Markets
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Luke Kawa

CoreWeave tumbles as top shareholder Magnetar dials down position, puts on huge collar trade

CoreWeave is getting trounced along with most other high-beta growth companies in early trading on Tuesday, as its top shareholder as well as some of its executives continued to take profits in the name they’re finally allowed to sell.

Last Thursday, Magnetar Financial, its subsidiaries, and insiders sold $94.4 million (or 915,339 shares) of the AI cloud computing company. Magnetar had previously unloaded about 1.5 million shares earlier in August after the post-IPO lockup period expired.

The firm also entered into a series of derivatives transactions last week designed to protect the value of its CoreWeave position by:

  • Selling 600,000 call options that expire on March 20, 2026, with a strike price of $175 and buying just as many put options with the same expiry and a strike price of $70 on Thursday;

  • Selling 801,000 call options that expire on March 20, 2026, with a strike price of $160 and buying just as many put options with the same expiry and a strike price of $70 on Wednesday.

This is known as a “collar” trade. Magnetar spent about 22% more on the put options than it generated in premiums by selling the calls.

Ahead of the lockup expiry, Bank of America analyst Brad Sills warned of a “near term overhang” for the stock because of the potential for this selling to occur, and indeed it has.

Elsewhere, filings show that CoreWeave CEO Michael Intrator sold about $7.8 million (or 82,455 shares) on Wednesday, while General Counsel and Corporate Secretary Kristen McVeety exercised a stock option and also sold nearly $30 million (or 311,796 shares), all of her direct stake in the company. She maintains an indirect position of 95,000 shares through a grantor-retained annuity trust.

Note: These insider trades were part of a prescheduled 10(b)5-1 program, and as such were not discretionary in nature.

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Tasha Matsumoto, Matt Phillips
3h
The S&P 500, Nasdaq 100, and Russell 2000 close at record highs again as Strait of Hormuz is declared open

Stocks reached new record highs as risk-on sentiment flooded back into the markets, while oil tumbled.

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markets
Matt Phillips

With their recent surge, Intel shares just hit their highest level since the dot-com era

Intel’s surge of nearly 60% this month has the iconic American chipmaker’s stock price approaching levels last seen during the dot-com era. Bloomberg noted that shares just touched their highest intraday level since the turn of the century:

“The stock rose as much as 1.5% to $69.55, topping a peak it hit on Jan. 24, 2020. The shares are up 90% this year, after soaring 84% in 2025. Intel is now roughly 8% from its all-time closing high of $74.88, established on Aug. 31, 2000.”

That’s just the most recent late-’90s-era throwback we’ve been seeing in tech shares lately. Oracle is currently pacing for its best week since late 1999.

What’s even more remarkable, however, is that Intel’s forward price-to-earnings ratio today dwarfs the premiums the market was putting on the stock during the nuttiness of the dot-com mania.

That reflects the fact that the recent run-up in Intel shares is, essentially, giving the chip giant credit for a massive turnaround that hasn’t actually happened yet.

One also might wonder if the fact that Intel is partially owned by the US government means it’s more attractive — and therefore worth a higher premium — than other chipmakers without the state imprimatur.

Still, kind of startling.

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Netflix sinks following disappointing outlook as investors wait for more ad growth

Netflix shares are down more than 10% on Friday morning.

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markets
J. Edward Moreno

Eli Lilly’s GLP-1 pill hit nearly 1,400 prescriptions in first week

Eli Lilly rose after preliminary numbers cited by Wall Street analysts showed strong uptake of its new weight-loss pill.

The FDA approved Foundayo on April 1 and shipments began on April 9. In its first week, roughly 1,400 US prescriptions were written for the drug, according to IQVIA data cited by Deustche Bank analysts in a Friday note.

Novo Nordisk, Lilly’s rival in the GLP-1 market, released its GLP-1 pill earlier this year, and early signs show that it’s expanding the market, inviting patients who were turned off by weekly injections. Novo’s pill had a stronger first week than Lilly’s, with its Wegovy pill hitting 3,071 US prescriptions in the first four days after its launch on January 5.

Lilly’s pill has an advantage over Novo’s, which is that it can be taken at any time of day, with or without food. Lilly disclosed in a February regulatory filing that it had $1.5 billion worth of prelaunch inventory ready ahead of the FDA approval — which is about as much as analysts polled by FactSet expect it to sell this year.

Eli Lilly makes the world’s bestselling drug. Can it keep the party going?

Eli Lilly makes the world’s bestselling drug. Can it keep the party going?

Novo Nordisk, Lilly’s rival in the GLP-1 market, released its GLP-1 pill earlier this year, and early signs show that it’s expanding the market, inviting patients who were turned off by weekly injections. Novo’s pill had a stronger first week than Lilly’s, with its Wegovy pill hitting 3,071 US prescriptions in the first four days after its launch on January 5.

Lilly’s pill has an advantage over Novo’s, which is that it can be taken at any time of day, with or without food. Lilly disclosed in a February regulatory filing that it had $1.5 billion worth of prelaunch inventory ready ahead of the FDA approval — which is about as much as analysts polled by FactSet expect it to sell this year.

markets
Claire Yubin Oh

Critical Metals jumps after Greenland’s government approves CRML to take majority control of the Tanbreez mining project

Critical Metals is up more than 25% in premarket trading on Friday after the critical mining company announced that it now owns 92.5% of the Tanbreez rare earth deposit following an approval from the government of Greenland.

With that latest government support, Critical Minerals added an additional 50.5% stake to its ownership, reportedly acquired from Rimbal Pty Ltd, per Bloomberg News. With access to eight heavy rare earth elements often used in consumer electronics and defense, the site is one of the world’s largest undeveloped rare earth deposits and a key source of rare earth supply outside of China, according to the company.

In Critical Metals’ press release, Chairman Tony Sage commented that the approval “removes the most significant structural overhang on the project and provides the clarity to advance Tanbreez to production with confidence,” especially as Tanbreez’s location offers a significant logistical advantage through its year-round direct shipping access, compared to rival projects.

With 92.5% of the project now vested in Critical Metals Corp., and the remainder owned by European Lithium Ltd., CRML now has full control of the project and is seeking to accelerate development there, with plans for a new international airport and a “150-tonne bulk sample program,” which is slated for June 2026.

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