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Luke Kawa

Alphabet is making a run at a record winning streak ahead of Q2 earnings

Google parent Alphabet is absolutely on fire heading into second-quarter earnings.

With its 0.7% gain on Tuesday, Alphabet extended its winning streak to 10 sessions. That ties its record run of form from December 2010, with a chance to surpass that before these results come out. Shares are up nearly 10% during this span.

Cheers to Bespoke Investment Group for bringing this to our attention, as their team mused, “Will it enter Spinal Tap territory tomorrow ahead of earnings?” on the heels of Tuesday’s advance.

Alphabet, along with Tesla, is slated to report earnings after the close on Wednesday, the first two members of the Magnificent 7 to deliver results this season.

Wall Street is looking for diluted earnings per share of $2.18 on revenues of nearly $94 billion, per analysts polled by Bloomberg. The options market now implies a move of about plus or minus 5% in the session following the release of Q2 results.

Shares are trading modestly in the red as of 8:10 a.m. ET.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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