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Analysts are doing most of the lifting this morning. A software giant got a rare double upgrade from a former bear, and a solar maker and a biotech picked up upgrades of their own, one built on pricing power and the other on its pipeline. Tied for the top spot is a quiet AI deal that put a renewable-powered compute name in business with one of the industry’s top labs.

On the downside, it’s all about new risks. A quantum computing name is facing questions after a pricey acquisition, and a memory maker is digesting news that a Chinese rival is coming for its market.

You don’t need to buy hundreds of shares – costing thousands of dollars - to get exposure to a company’s potential upside. Warrants often cost a fraction of the underlying stock. But gives you leverage to the upside.

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IREN (IREN): +4%

The Australia-based company, which runs entirely on renewable energy, is jumping after The Information reported it quietly signed a multi-year cloud computing deal with Anthropic. Landing a frontier AI lab as a customer is the kind of validation that moves a compute provider into a different conversation, and a multiyear term means this is more than a one-off contract.

Salesforce (CRM): +4%

Bank of America (BAC) issued a rare double upgrade, taking the stock to Buy from Underperform. The bank argues AI should deepen customers’ dependence on Salesforce rather than disrupt it, and going from bear to bull in a single move signals a full reversal of view, not a tweak.

First Solar (FSLR): +3%

Truist (TFC) upgraded the solar name to Buy from Hold, citing strong demand across the solar market over the coming years. The firm also pointed to First Solar’s pricing power, which is the piece that turns growing demand into growing profits.

Biogen (BIIB): +3%

JPMorgan (JPM) upgraded the biotech to Overweight from Neutral, pointing to several clinical readouts in 2027 as catalysts. The call is built on the pipeline, so the payoff the firm is pointing to is still more than a year out.

IonQ (IONQ): -3%

The quantum computing company is slipping after The Wall Street Journal reported it bought cybersecurity firm Elisity for up to $1.3 billion. That is a big check to write outside the core quantum story, and the market’s first reaction is caution.

Micron (MU): -2%

China’s CXMT said it will begin producing next-generation memory chips that will compete for market share with US and Korean suppliers. Nothing has changed in Micron’s results yet, but a new rival in its most important product category is a risk the market is quick to price in.

A cheap warrant isn’t automatically a bargain. Strategic Trader editor John Pangere asks three questions: how much time is left, how good are the stock’s prospects, and whether the warrant trades actively enough.

Learn more in his free guide to warrants.

Red Cat Holdings (RCAT)

The drone maker has been sitting near the top of StockTwits’ trending list this morning, and the conversation is a full tug of war. Bulls are calling it a falling knife worth catching, pointing to the Army fielding its Black Widow drone, short interest some peg above 25% of the float, and hopes for contract news around the Army’s annual AUSA conference. Bears counter that the company has been promising imminent contracts for two years.

The stock closed Friday at $5.77, just above its 52-week low and down nearly 70% from its high, even as management targets $150 million to $180 million in 2026 revenue. Whether that gap reflects too much pessimism or a market that simply wants to see the contracts first is the question traders seem to be circling.

✌️That’s it for today.