader conflict faded fast.

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STOCKS
Winners & Losers

What’s up 📈

• SpartanNash exploded 50.62% higher after C&S Wholesale Grocers agreed to acquire the wholesale grocer for $1.77 billion. ($SPTN)

• Circle climbed 9.64% following the Senate approval of its stablecoin legislation and new partnerships announced by Fiserv. ($CRCL)

• Tesla climbed 8.23% thanks to a successful robotaxi debut in Austin this weekend. ($TSLA)

• Northern Trust popped 8.01% on reports that Bank of New York Mellon is considering acquiring the financial services company. ($NTRS)

• Exelixis rose more than 7.4% after positive results from a phase 3 cancer drug trial. ($EXEL)

• Fiserv gained 4.38% after announcing a stablecoin and digital-asset platform in collaboration with Circle and PayPal. ($FI)

• Constellation Energy gained 3.37%, Uranium Energy rose 2.01%, and Centrus Energy climbed 1.16% after New York announced plans to build a new nuclear power plant. ($CEG, $UEC, $LEU)

• DoorDash moved 4.47% higher following an upgrade from Raymond James, which cited potential synergies with its Deliveroo acquisition. ($DASH)

What’s down 📉

• Wolfspeed plummeted 31.85% after the chipmaker said it plans to file for bankruptcy. ($WOLF)

• Super Micro Computer fell 9.77% after announcing a $2 billion convertible notes offering. ($SMCI)

• Novo Nordisk sank 5.49% following disappointing results for its next-generation obesity drug and a terminated partnership with Hims & Hers. ($NVO)

• Hims & Hers dropped more than 30% after Novo Nordisk ended their partnership. ($HIMS)

• APA Corp and Halliburton each lost more than 3% as oil prices slid despite geopolitical tension. ($APA, $HAL)

• RTX slipped less than 1% after the U.S. struck Iranian nuclear sites. ($RTX)

PHARMA
Hims & Hers stock falls after Novo Nordisk ends weight loss drug partnership

Wellness darling Hims & Hers just got ghosted. Novo Nordisk abruptly ended its partnership with the telehealth platform, accusing Hims of peddling knockoff versions of its blockbuster weight-loss drug Wegovy using “deceptive marketing.” Novo said Hims didn’t pull back on its compounded offerings, despite expectations laid out when the deal was inked.

Novo execs say they had a clear agreement: stop the mass compounding. Hims apparently didn’t get the memo or didn’t care to. Novo pulled the plug, saying the partnership no longer aligned with its vision. That vision likely included fewer copycats and more control over who gets to sell its $1,300-a-month golden goose.

💥 The Fallout Hits Fast

Investors weren’t thrilled. Shares of Hims cratered more than 30 percent, its biggest drop ever, while Novo’s stock dipped about 5 percent. Meanwhile, rival Eli Lilly ticked up, benefiting from the growing friction between telehealth upstarts and pharma giants. The drama also raises new questions about how these digital health platforms will carve out a slice of the weight-loss pie if the drugmakers keep tightening the gates.

Hims CEO Andrew Dudum fired back, accusing Novo of trying to strong-arm providers into pushing Wegovy whether or not it was the best clinical choice. He insisted Hims would keep offering multiple obesity treatment options, including Wegovy, just not through Novo’s pharmacy channel anymore.

🧪 The Bigger Picture

This isn’t just a messy breakup, it’s a power struggle. Novo is trying to reassert control over its blockbuster as shortages ease and compounding loopholes begin to close. Hims, for its part, is betting that its patient-first, low-cost model still has room to operate in the regulatory gray zone.

But with regulatory scrutiny growing and rivals like Ro and LifeMD cozying up to big pharma in more compliant ways, the telehealth free-for-all may be nearing its end. If you’re still selling knockoffs, you might want to duck. Pharma’s coming, and it brought lawyers.

Bottom line: Novo drew a line in the sand. Hims stepped over it. Now the once-promising obesity drug boom has a new wrinkle—who gets to profit, and who plays by the rules.

NEWS
Market Movements

• 🚗 Tesla surges on robotaxi debut in Austin: Tesla stock jumped 8% after launching its limited robotaxi service with safety monitors and geofenced routes, signaling a step toward Musk’s autonomous future. ($TSLA)

• 🚀 Rocket Lab hits record high as investors rotate from SpaceX: Shares rose 9% amid defense optimism and growing interest in Musk-free launch alternatives, fueled by rising short interest and geopolitical demand. ($RKLB)

• 💰 Fiserv jumps on stablecoin launch news: Fiserv gained 4% after announcing plans to release its own stablecoin, FIUSD, by 2025 on the Solana blockchain, riding momentum from the GENIUS Act. ($FI)

• 🛰️ Palantir climbs as defense tech draws investor demand: Palantir nearly hit a record high as U.S.-Iran tensions renewed interest in defense AI platforms, extending its 2025 lead atop the S&P 500. ($PLTR)

• 📉 Hertz faces backlash over AI damage charges: Shares rose 4% even as customers reported being charged hundreds for tiny car dings by AI scanners, raising concerns about automated overcharging. ($HTZ)

• 📦 DoorDash rises on strong ad growth and upgrades: Shares hit 3-year highs after analysts praised its billion-dollar ad business and synergies from the Deliveroo acquisition. ($DASH)

• ₿ Pompliano announces $1B bitcoin treasury firm via SPAC: ProCap Financial will go public through Columbus Circle Capital, aiming to become the largest BTC-native finance company. ($ICCCM)

• 🛢️ Oil prices fall after Iran strike causes no casualties: Oil futures dropped over 7% as Iran’s missile strike on a U.S. base in Qatar caused no damage, easing fears of escalation and supply disruption. ($LCO.1)

• 💸 Super Micro drops on $2B convertible note news: Super Micro shares fell nearly 10% after announcing a $2B convertible offering, raising dilution concerns despite growth plans. ($SMCI)

• 🛰️ Amazon expands satellite network with Kuiper launch: Amazon launched 27 new Kuiper satellites via ULA, advancing its plan to compete with Starlink in global broadband. ($AMZN)

WORLD
Israel and Iran have agreed to a ceasefire

In a classic Truth Social twist, Trump announced that Israel and Iran have agreed to a tentative ceasefire, set to begin around midnight Monday. The announcement came just hours after Iran launched a missile strike at a U.S. base in Qatar—a strike it warned about ahead of time, resulting in zero casualties and maximum optics.

