Markets
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Max Knoblauch

Whirlpool tumbles on Q1 earnings, says war is causing “recession-level” decline in US appliance demand

Shares of home appliance giant Whirlpool Corp. are tumbling on Thursday following its Q1 earnings and stark warning about consumer confidence.

According to Whirlpool, the war with Iran “resulted in recession-level industry decline in the US as consumer confidence collapsed in late February and March.”

The company’s Q1 sales were down about 10% year over year. In April, Whirlpool issued its “largest price increase in more than a decade,” with costs for consumers rising 10%. US appliance demand dropped 7.4% in Q1, Whirlpool said, including a 10% drop in March.

“This level of industry decline is similar to what we have observed during the global financial crisis and even higher than during other recessionary periods,” CEO Marc Bitzer said on the company’s earnings call.

Whirlpool shares were down more than 20% in premarket trading, but pared some of those losses in early trading. It remains on pace for one of its worst trading days in company history.

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

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