A few times a year I open up my book Simple Options Trading For Beginners for free.

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Good Trading,
Bill Poulos

P.S. The next time you hear about this book, it'll probably have a price tag again. Today it doesn't.

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These 3 Stocks Lowered Their Share Counts Drastically in Q1

Reported by Leo Miller. Originally Published: 6/9/2026.

While markets often view large-scale buyback authorizations as positives in and of themselves, authorizations are only one part of the buyback equation. Unlike dividends, which companies must pay once declared, there is no hard requirement for companies to use the buyback capacity they authorize.

As a result, many of the benefits of buybacks do not materialize until companies put their words into action. In Q1 2026, these three firms did just that, spending billions on share repurchases. However, looking at raw dollar amounts alone does not fully capture the scale of their buybacks. Their spending was also very high relative to market capitalization, enabling significant reductions in share count.

Pinterest Sees Massive Share Count Drop in Q1

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The projected SpaceX and xAI S-1 filing hits the SEC on June 1st - and analyst Dylan Jovine says $1.75 trillion in stored capital will be looking for a home when it does.

But the real opportunity isn't the IPO itself. Jovine has identified a small-cap supplier trading near $4 that sits directly in the path of xAI's Colossus infrastructure buildout - and a specific trigger in the S-1 could reprice it overnight.

Get the ticker and full briefing before the June roadshow begins

First up is the visual discovery application Pinterest (NYSE: PINS), which has had a poor start to 2026, down more than 15% on the year. Pinterest’s adjusted earnings per share (EPS) have been a significant weak point in recent quarters. The company has missed on this metric in five of its last six reports.

However, its latest quarter was the exception, with Pinterest beating on both sales and adjusted EPS. Sales eclipsed $1 billion, posting solid year-over-year (YOY) growth of 18%—one of its best showings in several quarters. Meanwhile, adjusted EPS rose 17% YOY to 27 cents. Notably, Pinterest has nearly tripled its monthly active user base since 2017, with the figure now standing at 631 million.

Pinterest also spent heavily on buybacks during the quarter. Total repurchases came in at approximately $2 billion, reducing its outstanding share count by a whopping 16%. That is a rather astounding figure, one many companies would be happy to achieve over the course of multiple years. Additionally, the company still has significant buyback capacity of $2 billion that it can use to lower its share count further.

Southwest Drops Over $1 Billion on Buybacks as Fuel Prices Take a Toll

Shares of Southwest Airlines (NYSE: LUV) are essentially flat in 2026, with factors outside its control weighing heavily on the company. These include highly elevated jet fuel prices, which surged after the conflict in Iran began. The company notes that in its latest quarter, fuel was a 22-cent headwind to adjusted EPS. That is massive, considering Southwest’s total adjusted EPS during the quarter was just 45 cents.

Still, Southwest was able to dramatically improve its bottom line, posting an adjusted loss per share of 13 cents a year ago. Operating margin improved by 810 basis points to 4.6%, which the company credits to its transformation initiatives. These initiatives include a shift away from its first-come, first-served seating model. The goal is to attract customers who are willing to pay more to secure their seats and, in turn, drive up margins.

Southwest’s buyback spending in Q1 came in at $1.25 billion, allowing the company to reduce its outstanding share count by a very significant 5%. This marks a continuation of Southwest’s highly aggressive buyback strategy. Since the beginning of 2025, Southwest has lowered its share count by around 19%. The company still has a moderate amount of buyback capacity, with $450 million left under its current authorization.

United Therapeutics Scores Tyvaso Win, Lowers Share Count Over 3%

United Therapeutics (NASDAQ: UTHR) has fared much better than Pinterest and Southwest during 2026, with shares up more than 10%. The stock has seen three single-day spikes of 10% or greater this year. The most recent came in late March, as the company released strong results on its nebulized Tyvaso treatment. The drug met its primary endpoint for the treatment of idiopathic pulmonary fibrosis (IPF).

Tyvaso is already approved for other conditions, and the company is aiming to make IPF its next market. If approved, analysts at Jefferies suggest Tyvaso could represent a $5 billion to $10 billion opportunity in IPF. That helps explain why shares gained over 12% after these results.

In March, United entered into and utilized a $1.5 billion accelerated share repurchase (ASR) program, buying back its stock quickly. In turn, the company saw its outstanding share count fall by around 3.2% during the quarter. When announcing this program, management was resolute in its confidence in the future of UTHR shares. The company’s CEO noted, “we believe there is a clear disconnect between United Therapeutics’ fundamentals and valuation." The company retains $500 million in buyback capacity, equal to around 2% of its market capitalization.

Pinterest Holds Large Buyback Firepower After Spending Spree

Pinterest, Southwest, and United Therapeutics put their money where their mouth was in Q1 2026, sending their share counts down significantly. Pinterest was the clear standout, and comparing its spending with Southwest’s demonstrates this.

