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Ford gets love for hyperscaler opportunity, not cars. (0:15) Cisco leads Dow as AI infrastructure demand boosts earnings. (1:31) Retail sales rise as tax refunds cushion spending. (1:50)

This is an abridged transcript of the podcast:

Our top story so far, Ford Motor (F) is rallying again after posting its biggest one-day gain in six years. But it’s not the “Motor” driving the move.

Investors are focusing on Ford’s partnership with Chinese battery giant CATL and the potential to supply battery energy storage systems to utilities, data centers and commercial customers in the U.S.

Morgan Stanley said the market may be underestimating Ford’s push into energy storage.

Analyst Daniela Haigian wrote that investors are overlooking the opportunity to improve profitability in Ford’s Model e segment, adding that the company’s licensing agreement with CATL is a competitive advantage not fully reflected in the stock.

She sees a strong likelihood that Ford signs an ESS supply agreement with large commercial customers — potentially including hyperscalers — in the coming months.

Haigian estimates Ford Energy could be worth $10B, based on a 17.5x multiple applied to roughly $588M of EBIT once capacity reaches 20 gigawatt-hours.

Among other active stocks, Take-Two Interactive (TTWO) is rallying in premarket trade as investors look ahead to the November 26 launch of Grand Theft Auto 6.

Speculation is building that a third trailer could drop on May 18, alongside the start of pre-orders. While Take-Two has not confirmed the timing, Best Buy (BBY) affiliates reportedly received emails indicating pre-orders may run from May 18 through May 21.

Cisco Systems (CSCO) is leading the Dow after earnings, with analysts highlighting its Silicon One platform as a competitive edge amid strong AI infrastructure demand and supply-chain constraints.

POET Technologies (POET) is surging after announcing an optical networking deal with Lumilens that could be worth up to $500M over the life of the agreement.

Looking to the economy, retail sales rose 0.5% in April, matching consensus and cooling from March’s 1.6% surge.

Core sales, excluding autos, climbed 0.7%, also in line with expectations. Sales excluding gas and autos rose 0.5%, slightly above forecasts.

Pantheon Macro cautioned that the apparent resilience may be temporary.“Individual income tax refunds in April were $22B higher than a year earlier — roughly 3% of monthly retail sales — slightly exceeding the hit from higher gas prices,” the firm said. “Some of that money will have been saved, but much of it has already been spent.”

In other news of note, Dunkin’ is set to return to Canada after Inspire Brands signed a master franchise agreement with Canadian operator Foodastic.

The first location is expected to open in late 2026 or early 2027, placing Dunkin’ in direct competition with Tim Hortons (QSR).

Restaurant Dive noted that of Tim Hortons’ more than 650 U.S. locations in 2025, only seven are in Dunkin’s home region of New England — all in Maine.

The expansion comes as Inspire Brands prepares for a high-profile IPO.

And in the Wall Street Research Corner, BlackRock says fixed income investors should focus on income rather than betting on spread compression as inflation, policy uncertainty and geopolitical risk cloud the macro backdrop.

In its Q2 outlook, the firm said markets are balancing elevated uncertainty with the most attractive yield levels in more than a decade. Its strategy: what it calls “dynamic patience” — building income selectively, staying tactical on duration and using volatility to deploy capital.

The key distinction is between yield and spread. Credit spreads sit near the 5th percentile of the past eight years, limiting room for further compression. But higher rates have pushed up all-in yields, creating more compelling income opportunities across securitized assets, European credit and emerging markets.