UPST News & Events

Stock futures are modestly lower in choppy pre-market trading as traders weigh shifting oil prices and a key inflation report. Markets are trading cautiously with volatile energy prices and ongoing geopolitical tensions in the Middle East.The dominant macro driver remains the energy market. Oil prices, which spiked above $100 and briefly approached $120 earlier in the week amid fears of disruptions to shipping through the Strait of Hormuz, have retreated significantly and are now trading below $90 after talk of a coordinated release of emergency reserves. The International Energy Agency is considering recommending a record release of roughly 400M barrels from global strategic stockpiles in an effort to stabilize energy markets following the conflict-driven supply shock, reports indicate.Despite the pullback in crude, markets remain sensitive to geopolitical developments. Reports of attacks on commercial vessels near the Strait of Hormuz have reinforced the fragility of global energy supply routes and kept risk sentiment unstable.Investors are also weighing inflation data that showed consumer prices rising in February. The consumer price index was up 0.3% on a month-over-month basis and up 2.4% compared to last year, both of which matched consensus.In pre-market trading, S&P 500 futures fell 0.23%, Nasdaq futures fell 0.20% and Dow futures fell 0.37%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Nebiusup 10% after announcing $2B investment from Nvidiain strategic partnership to develop and deploy the next generation of hyperscale cloud for the AI marketUniFirstup 7% after entering into a definitive agreement under which Cintaswill acquire the company for $310.00 per share in cash and stockCarMaxup 6% after Starboard Value established a $350M stake in the companyUpstartup 2% after reporting its plan to submit an application to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to establish an insured national bankUP AFTER EARNINGS -Target Hospitalityup 11%Oracleup 9%Sprinklrup 8%DOWN AFTER EARNINGS -AeroVironmentdown 11%Groupondown 11%Campbell'sdown 5%Cadredown 5%

Last night, Upstart Holdings announced its plan to submit an application to the Office of the Comptroller of the Currency, or OCC, and the Federal Deposit Insurance Corporation, or FDIC, to establish an insured national bank, Upstart Bank, N.A. Upstart Holdings will also apply to the Federal Reserve for approval to become a bank holding company. Subject to regulatory approval, the charter will allow Upstart to reduce operational, regulatory, and financial costs and complexity for itself as well as for its third-party capital sources. Annie Delgado, Upstart's chief risk officer, is the proposed CEO of Upstart Bank.

Welcome to this week's installment of "The Short Interest Report" - The Fly's weekly recap of short interest trends among some of the most widely followed high-short-float stocks. Using the data from our partner, which utilizes the latest information from stock lenders to estimate short interest changes for thousands of publicly traded companies, this report will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios while also considering the short interest data on some of the more volatile and heavier-traded names of the week. Based on the availability of data from Ortex, the report tracks the trading period that covers prior Friday through Thursday of this week, excluding holidays. As a basis of comparison for stocks discussed below, the S&P 500 index was down 1.1%, the Nasdaq Composite was down 0.6%, the Russell 2000 index was down 3.4%, the Russell 2000 Growth ETFwas down 3.5%, and the Russell 2000 Value ETFwas down 3.2% in the five-day trading session range through March 5.SHORT INTEREST GAINERSAfter its upward inflection from three-month lows below 35% in the final week of 2025, Ortex-reported short interest in Frontier Grouphas been in a steady uptrend, with consistently higher highs and lows. This week, bearish appetite was particularly pronounced as geopolitical turmoil in the Middle East drove an outsized sell-off across the Airlines space with a double-whammy of higher oil prices and heightened safety alertness among travelers. Shorts as a percentage of free float on Frontier rose from 39.1% to 42.1% - the highest level since December. With trading volumes elevated, days-to-cover on Frontier ticked up more modestly however, rising from 6.3 to 6.6. The stock was down 22% in the five-day period covered and, including Friday's 5% drop, has now fallen 47% from early-February highs.Ortex-reported short interest on Upstart Holdingstroughed below 25% in the first week of February as shorts gradually reduced exposure given the stock's 34% decline from early-January highs. With the company whiffing on its Q4 earnings and given the broadening headwinds in the Credit Services industry – where Upstart is also the biggest decliner across most timeframes this year, bears are once again piling into the name with bets of even more pronounced losses. This week, shorts as a percentage of free float in Upstart rose from 30.7% to as high as 33.5% - a three-month high. The stock was down 3.6% in the five-day period covered through Thursday, though with another 5% decline in early Friday trade, the stock has now fallen 47% from January highs.Ortex-reported short interest on Lovesac Companytroughed below 26% early last week, the lowest level since September of last year, but has since tracked higher as shares of the mid-tier Furnishing/Fixture company continued to slide. Shorts as a percentage of free float on the stock was up from 29.2% to 32.0% - a one-month high. With trading volume for Lovesac relatively lower since mid-February, days-to-cover on the name also reached an 11-month high, rising from 9.6 to 10.8. The stock was down 8.4% in the five-day period covered through Thursday, with another 3% in losses in Friday's early trading.SHORT INTEREST DECLINERSOrtex-reported short interest on Shift4 Paymentsbriefly spiked to an all-time high of 53% early in the week before plunging about 20 percentage points, and for the week, shorts as a percentage of free float was down from 47.8% to 33.3%. The stock, meanwhile, was down 3.6% in the five-day period covered from last Friday though this Thursday, though this tally does not include the 16% decline after the company reported in-line Q4 results with much weaker than expected initial FY26 guidance last Thursday morning. Year-to-date, the stock is now down 24%, and the bears may be betting on some mean reversion, both for Shift4 shares as well as for the company's beaten down Infrastructure Software peers.Ortex-reported short interest on Westrock Coffeewas down sharply this week bears book profits heading into the company's Q4 results this Tuesday. Shorts as a percentage of free float had peaked at a six-month high of 46% in the first week of February. In the five-day period through Thursday however, bearish positioning was down over 20 points from 44.1% to 23.9% as shares fell 16%. Earnings have also not been a catalyst for upside in the stock as of late, and while Westrock has been one of the worst Packaged Good small-caps over the past month, bears may have concluded that – in a bid to front-run the challenging consumer backdrop ahead of the company's Q4 announcement – investors may have deliberately reduced exposure.