markets

Luke Kawa6/7/24

GameStop taps the retail piggy bank again with 75M share offering

After its worst quarter for sales since 2005, GameStop is enjoying its best quarter for raising money.

The brick-and-mortar gaming retailer pre-announced quarterly results this morning and revealed plans to sell an additional 75 million in shares.

The offering’s prospectus includes the message that the company “did not experience any material changes in our financial condition” from February 4 through June 6 – which seems a little odd, as GameStop raised nearly $1 billion by selling 45 million shares during May’s meme stock mania.

The May sale was a 15% dilution, and the average selling price of the shares was roughly 30% below where the stock was trading when the offering was announced. Today's announced offering is about a 20% dilution; and if we pencil in an average selling price about 40% below where the stock was trading prior to this offering, Ryan Cohen & Co would have another $2.5 billion in cash on their balance sheet to play with.

The quarterly results released were brutal but expected, as all the figures were near the midpoints of the preliminary estimated ranges put forward in May.

The stock has lost about a quarter of its value since the news of this offering dropped, with traders also awaiting the Roaring Kitty YouTube livestream at noon ET today.

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J. Edward Moreno7/7/26

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.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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markets

Paige Oamek6/30/26

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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