markets

Tom Jones2/24/26

IBM had its worst trading day since the dot-com bubble burst

It’s Blue Monday... or it certainly was for IBM yesterday, as the stock suffered its biggest one-day drop since 2000, when the technology company’s shares tanked amid the wider bursting of the dot-com bubble.

Big Blue wound up in the big red, shedding more than 13% by yesterday’s close, fueled by an Anthropic blog post detailing Claude Code’s ability to automate modernization of Common Business-Oriented Language (COBOL) code.

COBOL’s ubiquity and antiquity, as the language will celebrate its 67th birthday in September, makes it a pretty big deal — and a pretty big pain — not least for IBM, which is behind most of the mainframe computers that run the language, per Bloomberg.

IBM hit back with its own blog post yesterday outlining that the value its core mainframe computer business delivers isn’t dependent on a single language like COBOL or Java, but on the platform itself. The company also highlighted Watsonx, its own AI tool suite, which has COBOL modernization capabilities.

IBM sinks as Anthropic positions Claude Code as the ideal tool for code modernization

IBM sinks as Anthropic positions Claude Code as the ideal tool for code modernization

COBOL’s ubiquity and antiquity, as the language will celebrate its 67th birthday in September, makes it a pretty big deal — and a pretty big pain — not least for IBM, which is behind most of the mainframe computers that run the language, per Bloomberg.

IBM hit back with its own blog post yesterday outlining that the value its core mainframe computer business delivers isn’t dependent on a single language like COBOL or Java, but on the platform itself. The company also highlighted Watsonx, its own AI tool suite, which has COBOL modernization capabilities.

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Meet the newly public, Bezos-backed company that’s recreating the sun and stars

General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

Web Summit Vancouver 2026 - Day Three

markets

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.

Floridians Seek Employment Opportunities At Job Fair In Sunrise

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

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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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