markets

Luke Kawa4/7/25

Wedbush slashes Apple price target, says “tariff economic Armageddon” hurts it more than any tech company

Wedbush analyst Dan Ives cut his price target on Apple by 23%, saying that no US tech company is going to be hit as hard as the iPhone giant by reciprocal tariffs slated to go into effect on Wednesday.

From a note to clients on Sunday:

“The tariff economic Armageddon unleashed by Trump is a complete disaster for Apple given its massive China production exposure. In our view, no US tech company is more negatively impacted by these tariffs than Apple with 90% of iPhones produced and assembled in China. We have seen Apple navigate very uncertain times in the supply chain during Covid... but for the stock it was feasible for investors (and us) at the time to look past March or June 2020 quarters and understand and value what normalized 2021 earnings could look like as normalization would happen. This tariff situation is dramatically different and a very scary prospect as the current tariff slate with China at 54% and Taiwan at 32% would be devastating to Apple, its cost structure, and ultimately consumer demand... it’s not a debate in our view.”

Apple has tumbled nearly 16% from President Trump’s Rose Garden announcement to Friday’s close and nearly 4% premarket, as it has massive operations in Southeast Asia, where reciprocal tariff rates are ultrahigh. Analysts at Morgan Stanley see just a 20% chance that Apple receives an exemption from these levies.

Ives also lowered his earnings and revenue forecasts on Apple for this calendar year as well as 2026.

However, even after that price target cut — and the alarm bells clearly blaring, in Ives’ eyes — the analyst still has an “outperform” rating on the stock, and sees it rallying 32% from Friday’s close.

“We stay bullish for the long-term view on Apple as the Services business and strong FCF support a base case valuation of $250... Our bear case is $160 and bull case (tariffs removed or exempt) is back to $325,” he wrote.

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J. Edward Moreno7/7/26

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.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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markets

Paige Oamek6/30/26

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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