From the Desk of InvestorPlace: I don't forward many outside notes to my readers. But this one from my colleague Luke Lango stopped me cold. If you've been following the OpenAI IPO story — and most of our readers have — what Luke is about to share could completely change how you approach it. Please read this carefully before IPO day arrives.

Dear Reader,

It's no longer theoretical. It's officially in motion.

CNBC just announced that OpenAI – the inventors of ChatGPT – are about to file the confidential paperwork to go public.

And it could be the largest IPO in American history.

We all knew it was coming. But here's what almost everyone is about to get wrong.

They'll rush to buy OpenAI the moment it hits the market.

And if history is any guide, most of them will regret it.

In nearly every blockbuster tech IPO of the last 15 years, the people who bought on day one underperformed.

While a small group of other folks made as much as 3,900% on a little known investment connected to the IPO.

I call it the Pre-IPO Backdoor.

In my view, it's one of the best moneymaking opportunities out there.

It rarely comes around. You only see it when a huge tech company goes public.

And it's about to open again, thanks to the OpenAI IPO.

There's only one catch. You need to get in before OpenAI actually goes public.

And that could happen very, very soon.

For the full story - and a free ticker you can invest in TODAY - click here.

Sincerely,

Luke Lango
Senior Technology Analyst, InvestorPlace

P.S. There's every chance the OpenAI IPO will be the biggest in American history. And that means the Pre-IPO Backdoor opportunities could be the biggest ever too. You may never see another opportunity like this in your lifetime. For your free ticker, click here now.

Confidence Is Back, But Earnings Show the Consumer Is Being Picky

Reported by Jessica Mitacek. Published: 7/21/2026.

This year, as the market has focused on how the Iran war is propping up the energy sector and how the memory chip shortage has been driving the AI rally, there has been little focus on the underperformance of consumer discretionary stocks.

In 2026, consumer discretionary remains one of the weakest S&P 500 sectors. The Consumer Discretionary Select Sector SPDR Fund, a commonly used proxy for the sector, is down nearly 4% year to date.

Your $29.97 book is free today (Ad)

Why Some Traders Skip Stocks Entirely

You don't need a big account to trade options.

In fact, options can give you up to 12 times the leverage of stocks — with a fraction of the capital tied up.

This free guide lays it all out in plain English — from A to Z, with step-by-step examples you can follow in your own account.

Normally $29.97. Today it's free. Grab your copy now.

But as Q2 earnings season continues, signs are pointing to a rebound in consumer confidence. While that may bode well for the sector broadly, a sampling of consumer discretionary companies shows that, if the rebound is sustainable, the results are anything but uniform.

After hitting all-time lows earlier this year, the University of Michigan’s Surveys of Consumers showed a minor uptick in July, with the index jumping from 49.5 in June to 54.4. Although it remained below the critical threshold of 60—the historical level that serves as a recession-risk warning—the sentiment reading marked the second consecutive month of a 10% increase and the highest reading since February.

However, economists attribute the increase to lower prices at the pump over the past few weeks, a trend that has already begun to reverse as the United States and Iran have resumed fighting. That explanation was reinforced by the lower June Consumer Price Index reading, with the moderate 3.5% year-over-year (YOY) increase attributed to a drop in gas prices.

Nonetheless, the reprieve from higher prices—even if momentary—has had a psychological impact on consumers. So far, however, consumer discretionary earnings have been a mixed bag, telling a more complicated story.

Domino’s Value Deals Drive Orders, But Not Meaningful Growth

As Domino’s Pizza (NASDAQ: DPZ) recently demonstrated, consumers may still be ordering, but they are barely increasing their spending. Instead, they are displaying highly selective behavior.

The company reported Q2 earnings on Monday, July 20, announcing a revenue beat alongside YOY revenue growth of 4.3%.

But the real takeaway wasn’t revenue growth or even the earnings per share (EPS) miss. Rather, it was same-store sales, which rose just 0.1%.

As a result, Domino’s revised its 2026 guidance. While it maintained its full-year sales and profit forecasts and still expects U.S. and international comparable sales to rise in the low single digits, the company trimmed its outlook for U.S. net unit growth to about 175 stores as franchisee profitability and the company’s development pipeline face elevated near-term pressure.

The EPS miss was symptomatic of a developing long-term trend. Dating back to Q4 2024, Domino’s has now missed earnings estimates in five of its last seven quarters, including three of the last four. Importantly, income from operations grew by only 2.6% in Q2, which the company admitted during its earnings call was below expectations.

