SpaceX Lists, Musk Hits a Trillion, and Space Stocks Sell Off Hard

Friday had one story, and it eclipsed everything else: SpaceX opened on Nasdaq in the largest IPO in history, Elon Musk became the world’s first trillionaire, and every other space stock sold off as the halo trade reversed.

Today’s edition covers the full session and what SpaceX’s public debut means for every name in the sector going forward.

Coinbase is built for people who want one crypto platform that can grow with them.
If you’re just getting started, the app offers a beginner-friendly experience that makes it easier to explore the market, discover assets, and build steadily over time.

If you’re more advanced, Coinbase also offers more sophisticated trading tools designed for users who want deeper market access and more control.

Across one account, users can explore 300+ cryptocurrencies, automate their strategy with recurring buys, and stake eligible assets to earn rewards.

Coinbase also extends beyond trading with a self-custodial wallet for those who want to manage their own crypto and interact more directly with Web3.

The core appeal is simple: Coinbase combines ease of use with depth. It can serve as a first crypto platform for beginners while still offering advanced capabilities for more experienced users, all within one ecosystem.

Crypto assets are complex, volatile, and can result in loss of capital. Product availability varies.

Explore Coinbase’s all-in-one crypto platform today.

You’re seeing two charts that already moved, but you’re missing the part that matters most. Behind the tape, one major holder is preparing to unload stock near the top of a strong bank rally, while another heavyweight investor is buying more than $7.6 million of a biotech name after a massive run. Elite Trade Club Insider readers are getting the cleaner signal before the headline crowd catches up.

Every day, insiders and institutions move millions before the market catches on. We surface the data behind those moves before the rest of the market sees it.

A subscription gets you:

$25/mo or $250/yr. 30-day money back guarantee. Cancel anytime. Founding member pricing: lock in $25/mo before we raise it.

SpaceX opened on Nasdaq at $150 per share, 11% above its $135 IPO price, and climbed further as the session progressed, making Elon Musk the world’s first trillionaire at roughly $1.2 trillion in net worth.

The offering raised $75 billion in total, the largest in history, with individual investors submitting $100 billion in orders and receiving a fraction of what they requested.

Space infrastructure names that rallied in anticipation of the IPO spent Friday reversing those gains, with Virgin Galactic, Momentus, and Firefly all selling off as the “buy the rumor” trade completed its cycle.

The New York Times Square Ball is set to rise at market close in SpaceX’s honor, reportedly lit in the orangish-red colors of a Mars mission… which is a sentence that belongs to today and no other.

Honeywell International (NASDAQ: HON) is targeting acquisitions in the $2 billion to $4 billion range as it seeks further growth in industrial automation.

The company is narrowing its deal strategy to bolt-on acquisitions that strengthen specific businesses rather than pursuing oversized transactions.

The move comes as Honeywell continues reshaping itself through acquisitions, divestitures, and planned spinoffs.

Industrial automation now stands out as one of the areas where the company can add technology, deepen customer relationships, and build a cleaner long-term growth platform.

Automation Moves Up the Priority List

Industrial automation matters because factories, energy sites, warehouses, and complex operations are spending more on software, sensors, measurement tools, and control systems.

Follow the acquisition range, and you see a company choosing precision over empire-building.

Honeywell wants assets that fit its operating base, add useful technology, and strengthen its role in industrial systems where customers need reliability and efficiency.

Smaller Deals Carry a Bigger Purpose

Honeywell’s preferred deal size suggests a more disciplined approach.

Instead of betting on one massive acquisition, the company can keep adding businesses that plug into existing divisions and support automation growth.

A stronger automation business could give Honeywell more exposure to modernization spending across industrial customers.

If the deal pipeline develops, you get Honeywell using M&A to build around high-value industrial demand rather than relying solely on its existing footprint.

Jazz Pharmaceuticals (NASDAQ: JAZZ) just learned that Zepzelca, its most important cancer drug, failed a late-stage trial in patients with relapsed small-cell lung cancer. The treatment did not improve survival compared to existing options.

Jazz had been counting on this trial to expand the drug's use to a much larger patient population. The drug already has full U.S. approval for a different use. But the growth story just got significantly smaller.

The Money Keeps Flowing, the Ceiling Drops

Jazz confirmed the failure does not touch existing revenue or this year's financial outlook. Zepzelca stays on the market. Prescriptions continue. Nothing changes today.

Everything changes tomorrow. Your growth projections for a drug shrink the moment an expansion path disappears, even if the current business stays healthy.

Back to the Drawing Board

Jazz is now in discussions with the FDA about what comes next: more studies, adjusted expectations, or a narrower future for its flagship cancer treatment.

The answer defines the next chapter for a company that bet heavily on Zepzelca becoming bigger than it currently is.

You watch a pharma company's most important drug succeed and fail within the same year, and the lesson is familiar. In cancer treatment, nothing transfers automatically.

A little-known opportunity averaging 29% annually is finally getting attention outside Wall Street.

