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Match Group slips after reporting earnings miss

The company has struggled to spark big sales growth.

J. Edward Moreno

Match Group, the dating app giant that owns Tinder and Hinge, reported quarterly earnings results that narrowly missed Wall Street estimates.

The company reported earnings per share of $0.62, compared to the $0.63 analysts polled by FactSet were expecting. The company reported $914.2 million in revenue, compared to the $915 million the Street was penciling in.

The company has for several years struggled to spark meaningful sales growth. Its biggest product, Tinder, has declined, while growth from Hinge has offset that.

In February, Match Group tapped Zillow cofounder Spencer Rascoff as its CEO. Rascoff has acknowledged before that Tinder — its largest moneymaker — is where it is because it didn’t innovate.

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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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