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Yahoo
20 minutes ago
- Yahoo
CoreWeave IPO Investors Sitting on Big Gains Get Chance to Sell
(Bloomberg) -- CoreWeave Inc.'s March initial public offering has been a roaring success for anyone lucky enough to get in at the start. The stock more than quadrupled by mid-June. Even after a recent selloff, the shares are still up nearly 150%. The US-Canadian Road Safety Gap Is Getting Wider Festivals and Parades Are Canceled Amid US Immigration Anxiety To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' Five Years After Black Lives Matter, Brussels' Colonial Statues Remain For Homeless Cyclists, Bikes Bring an Escape From the Streets The problem, though, is most of those early investors haven't been able to cash in. That changes Friday for holders of more than 80% of CoreWeave's Class A shares, with the IPO lockup expiring two days after its second earnings release as a public company. The stock plunged 33% in those two days, in part, analysts say, in anticipation of a flood of selling. 'It's a challenging, even confusing setup,' said Dave Mazza, chief executive officer at Roundhill Investments, which holds CoreWeave. 'It's reasonable to expect there could be significant selling, which is already weighing on shares. Over the long run, it opens up the stock to have greater float.' CoreWeave's shares available to trade currently stand at less than 15% of those outstanding, compared to an average of roughly 95% for stocks in the S&P 500 Index, according to data compiled by Bloomberg. CoreWeave stock fell as much as 4.8% in early trading Friday in New York, extending losses into a third consecutive day. The Livingston, New Jersey-based company has become a popular way to bet on soaring spending for AI computing and counts Microsoft Corp. as its biggest customer. The stock closed at a record market value of $88 billion in June, up from less than $20 billion in the wake of its debut. But the shares have slumped amid concerns about CoreWeave's money-losing operations as well as a proposed all-stock acquisition of data-center operator Core Scientific Inc. CoreWeave closed on Thursday with a market value of about $49 billion, down 46% from the June 20 peak. Analysts expect the end of the lockup to at best cap near-term advances in the shares, as early investors lock in some gains. At worst, they see the stock falling even further. D.A. Davidson's Gil Luria, who is one of the three analysts tracked by Bloomberg with a sell rating on the stock, sees downside of more than 60%, based on his $36 price target. One owner that probably won't be selling: Nvidia Corp. The company, which dominates the market for AI chips that it supplies to CoreWeave, has about a 6.5% stake after slightly boosting its holdings in the quarter that ended in June, according to data compiled by Bloomberg. The position is worth about $2.4 billion at current levels. For long-term investors, CoreWeave's business prospects still look promising with tech giants spending ever larger sums in a race for AI supremacy. In its second-quarter earnings report on Wednesday, CoreWeave raised its revenue forecast for 2025 to $5.15 billion to $5.35 billion, from $4.9 billion to $5.1 billion. But that was overshadowed by a wider-than-expected net loss in the quarter. CoreWeave plans to spend as much as $23 billion on capital expenses this year. Of course, even if early investors like hedge-funds Magnetar Capital and Coatue Management want to sell, they have an incentive not to unwind positions too quickly, which could send the stock into a downward spiral. And having more shares available to trade could also be a benefit in the long run, giving more investors the opportunity to snap up the stock, according to Citigroup analyst Tyler Radke. 'The upcoming lock-up may further pressure shares, but we believe buyers will emerge,' Radke wrote in a research note earlier this week. Top Tech Stories The Trump administration is in talks with Intel Corp. to have the US government take a stake in the beleaguered chipmaker, according to people familiar with the plan, in the latest sign of the White House's willingness to blur the lines between state and industry. In the first two weeks of August alone, Masayoshi Son has added $11 billion to his fortune as SoftBank Group Corp.'s artificial intelligence bets sent its shares to record highs. That's put Son's wealth firmly back on the upswing after years of turbulence. Meta Platforms Inc. is spending a fortune to assemble the brightest minds in artificial intelligence. Chief Executive Officer Mark Zuckerberg may want to note: Research suggests that packing a team with too much genius can backfire. Accenture Plc is buying Australian cybersecurity firm CyberCX, its largest acquisition to date in the sector that will boost operations in the Asia-Pacific region. Earnings Due Friday No major earnings expected --With assistance from Subrat Patnaik and David Watkins. (Updates stock moves after market open) Americans Are Getting Priced Out of Homeownership at Record Rates What Declining Cardboard Box Sales Tell Us About the US Economy Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan Dubai's Housing Boom Is Stoking Fears of Another Crash Twitter's Ex-CEO Is Moving Past His Elon Musk Drama and Starting an AI Company ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
20 minutes ago
- Yahoo
Stock market today: Dow eyes record on UnitedHealth surge, S&P 500, Nasdaq fall as rate-cut bets col