While traditional savings accounts struggle to keep up with inflation, this strategy has quietly compounded wealth for years.

Discover how “The 29% Account” works in this free presentation today.

Cintas Corporation (NASDAQ: CTAS) just got the green light to acquire UniFirst, one of the last major competitors in the uniform and workplace services industry.

UniFirst operates more than 270 service locations, employs over 16,000 people, and serves 300,000 businesses across the country. The deal is expected to close later this year.

The company that already leads the industry just absorbed one of the only names big enough to compete with it.

Millions of Workers, One Supplier

Think about every mechanic, hospital worker, restaurant employee, and factory technician who puts on a uniform before their shift.

Someone supplies, cleans, and delivers those uniforms on a regular schedule. Cintas was already the biggest name in that business. 

Adding UniFirst makes it dominant at a level no competitor comes close to matching.

You do not notice the uniform industry until you realize how many people depend on it every single morning across every city in America.

Contracts That Never Leave

Uniform services run on long-term agreements. Switching providers means replacing every garment, rebuilding delivery routes, and disrupting operations.

Businesses rarely do it. That makes every customer relationship extraordinarily sticky.

Cintas just added 300,000 of those relationships in one move. Your sense of how defensible this business is sharpens when you understand that customers essentially never walk away.

The uniform industry had a handful of major national players.

That number just got smaller. Cintas now operates at a scale where matching its pricing, coverage, and logistics becomes nearly impossible for anyone still trying.

Roku [ROKU] $143.97 (+20.34%)

Roku beat Q1 2026 expectations significantly — EPS of $0.57 against a $0.32 consensus — and the analyst community has been catching up ever since. Evercore raised its price target to $185 today, Morgan Stanley is at $170, and the company is targeting more than a billion dollars in free cash flow by 2028.

The platform monetization story is compounding, and the price target increases are confirming it.

Shattuck Labs [STTK] $4.94 (+18.18%)

Shattuck announced Phase 1 data for SL-325 on June 8, showing a potentially best-in-class immunogenicity profile for its DR3 blocking antibody in inflammatory disease. Citi raised its price target to $18 from $7 and upgraded it to Buy. Needham went to $17.

Wedbush hit $11. Shattuck is following up those upgrades today with a spot secondary priced at $4.00 this morning, and the stock is running anyway.

Tamboran Resources [TBN] $40.37 (+19.93%)

Tamboran develops natural gas from Australia’s Beetaloo Basin and is one of the few energy names benefiting directly from the Iran peace deal framework.

If Hormuz reopens and Middle Eastern LNG flows normalize, it raises the long-term baseline demand for alternative LNG supply sources like Tamboran’s. Strong Buy rated at $1.39 billion, this is the market pricing the Iran deal’s second-order effects rather than just celebrating the headline.

Virgin Galactic [SPCE] $3.91 (-31.76%)

Virgin Galactic surged yesterday partly because retail investors kept confusing its ticker (SPCE) with SpaceX’s (SPCX). That confusion resolved itself the moment SpaceX opened for trading.

On top of the ticker clarity, SpaceX is now a publicly traded competitor benchmarked at a $1.6 trillion valuation, which makes everyone else in commercial space look expensive. What went up on a rumor came all the way back down on the news.

Momentus [MNTS] $11.94 (-26.78%)

Momentus tripled over the past two weeks on SpaceX IPO anticipation and is now giving back the second half of those gains. The underlying business — space transportation and orbital transfer vehicles — is real, with $76 million in cash and no debt.

But last week’s run was priced for SpaceX enthusiasm, not Momentus fundamentals. Now that SpaceX is actually trading, the halo trade has served its purpose and departed.

Firefly Aerospace [FLY] $31.97 (-19.05%)

Firefly builds small rockets for satellite launch and was one of Thursday’s space sector beneficiaries. Today SpaceX is public at a $1.6 trillion valuation, which makes Firefly’s $5.25 billion market cap look large for a company at its stage when measured against the fully public competitor now setting the category’s benchmark.

Buy rated and with real contracts, the business is fine. The comparative valuation is the problem today.

Many investors are seeing solid gains in today’s market, but solid gains often hide opportunities with far greater potential.

A new analysis highlights the 5 Stocks Set to Double, selected from thousands of companies showing early signs of powerful growth.

These picks feature strong fundamentals and technical indicators that often appear before meaningful upside.

Past editions of this research uncovered gains of +175%, +498%, and +673%.

Download the 5 Stocks Set to Double. Free Today.

*This free resource is being sent by Zacks. We identify investment resources you may choose to use in making your own decisions. Use of this resource is subject to the Zacks Terms of Service.
*Past performance is no guarantee of future results. Investing involves risk. This material does not constitute investment, legal, accounting, or tax advice. Zacks Investment Research is not a licensed dealer, broker, or investment adviser.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

Click here to get our daily newsletter straight to your cell for free.

P.S. Just like this newsletter, it's 100% free*, and you can stop at any time by replying STOP.