Domino’s has a broad target market, but it ramped up its value-focused campaigns and lower price points—including its lengthy Mix & Match and Best Pizza Deal Ever promotions—in 2026. Those efforts have successfully attracted a growing share of lower-income consumers. Much of that decision was driven by cautious consumer spending in the latter half of 2025 and into this year, but it has yet to translate to Domino’s income statements.

Full-Service Restaurants and High-End Brands Capture the Stronger Consumer

Meanwhile, multi-brand, full-service restaurant conglomerate Darden Restaurants (NYSE: DRI) tells a very different story.

The company, which owns and operates a portfolio that includes Olive Garden, LongHorn Steakhouse, Yard House, Ruth’s Chris Steak House, Cheddar’s, The Capital Grille and Seasons 52, among others, reported its fiscal Q4 2026 earnings in late June.

EPS of $3.66 beat analyst expectations of $3.63, and while revenue of $3.72 billion fell just short of the forecasted $3.73 billion, it marked a 13.7% YOY increase.

With a trailing price-to-earnings (P/E) ratio of 18.76, the company’s earnings are expected to increase 9.84% over the next year.

Notably, Darden’s Q4 same-restaurant sales rose 4.6% YOY and 4.5% for the full fiscal year as diners continued to prioritize experiences over convenience. Olive Garden, LongHorn and Yard House all posted their fifth consecutive year of positive comparable sales, with LongHorn delivering 7.2% same-restaurant sales growth for the full fiscal year and 9.5% growth in Q4.

Cardenas specifically highlighted how Darden offers full-service dining for a variety-seeking demographic, offering “a collection of brands that gives us reach across multiple dining occasions, guest demographics, price points, geographies, and cuisine types.” As a result, the company doesn’t rely on a single brand or consumer segment.

High-end specialty retailer Williams-Sonoma (NYSE: WSM) also showed that higher-income consumers are spending more freely. When it reported fiscal Q1 earnings on May 21, it beat on earnings and revenue while announcing a 4.8% increase in comparable sales and an operating margin of 16.2%.

Premium apparel maker Ralph Lauren (NYSE: RL) also beat on earnings and revenue when it reported fiscal Q4 2026 results on May 21, with revenue climbing 16.6% YOY.

Big-Ticket Purchases Are Still Lagging

Takeout pizza may be lagging behind high-end consumer goods and full-service restaurants aimed at affluent shoppers, but there are indications that middle-income consumers are also delaying gratification, especially when it comes to big-ticket items and home renovations.

Best Buy (NYSE: BBY) reported fiscal Q1 2027 revenue growth of just 1.9% YOY, while comparable sales increased 2.0% YOY.

Another indication that middle- and lower-income consumers aren’t spending more comes from the tepid financial results of Home Depot (NYSE: HD). Often regarded as an economic bellwether, the home improvement giant reported negative 4.35% YOY EPS growth for fiscal Q1 2026, while sales rose 4.8% and comparable sales increased 0.6%.

Taken together, the minor improvements in consumer sentiment and the inconsistent performance of consumer discretionary stocks demonstrate that shoppers continue to navigate uncertainty. Any increases in spending are also showing distinct disparities among income groups.

Forging Profits: The Executive Order Sparking Aluminum

Reported by Jeffrey Neal Johnson. Published: 7/23/2026.

The physical economy is undergoing a structural transformation, and its ripple effects are quickly spreading to stock prices. On July 20, 2026, President Trump signed a proclamation modifying Section 232 tariffs, creating an immediate and powerful incentive for domestic aluminum producers. By linking tariff reductions directly to domestic facility construction, the policy effectively supports U.S. smelters and cushions them against global market swings.

For decades, legacy U.S. aluminum producers traded as cyclical assets, tightly tied to the ebbs and flows of global commodity markets. Investors typically bought these companies at the bottom of the economic cycle and sold them at the peak.

Your $29.97 book is free today (Ad)

Why Some Traders Skip Stocks Entirely

You don't need a big account to trade options.

In fact, options can give you up to 12 times the leverage of stocks — with a fraction of the capital tied up.

This free guide lays it all out in plain English — from A to Z, with step-by-step examples you can follow in your own account.

Normally $29.97. Today it's free. Grab your copy now.

The new regulatory framework alters that traditional dependency. Wall Street is now repricing U.S. production, as the billions companies spend building factories effectively translate into direct government support for their margins. Understanding how this executive action works is crucial for evaluating the long-term potential of legacy U.S. operators.

Forging the Wedge: The Onshoring Premium

The modified mandate reduces import duties on primary aluminum from 50% to 25% for operators that secure approved onshoring plans. To qualify, operators must commit to building, refurbishing or expanding smelting facilities within the United States, with construction required to begin by Jan. 20, 2029.

