Nike pops on Q1 earnings beat and surprise revenue jump

Nike was trading as much as 3.7% higher early on Wednesday after the company topped first-quarter estimates after the bell on Tuesday.

Adjusted earnings per share came in at $0.49, nearly double the $0.27 expected by Wall Street. Revenue rose to $11.7 billion, also handily beating analyst forecasts of $11 billion, suggesting that the company’s turnaround plan is beginning to bear fruit in both footwear and apparel, which beat consensus estimates by 6% and 13%, respectively. Wholesale revenues rose 7% to $6.8 billion.

On Friday, the sneaker giant rolled out its first collaboration with Kim Kardashian’s Skims, betting that the brand’s popularity and star power will help expand its female customer base.

Ahead of earnings, Nike shares were down over 5% year to date.

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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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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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