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Constellation Energy reports earnings
Constellation’s Clinton Clean Energy Center’s single nuclear reactor power plant shown on July 25, 2025, in Clinton, Illinois (Scott Olson/Getty Images)

Top AI energy trade Constellation Energy slips on earnings

The largest nuclear power provider in the US has soared on the prospect of relentless demand from data centers.

Matt Phillips

Nuclear power plant operator Constellation Energy reported Q3 earnings Friday before the start of trading in New York that fell short of analyst profit expectations and sent shares lower.

The owner of the largest fleet of US nuclear plants reported:

  • Q3 adjusted earnings per share of $3.04 vs. the $3.11 consensus estimate from Wall Street analysts published by FactSet.

  • Revenue of $6.57 billion vs. the $6.20 billion expected by analysts.

  • Narrowed adjusted earnings-per-share guidance of between $9.05 and $9.45 vs. previous guidance of $8.90 to $9.60.

Constellation Energy was up nearly 60% for the year at the end of trading on Thursday, as the company has benefited from the perception of relentless and growing demand from AI hyperscalers looking to make deals with power providers. That gain is on top of last year’s price run-up roughly 90%.

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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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