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👉 Week in Review — Too Long; Didn’t Read:
Key Earnings Announcements:
Levi Strauss & Co’s direct-to-consumer business now generates a majority of their annual revenue.
Delta Air Lines has reduced their net-debt to sub 2019-levels.
Constellation Brands authorized a $924M stock repurchase plan.
Investor Events / Global Affairs:
Trump ordered Hormuz blockade as Iran negotiations break down.
CoreWeave surged after powering Anthropic’s Claude.
Disney plans to cut up to 1,000 jobs as restructuring continues.
Economic Updates:
March CPI surges +0.9% on energy — the biggest monthly jump since June 2022.
Core inflation comes in cooler than expected.
Consumer sentiment plunges to an all-time record low.
👉 Portfolio Updates
A few key updates to share:
I began taking profits on my energy positions over the last two weeks — not knowing Trump and Iran would have another falling out today. Many of the names in my portfolio (XLE, VDE, PSX, USO, IPI, OXY, DOW, XOM) realized gains between 20-60%.
I’ve continued to hammer Amazon stock — as you might remember from two months ago I expressed my interest in accumulating hundreds of shares of Amazon stock. The energy profits rolled into Amazon around the $215 / share range. Couldn’t be more bullish long-term on this name.
I’ve begun accumulating shares of Eli Lilly (LLY) — Google search trends for the word “peptides” has steadily increased month-over-month in 2026.
Retatrutide is a peptide that Eli Lilly just wrapped up Phase 3 trials of — the first Phase 3 readout came in December 2025 from the TRIUMPH-4 trial (obesity + knee osteoarthritis). That trial ran for 68 weeks, and analysts called those results the most striking of any weight-loss trial to date, with up to 24% body weight reduction — and the trial wasn't even designed to maximize weight loss.
Eli Lilly is positioning retatrutide as the next pillar of its obesity portfolio after Zepbound and the upcoming oral pill orforglipron.
I remain cautiously optimistic — we closed the week above the 200-day moving average, a good thing. I wouldn’t be surprised to see the markets retest previous all-time highs (depending how this reaction to the Iran negotiation fallout goes). But I’m not yet convinced we’re ready for a durable uptrend — I think the markets have a lot more to prove to investors before they get back on board with that. That doesn’t mean specific sectors and thematics won’t perform well — they certainly will — but maybe not the indices.
Have patience. Find names that you believe are dramatically undervalued, accumulate shares, and build a portfolio of companies trending up and to the right over a long period of time.
👉 Position Portfolios for Structural Defense Growth
Geopolitical uncertainty is rising and global defense spending is accelerating alongside it. A multi-year modernization cycle is underway, reshaping the investment landscape beyond short-term headlines.
WisdomTree’s Defense Suite of ETFs provides targeted, globally diversified exposure to companies supporting today’s evolving security needs—from advanced technologies to next-generation defense systems.
👉 Best and Worst ETF Performers of the Week
👉 Key Earnings Announcements:
Levi Strauss & Co’s direct-to-consumer business now generates a majority of their annual revenue, Delta Air Lines has reduced their net-debt to below 2019-levels, and Constellation Brands authorized a $924M stock repurchase plan.
Levi Strauss & Co. (LEVI)
Key Metrics
Revenue: $1.74 billion, an increase of +14% YoY
Operating Income: $198.6 million, an increase of +4% YoY
Profits: $175.8 million, an increase of +30% YoY
Earnings Release Callout
"We delivered very strong financial performance in the first quarter driven by broad-based growth across channels, regions and categories. Our evolution into a DTC-first denim lifestyle brand is allowing us to capture a much larger addressable market and deliver faster and more consistent growth. Today we are operating from a stronger foundation, executing with focus and intention, with more ways to win than ever before."
My Takeaway
LEVI reported a solid first quarter for fiscal 2026, catalyzed by double-digit revenue growth and a meaningful increase in net income. The core driver of this performance was growth across all geographic regions and sales channels, indicating strong consumer demand for the brand despite a mixed macroeconomic environment.
DTC revenue grew 16% and now constitutes 52% of total net revenues. This shift is supported by a 21% increase in e-commerce sales. Operating cash flow improved significantly to $211.5 million. Management use this liquidity to execute a $200 million accelerated share repurchase while maintaining a dividend.
CEO Michelle Gass reiterated the company’s evolution from a traditional denim manufacturer into a comprehensive lifestyle brand. The executive team also provided updates on "Project Fuel," a corporate restructuring initiative that has reduced headcount by 15% and reallocated capital toward digital innovation and marketing efforts.
Looking ahead, the company raised their full year 2026 guidance — now projecting revenue growth of +6%.
No position.
Delta Air Lines (DAL)
Key Metrics
Revenue: $15.9 billion, an increase of +14% YoY
Operating Income: $501.0 million, compared to $569.0 million last year
Net Loss: -$289.0 million, compared to $240.0 million last year
Earnings Release Callout
"Delta's results underscore the power of our brand and the durability of our financial foundation. We delivered earnings that were more than 40% higher than last year, even with a significant increase in fuel costs and operational disruptions across the industry. Our results are powered by the Delta people, who will always be our greatest competitive advantage."
