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Nov 21, 2024 3:09 PM | Eric Bleeker
At 3:10 p.m. ET, NVIDIA is up 1.5% on the day. Overall market sentiment is helping. The Nasdaq has turned positive on the day, the S&P 500 is up .76%, and the Russell 2000 is up 1.87%.
Elsewhere in technology, Alphabet continues to trade down after reports the Department of Justice would aim for sweeping changes to the company that include selling off the Chrome browser.
Amazon may be slipping on regulatory issues as well. The company is reportedly facing an EU investigation over favoritism to its own-brand products according to Reuters. Penalties could include a penalty of 10% the company’s global revenue.
Magnificent 7 Stocks Struggling
Nov 21, 2024 10:38 AM | Eric BleekerAs of 10:40 a.m. ET, NVIDIA is down about 2.3%. That’s a reversal of the gains NVIDIA saw shortly after market open, but its also in line with other Magnificent 7 stocks today.
- Meta Platforms: Down 1.72%
- Alphabet: Down 5.28%
- Amazon: Down 1.59%
- Apple: Down 1.20%
- Microsoft: Down .81%
The relative area of strength in technology today is software, which is rallying following Snowflake’s outstanding earnings last night. Another segment of the tech market that’s performing well today is computer hardware and networking.
How Are Other AI Stocks Performing Today?
Nov 21, 2024 9:55 AM | Eric BleekerWith NVIDIA being a bellwether in the AI space, let’s take a look at how other AI stocks are performing the day after their earnings.
Optical stocks are booming today. Applied Optoelectronics (Nasdaq: AAOI) continues its fierce rally and is up 10.5%. Lumentum (Nasdaq: LITE), up 8.3%, and Coherent (Nasdaq: COHR), up 4.8% are also performing strongly.
Liquid cooling supplier Vertiv (NYSE: VRT) is up 2.7%. Other data center suppliers like Credo (Nasdaq: CRDO) are also seeing strong gains. Credo is up 8%.
The standout today is likely Snowflake (NYSE: SNOW). Its stock is up 30% following blowout earnings last night.
NVIDIA See-Saws Between Gains and Losses in Choppy Early Trading
Nov 21, 2024 9:42 AM | Eric BleekerThe Nasdaq opened up higher but is now down about .40% at 9:43 a.m. ET. NVIDIA is also seeing gains see-saw. After hitting $152 per share in early trading, shares briefly fell back into the red. As of 9:43 a.m., shares are moderately positive.
It appears there won’t be an outsized move in either direction today, but we’re still early in today’s trading.
Notable Wall Street Calls Today
Nov 21, 2024 9:33 AM | Eric BleekerLooking through Wall Street calls about NVIDIA, here are some of the more notable quotes.
Barclay’s: Raises their price target to $160 from $145, maintains overweight rating. Analyst Tom O’Malley highlights gross margin commentary that puts the coming quarters in a better spot while saying NVIDIA is “ace-ing” the transition to Blackwell.
Benchmark: Raises their price target to $190 from $170 while maintaining a buy rating on NVIDIA. The researcher highlighted the Data Center group’s 112% annualized growth as a standout figure in yesterday’s earnings release.
Citi: Opens a “90-day positive catalyst watch” on NVIDIA shares. Notes there are three key areas to watch: 1.) Blackwell ramp going “full steam” 2.) Gross margins see a trough in the April quarter and 3.) Artificial intelligence scaling. Citi expects Blackwell expectations to rise headed into CES and raises their price target on NVIDIA to $175 from $170.
NVIDIA Price Movements After the Opening Bell
Nov 21, 2024 9:30 AM | Eric BleekerMarkets just opened at 9:30 a.m. ET, and NVIDIA is immediately shooting higher.
The stock surged to $152.41, or up about 4.5%. It appears NVIDIA may see gains today after falling in yesterday’s after-hours trading.
New Price Targets for NVIDIA
Nov 21, 2024 9:27 AM | Eric BleekerHere’s a collection of price target revisions today following NVIDIA’s earnings.
- Wells Fargo: Raises price target to $185 from $165
- Goldman Sachs: Price target increases to $165 from a prior $150
- Bernstein: Price target rises to $175 from $155
NVIDIA(Nasdaq: NVDA) reported earnings last night. We posted a live blog of our thoughts after earnings, but here are the highlights:
nextstayCCSettingsOffArabicChineseEnglishFrenchGermanHindiPortugueseSpanishFont ColorwhiteFont Opacity100%Font Size100%Font FamilyArialText ShadownoneBackground ColorblackBackground Opacity50%Window ColorblackWindow Opacity0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%200%175%150%125%100%75%50%ArialGeorgiaGaramondCourier NewTahomaTimes New RomanTrebuchet MSVerdanaNoneRaisedDepressedUniformDrop ShadowWhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%- The company beat both sales and earnings expectations last quarter by a healthy margins.
- Adjusted EPS came in at $.81, a good amount ahead of Wall Street’s expectations of $.74.
- Revenue came in at $35.1 billion, which also topped Wall Street’s consensus of $33.1 billion
- NVIDIA’s guidance for next quarter is $37.5 billion in sales
- And gross margins are expected to be 73% to 73.5%, matching Wall Street expectations of 73.5% at the high end of the range.
NVIDIA was initially down after releasing earnings. It dropped 5% immediately after the numbers released, was down about 1% headed into the company’s 5 p.m. ET conference call, and briefly dropped below $140 in premarket trading this morning.
However, shortly before the opening bell, NVIDIA’s stock is now trading for $149.20.
This is a live post that will be continually updated with reactions to NVIDIA’s earnings throughout the day. Please refresh for the most up-to-date news.
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