markets

Luke Kawa2/12/25

Is Robinhood feeding the frenzy of zero days to expiry options trading?

One thing I’ll be looking for when Robinhood Markets reports earnings after the close won’t show up in any of its fourth-quarter numbers. And that’s any color from management on early uptake of trading in index options, which launched on January 21, on the platform beloved by retail traders.

In particular, I’m interested in the extent to which the availability of these derivatives deepens the boom in trading of S&P 500 options with zero days to expiry. Yes, that’s same-day options punts, rapid theta decay be damned.

(Disclosure: Sherwood Media is an editorially independent subsidiary of Robinhood Markets Inc. I own HOOD stock as part of my compensation.)

S&P 500 options with zero days to expiry (0dte) have seen rapid growth, from an average of 932,744 traded daily in 2022 to upward of 1.5 million in 2024.

Now, correlation is certainly not necessarily causation here (and it’s still very early days), but there’s been an acceleration in the growth of S&P 500 0dte trading since the introduction of index options on the platform. The five-day average of 0dte S&P options traded is up about 0.5% from the first five sessions of the year through Monday. Post launch, volumes are up 2.4% compared to their prior 2025 average.

This includes (and may be distorted by) the record activity in these contracts in the final trading day of January, per Cboe.

On Tuesday, 0dte expiries were nearly 60% of S&P 500 option volumes traded, per Bloomberg data, up from an average of about 51% in the fourth quarter of 2024.

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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.”

markets

Helena Cheng6/29/26

Rocket Lab deal lifts space stocks

Shares of Rocket Lab are surging after announcing an $8 billion acquisition of satellite communications operator Iridium Communications, helping lift a broader basket of space-related stocks as investors piled back into the sector.

Planet Labs, AST SpaceMobile and Redwire all traded higher alongside Rocket Lab, extending gains in an industry that has drawn enhanced investor attention in recent months in light of the strategic importance that governments place on space and satellite communications infrastructure.

In a presentation, Rocket Lab’s management called the purchase “a shortcut” for its satellite communications business.

Under the terms of the agreement, Iridium shareholders will receive $27 in cash and Rocket Lab stock, valuing Iridium at $54 per share. Backed by a $3.6 billion bridge loan committed by Deutsche Bank and Wells Fargo, Rocket Lab absorbs Iridium’s globally licensed spectrum and an active base of 2.5 million subscribers.

Rocket Lab has also remained one of the most active launch providers in the sector. The company completed its 12th launch of the year last week, maintaining one of the highest launch cadences among commercial space companies.

Today's rally helps offset a brutal stretch for the group. Rocket Lab shares had fallen over 35% over the prior month, while Planet Labs stock was down more than 40% and AST SpaceMobile stock was down around 30% over the same window.

markets

Jake Lahut6/29/26

Comcast shares rise on news of NBCUniversal spinoff deal

Comcast rose on the news that the telecom behemoth is spinning off NBCUniversal and Sky from its cable portfolio.

Comcast initially jumped up to 17% in early trading, with the deal leaving management to focus on its core verticals of cable, wireless, and business services.

NBCUniversal and Sky will form a new publicly traded company, similar to Versant Media, the holding company of CNBC and MS NOW that Comcast officially spun off in January. Bravo, one of the most lucrative properties that remained at Comcast, will remain part of NBCUniversal in the deal. The Universal theme parks and studios will also come with the new spinoff entity, along with Telemundo and Peacock.

Mike Cavanagh, the co-CEO of Comcast, will become the CEO for NBCUniversal, according to CNBC.

The spinoff will be completed in about a year, according to a Comcast company statement. Its shareholders will also own shares in NBCUniversal, according to the same statement.

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