SpaceX reports first quarterly results as a public company Wednesday. Analysts split on valuation as the stock sits 50% below peak and 20% below the IPO price. Jobs data and Middle East headlines also loom.
SpaceX reports its first quarterly results as a public company Wednesday. The print comes with the stock down more than 50% from its intraday peak near $225 and roughly 20% below the $135 IPO price.
The call is expected to cover Starlink subscriber growth, the Starship development timeline, and capital spending. Elon Musk is expected to participate.
Analysts are split. Morgan Stanley carries a $300 price target. Seeking Alpha contributor Mike Zaccardi argues the recent drawdown already prices in the supply risk from upcoming share unlocks. Julia Ostian, a different Seeking Alpha contributor, rates the stock Strong Sell, citing extreme short interest, a wave of new shares hitting the market, and questions about AI-related customer demand.
The week's broader earnings calendar is packed. Palantir and Snap report Monday. AMD, Merck, Pfizer and SpaceX all report Tuesday. Eli Lilly, Novo Nordisk and Uber report Wednesday. ConocoPhillips and Airbnb follow Thursday. Take-Two Interactive and Oklo wrap up Friday. Berkshire Hathaway reports Saturday, sticking with its traditional weekend release.
On the macro side, the first jobs report under the new Fed regime arrives this week. The long bond is near a 19-year high after Chairman Kevin Warsh's press conference last week did little to calm inflation fears.
Economists expect nonfarm payrolls to have risen by 86,000 in July. The unemployment rate is seen holding at 4.2%. Average hourly earnings are forecast to rise 0.3% month over month.
Wells Fargo economists said small-business hiring plans and initial jobless claims suggest layoffs remain contained. They also noted that Indeed job postings are below year-ago levels and ADP's weekly measure of private-sector payroll growth has slowed since the spring. A rebound in the labor force participation rate adds upside risk to the unemployment rate, they said.
President Trump said over the weekend that he had suspended planned military strikes because negotiations could soon reopen the Strait of Hormuz. Iran denied both Trump's account and reports that an agreement had been reached, leaving energy markets caught between competing claims.
For income investors, Citigroup goes ex-dividend Monday with payment August 28. MetLife goes ex-dividend Tuesday, paying September 8. Carnival and JB Hunt both go ex-dividend Friday. Carnival pays August 28; JB Hunt pays August 21.
Seeking Alpha's rating on [BRK.B] is Mixed. [PLTR] also carries a Mixed rating.
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