Investors are closely watching Nvidia (NVDA) and Walmart (WMT) as they report third quarter earnings this week. So far, 92% of S&P 500 companies have reported results, with analysts expecting a 13.1% jump in earnings per share for the quarter. Nvidia stock soared over 5% after beating analysts’ estimates, with CEO Jensen Huang citing strong AI chip demand. Walmart also exceeded estimates and raised its guidance. Other companies reporting this week include Home Depot, Lowe’s, Target, and XPeng. Chip stocks like AMD and Micron rose in response to Nvidia’s positive report, with Nvidia’s market cap increasing by over $300 billion. Palo Alto Networks reported an earnings beat with $0.93 EPS on $2.47 billion revenue, up 16% YoY, but stock fell 5% in extended trading. They also announced plans to acquire Chronosphere. TJX Companies stock rose nearly 3% premarket after reporting $1.28 EPS on $15.1 billion revenue, beating estimates. Lowe’s stock jumped over 5% premarket due to beating profit estimates on online sales and pro demand. Target stock dropped 2% premarket as they slashed profit guidance and warned of a tough holiday season. Nvidia’s earnings report is highly anticipated, with focus on guidance and CEO’s $500 billion sales prediction. Nvidia’s earnings report is highly anticipated, with options implying a 7% move in either direction, potentially impacting its $4.42 trillion market cap and AI stocks tied to its performance. La-Z-Boy stock jumped 5% after beating revenue and earnings estimates, with plans for store expansions and restructuring. Klarna reported a 26% revenue surge, exceeding expectations in its first report post-IPO. Medtronic stock rose 4% after beating earnings expectations and raising revenue guidance for heart and diabetes devices. Home Depot cut its forecast due to US consumer weakness, with lower adjusted earnings but higher sales growth expectations. Temu-owner PDD Holdings saw a 9% jump in quarterly revenue. Xiaomi’s electric vehicle arm has reported its first profit, signaling a major step forward in its ambitions in the EV market. This success is a significant boost for the company as it looks to expand its presence in the competitive industry.
Meanwhile, Chinese search engine Baidu has exceeded market expectations with its third quarter revenue, driven by strong growth in its cloud business. The company’s stock rose by 2% before the bell, showcasing its resilience in a recovering ad market.
As Nvidia prepares to release its third quarter earnings, investors are on edge as the company faces the challenge of meeting high expectations amidst AI market uncertainty. The results are expected to have a ripple effect on other AI-related stocks, making it a crucial moment for the tech giant. 1. In a major breakthrough, scientists have developed a new vaccine that is 95% effective against COVID-19. The vaccine has been approved for emergency use and is expected to be distributed soon.
2. The stock market saw record gains today, with the Dow Jones Industrial Average reaching an all-time high. Investors are optimistic about the economy’s recovery and the potential for a COVID-19 vaccine.
3. The United Nations reported that global carbon emissions have decreased by 7% in 2020 due to the pandemic. This reduction is the largest ever recorded and highlights the potential for climate action.
4. A new study has found that wearing masks significantly reduces the transmission of COVID-19. The research shows that communities with mask mandates have lower infection rates than those without.
5. Tesla announced plans to build a new electric vehicle factory in Texas. The factory is expected to create thousands of jobs and increase production of environmentally friendly vehicles.
Read more at 1. “Tesla reports record profits in Q3, stock surges” – finance.yahoo.com
2. “Federal Reserve raises interest rates by 0.25%” – finance.yahoo.com
3. “Amazon announces plans to hire 150,000 seasonal workers for holidays” – finance.yahoo.com
4. “Bitcoin reaches new all-time high, surpassing $60,000” – finance.yahoo.com: Walmart raises outlook again, Nvidia stock jumps after blockbuster report