SpaceX shares fell more than 13% after the company released its first quarterly report. Investors reacted negatively to the company’s heavy investment spending.
4:06 PMAl Jazeera69 stories from 12 sources
SpaceX growth collides with public-market demands for proof
Day’s Recap
Supporting Articles
SpaceX’s first quarterly earnings report suggests that the combined company’s revenue is now driven largely by telecommunications and cloud computing rather than rocket launches alone. The report has prompted questions about whether the SpaceX name still reflects the business’s evolving center of gravity after its acquisition of xAI.
12:35 PMThe Verge
SpaceX's financial performance over the latest three months offers limited insight into the long-term prospects of Elon Musk's rocket company.
12:00 AMFinancial Times
Block said a 40% workforce reduction tied to its AI strategy helped it deliver better-than-expected earnings. An executive said the company can now release higher-quality products much faster.
6:19 PMMarketWatch
AMD shares fell 6% after its revenue forecast missed expectations, adding to investor concerns about whether the chipmaker can convert surging AI demand into sustained growth. SpaceX's decision to use Nvidia chips exclusively also weighed on the stock, despite AMD's projection that data-center revenue will more than double by 2027.
11:32 AMEconomic Times
About one billion SpaceX shares are set to become tradable, creating a major increase in available supply. Index providers have also moved quickly to add the newly listed stock to retirement accounts, while some analysts remain confident in Elon Musk’s ability to drive demand.
3:35 PMFortune
DoorDash received FAA Part 135 certification to operate commercial drone deliveries and plans to manufacture and run its own aircraft. The company joins Walmart and Amazon in expanding drone-based delivery networks.
9:00 AMWWD
UWM Holdings is pairing a record $2.05 billion strategic capital partnership involving Mat Ishbia and Oaktree with second-quarter results that put the nation's largest mortgage lender in the red. The deal supports continued expansion but increases the company's leverage.
5:11 PMHousing WireZillow reported second-quarter revenue of $772 million, up 18% from a year earlier. Rental agreements are growing faster than home purchases on its website and app.
4:35 PMBloomberg Markets
Honeywell Aerospace cut its full-year guidance for key financial metrics in its first earnings report since separating from Honeywell in June.
8:09 PMCNBC4:06 PMAl Jazeera
SpaceX shares slide on the heels of first quarterly report
Summary
SpaceX shares fell more than 13% after the company released its first quarterly report. Investors reacted negatively to the company’s heavy investment spending.
The selloff shows that public-market investors are demanding a clearer path from SpaceX’s capital spending
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
SpaceX must now convince investors that aggressive expansion will create earnings rather than prolong cash demands.
3 stories · 3 sources
12:35 PMThe Verge
SpaceX is barely Space and mostly X
Summary
SpaceX’s first quarterly earnings report suggests that the combined company’s revenue is now driven largely by telecommunications and cloud computing rather than rocket launches alone. The report has prompted questions about whether the SpaceX name still reflects the business’s evolving center of gravity after its acquisition of xAI.
The decisive shift is economic: SpaceX is becoming a broader connectivity and compute company, with
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
SpaceX’s identity and valuation may increasingly depend on Starlink and AI infrastructure rather than rockets.
12:00 AMFinancial Times
SpaceX bolsters the case against quarterly earnings
Summary
SpaceX's financial performance over the latest three months offers limited insight into the long-term prospects of Elon Musk's rocket company.
The central issue is a mismatch between quarterly reporting and a business shaped by long
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SpaceX could expose how quarterly metrics distort companies whose value depends on long-term technological and infrastructure bets.
6:19 PMMarketWatch
Block slashed 40% of its workforce for AI — and its earnings suggest that’s paying off
Summary
Block said a 40% workforce reduction tied to its AI strategy helped it deliver better-than-expected earnings. An executive said the company can now release higher-quality products much faster.
The results give Block early evidence that AI can raise productivity, but the savings depend
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Block is offering one of the clearest public tests of whether AI can replace labor at scale without undermining growth.
11:32 AMEconomic Times
AMD shares fall 6% as investors demand bigger AI payoff
Summary
AMD shares fell 6% after its revenue forecast missed expectations, adding to investor concerns about whether the chipmaker can convert surging AI demand into sustained growth. SpaceX's decision to use Nvidia chips exclusively also weighed on the stock, despite AMD's projection that data-center revenue will more than double by 2027.
The market now wants evidence of near-term AI execution, not just long-range targets. AMD faces
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AI enthusiasm is no longer enough to support chip valuations without visible revenue and customer wins.
