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Nvidia’s year-to-date market capitalization has increased by more than $1 trillion
28 minutes ago
There are 67 days left until 2024, and already Nvidia (NVDA)’s market value has increased by $1 trillion.
The chipmaker’s stock has soared over the past year and a half on the back of a boom in demand for artificial intelligence and Nvidia graphics processing units, which the company frequently uses for training and operations.
Nvidia ended 2023 with a market capitalization of about $1.22 trillion after its stock price more than tripled over the year. Since then, the stock has continued to rise, rising more than 85% this year. Shares soared more than 16% in a single day in February, pushing the company’s market capitalization to a record $272 billion as earnings beat Wall Street’s lofty expectations.
Shares rose 4% Thursday to trade at $922, giving the company a market capitalization of $2.27 trillion.
Nvidia’s meteoric rise stands in stark contrast to the recent performance of some of its Magnificent Seven peers, most notably Tesla (TSLA) and Apple (AAPL). Tesla has struggled with weak demand for electric vehicles and increased competition in key markets such as China, both of which have forced the manufacturer to cut prices. Tesla stock has fallen nearly 25% this year, wiping more than $225 billion from its current $562 billion market cap.
Apple has also been a victim of the economic slowdown in China, with iPhone sales disappointing so far this year. The company also recently exited its electric vehicle initiative and is trying to convince investors that its latest product, the Apple Vision Pro augmented reality headset, could become a category-defining, best-selling product on par with the iPhone and iPad. I’m having a hard time. Apple shares have fallen about 12% so far this year, wiping out more than $380 billion from its market capitalization, which was once the world’s largest at more than $3 trillion.
NYCB stock rises after investor call, $1 billion cash injection
1 hour ago
New York Community Bank (NYCB) executives announced Thursday that the beleaguered bank received a $1 billion cash infusion from a coalition of lenders including former Treasury Secretary Steve Mnuchin’s firm Liberty Strategic Capital. In a telephone conversation, he tried to calm investors’ jittery nerves. Former Comptroller of the Currency Joseph Otting has been appointed as the new CEO.
NYCB had $77.2 billion in deposits as of Wednesday, executives said. That’s about 7% lower than the $83 billion the bank announced on February 5, the day before Moody’s downgraded its credit rating, and about 5% lower than late last year.
Incoming CEO Joseph Otting told investors on a conference call that one item on his to-do list is to reduce the concentration of the bank’s commercial real estate (CRE) lending. Ta. The company raised its credit loss reserves by nearly 800% late last year in the wake of its exposure to rent-regulated apartment buildings in New York, one of the dominoes that triggered the bank’s recent troubles.
Read more highlights from Thursday’s NYCB investor call here.
NYCB stock rose 5.6% to $3.66 Thursday afternoon, but is down nearly 65% year-to-date.
– Mrinalini Krishna
Burlington Stores Reports Increased Sales and Decrease in Inventory, Sending Stock Rising
1 hour 51 minutes ago
Burlington Stores (BURL) stock soared in mid-day trading on Thursday. That’s because Burlington Stores (BURL) reported better-than-expected results with higher sales and lower inventory.
The company’s adjusted earnings per share (EPS) for the fourth quarter was $3.69, with revenue of $3.13 billion, an increase of 13.9% year over year. Both exceeded expectations.
Same-store sales rose 2%, exceeding the company’s prior expectations for no growth or a slight loss. Gross margin increased 190 basis points (bps) to 42.6%.
For the full year, merchandise inventories decreased from $1.18 billion to $1.09 billion. Reserve stock fell to 39% from 48% at the end of FY2022.
Burlington shares rose 6.2% to $218.62 early Thursday afternoon. Year-to-date, it’s up nearly 13%.
-Bill McCall
Kroger stock soars on fourth-quarter earnings forecast and 2024 outlook
2 hours 31 minutes ago
Kroger (KR) stock soared on Thursday after the grocery chain reported fourth-quarter profits that beat analyst estimates.
Kroger reported better-than-expected quarterly adjusted earnings per share (EPS) of $1.34. Net income was $736 million, up from $450 million in the fourth quarter of 2022, and revenue was $37.06 billion, up from $34.82 in the year-ago quarter.
The company expected full-year adjusted EPS of between $4.30 and $4.50 for fiscal 2024, although analysts were looking for the lower end of that range.
Kroger has indicated it still intends to pursue a merger with Albertsons, but the Federal Trade Commission (FTC) filed a lawsuit last week seeking to block the merger over concerns of reduced competition and higher prices.
Kroger stock rose 8.6% to $54.85 early Thursday afternoon. Thursday’s gains have brought the stock up about 20% since the beginning of the year.
