Nvidia’s A100 GPU, which is utilized for training ChatGPT and other generative AI models, was showcased at Nvidia’s headquarters in Santa Clara, California, on February 9, 2023.
Katie Tarasov
Explore the latest market news during midday trading.
Nvidia — The stock of this chipmaker reached a record high by surging over 1% following its impressive performance in both revenue and profit. The company’s data center business, incorporating A100 and H100 AI chips that are pivotal for building and operating AI applications, drove this outstanding growth. Nvidia also provided optimistic guidance, indicating a projected 170% increase in sales for the current quarter compared to the same period last year.
AMD, Marvell Technology — Both semiconductor stocks experienced a decline as they were unable to sustain the momentum created by Nvidia’s earnings. The shares of AMD dropped nearly 5%, while Marvell saw a 4% decrease.
Boeing — The aerospace giant witnessed a 3% decline in its shares after announcing a delay in the delivery of the 737 Max aircraft due to the discovery of new manufacturing flaws. The company stated that the fastener holes on the aft pressure bulkhead of some planes were improperly drilled. As a result, Spirit AeroSystems, responsible for constructing the fuselages, experienced a significant decline of 16.5%.
Dollar Tree — The discount retailer experienced a 2% decline in its stock price after issuing a third-quarter guidance that fell short of expectations. Dollar Tree expects earnings per share to range between 94 cents and $1.04, while analysts polled by Refinitiv had predicted $1.27 for the same period.
Discover Financial Services — The company witnessed a 2% increase in its shares after receiving an upgrade to “outperform” by Wolfe. The upgrade mentioned that the recent underperformance caused by internal control and risk management deficiencies could present an opportunity for investors to buy into the stock.
Splunk — The cloud stock witnessed a significant climb of 13.6% following an impressive second-quarter earnings report that exceeded Wall Street expectations. Bank of America maintained its buy and top-pick ratings for the stock after the release of the report.
Autodesk — Shares of Autodesk increased by 3.1% after the company reported better-than-expected earnings and heightened forward guidance. The company achieved an adjusted earnings per share of $1.91 and recorded $1.35 billion in revenue, surpassing Refinitiv analyst estimates of $1.73 per share and $1.32 billion in revenue.
Snowflake — Despite reporting better-than-expected earnings, Snowflake observed a decline of over 5% in midday trading. The company achieved an adjusted earnings per share of 22 cents along with $674 million in revenue. Nevertheless, analysts polled by Refinitiv had forecasted 10 cents and $662 million, respectively.
Guess — Following an impressive earnings report, the apparel company experienced a substantial surge of over 28%. The report showcased an adjusted earnings per share of 72 cents and a revenue of $664.5 million.
— Reporting contributed by CNBC’s Alex Harring, Yun Li, and Michelle Fox.
Correction: Dollar Tree issued weaker-than-expected third-quarter guidance. A previous version misstated the name.
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