$NVDA Beats Earnings 🎯 | Markets Remained Flat After Coming All Time Highs 🥲 | $TGT Takes A Hit After Sales Slow In Q1 🤔| $SNOW Beats Estimates & Sees A Surge 📈
The market remained flat through trading as investors sat idly by waiting for earnings that are being reported today, the results were amazing and we will be covering that later! Let’s just dive right in and see how the indexes performed today:
The S&P500 lost about 0.3% through todays sessions
The Nasdaq Composite slipped around 0.2%
The Dow Jones Industrial Average feel roughly 0.5%
has been the headline for the last 2 weeks and they finally reported their Q1 earnings, and they did not disappoint. Let’s dig into the numbers:
EPS = $6.12 adjusted vs $5.59 adjusted
Revenue = $26.04B vs $24.65B expected
Despite metrics being tripled Jensen doubled down on the Blackwell system stating that it will lead to much more growth for their YoY sales and revenue numbers. They also highlighted its surge in sales for the networking parts which are key components for companies that are building tens of thousands of chips that need to be connected. The company has also bought back $7.7B worth of its shares and paid $98M in dividends to its investors this last quarter.
In other news Goldman Sachs CEO David Solomon said he does not expect a rate cut from the Federal Reserve this year. His view is the economy is set up for stickier inflation, this comes after the Federal Reserve Policy Makers announced on Tuesday that the bank should wait several more months to ensure that inflation is really back on track to the 2% figure that is expected. This view comes in contrast from the market view of 1 rate cut being delivered in September potentially.
jumped after giving its sales outlook for its current quarter and AI products are on the forefront of accelerated growth. Product revenue is projected to be between $805M – $810M FY ‘24, this is above the streets estimates of $787.5M. They also raised their year forecast to $3.3B from the previous forecasted $3.25B, shares saw a 5% gain in extended trading after closing at $163.34, despite shares being down 18% on the year so far.
was another victim of missing their Q1 mark as the stock saw an 8% slide, with the blame being pointed to a inflation battered US household. With US households struggling financially, Target’s physical stores struggle in sales has led the company to give conservative guidance moving forward. In response to inflation the company is lowering the price on about 1500 items and this will be a trend we continue to see through the summer. Let’s dig into the results here:
Net Sales = -3.1% YoY | $24.5B vs $24.13B estimated
Gross Profit Margin = 27.7% vs 27.4% estimated
EPS = $2.03 vs $2.05 estimated
Comparable Sales = -3.7% vs -3.68% expected
