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Claire Yubin Oh11h

Norwegian Cruise Line jumps after the WSJ reports that activist Elliott has built a more than 10% stake in the company

Norwegian Cruise Line rose as much as ~12% in premarket trading on Tuesday after The Wall Street Journal reported that Elliott Investment Management has built a more than 10% stake in the company and plans to push for a turnaround at the cruise operator.

Citing people familiar with the matter, the Journal detailed that the activist hedge fund aims to engage with the company to “try to help fix its underperformance” and “make changes to catch up to its rivals.” Per the report, Elliott also privately approached Adam Goldstein, the former president and COO of competitor Royal Caribbean — a company that Elliott sees as having been successfully improving its financial performance and guest experience — as a potential board member nominee for the company.

Indeed, NCLH has seen its stock drop more than 20% in the past year, lagging behind rivals like Royal Caribbean, which is projecting strong demand for the full year driven by affluent customer demand.

Last Thursday, Norwegian appointed former Subway CEO John Chidsey as its new chief executive. Shares fell more than 7% on Friday after the late evening news.

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Sandisk drops after Western Digital confirms plan to unload $3 billion in stock

Western Digital is cashing in more of its Sandisk position.

The hard drive seller is exchanging more than $3 billion in Sandisk shares as part of a debt-for-equity swap.

The two companies were once one, but Western Digital spun off a little more than 80% of its flash drive business in February 2025, and already exchanged the lion’s share of what remained in a separate debt-for-equity swap in June.

This move was very, very well telegraphed by Western Digital, which recently confirmed plans to monetize its Sandisk position before the one-year anniversary of that split (February 21). And Sandisk’s press release makes clear that the company is not the ones selling more stock or making any money off this.

That being said, being a high flying stock that has a Bloomberg headline with “secondary offering” in it could, in theory, spark some turbulence.

Shares of Sandisk have indeed extended the day’s losses to more than 8% in the after-hours session before paring some of that decline.

Western Digital announces additional $4 billion in share buybacks, with management poised to unload its remaining stake in Sandisk

The two companies were once one, but Western Digital spun off a little more than 80% of its flash drive business in February 2025, and already exchanged the lion’s share of what remained in a separate debt-for-equity swap in June.

This move was very, very well telegraphed by Western Digital, which recently confirmed plans to monetize its Sandisk position before the one-year anniversary of that split (February 21). And Sandisk’s press release makes clear that the company is not the ones selling more stock or making any money off this.

That being said, being a high flying stock that has a Bloomberg headline with “secondary offering” in it could, in theory, spark some turbulence.

Shares of Sandisk have indeed extended the day’s losses to more than 8% in the after-hours session before paring some of that decline.

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Cadence Design Systems jumps after Q4 earnings, 2026 profit outlook, and sales backlog exceed estimates

Cadence Design Systems jumped in after-hours trading on Tuesday, briefly erasing the day’s big losses, after posting better-than-expected Q4 earnings, a big pipeline of future business, and a solid profit outlook for 2026.

For Q4, the electronic design automation company reported:

Sales of $1.44 billion (estimate: $1.42 billion).
Adjusted earnings per share of $1.99 (estimate: $1.91).
Remaining performance obligations (RPO) of $7.8 billion (estimate: $7.25 billion).

Management said that 2026 adjusted earnings per share would range between $8.05 and $8.15, above the consensus call for $8.03.

In recent weeks, investors have worried that Cadence’s software business, which is used by chip designers, could suffer competitive pressure from AI tools. At the very least, that RPO figure says there’s billions of dollars standing between Cadence and any more disrupted future.

Infleqtion CEO Matt Kinsella on how the newly public quantum computing company is “following in the footsteps of Nvidia”

Infleqtion shares gained double digits in their opening session, while peers sold off.

US-AI-SCIENCE-NVIDIA

Tasha Matsumoto

Stocks erase morning losses in volatile trading session

The S&P 500 posted a small gain, the Nasdaq 100 posted a small loss, and the Russell 2000 finished flat.

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.

Max Knoblauch3h

Oil prices dip, sending airline stocks climbing amid US-Iran talks

An agreement between the US and Iran on a “set of guiding principles” following talks between officials from the two countries on Tuesday is sending oil prices lower. That, in turn, is boosting airline stocks.

West Texas Intermediate crude futures were down 1.1% Tuesday afternoon. Shares of airlines, including United Airlines, American Airlines, Alaska Air, JetBlue, and Delta Air Lines were up.

Southwest Airlines, which also received an upgrade to “buy” and a price target hike to $73 from $51 by UBS on Tuesday morning, was up more than 7%.

Iran said it temporarily closed the Strait of Hormuz for live fire drills on Tuesday as the talks began. About 20% of the world’s oil passes through the key choke point waterway. Later in the day, however, Iran’s foreign minister expressed optimism that a deal could be reached with the US, saying “a new window has opened.”

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