Stock futures pointed to a mostly higher start Wednesday as traders awaited data on jobless claims and consumer sentiment ahead of the Thanksgiving holiday. Futures for the
Nasdaq Composite
rose after
Nvidia
‘s earnings report.
These stocks were poised to make moves Wednesday:
Nvidia
(NVDA) reported third-quarter adjusted earnings of $4.02 a share, easily topping analysts’ forecasts of $3.37, while revenue of $18.1 billion set a record. Data center revenue in the period rose 279% from a year earlier to $14.5 billion. For the fourth quarter, Nvidia issued a revenue forecast range with $20 billion at the midpoint, above the consensus of $18 billion. Chief Financial Officer Colette Kress said on a conference call that Nvidia’s sales to China and other destinations affected by the U.S. government’s export restrictions were expected to “decline significantly” in the fourth quarter, but the “decline will be more than offset by strong growth in other regions.” Shares of the chip maker rose 0.3%.
Microsoft
(MSFT) shares were up 0.7% in premarket trading after the announcement that Sam Altman would be returning to OpenAI as chief executive.
Microsoft
is the largest investor in OpenAI. Altman was fired by the previous board of OpenAI last Friday, causing the majority of OpenAI’s employees to threaten to resign and leaving Microsoft scrambling to contain the fallout by offering to hire its staff. Microsoft had announced it was hiring Altman lead a new advanced AI research team.
Deere
(DE) reported fiscal fourth-quarter earnings that beat analysts’ estimates but the agricultural equipment maker issued an outlook for fiscal 2024 that was below expectations. The stock dropped 6%.
Autodesk
‘s (ADSK) third-quarter earnings and revenue beat analysts’ estimates, and the software company raised its forecast for the fiscal year ending in January.
Autodesk
said it sees revenue rising 9% to between $5.45 billion and $5.465 billion, boosting the range from a previous forecast of $5.405 billion to $5.455 billion. Guidance for billings was unchanged, with the company targeting a range of $5.075 billion to $5.175 billion. Shares fell 5.8%.
HP Inc.
(HPQ) reported that fiscal fourth-quarter revenue fell 6.5% to $13.8 billion, in line with Wall Street estimates, but said it sees a turnaround coming in the year ahead. The computer and printer maker reiterated its previous profit outlook for fiscal 2024. HP stock declined 2.2%.
Urban Outfitters
(URBN) reported third-quarter earnings and sales that topped expectations. But the retailer noted during its conference call that it was seeing a “slight moderation in demand” that started early last month. The company also was less optimistic about its namesake
Urban Outfitters
stores. The stock fell 6.5%.
Third-quarter adjusted earnings at
Guess
(GES) were lower than expected and the retailer cut its fiscal-year profit and revenue outlooks. The stock fell 15% in premarket trading.
DLocal
(DLO) said its chief financial officer would be stepping down and the Uruguay-based payments platform reported third-quarter revenue that missed analysts’ forecasts. The stock was dropping 13%.
Virgin Galactic
(SPCE) was downgraded to Underweight from Equal Weight at
Morgan Stanley
and the price target was reduced to $1.75 from $4. Shares of the space tourism company declined 4.7% to $2.03 in premarket trading.
Write to Joe Woelfel at [email protected]
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