Bears Circle Tech, Sleep Number Files Chapter 11

US Market Highlights

Markets open Friday with a mixed tone. ADBE is the clearest weak spot. Analysts cut the average target to $302.84 from $329.33 — an 8% drop. That downgrade compounds a post-earnings slide after the company's CFO announced a departure. Options traders piled into June puts. Short interest sits at 4.8% of free float. Bearish pressure is building on multiple fronts simultaneously.

The week's biggest short interest move belongs to CBRS. Bears pushed its SI % of free float from 6.25% to 25.48% — a 19-point jump in seven days. That is a sharp reversal for the AI chip name. BIRK also drew heavy short attention. Its SI hit 29.74% of free float. Cost to borrow reached 21.2% and availability nearly vanished at 0.04% of SI.

SNBR filed for Chapter 11 this morning. Sleep Number entered an asset purchase agreement with Sleep Country Canada. It secured $260M in DIP financing to fund the sale process. That is a sharp end for a once-popular consumer brand.

Energy and Space in Focus

Crude fell below $90. Yet refiner analysts turned bullish. Targets rose on VLO, PSX, and MPC this week. Wall Street sees margin opportunity as crude costs ease.

SpaceX IPO anticipation continued to drive space-adjacent names. ASTS and RKLB attracted renewed interest in pre-market trading. Volatility in tech options is rising ahead of the event.

Insider Watch

DELL saw the week's largest insider disposal. Silver Lake Group filed $530M in share sales. Three TJX executives sold in the same week — a pattern worth monitoring heading into the next earnings cycle.