Market Snapshot

Author

River1 Asset Management
February 13, 2026

Morning Note

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Trading Observations

  • If you are in the SPY and chill crowd, the last few months have been a calm, rangebound grind.

  • If you bet on individual stocks however, the innerworkings or the market have been nothing short of a war.

  • Software and crypto related have all gotten wrecked as AI apparently makes both obsolete.

  • We would agree there’s a challenge to both business models, but doubt software is dying as an asset class anytime soon, and see reasons why the bottom might be in (see our LinkedIn Video).

  • Today we get CPI, which is probably a non-event.

  • Next week is likely a lot of NVDA earnings setup.

The best sector of 2025 so far? Industrials…the true picks and shovels of datacenter build. Just don’t look at CAT’s P/E multiple.

Bitcoin – That candle that touched 60,000 looks kind of like a crescendo of selling for now – Higher today

Financials / Consumer / Healthcare

COIN – Up 5% - Revenue was down 25%, and they lost money somehow, but given the crypto winter, the stock had already had enough of a beating.

WEN – Down 8% - Losing market share to slop bowls.

DKNG – Down 16% - Soft FY guide. The extra money for gamblers has likely been eaten up by interest rates, insurance, and heat these days.

ABNB – Up 7% - Solid bookings data. Olympics and World Cup helping.

AAP – up 11% on solid execution. Cars staying out in use for the win here.

BROS – Up 13% on solid growth and execution.

CALY – Down 13% - Callaway down 13% on continued golf weakness. Scheffler needs an enemy, WWF style.

GS – Losing a lawyer over Epstein ties. The head of the DP World Tour (Euro Golf) was also taken down.

Technology

PINS – Down 21% - The cheapish internet property has negative ad trends, and as growth goes, so does the stock.

ROKU – Up 14% - Stable footing as an entry to non-cable TV for folks and ad revenue up nicely.

ANET – Up 11% - A positive networking report, especially post CSCO.

AMAT – Up 11% - Semicap equipment showing no signs of stopping.

Industrials 

RIVN – Up 22% -Solid delivery numbers are spurring upgrades. Their new R2 SUV starts at $45k, and we will bet is going to be a massive hit. The company still loses a ton of money but is on a path to success. TSLA likely the loser in autos here.

TPH – Tri-Pointe Homes up 26% on announced merger with Sumitomo Forestry, a Japanese builder, with hopes to use the scale to create a leading US homebuilder.

FCX – Upgraded to hold at Argus.

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