Major after-hours block trades on Monday drag down Spotify

Spotify is on pace for its worst trading day since July, with shares down more than 8% on Tuesday afternoon.

Major after-hours block trades from Monday appear to be driving negative momentum on Tuesday. At 4:52 p.m. ET Monday, 300,000 shares of Spotify were traded at $508.58 each, a $152.6 million exodus. That represents about 12% of the average daily trading volume for Spotify over the past 20 sessions.

Less than an hour earlier, just after Monday’s close, 131,757 shares were sold at the same price point. Together, the two trades represent about a $220 million withdrawal from the music streamer.

Spotify is expected to report its fourth-quarter and full-year earnings results a week from Tuesday. This month marks the company’s third US subscription price hike in the past three years.

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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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