Hot or Not, Stock Market Edition: 09/01/2026

Happy Tuesday. Here’s what’s hot and what’s not in the eyes of our Zen Ratings today:

• 🔥 HOT: Bristol Myers Squibb (BMY) is getting a lift from a fresh FDA approval and stronger new-drug growth, while HF Sinclair (DINO) is cashing in on surging refining profits and a potential value-unlocking spinoff.
• 🥶 NOT: The Metals Company (TMC) still depends on future production and heavy execution risk, while Coinbase (COIN) is struggling to turn a hot crypto market into stronger underlying earnings.

P.S. For more stocks making moves, check out our Zen Ratings Upgrades & Downgrades screener.

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🔥 HOT: Pharmaceutical giant Bristol Myers Squibb (BMY) has another potential blockbuster on its hands. The FDA cleared Zenbexus, its new multiple myeloma treatment, after late-stage results showed the combination roughly doubled a key measure of deep treatment response against standard therapy. The approval lands right on the heels of 15% growth from the company's newer medicines and a raised 2026 revenue outlook of $49 billion to $50 billion. That progression matters, because those newer drugs are increasingly picking up the slack as older blockbusters lose ground. 

The Zen Ratings weigh 115 factors, while the Component Grades reveal where a stock is strongest and weakest across Value, Growth, Momentum, Financials, Safety, and Sentiment. BMY earns an overall A (Strong Buy) from the Zen Ratings, placing it in the top 1% of the stocks that we track. BMY gets A for Value and B grades for Financials, Growth, Momentum, Safety, Sentiment, and AI. That points to a genuinely attractive price paired with a solid balance sheet, expanding earnings, a rising price trend, low volatility, and analysts moving in the right direction — strength in every dimension the model measures, without a single soft spot. For a pharma giant whose next generation of products is finally showing up in the numbers, that's a rare combination. 

🥶 NOT: Deep-sea mining ventur The Metals Company (TMC) has an enormous catalyst on paper. Its effort to extract critical metals from the ocean floor is advancing through U.S. permitting, with NOAA recently publishing the company's application for exploration and commercial recovery covering an estimated 619 million tonnes of polymetallic nodules, alongside a parallel pursuit of federal funding. On paper, that's a compelling way to bet on America's search for domestic nickel, cobalt, copper, and manganese. 

The trouble is that investors are buying a future rather than a business. TMC lost $60.1 million in Q2, consumed $20.1 million of cash in operations, and commercial production remains an aspiration rather than a reality. Across the model's 115 factors, TMC earns an overall F rating (Sell), with failing grades in Financials, Safety, Value, and AI plus a D for Sentiment. The resource may be vast, but the financial and execution risk standing between here and there is harder to overlook. 

🔥 HOT: HF Sinclair (DINO) is capitalizing on a dramatically better refining environment. Q2 net income exploded to $892 million from $208 million a year earlier as adjusted refinery margins climbed 57% to $25.95 per barrel. Operating cash flow reached $1.5 billion, giving the company room to return $265 million to shareholders and lift its quarterly dividend 5%. 

Another catalyst may be waiting. HF Sinclair intends to spin off its Lubricants & Specialties business as an independent public company, potentially creating a more capital-light operation with steadier free cash flow. Across 115 factors, DINO earns an A (Strong Buy), with A grades for AI, Financials, Growth, and Momentum plus B's for Value and Sentiment. That's about as complete a profile as this model produces: surging profits now, substantial capital returns, real price strength, and a restructuring that could surface additional value. 

🥶 NOT: Crypto exchange Coinbase (COIN) should be thriving right now. Bitcoin has jumped nearly 30% in August and recently pushed back $80,000 — precisely the environment that normally floods the platform with traders. However, Coinbase’s latest earnings told a different story: transaction revenue fell more than 20% year over year, subscription and services revenue slid around 12%, and the company booked a third straight quarterly loss, including $359.5 million in the red for Q2. 

That disconnect is the warning. Looking across 115 factors, the Component Grades show where the breakdown sits: COIN earns an F (Sell), with F's for Momentum and Sentiment alongside a D for Value and Safety. Even with crypto itself heating up, the model sees weak price behavior, deteriorating investor confidence, an unappealing valuation, and elevated risk. When a business can't look attractive during a Bitcoin rally, caution is the reasonable response. 

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