Markets
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Luke Kawa

Opendoor postpones decision on reverse stock split after recent boom

Opendoor Technologies shareholders eagerly want to see the stock rise to $82 — a level EMJ Capital’s Eric Jackson thought it could ascend to in a few years if the business turns around — but they did not want it to get there via a reverse stock split.

Management had been planning to host a special meeting of stockholders today to allow for the approval of a reverse stock split that would enable the company to stay listed on the Nasdaq, a status it was in danger of losing after closing below $1 per share for 30 consecutive business days.

Opendoor has since closed above $1 for nine consecutive sessions amid an explosion of activity that’s seen the struggling online real estate company become a retail darling.

“For Opendoor to be back in compliance with Nasdaq listing rules, the closing price of Opendoor’s common stock must be at least $1.00 per share for a minimum of 10 consecutive business days by November 24, 2025, and Nasdaq, in its sole discretion, can extend this minimum 10-day trading period,” according to the press release. “As of today, Nasdaq has not notified the Company that it has regained compliance with Nasdaq listing requirements.”

As such, management is pushing back any decision on this matter until August 27, as the factors that catalyzed the need to shrink the share count to boost the share price may be moot.

Shares are up nearly 6% in premarket trading as of 8:15 a.m. ET.

“In light of the recent volatility in the trading of Opendoor’s common stock and the impact on its trading price, the Board believes it is in the best interests of Opendoor and its stockholders to adjourn the Special Meeting today to allow for additional time to assess market conditions and the Company’s stock price before holding the Special Meeting,” per the press release.

In an exclusive interview with Sherwood News, Jackson suggested that the cancellation of this meeting would be a positive catalyst for the stock.

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Server stocks are rallying as Dell, Super Micro Computer, and Hewlett Packard Enterprise ride the momentum of Hong Kong-based Lenovo. The PC maker’s stock rose 19% on Friday, hitting an all-time high, on record Q4 earnings.

Powering the positive earnings report was the company’s AI-related revenue, which grew 84% in the fourth quarter and now makes up over a third of total revenue. Investors seem to think the increased demand for servers could have trickle-down effects for other companies.

“The company’s results and commentary reinforced the outlook for strong AI-infrastructure demand while indicating resilient broader traditional server and storage spending,” wrote Woo Jin Ho, a senior technology analyst at Bloomberg Intelligence. “Lenovo’s $21 billion AI-server pipeline and remarks that demand is outpacing supply support Dell’s AI-demand momentum and point to robust orders.”

AI’s insatiable computing demand is reshaping the hardware industry and driving up server demand.

Dell will report first-quarter earnings on Thursday, May 28.

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Helena Cheng

Ross Stores surges as Q1 results beat expectations, full-year guidance raised

Ross shares are rising after the company delivered strong Q1 results, with sales topping Wall Street’s projections.

The stock soared 6.3% just after the open.

Key numbers:

  • Earnings per share of $2.02 vs. $1.47 year over year (estimate: $1.72).

  • Sales of $6.01 billion, up 21% year over year (estimate: $5.61 billion).

  • Comparable sales growth of 17% (estimate: 8.58%).

CEO Jim Conroy attributed the results to better traffic in stores. “Customer traffic was the primary driver of the strong sales trend as compelling merchandise assortments, higher customer acquisition and engagement from our ongoing marketing initiatives, and an improved in‑store experience are resonating with shoppers.”

The company also noted that transaction volume grew across all key demographics, including “income levels, ethnicities, and age groups, including younger customers.” Sales were also likely buoyed by standard seasonal tailwinds, including consumer spending from tax refunds.

Backed by the strong quarter, the company lifted its full-year targets. Ross now projects same-store sales growth of 6% to 7%, up from the prior forecast of 3% to 4%, topping Wall Street’s estimate of 4.64%. It boosted its annual EPS guidance to a range of $7.50 to $7.74, versus the prior outlook of $7.02 to $7.36.

Ross Stores has been one of the retail sector’s standout performers this year, rising around 20% year to date as of Thursday’s close.

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