markets

Luke Kawa12/3/25

GitLab slumps as Q4 guidance underwhelms and management issues erroneous full-year outlook

GitLab is sinking in early trading Wednesday after a management oopsie added to the sting of its third-quarter results, released after the close on Tuesday.

While the software development company exceeded expectations on the top and bottom lines, its Q4 forecast of adjusted net income per share of $0.22 to $0.23 on sales of $251 million to $252 million failed to impress, as the midpoints of these ranges were virtually in line to a touch below Wall Street’s view.

Furthermore, the totality of its guidance didn’t add up: in its first press release, management said adjusted net income per share would come in between $0.95 and $0.96.

Given that Q1 adjusted net income per share came in at $0.17, Q2 was $0.24, and these Q3 results showed $0.25, that implied its Q4 guidance should have been $0.29 to $0.30 to be consistent with the full-year view. Late on Tuesday night, GitLab corrected this error, stating that its full-year view was actually for $0.88 to $0.89 in adjusted net income per share.

That certainly didn’t help improve sentiment on the company, given that the Street was already a little negative on the details of its results and the outlook.

“GitLab’s softening net revenue retention rates and lower overall customer additions highlight execution challenges and reinforce our concerns about AI-driven headwinds to seat growth and the pace of AI feature-led upselling and monetization,” wrote Bloomberg Intelligence senior technology analyst Sunil Rajgopal.

GitLab’s net retention rate slipped to 119% in Q3, below estimates for 119.8%.

The stock is seeing a flurry of pessimism across Wall Street this morning, with Mizuho lowering its price target to $47 from $52, KeyBanc reducing its to $49 from $53, Goldman Sachs cutting to $42 from $48, Wells Fargo trimming to $45 from $50, and Barclays and Truist edging theirs lower to $42 from $44.

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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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