Victoria’s Secret just posted its best quarter in years — and the stock exploded 47% after-market.
Just four years ago, the company looked dead. Its entire brand was built around fantasy-driven marketing and supermodel runway shows — a formula that dominated for decades but eventually lost touch with what women actually wanted. Sales collapsed from $7.51B in 2020 to $6.18B in 2023. The annual fashion show was scrapped. Wall Street had completely written the company off. The turnaround ultimately came down to one thing: bras. CEO Hillary Super rebuilt the business around new bra launches, focusing on the category that drives the highest repeat purchases and the strongest customer lifetime value. When customers buy bras, they come back more often — and spend more across every other category. The results have been dramatic. Q1 2026 revenue reached $1.56B, up 15% YoY. The company swung from a $2M loss to a $48M profit in just 12 months. Management also raised full-year revenue guidance from $6.85B to $7.13B. Two years ago, investors thought Victoria’s Secret was finished. Today, the stock hit an all-time high. Source: Bull Theory
Bitcoin has fallen $6,000 since Michael Saylor's STRATEGY disclosed its first Bitcoin sale in 3.5 years.
More than $2.41 billion in crypto positions have been liquidated in just 48 hours. STRATEGY currently holds 843,706 BTC, acquired for $63.9 billion at an average price of $75,699 per Bitcoin. The last time Saylor sold Bitcoin in December 2022, BTC went on to rally 660% from $17,000 to $125,000. Source: Bull Theory
Beware of the increase in equity supply... It’s not just the IPOs. It’s the coming wave of lockup expirations too
Source: Goldman Sachs, zerohedge
ALPHABET $GOOGL MANDATORY CONVERTIBLE STOCK SALE IS SAID TO BE OVERSUBSCRIBED
ALPHABET $GOOGL MANDATORY CONVERTIBLE STOCK SALE IS SAID TO BE OVERSUBSCRIBED Source: Wall St Engine
Japan's NIKKEI has surpassed 68,500 for the first time in history.
The NIKKEI is now up 36.5% in 2026, adding ¥365,000,000,000,000 ($2.5 trillion) in market value. Source: Bull Theory
South Korea has claimed the spot of the world's sixth-largest stock market.
We all know this is largely driven by tech, specifically Samsung and SK Hynix. Source: Ayesha Tariq, CFA
The software squeeze
At range highs, it is difficult to get greedy. Source: TME, LSEG Workspace
Oppenheimer makes an interesting point here.
If $GOOGL — a company printing massive FCF — is tapping equity markets for $80B, it’s because credit conditions are tightening. The private credit canary in the coal mine may have just died. The structure of the raise says a lot: a massive $40B ATM alongside a $10B private placement to Berkshire Hathaway. That’s what a desperate search for liquidity looks like. So who else is heavily exposed to credit markets? $ORCL is probably the first name that comes to mind. The stock has ripped higher and suddenly it feels like everyone forgot the financing overhang. Meanwhile, debt-to-equity is still above 5x. $META continues spending at an almost irrational pace. At some point this may force Zuck to reevaluate the playbook here. (Arete upgraded it today, by the way.) Then you have the companies that need constant access to capital just to keep expanding. $EQIX and $DLR immediately stand out. A 200MW data center now costs roughly $8B to build — not exactly pocket change. But the biggest credit story of them all might be $CRWV. The stock rallied yesterday on $DELL headlines, yet the company is sitting on $21B of debt, including an $8.5B delayed-draw term loan backed by GPUs. Source: Scrooge McDuck
