Spotify Technology S.A., together with its subsidiaries, provides audio streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers. The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its subscribers on their computers, tablets, and compatible mobile devices. The company also offers sales, distribution and marketing, contract research and development, and customer support services. Spotify Technology S.A. was incorporated in 2006 and is based in Luxembourg, Luxembourg.

Spotify Technology S.A.

Сильный индекс, незначительно упал. Быки в растерянности.

Strong index, slightly down. The bulls are confused.

Сильный индекс, незначительно упал. Медведи в растерянности.

Strong index, slightly down. The bears are confused.

Сильный индекс, значительно вырос. Рынок на стороне быков.

Strong index, significantly up. The market is on the bulls' side.

Сильный индекс, значительно упал. Рынок не поддерживает медведей.

Strong index, significantly down. The market does not support the bears.

Сильный индекс, значительно вырос. Приток средств в лонги на высоком уровне.

Strong index, significantly up. Inflow of funds into longs at a high level.

Сильный индекс, значительно упал. Отток средств из шортов на высоком уровне.

Strong index, significantly down. Outflow of funds from shorts at a high level.

Key Points
Remitly Global shares are down 50% from their highs, even as the business keeps gaining value.
Adyen is now trading at a reasonable price-to-earnings ratio.
Both financial technology players are poised to deliver long-term growth.
Even though the market is soaring, you can still find many stocks trading at huge discounts to previous highs. This is where the buying opportunities are right now, not among the artificial intelligence (AI) winners that went up 500% over the last year.
Take Remitly Global (NASDAQ: RELY) and Adyen (OTC: ADYEY). The two financial technology (fintech) stocks are down over 50% from the highs they set close to five years ago -- a tremendously painful journey for any shareholder. And yet, they just might be among the best opportunities for growth investors on thestock market today
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Here's why patient investors will do well buying both Remitly and Adyen as long-term fintech growth stocks.
Remitly's growth story
Remitly Global operates a digital remittance platform that allows individuals and small businesses to easily send money across borders. It's mainly used as a replacement for legacy money transfer services (like Western Union) by people sending funds from the United States abroad.
The application has gained significant market share since Remitly's initial public offering (IPO) in 2021, driven by its lower fees, easy-to-use mobile app, and a wide range of pickup options for receivers. Last quarter, total send volume grew 37% year over year to $16.2 billion, while total revenue had increased 572% since the IPO. Remitly is now highly profitable, generating net income of $49.1 million last quarter, for a net income margin of 11%.
Despite this growth and profit inflection, Remitly remains down 50% from its all-time highs set around the time of its IPO.
Growth from a superior payments infrastructure
Another market-share gainer in a different corner of the payments market is Adyen. The company has built a global payments infrastructure that allows merchants and digital platforms to process payments seamlessly, both online and offline. You may never have heard of the brand, but it processes payments for hundreds of enterprises worldwide, including long-term partners Uber Technologies and Spotify Technology.
Regardless of the payment method a customer uses, Adyen takes a small cut of every transaction. Over the last 12 months, Adyen has processed $1.69 trillion in payment volume worldwide, up from $35 billion in 2015. The company is gaining market share because of its superior technology, which benefits the growing number of merchants that need a globalized payments infrastructure.
Revenue has grown at a 38% compound annual rate in U.S. dollars since 2015, with net revenue up 20% year over year in constant currency last quarter. At the same time, Adyen stock is down 72% from its 2021 highs.
The best part about Adyen is its cost discipline, which drives strong unit economics and shows up in its various margin figures. EBITDA (earnings before interest, taxes, depreciation, and amortization) margin is expected to return to 55% by 2028, accompanied by strong revenue growth.
Why Remitly and Adyen are great buys
What makes these two fintech growth darlings most attractive is their low valuations. This is what happens when you combine durable revenue growth and falling share prices.
Right now, Remitly Global trades at a price-to-earnings (P/E) ratio of 49. This may not seem cheap at first glance, but remember that the company is just seeing a profit-margin inflection at a greater scale. Full-year revenue in 2026 is expected to be just under $2 billion. An 11% profit margin on that figure is $220 million in net income, for a forward P/E of 23 based on the current market cap of $5 billion. There's also plenty of room for revenue to keep growing and margins to keep expanding in the years ahead.
Adyen's valuation is simpler. It trades at a current P/E ratio of 25 with a conservative balance sheet, healthy growth prospects, and expanding profit margins.
Taken together, these fallen angels look like great buys today for investors who plan to hold for the next five to 10 years.
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Brett Schafer has positions in Remitly Global. The Motley Fool has positions in and recommends Adyen, Spotify Technology, and Uber Technologies. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

