SpaceX's blowout is real. The $500 target is a guess.

Buy SpaceX — CNBC reports eight of nine analysts at Buy or Overweight with targets from $230 to $500 against a $159 stock; the $14.6bn revenue beat and 13.6m Starlink subs are specific, but 77.9x forward earnings and a 3.3x target spread keep conviction off high.

Buy Tesla — Tesla is named as the partner in the Terafab chip venture and in merger talks, so SpaceX momentum spills over — but at 178x forward earnings and 11.8% down YTD, the spillover is already the most expensive part of the story.

Buy Intel — Intel is the third named Terafab partner, handing its foundry business a large anchor customer; +136.1% YTD with 35% still to the 52-week high means the re-rating has room rather than being exhausted.

Buy US crude oil — WSJ flags unresolved Hormuz shipping threats and attacks on Saudi Arabia keeping a supply premium in crude, but USO at 2% below its 52-week high and +131.7% YTD is a crowded long, not an early one.

Buy Frontline — Strait threats drive tanker rerouting and war-risk insurance, which lifts freight rates directly; Frontline at 9.8x forward and 14% below its 52-week high has not priced that disruption the way the crude ETF has.

Sell Airlines — Sustained jet-fuel costs squeeze carrier margins, and JETS at 23% below its 52-week high with a -6.6% YTD has no buffer if the geopolitical premium persists.

Buy High yield credit — Bloomberg carries BlackRock's argument that yields alone carry the return, but HYG at 1% above its 52-week low and -4.6% YTD shows the coupon is being eaten by the mark — you are paid to wait, not paid to be right.

Buy Investment grade credit — The same carry case with far less default risk; LQD at 2% above its 52-week low and -6.3% YTD is a duration drawdown rather than a credit one, which makes it the cleaner way to own BlackRock's thesis.

Buy China internet — MarketWatch's six-months-behind-means-winning thesis needs a price to confirm it, and KWEB at 2% above its 52-week low, -33.4% YTD, is 2.51% lower in the prior session — sentiment tailwind, no confirmation.

Buy Alibaba — Alibaba is the most direct listed play on Chinese cloud and model development at 11.2x forward and 33% down YTD, but a 3.87% drop in the prior session says the re-rating case keeps losing to the tape.

Buy BeOne Medicines — FT's licensing shift lands on the most liquid US-listed China oncology proxy, but ONC at 1% below its 52-week high and 37x forward means the story is already in the price.

Buy AstraZeneca — AstraZeneca has the deepest China R&D footprint of the majors, and at 14.7x forward with the stock -7.2% YTD, the licensing shift is the part of the franchise that isn't paying for itself yet.

Buy US aerospace and defense — WSJ's column calls the defense pullback buyable, and ITA at 5% above its 52-week low and -7.3% YTD means you're buying near the bottom of the range — but the column names no multiples, so the conviction stays low.

Buy RTX — Missile and defense-electronics exposure gives RTX the most leverage to restocking demand; at 24.0x forward, 16% below its 52-week high and +2.3% YTD, it has badly lagged Lockheed's +11%.

Buy US healthcare — WSJ explicitly describes healthcare as rallying and reads it as a warning; XLV at 1% below its 52-week high and +15.1% YTD is the observable half of that call, and the one you can position in.

Sell US small caps — Defensive leadership hits small caps hardest because they carry the refinancing risk; IWM at 9% below its 52-week high is the beta that suffers if the rotation continues.

Buy Randstad — A 20.2% single-session move on a revenue and profit double-beat with improving trends, reported by WSJ alone with no disclosed figures — the market repriced the cycle in one day and left nothing obvious on the table.

Buy Adecco — Adecco rose 9.1% in sympathy and at 9.3x forward with the stock 12% below its 52-week high, it hasn't had Randstad's re-rating — the read-across has room if the same trend shows in its own print.

Buy ManpowerGroup — ManpowerGroup at 9.6x forward, 30% below its 52-week high and +3.86% in the prior session is the highest-beta US expression of a temp-hiring turn, but it rests entirely on a European read-across.

Sell Carrefour — A full-year profit-target cut that took 13.8% off the stock is a genuine earnings reset; at 7.7x forward and 0.90x book, cheapness is exactly what doesn't protect you here.

Sell Michelin — OEM tire volumes weakened while replacement held, and the stock fell 7.2%; at 8.9x forward and 0.37x book the market is already pricing a cyclical trough the volume trend says isn't here.

Buy Akzo Nobel — A CEO-confirmed remedy sale removes the main regulatory obstacle to the Axalta deal; AKZA rose 4.28% in the prior session and still sits 10% below its 52-week high at 14.4x forward.

Buy Axalta Coating Systems — Axalta is the target, so antitrust progress moves it toward deal price; at 12.3x forward and 9% below its 52-week high, the remaining gap is the compensation for closure risk.

Buy T-Mobile US — T-Mobile is the logical share gainer if AT&T loses postpaid momentum, but it fell 2.54% in the same session and sits 23% down YTD at 10.7x forward, which says the market hasn't accepted the read.

Watch AT&T — Guidance up, stock down 6.45% on weak core postpaid adds and rising expenses — a direct split between the reported outlook and how investors read subscriber quality, and 8.5x forward won't settle it.