Nvidia stock rises in pre-market ahead of highly anticipated quarterly results

  • 📰 YahooFinanceCA
  • ⏱ Reading Time:
  • 60 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 63%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Nvidia stock was higher early Wednesday ahead of the company's highly-anticipated earnings report after the bell.

Shares of the chipmaker reached an intraday record high above $481 on Tuesday before losing ground during the session, falling 2.7% on the day. On Monday, Nvidia stock rose more than 5%.

Wall Street analysts are expecting the chip giant to post second quarter adjusted earnings of $2.07 per share and revenue of $11.04 billion, according to Bloomberg data.in a string of bullish calls over the past few weeks. "We expect a significant beat" for Nvidia's fiscal second quarter, Baird's Tristan Gerra and his team in a recent note to investors. The firm cited "very significant momentum in AI demand for Nvidia" and raised its price target on the stock to $570 from $475 while maintaining an Outperform rating.

"NVIDIA remains our Top Pick, with a backdrop of the massive shift in spending towards AI, and a fairly exceptional supply demand imbalance that should persist for the next several quarters," Morgan Stanley's Joseph Moore and his team wrote in a recent client note. Meanwhile, UBS analysts raised their price target to $540 from $475, writing that Nvidia "is quite literally serving as 'kingmaker' as a huge wave of capital and new financing vehicles are chasing new AI software and specialized cloud infrastructure models."The chipmaker led the tech sector higher earlier in the year as it moved

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 47. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nvidia is a must-own tech stock ahead of earnings release: AnalystAhead of Nvidia Corp.’s next set of earnings, one analyst says the stock is a must-own for any tech fund while predicting the stock to hit US$800.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Jackson Hole, Nvidia earnings, Tropical storm Hilary: 3 ThingsThe 10-year Treasury yield continues to surge ahead of Fed Chairman Jerome Powell's speech at the Jackson Hole Economic Symposium this week. Semiconductor producer Nvidia (NVDA) is set to report earnings after the closing bell on Wednesday, August 23. Tropical storm Hilary makes landfall over California as flood warnings coincide with an earthquake that shook up the West Coast state. Yahoo Finance's Julie Hyman breaks down several of the top stories this morning.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Nvidia & retail earnings, Jackson Hole: What to watch this weekThere will be a lot of interest in Nvidia's (NVDA) second quarter earnings on Wednesday. Investors will also be eyeing results from Macy's (M), Lowe's (LOW), Peloton (PTON), Gap (GPS), Toll Brothers (TOL), and Dollar Tree (DLTR). There is some key housing data on tap Tuesday and Wednesday. The big event of the week though is Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Economic Symposium on Friday. Yahoo Finance Reporter Josh Schafer breaks down the events investors need to be watching this week. 
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Nvidia Targets Keep Rising as Analysts Bet on Earnings BlowoutNvidia Corp. shares climbed as much as 5.4% on Monday, as more analysts raised their price targets on the stock, a sign of growing optimism about the chipmaker’s highly anticipated results later this week.
Source: BNNBloomberg - 🏆 83. / 50 Read more »