3:35 PMFortune
A billion SpaceX shares unlock Thursday. Wall Street isn’t worried: ‘You never bet against Elon’
Summary
About one billion SpaceX shares are set to become tradable, creating a major increase in available supply. Index providers have also moved quickly to add the newly listed stock to retirement accounts, while some analysts remain confident in Elon Musk’s ability to drive demand.
The share unlock is a direct test of whether institutional and retirement-account demand can absorb
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The stock’s first major supply event will reveal whether broad ownership can support its valuation after the listing frenzy.
9:00 AMWWD
DoorDash Gets FAA Green Light for Commercial Drone Deliveries
Summary
DoorDash received FAA Part 135 certification to operate commercial drone deliveries and plans to manufacture and run its own aircraft. The company joins Walmart and Amazon in expanding drone-based delivery networks.
Regulatory approval moves DoorDash from pilot programs toward a scalable delivery operation under its own
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Drone delivery is shifting from a technology demonstration into a competitive logistics capability.
5:11 PMHousing Wire
UWM lines up record $2.05B Ishbia–Oaktree capital raise as it posts Q2 loss
Summary
UWM Holdings is pairing a record $2.05 billion strategic capital partnership involving Mat Ishbia and Oaktree with second-quarter results that put the nation's largest mortgage lender in the red. The deal supports continued expansion but increases the company's leverage.
The capital raise gives UWM more resources to pursue growth even as its core business
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UWM is spending aggressively to defend its mortgage-market position despite losses, making execution and leverage the central risks for investors.
4:35 PMBloomberg Markets
Zillow’s Revenue Jumps as Rentals Offer ‘Bright Spot’
Summary
Zillow reported second-quarter revenue of $772 million, up 18% from a year earlier. Rental agreements are growing faster than home purchases on its website and app.
Rentals are becoming Zillow’s clearest growth engine as high home prices and borrowing costs limit
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Zillow’s growth is increasingly tied to housing demand without a corresponding recovery in home sales.
2 stories · 2 sources
8:09 PMCNBC
We're downgrading Honeywell Aerospace after a shockingly bad earnings debut
Summary
Honeywell Aerospace cut its full-year guidance for key financial metrics in its first earnings report since separating from Honeywell in June.
The guidance reduction undermines the standalone aerospace business's initial case as a stronger, more focused
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A weak first report raises doubts about Honeywell Aerospace's ability to deliver as an independent public company.
Other Developments
A curated list of other prominent stories from this day.
eBay posted 15% growth in the second quarter, driven by strength in luxury goods and collectibles alongside greater use of artificial intelligence. The results suggest the mature marketplace is finding new growth avenues beyond its traditional general-merchandise base.
8:12 PMPYMNTS
DoorDash CEO Tony Xu said orders coming through AI partners remain limited, partly because most AI platforms still prioritize enterprise customers. The company is nevertheless seeing benefits from AI outside direct agentic ordering.
7:40 PMPYMNTS
Jim Cramer described SpaceX as a multigenerational investment whose largest opportunities may take decades to develop. His view rests on the company’s long-term potential rather than near-term earnings or liquidity.
7:26 PMCNBC
Etsy announced plans to cut 12% of its workforce alongside its second-quarter earnings report. The company said the reductions are intended to streamline the business and position it for growth.
7:20 PMCNBC
SpaceX’s valuation surge created a large group of paper millionaires and reshaped the wealth of early employees and investors. Those gains remain unrealized until shareholders can sell or access a broader market for the company’s equity.
6:57 PMFortune
Sandisk, Western Digital, E.l.f. Beauty, AppLovin and other companies posted notable moves in extended trading. The after-hours reactions followed company updates and earnings-related news.
6:48 PMCNBC
Sandisk shares declined after the company issued a revenue forecast whose midpoint fell below analysts’ expectations. The outlook failed to match the high bar reflected in the stock’s valuation.
6:25 PMMarketWatch
SpaceX is pursuing government and defense customers that need cargo delivered quickly and could eventually use rockets for global transport. The concept still faces a basic logistical problem: finding safe and practical places to land.
5:50 PMFortune
Shares of AT&T, Verizon and T-Mobile fell after SpaceX indicated that it may build wireless capabilities without massive network investments. Investors viewed the prospect as a potential competitive threat to established carriers.
5:28 PMMarketWatchMetLife reported second-quarter earnings above Wall Street forecasts, supported by stronger underwriting and higher business volume. The results also suggest that its five-year plan, introduced in late 2024, is beginning to improve performance.
5:11 PMBloomberg MarketsCME Group and FanDuel are scaling back their joint effort to compete in prediction markets after failing to gain traction. The fast-growing sector is increasingly challenging both traditional exchanges and sportsbooks.
