markets

Luke Kawa2/19/25

Nikola, once worth more than Ford, craters after filing for bankruptcy

The short, scandal-ridden tale of electric and hydrogen-powered vehicle maker Nikola is ending at Chapter 11.

The company was worth about $100 million on the heels of a 40% gain in the opening session of the week. Shares have since gotten hammered in early trading on Wednesday.

In its bankruptcy filings, management estimated that the company had between $500 million and $1 billion in assets versus $1 billion to $10 billion in liabilities.

On June 9, 2020, the market value of upstart EV maker peaked at nearly $29 billion, just a few days after it began trading on the Nasdaq via a SPAC. Over the course of that month, its market capitalization exceeded that of long-established automotive giant Ford. But just like its prototype, “Nikola One,” the stock has been powerless and sliding downhill ever since. In the meantime, its founder, Trevor Milton, was convicted of fraud related to statements he made about that vehicle’s development as well as the company’s supposed battery business.

Shares had been in the doldrums for years ahead of this filing, prompting management to deliver a massive reverse stock split in a bid to keep its share price above $1 and stay listed on the Nasdaq.

Nikola joins Fisker, Canoo, and Lordstown Motors on the list of EV companies that went public via a SPAC and filed for bankruptcy less than five years later.

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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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