Markets
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Luke Kawa

Sydney Sweeney is now moving the stock market

Sydney Sweeney has great jeans.

That’s the tagline for American Eagle’s newest ad campaign, and in this market environment, you better believe that’s enough to send shares sharply higher.

The stock rose 6% on Wednesday as the actress’s affiliation with the apparel seller was unveiled, and is up double digits this morning. It’s one of the top trending stocks on the r/WallStreetBets subreddit, per data from Swaggy Stocks.

And 32,273 call options changed hands on Wednesday, versus a 20-day average of 2,431.

If one part of the appeal about meme stocks is the potential to make a quick buck, another part is nostalgia, and another part is who you get to associate yourself with during these campaigns... well, it appears that some men on the internet are eager to feel some sort of connection with Sydney Sweeney, judging by dozens of posts I have enough sense not to share.

However, I will observe the acronym “DD,” commonly used as shorthand for “due diligence” in finance and on the r/WallStreetBets subreddit — that is, the rationale of one’s case for or against a stock — is being reappropriated en masse for a different purpose in this instance.

That being said, there’s also some interesting commentary on the fundamental and technical merits of such a position:

RedditAEOOGthreadpost
Source: Reddit
RedditAEO
Source: Reddit

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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.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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