-Aaron McDade
BJ’s gains as retailer beats fourth-quarter profits and falls short of revenue amid ‘macro-driven uncertainty’
3 hours 41 minutes ago
BJ’s Wholesale Club (BJ) stock rose more than 6% Thursday morning after the company reported better-than-expected fourth-quarter profits, but amid “macro-driven uncertainty.” Sales were lower than expected.
The company posted quarterly net sales of $5.36 billion, an increase of 8.7% year-over-year. This was due in part to his weekly increase in sales and the opening of six new locations in the quarter. However, sales fell short of analysts’ expectations as existing club sales fell 0.4% from the fourth quarter of 2022.
BJ’s net income for the quarter was $145.9 million, or $1.08 per share. Adjusted EPS of $1.11 exceeded expectations.
BJ stock rose 6.6% to $76.89 late Thursday morning. It’s up about 15% so far this year.
-Aaron McDade
Wegovy maker Novo Nordisk’s stock soars on promising trial for obesity drug amicletin
4 hours 33 minutes ago
Novo Nordisk A/S (NVO)’s American Depositary Receipts (ADRs) were on Thursday after the Danish maker of Ozempic and Wigoby announced promising data on an experimental daily pill aimed at treating obesity. It rose more than 8% in early trading.
The much-anticipated amicletine tablet reportedly showed higher weight loss than Novo Nordisk’s popular Wegoby treatment.
In the Phase I trial, amicletin tablets reduced participants’ body weight by 13.1% after 12 weeks, compared to 6% in the comparable Wegovy trial, the company said at an investor conference.
Phase 2 trials focused on the drug’s efficacy are scheduled for the second half of 2024, with results expected in early 2026, the company said.
Novo Nordisk’s ADRs rose 8.3% in about an hour of trading on Thursday to a record high of $135.20. The stock is up 88% in the past 12 months and 31% year-to-date alone.
-Fatima Atalwala
Victoria’s Secret stock price falls after announcing weak sales forecast
5 hours 14 minutes ago
Victoria’s Secret (VSCO) shares fell Thursday morning after the lingerie retailer issued a cautious sales outlook amid weak apparel demand in the North American market.
The company said it expects net sales to be about $6 billion in fiscal 2024, short of the $6.19 billion that Wall Street had expected. Victoria’s Secret’s first-quarter sales are expected to be down mid-single digits from $1.407 billion in the first quarter of last year. Analysts had expected sales of $1.39 billion in the same period.
The intimate apparel maker cited a weak outlook in North America as the reason for its cautious guidance. Victoria’s Secret CEO Martin Waters said: “As we enter the new year, we recognize that the broader North American underwear market has been weak for four consecutive quarters, and that we believe we have an appropriate short-term outlook. “We have a conservative business plan,” the company said in its financial results announcement. .
Despite a bullish golden cross pattern forming on Victoria’s Secret’s charts in late December, the stock has remained largely flat since then. Amid the earnings-related weakness, it’s worth keeping an eye on the key support zone between $20 and $21.50. A close below this important technical area could open the door to a retest of the stock’s all-time low of $13.62.
Victoria’s Secret stock fell 29.2% to $18.14 in early trading Thursday.
-Timothy Smith
Stocks that move the most before the market
5 hours 56 minutes ago
Profit:
- American Eagle Outfitters Inc. (AEO): The apparel retailer’s stock rose 11% after holiday quarter sales and profits beat Wall Street expectations.
- Novo Nordisk A/S (NVO): Shares of the Danish pharmaceutical giant rose more than 7% after announcing promising results in a trial of an experimental weight loss drug.
- Kroger Co. (KR): The grocery chain’s stock rose more than 4% after it reported better-than-expected quarterly profits and announced it would continue its disputed merger with rival Albertsons (ACI). .
loss:
- Victoria’s Secret & Co. (VSCO): The lingerie retailer’s stock fell more than 26% after the company gave disappointing sales guidance for the current quarter amid weak demand in North America.
- ADT Inc. (ADT): The home security company’s stock fell more than 9% after announcing an initial public offering.
- BJ’s Wholesale Club Holdings Inc. (BJ): Shares of the membership warehouse retailer fell about 2% after it provided guidance at the lower end of analysts’ expectations, and the company’s fourth-quarter earnings beat expectations. cast a shadow on
Stock futures rise ahead of Powell’s Senate testimony
6 hours 31 minutes ago
In premarket trading Thursday, futures contracts tied to the Dow Jones Industrial Average rose 0.2%.
S&P 500 futures rose 0.4%.
Nasdaq 100 futures were trading 0.6% higher about an hour before the market opened.
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