CoreWeave surges on flurry of options market demand

Demand for upside in CoreWeave, the recently-IPO’d cloud computing company, is heating up in the options market.

As of 11 a.m. ET, over 17,000 call options have already changed hands, about in line with the 10-day average for an entire session. And 50-strike and 45-strike calls with an expiry at the end of this week are seeing the most activity.

All that leveraged demand has sent shares as much as 10% higher on Tuesday.

The amount of put options traded relative to calls is at its lowest ever in its short history.

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Max Knoblauch12h

Alaska Air expects higher fuel costs to add $600 million in expenses in Q2

Alaska Airlines on Monday kicked off a big week for airline earnings, reporting its first-quarter results after the bell. The stock ticked down after hours.

Alaska Air reported:

An adjusted loss of $1.68 per share, compared to Wall Street estimates of a loss of $1.65 per share.
$3.3 billion in revenue, compared to estimates of $3.29 billion.
A 17% year-over-year increase in fuel costs to $796 million.

Looking ahead, Alaska said it expects a second-quarter loss per share of $1, deeper than the Wall Street consensus (-$0.15). The company expects April fuel costs of $4.75/gallon and for fuel across the second quarter to add $600 million in expenses.

“Absent the fuel price spike, we would have guided to a solidly profitable quarter,” the airline said in its release.

Alaska Air, like the rest of the commercial airline industry, has been pummeled by fuel costs since the beginning of the war in Iran. Along with Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, and JetBlue, the carrier recently hiked its bag fees to offset higher fuel costs.

Luke Kawa

13h

Amazon to invest up to $25 billion more in Anthropic; Claude developer to spend more than $100 billion on AWS AI technology

This is the latest edition of a frenetic dash for AI compute to power Claude, which is undergoing some problems of success.

Tasha Matsumoto

13h

Stocks close lower as Trump says Strait of Hormuz will remain closed until deal is signed

Oil raillied and stocks closed lower, paring steeper losses.

Luke Kawa

COUNTERPOINT

16h

The stock market makes just as much sense as it usually does right now

Does the stock market make sense right now? I don’t know. But it doesn’t not make sense.

J. Edward Moreno21h

Fermi plunges after CFO, CEO depart

Fermi is down more than 18% in premarket trading after it disclosed in regulatory filings that its now former CEO, Toby Neugebauer, and its CFO, Miles Everson, departed on Friday and Monday, respectively.

The company dubbed its executive shake-up as “Fermi 2.0.” In addition to ousting Neugebauer and Everson, Fermi added Marius Haas as chairman of its board and Jeffrey S. Stein as director of the board.

Fermi, which was cofounded by former Energy Secretary Rick Perry, plans to build nuclear energy infrastructure to power data centers. But the cost to build out its power site is mounting while it still doesn’t have any customers secured, according its annual report released on March 30.

In September, Fermi announced that it had entered into a nonbinding letter of intent with a tenant to lease a portion of its Project Matador power grid site in Amarillo, Texas. That contract was terminated in December.

The company, which went public in October, is down about 75% from its IPO through Friday’s close.

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