Rebels Edge · Tue, Jul 21, 2026

SpaceX's sharp pullback after its explosive IPO run

Summary

Jon and Pete Najarian discuss subdued market trading, volatility, bullish analyst commentary on Micron and Credo Technology, and lawsuit-related pressure on Roblox. They also describe a sharp post-IPO pullback in SpaceX, although its claimed listing and ticker are not independently established here, before moving to sports commentary.

The VIX hovered around 17.5 after falling toward 16, with global uncertainty remaining a concern.
Micron rose roughly 4%; the hosts highlighted strong memory demand, shortages, and positive analyst commentary.
The hosts described SpaceX falling approximately 9–10% after a sharp rally following an alleged IPO.
Reported SpaceX put buying and call selling suggested bearish positioning, although some puts could have been protective hedges.
The SpaceX discussion also cited a proposed $20 billion bond offering and future insider lockup expirations as potential pressures.
Credo Technology gained roughly 10% amid favorable Stifel and Evercore commentary and demand for high-speed data-center connectivity.
Roblox fell roughly 9% amid securities-fraud allegations in class-action litigation; the hosts emphasized that allegations are not proof and advocated patience.

MU CRDO RBLX SF EVR

Full transcript

Welcome back to The Rebel's Edge. I'm Jon Najarian. Pete Najarian joining shortly and we have a resignation and it probably doesn't come as a shock to anybody who was paying attention. But to those who weren't paying attention, this is perhaps the worst prime minister
in the history of Great Britain that has just resigned and adios is what we've got to say about that on The Rebel's Edge. See you.
>> [music] [music] [music] >> Yeah, welcome back. And Pete, I'm telling you that guy is the WOAT.
We all know what the GOAT is. That's the greatest of all time. He's the worst of all time, the WOAT.
Just a horrible job. Keir Starmer over there for Great Britain basically putting people in jail for Facebook posts, Pete. And I'm not talking [clears throat] about threatening posts like we see here, people threatening to kill people or whatever saying, you know, hey, too bad that assassin missed
Trump or this or that. No, not for that.
For things like, you know, there are only two sexes. And they want to put people in jail for saying that. It's incredible, but they won't miss him, but there's probably a lot of places where he won't be able to go anymore in Great Britain, I'm thinking.
>> [laughter] >> I think you're probably right on that one. And the president had some kind words to say about [laughter] him, too. But we're not going to go there. We're not going to go there.
>> Not going to go there.
Yeah, the president wished him well, Pete. That's what he did. He wished him well.
And that's about as good as you can get out of out of him about that guy. Well, what do you got as far as VIX today, Pete? Because the markets are, you know, just kind of meandering.
They're not going down, not going up.
They're just kind of meandering.
>> Yeah, kind of moving around a little bit in a in a certain range or whatever, but um Yeah, John, I think when you look at the VIX, I mean, that that speaks for itself. I mean, we've dropped, dropped, dropped, dropped, dropped. We've been coming down, you know, pretty rapidly, I would say. And uh you know, along with the price of crude that was coming down pretty rapidly as well. And so, here we
are, a little bit of a lift to the upside, 1750-ish or whatever in terms of the VIX itself, off of that 1650, let's just call it that. Um makes a lot of sense, John. It makes a lot of sense for where we are in the markets, and it could get, you know, to the position where yes, it could drop
all the way back down there towards those 16s. But, there's still plenty going on. There's still a lot going on globally. And so, I think for those reasons, it makes a lot of sense that we we got down towards 16, but now we're, you know, kind of hovering a little bit closer to let's call it the middle of 17.
>> Well, um as far as prediction exchanges go, Pete, I'm going to say that Calshi had this one that you guys are going to see on your screen now that's basically World Cup Soccer winner. And there's no real surprise that three of those teams are battling it out right now, Pete. There
are others who could break into that, of course, including the United States, which is a bit of a dark horse, but they did beat Australia. So, the United States, a lot of folks are hoping that the US plays Great Britain on the 4th of July, Pete, for a repeat of 250 years ago.
>> [laughter] >> But, as you can see there, France, they're favored, but Argentina and Spain are right there.
And with Messi scoring three goals in that one game, that's pretty impressive.
Hadn't seen something like that in World Cup in an awful long time.
>> Yeah, people get really really excited.
I mean, the one thing that I you know, that that stands out for me as much as anything about this John is just the the viewership, the excitement that people have for it. You know, is it my favorite thing in the world? No, but I'm not against it either.
