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Luke Kawa10/15/25

Rigetti Computing tanks amid souring retail sentiment, bearish options bets

Rigetti Computing is getting taken to the woodshed on Wednesday amid souring retail trader sentiment and options bets on near-term downside.

In particular, one post on Reddit’s r/WallStreetBets forum from user bespoketrancheop, which shows the Google Street view (circa March 2025) of Rigetti’s listed headquarters, is generating a lot of attention. It’s the most popular Rigetti-centric post on the subreddit in the past seven months.

Rigetti HQ — r/wallstreetbets via bespoketrancheop

Per our executive editor, it’s giving this:

Clinton meme — Source: imgflip

But as one commenter noted, this isn’t exactly new news: “People been posting this since it was $11,” with another pointing out that “making an assessment on a google street view is lazy dd [due diligence].”

For what it’s worth, Rigetti’s Quantum Fab manufacturing facility in Fremont looks a lot more like a place where next-gen technology is being developed and a lot less like the middle school one of my colleagues went to.

Of course, it’s impossible to single this out as the specific catalyst for the price action in Rigetti today. But since there have been dozens of days in the past couple months where quantum computing stocks went up on no news whatsoever, it stands to reason there are also going to be days when they go down for no (good) reason whatsoever.

More important, perhaps, is the flurry of major options bets positioning for downside in the quantum computing company this week. Put options with a strike price of $50 that expire this Friday are in demand. That contract had open interest of under 7,000 heading into today but has already seen volumes of more than 30,000, suggesting fresh wagers made on a pullback in the formerly high-flying stock.

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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."

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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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