markets

Luke Kawa9/2/25

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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J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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markets

Paige Oamek6/30/26

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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