In todayβs post:
Costco Got Paid. Did You? π€
The AAPL Trade You're Missing π
Iran Said No. He Went Anyway. β

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Costco Got Paid. Did You? π€
The U.S. government is now accepting claims from importers wanting their tariff money back, after the Supreme Court ruled Trump's IEEPA tariffs were never legally valid in the first place.
We're talking $166β$175 billion in potential refunds. One of the biggest trade repayments in American history.
Here's how it works.
A new federal portal called CAPE (Consolidated Administration and Processing of Entries) is now live. Around 330,000 importers covering 53 million shipments from early 2025 through February 2026 are eligible to file claims through U.S. Customs and Border Protection's ACE portal.
Phase 1 tackles the simple stuff first. Recent imports, clean paperwork, straightforward cases. The messier claims come later.
CBP says refunds will hit via electronic transfer within 60β90 days of claim approval. Trade lawyers are already cautioning that delays are "possible." So temper expectations accordingly.
But the tariff story isn't over.

The White House is already working the angles. It's pushing to reinstate tariffs under different legal authority, specifically Section 122, Section 301, and Section 232 of existing trade law. Treasury Secretary Scott Bessent floated a July timeline for tariffs potentially returning to pre-ruling levels.
In other words: companies may get a refund with one hand and a new tariff bill with the other.
What about consumers?
Here's where it gets spicy. Many businesses passed tariff costs directly onto customers. Those customers get nothing back automatically, and there's no portal for them.
Cue the lawyers.
Class action suits have been filed against Costco $COST ( βΌ 0.21% ) and FedEx $FDX ( β² 0.35% ), arguing that any government refund should flow through to the end consumer who actually footed the bill.
The two companies are handling this very differently:
FedEx $FDX ( β² 0.35% ): Says it will pass refunds back to customers directly.
Costco $COST ( βΌ 0.21% ): Plans to return value through lower prices and better deals for members over time.

One's writing cheques. The other's promising vibes.
What it means for your portfolio.
This refund cycle could quietly boost liquidity for retailers, manufacturers, logistics firms and small importers who absorbed tariff costs without passing them on. Watch for balance sheet improvements and margin recovery in upcoming earnings.
The wildcard: if new tariffs drop by July, that liquidity boost gets cancelled almost immediately.
TL;DR
The U.S. is now accepting claims for $166β$175B in IEEPA tariff refunds through a new portal called CAPE
Around 330,000 importers are eligible; refunds expected within 60β90 days of approval
The White House is exploring alternate legal routes to reinstate tariffs by July under different trade statutes
Consumers who paid inflated prices have no direct refund route, but class actions are already targeting COST and FDX
FedEx will return refunds to customers directly; Costco will pass value back through pricing over time
Short-term liquidity boost for importers is real, but may be temporary if new tariffs arrive before summer

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The AAPL Trade You're Missing π
Analyst Erik Woodring is calling it a "clearing event."
Expectations are so low right now, Apple almost can't disappoint.
Here's the bull case in plain English:
Gross margins might take a hit from rising memory costs β but stronger iPhone, Mac, and Services revenue should more than cover it
June quarter EPS guidance is expected to land around $1.74, roughly in line with Wall Street β which, given the current mood, counts as a win
Woodring has an Overweight rating and a $315 price target on the stock

AAPL moving up from recent lows and a $315 price target is nearly 16% gain from current price
Why the next few months actually matter
This isn't just about one earnings print. Apple is heading into what Woodring calls a "seasonally strong period of outperformance."
Revenue growth could hit ~15%, driven by market share gains across multiple regions. A new iPhone is coming in September. Rumours of a foldable iPhone are already doing the rounds β and that kind of product excitement hasn't been on the table for a while.
Oh, and while every other mega-cap is burning cash on AI infrastructure? Apple's free cash flow is a flex.
The $300 question:
At 28x next year's GAAP EPS, Apple isn't cheap⦠but it's not exactly nose-bleed territory either. Woodring's FY27 EPS estimate sits 5% above consensus, and he sees a clear path to $300 by September on the back of modest multiple expansion and upward earnings revisions.
The setup: low expectations + strong seasonality + new product cycle. That's not a bad hand.
TL;DR
Apple reports Q2 earnings on April 30 β Morgan Stanley expects a "better than feared" outcome
June quarter EPS guide seen landing at ~$1.74, roughly in line with estimates
Revenue growth could hit ~15% driven by iPhone, Mac, and Services strength
Foldable iPhone rumours + WWDC + September launch = a stacked product calendar
Apple's free cash flow is a competitive advantage while rivals splurge on AI
Morgan Stanley sees a path to $300 per share by September, with a $315 price target

Iran Said No. He Went Anyway. β
The U.S.-Iran nuclear talks are either happening, almost happening, or completely falling apart. Depends who you ask.
Here's the latest chaos, ranked by confusion:
VP JD Vance and a U.S. delegation are reportedly heading to Islamabad, Pakistan, on Wednesday for another round of talks with Iran. CNN says he hasn't left yet. The New York Post says he's basically already there. Nobody really knows.
Meanwhile, Trump told Fox Business on Sunday that a deal with Iran would be signed tonight. That was Sunday. We're still waiting.
He also claimed the U.S. has closed the Strait of Hormuz as part of an ongoing naval blockade. That's the waterway that handles roughly 20% of global oil shipments. No big deal or anything.
Iran's response? They announced they won't be showing up to a second round of talks, calling U.S. demands "excessive and unrealistic." Trump's team said they're heading to Pakistan anyway. Classic.

When asked what happens if a deal falls through, Trump told the Post: "It wouldn't be pretty."
So that's reassuring.
Why investors should care:
The Strait of Hormuz is the jugular vein of global oil supply. Any prolonged standoff here means energy markets stay jittery, oil prices stay elevated, and your energy stocks have a very interesting week ahead.
TL;DR
Vance is reportedly flying to Pakistan Wednesday for U.S.-Iran nuclear talks, though CNN says he hasn't departed yet
Trump claimed a deal would be signed "tonight" on Sunday. Still no deal
The U.S. says it's closed the Strait of Hormuz as part of a naval blockade
Iran publicly pulled out of talks, citing "unrealistic" U.S. demands
Trump hinted at escalation if negotiations collapse, without specifying what that looks like
The Strait of Hormuz handles ~20% of global oil, so watch energy markets closely