2 Exceptional Growth Stocks That Are Great Buys In 2026

For Immediate Release
Chicago, IL – July 20, 2026 – Zacks Equity Research shares Citigroup C as the Bull of the Day and J&J Snack Foods JJSF as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Spotify SPOT, Veralto Corp. VLTO and Thomson Reuters TRI.
Here is a synopsis of all five stocks:
Citigroup is proving that turnaround stories can create some of the market's best opportunities.
Following an impressive Q2 report last week that topped expectations across the board, analysts have continued raising their earnings estimates, helping Citigroup stock earn a coveted Zacks Rank #1 (Strong Buy).
Better still, despite a remarkable rally, Citigroup stock remains the cheapest among the largest U.S. banks based on forward earnings and offers investors a respectable dividend yield.
Combined with improving profitability and a stock performance that has outperformed both JPMorgan and the broader indexes over the last three years, Citigroup appears well-positioned to extend its momentum.
Strong Q2 Results Keep EPS Revisions Rising
Citigroup delivered one of the strongest Q2 earnings reports among the major banks.
The company generated its highest quarterly revenue in a decade at $24.76 billion, which was up 14% year over year and comfortably topped estimates of $23.67 billion by more than 4%.
More impressively, Q2 adjusted net income surged 45% to $5.8 billion from $4 billion a year ago. This translated into adjusted EPS of $3.15, crushing Wall Street expectations of $2.72 by nearly 16% and climbing more than 60% from $1.96 per share in the prior year quarter.
Growth was broad-based across the franchise, with investment banking, markets, wealth management, services, and consumer banking all contributing to the strong quarter. Citigroup also generated positive operating leverage as revenue growth significantly outpaced expense growth, highlighting that CEO Jane Fraser's multi-year restructuring efforts continue to improve the firm's operating efficiency.
Most important for investors, the impressive EPS beat has prompted analysts to raise their profit outlook, leading to favorable earnings estimate revisions. Notably, FY26 and FY27 EPS estimates have risen 2% in the last week and are now up more than 4% in the last 60 days, respectively.
Citigroup is now expected to post 40% EPS growth this year, with FY27 earnings projected to rise another 16% to $12.90 per share.
The Cheapest P/E Valuation Among the Big Banks
Despite its improving fundamentals, Citigroup still trades at the most attractive valuation among the large U.S. money-center banks at 12.1X forward earnings.
This is slightly below Wells Fargo's (WFC) valuation, while JPMorgan (JPM) and Bank of America (BAC) command noticeably higher forward earnings multiples.
That suggests investors are still assigning relatively conservative expectations to the company's long-term earnings power, even as profitability continues to improve.
This creates an appealing setup. If Citigroup can continue narrowing its profitability gap with peers while delivering consistent earnings growth, its valuation multiple has room to expand alongside rising earnings estimates.
For value-oriented investors seeking exposure to the financial sector, Citigroup arguably offers one of the most compelling risk-reward profiles among the nation's largest banks.
Outperforming JPMorgan and the Broader Indexes
Although JPMorgan is widely viewed as the gold standard among U.S. banks, Citigroup has quietly delivered superior stock performance.
With investors regaining confidence in Citigroup's restructuring efforts and improving profitability, its stock has now surged more than 175% in the last three years. This has impressively outperformed the broader indexes (including the Nasdaq) and JPM's return of roughly 120%.
That relative strength reinforces the idea that Wall Street is beginning to recognize Citigroup's improving fundamentals. Yet given its discounted valuation, the stock still doesn't appear fully priced for the progress the company has made.
Citigroup's Dividend Adds to Total Return Potential
The cherry on top is that Citigroup stock currently offers a 1.82% annual dividend yield that is above the benchmark S&P 500's average and its Zacks Financial-Investment Bank Industry average, providing investors with a steady stream of income while management continues to execute its turnaround strategy.
Combined with ongoing share repurchases and a strong capital position, Citigroup has demonstrated its commitment to returning excess capital to shareholders.
During the second quarter alone, Citigroup returned approximately $5 billion through dividends and common share repurchases.
When including dividends, Citigroup's total return in the last three years is at an exhilarating 200%.
Keeping this in mind, the combination of capital appreciation potential and dependable income makes Citigroup an increasingly attractive financial stock.
Bottom Line
Citigroup is checking many of the boxes investors like to see.
The company just reported its strongest quarterly revenue in a decade, delivered a sizable earnings beat, and is benefiting from favorable earnings estimate revisions that have earned the stock a Zacks Rank #1 (Strong Buy).
At the same time, investors are paying the lowest forward earnings multiple among the major U.S. banks while collecting a respectable dividend yield.
With improving profitability, an attractive valuation, and momentum that has already surpassed JPMorgan and the broader market over the last three years, Citigroup remains one of the most compelling large-cap financial stocks for investors seeking both value and growth.
J&J Snack Foods has long been viewed as a dependable consumer staples company thanks to its portfolio of well-known snack brands, including Superpretzel, Icee, Luigi's Real Italian Ice, and Dippin' Dots.
However, dependable brands don't always translate into attractive investment opportunities. To that point, JJSF stock currently lands a Zacks Rank #5 (Strong Sell), reflecting an unfavorable trend in earnings estimate revisions.
Coupled with its prolonged period of underperformance and an uninspiring growth outlook, J&J Snack Foods appears to be a consumer staples stock investors may want to avoid for now.
