Joby Aviation partners with L3Harris on military aircraft, flight tests to begin this year

Air taxi maker Joby Aviation on Friday announced a partnership with defense tech firm L3Harris Technologies to develop military aircraft, with plans to begin flight tests this fall.

Unlike Joby’s air taxis, which are electric, the planned vehicle will be a gas turbine hybrid aircraft. According to the companies’ statements, it will have the ability to be piloted or fly autonomously.

The move is in line with Joby’s air taxi rival Archer Aviation, which announced an exclusive partnership with defense contractor Anduril in December to develop hybrid military aircraft. Archer CEO Adam Goldstein recently told Sherwood News that he believes the company’s defense business could be larger than its commercial air taxi business for at least the next decade.

Joby shares climbed on the news while L3Harris shares ticked down.

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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.

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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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