There weren’t any earnings reactions in the S&P 500 yesterday…

But let’s talk about something way more interesting.

Remember that monster move in NRG Energy $NRG the other day?

It was the stock's best earnings reaction ever, and it came from one of the largest “AI Utility” plays on the board.

But if NRG has the size...

Oklo $OKLO has the juice.

This stock recently surged over 1,000% in just a few months, and now it’s setting up for another rally.

Yesterday, the company reported a loss of $0.07 per share and zero revenue… and still had its best earnings reaction ever.

Why? Because the market doesn’t care about today.

It’s looking ahead to the moment this "AI Utility" company is fully online and helping power the AI Revolution.

If OKLO is above the VWAP anchored to its all-time high (currently ~31.25), the breakout is alive and well.

Thank you for reading.

- The Beat Report Team 

PS: Jeff Macke...

It’s been an incredible week in New Orleans with the whole crew and some of our closest friends.

There’s nothing like getting together in person — sharing ideas, and looking at the market from every angle.

JC opened with his “State of the Markets,” highlighting the hottest ETFs.

Strazza broke down his Breakout Multiplier strategy, and Sean followed with some live trades.

Riley covered robotaxis and flying cars, Louis talked crypto, and Rick closed with speculative tech.

From the desk of Steve Strazza @Sstrazza

Welcome to The 2 to 100 Club.

In this scan, we look to identify the strongest growth stocks as they climb the market-cap ladder from small- to mid- to large- and, ultimately, to mega cap status (over $200B).

Once they graduate from small-cap to mid-cap status (over $2B), they come on our radar. Likewise, when they surpass the roughly $30B mark, they roll off our list.

But the scan doesn't just end there.

We only want to look at the strongest growth industries in the market, as that is typically where these potential 50-baggers come from.

Some of the best performers in recent decades – stocks like Priceline, Amazon, Netflix, Salesforce, and myriad others – would have been on this list at some point during their journey to becoming the market behemoths they are today.

When you look at the stocks in our table, you'll notice we're only focused on Technology and Growth industry groups such as Software, Semiconductors, Online...

Going to keep this post short today. I'm writing live from the Portfolio Accelerator event in New Orleans. Our friend Riley Rosebee is presenting as I'm typing and he is talking about stocks in companies The Jetson's would invest in.

One he brought up caught my attention because the chart looks ripe for a big pop.

In today’s Daily Digest, we’ll review the following:

1. No new trades today.
2. Adjustment to XOP position.
3. No exits since the last report.
4. Current status of open campaigns.
5. Volatility Snapshot.

Let’s dig in!

Every day, we sift through the filings to spot where the real conviction lies — cutting through the noise to highlight the most meaningful insider moves.

Here's what stood out today:

📌 Middleby $MIDD – Director Edward P. Garden fired a mammoth $65.6 million round into the commercial‑kitchen giant – easily one of 2025’s biggest insider buys.

📌 Sunrun $RUN – Director Edward H. Fenster snagged $543,000 just after the solar installer ripped more than 100 % off the lows, betting the squeeze still has juice.

Here’s The Hot Corner, with data from May 13, 2025:

Click the table to enlarge it.

📌 TMC the Metals Company $TMC – First Manhattan hiked its stake to 6.50 % from 5.78 %, as the deep‑sea‑miner finishes carving a...

Simon Property Group $SPG just turned in mixed results, and the market wasn’t having it.

Shares dropped 6.2% following the release, marking the stock’s worst earnings reaction since 2009.

In a market that’s punishing anything less than perfection, this wasn’t the quarter to come up short. 

Fundamentals weren’t terrible, but they weren’t great either. 

Net operating income growth slowed dramatically, occupancy rates stagnated, and guidance was uninspiring. 

That’s all it took...

This is a stock that’s been working hard to reclaim its long-term highs. 

But when your biggest earnings reaction in over a decade is to the downside, that’s not a sign of confidence. 

It’s a sign investors are nervous and no longer willing to give the benefit of the doubt.

Simon’s still a heavyweight in the REIT space. But after this report, it’s clear that the margin for error is gone.

So what else did we learn from yesterday's earnings reactions? Let's dive into the details.

*Click the image to enlarge it

Davita $DVA...

The dollar is rebounding, but don’t expect it to last

The US Dollar Index $DXY continues to sit near the top of our macro checklist. 

It’s been one of the more important tells of the cycle, not just for currencies—but for equities, commodities, and global risk assets.

Traditionally, the dollar moves opposite to US stocks. But as technicians, we know better than to marry intermarket correlations. These relationships ebb and flow, strengthen, weaken, invert, and sometimes go completely quiet. That’s normal.