Here are five factors illustrating that bearish view, with JJSF landing the Zacks Bear of the Day.
1. Declining Earnings Estimate Revisions
Taking away from an anticipated rebound in J&J's bottom line, the biggest negative catalyst is that analysts have been lowering their EPS forecasts.
The market is increasingly concerned that earnings growth will remain muted as revenue slows and margins remain under pressure.
In the last 30 days, EPS revisions have fallen across the board for the current quarter and next quarter, with FY26 and FY27 EPS estimates now down by over 3%, respectively.
J&J's annual earnings are now expected to dip 6% this year but are projected to rebound and rise 9% in FY27 to $4.35 per share.
2. Revenue Growth Has Been Disappointing
Although J&J narrowly beat EPS expectations in its most recent Q2 report, quarterly revenue of $344.82 million missed Wall Street estimates of $345 million and declined 3% from $356.1 million a year ago.
That suggests cost controls helped earnings more than accelerating demand, which is generally viewed as a lower-quality earnings beat.
Furthermore, J&J has a track record of missing top-line expectations, doing so in three of its last six quarterly reports, as shown below. Keeping this in mind, annual sales are now expected to dip 4% in FY26 to $1.52 billion with a modest 2% rebound expected next year.
3. Margin Pressure
J&J continues to face headwinds from:
· Higher labor costs
· Distribution and logistics expenses
· Manufacturing inefficiencies during its operational restructuring
· Input cost inflation across portions of its product portfolio
Management has been working on cost-saving initiatives, including plant consolidation and distribution optimization, but investors are waiting to see more meaningful improvement in operating margins.
4. Weak Relative Stock Performance
While the S&P 500 and many consumer discretionary and staples stocks have produced strong gains in recent years, JJSF has traded signficantly lower.
The stock has recently retested its 50-day Simple Moving Average (SMA) but has struggled to break out above it and has spent an extended period below its 200-day SMA, reflecting persistent selling pressure.
JJSF has simply failed to participate in a broader market rally and is now down over 50% in the last two years.
5. Mixed Outlook for Food Service Demand
Many of J&J Snack Foods' products are sold through:
· Movie theaters
· Stadiums
· Amusement parks
· Convenience stores
· Schools
· Quick-service restaurants
These channels remain healthy overall, but growth has been uneven, and investors are questioning whether the company can return to the consistent mid-to-high single-digit earnings growth it delivered in prior years.
Bottom Line: JJSF Could Be a Value Trap
Despite its enticing dividend yield and relatively attractive valuation, J&J Snack Foods' stock may represent a value trap, as declining earnings estimate revisions point to weakening fundamentals and further downside risk.
Additional content:
Spotify's Growth Story Is Intact, but Faces Valuation Threat
Spotify continues to deliver solid operating performance, but its premium valuation and structural industry challenges support a cautious near-term outlook despite improving profitability.
The company's transformation into a consistently profitable business is encouraging. In the first quarter of 2026, Spotify generated €715 million in operating income, achieved a nearly 33% gross margin, and posted 14% constant-currency revenue growth while expanding its user base to 761 million monthly active users and 293 million Premium subscribers. Pricing actions have largely been absorbed without materially hurting subscriber growth, while investments in podcasts, audiobooks, and AI-powered personalization are broadening the platform beyond music streaming.
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However, expectations remain elevated. Spotify trades at an enterprise value-to-EBITDA multiple of nearly 30X, well above the industry average of 11X, leaving the stock vulnerable to even modest execution misses. That sensitivity was evident after first-quarter results, when shares declined as second-quarter subscriber guidance fell short of investor expectations despite another strong quarter operationally.
The business also faces structural profitability constraints. Music royalties continue to consume a significant share of revenue, limiting Spotify's long-term margin potential relative to software businesses. While pricing increases support earnings growth, record labels also benefit from higher subscription prices, restricting the company's ability to capture all of the upside.
Competitive risks are also intensifying. Apple Music, YouTube Music, and Amazon Music continue leveraging broader ecosystems, while rapid advances in AI-generated audio could reshape content creation, licensing economics, and user engagement. Although Spotify is investing heavily in AI-powered discovery and creator tools, the long-term impact of these technologies remains uncertain.
Spotify's debt-free balance sheet and more than $10 billion in cash and equivalents provide financial flexibility, but the company does not pay a dividend, leaving investors dependent on continued earnings growth and valuation expansion for returns.
With premium valuation, royalty-driven margin limitations, and rising competitive risks, a cautious stance appears appropriate until the stock offers a more attractive risk-reward profile.
SPOT stock currently carries a Zacks Rank #4 (Sell).
Stocks to Consider
A couple of better-ranked stocks are Veralto Corp. and Thomson Reuters.
Veralto Corporation carries a Zacks Rank #2 (Buy) at present. It has a long-term earnings growth expectation of 8.4%. VLTO delivered a trailing four-quarter earnings surprise of 4.9% on average. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Thomson Reuters also carries a Zacks Rank of 2 at present. It has a long-term earnings growth expectation of 15.1%. TRI's earnings beat estimates in each of the trailing four quarters, with an average surprise of 3.1%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Citigroup and J&J Snack have been highlighted as Zacks Bull and Bear of the Day