Primary aluminum is a critical input for defense systems, naval vessels and advanced aerospace components. Domestic demand has historically outpaced domestic smelting capacity, forcing the country to rely on overseas producers and exposing the supply chain to volatility in London Metal Exchange pricing.

The 25% tariff reduction acts as a structural wedge, helping subsidize the heavy capital expenditures required to establish industrial facilities. Operators can import primary aluminum at a steep discount to fund current operational needs while simultaneously building out a domestic footprint.

From a fundamental perspective, this dynamic insulates U.S. producers from international pricing pressures. When a business gains a government-mandated price floor, its earnings become more stable. When earnings stabilize, the broader market typically responds by expanding valuation multiples, creating a potential opportunity for early investors to capture a repricing premium.

Pure-Play Heat: Century Aluminum's Breakout

Century Aluminum (NASDAQ: CENX) is a beneficiary of this onshoring narrative. The company recently formed a joint venture with Emirates Global Aluminum to construct a $4 billion smelter in Inola, Oklahoma. The facility represents the largest single investment in U.S. primary aluminum history and would be the first new domestic production plant built since 1980.

The Oklahoma megasmelter, along with the ongoing expansion at the Mt. Holly plant in South Carolina, aligns Century Aluminum with the U.S. administration's mandate. The financial picture supporting this physical expansion is also robust. The company is not scheduled to report second-quarter earnings until Aug. 6, but management has already forecast aggressive second-quarter earnings before interest, taxes, depreciation and amortization of $315 million to $335 million.

Century Aluminum recently fortified its balance sheet, reporting a liquidity boost to $611 million following the strategic sale of the Hawesville asset. This capital war chest provides the foundation the company needs to execute its domestic expansion plans without immediately diluting shareholders.

Market mechanics add another layer of intrigue. Century Aluminum currently carries a highly elevated short profile, with short interest reaching 9.53 million shares at the end of June, representing roughly 9.71% of the public float. With a forward price-to-earnings ratio of 5.4 and the stock trading at a steep discount to the $76 consensus price target, conditions could be ripe for a short squeeze. As the market digests the tariff shift, short sellers may be forced to cover their positions, driving aggressive upward momentum.

Tempering the Steel: Alcoa's Strategic Reset

While Century Aluminum offers a pure-play growth narrative, Alcoa (NYSE: AA) provides a lesson in distinguishing headline noise from underlying operational health.

Alcoa faced heavy technical pressure earlier in July, retreating roughly 9% following the announcement of a $4.1 billion acquisition of bauxite and alumina assets from South32. A subsequent second-quarter earnings-per-share miss of $2.12 versus a $2.25 consensus pushed Alcoa into oversold territory.

The sell-off was tied directly to increased leverage, which stands at about 2.4x, as well as a late-quarter decline in London Metal Exchange prices. Looking past the headline miss reveals a fundamentally sound enterprise.

Alcoa posted record second-quarter revenue of $4 billion, while its aluminum segment generated $1.1 billion in adjusted earnings before interest, taxes, depreciation and amortization. The macroeconomic tailwinds from the executive order provide an advantage that could outweigh recent operational bottlenecks at an Alcoa-owned Australian refinery.

Smart capital is already looking past near-term leverage concerns to price in the long-term margin expansion generated by the federal mandate. Options market data from July 19 showed traders executing 31,983 call contracts, 68% above Alcoa's daily average. Institutional accumulation is simultaneously absorbing retail panic, highlighted by FMR LLC adding 7.92 million shares to its position. The new tariff regime provides Alcoa with a price floor, allowing the company to digest the South32 acquisition while stabilizing domestic margins.

Casting the Future: The New Metals Landscape

The transition of legacy U.S. metals operators from cyclical value plays to strategic, defense-adjacent industrial assets is fully underway. Critical capacity is moving onshore, reshaping the financial trajectories of domestic smelters. As supply chains detach from global pricing pressures, investors have a rare opportunity to evaluate companies that benefit from direct, government-backed margin protection.

Investors may want to add Alcoa and Century Aluminum to their watchlists as the sector reprices production capacity. Those with an appetite for volatility might consider scaling into positions during broader market pullbacks, keeping in mind that large industrial projects often face localized construction delays or macroeconomic recession risks that can temporarily suppress demand.

Cautious investors may prefer to wait for Alcoa to fully integrate the recent acquisition or for Century Aluminum to break ground in Oklahoma before committing capital. Nevertheless, the underlying fundamental shift in the American aluminum industry is undeniably in motion.