Happy Monday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟨 | US Stocks Were Mixed on Monday. The three major indexes were little changed today, struggling to maintain last week’s momentum ahead of key inflation reports.

• 📈 | One Notable Gainer: Shares of Monday.com surged 15% after its second-quarter results showed year-over-year revenue growth of 34%.

• 📉 | One Notable Decliner: JetBlue’s stock plummeted 21%, its worst day on record, after it said it plans to sell $400 million of five-year convertible notes.

• 🍎 | Tomorrow's Trade: Banking on More Than Just Apple. Scroll down for more.

Plus, today’s partner can help you discover trading platforms for Cboe index options.

MARKET MOVERS

Gold Fields, Hawaiian Electric, & KeyCorp

GFI (-5%) Gold Fields is set to buy Osisko Mining for $1.57 billion, giving the South African company full control of the Windfall project in Canada (WSJ)

HE (-14%) Hawaiian Electric Industries saw its stock plummet after it said it does not yet have a financing plan for the Maui wildfire settlement payment (YF)

KEY (+9%) Shares of KeyCorp jumped after it said it would shore up its balance sheet by selling a minority stake to Bank of Nova Scotia for $2.8 billion (WSJ)

SBUX (+3%) Starbucks’ stock surged after activist investor Starboard Value announced it is building a stake in the coffee chain (WSJ)

QCOM (-1%) Wolf Research downgraded chipmaker Qualcomm to Peer Perform, citing the effect of Apple using its own internal modem (CNBC)

TOGETHER WITH CBOE

OVERHEARD ON THE STREET

The Hill: Bank of America CEO says research team “does not have any recession predicted anymore.”

CNBC: According to a survey of 2,000 adults by Affirm, 59% of Americans wrongly think the U.S. is in a recession.

WSJ: Universal Music Group artists will be available on WhatsApp after the record label struck a new licensing deal with Meta Platforms.

BI: Chipmaker Nvidia is teaming up with the State of California to help educate 100,000 students and educators on AI to support job creation and innovation.

TC: Elon Musk’s X targeted with nine privacy complaints after grabbing EU users’ data for training Grok.

TOMORROW’S TRADE IDEA, TODAY

Banking on More Than Just Apple

Multiple Growth Streams

Semiconductor supplier Cirrus Logic (CRUS) could benefit from strong Apple (AAPL) sales, according to TD Cowen analyst Matthew Ramsay.

On top of getting a boost from Apple, the stock could also see a rise stemming from the battery-charging business in China and audio and power drive socket diversification.

This growth outlook follows Cirrus’ strong Q1 results that included positive guidance for Q2. The revenue and earnings beat and positive future outlook are largely thanks to the iPhone 16 and its new features.

Adjusting Expectations Accordingly

Barclays analyst Tom O’Malley reacted to the earnings report by increasing his earnings estimates for the rest of this year and 2025 to account for Cirrus’ business from Apple. Barclays predicts EPS will hit $6.72 this year and $6.86 in 2025.

John Vinh of KeyBanc believes that 2025 will see revenue growth in response to Cirrus’ diversification into PCs with AI capabilities.

Apple Isn’t the Whole Story

Cirrus stock is up around 60% YTD and 57% over the past twelve months. Analysts have given it an average price target of $143.33, a 10% upside from yesterday’s close.

In addition to Cirrus’ Apple revenue, Tore Svanberg of Stifel believes that the company is financially sound, has strong technology leadership, and is bullish on its long-term deal with GlobalFoundries (GFS).

As Apple rolls out its newest iPhone model, Cirrus could see a major boost. But that’s not the only thing this company has going for it.

TOGETHER WITH CBOE

ON OUR RADAR

CNBC: Former YouTube CEO and Silicon Valley trailblazer Susan Wojcicki has died at age 56.

CL: 90% of job applications have been written by ChatGPT, according to data-analysis company Pillser.

Reuters: The Biden administration unveiled new rules targeting consumer annoyances ranging from hard-to-cancel subscriptions to helpline wait times.

BBC: The US has denied a bid to allow MDMA, commonly known as ecstasy or molly, to be used in the treatment for post-traumatic stress disorder (PTSD).

Axios: Retail experts claim locking up merchandise in drugstores hasn’t curbed theft and is driving frustrated consumers to shop online more.

LAST FRIDAY’S POLL RESULTS

Are you bullish or bearish on SoftBank (SFTBY) over the next 12 months?

🟨🟨🟨🟨⬜️⬜️ Bullish 🐂 

🟩🟩🟩🟩🟩🟩 Bearish 🐻