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Lumentum Holdings Inc (Symbol: LITE), where a total of 26,060 contracts have traded so far, representing approximately 2.6 million underlying shares. That amounts to about 48.7% of LITE's average daily trading volume over the past month of 5.4 million shares. Especially high volume was seen for the $900 strike call option expiring July 17, 2026, with 2,535 contracts trading so far today, representing approximately 253,500 underlying shares of LITE. Below is a chart showing LITE's trailing twelve month trading history, with the $900 strike highlighted in orange:
nLight Inc (Symbol: LASR) options are showing a volume of 5,674 contracts thus far today. That number of contracts represents approximately 567,400 underlying shares, working out to a sizeable 44.2% of LASR's average daily trading volume over the past month, of 1.3 million shares. Particularly high volume was seen for the $55 strike put option expiring December 18, 2026, with 720 contracts trading so far today, representing approximately 72,000 underlying shares of LASR. Below is a chart showing LASR's trailing twelve month trading history, with the $55 strike highlighted in orange:
And Spotify Technology SA (Symbol: SPOT) options are showing a volume of 8,202 contracts thus far today. That number of contracts represents approximately 820,200 underlying shares, working out to a sizeable 43.7% of SPOT's average daily trading volume over the past month, of 1.9 million shares. Particularly high volume was seen for the $370 strike put option expiring July 31, 2026, with 1,200 contracts trading so far today, representing approximately 120,000 underlying shares of SPOT. Below is a chart showing SPOT's trailing twelve month trading history, with the $370 strike highlighted in orange:
For the various different available expirations for LITE options, LASR options, or SPOT options, visit StockOptionsChannel.com.
Further LITE Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Thursday Option Activity: LITE, LASR, SPOT

Key Points
Adyen's stock has fallen for multiple reasons in 2026.
The company is expanding into new services for its enterprise payment clients.
The shares look cheap right now if you have a long time horizon.
Although the broader market has soared amid the artificial intelligence (AI) boom, many stocks that were huge winners during the COVID-19 pandemic are still faltering. There may be no better example than Adyen (OTC: ADYEY). The payments giant is down 72% from its 2021 high, severely underperforming the market.
Investors are concerned about some slowing growth and a recent executive departure. However, if you look at the company's financial performance, you'll see it has created significant long-term value. Does that make this former market darling a buy in 2026?
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Management turnover and financial concerns
First, let's talk about the bad. In early 2026, Adyen revised its revenue growth outlook for the year to a range of 20% to 22%, which was below its initial projections and analyst expectations of closer to the mid-20s. The revision led to a sharp drop in the stock price.
Then, in May, Adyen's chief financial officer announced a surprise resignation. Although there was no reason to believe it was due to performance issues at the executive level, investors never like it when a key leader in a business unexpectedly departs. To pile on, Wall Street analysts downgraded Adyen stock in early June over concerns about pricing for enterprise clients in Europe.
Altogether, Adyen stock has fallen 42% year to date, with investors as pessimistic as perhaps they've ever been on this payments stock.
Expanding product portfolio and addressable market
Adyen's goal is to have the best payment processing capabilities, both online and offline, for enterprise retail clients. That's the reason global restaurant chains and the likes of Uber and Spotify use its services to process what can amount to billions of payment transactions every year.
To expand the value it provides to these merchants, Adyen has made two acquisitions this year, of Talon One and Orb. Talon One uses software to give shoppers real-time incentives to drive more checkout volume, while Orb helps software enterprises optimize pricing and manage customer billing. Both can work in tandem to drive revenue growth for Adyen clients. Since Adyen earns a percentage of all payment volume processed through its systems, these acquisitions should accelerate revenue growth if they're properly integrated into the businesses.
Zooming out
Investors may be worried about a deceleration in revenue growth, but concerns are overblown for anyone with a time horizon longer than one year. Net revenue rose 20% year over year in constant currency last quarter and has grown at a 37% annual rate since 2016 in U.S. dollar terms, making it one of the fastest-growing financial technology businesses in the world.
Because the business is much larger now, the days of 40% revenue growth are likely over for Adyen, but that doesn't mean the business is falling apart. It is still taking market share from legacy systems that process online and in-person payments, and has a huge global addressable market with tens of trillions in payments processed by merchants every year.
By 2028, Adyen expects its EBITDA (earnings before interest, taxes, depreciation, and amortization) to reach 55% of revenue. This year, it expects revenue growth of 20% to 22%. Taking its $2.78 billion in revenue and increasing it by 20% annually during the next three years gets its top line to $4.8 billion, which would equate to $2.64 billion in EBITDA if it can meet its 55% margin target.
Right now, after the stock's big decline, Adyen has a market cap of almost $30 billion using current exchange rates (Adyen is a Dutch company). That gives it a forward earnings ratio of just 11 compared with this 2028 EBITDA projection. If you want to buy Adyen stock today and hold for the next 10 years, now looks like a fantastic time to scoop up some shares of this payments giant.
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Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Adyen, Spotify Technology, and Uber Technologies. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Down 72% From Its Highs, Is Former Market Darling Adyen Stock Finally a Buy?

