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LVMH’s Dior just named Jonathan Anderson as its sole creative director, overseeing menswear, womenswear, couture, & accessories.
He replaces Maria Grazia Chiuri as Dior looks to revive sales. Anderson, already known for transforming Loewe, will debut women’s designs in September https://t.co/oVQv1FMZW1
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LVMH’s Dior just named Jonathan Anderson as its sole creative director, overseeing menswear, womenswear, couture, & accessories.
He replaces Maria Grazia Chiuri as Dior looks to revive sales. Anderson, already known for transforming Loewe, will debut women’s designs in September https://t.co/oVQv1FMZW1
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$DKNG | Illinois lawmakers approved a $55.2B budget that includes a new per-bet sports gambling fee—$0.25 on the first 20M online bets, $0.50 after.
It comes just a year after Illinois hiked its sports betting tax to a progressive 20–40% range. Despite opposition from operators and users, Gov. Pritzker says he’ll sign it. The fee is expected to raise $36M annually.
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$DKNG | Illinois lawmakers approved a $55.2B budget that includes a new per-bet sports gambling fee—$0.25 on the first 20M online bets, $0.50 after.
It comes just a year after Illinois hiked its sports betting tax to a progressive 20–40% range. Despite opposition from operators and users, Gov. Pritzker says he’ll sign it. The fee is expected to raise $36M annually.
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$META wants to fully automate ad creation with AI by end of 2026, per WSJ. Brands could soon upload a product image and budget, and Meta’s AI would handle the rest—creating the ad, setting targeting, and even tweaking visuals by location. https://t.co/UR6GebXQ8o
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$META wants to fully automate ad creation with AI by end of 2026, per WSJ. Brands could soon upload a product image and budget, and Meta’s AI would handle the rest—creating the ad, setting targeting, and even tweaking visuals by location. https://t.co/UR6GebXQ8o
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KEYBANC says the "One Big Beautiful Bill" could be a win for comm services stocks if passed, especially for $CHTR, $T, $VZ, $CMCSA, and $TMUS. It restores key TCJA perks like R&D credits and 100% bonus depreciation, which analyst Brandon Nispel sees as “most notable for CHTR,” expecting a 30% FCF boost and >$60 in FCFps by 2027.
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KEYBANC says the "One Big Beautiful Bill" could be a win for comm services stocks if passed, especially for $CHTR, $T, $VZ, $CMCSA, and $TMUS. It restores key TCJA perks like R&D credits and 100% bonus depreciation, which analyst Brandon Nispel sees as “most notable for CHTR,” expecting a 30% FCF boost and >$60 in FCFps by 2027.
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CITI reiterates Buy on $AAPL with a $240 PT ahead of WWDC (June 9), saying Apple’s “full stack” position—custom silicon, tight ecosystem, and 2.35B users—keeps it well placed for the personal AI era. While AI-powered Siri features are delayed to 2026, Citi sees upside from expected Apple Intelligence updates and broader platform enhancements.
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CITI reiterates Buy on $AAPL with a $240 PT ahead of WWDC (June 9), saying Apple’s “full stack” position—custom silicon, tight ecosystem, and 2.35B users—keeps it well placed for the personal AI era. While AI-powered Siri features are delayed to 2026, Citi sees upside from expected Apple Intelligence updates and broader platform enhancements.
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BofA Upgrades $BA to Buy from Neutral, Raises PT from $185 to $260 - Street High
Analyst comments: "Boeing aircraft have emerged as the favored trade tool for the Trump Administration in recent trade deals. We view those recent deals struck in the UK (32 aircraft orders), Qatar (210 aircraft orders), UAE (28 aircraft orders), and China (removing the ban on BA aircraft), as setting a precedent for future global trade negotiations, to BA’s benefit. That said, Boeing’s backlog hasn’t been the lynch pin to our valuation. However, we do see the progress in stabilizing production, carve-outs alleviating FCF burn, and a renewed focus across the portfolio all performing in concert with the “favored trade mechanism” status creating a buying opportunity. Therefore, we upgrade Boeing to a Buy (from Neutral) and increase our PO to $260 (from $185) which implies FCF of $9/share."
