Markets
markets
Luke Kawa
9/2/25

CoreWeave tumbles as top shareholder Magnetar dials down position, puts on huge collar trade

CoreWeave is getting trounced along with most other high-beta growth companies in early trading on Tuesday, as its top shareholder as well as some of its executives continued to take profits in the name they’re finally allowed to sell.

Last Thursday, Magnetar Financial, its subsidiaries, and insiders sold $94.4 million (or 915,339 shares) of the AI cloud computing company. Magnetar had previously unloaded about 1.5 million shares earlier in August after the post-IPO lockup period expired.

The firm also entered into a series of derivatives transactions last week designed to protect the value of its CoreWeave position by:

  • Selling 600,000 call options that expire on March 20, 2026, with a strike price of $175 and buying just as many put options with the same expiry and a strike price of $70 on Thursday;

  • Selling 801,000 call options that expire on March 20, 2026, with a strike price of $160 and buying just as many put options with the same expiry and a strike price of $70 on Wednesday.

This is known as a “collar” trade. Magnetar spent about 22% more on the put options than it generated in premiums by selling the calls.

Ahead of the lockup expiry, Bank of America analyst Brad Sills warned of a “near term overhang” for the stock because of the potential for this selling to occur, and indeed it has.

Elsewhere, filings show that CoreWeave CEO Michael Intrator sold about $7.8 million (or 82,455 shares) on Wednesday, while General Counsel and Corporate Secretary Kristen McVeety exercised a stock option and also sold nearly $30 million (or 311,796 shares), all of her direct stake in the company. She maintains an indirect position of 95,000 shares through a grantor-retained annuity trust.

Note: These insider trades were part of a prescheduled 10(b)5-1 program, and as such were not discretionary in nature.

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markets
Luke Kawa
9/5/25

Robinhood, AppLovin, and Emcor pop on announcement of addition to S&P 500

Shares of Robinhood Markets, AppLovin, and Emcor are all rallying in post-market trading on Friday upon news that they’re being added to the S&P 500.

Shares of the brokerage popped 7.2%, the adtech company rose 7.8%, and the construction company was up a more modest 2.7% in the minutes following the announcement.

(Robinhood Markets, Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

Strategy, another stock rumored to be in the running for inclusion in the benchmark US stock index that has been passed over, sank 2.5% in postmarket trading.

Nia Warfield, Luke Kawa
9/5/25
S&P 500 falls as rate-cut optimism fizzles

The S&P 500 gave up early gains to close down 0.3%, while the Nasdaq 100 eked out a 0.1% advance and the Russell 2000 outperformed, rising 0.5%.

Brown bear on a rock
markets
Nia Warfield
9/5/25

Kenvue plunges after reports suggest RFK Jr. may try to link prenatal Tylenol use to autism

Kenvue sank 15% Friday after a WSJ report said Health and Human Services Secretary Robert F. Kennedy Jr. may attempt to link prenatal Tylenol use to autism in an upcoming government report.

Kenvue, the maker of Tylenol and formerly a division of Johnson & Johnson prior to a 2023 spin-out, pushed back, saying the science shows “no causal link” between acetaminophen use during pregnancy and autism, and pointed to FDA and medical groups that agree on the drug’s safety.

The FDA itself has found no “clear evidence” of harm but advises pregnant women to consult providers before taking OTC meds.

The report is also expected to float a folate-derived therapy as a potential treatment.

Tylenol is just the latest well-established medication to face scrutiny under Kennedy, who has already stirred controversy by reshaping vaccine policy and amplifying doubts about mRNA shots.

Kenvue shares are now down over 18% year-to-date.

RFK Jr., HHS to Link Autism to Tylenol Use in Pregnancy and Folate Deficiencies

RFK Jr.

The FDA itself has found no “clear evidence” of harm but advises pregnant women to consult providers before taking OTC meds.

The report is also expected to float a folate-derived therapy as a potential treatment.

Tylenol is just the latest well-established medication to face scrutiny under Kennedy, who has already stirred controversy by reshaping vaccine policy and amplifying doubts about mRNA shots.

Kenvue shares are now down over 18% year-to-date.

markets
Max Knoblauch
9/5/25

Lucid surges following 6 days of losses after headlines misidentify Cantor Fitzgerald’s lower split-adjusted price target as a good thing

It’s been a shortened week, but still a rough one for Lucid. Investor blowback to the luxury EV maker’s 1-for-10 reverse stock split has sent shares to all time lows this week.

After six straight days of closing lower, Wall Street appears to have decided enough is enough and is loading up on Lucid shares on Friday, sending them up 13% in recent trading. As of 2:10pm eastern, Lucid trading volumes were at more than 240% of their 30 day average.

Some of the move could be attributed to traders reading headlines that don’t take into consideration Lucid’s reverse split. Cantor Fitzgerald on Friday slapped a new price target on Lucid of $20, compared to its previous target of $3. Some news outlets (not us!) presented that as an increase. The problem: With the 1-for-10 reverse split in effect, a comparable price target would have been $30. The new $20 target is actually... a cut.

Matt Phillips
9/5/25
Palantir slips under 50-day moving average, amid momo reversal

What goes up, doesn’t always keep going up.

Palantir CEO Alex Karp PLTR insane valuation

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