Fears of increased global shipping costs add to Sony, Nintendo headaches

Video game console makers Nintendo and Sony are down in premarket trading Monday, amid a broad sell-off following US strikes against Iran over the weekend.

Both companies rely on cargo ships to transport consoles from factories in Asia to global consumers. An increase in shipping costs could add to the headache console makers are already facing from tariffs and sharply elevated memory prices.

Per Bloomberg, current rerouting plans to avoid the Suez Canal could add more than 10 days to deliveries.

Other factors are also dampening the stocks. Sony is facing a $2.7 billion UK lawsuit — with a trial set to begin next week — alleging that the PlayStation Store “has a near monopoly” on digital games and add-ons. Nintendo last week announced a roughly $1.9 billion share sale by major investors.

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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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