Analyst: Ronald Epstein
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BofA Upgrades $BA to Buy from Neutral, Raises PT from $185 to $260 - Street High
Analyst comments: "Boeing aircraft have emerged as the favored trade tool for the Trump Administration in recent trade deals. We view those recent deals struck in the UK (32 aircraft orders), Qatar (210 aircraft orders), UAE (28 aircraft orders), and China (removing the ban on BA aircraft), as setting a precedent for future global trade negotiations, to BA’s benefit. That said, Boeing’s backlog hasn’t been the lynch pin to our valuation. However, we do see the progress in stabilizing production, carve-outs alleviating FCF burn, and a renewed focus across the portfolio all performing in concert with the “favored trade mechanism” status creating a buying opportunity. Therefore, we upgrade Boeing to a Buy (from Neutral) and increase our PO to $260 (from $185) which implies FCF of $9/share."
Analyst: Ronald Epstein
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Truist Securities Initiates Coverage on $PYPL with Sell Rating, PT $68; 'we worry that PayPal is increasing its lending business at the wrong point in the economic cycle'
Analyst comments: "We agree with many of the strategic changes that the new management team is undertaking (improving the branded checkout UX, Fastlane rollout, being less aggressive on Braintree pricing, etc.). That said, we model gross profit growth that is below the Street (2024-2027E CAGR - Truist: +2%, consensus: +5%) due mainly to competitive pressure in their branded checkout business from Apple Pay and Shop Pay as well as a lower level of float income as interest rates decline. Similar to Block, we also worry that PayPal is increasing its lending business at the wrong point in the economic cycle (their on balance sheet loans were up +31% YoY in 1Q25) which creates growover risk in 2026. All-in-all, we see better value in other large caps under coverage (FI, MA, V)."
Analyst: Matthew Coad
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Truist Securities Initiates Coverage on $PYPL with Sell Rating, PT $68; 'we worry that PayPal is increasing its lending business at the wrong point in the economic cycle'
Analyst comments: "We agree with many of the strategic changes that the new management team is undertaking (improving the branded checkout UX, Fastlane rollout, being less aggressive on Braintree pricing, etc.). That said, we model gross profit growth that is below the Street (2024-2027E CAGR - Truist: +2%, consensus: +5%) due mainly to competitive pressure in their branded checkout business from Apple Pay and Shop Pay as well as a lower level of float income as interest rates decline. Similar to Block, we also worry that PayPal is increasing its lending business at the wrong point in the economic cycle (their on balance sheet loans were up +31% YoY in 1Q25) which creates growover risk in 2026. All-in-all, we see better value in other large caps under coverage (FI, MA, V)."
Analyst: Matthew Coad
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LONG BONDS BREAK FROM THE PACK: While 2-, 5-, and 10-year Treasury yields have dropped YTD, the 30-year has climbed 15 bps — the only maturity moving up. https://t.co/ds1mDjbHC4
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LONG BONDS BREAK FROM THE PACK: While 2-, 5-, and 10-year Treasury yields have dropped YTD, the 30-year has climbed 15 bps — the only maturity moving up. https://t.co/ds1mDjbHC4
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Politico reports the Trump administration is planning to ease post-2008 capital rules for big banks. The Fed, OCC, and FDIC are working on a proposal to lower the supplementary leverage ratio. Treasury Sec. Scott Bessent says scaling back the supplementary leverage ratio could help banks buy more Treasuries and lower yields by up to 60 bps “over time.”
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Politico reports the Trump administration is planning to ease post-2008 capital rules for big banks. The Fed, OCC, and FDIC are working on a proposal to lower the supplementary leverage ratio. Treasury Sec. Scott Bessent says scaling back the supplementary leverage ratio could help banks buy more Treasuries and lower yields by up to 60 bps “over time.”
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Thiel-backed $ATAI Life Sciences is planning to fully acquire UK-based Beckley Psytech in an all-stock deal valuing Beckley at around $390 million, per Bloomberg. Atai will rename the combined firm Atai Beckley and raise $30M from Adage Capital and Ferring Ventures. Deal hinges on mid-2025 trial results for Beckley’s intranasal depression treatment.
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Thiel-backed $ATAI Life Sciences is planning to fully acquire UK-based Beckley Psytech in an all-stock deal valuing Beckley at around $390 million, per Bloomberg. Atai will rename the combined firm Atai Beckley and raise $30M from Adage Capital and Ferring Ventures. Deal hinges on mid-2025 trial results for Beckley’s intranasal depression treatment.
