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Matt Phillips

Memory stocks rebound off last weeks losses

Memory stocks Micron, Sandisk, Western Digital, and Seagate Technology Holdings rose again Friday, putting these crucial providers of chips for AI inference work on track for big weekly gains after last week’s steep losses following the outbreak of war with Iran.

There’s no obvious trigger for the move higher for these shares this week, other than a bit of a recovery in the AI trade more broadly — AI beneficiaries like IT cable and connections maker Amphenol and custom chip and networking company Marvell Technology clawed back some gains this week — perhaps due Oracle’s earnings earlier, and some mean reversion to boot.

Micron is due to report earnings after the close of trading on Wednesday, with the company catching a couple price target hikes this week, including one from Wedbush on Friday.

Sandisk is something of a different story, as its enormous gains over the last 12 months — roughly 1,200% — have made it a momentum play beloved by the retail crowd.

It was up about 20% this week at around 11 a.m. ET. And its nearly 170% gain this year keeps the stock on top of the S&P 500, in terms of price performance.

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Luke Kawa
4h
The S&P 500’s internals are awful... while it’s still less than 5% from its record closing high

The breadth of negative momentum within the index’s constituents is even worse than at the tariff-induced market bottom in April 2025.

Illustration - Endometriosis
Luke Kawa
6h
These two charts show how the Iran war is causing markets to price in a longer oil supply crunch

The rise of third-month Brent futures relative to front-month this week is unprecedented since at least 1989.

Recycling In The UK
markets
Matt Phillips

Bitcoin bounce lifts crypto stocks

Crypto stocks rose in early Friday trading, riding a rebound in the price of bitcoin to more than $73,000.

Coinbase, Strategy, Circle, and MARA Holdings were among the biggest gainers of that cadre. Their end-of-the-week bounce might be getting a bit of extra oomph from the fact that companies have picked up a fair bit of interest from short sellers in 2026, as bitcoin fell about 15%.

Some of those shorts might be looking to quickly close out positions — which requires buying the stock — ahead of what could be another unpredictable weekend of war.

markets
Max Knoblauch

Carvana announces plans for a 5-for-1 stock split, the company’s first

Online car retailer Carvana said on Friday that its board has approved a 5-for-1 stock split, a first for the company.

Carvana shares climbed more than 2% in premarket trading on Friday.

Per the company’s announcement, the move is “designed to ensure that earning and buying whole shares of Carvana stock is within reach for all of its team members.”

Pending stockholder approval, the split will occur after the market closes on May 6.

Carvana stock is down 31% this year following steep drops after its Q4 earnings results last month and a short seller report earlier in the year. Carvana told Sherwood News that the report was “inaccurate and intentionally misleading.”

Carvana Board of Directors Approves 5 for 1 Forward Stock Split

Carvana Board of Directors Approves 5 for 1 Forward Stock Split

Pending stockholder approval, the split will occur after the market closes on May 6.

Carvana stock is down 31% this year following steep drops after its Q4 earnings results last month and a short seller report earlier in the year. Carvana told Sherwood News that the report was “inaccurate and intentionally misleading.”

markets
Claire Yubin Oh

Klarna jumps after filing reveals that Chairman Michael Moritz bought ~$50 million in stock

Shares of Klarna rose 6% in premarket trading on Friday after the company’s chairman, Michael Moritz, purchased shares worth ~$50 million.

Per the “buy now, pay later” giant’s regulatory filings reported late on Thursday, Moritz purchased over 3.47 million shares between March 3 and 11 through an associated entity in multiple open market purchase transactions. On the same day, the company also filed Chief Product Design Officer David Fock’s purchase, worth ~$0.4 million, made during the same period.

The filings showed that Klarna’s two other executives sold a total of 56,502 shares under preestablished plans.

Klarna has had a volatile few days, dropping 11% yesterday amid a tough day for the market as a whole, after the company’s post-IPO lockup period expired for early investors.

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