SpaceX IPO, Iran Peace Deal, and a Fox-Roku Marriage Nobody Asked For: Your Week in Markets
The biggest IPO in history dropped the same week oil tankers got their lanes back — Wall Street had a lot of feelings
Ticker Ratings
| Ticker | Rating | Entry Price | Current | $ Gain | % Gain |
|---|---|---|---|---|---|
| SPCE Virgin Galactic Holdings, Inc | sell | $3.68 | — | — | — |
| FOX Fox Corp | sell | $49.82 | — | — | — |
| ROKU ROKU, INC | hold | $142.15 | — | — | — |
| INTC INTEL CORP | buy | $128.89 | — | — | — |
| UAL United Airlines Holdings, Inc. | buy | $122.05 | — | — | — |
| JBLU JETBLUE AIRWAYS CORP | buy | $5.57 | — | — | — |
| KR KROGER CO | hold | $64.47 | — | — | — |
| TKO TKO Group Holdings, Inc. | hold | $200.26 | — | — | — |
| KMX CARMAX INC | hold | $51.89 | — | — | — |
Where do you even start. SpaceX completed the largest IPO in history this week — $75 billion raised, $350 billion in demand, priced at $135, closed day one at $161 (+19%), and kept climbing to ~$169 in pre-market Monday. Elon Musk is now officially the world's first trillionaire, Ron Baron bought another $1 billion worth on IPO day, and MSCI inclusion kicks in June 29th — meaning passive flows haven't even started yet. Jim Chanos called it 'hopes and dreams' at 110x revenues. Jim Chanos also shorted Tesla at $30.
Meanwhile, the US and Iran agreed to reopen the Strait of Hormuz, sending WTI crude below $80 (a 3-month low), NASDAQ futures up 2.1%, and European travel stocks like EasyJet and Wizz Air flying. The deal is a 60-day ceasefire MOU — two pages long, details TBD — so file this under 'celebrate cautiously.' Oil majors $SHEL and $BP got wrecked on the news. Airlines popped. Classic geopolitics trade.
Then there's $FOX acquiring $ROKU for $160/share in a ~$22 billion deal, creating the third-largest US TV player by viewing share. Fox fell 13%. Roku gained 0.3%. The market's verdict: bold move, Cotton, let's see if it pays off — but probably not.
Ed Yardeni thinks the 'June Swoon' already happened on June 5th and the path to July upside is clear. $SMH posted its highest-ever weekly close, sitting just 3.7% from all-time highs. Intel ($INTC) was up 25% on the week and 235% YTD. Semiconductors are the gift that keeps on giving, and this market apparently has more lives than a Bloomberg podcast episode.