The Invesco MSCI EAFE Income Advantage ETF is seeing unusually high volume in afternoon trading Friday, with over 631,000 shares traded versus three month average volume of about 72,000. Shares of EFAA were down about 0.5% on the day.
Components of that ETF with the highest volume on Friday were Grab Holdings, trading up about 3% with over 19.1 million shares changing hands so far this session, and Nebius Group, down about 7.2% on volume of over 6.2 million shares. Spotify Technology is the component faring the best Friday, up by about 5.7% on the day.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Friday's ETF with Unusual Volume: EFAA

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the SPDR Portfolio Developed World ex-US ETF (Symbol: SPDW) where we have detected an approximate $271.4 million dollar inflow -- that's a 0.7% increase week over week in outstanding units (from 797,500,000 to 802,900,000). Among the largest underlying components of SPDW, in trading today Spotify Technology SA (Symbol: SPOT) is up about 5%, Teva Pharmaceutical Industries Ltd (Symbol: TEVA) is up about 1.2%, and Sea Ltd (Symbol: SE) is lower by about 1.2%. For a complete list of holdings, visit the SPDW Holdings page » The chart below shows the one year price performance of SPDW, versus its 200 day moving average:
Looking at the chart above, SPDW's low point in its 52 week range is $39.54 per share, with $52.16 as the 52 week high point — that compares with a last trade of $50.09. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further SPDW Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

SPDW, SPOT, TEVA, SE: ETF Inflow Alert

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in PayPal Holdings Inc (Symbol: PYPL), where a total of 80,049 contracts have traded so far, representing approximately 8.0 million underlying shares. That amounts to about 54.8% of PYPL's average daily trading volume over the past month of 14.6 million shares. Especially high volume was seen for the $70 strike call option expiring January 21, 2028, with 8,544 contracts trading so far today, representing approximately 854,400 underlying shares of PYPL. Below is a chart showing PYPL's trailing twelve month trading history, with the $70 strike highlighted in orange:
Applied Materials, Inc. (Symbol: AMAT) options are showing a volume of 47,532 contracts thus far today. That number of contracts represents approximately 4.8 million underlying shares, working out to a sizeable 54.5% of AMAT's average daily trading volume over the past month, of 8.7 million shares. Especially high volume was seen for the $380 strike put option expiring October 16, 2026, with 1,940 contracts trading so far today, representing approximately 194,000 underlying shares of AMAT. Below is a chart showing AMAT's trailing twelve month trading history, with the $380 strike highlighted in orange:
And Spotify Technology SA (Symbol: SPOT) saw options trading volume of 12,838 contracts, representing approximately 1.3 million underlying shares or approximately 54.3% of SPOT's average daily trading volume over the past month, of 2.4 million shares. Especially high volume was seen for the $600 strike call option expiring June 18, 2026, with 1,868 contracts trading so far today, representing approximately 186,800 underlying shares of SPOT. Below is a chart showing SPOT's trailing twelve month trading history, with the $600 strike highlighted in orange:
For the various different available expirations for PYPL options, AMAT options, or SPOT options, visit StockOptionsChannel.com.
Further PYPL Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Thursday Option Activity: PYPL, AMAT, SPOT

