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Today is Friday, September 12, 2025.

The Early Bird Index today is 92.67 

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RH's $30M "Tariff Disruption"

The luxury home furnishings company RH $RH ( ▼ 0.35% ) fell 6.75% in after-hours trading on Thursday after reporting disappointing financial results and lowering its financial outlook.

Financials: RH reported revenue of $899.2 million in the past quarter, which was lower than expected.

Powering the Story: RH said that “tariff disruptions” will impact revenue. The company is delaying the launch of its new brand extension and its seasonal sourcebook because of “the polarizing impact of tariff uncertainty and the worst housing market in almost 50 years.”

Outlook: RH projects to lose $30 million due to tariffs. 

Quote: “Just when you might have thought the tariff conversation was complete, the announcement of a new furniture investigation and the possibility for additional furniture tariffs, on top of existing furniture tariffs, and incremental steel and aluminum tariffs were introduced.” - RH.

Early Bird’s Nest Egg Gains: RH is uniquely vulnerable because it relies on imports, a small portion of production based in the United States, exposure to multiple tariff regimes, and the fragility of demand in the luxury furniture sector, making Trump’s tariff strategy a direct and severe threat to its costs and earnings.

Final Thoughts: RH’s stock was already down 42% this year.

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Notables

Notable Earnings Today: N/A.

Notable IPOs Today: Via Transportation, Inc. (NYSE: VIA), 1RT Acquisition Corp. Class A Ordinary Share (Nasdaq: ONCH), Legence Corp. Class A Common stock (Nasdaq: LGN), Gemini Space Station, Inc. Class A Common Stock (Nasdaq: GEMI), Chenghe Acquisition III Co. Units (Nasdaq: CHECU), Black Rock Coffee Bar, Inc. Class A Common Stock (Nasdaq: BRCB), BTC Development Corp. Unit (Nasdaq: BDCIU).

Notable Equity Crowdfunding Campaigns Ending Today: Cadence (Wefunder), Our Bond (Wefunder).

Notable Economic Events Today: Michigan Consumer Expectations / Sentiment (10:00 a.m. ET), WASDE Report (12:00 p.m. ET).

Adobe's AI Innovation Strategy

Adobe $ADBE ( ▲ 0.11% ) reported good financial earnings results on Thursday, sending the stock up 2.60% in after-hours trading.

Financials: Adobe reported earnings of $5.31 per share and revenue of $5.99 billion in the past quarter. Both were better than expected.

Powering the Story: The company said its artificial intelligence-influenced annual recurring revenue (ARR) surpassed $5 billion, and its AI-first ARR has already exceeded its year-end target.

Final Thoughts: It’s about time that Adobe’s AI innovation strategy has yielded good results. The stock was down 20% this year.

Super Micro Computer Starts Nvidia Shipments

Super Micro Computer $SMCI ( ▲ 0.09% ) jumped 4.10% in after-hours trading on Thursday after announcing the broad availability and delivery of its NVIDIA $NVDA ( ▼ 0.09% ) Blackwell Ultra solutions in the market.

Final Thoughts: Shares of the stock are already up 46% this year.

Trends to Watch

Big Gain: XLM Jumps 4.3% Amid Volatile Trading Session (CoinDesk)

Media Consolidation: Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery (Wall Street Journal)

Troubled Economy: Stagflation concerns rise with increased inflation and jobless claims (Washington Post)

Tumbling: Mortgage rates are finally sinking — and fast (CNN)

Higher Expectations: $4.3B Bitcoin options expiry could open the door for a BTC rally to $120K (Cointelegraph)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations, and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}