Late last year, a big shift took place as stocks began to move with the dollar. It's not typical, but it’s not without precedent either. 

We're in New Orleans this week, surrounded by some of the smartest minds in finance at our Portfolio Accelerator event. 

The food here is incredible.

The music is loud.

And the markets are moving fast.

We put together a special video to walk you through what we’re seeing right now:

We discussed:

• The connection between Gold, Copper, and Crude Oil.
• Why energy stocks are struggling, and where the strength still is.
• Precious metals are leading in 2025.
• And our top setup in the mining space right now.

Some of the most speculative names out there have been lighting up our squeeze scan — and First Solar $FSLR was front and center.

We said solar stocks were catching fire… and FSLR was the cleanest setup in the group.

I leaned into the momentum and bought the $FSLR 6/6 $165 calls for around $2.50.

Two trading days later, and they have exploded to nearly $32.

That’s a +1131% return.

A clean 12X in just TWO days.

That’s the power of a failed move catching fire—with momentum at your back.

Here you can see FLSR failing to complete a massive top with a textbook scoop n' score setup.

From failed moves come fast moves.

And this one came as fast as any.

Get access to this trade by joining the Breakout Multiplier — special offer ends tonight.

Last week, I broke down the full process behind how I find these trades...

Today's number is... 58%

58% of S&P 500 stocks made 20-day new highs yesterday. 

Here’s the chart:

Let's break down what the chart shows:

• The blue line in the top panel is the S&P 500 index price.
• The black line in the bottom panel shows the percentage of S&P 500 stocks at 20-day highs.
• The red line in the bottom panel is the trigger for a breadth thrust.
• The gray shading highlights when in a breadth thrust regime.

The Takeaway: Market participation is heating up!

Yesterday, my favorite breadth thrust officially fired.

The breadth thrust I am talking about is when 55% or more of the S&P 500 stocks reach a 20-day new high.

Yesterday, we saw 58% of S&P 500 stocks making 20-day new highs, 

This means we have entered a breadth thrust regime that lasts one year.

It’s not an all-clear signal or a guarantee that the market will go up, but this breadth thrust regime points to healthy market leadership conditions and...

In today’s Daily Digest, we’ll review the following:

1. No new trades today.
2. Adjustment to XLI position.
3. Closed  USO and XLP at profit targets.
4. Current status of open campaigns.
5. Volatility Snapshot.

Let’s dig in!

NRG Energy $NRG didn't just beat earnings expectations, it torched them.

The company delivered a double beat, with a 53% upside earnings surprise and an 8% top-line beat.

The result? The stock exploded by over 26%, marking its best earnings-day reaction ever.

But this isn't just about a beat. 

It's about a narrative shift. 

NRG is quickly positioning itself as a dominant player in the emerging "AI Utility" trade.

They're providing the energy infrastructure needed to power the next generation of computing.

From a technical perspective, it doesn't get cleaner. 

The stock gapped above a shelf of former highs and never looked back. 

It was a textbook gap-n-go, coming out of a classic rounding base.

This was about as decisive a move as you'll ever see.

So what else did we learn from yesterday's earnings reactions? Let's dive into the details.

*Click the image to enlarge it

NRG Energy $NRG had the best...

On had to be perfect going into earnings. Fast growth company and priced accordingly. On isn't cheap. It wasn't a month ago at $35 and wasn't when I bought it yesterday at $50.70. What On has transcends cheap. On has momentum, good management, and a near-perfect business model. It's got the fattest margins in footwear.

After running 40% from the lows, On had to be close to perfect when the company reported this morning.

Here's how I graded it... 

Sign up for my free note here.

I just arrived in New Orleans for the Portfolio Accelerator event, and I’m absolutely fired up!

It’s my first time here, and the vibe is unreal.

We’ve got three full days ahead of deep-dive trading ideas, strategy sessions, and exploring what’s working in today’s market.

The whole crew is here—JC, Steve, Sean, Louis… it’s going to be amazing.

Now, let’s talk about Uber.

It’s one of my top picks right now.

I included it in last week’s Jr. Mags 7 post—definitely check it out if you haven’t...

I’m sitting at a Miami airport bar watching the Knicks game and looking at charts. 

It’s been a nightmare of a travel day. Let’s just say there are both pros and cons to island life. 

I'm trying to get out to New Orleans to meet my co-workers and clients at our Portfolio Accelerator event. 

I always look forward to these get-togethers. It’s an opportunity to catch up with JC and the analyst team in person. 

But more importantly, it’s a fun and laid back forum for sharing ideas with some of our smartest colleagues and industry professionals. I always come away with something good. Something I wasn’t watching. Something from someone else’s radar that is now on mine. 

I’m going to give a special talk on how I use VWAP...