Markets
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Luke Kawa

Opendoor is crowdsourcing its way to a higher stock price

Shares of meme stock/online real estate company Opendoor Technologies are up 7% as of 10:15 a.m. ET after President Shrisha Radhakrishna outlined after the close on Wednesday the launch of a community hub to “provide consistent and transparent updates about Opendoor’s business, leadership, and strategy” as well as source questions from its passionate investor base.

Last week, we discussed how Opendoor had a new strategy: embrace and interact with its retail shareholders, who self-affiliate as being part of the “$OPEN Army” and often share their strong feelings on social media about how the company can do better.

This “community hub” is the latest in a series of moves in that direction.

Eric Jackson, head of EMJ Capital and the architect of the rally in the online real estate company, said he met with members of the company earlier this week during a trip to San Francisco at their request.

Board member Adam Bain went on to quote-tweet Jackson’s post, writing, “Grateful for what the retail community has done for @Opendoor and very thankful for @ericjackson’s efforts. The relentless hive mind of ideas and suggestions from him and the OpenArmy are focused from a place of thinking about how to win.”

If there’s a signal in how much traders seem to value the new approach compared to the old leadership, former CEO (and current adviser) Carrie Wheeler has filed notice of her intent to sell 7 million shares (or a little less than half her position) in the company, and it hasn’t even made a dent in the stock price this week.

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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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