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Matt Phillips2/25/26

The Trade Desk plunges on weak Q1 sales guidance

Ad tech platform The Trade Desk offered weak Q1 sales guidance as part of its Q4 earnings numbers, sending the stock down sharply after-hours on Wednesday and into premarket trading on Thursday, with the stock still down almost 17% at 5

The advertising software company reported:

Adjusted Q4 earnings per share of $0.59 vs. the $0.58 consensus estimate, per FactSet.
Q4 revenue of $847 million vs. the $840.6 million expectation.
Q1 sales guidance of “at least” $678 million vs. Wall Street’s $688.6 million expectation.

The Trade Desk specializes in helping client advertisers shift their ads from traditional linear television toward online streaming services. And the shares posted some impressive gains at times, rising more than 400% over five years starting at the end of 2019.

But the company’s shares have cratered in recent years, in part because of a daunting competitive threat from Amazon’s demand-side advertising platform. Through Wednesday’s close, the stock was down roughly 80% from where it was trading at the end of 2024.

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American Airlines jumps on potential merger talks with United

American Airlines was trading up more than 5% in premarket on Tuesday after Bloomberg and Reuters reported that United Airlines CEO Scott Kirby had floated the idea of a possible merger with American Airlines.

According to Reuters, Kirby raised the idea during a February White House meeting with President Trump, though it remains unclear whether United has made any formal approach to American or whether any deal process is underway.

United CEO Has Pitched Possible Combination With Rival American

United CEO Has Pitched Possible Combination With Rival American

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Credo Technology soars after announcing deal to acquire photonics company

Credo Technology Group is soaring in premarket trading after announcing an agreement to acquire DustPhotonics, a developer of silicon photonic integrated circuits for optical transceivers (that is, chips that help use light to move information around data centers).

The price is $750 million in cash plus 920,000 shares of Credo, and has the potential to escalate from there based on the achievement of certain financial milestones.

The acquisition marks a concerted effort by Credo to play both ends of connectivity: advanced photonics in addition to active electrical cables (its bread and butter).

Per the press release, “The acquisition will position Credo with a vertically integrated connectivity stack... for scale out and scale up networks — addressing both electrical and optical interconnects across the full AI infrastructure.”

Following this transaction, the company expects optical revenues of more than $500 million in fiscal 2027, well above the pre-acquisition consensus estimate of $161 million.

Management projects this deal will be accretive to adjusted earnings per share in fiscal 2027.

Shares of Credo boomed after Broadcom reported earnings last month, as the custom chip specialist said that its clients were sticking with direct attach copper cables through 2028. But going forward, connectivity demand appears to be a story of both copper-centric and light-centric solutions to transmit information within and between racks.

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Claire Yubin Oh42m

Amazon reportedly nears deal for Globalstar in bid to take on SpaceX’s Starlink

Globalstar is up 17% in premarket trading on Tuesday after Bloomberg reported that Amazon is nearing a deal to acquire the satellite company, as it moves to keep up with Elon Musk’s Starlink.

A transaction could be announced as soon as today, though final terms haven’t yet been reached and the timing of the announcement could change, according to people familiar with the matter.

Globalstar shares have almost tripled in the past year, including a jump at the start of this month after the Financial Times reported early negotiations between the two companies.

The deal would potentially accelerate Amazon’s efforts to build out its own low-earth-orbit satellite network, Bloomberg Intelligence analyst Jon Davies observed, with Amazon reportedly planning to have 700 satellites in space by the middle of 2026.

But there’s a small caveat — Apple’s 20% stake in Globalstar, which it took after a $1.5 billion investment in 2024, might give Amazon’s tech peer a say in Globalstar’s future, per people familiar with the matter. Globalstar’s buildout may already be linked with Apple’s product road map, and the iPhone maker “will not want to alter its plans,” said Davies.

Amazon Nears Deal for Globalstar in Push to Rival Musk’s Starlink

Amazon Nears Deal for Globalstar in Push to Rival Musk’s Starlink

Globalstar shares have almost tripled in the past year, including a jump at the start of this month after the Financial Times reported early negotiations between the two companies.

The deal would potentially accelerate Amazon’s efforts to build out its own low-earth-orbit satellite network, Bloomberg Intelligence analyst Jon Davies observed, with Amazon reportedly planning to have 700 satellites in space by the middle of 2026.

But there’s a small caveat — Apple’s 20% stake in Globalstar, which it took after a $1.5 billion investment in 2024, might give Amazon’s tech peer a say in Globalstar’s future, per people familiar with the matter. Globalstar’s buildout may already be linked with Apple’s product road map, and the iPhone maker “will not want to alter its plans,” said Davies.

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Bloom Energy spikes after vastly expanding its deal to supply fuel cells to Oracle

Bloom Energy spiked 15% in postmarket trading on Monday after expanding its pact to supply power to Oracle.

The hyperscaler has contracted an initial 1.2 gigawatts of fuel cell capacity from Bloom, with plans to procure up to 2.8 gigawatts in order to support the power needs of its data centers.

Shares of Bloom boomed last July after the initial announcement that it would be delivering “onsite power for an entire data center within 90 days,” the first time the fuel cell company booked a direct deal with a hyperscaler. Bloom came through with the delivery in 55 days.

Oracle execs are obviously pleased with the execution and the results — and have another reason to be happy about getting more power from Bloom...

In concert with this announcement, a filing showed that Oracle received warrants to buy 3.53 million shares of Bloom Energy for $113.28 apiece on April 9, as part of an agreement reached between the two sides in October. That would be about 1.25% of Bloom's current shares outstanding.

“It was a great strategic partnership where both enterprises had a lot to gain,” Bloom founder, chairman, and CEO KR Sridhar said of the warrant deal during the Q4 earnings call on February 2026. “And remember, these were not penny warrants. These were done at market pricing on the day we agreed to, like what we do. So it is not in lieu of something other than both parties enhancing enterprise value.”

So, Bloom’s business gets a massive boost from a hyperscaler moving from a proof of concept to a seal of approval, and Oracle gets power for about $320 million less than the sticker price (based on the gap between Bloom’s postmarket price on Monday, roughly $204, and the exercise price of the warrants).

Stocks gain after Trump orders Hormuz blockade, says Iran wants to make a deal

Stocks shrugged off the weekend’s failed peace talks.

Josh Giddey #3 of the Chicago Bulls grabs a rebound during the second half against the Detroit Pistons on October 22, 2025 at the United Center in Chicago, Illinois.

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