Welcome to Markets Desk, your midday read on what's moving markets and making headlines.
Black Rifle Coffee Company is closing at least a dozen store locations as mounting losses force a strategic retreat. The veteran-founded brand has grown its top-line revenue, but profitability remains elusive, and the politically charged consumer landscape cuts both ways — loyal fans on one side, and a shrinking addressable market on the other.
Shifting to crypto, Bitcoin is drawing attention from on-chain analysts after absorbing over one billion dollars in ETF outflows. Darkfost's adjusted MVRV signal is now flashing what some read as a relative undervaluation, though the SOPR metric has yet to confirm any meaningful recovery trend — meaning the floor may be forming, but it hasn't been tested yet.
And on the private markets side, Morgan Stanley is holding firm on its three-hundred-dollar price target for SpaceX, roughly double where shares last traded, with analyst Adam Jonas reiterating his Overweight call. The timing is notable — the note landed just hours before Starship's latest test flight delivered what the company described as a mixed outcome, keeping the bull case intact but not yet validated.
That's the tape. Markets Desk, signing off the floor.
