WS #11033

The dominant theme in this window is a series of high-significance legal and regulatory developments. The Supreme Court ruled that geofence warrants are 'searches' under the Fourth Amendment, and also sided with Trump on firing FTC commissioners, while upholding the right of timely mailed ballots to be counted. Separately, a federal judge dismissed the DOJ's lawsuit demanding New Hampshire's voter roll data, marking the 11th time courts have blocked such access. These rulings have broad implications for tech companies' data collection practices and political advertising. In corporate news, AeroVironment reported a massive Q4 beat (revenue +133% YoY, EPS $1.84 vs $1.47 est.) but issued weak FY2027 guidance (GAAP EPS $0.16-$0.48 vs $1.26 est.), creating a mixed signal. Concentrix missed Q2 estimates and cut FY26 guidance, sending shares lower. Alkami Technology gained after JANA Partners disclosed a 6.3% stake and pushed for a sale. The FDA selected seven companies (including Eli Lilly, Regeneron) for its PreCheck Pilot Program to boost domestic drug manufacturing. On the geopolitical front, Iran's president signaled a willingness to adhere to the MOU if the US does, while heavy Israeli airstrikes were reported in Gaza and Israeli forces shelled a village in southern Syria. The US Strategic Petroleum Reserve fell to 325.7M barrels, the lowest since 1983. The macro narrative is STABLE with multiple cross-currents.