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Luke Kawa

AppLovin sinks amid report that multiple state regulators are looking into its data collection practices

Shares of adtech company AppLovin are on their back foot to open the week on the heels of a report from the New York Post that “state regulators, including staff from the attorneys general from Delaware, Oregon and Connecticut, have reached out to multiple short sellers, seemingly as part of a preliminary investigation.”

AppLovin told the Post that it is “not engaged in any investigations with any state attorneys general regarding its business; nor has the Company been contacted by any state attorneys general regarding any such alleged investigation.”

AppLovin got whacked earlier this month after Bloomberg reported that its data collection practices are the subject of an SEC probe. While they initially bounced after Wall Street suggested selling in response to the news was overdone, they’ve since proceeded to hit fresh lows even after AppLovin said that it had shut down software that short sellers alleged was responsible for installing apps on users’ phones without their permission.

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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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