Happy Wednesday 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 Little Changed on Wednesday. The S&P 500 and the Nasdaq Composite dropped less than 1%, and the Dow added 142 points, marking its sixth positive trading session in a row.

• 📈 | One Notable Gainer: Reddit’s stock surged 16% in premarket but ended today’s trading session with just a 4% gain. This comes after Reddit’s first-ever earnings report, which showed improvements in the company’s advertising system that helped to push quarterly sales higher than expected.

• 📉 | One Notable Decliner: Shares of Tripadvisor plummeted 29% after the online travel announced that its special committee ruled out the idea of a potential sale, claiming it’s not in the best interest of the shareholders.

• ☢️ | Tomorrow's Trade: Going Nuclear. Scroll down for more.

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YESTERDAY’S POLL RESULTS

Which stock do you think will outperform over the next 12 months?

🟩🟩🟩🟩🟩🟩 SK Hynix (KRX: 000660)

🟨🟨🟨🟨🟨🟨 Samsung (KRX: 005930)

MARKET MOVERS

Shopify, Uber, & Toast

SHOP (-19%) Shopify reported a loss in its fiscal first quarter and warned that the sale of its logistics business would weigh on Q2 revenue growth (Barron’s)

UBER (-6%) Shares of Uber dropped after the company reported that bookings during the quarter fell short of expectations (Barron’s)

LYFT (+7%) A different side of the same coin- Ride-hail company Lyft posted better-than-expected first-quarter earnings and sales (IBD)

TOST (+13%) Restaraunt sales software company Toast released better-than-expected first-quarter earnings with the help of new specialized services (SA)

BROS (+12%) Coffee company Dutch Bros delivered a 39% sales increase in Q1, and its store count grew by 22% in the same period (The Motley Fool)

TOGETHER WITH CBOE

OVERHEARD ON THE STREET

BI: Economist Frances Donald predicts a substantial economic downturn in the near future, which could lead to significant Fed rate cuts as soon as this year.

NYT: Bankruptcy lawyers for FTX said that customers of the cryptocurrency exchange are set to get all their money back, plus interest.

AP: Disney received another key approval to expand its Southern California theme parks, its first push in decades to make major changes to Disneyland.

Reuters: SpaceX’s satellite unit has secured a permit to operate in Indonesia as an internet service provider for the nation’s retail consumers.

South China Morning Post: Another overseas venture for Musk- Tesla is seeking a robotaxi license in China to test its self-driving software.

TOMORROW’S TRADE IDEA, TODAY

Going Nuclear

Not Worried About Poor Earnings

According to Goldman Sachs (GS), Western countries are increasingly interested in utilizing nuclear power. That’s why the investment bank is bullish on Canadian uranium mining company Cameco (CCJ). Cameco is one of the largest players in the uranium mining space. 

Despite disappointing first-quarter earnings with a loss of $7 million, Goldman has raised its 12-month price target for the stock, noting that it looks poised for long-term success. Goldman’s price target now sits at $56 per share, a 10% upside from Monday’s close.

More Secure Supply Chains

Analyst Neil Mehta encourages investors that buying Cameco stock allows them to gain exposure “to the entire value chain of uranium.” Uranium has recently been skyrocketing, and the Global X Uranium ETF (URA) is up around 53% over the past year. 

Mehta also anticipates that countries will look to obtain their uranium from locations with less geopolitical risk in the future. He expects governments to look to Canada versus countries like Russia and Kazakhstan. According to the analyst, this will benefit Cameco from both a volume and price standpoint.

Legislative Changes Ahead

The US recently passed legislation banning imports of low-enriched uranium from Russia in 2028. Energy companies will be forced to find alternative uranium supplies within 90 days of President Biden signing the regulation unless they are granted a waiver. Due to this change, Goldman expects Cameco to see demand for its uranium increase. 

Nuclear energy is becoming more attractive to governments across the globe as a carbon-free means to meet rising electricity demand. According to Goldman, Cameco is positioned to take advantage of this movement as well as energy providers veering away from riskier supply chains.

TOGETHER WITH CBOE

ON OUR RADAR

BI: Home sellers are facing a “summer from hell” due to inflation and high mortgage rates, ending the seller-friendly market of previous years.

Bloomberg: American consumers' recent embrace of Buy Now, Pay Later products has resulted in "Phantom Debt” that Wall Street can’t track.

Reuters: Bill Hwang arrived in court for his criminal racketeering trial over the collapse of his $36 billion Archegos fund.

Axios: An independent investigation released yesterday alleges that the FDIC is a workplace rife with sexual harassment and discrimination.

Reuters: The United States has revoked Intel and Qualcomm’s export licenses to sell chips used for laptops and phones to China’s Huawei Technologies.