markets

Max Knoblauch2/18/26

Carvana craters after Q4 earnings miss estimates

Used car retailer Carvana plummeted after fourth-quarter profits came in shy of estimates.

Adjusted EBITDA of $511 million came in below the consensus call for $535.7 million, more than offsetting better-than-expected sales of $5.6 billion (estimate: $5.27 billion).

Carvana sold 163,522 used vehicles to retail customers in the quarter, up 43% from last year and ahead of expectations. With that result, Carvana further closes its retail sales gap with rival CarMax, which sold 169,557 vehicles in its most recent quarter.

Carvana posted a retail gross profit per vehicle of $3,076, down 7.7% from the same period last year. In a letter to shareholders, Carvana said its reconditioning costs came in higher than expected in Q4, which led to an additional impact on retail gross profit per unit. Lower shipping fee revenue, higher non-vehicle costs, and higher industrywide retail depreciation rates also drove the decline, the company said.

Carvana said it expects to see elevated reconditioning costs again in the first quarter, but expects a sequential increase in retail GPU. Carvana said it expects “significant growth in both retail units sold and Adjusted EBITDA” in the first quarter and full year ahead.

As of Wednesday’s close, Carvana shares were down about 24% since an all-time closing high in January, after a report from short seller Gotham City questioning its accounting practices sent the stock reeling. A Carvana spokesperson told Sherwood News that the report was “inaccurate and intentionally misleading.”

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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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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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