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Matt Phillips

Michael Burry flags bearish technical pattern in Palantir, says he’s “working on something”

Trader and widely followed Substacker Michael Burry, once of “The Big Short” fame, called out a bearish technical trend for Palantir in a post on X last night.

He spotlighted what he interprets as a “head and shoulders” pattern in the stock, considered a bearish omen among the international community of chart-watchers.

Along with that, he’s also mapped out Fibonacci retracement levels, another popular technical analysis tool to identify key prices the shares might fall to or rebound from. Burry’s chart highlights the level around $84 as the “Next Support” for the stock and $54.50 as the “Landing Area.”

Nobody really knows if such a pattern dooms the stock to a further sell-off.

But you don’t have to be a dyed-in-the-wool chartist to see that the momentum in Palantir’s stock has clearly broken down, despite the fact the company’s operational performance has been very strong.

The stock has been trading below its 200-day moving average since late last month and it’s down about 30% from the all-time closing of $207.18 it hit in early November.

Cassandra Unchained on X: "I am working on something $PLTR. https://t.co/PPETfScTkE" / X

Cassandra Unchained on X: "I am working on something $PLTR. https://t.co/PPETfScTkE" / X

Along with that, he’s also mapped out Fibonacci retracement levels, another popular technical analysis tool to identify key prices the shares might fall to or rebound from. Burry’s chart highlights the level around $84 as the “Next Support” for the stock and $54.50 as the “Landing Area.”

Nobody really knows if such a pattern dooms the stock to a further sell-off.

But you don’t have to be a dyed-in-the-wool chartist to see that the momentum in Palantir’s stock has clearly broken down, despite the fact the company’s operational performance has been very strong.

The stock has been trading below its 200-day moving average since late last month and it’s down about 30% from the all-time closing of $207.18 it hit in early November.

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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.

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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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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