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BOFA COMMENTS ON ILLINOIS RAISING OSB TAXES: 'WE DO EXPECT DKNG TO EXPLORE VARIOUS MITIGATION STRATEGIES'
Analyst comments: "This weekend, Illinois passed their FY26 Budget with an incremental fee for online sports book (OSB) operators. Operators will be charged $0.25 for each wager up to 20M wagers and $0.50 for each additional wager over 20M. DraftKings and FanDuel are the only two operators that collect over 20M wagers annually in Illinois, and we estimate this incremental fee to increase their effective tax rate to over 50% from ~35% currently. As a reminder, IL raised taxes last year from 15% to ~35% for DKNG/FanDuel. Bottom line: Initial budget proposals in Illinois did not include any incremental taxes for OSB operators, and given the significant increase in taxes last year, this was a very unexpected last minute addition. We estimate this new fee could be a ~$70M annualized EBITDA impact to DraftKings in 2025 (~$35M for 2H25) and $80M in 2026 (~6% of 2026 EBITDA) pre-mitigation. We do expect DKNG to explore various mitigation strategies including lower promotions, passing part or all of the fee through to customers or changing merchandizing to incentivize lower effective tax rate bets. While DraftKings initially targeted 50% mitigation on the higher tax rate in Illinois, it’s our sense actual mitigation has been less as they balance growth and profitability. We think this incremental fee will encourage DKNG and FanDuel to revisit promotions and be more aggressive in their mitigation. Since this is not a flat tax rate across $GGR, $DKNG and FanDuel could try to aim to change their bet mix in Illinois to optimize for the fee, or could look to pass this fee onto customers more directly, though major changes could put them at a competitive disadvantage relative to smaller operators in the market."
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BOFA COMMENTS ON ILLINOIS RAISING OSB TAXES: 'WE DO EXPECT DKNG TO EXPLORE VARIOUS MITIGATION STRATEGIES'
Analyst comments: "This weekend, Illinois passed their FY26 Budget with an incremental fee for online sports book (OSB) operators. Operators will be charged $0.25 for each wager up to 20M wagers and $0.50 for each additional wager over 20M. DraftKings and FanDuel are the only two operators that collect over 20M wagers annually in Illinois, and we estimate this incremental fee to increase their effective tax rate to over 50% from ~35% currently. As a reminder, IL raised taxes last year from 15% to ~35% for DKNG/FanDuel. Bottom line: Initial budget proposals in Illinois did not include any incremental taxes for OSB operators, and given the significant increase in taxes last year, this was a very unexpected last minute addition. We estimate this new fee could be a ~$70M annualized EBITDA impact to DraftKings in 2025 (~$35M for 2H25) and $80M in 2026 (~6% of 2026 EBITDA) pre-mitigation. We do expect DKNG to explore various mitigation strategies including lower promotions, passing part or all of the fee through to customers or changing merchandizing to incentivize lower effective tax rate bets. While DraftKings initially targeted 50% mitigation on the higher tax rate in Illinois, it’s our sense actual mitigation has been less as they balance growth and profitability. We think this incremental fee will encourage DKNG and FanDuel to revisit promotions and be more aggressive in their mitigation. Since this is not a flat tax rate across $GGR, $DKNG and FanDuel could try to aim to change their bet mix in Illinois to optimize for the fee, or could look to pass this fee onto customers more directly, though major changes could put them at a competitive disadvantage relative to smaller operators in the market."
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GERMANY WARNS $AMZN ON MARKETPLACE PRICE CONTROLS — 🇩🇪 Germany’s antitrust office says Amazon’s pricing restrictions on third-party sellers likely breach national and EU law. Regulator argues Amazon’s opaque price caps distort fair competition on its own platform, per Bloomberg. Amazon warns changing the rules could harm the customer experience.
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GERMANY WARNS $AMZN ON MARKETPLACE PRICE CONTROLS — 🇩🇪 Germany’s antitrust office says Amazon’s pricing restrictions on third-party sellers likely breach national and EU law. Regulator argues Amazon’s opaque price caps distort fair competition on its own platform, per Bloomberg. Amazon warns changing the rules could harm the customer experience.
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