US stocks were mixed on Friday as Wall Street tempered its rate-cut hopes amid economic data this week showing higher than expected wholesale inflation and a rise in July retail sales. Traders were also awaiting Friday's meeting between President Trump and Vladimir Putin, looking for clues on how the outcome could steer markets. The Dow Jones Industrial Average (^DJI) rose around 0.4%, with the index's first record since December in sight. The benchmark S&P 500 (^GSPC) fell 0.2%, and the tech-heavy Nasdaq Composite (^IXIC) lost 0.5%. US Census Bureau data released Friday morning showed retail sales rose 0.5% in July from the prior month. That was less than the 0.6% gain expected by economists, but still viewed as a solid advance after a sharp pullback in consumer spending this spring. Consumer sentiment also saw its first decline in four months. On Thursday, stocks had wobbled, ending a two-day rally sparked by investor confidence that an interest rate cut in September was nearly certain. Doubts about a significant cut at the Fed's next policy meeting crept in after July's Producer Price Index (PPI) came in hotter than expected. Major Dow component UnitedHealth (UNH) stock soared on Friday after a regulatory filing showed Warren Buffett's Berkshire Hathaway (BRK-B, BRK-A) bought 5 million shares in the company. Intel (INTC) shares jumped Friday after a Bloomberg report said the Trump administration is considering taking a stake in chipmaker, using funds from the US Chips act. President Trump met with Intel's CEO on Monday after calling on him to resign the previous week. And Applied Materials (AMAT) stock sank 14% after the chip equipment maker issued weak fourth-quarter forecasts due to sluggish demand in China, fueling concerns over tariff-related risks. Consumer sentiment falls in August, marking first decline in 4 months US consumer sentiment deteriorated in August, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 last month from a reading of 61.7 in July. It was also less than the 62 reading expected by economists surveyed by Bloomberg. 'This deterioration largely stems from rising worries about inflation,' wrote Joanne Hsu, the director of the university's Surveys of Consumers. Consumer sentiment had improved in June and July after plummeting in the spring as Americans worried about the impacts of Trump's tariffs. In May, the index showed sentiment at its second-lowest level on record as consumers expressed concerns over long-term inflation, fueled by uncertainty surrounding Trump's trade policies. Sentiment improved in June as Trump dialed back some of his aggressive stances on tariffs. 'Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused,' Hsu said. 'However, consumers continue to expect both inflation and unemployment to deteriorate in the future.' US stocks mixed at the open US stocks were mixed on Friday at the open as Wall Street tempered its hopes for the Fed to cut interest rates in September, as economic data this week showed higher than expected wholesale inflation and a rise in July retail sales. The Dow Jones Industrial Average (^DJI) rose around 0.5%, putting the index on track for its first record since December. The benchmark S&P 500 (^GSPC) rose less than 0.1%, and the tech-heavy Nasdaq Composite (^IXIC) fell below the flatline. Intel stock continues rise as Trump administration reportedly mulls taking stake in chipmaker Intel (INTC) stock spiked more than 7% Thursday and continued to climb 3% before the market open on Friday, following a report that the US government is considering taking a stake in the troubled chipmaker. Bloomberg reported that the Trump administration is in talks with Intel about the deal, which would help the company complete its Ohio factory expansion that had been put on hold. The report follows a meeting between President Trump and Intel CEO Lip-Bu Tan earlier this week, which came after the president called for the CEO's resignation due to his ties with China. "As Intel's prospects have dimmed, the idea of support (governmental or otherwise) has gained traction, understandable given the company, for better or worse, remains the only US-headquartered prospect for leading edge semiconductor chips and processes; it seems like Trump may have been persuaded to see the light," Bernstein analyst Stacy Rasgon wrote in a note to investors Friday. It's not the first time the Trump administration has allegedly floated ideas to prop up Intel. In February, a news report said the US was pitching proposals to its rival TSMC to help support its turnaround by establishing a joint venture with Intel. Read more here. Retail sales climb less than expected in July Retail sales rose 0.5% in July from the prior month, according to data from the US Census Bureau released Friday — marking the second monthly gain in a row, as consumer spending steadies following a dramatic drop in earlier in the year. Still, the jump was less than the 0.6% gain expected by economists surveyed by Bloomberg. Excluding auto and gas sales, retail sales were up 0.2%, also less than the 0.3% projected. An even narrower slice of retail sales called the 'control group' — a more precise measure of consumer spending that excludes certain sales such as those from office supply and tobacco stores — climbed 0.5%, ahead of the 0.4% expected. Retail sales rebounded in June, a sign that consumer spending habits were remaining resilient despite President Trump's tariffs. Read more here. Investors want rate cut 'validation,' but the Fed's dilemma won't go away Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here. Good