🦉 Don't ignore the Duolingo owl

Good evening. Trump’s sweeping new tariffs officially kicked in at midnight. He also previewed possible exemptions for Big Tech in an upcoming chip tariff plan: a 100% tariff on imported semiconductor chips, excluding companies building in the U.S.

⬆︎⬇︎ 1-day change
Market data: today’s market close

WINNERS

⬆︎21.60% Dutch Bros

🔔 Earnings report - Brewing and growing. The drive-thru coffee chain posted another strong quarter, with same-store sales up 6.1% and steady transaction growth across new and existing locations. Cold drinks, loyalty perks, and a few clever menu tweaks (hello, Dulce de Leche) kept customers coming back. The company raised its outlook for the year and now expects up to $1.6 billion in revenue. [Read more]

⬆︎17.27% Celsius

🔔 Earnings report - Breakthrough quarter from the fitness-focused beverage brand, with 84% revenue growth fueled mostly by its $1.8B acquisition of Alani Nu. The fast-growing energy drink added nearly $300M in sales, while Celsius’s core business finally returned to growth after three rough quarters. Profit nearly doubled analyst expectations. [Read more]

⬆︎13.75% Duolingo

🔔 Earnings report - Keeping the streak alive. The language-learning app posted massive growth in users, revenue, and profit. Daily users are up 40% from last year, revenue per user is up 6%, AI-powered features like video-call practice are keeping learners hooked, and new offerings like chess and music are pulling in even more attention. [Read more]

⬆︎7.45% Novo Nordisk

Lilly aimed high and missed. Investors expected Lilly’s new weight-loss pill to challenge Novo’s obesity dominance, but the results fell short. This gives Novo, maker of Ozempic and Wegovy, one less thing to worry about. Keep scrolling for the Eli Lilly breakdown. [Read more]

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Market data: today’s market close

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LOSERS

⬇︎3.14% Intel

Trump wants Intel’s CEO out. The former president called for Lip-Bu Tan to resign over reported ties to Chinese companies, some with alleged military links. Tan, who took over in March, is trying to turn around the struggling chipmaker after it missed the mobile and AI boom. [Read more]

⬇︎8.02% Airbnb

🔔 Earnings report - Strong numbers from the rental giant. Still, the company warned that growth will slow in the second half of the year and profit margins will take a hit, partly due to new tariffs and a $200 million investment in new services like chefs, cleaners, and hairdressers. [Read more]

⬇︎9.48% e.l.f. Beauty

🔔 Earnings report - Tariffs are taking a toll on ELF. The budget-friendly beauty brand reported a 30% drop in profit despite beating expectations on sales and earnings. About 75% of its products are made in China, leaving it exposed to steep import taxes and prompting the company to hold off on giving full-year guidance. [Read more]

⬇︎14.14% Eli Lilly

The hype might’ve gotten ahead of the science. The drugmaker behind Mounjaro and Zepbound just released disappointing late-stage trial results for its experimental weight-loss pill, orforglipron. The pill helped patients lose around 12% of their body weight over 72 weeks, below the 15% they were hoping for. Side effects like nausea and vomiting also caused a notable number of patients to stop treatment. [Read more]

⬇︎22.03% Fortinet

🔔 Earnings report - Tomorrow’s the problem. The cybersecurity firm (known for selling firewalls that block online threats) posted solid revenue and profit. But its outlook fell flat, and a vague update raised concerns. Fortinet revealed it’s already halfway through a major firewall upgrade cycle that was expected to drive growth through 2026, leaving analysts wondering: what’s left to keep sales growing? [Read more]

⬇︎29.24% Crocs

🔔 Earnings report - Solid earnings, but the not-so-bright outlook stole the spotlight. The footwear brand warned that revenue could drop as much as 11% next quarter as shoppers pull back and tariff pressures mount. Like many in the industry, Crocs is being hit by higher tariffs on imports from China. The company plans to cut expenses and trim inventory to protect its margins. [Read more]

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Market data: today’s market close

EXTRA

THE END

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