Nvidia jumps on earnings beat
Nvidia (NVDA) shares hit an all-time high after the company topped Wall Street earnings expectations and raised its dividend by 7% to 15 cents a share. Revenue in its gaming division totaled $1.56 billion and its data center sales handedly beat estimates at $501 million. In the earnings statement, Nvidia founder and CEO Jensen Huang touted the company’s results, saying “We had a great quarter across all of our growth drivers. Industries across the world are accelerating their adoption of AI.” Nvidia shares have soared about 220% over the past year.
Finish Line sinks on downgrade
Cowen turned bearish on Finish Line (FINL), downgrading the retailer to underperform from market perform. In a note to clients, the firm cited concerns about the impact of promotions on Finish Line’s margins, writing that the retailer’s price cuts are “not sustainable.” Finish Line has been struggling to get a boost this year. The stock has tumbled about 53% since January 1.
JCPenney crushes same-store sales estimates
JCPenney (JCP) is the big winner in retail today after blowing away analysts’ estimates for same-store sales. The department store’s same-store sales rose 1.7% during the third quarter while its revenue totaled $2.81 billion. In the earnings statement, chairman and CEO Marvin Ellison said, “During the third quarter, we took aggressive actions to clear slow-moving inventory, primarily allowing for an improved apparel assortment heading in to the Holiday season. While these actions had a negative short-term impact on profitability in the third quarter, we firmly believe it was the right decision for the Company as we transition into the fourth quarter and fiscal 2018.” Today’s results come after JCPenney slashed its full-year outlook last month. Shares were last trading up 12.5% at $3.11 per share.