markets

Luke Kawa8/15/25

This looks like the massive post-lockup CoreWeave selling that traders were worried about

More than 10 million shares of CoreWeave changed hands in after-hours trading on Thursday, pushing the recently slammed stock down yet again prior to a nice bounce at the open on Friday.

This really looks like the post-IPO lockup expiry selling that traders were worried about (and we had long warned about) when they sent shares of the AI cloud computing company tumbling more than 30% in the two trading days following the release of second-quarter earnings.

As a reminder, CoreWeave’s post-IPO lockup expired as of “the close of trading on the second trading day after the date that we publicly announce earnings for the second quarter,” or in other words, two days after Tuesday — that is, after the close on Thursday.

This was the most activity in the stock from 4:01 p.m. through 7:59 p.m. ET in its short history as a publicly traded company, outstripping volumes seen in the wake of both its Q1 and Q2 quarterly results.

We saw massive trades go off during this period — 1 million shares, 850,000 shares, 672,176 shares, 378,000 shares, and so on. In all, there were 11 trades in excess of 100,000 shares.

And the lion’s share of this activity took place on the bid side, indicating motivated sellers exiting their positions. As a reminder, the “bid” is the highest price a buyer is willing to pay, and the ask, which is higher than the bid, is the lowest price a seller is willing to accept.

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Max Knoblauch4h

American Eagle posts stronger-than-expected Q4 earnings and revenue

If American Eagle has seen farther, it is by standing on the shoulders of Sydney Sweeney.

The jeans seller posted adjusted earnings of $0.84 per share, ahead of the $0.71 expected by analysts polled by FactSet. It booked $1.76 billion in fourth-quarter revenue, versus the $1.74 billion consensus.

Shares initially climbed more than 5% after-hours before paring gains to about 2%.

“Compelling new product collections, supported by fresh marketing campaigns, led to higher demand trends in the quarter,” said CEO Jay Schottenstein.

American Eagle said it’s expecting same-store sales to grow by high single digits in the first quarter.

Marketing controversy has proved to be a powerful mover of denim for AE. In its third-quarter earnings call in December, AE said its partnership with Sydney Sweeney — together with a Travis Kelce partnership — had garnered more than 44 billion impressions. The retailer hit meme stock status last July when it initially launched its “Sydney Sweeney has great jeans” campaign.

As of Wednesday’s close, American Eagle shares had climbed 120% since the Sweeney ad first landed.

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The custom chip specialist just reported Q1 results.

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The quantum computing firm just posted Q4 results.

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Stocks rebound as investors’ risk appetite resumes

Investors shifted their focus from the war in Iran, resuming a risk-on mood amid surprise economic data.

Josh Giddey #3 of the Chicago Bulls grabs a rebound during the second half against the Detroit Pistons on October 22, 2025 at the United Center in Chicago, Illinois.

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Investors are itching to buy the dip in memory stocks

The intense drubbing in South Korean stocks, with the benchmark Korean index (KOSPI) falling nearly 20% in its first two trading days of the week following a Monday holiday, represented a serious threat to the hottest AI trade: memory stocks.

South Korea’s market is dominated by two high-bandwidth memory giants: SK Hynix and Samsung.

After Tuesday’s tumble, US investors seemingly said enough is enough: it’s a buy-the-dip opportunity.

US memory stocks like Micron, Sandisk, Western Digital, and Seagate Technology Holdings are posting massive gains on the day. The advance comes amid positive commentary at a Morgan Stanley conference on demand for memory chips.

Even more interestingly, the iShares MSCI South Korea ETF is up big today despite the KOSPI falling 12% overnight, its largest drop on record. The ETF’s outperformance of the South Korean equity gauge is the largest since 2008, as the global financial crisis raged.

The daily performance of these two can differ materially since they trade at different times and don’t track precisely the same things. US investors are making the bet that a potential break in this momentum trade and the potential for an unwind of retail leverage in South Korean markets be damned, big drops in memory stocks are meant to be bought.

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