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Matt Phillips

Sandisk crushes expectations for quarterly EPS and sales, but stock drops anyway

Data storage company Sandisk dropped late Thursday despite reporting much better-than-expected quarterly numbers. The massive beneficiary of the data center boom — the stock topped the S&P 500 last year and is leading it again in 2026 with an astounding year-to-date gain of about 360% — reported:

  • Non-GAAP diluted earnings per share of $23.41 vs. the $14.62 forecast from Wall Street analysts polled by FactSet.

  • Revenue of $5.95 billion vs. a $4.72 billion consensus forecast from FactSet.

  • Non-GAAP EPS guidance for the current quarter, which ends in June, of $30 to $33 vs. Wall Street’s $23.38 expectation.

  • Current-quarter revenue guidance of $7.75 billion to $8.25 billion ($8 billion midpoint) vs. the $6.62 billion analyst forecast.

Shares fell 6% after-hours.

Sandisk was spun off from Western Digital in February 2025, and since then, its AI-driven stock price run-up has been nothing short of spectacular. The stock has risen more than 3,300% over the last 12 months, creating more than $150 billion in market value. When it emerged as a stand-alone company, it was valued at about $5 billion.

Can such a run-up continue? The law of large numbers would suggest not.

Sandisk executives have been adamant that demand for products — to store the massive amounts of data required for and produced by AI — shows no sign of slowing. But the sell-off after the numbers suggests investors who have ridden the shares up are nervous.

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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.

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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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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