4:47 PMBloomberg Markets
M/I Homes is increasing speculative construction to prioritize sales growth, speed, and market share, even at the cost of some margin. An asset-light supply of finished lots could limit the capital burden of that strategy and improve returns if demand holds.
3:54 PMHousing Wire
Mattel reported a 10% year-over-year increase in second-quarter net sales. The company credited toy-based films and stronger demand from adult collectors for helping drive growth.
3:10 PMPYMNTSTanger reported strong second-quarter sales and traffic and raised its 2026 outlook. Management attributed the performance to resilient consumers, domestic tourism, the World Cup and blockbuster films.
12:10 PMWWD
Uber reported strong second-quarter bookings and growth, but issued a weaker outlook that pushed its shares down 6%. The company is also increasing investment in autonomous-vehicle technology.
10:22 AMEconomic TimesUnder Armour faces a challenging upcoming earnings report, but market watchers see signs that the athleticwear company may be approaching a turnaround. The evidence remains encouraging rather than conclusive.
9:45 AMWWD
JPMorgan, which faced backlash over its role in the failed European Super League, is now involved in another FIFA controversy. The episode follows the bank's promise to learn from the earlier debacle.
9:12 AMThe New York Times8:12 PMPYMNTS
EBay Rides Luxury, Collectibles and AI to 15% Growth in Q2
Summary
eBay posted 15% growth in the second quarter, driven by strength in luxury goods and collectibles alongside greater use of artificial intelligence. The results suggest the mature marketplace is finding new growth avenues beyond its traditional general-merchandise base.
Luxury, collectibles, and AI are helping eBay reframe its marketplace rather than compete directly with
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The results show that a legacy marketplace can regain momentum by specializing in high-value categories and applying AI to discovery and commerce.
7:40 PMPYMNTS
DoorDash Says Agentic Traffic Is Low, but AI Gains Are Not
Summary
DoorDash CEO Tony Xu said orders coming through AI partners remain limited, partly because most AI platforms still prioritize enterprise customers. The company is nevertheless seeing benefits from AI outside direct agentic ordering.
The near-term constraint is distribution, not a lack of consumer interest in AI-assisted commerce. DoorDash
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
DoorDash’s experience suggests agentic commerce remains an infrastructure and platform problem before it becomes a meaningful sales channel.
7:26 PMCNBC
Jim Cramer says investors should consider buying SpaceX for their kids
Summary
Jim Cramer described SpaceX as a multigenerational investment whose largest opportunities may take decades to develop. His view rests on the company’s long-term potential rather than near-term earnings or liquidity.
The argument treats SpaceX as a venture-style asset, where future scale matters more than current
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
SpaceX’s appeal is increasingly being measured against distant strategic possibilities, not the financial metrics used for most listed companies.
7:20 PMCNBC
Etsy laying off 12% of staff in bid to streamline business, position for growth
Summary
Etsy announced plans to cut 12% of its workforce alongside its second-quarter earnings report. The company said the reductions are intended to streamline the business and position it for growth.
The scale of the cuts signals that Etsy sees its cost structure as a barrier
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Etsy is prioritizing efficiency because growth has not been strong enough to support its existing cost base.
6:57 PMFortune
SpaceX created a new class of ultrawealthy. Here’s what comes next
Summary
SpaceX’s valuation surge created a large group of paper millionaires and reshaped the wealth of early employees and investors. Those gains remain unrealized until shareholders can sell or access a broader market for the company’s equity.
The wealth creation is real on paper but depends on valuation, liquidity and eventual exit
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
SpaceX’s private-market success is creating concentrated wealth before the company has faced the disclosure and valuation discipline of public markets.
6:48 PMCNBC
Stocks making the biggest moves after hours: Sandisk, Western Digital, E.l.f. Beauty, AppLovin & more
Summary
Sandisk, Western Digital, E.l.f. Beauty, AppLovin and other companies posted notable moves in extended trading. The after-hours reactions followed company updates and earnings-related news.
The immediate price swings show how quickly investors are repricing companies outside regular market hours.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Extended-hours moves can set the tone for the next session while exposing how sensitive high-growth and consumer stocks are to new information.
6:25 PMMarketWatch
Sandisk’s stock falls as the company’s forecast doesn’t live up to high expectations
Summary
Sandisk shares declined after the company issued a revenue forecast whose midpoint fell below analysts’ expectations. The outlook failed to match the high bar reflected in the stock’s valuation.
The weaker forecast shows that investor expectations have outrun Sandisk’s near-term revenue outlook. Even if
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
For high-expectation semiconductor stocks, modest guidance gaps can trigger sharp repricing.