morning. Here's what's happening today. Economic data: Retail sales (July); Export prices (July); Industrial production (July); University of Michigan consumer sentiment (August preliminary) Earnings: No notable earnings. Here are some of the biggest stories you may have missed overnight and early this morning: 'Striking while the iron is hot' Investors want rate cut 'validation,' but the Fed's dilemma remains Applied Materials' shares sink on weak China demand, tariff risks UnitedHealth jumps as Buffett's Berkshire buys 5M shares BofA's Hartnett sees profit-taking in stocks after Jackson Hole AI exacerbates tech divide with smaller stocks languishing A trader's guide to the Alaska talks between Trump and Putin China's economy slows in July on tariffs, weak property market Applied Materials' shares sink on weak China demand, tariff risks Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. UnitedHealth stock soars as Buffett's Berkshire buys 5M shares UnitedHealth Group stock rose 12% before the bell on Friday after Warren Buffett's Berkshire Hathaway (BRK-B, BRK-A) acquired 5 million shares in the company. A regulatory filing showed the purchase on Thursday. Reuters reports: Read more here. Consumer sentiment falls in August, marking first decline in 4 months US consumer sentiment deteriorated in August, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 last month from a reading of 61.7 in July. It was also less than the 62 reading expected by economists surveyed by Bloomberg. 'This deterioration largely stems from rising worries about inflation,' wrote Joanne Hsu, the director of the university's Surveys of Consumers. Consumer sentiment had improved in June and July after plummeting in the spring as Americans worried about the impacts of Trump's tariffs. In May, the index showed sentiment at its second-lowest level on record as consumers expressed concerns over long-term inflation, fueled by uncertainty surrounding Trump's trade policies. Sentiment improved in June as Trump dialed back some of his aggressive stances on tariffs. 'Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused,' Hsu said. 'However, consumers continue to expect both inflation and unemployment to deteriorate in the future.' US consumer sentiment deteriorated in August, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 last month from a reading of 61.7 in July. It was also less than the 62 reading expected by economists surveyed by Bloomberg. 'This deterioration largely stems from rising worries about inflation,' wrote Joanne Hsu, the director of the university's Surveys of Consumers. Consumer sentiment had improved in June and July after plummeting in the spring as Americans worried about the impacts of Trump's tariffs. In May, the index showed sentiment at its second-lowest level on record as consumers expressed concerns over long-term inflation, fueled by uncertainty surrounding Trump's trade policies. Sentiment improved in June as Trump dialed back some of his aggressive stances on tariffs. 'Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused,' Hsu said. 'However, consumers continue to expect both inflation and unemployment to deteriorate in the future.' US stocks mixed at the open US stocks were mixed on Friday at the open as Wall Street tempered its hopes for the Fed to cut interest rates in September, as economic data this week showed higher than expected wholesale inflation and a rise in July retail sales. The Dow Jones Industrial Average (^DJI) rose around 0.5%, putting the index on track for its first record since December. The benchmark S&P 500 (^GSPC) rose less than 0.1%, and the tech-heavy Nasdaq Composite (^IXIC) fell below the flatline. US stocks were mixed on Friday at the open as Wall Street tempered its hopes for the Fed to cut interest rates in September, as economic data this week showed higher than expected wholesale inflation and a rise in July retail sales. The Dow Jones Industrial Average (^DJI) rose around 0.5%, putting the index on track for its first record since December. The benchmark S&P 500 (^GSPC) rose less than 0.1%, and the tech-heavy Nasdaq Composite (^IXIC) fell below the flatline. Intel stock continues rise as Trump administration reportedly mulls taking stake in chipmaker Intel (INTC) stock spiked more than 7% Thursday and continued to climb 3% before the market open on Friday, following a report that the US government is considering taking a stake in the troubled chipmaker. Bloomberg reported that the Trump administration is in talks with Intel about the deal, which would help the company complete its Ohio factory expansion that had been put on hold. The report follows a meeting between President Trump and Intel CEO Lip-Bu Tan earlier this week, which came after the president called for the CEO's resignation due to his ties with China. "As Intel's prospects have dimmed, the idea of support (governmental or otherwise) has gained traction, understandable given the company, for better or worse, remains the only US-headquartered prospect for leading edge semiconductor chips and processes; it seems like Trump may have been persuaded to see the light," Bernstein analyst Stacy Rasgon wrote in a note to investors Friday. It's not the first time the Trump administration has allegedly floated ideas to prop up Intel. In February, a news report said the US was pitching proposals to its rival TSMC to help support its turnaround by establishing a joint venture with Intel. Read more here. Intel (INTC) stock spiked more than 