Key Points
Investors are keen to get in on the ground floor of the biggest IPO in history.
The history of IPOs shows that the first day may not be the best time to get in on the action.
The SpaceX IPO is unique in many ways, and investors should understand what they're in for.
This year is shaping up to be a historic in terms of companies going public. Artificial intelligence (AI) start-ups Anthropic and OpenAI plan their initial public offerings (IPOs) this year, but unquestionably, the biggest debut is expected to be SpaceX. The company is looking to raise $75 billion in its offering, which will dwarf previous records by a wide margin.
The hype machine is ramping up at dizzying proportions, and that's understandable. The chance to get in on the ground floor and ride the rocket maker to new heights is certainly a tempting proposition. So, should investors buy SpaceX on IPO day? Let's see what lessons we can glean from history.
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Ready for launch
Before we address the question at hand, it's worth looking at what the SpaceX offering will entail and what investors will get for their money.
In the company's latest S-1 filing with the Securities and Exchange Commission, Space Exploration Technologies Corp. (aka SpaceX) revealed it will offer 555,555,555 shares of Class A common stock at an IPO price of $135 per share, raising roughly $75 billion and valuing the company at $1.77 trillion. The stock will be listed on the Nasdaq exchange using the symbol "SPCX."
SpaceX has three distinct business segments: rocket launch, satellite internet, and artificial intelligence (AI).
The most high-profile of the three is the rocket launch business, which has launched roughly 650 Falcon rockets with a 99% success rate. It also pioneered "reusable" rockets, making space travel more cost-effective.
The company also boasts the largest network of broadband and mobile satellites in Low-Earth orbit, with approximately 9,600 Starlink satellites, delivering service to millions of customers in 164 countries.
Last but not least is the company's AI segment, including Grok AI, thanks to the recent merger with xAI. SpaceX has ambitious plans to build and launch solar-powered orbital data centers, which it believes will offer "far greater scale and efficiency than terrestrial alternatives."
Late last week, SpaceX revealed in a regulatory filing that it had reached a deal with Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG), under which the Google-parent will pay $920 million per month between Oct. 2026 and June 2029 for compute capacity, for a deal valued at $30 billion. This comes on the heels of a similar deal reached with Anthropic, which is paying SpaceX $1.25 billion per month.
The company's financial results are intriguing. In 2025, SpaceX generated revenue of $18.7 billion, up 33% year over year, but recorded a net loss of $4.9 billion under Generally Accepted Accounting Principles (GAAP). On an adjusted basis, the company's results look more appealing, with adjusted EBITDA of $6.6 billion, though this ignores stock-based compensation, depreciation, and amortization, among other very real business expenses.
These financials don't include the recently inked agreements, which will no doubt improve its financial position.
What history says
While there are plenty of reasons to be excited about the SpaceX IPO, a look at history can be instructional, as the past is rife with examples of stocks that fell significantly in the wake of their public offerings.
Sam Grelck, equity strategy analyst at Truist, reviewed data from the 30 biggest IPOs of the past 15 years, and his findings are telling. More than half of these stocks were underwater after the first week, and also at 12 months post-IPO, with 17 of 30 stocks in the red. The best-performing stock in the group was Palantir Technologies (NASDAQ: PLTR), which was up 153% after the first year but shed 53% of its value at one point during the year. Robinhood Markets (NASDAQ: HOOD) had the worst track record, losing 74% in the first year, after falling as much as 90%. The full data is illustrated in the chart below.
In nearly every case, the first year was a rocky one for these newly listed companies, which serves as a stark reminder for investors. Recently minted stocks can be particularly volatile, so IPO investing isn't for the faint of heart.
A couple of other caveats for thoughtful investors. While the offering price is $135 per share, retail investors may not be able to get that price. The hype ahead of the SpaceX launch has reached a fever pitch, which could drive the stock price up from the moment it begins trading, causing investors to pay a much higher price.
Furthermore, while investors will be able to own SpaceX stock, make no mistake about who will be in control. Founder and CEO Elon Musk will control 82% of the company's voting power, leaving retail investors with little say in matters requiring shareholder approval.
Last, but certainly not least, if SpaceX achieves its $1.77 trillion valuation, the stock would be selling for roughly 95 times sales, a premium valuation to be sure.
For investors who are still determined to buy the SpaceX IPO, it should be a small part of a well-balanced portfolio. It may also be worth waiting for the inevitable stock price fall to buy at a more reasonable price.
Should you buy stock in Alphabet right now?
Before you buy stock in Alphabet, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Alphabet wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $443,191!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,258,838!*
Now, it’s worth noting Stock Advisor’s total average return is 941% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of June 8, 2026.
Danny Vena, CPA has positions in Alphabet, Cloudflare, Coupang, CrowdStrike, Datadog, Meta Platforms, MongoDB, Okta, Palantir Technologies, Shopify, Snowflake, and Twilio. The Motley Fool has positions in and recommends Airbnb, Alphabet, Block, Cloudflare, CrowdStrike, Datadog, DoorDash, Dropbox, Lyft, Meta Platforms, MongoDB, Okta, Palantir Technologies, Pinterest, Roblox, Shopify, Snowflake, Spotify Technology, Twilio, Uber Technologies, and Zoom Communications. The Motley Fool recommends Alibaba Group, Coinbase Global, and Coupang. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The SpaceX IPO is Just Days Away. Here's What History Says Will Happen Next.

