markets

Max Knoblauch6/5/25

Five Below spikes on earnings beat and Uber partnership

Discount store slash Squishmallow supercenter Five Below is riding high Thursday morning following strong earnings and a fresh partnership with Uber Eats.

Five Below reported first-quarter earnings after the bell Wednesday, posting a 7.1% jump in comparable sales (better than estimates). Revenue climbed nearly 20% to $970.5 million — also a beat — and the company issued better-than-expected current quarter guidance of between $975 million and $995 million.

Following the solid report, Uber and Five Below on Thursday morning announced a new partnership, bringing 1,500 of the discount stores onto the delivery app.

The retailer was down nearly 50% year to date in early April in light of its immense reliance on Chinese suppliers. Since then, tariffs have been dialed down, the company raised its guidance, and now, these impressive results. Shares have rallied nearly 30% year to date and 10% higher in trading on Thursday morning, while Uber was up slightly.

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The ghosts of AI

AI has given public markets the software scaries... and it’s spreading to private markets too

As AI replaces software engineers and vibe-coding startups surge, hundreds of billions of dollars' worth of venture bets on traditional software firms are facing a brutal reset.

Hyunsoo Rim, David Crowther1h

markets

Max Knoblauch13h

Alaska Airlines dips following weaker-than-expected 2026 earnings guidance

Alaska Airlines, America’s fifth-largest airline, reported its fourth-quarter and full-year results for 2025 after the market closed Thursday. Its shares fell 2% in after hours trading.

The airline reported adjusted fourth-quarter earnings of $0.43 per share, beating the $0.11 expected by Wall Street analysts polled by FactSet. Its Q4 passenger revenue climbed 2% to $3.25 billion.

For the current quarter, Alaska guided for a 1% to 2% increase in capacity and an adjusted loss of $1.50 to $0.50 per share, compared to the $0.77 loss per share expected by analysts. The airline forecast full-year earnings of between $3.50 and $6.50 per share for 2026. The $5 per share midpoint falls short of analyst estimates of $5.52.

“To hit the higher end of our guidance range we would require sustained macroeconomic recovery in 2026, at or improving on trends seen in the first three weeks of the year, and for fuel prices to stabilize,” the company said in its report.

Earlier this month, the carrier placed its largest ever plane order, securing 110 Boeing jets to support its international growth ambitions. It plans to add flights to Rome, London, and Iceland this summer, and has said it will boost its premium seat offerings this year — in-line with a wider trend of travel trends reflecting a “K-shaped economy.”

Intel slumps after Q1 guidance disappoints

The bad outlook offset strong Q4 results.

Matt Phillips15h

markets

Plug Power jumps amid surge in call activity as CEO Andy Marsh hosts AMA

Plug Power surged on Thursday, jumping nearly 17% amid elevated call activity as outgoing CEO Andy Marsh hosted an “ask me anything” on the r/PlugPowerStock subreddit.

As many as 192,581 call options changed hands, more than 4x the 20-day average — call options with a strike price of $4 that expire in mid-June were the most active contract.

Marsh’s appearance was aimed at building support for the board’s recommendations that its investors vote in favor of three proposals at a special meeting of shareholders slated for next week. These proposals include: allowing votes to be decided by a majority of voters rather than a majority of shareholders, enabling an increase in the company’s share count, and a third measure to delay this special meeting in the event that there aren’t enough votes for either of those two proposals to pass.

During the session, Marsh made the following points:

Management really doesn’t want to have to do a reverse stock split, but would feel forced to do so if the second proposal fails to pass. Per a recent filing from Plug, “Without additional authorized shares, the Company will not be able to: meet its contractual obligations to increase authorized shares of common stock by February 28, 2026; raise capital necessary for operations and growth; and execute on its business plans and strategy.”
Plug plans to lean even more into opportunities to offer power to AI data center customers, with Marsh writing that incoming CEO Jose Luis Crespo will offer more details on this in a follow-up AMA scheduled for March.

Tasha Matsumoto

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