Markets
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Nia Warfield

Nike stays green after tariff block rekindles some supply chain optimism

Nike shares spiked as much as 5.5% higher yesterday in after-hours trading after a federal court blocked most of President Trump’s proposed tariffs, a potential relief for brands like Nike that rely heavily on Asian manufacturing. Upon market open, the sneaker maker was only slightly up as Wall Street comes to terms with the idea that the White House likely has workarounds to keep tariffs in place.

The athletic giant has lost more than a third of its value over the past year amid cooling demand and tariff turmoil. About 18% of Nike’s footwear is made in China, while Vietnam accounts for about 50%. The company had warned that tariffs on Chinese and Mexican imports could drag on gross margins by up to five percentage points and planned price hikes by June 1 to offset rising costs. With tariffs on pause, that pressure could ease… at least for now.

Nike’s stock is down about 18% year to date.

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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.

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Paige Oamek

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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