markets

Luke Kawa12/16/24

Super Micro the worst performer in the Nasdaq 100 right before it’s booted from the index

Super Micro Computer is taking one on the chin this morning after the Nasdaq announced that its stock would be removed from its closely followed Nasdaq 100 Index.

CEO Charles Liang said he was “confident” the company would stay in the index last week, while investors voted with their feet and the stock suffered a 17% shellacking.

The move is emblematic of how dramatic the reversal in the server company’s fortunes have been this year: from a more than 300% year-to-date gain by its mid-March zenith that saw Super Micro Computer get added to the Nasdaq 100 in mid-July, to a drawdown that saw the stock down more than 80% amid alleged accounting irregularities, delays in filing key financial reports, and the resignation of its auditor.

The stock has doubled on three separate occasions this year, but is now up less than 10% year to date.

Its ouster is a big deal because hundreds of billions of assets are effectively tied to the Nasdaq 100, most notably the Invesco QQQ Trust, commonly known as the QQQ, which, loosely speaking, flows out of the exiled and into the new entrants. That’s the benefit of being added to major indexes — the quiet part said out loud by a Palantir board member ahead of its addition to the Nasdaq 100, also announced on Friday.

Super Micro’s Monday blues also stand in stark contrast to the pops in the other two stocks kicked out of the tech-heavy gauge (Moderna and Illumina) on market open.

In early trading, the stock is the worst-performing member of the index it’ll soon be booted from.

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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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