I think it's great that people want to follow this and get so excited, you know, and everybody kind of has that that certain feel for their country or whatever. That's all real cool. So, am I surprised that it's France and Spain and Argentina?
Not in the least. And and the US can be very good. It doesn't mean that they're, you know, terrible or anything, but you know, it's going to take a little bit of luck along the way as well for them to maybe, you know, get themselves into a a better position than they are right now. With that being said, it's lived up to everything that
everybody always, you know, wants to see. The World Cup has huge viewership going and it's it's been pretty impressive.
>> Yep. And a lot of that viewership, just like the NFL, is in bars and so forth where you can't really count all the people, all the eyeballs that are there because, you know, they might have six TVs in the bar on it, but they might have 400 people in
the bar, too.
Anyway, let's take a look at Micron, Pete, because MU is up 4% today. It's making a nice upside surge.
If if you're not buying this thing on dips, folks, I really can't help you, I guess, because they just have a a demand side of the equation and you guys know Pete and I always say it's supply and demand and the demand side is so high for what they're doing, Pete. And now they get a couple upgrades from some
analysts, so that didn't hurt today, either.
>> No, the sentiment's out there is is pretty positive from the analyst John Needham is one of them.
They How about their price target? 1550.
I mean, right now, as we speak, it's trading around 1180. So, gives you a little bit of an idea of the excitement that's that's there.
Um I'm showing it, yeah, about 4% like you just said, John. It's been as much as 5% to the upside. Memory chips, the shortage, all of that.
Um analysts are all talking about different things that Some of them are talking about the revenue that's going to be coming up. 34.8 billion dollars that's that they're expecting. So, that and then maybe some earnings that are very close to 20, call it 1970, 1972, something like that. Um there's a lot of excitement still around
Micron and it's made this unbelievable move and yet it continues to kind of get a little bit higher and a little bit I pulls back, but then all of a sudden the next thing you know, it's it's starting to move to the upside again. So, that whole world, John, is is turned sort of upside down and people are definitely getting pretty excited more and more it seems like. They haven't They haven't
faded is what I should say because they're still there and if if if Needham is even close with the buy rating and the 1550 price target, uh there's plenty of room still to the upside.
>> Oh, yeah. And I believe there is, Pete.
But just like you and I said about SpaceX, um these things don't go straight up forever, folks. Um and in fact, our next stock, SpaceX, SPCX, um is giving a a lot back today. They were down 4% early on, then they were
10, uh they're basically down 9 to 10% right now, Pete, trading back down into the what, 167-ish range. And you know, some people last week put on some big negative trades in SpaceX. Some people speculated to the
upside still, very true, but a lot of people were indeed putting on puts and selling calls to pay for those puts.
That's a very negative trade and they've been right on. But, keep in mind it's still what? Peter, $31 above where it priced on the IPO at 135. First trade wasn't there, but that's that's where it priced, right?
>> Yeah, absolutely. And it made that huge run all the way up to 2 and 1/4.
And then it just started kind of fading a little bit. And you know what? For for people who are maybe new, that that's not something that's unusual necessarily because it was up into the stratosphere.
No pun intended. But, you know, it really was flat flying and it made some sense and like you said, John, all of a sudden we started to see a little bit more on the put side. The very first day of the options that were trading there was on Tuesday and things we started seeing a lot more the first
day, some great stuff going on, right?
As far as the the calls.
By the time we get to the next couple of days, we only had two more, Wednesday, Thursday, we had Friday off.
Started to see a little bit more activity, John, on the put side. People speculating maybe that it could pull back a little bit or they might have even been buying some protection for a position that they might had on. In any case, the puts were starting to show up a little bit more and a little bit more and here we are down what? About 9% something like that, John. Maybe even a
little bit more, but they were talking about a 20 billion dollar um bond offering as well. I mean, that's that's pretty sizable thing for some refinancing of debt. So, there's some story lines there that actually you could understand why maybe there's a little bit of pressure on it today.
>> Yeah, and um I I'm pretty sure most of you are aware that fewer than 5% of um shares are currently in the free float as they call it, in air quotes, free float. Um, which means that a lot of the
insiders can't sell yet. Uh, they will get unlocked in August. If it's above 177, even more will get unlocked, as they say. By locked, I mean, folks, literally they cannot sell. If they try to sell a restricted stock, I don't know if they go to jail, but they'd certainly
get a large penalty for trying to do that. So, um, we will keep you informed as those lockups start to expire, because those will be things everybody will be talking about. All right, Pete.
