TOGETHER WITH
Hey there weekday warriors,
Here’s what’s on tap today… Novo Nordisk shares are cutting for summer, Cracker Barrel hates its employees’ guts (literally), and PepsiCo is going to put money back in your pocket and chips in your hands.
Enjoy the next 3 minutes and 19 seconds of blue-chip news and commentary.
Keep on snapping necks and cashing checks,
Slimming down
Tech stocks: *Spiral out of control*
Novo Nordisk: “Hold my beer.”
Novo $NVO ( ▲ 9.92% ) did its best Bitcoin impression (sorry, Michael Saylor) yesterday after offering up some realistic terrible guidance. It’s forecasting negative sales and profit growth this year, and markets were not happy, Bob.
Shares tumbled 14.6% on the day. Light work for Novo as of late.
Between lower US prices and increased competition (sup, Eli Lilly $LLY ( ▲ 3.66% )), European Weight Watchers expects both sales and operating profit to decline between 5% and 13%.
And excuse my Danish, but who the f*ck signed off on that range that’s thicker than the average cankles of a Wegovy patient? Their CFO should be thrown in the GAAP gulag for that.
For comparison, in 2025 sales were up 10%, and operating profit increased by 6%.
So what’s a weight loss drug pioneer to do?
Lean on its diet pill, obviously.
The Intel $INTC ( ▲ 4.87% ) of the biopharma industry is hoping its Wegovy pill and new injectable, CagriSema, will help it reclaim US market share keep up with Zepbound.
I’ll just leave this right here…
“AI for aviation” sounds like a pitch in a slide deck. But this airline is already building it.
Surf Air Mobility (NYSE: SRFM) isn’t just forecasting the future of flying, they’re already living in it. As one of the largest regional commuter airlines in the US, they’re using real operating data to build SurfOS, an AI-powered operating system for private aviation.
And it’s not vaporware.
Inside their own on-demand charter business, SurfOS helped drive a 36% reduction in operating costs and a 197% increase in bookings per broker comparing Q3 YoY. Oh, and it's powered by Palantir. Perhaps you've heard of them?
With advanced air mobility projected to become a $100B+ global market by 2035, SRFM isn’t trying to win one airline. They’re aiming to be the infrastructure platform layer underneath the entire category.
This is a paid advertisement for Surf Air Mobility, Inc.
⚠️ Fun fact: Your favorite newsletter (read: this one) is totally free. That’s because it’s supported by sponsors like Surf Air Mobility. Showing them some love is the best way to make sure TWC stays as independent as that nihilist penguin. Thanks in advance for clicking above.
+ “I swear this never happens. I usually last so much longer than that.” - the average male the US government
The good news? After a short, partial shutdown, (most of) the US government is open for business… through September. Donny Politics inked a funding bill yesterday afternoon. The bad news? The Department of Homeland Security is only funded through next Friday.
The Dems and GOP carved DHS funding out of the larger budget because… shocker… they aren’t exactly seeing eye to eye.
+ Business trips are dead. Long live business trips.
Cracker Barrel $CBRL ( ▲ 3.11% ) just reset the (terrible) rebrand news cycle with another L. The chain is pushing for its staff to eat at CB for all business trip meals.
Per an internal memo, “Employees are expected to dine at a Cracker Barrel store for all or the majority of meals while traveling, whenever practical based on location and schedule.”
Friendly reminder: the company that fumbled the bag worse than Bud Light is looking to cut up to $25M of annual spending through corporate cuts and “streamlining” (read: layoffs) due to its ongoing sales slump.
And I’ve got bad news, corporate stiffs. The move has become so popular among our corporate overlords that there’s a name for ruining business trips now: “travelscrimping.”
+ Temu Coca-Cola (PepsiCo $PEP ( ▲ 1.77% )) is planning to cut retail prices on snacks by up to 15% across the US after receiving feedback from customers that the rent price of chips is too d*mn high. Lay’s, Doritos, and Cheetos are among the Pepsi chip brands that will see retail price cuts.
+ The slop bowl recession is officially a slow bowl depression…
Sure, Chipotle $CMG ( ▲ 2.45% ) beat expectations in the most recent quarter. But it was still a piss poor showing from the Mexican Grill that used to be more recession-proof than pure Colombian bam bam. Same-store sales and foot traffic fell during the holiday quarter. And for 2026, it’s forecasting revenue to be of the flat-ish variety.
