Nike (NKE) beat Wall Street's expectations on both the top and bottom lines for its fiscal third quarter.

It reported EPS of $0.35 vs. estimates of $0.28. Meanwhile, revenue stood at $11.28 billion vs. estimates of $11.24 billion.

But none of that mattered. What investors heard was a company still deep in a turnaround with no clear finish line.

CFO Matt Friend warned that sales will fall by a low single-digit percentage for the rest of the calendar year, and the current quarter is expected to see a 2%–4% revenue decline — far worse than the 1.9% growth Wall Street had penciled in.

The real gut punch?

Recovery in China isn't expected to lap easy comparisons until fiscal 2027. Goldman Sachs, JPMorgan, and Bank of America all downgraded the stock on Wednesday morning.

Nike shares fell more than 15% on Wednesday, hitting their lowest level since October 2014.

Nike stock has a Ziggma score of 40, as it ranks lower than its peers in growth and valuation.

However, analysts forecast the retail giant to gain 64% from current levels.

Nike has real momentum in North America and wholesale, but China remains a drag, tariffs are squeezing margins, and now a volatile geopolitical backdrop adds another layer of uncertainty.

Until management can put a firm date on that inflection point, the stock will struggle to find a floor.

At nearly 75% down from all-time highs, patience is wearing thin on Wall Street.

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Stocks rose on Wednesday as hope grew that the U.S.-Iran war may be nearing resolution.

President Trump posted on Truth Social that Iran's president had requested a ceasefire, though he conditioned any agreement on the Strait of Hormuz being "open, free, and clear."

He also told reporters Tuesday that U.S. forces could leave Iran in "two or three weeks."

That optimism lifted equities broadly. Industrials led S&P 500 sectors with a gain of 1.9%, followed by communication services up 1.8%.

On the macro front, the ISM manufacturing index came in at 52.7 in March, slightly above the 52.4 estimate, signaling factory expansion.

Retail sales rose 0.6% in February, topping the 0.5% forecast. Private sector hiring from ADP showed 62,000 jobs added in March, above the consensus of 39,000.

St. Louis Fed President Alberto Musalem said rates should remain steady "for some time," citing a "highly uncertain" economic backdrop and noting that current policy appropriately balances the dual mandate.

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Intel surged on Wednesday after announcing it will repurchase a 49% stake in its Ireland Fab 34 joint venture from Apollo for $14.2 billion.

The Ireland facility is central to Intel's global manufacturing footprint, producing chips using its latest Intel 3 and Intel 4 process technologies.

RH shares plunged 19% after the home furnishings company projected full-year revenue growth of just 4% to 8% — well below Wall Street's estimate of 8.8%.

The miss underscores continued pressure on high-end discretionary spending as elevated mortgage rates suppress housing turnover and rising energy costs dampen consumer confidence.

Dave & Buster's shares jumped 16% after management guided for increases in same-store sales, revenue, and adjusted EBITDA during 2026.

The company posted a fourth-quarter adjusted loss of $0.35 per share on $529.6 million in revenue, versus analyst expectations of a profit of $0.39 per share and $555.9 million in revenue.

Despite the Q4 miss, the forward-looking commentary was enough to lift sentiment significantly.

🚀 SpaceX has confidentially filed for an IPO with the SEC, targeting a June listing that could raise $75 billion. The company merged with xAI in February, creating a combined entity valued at $1.25 trillion.

🎰 CoinShares, the crypto asset manager, debuted on Nasdaq on Wednesday through its merger with SPAC Vine Hill Capital, valuing the business at approximately $1.2 billion.

🛡️ Iran's IRGC threatened attacks on 18 U.S. tech companies, including Nvidia, Apple, Microsoft, and Google, warning they would be considered "legitimate targets" in retaliation for U.S. and Israeli strikes.

📉 Bitcoin ended March up 1.43% at $67,802, snapping a five-month losing streak, though it still finished Q1 down 22.36% — its second straight quarterly decline.

🏭 ADP Payrolls showed 62,000 private sector jobs added in March, above the 39,000 consensus, though health care and construction provided nearly all the momentum.

🎯 Ross Stores, Equinix, Sempra, Entergy, and Pfizer all traded at new 52-week or all-time highs on Wednesday, while Nike and Visa hit fresh multi-year lows.

HSBC upgraded BAC to Buy on Tuesday, lowering its price target to $55 from $57 to reflect higher equity costs amid macro uncertainty.

The analyst cited BAC's financial services leadership, strong credit track record, and above-average EPS growth outlook as underappreciated at current valuations.

PVH, the parent of Tommy Hilfiger and Calvin Klein, added 10% after reporting fourth-quarter adjusted EPS of $3.82 on $2.51 billion in revenue — both comfortably ahead of analyst estimates of $3.31 EPS and $2.43 billion in revenue.

The beat signals that premium apparel brands with global reach are holding up better than peers in the current environment.

Eli Lilly shares rose 4% after the FDA approved Foundayo, its oral GLP-1 weight loss pill — a major milestone in the obesity drug race.

The pill will be available on LillyDirect starting Monday and at pharmacies shortly after. Analysts forecast Foundayo sales could reach $14.79 billion by 2030, per FactSet.

The approval marks a pivotal shift toward greater access to oral GLP-1 and positions Lilly ahead of rivals in the next phase of the weight-loss market.

💡 Acuity Inc. reports Q2 FY2026 before the bell — consensus EPS of $4.00

🌾 Lindsay Corporation reports Q2 before open — Wall Street expecting $1.69 EPS

🩺 AngioDynamics Q3 FY2026 results before market open — EPS estimate of -$0.11

🏥 AirSculpt Technologies Q4 2025 results before open — consensus at -$0.02 EPS

📋 Initial Jobless Claims: Prior reading was 210,000, and any uptick could rattle labor market sentiment.

📦 February International Trade Balance: The prior month showed a $54.5 billion deficit; watch for import trends that signal consumer demand.

⛽ EIA Natural Gas Storage Report: Key for energy sector direction given elevated commodity prices amid the Iran conflict.

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