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Luke Kawa2/5/25

Investors dump Match Group’s stock after disappointing sales outlook, CEO breakup

Shares of Match Group are coming unglued, down over 6% in the premarket after suggesting that it will struggle to meet analysts’ sales projections for this year.

Wall Street was penciling in 2025 revenues of a little over $3.5 billion for the owner of Tinder, Hinge, and OK Cupid, but the company said sales would likely range from $3.375 billion to $3.5 billion.

Management also announced that CEO Bernard Kim would be leaving his position and is being replaced by Spencer Rascoff. In his previous role, Rascoff focused on a more advanced phase in customers’ life cycle: getting people into homes as the CEO of Zillow, rather than getting them on dates.

The company said his focus would be to deliver the “advancements in AI-powered features and new product innovations” that they discussed at their Investor Day in December. Based on that presentation, AI still has some work to do on the romance front:

Match presentation — Screenshot from Match Group presentation

The company is under pressure from activist investors frustrated with its lackluster performance, one of whom (Starboard Value) has suggested that Match should go private if it can’t reverse its sluggish operational trends.

Shares had been on a tear in recent weeks heading into this report, but are still off roughly 80% from their 2021 peak.

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Old electronic items tossed on ground for disposal, Hudson

Technology giants don’t look like they used to, as the asset-light era fades

Oracle and Meta are now some of the most capital-intensive businesses in the S&P 500, spending more than energy giants. I guess data really is the new oil?

David Crowther6m

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Matt Phillips35m

Space stocks rip amid speculation on Altman joining race

Space stocks AST SpaceMobile, Planet Labs, and Rocket Lab all soared Thursday amid a recovery in the high-beta momentum class of shares coveted by some retail traders.

(High-beta momo stocks are basically shares that have been on a winning streak for a while, and tend to go up a lot more than the overall market on positive days. Goldman Sachs includes all three of the aforementioned space stocks in its themed basket of such shares.)

There’s little other fundamental news out there on the companies themselves.

But a Wall Street Journal report that OpenAI impresario Sam Altman has been toying with the idea of entering the space industry, potentially standing up a rival to Tesla CEO Elon Musk’s Starlink satellite service, may also be contributing.

As we’ve mentioned elsewhere, sometimes these stocks seem to trade on a what’s-bad-for-the-Musk-empire-is-good-for-us-and-vice-versa vibe.

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Matt Phillips2h

Intel sinks on news it will hang on to networking unit

Intel dropped in early trading Thursday after it disclosed plans to retain ownership of its networking unit following a strategic review of operations.

The unit, known as NEX, makes products like infrastructure processors, which do needed “housekeeping” tasks like running security checks, thereby freeing core Intel CPUs to do the higher-value operations. It also produces switches and controllers that manage and direct the flow of data to CPUs.

Intel Shelves Plans to Sell Networking Division After Review

Intel Shelves Plans to Sell Networking Division After Review

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Quantum computing stocks soar on return of bullish options bets

The calendar says December, but the price action is starting to look a lot more like September to me:

Quantum computing companies IonQ, Rigetti Computing, and D-Wave Quantum are all up at least 7% as of 11:04 a.m. ET, buoyed by a wave of bullish options activity.

Nearly 50,000 calls in IonQ have already changed hands, well above the 20-day average for a full session, with activity concentrated in strikes from $50 to $55 in contracts that expire between Friday and mid-January. Its put/call ratio is near 0.2, versus an average of over 1 for the past 20 sessions.
More than 65,000 calls have traded in Rigetti, a hair shy of its full 20-day average. Like IonQ, options activity has a bullish tilt, with a put/call ratio of about 0.7 versus a 20-day average of roughly 1.2.
D-Wave, which received positive commentary from Evercore ISI on Wednesday, isn’t seeing call activity as elevated as its peers, but the options action is also very skewed toward the bull side, with a put/call ratio of less than 0.3 versus a 20-session average of 0.7.

Pure-play quantum computing stocks nearly doubled from late August to late September amid heavy options market activity thanks to reports on government support for the sector, M&A activity, tech breakthroughs, and a flurry of price target hikes by Wall Street.

Retail traders are killing it this year because of both what they’re buying and when they bought it

Buy the dip. Buy AI. Buy gold.

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