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Luke Kawa

Plug Power falls after posting mixed second-quarter results

Plug Power is trading lower in the after-hours session after reporting second-quarter results that were a mixed bag.

  • Revenue: $174 million (estimated $157.9 million, guidance for $140 million to $180 million).

  • Net earnings per share: -$0.20 (estimated -$0.16).

Management failed to provide much in the way of guidance for the current quarter, but aims to “achieve gross margin break-even on a run-rate basis in Q4 2025.” In the current quarter, the hydrogen fuel cell company’s gross margin was -31%, a sharp improvement from -92% during the same period last year thanks to progress in its “Project Quantum Leap” plan to reduce costs.

Plug Power was whipsawed during the second quarter amid evolving legislation related to its hydrogen business. One draft of the Senate’s tax bill would have ended the green hydrogen production credit at the end of this year. The OBBBA as passed kept these credits in place through the end of 2027, proving Plug Power CEO Andy Marsh’s prediction mostly right.

“We don’t expect that Congress — and Congress, remember, is who decides this — is going to make any changes to the 45V,” he told Sherwood News in late February.

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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.

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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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