Plug Power surges on no news, heavy volumes

Plug Power is roaring higher in premarket trading on a dearth of news and elevated volumes.

The hydrogen fuel cell company’s stock is up nearly 7% as of 8:15 a.m. ET with about 4.3 million shares traded, putting it in the top 10 for volumes among all US equities.

(Since it’s such a nominally cheap stock, the actual amount of money that’s changed hands trading Plug Power this morning is outside the top 50.)

Over the past month, volumes traded for the entire session were running a little shy of 43 million. Trading one-tenth of that well before the market opens is certainly unusual. There have been four trades in excess of 75,000 shares already — for context, there has not been even a single trade at least that big during the premarket session since August 18, per data from Bloomberg.

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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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