Good morning. In today’s edition:

• 🏢 End of quarterly earnings?
• ⚾ Going bananas
• 🏘️ $400 million home listing

…and much more.

Ready, Set, Go: Today’s news should be a ~3.79-minute read (1,007 words).

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“If you don’t have time to do it right, when will you have time to do it over?”

–John Wooden (1910-2010)

This week, the Securities and Exchange Commission formally proposed a rule change that would allow publicly traded companies to shift from reporting earnings on a quarterly basis to instead do so twice per year.

The proposal advances a structural change President Trump has pushed for since his first term, including renewed calls last September.

• The SEC has required all publicly traded companies to report quarterly earnings since 1970. Before that, the agency required semiannual reporting beginning in 1955.
• But under its new proposal, companies would be allowed to file semiannual reports in place of traditional quarterly filings, while still submitting a full annual report.
• Companies would also still be free to report earnings on a quarterly basis if they choose.

The idea has been gaining traction. The proposal also echoes one from the Long-Term Stock Exchange, a US-regulated exchange with a focus on long-term, sustainable value creation, while other prominent supporters include JPMorgan Chase CEO Jamie Dimon and Berkshire Hathaway chair Warren Buffett.

European exchanges swapped from quarterly to semiannual reporting following a 2013 rule change, though many companies still continue their 4x/year cadence.

The arguments

Supporters of the move away from quarterly earnings argue it would provide a wide range of benefits to companies, investors, and the US economy as a whole.

• Companies would potentially be able to operate more sustainably by focusing more on long-term goals and efficiency-boosting investments, versus short-term earnings growth.
• Many CEOs and executives would prefer to deal with sell-side analysts and investors fewer than 4x/year.
• Small-cap companies with fewer resources would also appreciate having to offer half as many earnings reports, which typically draw resources and attention away from company operations.

On the flip side: Opponents of less frequent earnings reports argue that the potential downsides of such a change outweigh any potential benefits. They say the high level of clarity and transparency that’s currently required by the SEC is necessary to keep investors informed, to boost trust in US markets, and to reduce the chances of market manipulation.

Looking ahead…The proposal now heads to a 60-day public comment period, after which SEC regulators will vote on whether to formally adopt the rule change.

📊 Flash poll: Do you support or oppose the SEC’s proposal to shift requirements for publicly traded companies from quarterly earnings to a frequency of 2x/year?

• Support
• Oppose
• Unsure/other

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Here are five stats from this past week that made our team go “whoa.” Hopefully you will, too.

🚨 Physical assaults against Jewish people in the US last year reached the highest level since 1979 (203 incidents), per the Anti-Defamation League.

💼 The number of Americans applying for unemployment benefits fell last week to its lowest level since 1969, at 189,000 claims, per Labor Department data.

⚾🍌 Some 102,000 fans descended on Texas A&M's Kyle Field to watch the Savannah Bananas, making it the largest crowd in Banana Ball history.

🎓 Gen Z is the 1st US generation to score lower on standardized tests compared to the generation before them, based on cognitive development data dating back to the late 1800s.

💳 Over 41% of US consumers with a balance had a super prime credit score (780+) in Q1 of this year, up from 37% six years earlier, per TransUnion.

BUSINESS & MARKETS

• 🌎 Federal trade court invalidates President Trump’s new 10% global tariffs, which were imposed after Trump’s previous tariffs was struck down by the Supreme Court.
• ⚖️ Elon Musk’s $134 billion lawsuit against Sam Altman and other major OpenAI players concluded its second week of proceedings.
• 🍔 McDonald’s reports better-than-expected Q1 earnings and revenue, despite what CEO Chris Kempczinski called “a challenging environment.”

SPORTS, MEDIA & ENTERTAINMENT

• 🏀 NCAA officially approves March Madness expansion from 68 teams to 76 teams starting this upcoming season.
• 🎥 Billie Eilish – Hit Me Hard and Soft: The Tour, a 3D concert film of her 2025 hit tour, releases in theaters today.
• 🎀 Elle, Prime Video‘s new Legally Blonde prequel series, drops first trailer ahead of its July 1st release date.

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SCIENCE, SPACE & EMERGING TECH

• 🌊 A 1,578-foot tsunami in southeastern Alaska last year was the second-largest in recorded history, researchers say; what it would have looked like from a jet-ski.
• 🧬 CRISPR gene-editing technology can be used to kill sick cells while leaving healthy cells untouched, a potentially revolutionary advance in disease treatment.
• 🦠 Hantavirus update: Five confirmed and three suspected cases of hantavirus infection have been associated with a cruise on the ship MV Hondius, including three deaths; health officials are monitoring several passengers who disembarked that cruise and are now in the US.

US, WORLD & POLITICS

• 💥 US military says Iran launched missiles, drones, and small-boat attacks at US warships near the Strait of Hormuz, with the US responding by intercepting the threats and striking Iranian military sites responsible for the attacks; afterwards, President Trump says the cease-fire with Iran is still in effect, calling the strikes “just a love tap.”
• 🌪️ Multiple tornadoes ripped through Southern Mississippi on Wednesday night, injuring at least 17 people and damaging hundreds of buildings.
• ⛪ Pope Leo XIV holds “constructive” meeting with Secretary of State Marco Rubio amid tensions between the Vatican and President Trump, who has criticized the pope for not supporting the Iran war.

👆 An 8-acre California estate tied to Qatari royals hit the market for $400 million, making it the most expensive home currently listed for sale in the US. The Bel-Air property features ~70,000 square feet of living space spread across a main residence and separate guesthouse, along with 39 bedrooms and three swimming pools. If it sells at asking price, the estate would shatter the current US home-sale record by a margin of $100 million.

🤔 Did you know? Sloths are slow in everything they do, including digestion. Because they digest foods so slowly, they basically have to breathe out their farts because they can't *actually* fart. Talk about morning breath.

📰 Worth a read: Meet the graduating class of CollegeGPT

🖱️ What we’re clicking:

• What age does life satisfaction peak in your state?
• Man finds $1 million worth of Yu-Gi-Oh cards in a dumpster
• Strange sea creatures are washing ashore in massive numbers

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How well did you pay attention this week? Find out here.

1. What is the distance between −15 and 7 on a number line?
2. What is the value of 40 − 5 × 6?
3. You have $100. You buy a pair of shoes for $45 and a shirt for $28. Later, you return the shirt and get $28 back. How much money do you have now?

🎵 One teacher's karaoke night may have landed him a spot on The Voice, after a video of him singing the opera classic "Nessun Dorma" for 12 people in a pub went crazy viral.

1. 22
2. 10
3. $55

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