Snowflake Soars on Earnings, Drones Get Pentagon Money, and an Iran Deal Looks Near

Thursday was dominated by Snowflake’s stunning earnings beat and the WSJ’s report that the Trump administration is considering direct financial support for drone makers, two stories that moved markets in different directions at once.

Reports of a U.S.-Iran agreement circulated in the afternoon, cooling oil. Today’s edition breaks down everything.

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An insurance insider sold stock after exercising options and ended with zero direct shares, while a director at a small-cap holding company bought more than $520,000 across several transactions near the stock’s lows.

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Oil pared gains Thursday after Axios reported a U.S.-Iran agreement had been reached pending Trump’s approval, with Brent crude settling near $93 after trading above $96 earlier following fresh U.S. military strikes in Iran overnight.

The Fed’s preferred inflation gauge came in softer than expected in April, a welcome development for rate-cut optimists, though updated GDP data showed the U.S. economy grew more slowly in Q1 than previously estimated.

Snowflake surged after reporting Q1 FY2027 product revenue up 34% to $1.33 billion, landing a $6 billion multi-year AWS deal, and raising full-year guidance, putting to rest fears that AI was cannibalizing its business.

Dollar Tree had its best day since 2022, jumping on a profit and sales beat, while Photronics dropped after missing both revenue and EPS estimates and guiding below expectations.

Rocket One Inc. (NASDAQ: RKTO) just made a dramatic shift, moving from its former identity as Hoth Therapeutics to a new business built around AI infrastructure, semiconductor technologies, AI computing, and space-based satellite systems. The company says it will keep its biotech work under a separate subsidiary, but the main story has clearly changed.

For Rocket One, this is not a small rebrand. It is a full attempt to reposition the business inside two of the hottest themes in the market right now, artificial intelligence and the space economy.

New Name, New Mission, Bigger Questions

Rocket One is trying to move from experimental biotech into a much larger industrial story. Space-based AI systems sound ambitious, especially as satellite networks, defense applications, and orbital data infrastructure become more important.

What should stand out to you is the size of the leap. Rocket One is not expanding slowly from one nearby category into another; it is trying to rewrite what the company is altogether.

Hype Alone Will Not Be Enough

Here is where yours should stay sharp. The big question is whether Rocket One can turn a flashy new direction into actual partnerships, infrastructure, funding, and commercial progress.

The company’s future now depends on credibility. If Rocket One delivers real milestones, you may be watching an early-stage company trying to transform from a struggling biotech name into a new space-AI infrastructure player.

Goldman Sachs (NYSE: GS) is heading toward one of its strongest merger and acquisition years on record, as corporate deal activity comes roaring back. The bank says its deal volumes are on track to come close to, or possibly match, the record levels seen in 2021, with large companies once again looking to buy, merge, and reshape their businesses.

For Goldman, that is huge because M&A is one of the bank’s signature strengths. When corporate leaders start making big moves again, Goldman is usually one of the first names called into the room.

Goldman’s Old Strength Is Back in Focus

Goldman has spent decades building its reputation as the go-to adviser for major transactions. A rebound in deal-making puts that core identity back at the center of the business, after quieter years when fewer companies were willing to take big swings.

That gives Goldman a cleaner growth story. It is not chasing a trendy pivot; it is benefiting from the return of the exact business where yours truly expects it to lead.

IPO Doors Could Open Next

A stronger M&A market often helps unlock other activity, including public listings. If large IPOs resume, that could spark another wave of fees, advisory work, and corporate momentum for Goldman.

Big picture, you have a bank entering a more active Wall Street environment with one of its best weapons coming back to life. For Goldman, the thing to lock is simple: if boardrooms keep moving, this could become a major comeback year for its deal-making machine.

While headlines focus on war, the real shift is happening underneath—oil settlement moving outside the dollar.

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Eli Lilly (NYSE: LLY) just scored a major win after CVS Health said it will restore coverage of Zepbound and add Lilly’s new obesity pill, Foundayo, to its standard drug plans. That puts Lilly back in a stronger position within one of the largest pharmacy benefit networks in the U.S.

Zepbound Gets Its Seat Back

CVS had previously pushed Novo Nordisk’s Wegovy into the preferred position while dropping standard coverage of Zepbound. That created a major roadblock for Lilly, even as demand for its weight-loss treatment kept growing.

Now Lilly is back on more equal ground. For you, the key point is that Zepbound is no longer sitting outside the main coverage lane at CVS.

Lilly Gets More Room to Run

Lilly is no longer fighting from the outside of a major coverage lane. With CVS restoring Zepbound and adding Foundayo, the company now has stronger access for both its injection and pill strategy.

That is where your focus should land. If Lilly keeps winning coverage like this, you are watching the company build obesity care into a full long-term platform, not just one blockbuster drug.

Unusual Machines [UMAC] $29.60 (+57.74%)

The WSJ reported that Trump is weighing direct government funding for domestic drone makers, and UMAC is named in those talks. Partner Powerus was also selected for Phase II of the Pentagon’s $1 billion Drone Dominance Program this week.

At $1.44 billion, the market is pricing in what a government equity stake in the domestic drone supply chain looks like.

FatPipe Networks [FATN] $7.66 (+58.92%)

FatPipe makes SD-WAN and network security infrastructure for government and enterprise clients, running today on defense tech tailwinds with volume nearly 10x average.

At $104 million Strong Buy-rated, this is the kind of name that gets rediscovered on days when government technology spending headlines are everywhere. The float is thin enough to do the rest.

Snowflake [SNOW] $239.20 (+36.48%)

Snowflake reported Q1 product revenue of $1.33 billion, up 34%, beat estimates by 5%, landed a $6 billion multi-year AWS deal, and raised full-year guidance to $5.84 billion.

The stock had been getting punished all year on fears that AI would cannibalize its business. This quarter answered that question pretty definitively.

Photronics [PLAB] $34.02 (-36.42%)

Photronics missed Q2 EPS by 20%, with revenue flat year-over-year and IC revenue down 5% on delayed chip design releases. Q3 guidance also came in below consensus.

Operating margin fell from 26.4% to 20.1%. At $2 billion, Strong Buy-rated, the photomask business is fundamentally sound. This quarter just wasn’t.

Q32 Bio [QTTB] $10.31 (-19.77%)

Q32 Bio ran hard on positive Phase 2 bempikibart data and is now facing lockup expiration selling pressure. No new negative clinical catalyst today. At $174 million, Strong Buy-rated, the autoimmune pipeline is intact.

This is who got in early, deciding Thursday is a good day to exit, not a development in the science.

Firefly Aerospace [FLY] $49.37 (-13.81%)

Firefly builds small satellite rockets and space infrastructure, and SpaceX’s IPO filing just put the world’s most dominant launch company into the same public market comparison set.

The same dynamic hit Rocket Lab earlier this month. Sharing a market with SpaceX raises everyone’s bar.

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— Adam G.
Elite Trade Club

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