Key Points
These three stocks face near-term issues.
Still, they are looking to tap into attractive long-term opportunities.
Their share prices could soar over the next decade if they are successful.
One of the good things about equity markets is that investors can get started on a budget. With $20 or less, it's possible to invest in companies with decent prospects. Let's consider three such stocks: Rivian Automotive (NASDAQ: RIVN), SoFi Technologies (NASDAQ: SOFI), and Adyen (OTC: ADYEY). They have faced challenges recently, but at under $20 per share, these companies are worth a second look.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
1. Rivian
Rivian has underperformed broader equities this year, partly due to slowing demand in the electric vehicle (EV) market. EV sales in the first quarter dropped by 27% year over year in the U.S. Even though Rivian's financial results for the period were pretty strong -- its revenue climbed 11% year over year to $1.4 billion -- the weakness in the EV sector could eventually significantly harm its sales. However, Rivian is entering an important period. The company is launching its mass-market model, the R2, with a much more approachable starting price than previous models.
Rivian is also working hard to achieve level 4 autonomy with the R2, a stage at which cars can drive themselves within certain geographical limits and without human supervision. Rivian entered into a deal with Uber Technologies to deploy up to 50,000 autonomous robotaxis in various U.S. cities starting in 2028. Getting to level 4 will be instrumental for Rivian to meet its end of the deal.
Provided it can achieve that goal while securing a decent share of the midsize SUV market with its new R2, the company's shares could soar. That said, a lot could go wrong that would lead to a sinking stock price: failure to reach level 4 autonomy, weaker demand for its EVs, and its R2 model could flop. There is a wide range of potential outcomes here, and investors should keep that in mind before pulling the trigger. Even at just about $17 per share, Rivian looks like a high-risk, high-reward play.
2. SoFi Technologies
It's been a terrible year for SoFi Technologies. The fintech specialist has had to deal with poor financial results and a short-seller report that sank its stock price. On top of that, the stock still trades at 28.3x forward earnings, which is well above the 14.5x average for financial stocks. SoFi is also on the riskier side, and investors should expect significant volatility going forward. However, the stock might deliver strong returns over the next decade. Here are three reasons why.
First, SoFi's entirely online model arguably gives it an advantage, allowing it to save on overhead costs and pass those savings on to customers. SoFi isn't the only bank with this model. Still, it was a pioneer in the niche and has arguably built name recognition and familiarity with its original target market: relatively young high earners. Second, despite unimpressive financial results this year, SoFi Technologies continues to expand its ecosystem, with growing memberships and products under its belt.
Third, SoFi could build a moat from switching costs as its members rely on it more and more for a range of financial services. If it can establish itself as the bank of the future and continue to attract younger customers who are still early in their financial journeys, there might be market-beating days ahead for the stock.
3. Adyen
Adyen, a fintech leader that combines payment gateways, payment processing, and risk management services on a single integrated platform, continues to disappoint. The company's latest financial results and guidance were unimpressive, leading to a sell-off. However, Adyen remains a leader in its niche, with a large, established clientele, including major multinational corporations such as Uber, Spotify, and others.
Broader economic problems may continue to weigh on the business over the short run, but Adyen is well-positioned to capitalize on the growing demand for digital payments over the long run that will result from various changes, such as the continued growth of e-commerce. Adyen also benefits from a competitive edge, notably due to high switching costs, as its clients rely on its services for day-to-day operations and risk business disruptions if they switch. Adyen's U.S. ADR (American Depositary Receipts) shares trade around $11. At these levels, and despite Adyen's recent challenges, the stock might be a great buy, given its position in the fintech market and the industry's long-term outlook.
Should you buy stock in Rivian Automotive right now?
Before you buy stock in Rivian Automotive, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Rivian Automotive wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $463,900!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,294,401!*
Now, it’s worth noting Stock Advisor’s total average return is 978% — a market-crushing outperformance compared to 211% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of May 30, 2026.
Prosper Junior Bakiny has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Adyen, Spotify Technology, and Uber Technologies. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