Trump thanked Iran for the heads-up, claiming it “made it possible for no lives to be lost.” Within hours, Qatar reopened its airspace, stocks turned green, and oil prices tumbled. The market's read? A show of strength, not the start of a regional meltdown.

Symbolism Over Shockwaves

The missile count reportedly matched the number of bombs dropped by the U.S. on Iran’s nuclear facilities over the weekend—a carefully choreographed tit-for-tat. Iran called the strike “proportionate,” its foreign minister said they weren’t seeking escalation, and the U.S. Embassy lifted shelter-in-place orders in Doha shortly after.

Iran’s Supreme Leader kept the usual defiance, but with top officials signaling this round of conflict may be winding down, analysts believe the response was more performative than provocative. Even Trump followed up his post with: “CONGRATULATIONS WORLD, IT’S TIME FOR PEACE!”

Eyes Still on the Strait

While tensions have eased, one long-term concern remains: the Strait of Hormuz—the narrow maritime chokepoint through which about 20 million barrels of oil flow daily, representing 20% of global energy consumption.

Iran’s parliament made noise this week by voting in favor of closing the strait, but any actual blockade would require top-level approval—and right now, that seems unlikely. Analysts say closing the strait would hurt Iran’s own economy and risk full-scale retaliation. The measured nature of Iran’s strike suggests they're not ready to go nuclear on the shipping lanes just yet.

That said, even without a formal closure, shipping firms have started rerouting vessels due to security risks, which could raise costs for global trade. Goldman Sachs noted that while the region remains tense, the economic pressure on all sides—including from China—makes a prolonged disruption of the Strait "unlikely" for now.

Markets Exhale: Traders saw the strike as a signal that Iran was done—for now. Oil prices reversed course, futures moved higher, and fears of a wider Middle East conflict faded slightly. The ceasefire may not be bulletproof, but for today, Wall Street is betting on calm over chaos.

Calendar
On The Horizon

Tomorrow

Tuesday’s economic slate is stacked. First up: the S&P Case-Shiller report, expected to show home prices are still squeezing buyers. Then comes a fresh read on consumer confidence from the Conference Board—key for gauging whether Americans are feeling spendy or sitting on their wallets.

On the earnings front, keep an eye on FedEx for a pulse check on shipping demand, Carnival for travel appetite, and BlackBerry, which is still trying to reinvent itself beyond your dad’s old smartphone.

NEWS
The Daily Rundown

• 🛩 Operation Midnight Hammer Revealed: The Pentagon confirmed 14 bunker-busting bombs and seven B-2 bombers were used in Saturday’s attack. While damage reports are still coming in, U.S. officials say every target was hit. Iran, meanwhile, warned it may activate sleeper cells in the U.S., prompting NYC to raise its terror alert and prep for possible lone wolf or cyberattacks.

• 🏀 Kevin Durant Traded Live Onstage: KD learned mid-panel at Fanatics Fest that the Suns had traded him to the Rockets. He responded, “We’re gonna see, man.” The blockbuster deal sent Jalen Green and a slew of picks to Phoenix.

• 🏆 Thunder Win First Title in OKC: The Oklahoma City Thunder took Game 7 over the Pacers, 103–91. Shai Gilgeous-Alexander locked in Finals MVP honors, delivering the franchise’s first championship since its Seattle days.

• 🌲 GOP Pushes to Sell Public Land for Housing: A new Senate proposal could unlock up to 3.2 million acres of federal land across 11 western states for housing development. But backlash is fierce—conservationists and even some Republicans say it’s an assault on public lands disguised as a housing solution.

• 📉 Inflation in Focus as Powell Testifies: Fed Chair Jerome Powell heads to Capitol Hill this week as the Trump admin ramps up pressure to cut interest rates. He’ll face grilling from both parties, while the Fed watches fresh PCE inflation data due Friday. Markets are already bracing for impact.

• 🎥 Hollywood Preview: Hulu’s The Bear drops its fourth season Wednesday. Netflix’s Squid Game returns Friday. On the big screen, M3GAN 2.0 battles F1: The Movie in theaters.

• 🔥 Dangerous Heat to Blanket the East Coast: Nearly 100 U.S. cities are expected to hit extreme temperatures this week, with major metro areas topping 100°F. New England and NYC will be about 20 degrees above average—gray shirts not advised.

• 🛬 Church Staff Stop Gunman in Michigan: Two church workers shot and killed a gunman wearing tactical gear outside CrossPointe Community Church during a morning service. Police credited their quick response with averting a potential mass tragedy.

• 🛥 Sunken Superyacht Salvaged in Sicily: The Bayesian—owned by UK tech billionaire Mike Lynch—was raised months after it sank off the Sicilian coast, killing Lynch and six others. Investigators are now examining the wreck for clues.

• 📉 Pixar’s Elio Has Worst Opening Ever: Despite decent reviews, Elio brought in just $21 million, making it Pixar’s weakest box office debut to date. The studio may be facing franchise fatigue.

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