Markets
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Helena Cheng

Constellation Energy rallies as results beat estimates, with Calpine acquisition boosting growth

Shares of Constellation Energy are modestly higher in early trading after the owner of the largest fleet of US nuclear plants reported better-than-expected Q1 results.

The key numbers:

  • Adjusted operating earnings of $2.74 per share (compared to analyst estimates of $2.53).

  • Operating revenue of $11.12 billion (estimate: $8.57 billion).

The company also reaffirmed its full-year adjusted operating earnings guidance of $11.00 to $12.00 per share, roughly aligned with the consensus call for $11.53.

Constellation Energy has been racing to meet the voracious power demands of hyperscalers’ data centers, which are central to the AI boom.

This quarter was defined by the finalization of its $16.4 billion Calpine acquisition on January 7, which cemented Constellation’s status as the nation’s largest electricity producer and drove a large year-on-year increase in its sales and operating earnings. To satisfy federal requirements following the merger, the company agreed in March to sell 4.4 gigawatts of natural gas capacity to LS Power for $5 billion.

And as the deal is finalized, Reuters reported that the company is pursuing 1 gigawatt in capacity uprates over the next decade, including a 135-megawatt increase at its Braidwood and Byron Clean Energy Centers in northern Illinois as it prioritizes long-term contracts with hyperscalers.

Investors remain watchful regarding the planned Three Mile Island restart. While central to Constellation’s long-term strategy, recent reports from April 6 suggest that transmission delays and grid bottlenecks could slow the timeline for bringing the plant back online.

Despite today’s earnings beat, the stock has faced some recent volatility, down about 15% year to date.

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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 Oamek

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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