Today’s Stocks to Watch: Nvidia, Super Micro, and Lucid
Key Points To Watch Out For:
- Nvidia shares jumped more than 2% in pre-market trading on forecasts of solid revenue and profit growth.
- Super Micro Computer rebounded more than 20% after having once again met financial reporting requirements.
- Stellantis fell 4% in Europe on cautious profitability prospects for 2024.
Nvidia (NVDA): Expectation of Solid Results Boosts Share Price
Nvidia’s shares rose more than 2% in premarket trading ahead of its earnings report on Wednesday, which is expected to reveal a 59% increase in revenue and a 72% surge in sales compared to a year earlier. The stock is experiencing high volatility after a decline in the previous session amid a broader technology sell-off.
Super Micro Computer (SMCI): Regulatory Compliance Fuels Optimism
Super Micro Computer jumped more than 20% in premarket trading after filing overdue financial reports, regaining compliance with regulatory requirements. Investors are optimistic about the server and computer products manufacturer’s future prospects.
Workday (WDAY): Revenue Expansion Lifts Shares
Workday surprised the market with a rise in subscription revenues and an optimistic forecast for the coming quarters. Its quarterly profits and sales exceeded estimates, driving its shares higher in premarket trading.
Anheuser-Busch InBev (BUD): Strong Performance Drives Gains
Anheuser-Busch InBev reported a 10% increase in EBITDA, reaching $5.2 billion in the last quarter, surpassing expectations. Its shares rose 7% in Europe, marking its best trading day performance since 2021.
BP (BP): Strategic Shift Impacts Share Price
BP announced plans to increase oil and gas production while significantly reducing investments in clean energy. Although aimed at boosting its share price, the strategy raised market concerns, resulting in a decline in its stock value.
Stellantis (STLA): Cautious Outlook Pressures Shares
Stellantis shares dropped 4% in Europe after issuing a modest growth and profitability forecast for 2024. The automaker, known for Jeep and SUV models, has lost over 40% of its value in the past year due to excess inventory, pricing pressure, and delays in new product launches.
Lucid (LCID): CEO Departure and Production Optimism Boost Shares
Lucid announced the resignation of its CEO and revealed production targets of 20,000 units for 2024, more than double the 9,029 vehicles produced in 2023. The news led to a positive investor reaction, with shares climbing over 9% in premarket trading.
Today’s Earnings Highlights
Several key companies are set to report financial results today:
- Before the opening: Lowe’s Companies (LOW)
- After the close: Salesforce (CRM), Paramount Global (PARA), and Snowflake (SNOW)
Lowe’s performance will be closely monitored to gauge the health of the U.Sprovement sector.