Let's talk about Credo Technology. So, it's one of those IT companies, folks, information technology. And Stifel, uh, really likes what these guys do. So does Evercore ISI. And both of them upgraded it today. And that's resulted in a
pretty nice move to the upside, Pete.
Right now, I've got, uh, them moving to the upside. It's basically high-speed solutions, um, uh, to break bandwidth barriers down. So, in other words, to help people, uh, move faster across the internet. And you might imagine that a lot of the people that really desire
that are people that are running big data centers with a lot of data. So, that's uh, what the positive story is for them, demand again being very strong for the what they do. And again, if supply remains the same, and they didn't just come up with some new way to do
internet, um, that means that the demand is going to be pushing prices up.
>> Yeah. And and Stifel, I think, is dead on on this, John, along with Evercore.
They're talking about, like you said, the buy ratings and the price target.
Price target from Stifel's 350. That's a pretty nice jump even from here after the jump that it's already made. And Evercore pretty much very close at 325 for their price target. So, in an outperform.
Uh stock was up 6%. I just took a blink over here, John. It's up right now about 10%. It's been up as much as 12%. Hit new 52-week highs today of just under 309.
So, uh people are pretty excited about this. And it makes sense, like you just said, whether it's, you know, for whatever reason, people want speed. They want to be able to get to where they want to get the information they're going to get. We talk about data centers and all this other stuff. Uh Credo is definitely something that, um I think they're sitting in the right place at
the right time. And uh there's going to be a lot of money spent, John, to make sure that people are going to be able to get things moving a little bit faster, maybe.
>> Well, and then to wind it up, Pete, we'll hit Roblox, which of course is a platform, uh basically, where everyday people can basically create and play games. Um and to some people, that might just seem like, is that really a business? Um but
to others, when you realize how many people they have on that platform, Pete, it didn't hit a new 52-week low today, but it is down about 9% and one of the reasons for that, on heavy volume. I mean, turnover is almost 9 million shares early on. Um one of the reasons
that they're down like this is an announcement of a multi-class action lawsuit against them, alleging, and again, alleging in air quotes, securities fraud. So, you know, companies face this kind of stuff all the time, folks. That doesn't mean that
I'm dismissing it. It just means that, you know, somebody loses money, uh and they say, "Oh, they should have known earlier. They should have disclosed this or that much earlier, so that people could have got out of the way, because this one's down, Pete, from 150 to basically 50 bucks, to 49 bucks. That's
a pretty ugly drop, and people aren't happy about it, and understandably so.
But again, it doesn't mean that they've actually committed securities fraud, but you will have a bunch of people that line up to go after them.
>> Yep. The lawsuits are going to be there, John. They already are starting, like you were just talking about. That's not good. Like you said, I mean, the 52-week high is 150, and here we are, we we they've been as low as what? 40. So, here we are at 46, 48 bucks a share, whatever it might be, down about 9%, getting hit pretty hard. Uh it seems
like for the right reasons, but to your point, John, it doesn't mean it's it's a 100% slam dunk. It's just that people are are lined up to be able to be in these class action suits. So, we'll see how it all plays out, but obviously, whenever you hear that, regardless, it's going to get the stock moving to the downside, and that's exactly what we're
seeing. And it doesn't seem like a whole lot of people are in front of this thing wanting to to own it right now, John.
So, you know what? And and that's probably not so bad. Sometimes it's okay to put your hands in your pockets and say, "Well, I'd like to wait a little while." I would like to wait until we start to see any kind of a turn to the upside, and you know, we haven't seen a whole lot of that when you consider the fact that the stock was 150, and here we
are at 46. So, well, I think this is one of those where you got to be patient.
You might not even want to be involved, but you if you are, you might be want to want to be a little bit patient as time goes by. You don't need to buy the bottom. You do not need TO BUY THE BOTTOM. You'd rather see a little bit of something start working in their favor to the upside, because we already know that 150 was the high. So, could it get
up to 100 again? Maybe.
But you never know.
>> Yep.
>> Well, uh well said, Pete. Um now we'd take it to uh Pete's Rebel Sports, also known as Nigerian Sports.
But Pete, what do you got for your Nigerian Sports today?
>> Well, we got we got two kind of fun ones, John, because you know what?
Obviously, there's a lot going on sports-wise and yet, you know, is it all really super duper exciting right this moment? Maybe, maybe not. I thought we could go into college football already.
Let's jump there a little bit early. I was just talking to people over at the University of Minnesota.
They were telling me about what's going on and some of the, you know, the different things that are, you know, in process right now. And I started thinking about it and I was like, you know what? I wonder who and I thought we you and I could kind of rank them, John.
