2 minutes ago
Stocks make the biggest moves in the after hours
Check out the companies making headlines after hours.
- Nvidia – Nvidia shares are up 19% in extended trading. The chipmaker issued a stronger-than-expected revenue guidance for the fiscal second quarter and also reported better sales and earnings in the fiscal first quarter. The stock has already more than doubled this year.
- Snowflake – Snowflake fell 11% after hours. According to StreetAccount, the cloud computing company issued a weaker-than-expected product revenue forecast for the second quarter. According to Refinitiv, Snowflake beat analysts’ earnings and revenue expectations for the first quarter.
- American Eagle Outfitters — Shares fell 15% after American Eagle Outfitters said it expected second-quarter sales to fall in the low-single digits, rather than increase 1.6%, in line with consensus expectations from Refinitiv. The apparel retailer reported a mixed quarter. Earnings per share were in line with estimates while revenue beat expectations.
Read the whole story here.
— Sarah Min
4 minutes ago
Nvidia nears $1 trillion market cap in extended trading
Based on Wednesday’s extended trading, Nvidia’s market cap was approaching $1 trillion following the strong earnings report.
The AI beneficiary hit $975 billion and added $220 billion during the after-hours trading session. That’s about the entire market cap of Advanced Micro Devices alone. At the close on Wednesday, AMD’s market capitalization was $174 billion. Salesforce is now worth $209 billion.
Investors should be aware that while Nvidia stock is up 26% in after-hours trading, there’s no guarantee those gains will translate into Thursday morning’s regular trading and result in an actual market cap of this magnitude.
For Nvidia, the profit drop was the largest since May 2018 and the largest revenue drop since November 2017.
See grafic…
Nvidia shares 1 day
— Robert Hum, Sarah Min
27 minutes ago
Nasdaq 100 futures rally on Wednesday evening
Nasdaq 100 futures rallied Wednesday night after a sharp surge in earnings from Nvidia.
Nasdaq 100 futures rose 1.7%. Dow Jones Industrial Average futures were flat, while S&P 500 futures were up 0.66%.
— Sarah Min