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 Rose on Monday. With the help of gains from Nvidia and other tech companies, the Nasdaq Composite rose nearly 1% and hit a record high. The S&P 500 made marginal gains and hovered near a record close.

• 📈 | One Notable Gainer: Shares of Hims & Hers Health soared 28% following an announcement that the telehealth provider will be introducing injectable GLP-1 weight loss drugs to its services.

• 📉 | One Notable Decliner: Chinese EV manufacturer Li Auto saw its stock tumble 13% after posting first-quarter earnings that showed a decline in profit due to increasing operating expenses.

• 🙀 | Tomorrow's Trade: Streaming Shake-Up. Scroll down for more.

Plus, discover trading platforms for Cboe index options.

YESTERDAY’S POLL RESULTS

Are Meme Stock Rallies Done for 2024?

🟨🟨🟨🟨⬜️⬜️ Yes ✅ 

🟩🟩🟩🟩🟩🟩 No ❌ 

MARKET MOVERS

Nvidia, NuScale Power, & Wix.com

NVDA (+2%) Several analysts hiked their price targets on Nvidia ahead of the tech company’s earnings report this week (CNBC)

SMR (+15%) Nuclear power plant company NuScale Power may be a potential beneficiary from the Biden administration’s support of nuclear fuel (Motley Fool)

TGT (-2%) Target announced it is lowering prices on 5,000 items in a bid to lure back inflation-weary customers (NYP)

NCLH (+8%) Norwegian Cruise Line increased its financial outlook for the second time in less than a month and announced a new strategic plan (Barron’s)

WIX (+24%) Israeli software company Wix.com saw its stock hit a 52-week high after reporting first-quarter free cash flow of over $100 million (Motley Fool)

TOGETHER WITH CBOE

OVERHEARD ON THE STREET

CNN: Red Lobster is filing for bankruptcy, claiming it has more than $1 billion in debt and less than $30 million in cash on hand.

WSJ: Jamie Dimon acknowledged that he will likely be leaving his role as chief executive officer of JPMorgan Chase in less than five years.

Bloomberg: UK drugmaker AstraZeneca plans to build a $1.5 billion manufacturing facility in Singapore to make antibody-drug conjugates.

CNBC: Budget airline Ryanair posted a record annual profit as its passenger numbers soared past pre-Covid levels.

Axios: San Francisco Fed president Mary Daly said that it's not clear whether inflation is definitively receding and there is no "urgency" to adjust interest rates.

TOMORROW’S TRADE IDEA, TODAY

Streaming Shake-Up

A Match Made in Heaven

On Wednesday, Netflix (NFLX) announced a change in its advertising strategy, and The Trade Desk (TTD) looks to be a major beneficiary. 

The streaming company unveiled plans to create its own advertising platform through a partnership with The Trade Desk and Magnite (MGNI).

According to Piper Sandler (PIPR) analyst Matt Farrell, this partnership solidifies The Trade Desk as a “long-term winner” and further bolsters the company’s favorable position.

Revenue Growth

Citi (C) analyst Ygal Arounian believes the deal could bring in $500 million in gross billings for The Trade Desk in 2025. 

Morgan Stanley’s (MS) Matthew Cost estimates that Netflix could see $3 billion in ad revenue, and every 10% of business channeled through The Trade Desk could generate 2% revenue growth by 2026. 

Cost likes The Trade Desk’s low variable costs, business-to-business model, and rising leadership in the Connected TV (CTV) space.

Upside Potential

Farrell has given the stock a $110 price target, a 16% upside from Friday’s close. The analyst is slightly more bullish than the rest of Wall Street, as the average analyst price target is $100.76. The stock is up nearly 35% this year and over 7% in the last week alone. 

According to UBS (UBS) analyst Chris Kuntarich, the Netflix partnership is just the tip of the iceberg for The Trade Desk. He noted that a deal with Amazon (AMZN) could be coming down the line and might be a major tailwind. 

Netflix’s decision to switch up its advertising is shaking up the streaming space, and The Trade Desk is right in the middle of the action.

TOGETHER WITH CBOE

ON OUR RADAR

AP: China’s Ministry of Commerce announced sanctions against Boeing and two other defense companies today for arms sales to Taiwan.

Axios: Realtor.com chief economist Danielle Hale believes that homes with electric vehicle chargers could hold greater resale value.

WSJ: The FDA gave a green light to Neuralink to implant its brain chip in a second person, signing off on the fixes to previous thread pullout issues.

Bloomberg: One out of every 24 New York City residents is now a millionaire as the number of wealthy residents has jumped in Manhattan over the past decade.

Axios: According to new data from Redfin, all-cash home purchases are on the rise, with over one in three US homes now purchased with cash.