My Takeaway
Delta exceeded Wall Street’s expectations, demonstrating that its structural shift toward a premium-heavy, loyalty-driven business model is effectively insulating the top line. The company’s net loss was the result of investment markdowns — the underlying cash generation remained intact. The airline produced $1.2 billion in free cash flow, allowing it to reduce adjusted net debt to $13.5 billion, a figure that sits below pre-pandemic 2019 levels.
Premium cabin revenue grew 14%, outpacing the main cabin, while loyalty revenue rose 13% on the back of steady co-branded credit card spend. The company also saw a notable recovery in corporate travel, with double-digit growth across multiple sectors. A significant operational milestone was the main cabin returning to positive unit revenue growth for the first time since late 2024, aided by a deliberate -3% reduction in main cabin capacity as the airline continues to retrofit its fleet with more premium seating.
While adjusted fuel expenses rose 8% due to a spike in global oil prices, the company's Monroe refinery provided a crucial hedge, contributing a 6-cent-per-gallon benefit to offset the increased costs. Their CEO emphasized that the sudden, geopolitical-driven spike in fuel prices is forcing the airline to act deliberately. In response, Delta is trimming unprofitable, off-peak flying to hold capacity flat in the upcoming quarter.
Delta’s guidance for the second quarter of 2026 projects low-teens revenue growth on flat capacity. By targeting an operating margin of 6.0% to 8.0% and approximately $1.0 billion in pre-tax profit, the company is signaling that while fuel costs will compress margins, the underlying consumer and corporate demand remains steady enough to sustain profitability.
No position.
Constellation Brands (STZ)
Key Metrics
Revenue: $1.92 billion, compared to $2.2 billion last year
Operating Income: $442.0 million, compared to -$150.0 million last year
Profits: $202.0 million, compared to -$375.0 million last year
Earnings Release Callout
"We ended the year with some solid momentum in our beer business, despite operating in a challenging environment during our FY 2026. It was a year that required agility and focus as consumers continued to navigate a tough economic backdrop with more selective shopping behavior. Lastly, from a financial standpoint, the business delivered solid cash generation, giving us the flexibility to reinvest while also returning capital to shareholders."
My Takeaway
The beverage company navigated a difficult consumer environment to deliver earnings per share that exceeded Wall Street estimates, though its top-line revenue experienced an -11% year-over-year decline. Operating income was $442.0 million, and net income reached $202.0 million. Both profitability metrics showed significant percentage increases strictly because the company reported heavy, non-cash impairment losses during the same quarter last year.
The core beer segment continues to anchor the company's performance. While overall shipment growth was a modest 1.1%, Modelo Especial retained its position as the top-selling beer in the United States by dollar sales. Conversely, the Wine & Spirits division reported a 58% drop in quarterly revenue, a direct result of management's strategic decision to sell off lower-tier brands and focus exclusively on the premium market.
The company produced $1.8 billion in free cash flow for the full fiscal year, which allowed management to execute $924 million in share repurchases and authorize a 1% increase to the quarterly dividend. Their CEO noted that the consumer backdrop remains challenging, with shoppers displaying more selective purchasing behavior. To combat this, the company relied on strategic pricing adjustments to drive net sales growth in the beer segment.
Looking ahead, the company is projecting flat net sales growth over the coming 12 months.
No position.
👉 Investor Events / Global Affairs:
Iran peace talks have hit some roadblocks, CoreWeave surged after announcing a multi-year deal with Anthropic, and Disney is planning to cut 1,000 jobs.
Trump Orders Hormuz Blockade as Iran Negotiations Break Down
Source: Win McNamee | Getty Images
The U.S. is escalating its response in the Middle East conflict, with Donald Trump announcing a blockade of the Strait of Hormuz after peace talks with Iran broke down. The move will target vessels linked to Iranian ports, aiming to stop Tehran from collecting tolls and exerting control over one of the world’s most critical energy chokepoints, which handles roughly 20% of global oil flows.
This marks a major shift from military conflict to economic warfare. By restricting access to the strait, the U.S. is effectively weaponizing global trade routes, which could tighten oil supply further and intensify volatility across energy markets. Oil prices have already surged during the conflict, at times exceeding $100 per barrel, and this escalation risks prolonging supply disruptions and fueling inflation globally.
The policy also introduces broader geopolitical risk. Trump warned that any country continuing to purchase Iranian oil could face tariffs as high as 50%, raising the possibility of secondary economic conflicts involving major global players. Iran, meanwhile, has signaled it could treat increased military presence near the strait as a violation of ceasefire conditions, adding another layer of uncertainty.
Bottom line: this isn’t just a regional conflict anymore — it’s becoming a global economic pressure point, where oil, trade flows, and geopolitical alliances are all being tested at once.
“At some point, we will reach an ‘ALL BEING ALLOWED TO GO IN, ALL BEING ALLOWED TO GO OUT’ basis, but Iran has not allowed that to happen by merely saying, ‘There may be a mine out there somewhere,’ that nobody knows about but them,” he said. “THIS IS WORLD EXTORTION, and Leaders of Countries, especially the United States of America, will never be extorted.”
CoreWeave (CRWV) Surges After Powering Anthropic’s Claude
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