So, right now, the way things stand, who would be the top five teams that that we would say, you know what? These This is an absolute lock that these guys are going to be in the college football playoff. So, I'll start with this one.
Ohio State. I think you're going to agree with me on this one, John. The three biggest offensive people on that team are back again. You got the quarterback, the running back, Bo Jackson, by the way, by name, and Jeremiah Smith, the wide receiver. That alone tells me that these guys are absolutely loaded for bear. Yeah,
they've they've been there, John. They know how to get there. This is Ohio State, of course. They recruit the heck out of people. They've got all the money in the world to pay people. So, I think [snorts] Ohio State, I put them at number one. I don't know if you'd agree with that or not, but that's that's who I would put at number one right now.
I'll throw Do you want to go back and forth or do >> would have them at number one, Pete. You know who I'll throw in there that you may or may not have on Whoops. I did it uh >> It froze just for a second.
>> Okay. Um the person that I'll put in there are the the team that I'll put in there, Pete, are the Oregon Ducks. Yes.
Because when I see a program that is as strong as Dan Lanning has built there, Pete. With, you know, his backups could be starting at most uh top D1 programs, the backups at Oregon, in my opinion, because he just reloads. So, that would be one.
Um I would have said the Red Raiders, Pete, but as we both know, um Scoresby uh is going to be going in the supplemental draft instead. So, we'll have to see how that plays out.
>> [laughter] >> Yeah, I'm I'm right there with you. That was my number two is Oregon, John. I think Dante Moore, the quarterback, is fantastic. I think he's going to have a great year. And by the way, he's got a backup quarterback who's decided to stay there, who transferred there, who's also really good. So, they've got quarterback QB1 and QB2. I think they're in good shape. How about Georgia being number
three?
They were cur- returned just about everybody. I mean, it's amazing. I mean, how good how many they can stack up, John. They also have a pretty good quarterback in Gunner Stockton. Love the name, number one, but uh they're they were one of the youngest teams in college football last year. So, these guys are young and they're that good
already. I would assume that they're going to be even better this year. So, I I I put them at number three.
>> Okay, what about Bama?
I mean, uh and LSU and Old Miss. What about those three? Where do you I mean, where do you stack each of those up because all three of them are going to be super competitive. And LSU is uh you know, Lane Kiffin's got something to prove now, Pete, because he took his
team all the way to, you know, uh almost to the promised land and uh then had to step away because the money was just too big, but between Bama, LSU, uh who do who do you think wins that war?
>> Yeah, that's the tough thing, man, is they're so damn good, right? I mean, you know, you start looking around just in that conference alone in the Big Ten conference and you start saying, "Well, what about these guys? What about these guys?" I do think that >> Yeah, what about Indiana?
>> Indiana.
>> Indiana?
>> Indiana reloaded. And and we all I think most people who if you're not against Indiana, um got to love the coach. I mean, you know what? The guy's just amazing and he's he's he's one of those perfect coaches that would have been great 30 years ago and he's great right now because he's he's gruff, he's kind of,
you know, sarcastic, he's all that stuff, and he's a hell of a damn good coach, too. So, I like just about everything about him. Um here's a team for you. I put these guys at four, though. So, those three that you mentioned, though, I yeah, it's hard to say, you know, they're not going to be there, but Notre Dame >> Ole Miss, Bama, and LSU.
>> Right. So, >> Who do you have at four, then?
>> I Well, at four, I got Notre Dame.
And I have Notre Dame there, John, because last year, you know, all the, you know, crying and everything else and blah blah, everybody was all in up in arms that Notre Dame didn't get there. I think they got something to prove, and quite frankly, uh I love the coach. I think I think he's a hell of a coach. I love the way he does it. He's got He seems to have
all of his priorities in the right place. So, I like him. My last one still doesn't include the three that you said, which I know is it's like sacrilege, right?
Texas.
How about Texas with Arch Manning? I think this could be the year for Arch Manning maybe to come out and show everybody who he really is. He I'll tell you what, one thing that people don't understand, that kid's a great athlete.
That kid can run the football. He's got a lot of speed. So, you know, for a guy who we all know him as a quarterback who throws the ball and everything else, there was a game or two last year, John, where I remember he scrambled around, next thing you know, he takes off with the ball. He's outrunning DBs. I mean, it's it's absolutely amazing. I never thought he had that kind of athleticism.
So, you know, with the amount of players, with the amount of NIL, with the amount of all those things, I know we've got those others. Alabama, how can you leave them out? I'm not leaving anybody out. I'm just giving a top five like you and I are both doing, but I would say that it's tough to deny Texas.
