Earnings, Bears, and Musk's AI Gambit

Earnings Week Heats Up

The market is squarely focused on earnings. Micron Technology is the headline event — reporting Wednesday after the close. The stock is up 276% year-to-date. Options sentiment leans bullish into the print. Carnival Corp reports Tuesday, giving traders a read on consumer travel demand. CarMax and Conagra Brands also post Tuesday. On Monday, Jefferies Financial opens the week with an early investment banking health check.

Bears Pile In — Meme Stocks Stir

Short sellers moved aggressively this week. GameStop saw SI % of free float jump from 0.9% to 7.2% in seven days. That is a six-point surge — rare for any large-cap name. Options flow is picking up alongside the short build. SpaceX shorts also climbed sharply, from 21.8% to 29.4%, even as Elon Musk claimed this morning that SpaceX AI could reach GPT-6-level capability within three months — a headline that will test those short positions.

Analysts React to Earnings Prints

FedEx picked up a Buy upgrade today. Darden Restaurants saw its target price lifted after a solid print. Advanced Micro Devices holds the most bullish analyst consensus in today's batch — 43 Buys, zero Sells. Costco trimmed slightly on margin concerns despite strong sales.

Europe: Defense Rallies, Dulux Maker Surges

European markets were volatile. Defense stocks rallied after Ukraine ratified a €105 billion EU loan deal. AkzoNobel — the Dulux maker — surged after rejecting a $14.5 billion takeover bid. UK inflation data kept bond yields elevated, weighing on broader sentiment.

Key Insider Move

Bill Gates filed $66.8M in fresh Republic Services purchases this week. The steady accumulation in a defensive, cash-generative waste business stands out against a backdrop of heavy executive selling elsewhere.