markets

Luke Kawa11/21/25

Opendoor surges after DE Shaw reveals 6.4% stake

Opendoor Technologies is soaring after a filing showed DE Shaw held a 6.4% stake in the online real estate company as of November 13.

This bears a close resemblance to the reaction after proprietary trading firm Jane Street revealed a 5.9% stake in the company in late September. That is, while many bulls are cheering this filing as a signal of validation from a major institution and a positive catalyst for the company, the reality is much less clear.

Consider the entity that holds the overwhelming majority of DE Shaw’s Opendoor stake: DE Shaw Valence Portfolios. It’s a statistical arbitrage fund, not a long-only equities strategy.

There are many reasons why DE Shaw might want to have accumulated a position in Opendoor at this particular time. The one that comes to mind first: to be the shareholder of record in time to receive the dividend of warrants, which may in turn be providing opportunities to profit from relative value trades between warrants and listed options. Really, only DE Shaw knows why it bought these, but the answer is very likely not “because it’s very bullish on Opendoor stock.”

Given that Opendoor is in the real estate business, the increased market-implied likelihood of a rate cut in December following comments from New York Fed President John Williams this morning is also likely helping the shares on Friday.

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J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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