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Tom Jones10/24/25

Deckers sinks on cautious full-year outlook that falls below estimates, compounding a miserable year for the Ugg maker

Deckers, the shoe maker behind brands like Ugg and Hoka running sneakers, has dropped about 11% in premarket trading after issuing a cautious outlook for its current fiscal year last night.

While revenue and profit both rose in the second quarter, up 9.1% and 9.7%, respectively, investors focused on the company’s forecast for the full fiscal year, where it expects sales to come in at $5.35 billion, some way short of the $5.46 billion analysts had estimated, per FactSet figures cited by The Wall Street Journal.

The language around the full-year guidance, which is already weaker than anticipated, has also got Deckers investors worried, with the company stating:

“This outlook assumes no meaningful changes to the Company’s business prospects or risks and uncertainties identified by management that could impact future results, which include but are not limited to: changes in macroeconomic conditions, including consumer confidence, discretionary spending, inflationary pressures, and foreign currency fluctuations; changes to global trade policy, including tariffs and trade restrictions; geopolitical tensions; and supply chain disruption.”

The shoe company’s shares are down more than 55% in 2025 at the time of writing.

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Coinbase rises after announcing entry into prediction markets, stock trading

Coinbase was nearly 3% higher in early trading on Thursday after the crypto exchange said Wednesday it's launching stock trading and prediction markets in the US — as the company accelerates its push to become an "everything exchange."

Users will now be able to trade stocks and ETFs alongside their crypto portfolios at zero-commission — using either US dollars or the USDC stablecoin — within their Coinbase app and account, the company said.

Prediction markets will be offered through CFTC-regulated provider Kalshi, allowing users to trade yes-or-no contracts tied to elections, sports, and economic indicators, with bets placed in US dollars or USDC stablecoin.

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Max Knoblauch35m

CarMax sinks on declining used car sales as Carvana closes in

Used car retailer CarMax is down more than 5% in premarket trading on Thursday following the company’s third-quarter earnings report.

The company posted adjusted earnings per share of $0.43, beating the Wall Street consensus of $0.31 per share. CarMax’s comparable-store sales came in down 9% from the same period last year and in line with its preliminary results posted in November, when it announced the sudden firing of long-time CEO Bill Nash.

CarMax sold 169,557 used vehicles to retail customers in its fiscal third quarter, an 8% drop from the same period last year. The company said it anticipates lowering margins on its used vehicles in Q4, which it expects will boost sales.

That declining used car sales figure is getting closer to rival Carvana’s, and Wall Street expects the gap to continue to shrink. In November, analysts at Wedbush said they expected Carvana’s retail sales to surpass CarMax’s in Q4 of 2026 — six months earlier than initially forecasted. Carvana rose 1% in premarket trading.

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Instacart slumps on report of FTC probing its AI pricing tool

Instacart dropped more than 7% in pre-market trading on Thursday following an exclusive Reuters report that the FTC has launched a probe into the grocery-delivery company's AI-driven pricing tool. News of the probe follows a study published last week finding that Instacart’s prices for identical grocery lists at the same stores varied across users, with some grocery prices differing by as much as 23% per item from one customer to the next.

Per Reuters, the FTC has sent Instacart a civil investigative demand, seeking information about Eversight, a pricing tool which Instacart acquired in 2022 for $59 million. The platform allows retailers to test different price levels and promotions across products and categories, which Instacart says could drive 1-3% revenue growth and an incremental margin lift of 2-5%, according to its website.

In response to last week's report, Instacart said its pricing practices has been "mischaracterized," telling TechCrunch that retailers control prices on its platform and that the tests are "completely randomized," not dynamic or based on individual user data.

In a statement reported by Reuters, the FTC said it "has a longstanding policy of not commenting on any potential or ongoing investigations," but added that it is "disturbed by what we have read in the press about Instacart’s alleged pricing practices."

The probe comes as Instacart doubles down on AI to boost its profitability in the low-margin online grocery space, as growth slows and competition from Amazon intensifies.

Go deeper: The economics of Instacart’s grocery delivery are pretty tight — AI might help, or hurt

Exclusive: FTC probes Instacart's AI pricing tool, source says; shares drop

Exclusive: FTC probes Instacart's AI pricing tool, source says; shares drop

Per Reuters, the FTC has sent Instacart a civil investigative demand, seeking information about Eversight, a pricing tool which Instacart acquired in 2022 for $59 million. The platform allows retailers to test different price levels and promotions across products and categories, which Instacart says could drive 1-3% revenue growth and an incremental margin lift of 2-5%, according to its website.

In response to last week's report, Instacart said its pricing practices has been "mischaracterized," telling TechCrunch that retailers control prices on its platform and that the tests are "completely randomized," not dynamic or based on individual user data.

In a statement reported by Reuters, the FTC said it "has a longstanding policy of not commenting on any potential or ongoing investigations," but added that it is "disturbed by what we have read in the press about Instacart’s alleged pricing practices."

The probe comes as Instacart doubles down on AI to boost its profitability in the low-margin online grocery space, as growth slows and competition from Amazon intensifies.

Go deeper: The economics of Instacart’s grocery delivery are pretty tight — AI might help, or hurt

markets

Micron soars after reporting huge Q1 beat, with Q2 sales guidance ahead of every Wall Street analyst’s estimates

Micron has completely erased Wednesday’s big losses, rising 9.5% in premarket trading as of 4:20 a.m. ET, after the memory chip specialist yesterday posted stellar results for its fiscal Q1 2026 and a much better outlook for the current quarter than Wall Street anticipated.

For Q1, the company reported:

Revenues: $13.64 billion (estimate: $12.95 billion)
Adjusted earnings per share: $4.78 (estimate: $3.95)

And the Street’s consensus was well ahead of even the upper ranges of the guidance provided by management for the quarter for sales of $12.5 billion (plus or minus $300 million) and $3.75 (plus or minus $0.15).

For Q2, management provided an outlook for adjusted revenues of $18.3 billion to $19.1 billion, and adjusted EPS of $8.22 to $8.62. Wall Street had penciled in revenues of $14.38 billion with adjusted EPS of $4.71.

Even the bottom end of the ranges management provided is well above the top analyst’s estimate for the quarter.

These results may help spark a revival in semi stocks, which have gotten trounced in recent sessions. Hard disk drive sellers Seagate Technology Holdings and Western Digital are also rising in after-hours trading, as is flash memory seller Sandisk.

Micron has been one of the worst performers in the S&P 500 since last Thursday’s record close, down double digits from then until Wednesday close as investors broadly dumped AI names. Prior to that, shares had been on fire amid a bevy of Wall Street price target hikes and surging memory chip prices as demand runs ahead of supply. The AI boom has fueled a spike of immense appetite not only for GPUs and custom chips but also memory chips as well, as data centers also need a boatload of these to store information and feed it to those processors. Micron and its major competitors, SK Hynix and Samsung, have already sold out production for their most advanced high-bandwidth memory offerings for calendar year 2026.

Micron recently announced that it would be exiting its consumer chip business to focus on serving its AI customers.

Markets slump as AI trade tumbles

Tech dragged US stocks lower, especially the Nasdaq 100.

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