Happy Wednesday Zingers! I usually associate Wall Street with Patagonia vests, nice watches, and now Zyn pouches. But there are a lot of animals on the ‘Street’ as well.

You’ve got bears, bulls, hawks, doves, and so on. Add in all the animal-themed cryptos out there and you could make a full-blown zoo. No wonder the market’s so unpredictable.

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MARKET SNAPSHOT

Yesterday: Another positive day brought the market pretty close to its all-time highs. Bullish investors bought the dip early and often yesterday, turning a red day into a big green one.

On Our Radar: J POW day! Jerome Powell will take the podium at 2:30 PM ET to announce the Fed’s interest rate decision. The expectation is for the Fed to hold steady and keep rates unchanged. But depending on Powell’s tone, the market could make a big move to either side.

TOP STORY

Chipotle's Shares Hit Record Highs After It Announces First-Ever 50:1 Stock Split

Briefly: One Chipotle share will soon be the price of about 6 of their burritos. The Mexican grill declared its first-ever stock split, leading to a significant bump in share prices during yesterday’s after-hours session.

What Happened: Chipotle’s board approved a 50:1 split of common shares. This will make it one of the most substantial stock splits in the New York Stock Exchange (NYSE) history, reported Investing.com on Tuesday. Following the announcement, Chipotle’s stock saw a 6% increase in the after-hours session. At the current levels, post-split shares would trade at nearly $60.

The Details: The split is subject to shareholder approval at Chipotle’s annual meeting on June 6th. If approved, each investor of record as of June 18 will receive 49 additional shares for each share held. The split shares will be distributed after the market closes on June 25.

Quoted: “This split comes at a time when our stock is experiencing an all-time high driven by record revenues, profits, and growth,” said the company’s Chief Financial and Administrative Officer, Jack Hartung, noting that the move should “make our stock more accessible to employees as well as a broader range of investors.”

Click here to read more.

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FIVE ZINGERS

Shots Fired: Elon tried to get MrBeast to come to Twitter. But the famous YouTuber said X’s video technology isn’t quite there yet.

Quick FOMO Fix: Next time you feel like buying because of FOMO, think about this guy who lost over $700k FOMO buying a meme coin.

Survey Says: We asked Redditors which stock they would want to hold for the next 30 years. Hint: the answer wasn’t $RDDT.

Crypto Crash: Bitcoin continued to slide, reaching $63,000 yesterday. The king of crypto is down more than 10% in the last week.

The Next AI Play? Here’s why one analyst is calling out GitLab as the next stock to take off from growing AI demand.

ONE FOR THE ROAD

Senator Tommy Tuberville's Latest 2 Stock Trades Attract The Wrong Kind Of Attention

What Happened: The trading activity of members of Congress continues to be highly scrutinized as potential conflicts of interest are highlighted. Alabama Senator Tommy Tuberville recently disclosed several transactions made on February 27. The Republican senator’s transactions are drawing attention on social media.

The Details: The Senator disclosed buying $50,000 to $100,000 in shares of regional bank Southern States Bancshares, which has locations in Alabama and Georgia.

The Tweet: "Alabama Senator Tuberville reported buying stock in Alabama bank Southern States $SSBK on Friday afternoon. Also, the CEO of $SSBK Steve Whatley has donated thousands of dollars to ‘TUBERVILLE FOR SENATE.' Should this be allowed?" CongressTrading shared on X, formerly known as Twitter.

Click here to read more and check out the other trade he’s catching flak for.

PRESENTED BY CBOE