Markets
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Luke Kawa

Oklo slides after launching $1.5 billion at-the-market equity offering program

Oklo has no revenues and an extremely high valuation.

Put the two together and this happens:

After the close on Thursday, a filing showed that the nuclear energy company entered into a pact with various financial institutions to sell up to $1.5 billion worth of its stock in an at-the-market equity offering program.

Shares are down about 5.5% as of 7:20 a.m. ET.

This is Oklo’s third equity offering of the year, per Bloomberg data.

The stock had been on a tear recently ahead of this announcement, rising nearly 30% over the prior three sessions amid elevated options market activity.

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Matt Phillips

Michael Burry “working on something” involving Palantir

Trader and widely followed Substacker Michael Burry, once of “The Big Short” fame, called out a bearish technical trend for Palantir in a post on X last night.

He spotlighted what he interprets as a “head and shoulders” pattern in the stock, considered a bearish omen among the international community of chart-watchers.

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Cassandra Unchained on X: "I am working on something $PLTR. https://t.co/PPETfScTkE" / X

Cassandra Unchained on X: "I am working on something $PLTR. https://t.co/PPETfScTkE" / X
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Max Knoblauch

Paramount once again enhances its Warner Bros. bid without boosting its per-share offer

Paramount continues to do everything except the one thing that would vault its Warner Bros. Discovery bid into a winning position.

On Tuesday, the company beefed up its bid for WBD by adding an incremental payout if its deal closing were to be too slow, as well as offering to cover breakup expenses if WBD’s tie-up with Netflix were to end.

But again, Paramount stopped short of raising its $30-per-share value.

Getting into the nitty gritty, Paramount said it will pay a shareholders a “ticking fee” of $0.25 per share for every quarter the deal hasn’t closed after the end of 2026. (For comparison, Netflix and WBD expect their deal to close 12 to 18 months from when their merger deal was struck, which was December 5 of last year.)

Paramount also pledged to fund the $2.8 billion termination fee to Netflix, which has been a sticking point for the WBD board. Paramount said it would also eliminate a possible $1.5 billion refinancing cost of debt.

The company’s last attempt to boost its offer included a $40.4 billion personal guarantee from billionaire Larry Ellison, the father of Paramount CEO David Ellison.

Event contracts show a slight boost in Paramount’s odds to end up in control of Warner Bros. following the announcement, though Netflix is still firmly the favorite.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

PARAMOUNT ENHANCES ITS SUPERIOR $30 PER SHARE ALL-CASH OFFER FOR WARNER BROS. DISCOVERY AND PROVIDES UPDATE ON REGULATORY PROGRESS | Paramount

But again, Paramount stopped short of raising its $30-per-share value.

Getting into the nitty gritty, Paramount said it will pay a shareholders a “ticking fee” of $0.25 per share for every quarter the deal hasn’t closed after the end of 2026. (For comparison, Netflix and WBD expect their deal to close 12 to 18 months from when their merger deal was struck, which was December 5 of last year.)

Paramount also pledged to fund the $2.8 billion termination fee to Netflix, which has been a sticking point for the WBD board. Paramount said it would also eliminate a possible $1.5 billion refinancing cost of debt.

The company’s last attempt to boost its offer included a $40.4 billion personal guarantee from billionaire Larry Ellison, the father of Paramount CEO David Ellison.

Event contracts show a slight boost in Paramount’s odds to end up in control of Warner Bros. following the announcement, though Netflix is still firmly the favorite.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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Max Knoblauch

Harley-Davidson sinks on falling motorcycle sales, weaker-than-expected 2026 profit forecast

Harley-Davidson posted a loss per share more than twice as bad as Wall Street had expected in its fourth quarter. The company, which reported Q4 and full-year results on Tuesday, posted an adjusted loss of $2.44 per share, compared to Wall Street estimates of a $1.06 loss per share.

The motorcycle maker is contending with declining sales of, well, motorcycles. Shipments fell 4% in the fourth quarter from the year prior, while analysts had anticipated a 22% increase. Harley’s full-year gross margin was about 4 percentage points lower year over year, a decline the company said was driven by tariffs.

Harley CEO Artie Starrs called 2025 a “challenging year” and said the company is “taking deliberate actions to stabilize the business, restore dealer confidence, and align wholesale activity with retail demand.” Near-term results reflect those actions, Starrs said.

The year ahead didn’t offer much optimism for investors. For its motorcycle division, the company forecast a full-year operating income of between a $40 million loss and a $10 million profit. Wall Street analysts polled by FactSet expected $128 million in profit. The company said its full-year guidance could be impacted by a new strategic plan, set to be announced in May.

markets
Luke Kawa

Credo soars after preliminary Q3 revenues beat estimates and management projects annual sales growth of 200%

Credo Technology Group is earning itself some new believers.

The seller of active electrical cables (AECs) and other electrical connectivity solutions for data centers announced stellar Q3 preliminary sales results after the close on Monday, with guidance that calls for rapid growth to continue.

Shares are up about 15% as of 8 a.m. ET.

Management said Q3 revenues would range between $404 million and $408 million, above the upper end of its guidance and the $341 million forecast from Wall Street. Going forward, the company projects that revenues will grow in the mid-single digits quarter on quarter, propelling revenue growth up more than 200% year on year through its current fiscal year.

“We reaffirm CRDO as our Top Pick for 2026 and view this announcement positively given management’s continued execution with its AEC product offering and our underlying belief in the longevity of AECs,” wrote Needham & Co. analyst Quinn Bolton, who has a $220 price target on the shares. “At the Needham Growth Conference, management stated that they believe the industry is still in the early innings of the AEC adoption curve, pointing to only one customer that has fully deployed AECs across potential use cases (front-end networks, scale-out networks and switch racks) and stated that visibility continues to be strong over the next twelve months and beyond.”

Bolton boosted his sales outlook for Credo’s next fiscal year and the one after that following this news.

markets
Max Knoblauch

Spotify soars as Q4 monthly average user growth and gross margins set records

Music streamer — and soon to be physical book seller — Spotify reported impressive Q4 results on Tuesday that are sending shares up 15% in premarket trading.

Spotify said it added more than 38 million monthly active users, a quarterly record that brought its total to 751 million. Wall Street analysts polled by FactSet expected 744.7 million. The number of premium, paying subscribers grew 10% to 290 million, slightly better than estimates of 289.4 million. Revenue for the quarter rose 7% to €4.53 billion (~$5.4 billion), which fell broadly in line with estimates, while its 33.1% gross margin figure was also a new company record.

Looking ahead to the current quarter, Spotify forecast an addition of 8 million net monthly active users for a 759 million total (vs. the 752.7 million expected). The streamer guided for 293 million premium subscribers in Q1, compared to the 293.5 million consensus estimate.

The company, which raised its US subscription prices this month, expects to book €4.5 billion, or $5.36 billion, in Q1 revenues. Wall Street expected €4.58 billion, or $5.41 billion.

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