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  • 🚀 Kohl’s Goes Full Meme Mode

🚀 Kohl’s Goes Full Meme Mode

+ Zyn Sales Miss Forecasts as Philip Morris Stock Drops on Slowing Growth

July 22, 2025

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MARKETS

*Stock data as of market close*

  • The S&P 500 squeezed out its 11th record close of the year, inching up 0.06% as investors digested fresh earnings and trade headlines. The Dow climbed 179 points while the Nasdaq slipped 0.4%, snapping a six-day winning streak just ahead of Big Tech earnings.

  • While stocks cooled, Fed chatter heated up. Trump dialed down his criticism of Jerome Powell, but economist Mohamed El-Erian stepped in to question the Fed’s path. All eyes now turn to tomorrow’s earnings blitz.

STOCKS
Winners & Losers

What’s up 📈

  • Kohl’s surged 37.62% despite no major corporate news, as meme stock chatter on Reddit fueled a massive retail-driven rally. ($KSS)

  • Medpace skyrocketed 54.67% after smashing Q2 estimates and raising full-year guidance, with both revenue and earnings coming in well above analyst expectations. ($MEDP)

  • IQVIA climbed 17.88% following a strong earnings beat and a narrowed but still solid full-year guidance range. ($IQV)

  • D.R. Horton popped 16.98% after delivering a blowout Q3 earnings report that crushed expectations on both the top and bottom line. ($DHI)

  • PulteGroup rose 11.52% after topping Q2 revenue and earnings expectations, with management expressing optimism for a sales rebound. ($PHM)

  • Northrop Grumman gained 9.41% after Q2 revenue beat estimates, fueled by an 18% jump in international sale

What’s down 📉

  • Lockheed Martin dropped 10.81% after reporting a $1.6B loss related to legacy defense programs and missing Q2 revenue estimates. ($LMT)

  • General Motors fell 8.12% despite a beat on Q2 earnings, as tariff costs and a 31% year-over-year drop in adjusted EBIT spooked investors. ($GM)

  • Equifax slid 8.18% after issuing disappointing Q3 guidance for both revenue and EPS. ($EFX)

  • Agilysys fell 4.73% after Q1 EBITDA missed expectations, coming in at $12.5M vs. the $14M consensus. ($AGYS)

  • Opendoor Technologies reversed earlier gains to end down nearly 10.28%, though the stock remains up more than 500% in July. ($OPEN)

  • NXP Semiconductors slipped 2.79% after Q2 sales declined due to weakness in auto demand, despite beating estimates. ($NXPI)

STOCK
Kohl’s Skyrockets as Stock Becomes Traders’ Latest Meme Darling


Kohl’s just pulled off a market comeback that would make GameStop blush. The stock skyrocketed 38% Tuesday its biggest one-day gain ever after exploding across social media and briefly doubling intraday. Trading was so wild it triggered volatility halts, all while the company remains deep in turnaround mode with no clear growth catalyst.

Short Squeeze in Aisle 5: With nearly half of Kohl’s shares sold short, it didn’t take much to ignite a classic meme-fueled short squeeze. Retail traders flooded forums, call options surged over 360% above average, and institutional bears were likely sent scrambling. Compare that to GameStop’s 2021 short interest of 20% and the mechanics look all too familiar.

Scandals and Struggles Still Linger

The market euphoria masks deep issues. Earlier this year, Kohl’s fired its CEO over an undisclosed relationship tied to a multimillion-dollar vendor deal. Morale plunged, engagement hit a 15-year low, and the company’s been bleeding sales for three years straight. Internally, leaders admitted they veered too far from core products and alienated loyal customers.

FOMO Over Fundamentals: Roundhill Investments CEO Dave Mazza summed it up: “Kohl’s ripping is straight out of the 2021 meme-stock script.” Retail traders, flush with liquidity and nostalgia, seem to be chasing momentum over balance sheets. The stock may be mooning, but questions about long-term value haven’t disappeared with the shorts.