In one quarter, Pinterest reduced its share count by 16%, just under the impressive 19% reduction Southwest achieved over five quarters. The company’s remaining buyback capacity is still very large, equal to almost 17% of its $12 billion market capitalization. Pinterest’s big spending indicates strong confidence going forward, even as shares face pressure.

What IBM's $10-Billion Quantum Project Means For Smaller Players

Reported by Nathan Reiff. Originally Published: 6/3/2026.

IBM Corp. (NYSE: IBM) may be doubling down on quantum computing, and that puts smaller players like IonQ Inc. (NYSE: IONQ) and Rigetti Computing (NASDAQ: RGTI) in a difficult position. The U.S. Department of Commerce recently tapped the tech giant to receive $1 billion in federal funding for a new foundry producing quantum-grade superconducting wafers, while smaller rivals like Rigetti are likely to receive only a fraction of that amount. Then, in early June, IBM announced plans to spend $10 billion of its own money on major quantum computing developments over the next five years.

These two developments highlight just how much of an advantage a legacy tech player like IBM has over much smaller pure-play quantum firms. While some of these dedicated quantum rivals have tried to build up cash reserves—to varying degrees of success—the reality is that none of them is likely to be in a position anytime soon to rival IBM's spending on a dollar-for-dollar basis. So what can they do to stay competitive as this 115-year-old behemoth leans further into quantum?

Distinguishing Technology Will Be Key, and IonQ May Be on the Right Path

June 1st: The $1.75 Trillion "Ripple Effect" (Ad)

The projected SpaceX and xAI S-1 filing hits the SEC on June 1st - and analyst Dylan Jovine says $1.75 trillion in stored capital will be looking for a home when it does.

But the real opportunity isn't the IPO itself. Jovine has identified a small-cap supplier trading near $4 that sits directly in the path of xAI's Colossus infrastructure buildout - and a specific trigger in the S-1 could reprice it overnight.

Get the ticker and full briefing before the June roadshow begins

With IBM slated to receive half of the U.S. Commerce Department's $2 billion in quantum computing funding, it has a major advantage even before committing its own resources. IonQ is in a particularly tough position because it was not among the companies named by the Commerce Department for funding. For a company like IonQ, the challenge will be to compete with IBM on its own terms, which likely means differentiating its efforts from IBM's superconducting qubits and manufacturing scale.

Fortunately, IonQ could be well positioned to do just that. The company's focus on trapped-ion quantum computers is unique and could lead to an approach with superior connectivity, efficiency, or other advantages.

One key factor will be how IonQ's technology scales. With a Q1 2026 pre-sale of the company's first chip-based 256-qubit system, IonQ is seeing commercial traction pick up. This is an important advantage over other pure-play quantum firms that have struggled more significantly with sales momentum and, in particular, with revenue generation outside of large institutional clients. However, whether that means IonQ's technology can scale at the same pace remains to be seen.

Rigetti May Seek Competitiveness on a Smaller Scale

Rigetti is also unlikely to come anywhere near IBM's balance sheet for the foreseeable future, and the company also uses a superconducting qubit approach similar to IBM's. This may make it more difficult for Rigetti to distinguish itself technologically compared with IonQ.

To stay competitive, then, Rigetti will need to demonstrate the superiority of its architecture in gate fidelities, speeds, error mitigation, and other areas. Investors should watch for signs that Rigetti's performance per qubit or performance per dollar is competitive with IBM's. If so, even if Rigetti remains much smaller than its larger rival, it may be able to maintain investor interest.

Rigetti may also benefit from its existing fabrication expertise. As a specialized manufacturer, the company can strengthen its partnerships with government agencies, labs, universities, defense contractors, and similar clients, benefiting from its early entrance into this space even as it remains smaller than IBM's planned foundry operations.

Investors should keep in mind that wins for IBM don't necessarily mean losses for other smaller firms in the quantum space. Indeed, if IBM successfully anchors domestic production, it could help smooth supply chains and reduce costs for other U.S. firms. Moreover, industry-wide government investment may help create a larger market for everyone.

Another key consideration is the potential reach of quantum computing as it continues to develop. IBM's 90+ quantum systems and massive enterprise customer base are an advantage, but quantum has the potential to extend across countless industries, from drug discovery and materials science to national security and all kinds of optimization. There may not be a need for individual firms to try to cover all of these areas, but as the technology continues to proliferate, further specialization and targeting may help companies distinguish themselves and find a profitable niche.

Nonetheless, the near-term news is quite positive for IBM, as the company's shares have nearly doubled in the last month. Close to two-thirds of analysts reviewing IBM stock call it a Buy, though there is some concern on Wall Street that the recent rally may not last.