3 Stocks to Buy With Less Than $20

Key Points
Victoria's Secret is starting to turn itself around by going back to its roots.
Crocs and Deckers are two undervalued footwear stocks.
Peloton has fixed its gross margin, and now is looking to start to grow its revenue.
Billionaire investor David Einhorn was out bargain hunting in the consumer space in the first quarter, adding a quartet of beaten-down names to his portfolio.
Einhorn is known for investing in undervalued and out-of-favor stocks, so his foray into the consumer space is perhaps no surprise.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Let's look at the four consumer stocks he was buying earlier this year.
1. Victoria's Secret
Einhorn increased his position in Victoria's Secret (NYSE: VSCO) by 30% in Q1, making it his eighth-largest position.
He talked about the stock at the recent Sohn conference, noting how new management is returning the retailer to its identity, which is starting to resonate with customers and has stabilized traffic. He noted that the company's margins are only about half of historical levels, so he sees a strong runway of growth ahead.
With the stock trading at a forward P/E of 12.5 times 2026 analyst estimates, it doesn't look like investors have fully bought into the company's turnaround. However, it's seeing solid same-store sales growth and strong international growth, so the setup does look like it is there.
2. Crocs
One of Einhorn's new positions was in Crocs (NASDAQ: CROX). The company's namesake brand has had pretty steady sales, led by international growth. However, its HeyDude brand has been a disaster ever since it acquired it in 2022, and the company is still working to clear up inventory issues.
With a forward P/E of just 7, Crocs stock is in the deep bargain bin. The big opportunity for the company is finally stabilizing HeyDude, which it looks closer to accomplishing. Direct-to-consumer sales for the brand were up 8% last quarter, and it upped the brand's full-year sales forecast to a decline of 5% to 7%, up from prior guidance of a 7% to 9% decrease.
If Crocs can turn around HeyDude, the stock should have a lot of potential upside given its low valuation.
3. Deckers Outdoor
Crocs wasn't the only footwear company that Einhorn was buying in Q1; he increased his stake in Deckers Outdoor (NYSE: DECK) by more than 60%.
The stock has struggled after surging to more than $215 in January 2025, as investors worried that the popularity of its Ugg brand would start to wane and that its Hoka brand was about to run out of steam.
The company's two main brands have continued to generate strong revenue growth, although not at the breakneck pace they had been seeing earlier. Nonetheless, this is still a company with a solid history of driving both revenue and profitability growth. With the stock trading at a forward P/E of 13 times, it looks like a potential bargain buy.
4. Peloton
One of the more interesting buys that Ackman made was Peloton Interactive (NASDAQ: PTON), increasing his holdings by more than 4,000%. At only 1.4% of his portfolio, it's still a small position, but the increase in shares is still noteworthy.
Peloton ran into huge issues coming out of the pandemic, as it mistook a surge in demand due to people being stuck at home for a new baseline of demand for its exercise bikes. This led to the company over-ordering and storing large equipment, which caused its gross margin to nosedive and even turn negative one quarter.
While Peloton has continued to struggle with revenue growth, seeing declines for the past four years, it has greatly expanded its gross margin during this period. In fact, the gross margin is now higher than it was before the pandemic. Meanwhile, the company is looking toward the commercial gym market for growth following its acquisition of Precor, with a new commercial series of products set to ship late this year. Peloton's also partnered with Spotify to allow the music streamer's premium subscribers to take on-demand workout classes.
Peloton stock is down 95% over the past five years, but the company has made some nice strides over the past few years to better position itself for the future. If it can start growing revenue again, the stock could have big upside given its improved gross margin.
Should you buy stock in Peloton Interactive right now?
Before you buy stock in Peloton Interactive, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Peloton Interactive wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $481,589!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,345,714!*
Now, it’s worth noting Stock Advisor’s total average return is 993% — a market-crushing outperformance compared to 208% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of May 23, 2026.
Geoffrey Seiler has positions in Crocs. The Motley Fool has positions in and recommends Deckers Outdoor, Peloton Interactive, Spotify Technology, and Victoria's Secret & Co. The Motley Fool recommends Crocs. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	37.55 15.34
Price/Sales	4.82 0.97
P/B	10.07 1.40
P/FCF	33.36 12.08

Indicator	TTM Median
ROE	35.12 12.46
ROA	15.93 5.10
ROI	0.00 7.26
Net Worth	108.40 0.68
Quick Ratio	0.00 0.93
Current Ratio	2.06 1.15

Indicator	TTM Median
Net Profit Margin	15.29 9.73
Operating Margin	13.70 14.22
Gross Margin	32.31 54.09
Return on tangible equity	41.11 26.06

Indicator	TTM Median
EPS	4.04 0.28
EPS Forecast	3.72 0.26
Revenue	5.31B 80.00M
Gross Profit	1.75B —
EBITDA	867.00M —

Spotify Technology S.A.

Recent quarterly and TTM performance

Valuation

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