DJIA Futures: +40 (+0.1%)
SPX Futures: +15 (+0.4%)
NASDAQ Futures: +104 (+0.9%)
Good morning friends!
Futures are higher as the market looks to rebound from a 4-day losing streak and Nvidia's earnings beat boosts tech stocks.
Let’s get right to it!
Nvidia (NVDA) shares are jumping 11% ahead of the open after beating Q4 expectations on the top and bottom line.
Here’s how the chipmaker’s results compared to analysts’ expectations:
Nvidia forecast $6.5 billion in Q1 revenue, topping analysts’ estimates of $6.33 billion.
The company appears poised to benefit from the growing popularity of AI.
Nvidia’s data center business, which includes chips used for AI, continued to grow last quarter and the CEO said, “Generative AI’s versatility and capability has triggered a sense of urgency at enterprises around the world to develop and deploy AI strategies.”
Alibaba (BABA) shares are up 5.7% in premarket trade after sharply beating fiscal Q3 expectations.
Here’s how the Chinese e-commerce giant’s results compared to expectations:
The company benefited from China’s economic reopening as consumer demand rebounded.
The CEO said, “Looking ahead, we expect continued recovery in consumer sentiment and economic activity.”
Lucid (LCID) shares are dropping 13.5% ahead of the open after missing Q4 sales expectations.
Here’s how the electric automaker’s results compared to analysts’ expectations:
The company built just 7,180 of its Air luxury sedans last year, sharply missing its original goal of 20,000.
Lucid expects to manufacture between 10,000 and 14,000 this year.
The company ended 2022 with roughly $4.4 billion in cash and $500 million available via credit.
The CFO said that is enough to last until Q1 2024.
Lucid said it has more than 28,000 reservations for its vehicles, down from 34,000 in November.
Moderna (MRNA) shares are falling 4.5% in premarket trade after missing Q4 profit expectations.
Here’s how the pharmaceutical giant’s results compared to analysts’ estimates:
Profits tumbled 68% year over year and revenue dropped 30% amid shrinking demand for the company’s Covid vaccine.
Costs also rose 25% in Q4 due to expired vaccines, unused manufacturing capacity, and a royalty payment to the National Institute of Allergy and Infectious Diseases.
The U.S. economy expanded less than initially estimated at the end of 2022.
The Commerce Department’s first revision of Q4 GDP was lowered to 2.7% from 2.9% initially.
The revision was due to slower consumer spending which grew just 1.4% vs 2.1% initially estimated.
Weekly jobless claims fell unexpectedly last week as the U.S. labor market remains tight.
The Labor Department reported 192,000 Americans filed initial claims for unemployment benefits.
That was down by 3,000 from the previous week’s revised level and better than 200,000 expected.