NEWS
Market Movements

RETAIL
Zyn Sales Miss Forecasts as Philip Morris Stock Drops on Slowing Growth

Smoke-Free Momentum Wavers
Philip Morris is trying to become more than just a cigarette company, leaning heavily into smoke-free products like Zyn. But this quarter, that strategy hit a bump. Shares fell over 8 percent after the company missed revenue forecasts and reported its first quarterly decline in Zyn shipments, even though smoke-free products now make up 41 percent of total sales.

The Zyn Craze Cools Off: Zyn shipments rose 41 percent year over year but still came in under expectations, with 191 million cans sold versus 204 million expected. That’s a letdown after last year’s shortages sparked a frenzy dubbed the “Zyndemic.” Philip Morris had boosted capacity in Kentucky to meet the surge, but it turns out restocking demand may have overestimated actual consumption.

Strong Profits, Weak Topline

The company did beat on earnings, reporting $1.91 per share versus the $1.86 analysts expected, and raised full-year profit guidance. Still, overall revenue landed at $10.1 billion, falling short of the $10.3 billion estimate. Adding to investor worries, Philip Morris warned that total product shipments may drop in the second half of the year, with cigarette volume expected to decline by 2 percent for the full year.

Future Rests on a Pouch: Philip Morris has gone all-in on its smoke-free future. In 2023, it sold 385 million cans of Zyn. That jumped to 581 million in 2024, and the target for this year is as high as 820 million. But after today’s miss, investors may be wondering whether that trajectory is sustainable—or if the nicotine pouch boom is peaking.

CALENDAR
On The Horizon

Tomorrow

There’s just one economic report on the calendar tomorrow—existing home sales—and unless you’re in the mood for more proof that the housing market’s in a rut, feel free to ignore it.

Instead, earnings will steal the show. Chipotle, IBM, AT&T, T-Mobile, NextEra, Hilton, Mattel, O’Reilly Automotive, Las Vegas Sands, and ServiceNow all report. But let’s be real, two names are towering above the rest.

After The Close:

  • Tesla’s Q2 numbers are expected to be ugly. Deliveries dropped over 13%, and earnings will likely follow suit. But the real story is Elon. If he can convince investors that he’s back in the driver’s seat and laser-focused on Tesla—not political posts or rocket launches—then Wall Street might be willing to overlook the short-term pain.

  • Alphabet has its own balancing act. Waymo’s autonomous car push could offer a shiny distraction, and YouTube’s still dunking on traditional media. But rising AI costs, cooling search traffic, and regulatory heat aren’t going away. Investors want growth—but they’re watching the bill.

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NEWS
The Daily Rundown

  • 🛩️ Bangladesh Jet Crash Kills at Least 20: A Bangladesh Air Force training jet crashed into a school in Dhaka, killing at least 20 people and injuring over 170. The F-7 aircraft hit the Milestone School campus during a routine flight, sparking explosions and widespread panic among students. The pilot reportedly tried to divert the aircraft before impact but died in the crash. Officials are investigating the cause and reviewing flight paths over populated areas.

  • 🔐 Microsoft SharePoint Hack Hits 100+ Targets: A zero-day vulnerability in Microsoft’s SharePoint software allowed hackers to breach systems across more than 100 organizations, including U.S. and European government agencies. Researchers suspect Chinese-linked groups orchestrated the attacks, targeting classified documents and communications. Microsoft released an emergency patch, but concerns linger about hidden backdoors. Cybersecurity agencies are urging immediate defensive action.

  • 📜 MLK Assassination Files Declassified: The Trump administration released more than 230,000 pages of FBI and CIA documents related to Martin Luther King Jr.’s 1968 assassination. The documents include surveillance records and internal memos that shed light on years of government tracking. While some civil rights leaders welcomed the transparency, others warned the files could be misinterpreted. Historians are combing through the material to reassess official narratives.

  • 🥪 Subway Taps Burger King Vet as CEO: Subway appointed Jonathan Fitzpatrick, a former Burger King executive, as its new CEO in a move to revive its struggling brand. Fitzpatrick brings turnaround experience from Driven Brands and is expected to drive modernization and global expansion. The leadership change follows Subway’s acquisition by Roark Capital in 2024. U.S. same-store sales have slipped in recent years amid stiff sandwich competition.

