😵‍💫 SPAC Comeback?

+ Bumble Cuts 30% of Workforce

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Good afternoon! A brutal heat dome is baking the eastern U.S., pushing temperatures 15–20 degrees above normal and breaking records in cities like New York, which topped its 1888 June high. Heat indexes soared past 100°F, with millions under alerts as power grids strain and roads buckle under the pressure.

While the heatwave continues, the Atlantic also saw its first named storm of the year—Tropical Storm Andrea. It formed Tuesday but isn’t expected to make landfall or pose any major threat. Some weather relief is likely by the weekend, according to forecasters.

MARKETS

*Stock data as of market close*

  • The Nasdaq 100 inched to a new record close, thanks to a 4.3% jump in Nvidia. But the broader market lost steam, with the S&P 500 ending flat and the Dow slipping 107 points.

  • Relief from the Israel-Iran ceasefire faded, and attention shifted to Friday’s PCE inflation report. Decliners outpaced gainers on the day, showing the rally’s momentum may be cooling.

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STOCKS
Winners & Losers

What’s up 📈

  • QuantumScape exploded 30.95% after it revealed a breakthrough with its solid-state lithium battery and new Cobra separator process. ($QS)

  • Bumble surged 25.14% after announcing it would cut 30% of its workforce and raise revenue guidance. ($BMBL)

  • AeroVironment soared 21.55% after crushing fiscal Q4 earnings and offering strong guidance for 2026. ($AVAV)

  • BlackBerry popped 12.47% after posting strong quarterly results and raising its full-year forecast. ($BB)

  • Nvidia rose 4.33%, hitting a new all-time high and reclaiming its spot as the largest company by market cap. ($NVDA)

  • Yum Brands gained 3.14% thanks to a JPMorgan upgrade citing strong free cash flow. ($YUM)

  • BP added 1.64% after a report (later denied) that Shell was exploring an $80B acquisition. ($BP)

  • European defense contractors climbed after NATO pledged to increase defense spending: Rheinmetall rose 1.3% and Leonardo SPA climbed 2.28%. $RNMBY, $FINMY)

What’s down 📉

  • Paychex lost 9.40% after delivering mixed earnings and a weaker operating income forecast. ($PAYX)

  • SiTime fell 15.7% after announcing a $350 million stock offering. ($SITM)

  • General Mills sank 5.04% despite narrowly beating estimates, as management warned of a tough year ahead. ($GIS)

  • Tesla dropped 3.79% following a fifth straight month of EU vehicle registration declines. ($TSLA)

  • FedEx fell 3.27% despite beating earnings last quarter, due to underwhelming guidance. ($FDX)

  • Flagstar slipped nearly 4% after Zohran Mamdani’s NYC mayoral primary win raised concerns over rent regulation. ($FLG)

ACQUISITION
SPACs are making a comeback

SPACs: The Sequel No One Asked For

The blank-check craze that fueled billions in losses during the last bull market is back—and investors are giving it another shot. So far this year, SPACs have raised over $11 billion, compared to just $2 billion during the same period in 2024. That makes up nearly two-thirds of all US IPO volume in 2025. After years of regulatory pushback and poor investor returns, big names like Chamath Palihapitiya and Goldman Sachs are dipping their toes back into the pool, while hedge funds are finding it harder to get in on new deals.

Wait, What’s a SPAC Again? SPACs, or special purpose acquisition companies, are shell companies created solely to merge with a private firm and bring it public—essentially a shortcut around the traditional IPO process. Investors put up cash without knowing what company will eventually be acquired, hoping the deal turns out to be the next big thing. Sponsors typically have two years to find a target, or the money gets returned.

Old Tricks, New Targets

SPACs are once again chasing buzzy sectors to lure in retail money. In 2020, it was electric vehicles. This time? Crypto. One SPAC is merging with a Bitcoin investment firm reportedly worth over $11 billion. Another just brought on Donald Trump Jr. as a board member while taking an online gun retailer public. Even Anthony Pompliano is launching a crypto SPAC, because why not?

Same Playbook, Still Risky: While there’s hope the SEC’s updated rules will keep things cleaner this time around, the core incentives haven’t changed—SPAC sponsors still make money even if retail investors don’t. And the track record is shaky: the median SPAC listing in 2025 has dropped around 75% from its IPO price. If this cycle plays out like the last, the real winners might be the ones charging the fees—not the investors betting on another moonshot.

NEWS
Market Movements

APP
Bumble Cuts 30% of Workforce as It Struggles to Regain Growth

Love Hurts (Especially If You're on Payroll)

Bumble is slashing about 30% of its workforce, roughly 240 roles, as it tries to get lean and regain its spark. CEO and founder Whitney Wolfe Herd, who recently returned to the helm, says the cuts will save up to $40 million annually, most of which will be reinvested in product and tech development. The company expects $13–18 million in severance charges this year.

Investors swiped right: shares jumped 25% after the announcement, and Bumble raised its Q2 revenue guidance to $244–$249 million, while also hiking its adjusted EBITDA forecast.

From Dating App to Restructuring Lab

Wolfe Herd called the layoffs part of a reset to make Bumble more “agile and decisive,” essentially, back to its startup roots. It’s not the company’s first culling either. Bumble laid off a similar number of employees in 2024. Match Group, which owns Tinder and Hinge, has been doing the same, axing 13% of its workforce in May as both companies try to figure out what Gen Z daters even want anymore.

Bumble has its eyes on reviving user trust and product stickiness, especially through features like Bumble BFF and new self-love quizzes. But it’s not clear if that’ll fix the core problem. The dating pool isn’t just dry, it’s disillusioned.

Still Not a Love Story: Despite the stock bump, Bumble’s long-term picture is still cloudy. Shares are down over 91% since its 2021 IPO, and the company’s market cap has shrunk from $7.7 billion to under $1 billion. Q1 revenue was down nearly 8%, and paying users flatlined at 4 million.

Bottom line: Bumble may be trying to love itself first, but Wall Street isn’t quite ready to commit.

Calendar
On The Horizon

Tomorrow

After a calm stretch of economic updates, Thursday delivers a packed schedule: jobless claims, durable goods, the latest US trade data, a fresh GDP revision, and pending home sales—all hitting before noon.

On the corporate side, big consumer names are reporting. Nike, Walgreens, and McCormick will give a window into spending habits, retail trends, and whether shoppers are still reaching for sneakers, meds, and spice racks.

NEWS
The Daily Rundown

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