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Luke Kawa

Intel tumbles after second-quarter forecasts disappoint

Intel is tumbling in after-hours trading after the US chipmaker released a disappointing second-quarter forecast.

Management thinks the company will deliver no earnings per share in Q2 on sales of $11.2 billion to $12.4 billion, a range well below analysts’ estimates.

“The current macro environment is creating elevated uncertainty across the industry, which is reflected in our outlook,” CFO David Zinsner said.

“The current macro environment,” in this case, is a euphemism for the trade war, which has seen companies like Intel that operate fabs in the US hurt as they face retaliatory tariffs from China.

Intel’s Q1 results were just fine, though, with revenues of $12.67 billion exceeding expectations.

It’s the first quarter with new CEO Lip-Bu Tan at the helm, a move that was initially well received by Wall Street for his turnaround efforts at Cadence Design Systems, a feat Intel bulls hope he can replicate here.

Intel also confirmed the large job cuts that had been reported earlier this week by Bloomberg. As such, management expects to lower operating expenses by even more this year, to $17 billion. Their previous goal was $17.5 billion. With the belt-tightening also comes a smaller capex budget, trimmed by $2 billion to $18 billion for 2025.

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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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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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