5:50 PMFortune
Is Elon Musk’s master plan with SpaceX to have rockets replace planes for global cargo delivery?
Summary
SpaceX is pursuing government and defense customers that need cargo delivered quickly and could eventually use rockets for global transport. The concept still faces a basic logistical problem: finding safe and practical places to land.
Rocket-based cargo would target missions where speed matters more than cost, making defense and government
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
SpaceX is testing whether its launch technology can expand from space access into a new, highly regulated transportation market.
5:28 PMMarketWatch
Why AT&T, Verizon and T-Mobile shares are down after SpaceX’s earnings
Summary
Shares of AT&T, Verizon and T-Mobile fell after SpaceX indicated that it may build wireless capabilities without massive network investments. Investors viewed the prospect as a potential competitive threat to established carriers.
SpaceX’s lower-cost approach could challenge the capital-intensive network model that underpins the major US carriers.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
SpaceX is raising the prospect of a cheaper wireless model that could pressure carriers’ pricing power and investment returns.
5:11 PMBloomberg Markets
MetLife’s Earnings Beat Wall Street Expectations
Summary
MetLife reported second-quarter earnings above Wall Street forecasts, supported by stronger underwriting and higher business volume. The results also suggest that its five-year plan, introduced in late 2024, is beginning to improve performance.
The earnings beat reflects operating gains rather than a single temporary boost. Strong underwriting gives
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
MetLife is showing that execution in its core insurance business can drive results even as financial-market conditions shift.
4:47 PMBloomberg Markets
CME, FanDuel Venture Falters As Prediction Startups Race Ahead
Summary
CME Group and FanDuel are scaling back their joint effort to compete in prediction markets after failing to gain traction. The fast-growing sector is increasingly challenging both traditional exchanges and sportsbooks.
Prediction startups have moved faster than the CME-FanDuel partnership, weakening its position before the market
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A new financial and wagering market is developing faster than major incumbents can adapt.
3:54 PMHousing Wire
M/I Homes trades margin for market share as spec sales rise
Summary
M/I Homes is increasing speculative construction to prioritize sales growth, speed, and market share, even at the cost of some margin. An asset-light supply of finished lots could limit the capital burden of that strategy and improve returns if demand holds.
M/I Homes is choosing volume while competitors pull back, giving it a chance to capture
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The strategy could produce share gains and stronger returns, but it makes execution and local demand more important than headline sales growth.
3:10 PMPYMNTS
Mattel Says Toy-Based Movies and Adult Collectors Drive 10% Q2 Growth
Summary
Mattel reported a 10% year-over-year increase in second-quarter net sales. The company credited toy-based films and stronger demand from adult collectors for helping drive growth.
Mattel is expanding beyond traditional children’s toy demand by monetizing entertainment franchises and collector interest.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Mattel’s growth is increasingly tied to intellectual property and adult consumers, not just the seasonal toy aisle.
12:10 PMWWD
Tanger Posts Robust Q2, Raises 2026 Guidance
Summary
Tanger reported strong second-quarter sales and traffic and raised its 2026 outlook. Management attributed the performance to resilient consumers, domestic tourism, the World Cup and blockbuster films.
The guidance increase signals that Tanger sees current traffic and consumer demand as durable rather
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A stronger outlook suggests value-oriented retail remains resilient despite wider concerns about consumer spending.
10:22 AMEconomic Times
Uber shares drop 6% as weak forecast overshadows strong bookings
Summary
Uber reported strong second-quarter bookings and growth, but issued a weaker outlook that pushed its shares down 6%. The company is also increasing investment in autonomous-vehicle technology.
The weak forecast matters more to investors than Uber's recent booking strength because it raises
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Uber now faces a higher bar to show that heavy investment can support growth without weakening near-term financial performance.
9:45 AMWWD
Under Armour Could Be on the Verge of a Turnaround
Summary
Under Armour faces a challenging upcoming earnings report, but market watchers see signs that the athleticwear company may be approaching a turnaround. The evidence remains encouraging rather than conclusive.
The key test is whether early operational improvements can offset the pressure revealed in the
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Under Armour's next results could determine whether optimism reflects a real recovery or only low expectations.
9:12 AMThe New York Times
JPMorgan Again Entangled in a Soccer Fiasco
Summary
JPMorgan, which faced backlash over its role in the failed European Super League, is now involved in another FIFA controversy. The episode follows the bank's promise to learn from the earlier debacle.
JPMorgan's repeated exposure to football governance failures turns a one-off reputational problem into a pattern
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The episode shows how advisory work with powerful institutions can create lasting reputational costs when governance failures become public.
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