Stock Futures Rise as Investors Await Earnings from Nvidia and Other Major Companies
super micro computer stock, Stock futures were trending higher Wednesday, with investors awaiting earnings reports from Nvidia, the leading chipmaker for artificial intelligence applications. Nvidia shares were down 0.3% ahead of the company’s third-quarter earnings release, where analysts expect a significant jump in profits to 75 cents per share, up from 40 cents a year earlier. Revenue is expected to soar to $33.15 billion from $18.12 billion, with a keen focus on the company’s ability to ramp up sales of its Blackwell AI chips. Nvidia’s stock has surged 197% this year, including a 4.9% increase on Tuesday.
Comcast also made headlines as it is reportedly planning to spin off its NBCUniversal cable TV networks, including MSNBC, CNBC, USA, and several others. These assets generated around $7 billion in revenue over the last 12 months. Comcast shares rose 2.3% on the news.
Shares of Keysight Technologies saw a notable 10% boost after the test-equipment maker reported stronger-than-expected earnings for its fiscal fourth quarter. Keysight posted earnings of $1.65 per share, exceeding estimates, while revenue, though down 1.8%, topped forecasts. The company also projected higher-than-expected earnings for its fiscal first quarter.
On the downside, Super Micro Computer experienced a 2.6% drop in premarket trading after a massive 31% surge the previous day, following news that the server maker had submitted a plan to remain listed on the Nasdaq.
Netflix, meanwhile, saw a 0.5% premarket gain, following its announcement that a boxing match between Jake Paul and Mike Tyson set a record for global viewership, attracting 108 million viewers.
Powell Industries shares dropped by 15% after the company reported strong fourth-quarter earnings but saw a decline in new orders for fiscal 2024.
Dolby Laboratories saw its shares jump 14% after reporting strong fiscal fourth-quarter results, with earnings of 61 cents per share, beating expectations, and revenue rising year-over-year.
Furniture maker La-Z-Boy reported better-than-expected earnings for the fiscal second quarter, with shares climbing 6.4%, despite soft spending in the furniture sector.
Investors are also waiting for earnings reports Wednesday from Target, TJX, Palo Alto Networks, Snowflake, Williams-Sonoma, and NIO. Wall Street expects Target to report earnings of $2.30 per share for the third quarter, with revenue of $25.87 billion, up slightly from the previous year. Target’s stock was up 0.1% in premarket trading.