Texas is pretty damn loaded up, I think.
>> Yeah. And uh they're also I think they're about a top 10 payer uh of cash under the NIL, the legal NIL.
Um so, again, they're paying for the best. They better hope they really are the best.
>> Yep. Yep. And and that's true for all of them, right? I mean, you know, whether it's Ole Miss or whether it's LSU or whomever. It will be interesting to see Lane Kiffin at at LSU. I think that's going to be great. I think the world of him as a coach. LSU always is loaded with players, so that all that's good.
Last thing, John, real quick, we'll just hit a little bit of this. The US Open.
Now, here's what I was I'm sitting there watching it yesterday. I'm talking to my son-in-law about it, you know, we're watching it. And people the day before the the I guess it was Saturday, people are sitting there on the 18th hole, John. They're It's not full.
>> [laughter] >> It's almost like people are saying, "Ah, the hell with this." I mean, it it really wasn't. And it it was weird. And then I looked up the TV ratings. So, they had significant drop. NBC final round averaged 8% less viewership than
they did a year ago, and 15% decline in ratings since 2025 altogether. So, there's a little bit of an issue kind of going on out there. A lot of it probably has to do with the play and the lead that the gentleman had and all the rest of it, but um you know, it's funny because I I
bring that one up, John, and then I'll give you the other side of it. How How about this at the United Bowl for the UFL, United Football League, they actually had the exact opposite. They were up 10%. They're up close to a million viewers, John, watching spring football. That's got to be really close to some of their best numbers they've
ever had. I know a couple years ago they were up there. They kind of fell down, but shoot, man. I mean, they're getting very, very close to that million mark.
Um the UFL might be around a little longer than a lot of people maybe was betting on early on.
>> Well, uh I think you're right. Um and that would make The Rock happy, Pete.
>> [laughter] >> Yeah, they need a little something.
>> And uh they need a boost. Um I'll say this about the US Open, Pete. Wyndham Clark, who's the guy, of course, that won it, um he uh this was his second. He also won it in 2023. But, he ain't a big name.
>> No.
>> Um you'd think he would be. You know, anybody that wins an open, uh you'd think, you know, golf fans would really like him. He was being booed.
>> He's >> be- because people didn't, you know, like that uh that it was him playing so well. They wanted to see Rory and these other guys, you know, win, but he was wire-to-wire, as they say. In other words, from him teeing off at Shinnecock
Hills, uh the guy was just nailing it and uh these were his rounds. 64, unbelievable, 69, 70, and 73.
I mean, so, you know, other guys shot very well. I mean, this one guy named Sam Burns shot a 67, but if you're shooting 64 and 69, unless you completely fall apart, you're winning it going away. And that's what he did. And, you know, that's that's why without any
drama, you know, you've got people that are going to turn the channel or go outside and play golf themselves instead. Watch TV.
>> beautiful Friday or excuse me uh Father's Day, so yeah, I think you're exactly right. And he's done some things in the past that I think I've heard people talk about as well, John, that uh maybe didn't didn't go well with the fans. So, yeah, you combine all that, all of a sudden you start looking at those ratings and you're like, "Huh, that's that's not so good."
>> Yeah.
Well, um we appreciate you joining us, folks. Let me turn off the light here for a sec, Pete, and show them what I'm what the view looks like out here. Uh that's the uh river as we're going down the river here, folks, out out of Lyon, France. Um so, it's it's not all
conferences and speaking here, Pete.
There's a little bit of uh some fun stuff, too, like here on the uh cruise.
But, uh we appreciate all of you guys joining us. We hope that you join us again tomorrow at 1:00 p.m. Eastern time, which happens to be basically uh what? 7:00 p.m. my time here, Pete.
>> [laughter] >> But, because because of where we are, I mean, it stays light till 10:00 10:15 at night. I know it does up there in Minnesota, too, Pete, so >> Yeah, it's got to be great, man. It's it's it's unbelievable. I mean, it it's up early, it's up late, it's up you know, >> [laughter]
>> it's it's fantastic, actually. And we were just talking about that yesterday.
We were out on the boat on a on a lake out here and I'll tell you what, we were looking around and it's like it's bright. I mean, no matter what time until you get about 10:00 10:15, then it starts to finally fade a little bit.
>> Yeah. Well, thanks for joining us, folks. Have a great day trading them and uh we'll be back tomorrow at 1:00 p.m.
Eastern Time.

Transcript from the show's YouTube captions; automatic captions may contain errors. Educational content, not investment advice.