Presented by Kalshi: Think you know where Bitcoin will be trading at 5pm ET today? How about the 2028 Democratic presidential nominee? Turn your takes into trades and claim a $20 bonus today.

This morning's tape is doing something unusual. Several of the biggest losers actually beat the quarter, but the market is taking gains anyway after monster runs into the print. Several of the biggest winners cleared a bar so low that simply not breaking it counted as progress.

The pattern underneath is about expectations, not execution. Names that are priced in perfection are getting trimmed on anything short of it, and turnaround stories are finally being rewarded for showing the first real signs of life.

Tesla (TSLA) and SpaceX: still two companies, or one by 2027?

Wedbush's Dan Ives is betting on the latter, pointing to a joint chip factory in Austin, a pending SpaceX IPO targeting a $1.75T valuation, and operational ties that are tightening fast. Markets are giving it about a 1-in-5 shot by this time next year.

What do you think? Hit the button below to weigh in and claim your $20 bonus.

Twilio (TWLO): +21%

The cloud communications software maker beat on both the top and bottom line, and guided current-quarter revenue above the Street. After years of being treated like a maturing growth story, Twilio is reminding investors it can still surprise to the upside.

Reddit (RDDT): +13.8%

The social platform beat on daily active users and guided current-quarter EBITDA well above expectations. The setup confirms what bulls have been arguing all year, that Reddit's monetization ramp is just getting started.

Estée Lauder (EL): +10.5%

The cosmetics company beat on both earnings and revenue and announced more job cuts as part of its turnaround. After a punishing run, investors are taking the combination of better numbers and tighter cost discipline as the first real sign the plan is working.

Roku (ROKU): +7.6%

The streaming company topped revenue and adjusted EBITDA estimates and guided the current quarter above the Street across every line that matters. For a stock that has spent years stuck between profitability questions and ad-market anxiety, that kind of clean print is exactly the catalyst it needed.

Roblox (RBLX): -23.9%

The online gaming platform slashed its full-year bookings guidance by nearly a billion dollars and guided the current quarter well below the Street. When a growth name cuts numbers this aggressively, the market does not wait around for the explanation.

Western Digital (WDC): -7.6%

The data storage company beat on its fiscal third-quarter results and guided the fourth quarter above expectations, but the stock is selling off anyway. Investors appear to be locking in gains on a name that already priced in good news.

Clorox (CLX): -6.5%

The consumer products company beat on earnings but cut its full-year profit outlook, citing more selective consumer spending amid higher gas prices. The beat is yesterday's story; the guide is the one investors are reacting to.

Sandisk (SNDK): -3.9%

The memory company crushed earnings expectations and guided above the Street, but the stock is still falling. After a ~300% run in 2026, the bar was so high that even a clean beat looks like profit-taking weather.

Who’s getting the boot from Trump’s cabinet this year?

On Kalshi, Karoline Leavitt leads at 47% odds (2.05x payout), with Pete Hegseth hot on her heels at 46%.

Over $2.4 million in volume says someone’s getting fired.

Ready to cash in on the chaos? Claim your $20 bonus and place your bet now.

Palantir (PLTR)

Palantir reports Q1 earnings after the close on Monday, and the retail conversation around the print has been building all week across r/wallstreetbets, r/stocks, and StockTwits. The stock is down roughly 17% year-to-date, options markets are pricing in a move of about 10% in either direction, and the bull-bear standoff has rarely been wider.

On one side, Wedbush's Dan Ives is calling for "unprecedented demand" for the AIP platform and a $230 price target. On the other, Michael Burry has publicly argued that Anthropic is eating Palantir's lunch in enterprise AI. Monday's print could be the moment that settles which narrative the market is willing to pay for.

✌️That’s it for today.