Markets
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David Crowther & Luke Kawa

Opendoor surges after trading firm Jane Street reveals 5.9% stake

Shares in retail darling Opendoor Technologies are 8% higher in early trading on Thursday after proprietary trading firm Jane Street revealed a 5.9% stake in the company in a new filing, equivalent to beneficial ownership of more than 44 million shares. At current prices, that’s a position worth $390 million and change.

Many Opendoor bulls are cheering this announcement as vindication from a major institution and a material positive catalyst for the online real estate company. The reality is much less clear and considerably more nuanced. Jane Street is a firm that specializes in market-making and holds a 5% stake or more in 221 US publicly traded securities, per Bloomberg data. It is impossible to know what Jane Street’s true net Opendoor exposure is, since its options positions are not disclosed. No one but Jane Street knows that.

If we had to make an educated speculation, this stock position is much more likely to be a hedge related to calls Jane Street may have sold on Opendoor than it is a plain vanilla expression of optimism on the company’s prospects.

(There is a certain irony that, in this scenario, traders’ reaction to the revelation of a hedge serves as something that immediately makes that hedge more useful!)

The stake is owned by a number of different Jane Street Group subsidiaries. Jane Street Capital reported owning about 3.2 million shares; Jane Street Global Trading reported owning 17.2 million shares; while Jane Street Options, LLC, was reported as the beneficial owner of the bulk of the stake, equivalent to 23.6 million shares. A little over one-third of the stake, 15.5 million shares, were reported as “acquirable through conversion of convertible bonds held.”

Opendoor’s stock has whipsawed in recent days as large shareholders have exited some of their positions. Indeed, just yesterday it came to light that Access Industries, one of Opendoor’s top shareholders, had sold nearly $100 million of OPEN on Tuesday.

Separately, data out yesterday revealed that “sales of newly built homes rose a much larger-than-expected 20.5% in August compared with July,” per CNBC, which might have contributed to positive sentiment on the stock, which gained 16% yesterday.

As of 5 a.m. ET, the stock was the ninth-most-traded in the United States, with heavier volumes (in dollar terms) than tech giants Oracle, Google, and fellow retail favorite Palantir.

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Matt Phillips

Data center trade reboots amid Iran relief rally

Memory, networking, chipmaking machinery, semiconductor, and rack-building stocks were all up early Wednesday, in a broad-based reboot of the data center trade on growing optimism about America’s potential exit from the Iran war.

Companies that make all the core components of data center were on the move early. Memory plays Micron, Sandisk, Western Digital, and Seagate Technology Holdings all opened near the top of the S&P 500’s leaders, as they shook off last week’s jitters related to a Google Research announcement about an AI algorithm that might cut demand for memory.

Fiber-optic and networking shares like Ciena Corp., Arista Networks, Corning, Coherent, Amphenol, and Lumentum — popular recent data center plays — also rose. OG data center trades like chip companies Nvidia, Intel, and Advanced Micro Devices gained. And the companies that make the machines that make the chips, like Lam Research and KLA Corp, are also catching a bid.

Even the more hard-hat elements of the AI boom were up, with Comfort Systems USA, Eaton Corp, Carrier, and Quanta Services rising. Server rack builders Dell and HP Enterprise also increased.

Clearly, there’s a big element of relief rally at play in the early bounce, building on Monday’s advance, which saw the S&P 500 post its biggest one-day gain since May.

markets
Luke Kawa

Intel soars after buying back stake in Irish manufacturing facility

Intel is spending $14.2 billion to take back full ownership of a manufacturing facility in Ireland, the company announced on Wednesday.

“The agreement reflects Intel’s continued business momentum underpinned by the growing and essential role CPUs play in the era of AI,” according to the company’s press release.

Shares are soaring, up around 6% in early trading.

Investors appear to be viewing this measure as a concrete sign that Intel’s turnaround plan is entering a new phase — growth mode, powered by AI — after years of sluggish sales forced a focus on cost controls.

The chipmaker had previously sold a 49% stake in this fab for $11.2 billion to Apollo Global Management in order to raise cash for other investment opportunities, including its 18A manufacturing process in the US.

Intel intends to fund the transaction through available cash and an additional $6.5 billion in debt.

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OpenAI to be added to ARK’s ETF lineup after completing funding round with $852 billion valuation

ARK and buzzy companies go together like early LLMs and hallucinations.

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Luke Kawa
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Beyond Meat tumbles as CEO blames American society for its business struggles after issuing weak sales outlook

The CEO equivalent of flipping over the table when board game night isn’t going well.

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Max Knoblauch & David Crowther & Luke Kawa

Nike craters after issuing weak revenue guidance

Sportswear kingpin Nike is tumbling on Wednesday morning after saying it doesn’t expect to grow sales this year.

On its fiscal Q3 earnings call, management said that revenue is expected to drop 2% to 4% in the current quarter, and that overall they “expect revenues to be down low-single-digits versus the prior year, with gains in North America offset by declines in Greater China.” That’s a disappointment to analysts, who were anticipating 2% growth in Q4 and even more in the latter stages of the year, per Bloomberg.

Nike’s Q3 sales in China — where the company earns about 15% of its revenue — fell 7% to $1.62 billion. The company had issued weak guidance for this quarter considering continued softness in the region. That’s its seventh straight quarter of sales declines in the market. While this quarter’s was decline was less than feared, management warned that more pain is in the offing.

Nike’s turnaround effort “is complex work, and parts of it are taking longer than I’d like,” said CEO Elliott Hill.

Nike’s fiscal Q3 results (the three months ended February) were solid at the headline level:

  • Earnings of $0.35 per share, comfortably above the Wall Street consensus estimate of $0.29 per share compiled by FactSet.

  • $11.28 billion in total revenue, roughly in line with the $11.26 billion estimate.

But the gloomy sales outlook has Wall Street analysts souring on the stock:

  • JPMorgan downgraded the shares to “neutral” from “overweight” and cut its price target to $52 from $86.

  • Citi reduced its target price to $53 from $65,

  • Stifel lowered its price target to $56 from $65,

  • Truist reduced its price target to $57 from $69, and

  • Barclays cut its target price to $67 from $73.

Nike shares are trading near decade lows this month, as tariffs continue to weigh on profits and shipping costs rise amid the war with Iran. As of Tuesday’s close, the stock was down 17% year to date.

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