Nvidia Hit an All-Time High Today Before Turning Lower
51 minutes ago
Nvidia (NVDA) shares have been on a rollercoaster ride today after the AI chipmaker released quarterly results that handily topped analysts’ expectations on just about every count.
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The stock rose nearly 5% in the opening minutes of Thursday’s session to a record high of $152.89, before falling as much as 3.5% an hour later. The stock was down about 1% in recent trading.
Investors have come to expect results that exceed expectations, and Nvidia has delivered for the past several quarters. But even as the company’s revenue nearly doubled in the latest quarter versus a year ago, it does represent slower growth than in prior quarters, disappointing the loftiest Wall Street expectations.
BJ’s Wholesale Stock Hits Record High on Strong Earnings
1 hr 12 min ago
BJ’s Wholesale Club (BJ) shares soared Thursday after the warehouse retailer reported better third-quarter earnings than expected despite sales falling just short of estimates.
The retailer reported $5.1 billion in revenue for the quarter, up about 3% year-over-year. Net income rose by nearly 20% from last year to $155.75 million.
Comparable store sales rose by 1.5% in the quarter, just under the increase analysts had expected, as BJ’s said it believes the threat of the port strike that started over the summer and was suspended in October increased sales as shoppers prepared for potential supply disruptions.
BJ’s also announced that as of January 1, its membership fees will increase to $60 and $120, up from $55 and $110 previously for the Club and Club+ memberships, respectively. The more expensive tier gives BJ’s members access to a wider range of discounts and rewards.
The company’s board also approved a new $1 billion stock buyback program. The previous program is set to expire in January, and the new program will run through January 2029.
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BJ’s stock was up nearly 10% in recent trading, at an all-time high.
Deere Shares Jump After Results Top Estimates
2 hr 25 min ago
Shares of Deere & Company (DE) jumped Thursday after the maker of farm equipment reported fiscal 2024 fourth-quarter results that topped estimates, even as the company warned of “ongoing headwinds.”
Deere posted revenue of $11.14 billion, down 28% year-over-year, and net income that plunged 47% to $1.25 billion. Still, the results beat consensus forecasts of analysts polled by Visible Alpha, who were looking for $10.68 billion and $1.05 billion, respectively.
CEO John May said the company is navigating “ongoing headwinds across our markets.”
The company expects fiscal 2025 net income of $5.0 billion to $5.5 billion, down from the $7.1 billion it generated in fiscal 2024. Analysts are forecasting $5.89 billion, per Visible Alpha.
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Deere shares were up 8% in recent trading, pushing the stock into positive territory for the year.
Nvidia Price Levels to Watch After Earnings
3 hr 12 min ago
Nvidia (NVDA) shares were lower in recent trading after hitting an all-time high earlier in the session following a quarterly earnings report that handily beat analysts’ expectations.
The stock was down nearly 2% at around $143 after hitting a high of just below $153. Investors have come to expect that earnings from the AI favorite will blow past estimates, and the latest quarterly report may have fallen short of the loftiest projections on Wall Street.
Nvidia shares traded within a four-month ascending triangle before breaking out above the chart pattern last month. Since then, the stock’s price has continued to track higher, with the 50-period moving average providing support.
It’s worth noting that trading volumes have remained light following the breakout, suggesting that larger market players may have remained on the sidelines ahead of the chipmaker’s quarterly report.
Investors should watch important support levels on Nvidia chart around $136, $115, and $97, while monitoring a measured move price target at $186.
Read the full technical analysis piece here.
Alphabet Drops as DOJ Says Google Should Divest Chrome
3 hr 29 min ago
The U.S. Department of Justice (DOJ) said Alphabet’s Google (GOOGL) should sell off its Chrome browser, following an August court ruling that the tech giant holds an illegal monopoly in the search market.
The DOJ’s amended filing with federal judge Amit Mehta, who made the August ruling, comes a month after it submitted a framework for restructuring Google, including breaking up the tech giant.
Losing Chrome, which controls two-thirds of the search market, would be damaging to Google. The tech giant requires the browser to gauge activity from users and use that data to target ads—its biggest revenue source.
Alphabet shares were down 5% in recent trading and were the biggest decliner in the S&P 500.
Read the full story here.
Snowflake Levels to Watch as Stock Pops After Strong Earnings
5 hr 17 min ago
Snowflake (SNOW) shares soared in premarket trading Thursday after the data analytics software maker reported better-than-expected earnings and boosted its revenue outlook.
Between September and October, Snowflake shares carved out a double bottom, a classic chart pattern that indicates a bullish reversal. More recently, bulls successfully defended a retest of the pattern’s neckline ahead of earnings, setting the stage for further gains.
Investors should watch key overhead price levels on Snowflake’s chart around $145, $165, $182, and $200, while monitoring an important support area near $125.
After closing at around $129 yesterday, the stock was up 25% at $161 about an hour before Thursday’s opening bell.
Read the full technical analysis piece here.
Major Index Stock Futures Move Higher
6 hours ago
Futures tied to the Dow Jones Industrial Average were up 0.4%.
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S&P 500 futures were also up 0.4%.
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Nasdaq 100 futures were up 0.2%.
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