7% Thursday and continued to climb 3% before the market open on Friday, following a report that the US government is considering taking a stake in the troubled chipmaker. Bloomberg reported that the Trump administration is in talks with Intel about the deal, which would help the company complete its Ohio factory expansion that had been put on hold. The report follows a meeting between President Trump and Intel CEO Lip-Bu Tan earlier this week, which came after the president called for the CEO's resignation due to his ties with China. "As Intel's prospects have dimmed, the idea of support (governmental or otherwise) has gained traction, understandable given the company, for better or worse, remains the only US-headquartered prospect for leading edge semiconductor chips and processes; it seems like Trump may have been persuaded to see the light," Bernstein analyst Stacy Rasgon wrote in a note to investors Friday. It's not the first time the Trump administration has allegedly floated ideas to prop up Intel. In February, a news report said the US was pitching proposals to its rival TSMC to help support its turnaround by establishing a joint venture with Intel. Read more here. Retail sales climb less than expected in July Retail sales rose 0.5% in July from the prior month, according to data from the US Census Bureau released Friday — marking the second monthly gain in a row, as consumer spending steadies following a dramatic drop in earlier in the year. Still, the jump was less than the 0.6% gain expected by economists surveyed by Bloomberg. Excluding auto and gas sales, retail sales were up 0.2%, also less than the 0.3% projected. An even narrower slice of retail sales called the 'control group' — a more precise measure of consumer spending that excludes certain sales such as those from office supply and tobacco stores — climbed 0.5%, ahead of the 0.4% expected. Retail sales rebounded in June, a sign that consumer spending habits were remaining resilient despite President Trump's tariffs. Read more here. Retail sales rose 0.5% in July from the prior month, according to data from the US Census Bureau released Friday — marking the second monthly gain in a row, as consumer spending steadies following a dramatic drop in earlier in the year. Still, the jump was less than the 0.6% gain expected by economists surveyed by Bloomberg. Excluding auto and gas sales, retail sales were up 0.2%, also less than the 0.3% projected. An even narrower slice of retail sales called the 'control group' — a more precise measure of consumer spending that excludes certain sales such as those from office supply and tobacco stores — climbed 0.5%, ahead of the 0.4% expected. Retail sales rebounded in June, a sign that consumer spending habits were remaining resilient despite President Trump's tariffs. Read more here. Investors want rate cut 'validation,' but the Fed's dilemma won't go away Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here. Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here. Good morning. Here's what's happening today. Economic data: Retail sales (July); Export prices (July); Industrial production (July); University of Michigan consumer sentiment (August preliminary) Earnings: No notable earnings. Here are some of the biggest stories you may have missed overnight and early this morning: 'Striking while the iron is hot' Investors want rate cut 'validation,' but the Fed's dilemma remains Applied Materials' shares sink on weak China demand, tariff risks UnitedHealth jumps as Buffett's Berkshire buys 5M shares BofA's Hartnett sees profit-taking in stocks after Jackson Hole AI exacerbates tech divide with smaller stocks languishing A trader's guide to the Alaska talks between Trump and Putin China's economy slows in July on tariffs, weak property market Economic data: Retail sales (July); Export prices (July); Industrial production (July); University of Michigan consumer sentiment (August preliminary) Earnings: No notable earnings. Here are some of the biggest stories you may have missed overnight and early this morning: 'Striking while the iron is hot' Investors want rate cut 'validation,' but the Fed's dilemma remains Applied Materials' shares sink on weak China demand, tariff risks UnitedHealth jumps as Buffett's Berkshire buys 5M shares BofA's Hartnett sees profit-taking in stocks after Jackson Hole AI exacerbates tech divide with smaller stocks languishing A trader's guide to the Alaska talks between Trump and Putin China's economy slows in July on tariffs, weak property market Applied Materials' shares sink on weak China demand, tariff risks Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. UnitedHealth stock soars as Buffett's Berkshire buys 5M shares UnitedHealth Group stock rose 12% before the bell on Friday after Warren Buffett's Berkshire Hathaway (BRK-B, BRK-A) acquired 5 million shares in the company. A regulatory filing showed the purchase on Thursday. Reuters reports: Read more here. UnitedHealth Group stock rose 12% before the bell on Friday after Warren Buffett's Berkshire Hathaway (BRK-B, BRK-A) acquired 5 million shares in the company. A regulatory filing showed the purchase on Thursday. Reuters reports: Read more here.
Yahoo
20 minutes ago
- Yahoo
Trump administration eyeing Chips Act funds for Intel stake, Bloomberg News reports
(Reuters) -U.S. President Donald Trump's administration is eyeing Chips Act funds for Intel in exchange for a stake in the chipmaker, Bloomberg News reported on Friday. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
