markets

Helena Cheng5/1/26

Chevron posts mixed Q1 results, as sales miss offsets big earnings beat

Chevron is modestly lower after posting mixed Q1 results, as investors wonder whether elevated oil prices and crack spreads will continue to buoy earnings in the quarters to come.

The key numbers:

Q1 revenue of $48.6 billion (compared to analyst estimates of $50.6 billion).
Adjusted earnings per share of $1.41 (estimate: $0.90).
Production of 3.86 million barrels of oil equivalent per day (estimate: 3.8 million).

The upside surprise in Chevron’s upstream (production) business more than offset underwhelming results in its downstream (refined) division.

Friday’s dip comes with Chevron outperforming most of the Energy Select Sector SPDR Fund as of 10:36 a.m. ET, with tumbling West Texas Intermediate futures weighing on energy stocks.

Chevron said earnings would have been better if not for “unfavorable timing effects” totaling about $2.9 billion, which included mark-to-market losses on derivatives and inventory accounting impacts, weighing on reported earnings.

“Despite heightened geopolitical volatility and related supply disruptions, Chevron delivered solid first-quarter performance,” CEO Mike Wirth said, citing strong US operations and production growth following the integration of Hess.

Ahead of these results, Chevron had also cautioned that supply may take time to respond to higher prices. Wirth also said in a CBS interview that restoring production is “not like turning on a faucet,” noting it can take “weeks and months, in some cases years” to bring disrupted fields and infrastructure back online.

The results also come as Wirth met with President Trump and other energy executives this Tuesday to discuss potential steps to stabilize oil markets in the event that shipments through the Strait of Hormuz remain limited.

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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%

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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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