Stock futures traded higher on Wednesday as investors eagerly anticipated the second-quarter earnings report from Nvidia, a leading chip maker in the artificial intelligence industry.
Nvidia's Stock Continues to Climb
Nvidia (NVDA) saw a 1.8% rise in premarket trading. Despite a 2.8% decline at the end of the previous session, the chip maker's shares reached an all-time intraday high on Tuesday. In 2023, the stock has soared by an impressive 212%. Analysts are expecting Nvidia to post second-quarter earnings of $2.08 per share on a revenue of $11.2 billion. The company's report is scheduled to be released after the markets close on Wednesday.
Toll Brothers Exceeds Expectations
Luxury home builder Toll Brothers (TOL) reported fiscal third-quarter earnings and revenue that surpassed analysts' expectations. The company delivered 5% more homes in the period, totaling 2,524 units. For the fourth quarter, Toll Brothers anticipates delivering between 2,650 and 2,750 homes, with an average price range of approximately $1.01 million to $1.03 million. This forecast exceeds analysts' estimates, which were projecting 2,618 deliveries at an average price of around $987,000. As a result, the stock experienced a 3% increase.
Urban Outfitters Reports Record Sales
In the second quarter, Urban Outfitters (URBN) achieved a remarkable 7.5% jump in sales, reaching a record-breaking $1.27 billion—outperforming analysts' projections of $1.25 billion. Earnings per share for the quarter were $1.10, marking a significant increase from 64 cents in the same period last year. CEO Richard A. highlighted the ongoing "sales strength" continuing into the current third quarter. As a result, shares of the retailer surged by 6%.
Apellis Pharmaceuticals Update on Injection Kits and Rare Events of Retinal Vasculitis
Apellis Pharmaceuticals (APLS) saw a significant surge of 30% during premarket trading following the release of an important update. The biopharmaceutical company provided new information regarding its injection kits and rare instances of retinal vasculitis reported in patients receiving the eye-disease drug Syfovre.
According to Apellis, a thorough investigation has not established a direct causal relationship between the structural variations in the 19-gauge filter needle and the occurrence of retinal vasculitis in real-world scenarios. However, as a precautionary measure, the company strongly advises healthcare professionals to discontinue the use of injection kits equipped with the 19-gauge filter needle. Instead, they should opt for kits that contain the 18-gauge filter needle, which are already in distribution.
United Parcel Service Approves New Five-Year Contract with Teamsters
United Parcel Service (UPS) experienced a 0.9% increase as members of the International Brotherhood of Teamsters ratified a new five-year contract with the renowned shipping giant. This positive development highlights the mutual agreement reached between UPS and the labor union, ensuring a harmonious working relationship for the next half-decade.
Upcoming Earnings Reports: Analog Devices, Bath & Body Works, Advance Auto Parts, Kohl’s, Peloton Interactive, and Foot Locker
Before Wednesday's opening bell, investors eagerly anticipate the release of earnings reports from several prominent companies. Among them are Analog Devices (ADI), Bath & Body Works (BBWI), Advance Auto Parts (AAP), Kohl’s (KSS), Peloton Interactive (PTON), and Foot Locker (FL). These reports will provide valuable insights into the financial performance and overall market trends of these key players.
After-Hours Earnings Reports: Nvidia, Snowflake, Autodesk, Splunk, and NetApp
In addition to Nvidia, a number of influential companies will issue their earnings reports after the close of trading. Market participants eagerly await the updates from Snowflake (SNOW), Autodesk (ADSK), Splunk (SPLK), and NetApp (NTAP), as these reports will contribute to a comprehensive understanding of the current market landscape.
Our Latest News
South Korea's exports have declined for the 10th consecutive month due to sluggish global demand. However, a trade surplus has been maintained thanks to a signi...
Find out why bonds are now considered a viable option for investors, despite years of high risk and low yield.
Caesars Entertainment Inc. reports unexpected loss in Q3 earnings but outlines plans for debt reduction and sale of Las Vegas casino. Stock prices initially dro...