  • 🍕 Domino’s Sales Rise on Stuffed Crust: Domino’s reported a 3.4% increase in same-store U.S. sales, crediting its new stuffed crust offering and expanded delivery options. The pizza chain saw strong carry-out demand and growth through third-party apps like Uber Eats. Executives said the loyalty program refresh also helped boost customer retention. The company is now eyeing more premium menu items to sustain momentum.

  • ✈️ Southwest to Launch Assigned Seating: Southwest Airlines will introduce assigned seating on all flights starting Jan. 27, 2026, ending decades of open seating. Customers will be able to book specific seats—including extra legroom and preferred spots—beginning next week. The airline says the move will streamline boarding and generate added revenue. Loyalists of the old system have voiced concern, but Southwest says flexibility will remain.

  • 🕵️ EU Preps Retaliation in US Trade Dispute: The EU is preparing to retaliate against potential U.S. tariffs with the Anti-Coercion Instrument, a new measure allowing it to target American tech firms and contracts. The warning comes after President Trump proposed a 30% tariff on EU imports. Germany, Ireland, and France would be among the hardest hit. Both sides face a looming Aug. 1 deadline to resolve the dispute.

  • ⚖️ Harvard Fights Back on $2.6B Funding Cut: Harvard University challenged the Trump administration in court over the loss of $2.6 billion in research funding, citing unconstitutional retaliation. The government accused Harvard of failing to curb antisemitism, while Harvard argued it was being punished for not eliminating diversity programs. A federal judge appeared skeptical of the government’s claims. If Harvard wins, Trump has pledged to appeal.

  • 🎭 Actor Malcolm-Jamal Warner Dies at 54: “Cosby Show” star Malcolm-Jamal Warner died while swimming on vacation in Costa Rica, reportedly caught in a strong current. The Emmy-nominated actor was best known for playing Theo Huxtable and had a long career in TV and film. Warner had spoken candidly about the show’s tarnished legacy. He is survived by his wife and daughter, whose identities were kept private.

  • 🎲 Polymarket Returns to U.S. with Acquisition: Crypto-based betting platform Polymarket is re-entering the U.S. by acquiring a regulated derivatives exchange for $112 million. The purchase of QCX gives Polymarket legal clearance to resume operations stateside after a 2022 ban. The company has also ramped up lobbying, hiring a former Trump advisor to promote prediction markets. Sportsbooks like DraftKings are already worried about the competition.

  • 🏗️ China Begins Building World’s Biggest Dam: China started construction on what will be the world’s largest hydroelectric dam along the Yarlung Zangbo River in Tibet. Expected to produce 300 billion kWh annually, the megaproject will triple the capacity of the Three Gorges Dam. The move boosted Chinese markets but drew criticism from India and environmental groups. The $167 billion project is central to China’s clean energy ambitions.

  • 💼 Four-Day Workweek Shows Big Benefits: A massive six-country study of nearly 2,900 workers found that switching to a four-day, 32-hour workweek improves job satisfaction, sleep, and mental health. Ninety percent of participating companies kept the schedule after the six-month trial. Employers trimmed meetings and restructured tasks without sacrificing output. Researchers say the results support permanent adoption of shorter weeks.

  • 🧠 Dark Energy Might Be Weakening, Study Finds: Astronomers studying distant supernovae found hints that dark energy—the force accelerating the universe’s expansion—may be fading over time. The findings challenge existing models of cosmology and could suggest unknown physics at play. While not conclusive, the results could reshape how scientists understand the fate of the universe. Researchers say more data is needed to confirm the trend.

  • 🪙 Strategy Now Owns 3% of All Bitcoin: Formerly MicroStrategy, the firm now dubbed “Strategy” has acquired over 607,000 bitcoin—about 3% of the total in existence. Its founder Michael Saylor transformed the software company into a bitcoin powerhouse, with shares up 3,500% since 2020. The firm added another 6,220 bitcoin last week for nearly $740 million. Analysts warn the approach is risky, but so far, it’s paid off.

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