🚢 Cruise control 🚗

Royal Caribbean's earnings yesterday showed a company defiant to the economic burdens that has the rest of the business world hedging bets, yanking guidance, and dialing back expectations.

(Jeff Whyte/Shutterstock) Presented by Hey Snackers, Amazon had… an unusual day. First, news emerged that Amazon would list tariff costs next to prices on its site (as Temu is already doing), leading the White House to call the move a "hostile and political act" in a morning press conference. Then Amazon said, no no no, we were only thinking about doing that on Amazon Haul! But the story first started because of a post on Punchbowl that appears to be sponsored by, you guessed it, Amazon. Looking forward to listening to its earnings call tomorrow! The S&P 500 gained for its sixth consecutive day, the longest such streak since September, as investors cheered a slate of mostly positive corporate earnings — even as companies were skittish to provide details on their outlooks — and welcomed fresh tariff relief on autos. The Nasdaq 100 even briefly erased all of its losses since the April 2 close, just before reciprocal tariffs were announced in the Rose Garden.. SMOOTH SAILING Anchors away, as Royal Caribbean fears nothing about stormy seas Royal Caribbean's earnings yesterday showed a company defiant to the economic burdens that has the rest of the business world hedging bets, yanking guidance, and dialing back expectations.  We've seen company after company stare down a volatile trade situation and an American consumer whose financial security has been checked over the past several weeks, and what have we seen? Adjusted guidance, and not in a good direction. Just this week, UPS pulled its full-year guidance, as did Colgate-Palmolive. Other travel industry stalwarts Delta, American Airlines, and Frontier all pulled or hedged on their forecasts. Heck, even archrival Carnival tried to lower expectations for the year. Royal Caribbean scoffs at this! Based on what it's seeing, the American consumer will spend their bottom dollar if that's what it takes to get on a cruise ship this year. Bookings are on track, cancellation levels are normal, and close-in demand is great, the company says. Lower guidance? To Davy Jones' Locker, go ye! No, Royal Caribbean saw the world for what it is and made the assessment that demand for frozen drinks in pools floating in the Caribbean will be existentially necessary to huge swaths of the American populace. THE TAKEAWAY Damn the torpedoes and full speed ahead — Royal Caribbean raised guidance, now anticipating full-year earnings per share between $14.55 and $15.55, up from its prior forecast of $14.35 to $14.65. Read more Presented by Cytonics Not Funded by Big Pharma. Not Distracted by Wall Street. Most biotech startups chase venture dollars or Big Pharma buyouts. Not Cytonics. Big Pharma has failed to deliver a disease-modifying therapy for osteoarthritis (DMOAD) — but Cytonics refuses to accept that. By genetically enhancing a naturally occurring blood protein called A2M, they've created CYT-108 — a groundbreaking biologic poised to become the first true disease-modifying therapy for osteoarthritis. Cytonics has raised exactly $0.00 from venture capital giants and is funding the development of CYT-108 from everyday investors — and now, they're preparing to enter a pivotal Phase 2 trial Science this promising shouldn't be reserved for venture funds. Now it isn't. Join the movement to democratize biotech innovation1 → B GRADE White House's latest tariff relief seems great for Tesla, dismal for other automakers Tariff exemption is coming for automakers, or at least for their vehicles made from 85% US content.  For a year, cars that are made with at least 85% domestic and USMCA-compliant content will be able to apply for full reimbursement from tariffs, according to a Wall Street Journal report that cited a senior US official. After a year, that percentage goes up to 90%. Sounds great! That must be a lot of cars, right? Lots of American automakers are sure to benefit, right? Well… None of the big three automakers are anywhere close. As of last year, the average US content for Ford vehicles was 54%, tied with GM. Each of them is well above the 46% American content at Stellantis, which makes Jeep and Dodge. Honda is the closest to the mark for major automakers, with 63% average US content for its vehicles, well above fellow Japanese automakers with major American presences Toyota (29%) and Nissan (24%). At Tesla, the company owned largely by Elon Musk, a close confidant to the man instrumental in developing and executing administration policy, that figure is 81%.  THE TAKEAWAY Tariffs have thrown a spanner in the works for automakers, which are major manufacturing employers. Just yesterday, GM had to postpone its investor call following claims of possible tariff relief. Realistically, it's incredibly hard to operate with this much uncertainty, and it's this exact kind of company that serves as the flagship of the US industrial base.  Read more THE BEST THING WE READ TODAY Horror has emerged as the shining genre at the 2025 US box office The $123 million that "Sinners" — a completely original movie in a slate typically awash with sequels and recycled IP — has grossed at the domestic box office so far is scaring up a near record for horror. The Impressive way it's in league with "Avatar." Presented by Cytonics Invest Beyond the News Cycle Arthritis is the big disease no one's talking about.  Cytonics is developing a next-generation biologic therapy for osteoarthritis that targets the underlying disease process — not just the symptoms. Markets swing. Policies shift. But joint degeneration doesn't wait. Cytonics is building for the long-term — join 6,000+ investors (across all offerings) by securing your stake in the future of joint health.1 MOVES Yesterday's Big Daily Movers  Hims & Hers skyrocketed after announcing a partnership with Ozempic maker Novo Nordisk Pfizer got a healthy bump following an earnings beat thanks to $1.2 billion in new cost cuts Despite handily beating earnings estimates, aided by Gen Z darling Chili's, Brinker stock plummeted CoreWeave surged on a flurry of options market demand What else we're Snackin' Why Slate Auto, the Bezos-backed $20,000 electric vehicle, is so attractive, in one chart How do you say "replaced by AI" in any language? Duolingo is about to find out as it shifts all contractor work to AI  If you're tired of looking everywhere for that sweet, sweet Meta AI, now you can use a stand-alone app or access it on the web Over 1 in 5 Gen Alpha kids have been approached by a brand for sponsorship opportunities  Cytonics is a leading example of grassroots biotech: real science, real patients, and real traction. Get in alongside real, everyday investors — not Wall Street or Silicon Valley.1  Ad Snack Fact of the Day JetBlue hasn't made a profit in Q1 since before Covid. Wednesday March PCE (the Fed's preferred inflation gauge) Q1 GDP (first estimate) Earnings expected from Microsoft, Meta, Caterpillar, Qualcomm, MGM Resorts, Allstate, Prudential, Norwegian Cruise Line, Super Micro Computer, Yum! Brands, Garmin, eBay, and Robinhood* *Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company. Advertiser's disclosures: 1 This is a paid advertisement for Cytonics Regulation A+ Offering. Please read the offering circular and related risks on the SEC website. Investing in private company securities is not suitable for all investors because it is highly speculative and involves a high degree of risk. It should only be considered a long-term investment. You must be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid, and there is no guarantee that a market will develop for such securities. Was this email forwarded to you? Don't miss out on future stories — subscribe to Snacks and get your daily dose of financial news straight to your inbox.  Craving more insights in your inbox? Subscribe to Chartr and The Wrap for quality reads. 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