Surely, they’ve got a turnaround plan, right? Right?!
Yes, and it all hinges on… GLP-1 users. Chipotle’s CEO believes its new lower-price, high-protein menu items are “an approachable price point that really gives the consumer a meaningful way into the brand.” It’s never been more over…
GTFO (Get The F*ck Out of Office)
If you're looking for miles that can go towards escaping your sh*tty job for a few days your dream vacation, you need to take a look at this travel rewards card.
It’s offering a $250 Travel Credit + 75k Bonus Miles (that’s $1,000 towards travel)… which is probably why credit card experts are obsessed with it.
Spoiler: TWC might be compensated if you click on the links above. Hint, hint.
> Disney names parks boss Josh D’Amaro as new CEO to replace Bob Iger (CNN Biz) // No one is having a worse day than Dana Walden.
> AMD Stock Drops Despite Beat-And-Raise Earnings Report (IBD) // AMD investors be like…
> Bitcoin breaks below $73,000 to lowest since November 2024 as heavy selling resumes (CNBC) // Can we get a wellness check on Tom Lee?
> Fitbit founders launch AI platform to help families monitor their health (TechCrunch) // Who is going to be the first person to get caught cheating by their wearable?
> Walmart hits $1 trillion market cap, fueled by growth of e-commerce, new businesses (CNBC) // This could’ve been Target, but they suck.
> “Ah sh*t, here we go again.” - Louis Winthorpe III and Billy Ray Valentine
Yesterday, I asked, “About to make Disney adults' heads explode. You have to get rid of every part of the Disney ecosystem EXCEPT for ONE. Which are you keeping around?”
26.9% of you said, “Movies (yes, including Pixar).”
Here’s what some of you guys had to say…
Movies (yes, including Pixar): “The world would be better without ESPN's trash”
Streaming (Disney+, Hulu): “Happy five year old, happy life.”
Parks: “back to basics”
Movies (yes, including Pixar): “Disney's real value is the network of all of these together. That said, the movies could stand alone. There are other parks, streaming services, sports channels, cruise lines, etc., so don't need those per se.”
Cable (ESPN/ABC): “So the 24% of your readers that said “Parks” must be those weird Disney adults. Higher number than I’d guess from your audience”
Here’s today’s question(s)…
What is the GOATed PepsiCo-owned brand?
+ US stocks “sank on Tuesday as investors digested a wave of tech-focused earnings, while precious metals jumped to continue their wild ride and a partial government shutdown neared an end.” (Yahoo! Finance)
+ The 10-year yield “held steady on Tuesday as investors continued to digest recent economic data that offered a positive sign about the state of the U.S. economy.” (CNBC)
+ Oil “prices climbed about 2% on Tuesday after the U.S. shot down an Iranian drone and armed boats approached a U.S.-flagged vessel in the Strait of Hormuz, stoking concerns that talks aimed at de-escalating U.S.-Iran tensions could be disrupted.” (Reuters)
+ Bitcoin “slumped on Tuesday, erasing all its gains since President Donald Trump’s election victory, as selling showed no signs of slowing after heavy liquidations over the weekend. Uncertainty around U.S. monetary policy also weighed.” (Investing.com)
+ The “smart” money (prediction markets) thinks there’s a 20% chance Mamdani opens a city-owned grocery store by June 30. Sort of awkward that Polymarket beat him to it… (Polymarket)
⏪ Yesterday…
+ PayPal, Pfizer, Merck & Company, Fubotv, Eaton, Archer-Daniels-Midland, Galaxy Digital, and Enterprise Products Partners reported before the bell
+ Advanced Micro Devices, Super Micro Computer, Chipotle Mexican Grill, Enphase Energy, Take-Two, Electronic Arts, Amgen, Mondelez, Powell Industries, Lumen Technologies, Chubb, Lumentum Holdings, and Emerson Electric reported after hours
⏩ Today we’re keeping an eye on…
+ Uber, Eli Lilly, Novo Nordisk, AbbVie, GE HealthCare, Boston Scientific, T. Rowe Price, UBS Group, CME Group, GlaxoSmithKline, and Phillips 66 report before the opening bell
+ Alphabet, Qualcomm, Arm Holdings, e.l.f. Beauty, Snap, Symbotic, Coherent, Wolfspeed, Fluence Energy, American Superconductor, and O'Reilly Automotive report after the bell
Oh, and one more thing…
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