markets

Luke Kawa12/2/25

IREN sinks after announcing share offering as part of refinancing plan

Bitcoin miner turned data center company IREN tumbled in postmarket trading on Monday and remains mired in the red ahead of the open on Tuesday after announcing plans to sell shares as part of a plan to refinance its debt.

Management is proceeding with a registered direct offering of shares to a limited number of potential buyers, and using those funds to repurchase up to about $1.5 billion in convertible notes due in 2029 and 2030 with coupons of 3.5% and 3.25%, respectively.

How many shares the company ultimately offers will be governed by how many of these convertible note holders are willing to sell.

Separately, IREN is also issuing $2 billion in new convertible senior notes in a private offering to qualified institutional buyers, split between 2032 and 2033 maturities.

Finalized terms, including the interest rate and initial conversion rate of the notes, are yet to be announced, but Bloomberg reports — citing people familiar with the matter — that the company is aiming for the 2032 note to carry a coupon of 0% to 0.25% and for the coupon on the 2033 note to be between 0.5% and 1%. Both notes are expected to have conversion premiums of 25% to 30%.

Meeting the demand for AI compute and power requires that IREN, one of the so-called neoclouds, invests in the necessary infrastructure to boost its capacity. In November, the company booked a near $10 billion deal with Microsoft to provide access to computing capacity at a data center campus in Texas.

IREN was recently added to Wedbush Securities analyst Dan Ives’ list of the 30 biggest beneficiaries of the AI boom.

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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%

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.

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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.

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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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