Luke Kawa11/19/24

Magnificent 7 power US stocks higher

The S&P 500 booked another 0.4% gain, the Nasdaq 100 popped 0.7%, and the Russell 2000 rose 0.8% on Tuesday.

Unlike the start of the week, however, gains were more narrow, with less than 200 S&P 500 constituents rising.

Tech, communication services, and utilities led the way while energy and financials were the biggest decliners.

As you might expect in a positive market with low breadth, the Magnificent 7 performed quite well, with all constituents rising. Nvidia led the way, rebounding from back-to-back losses with a tidy 4.9% advance ahead of its quarterly earnings report.

Super Micro Computer spiked a whopping 31% after hiring a new auditor, part of a plan to allow the company to remain listed on the Nasdaq.

Walmart rose 3% after reporting this morning, posting better-than-expected profits on higher average ticket sizes. Management credited the performance to increased sales from upper-income households.

Lowe’s gave back 4.6% after earnings, with margin pressures top of mind for investors.

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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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