Nvidia, Rivian, Lucid, Etsy, Royal Caribbean, Sunrun, and More Stock Market Movers
Stock futures were surging Thursday, led by technology shares, following blowout sales from
and the company’s forecast that revealed demand remains strong for its artificial-intelligence data center chips.
rose 13% after the chip maker reported fourth-quarter adjusted earnings of $5.16 a share, beating analysts’ estimates of $4.59, as revenue of $22.1 billion rose 265% from a year earlier and beat analysts’ projections of $20.4 billion. Data-center revenue in the period rose 409%. Nvidia said it anticipates fiscal first-quarter revenue of $24 billion versus analysts’ forecasts of $22.2 billion. “Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations,” said Nvidia CEO Jensen Huang.
Other semiconductor stocks were rallying following Nvidia’s report.
jumped 13%,
rose 9.9%, and
was up 4.4%.
plans to lay off 10% of its salaried workforce after reporting a wider-than-expected fourth-quarter loss and saying it expects to produce 57,000 EVs in 2024, down from a year-earlier 57,232 and below Wall Street forecasts. “Economic and geopolitical uncertainties and pressures, most notably the impact of historically high interest rates, have informed our expectations for 2024,” the company said in a letter to shareholders. Rivian shares tumbled 14%.
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was falling 6.2% after the EV maker posted fourth-quarter revenue of $157.2 million, down from $258 million a year earlier, and said it expects to produce about 9,000 vehicles in 2024, below consensus expectations.
jumped 5% after the provider of electronic design automation software reported better-than-expected fiscal first-quarter adjusted earnings of $3.56 a share, and raised its forecast for the fiscal year, with CEO Sassine Ghazi saying that artificial intelligence “continues to drive our customers’ investments in silicon and systems that position them for future growth.”
fell 8.2% after the online marketplace posted fourth-quarter earnings of 62 cents a share, below Wall Street estimates of 77 cents, and the company said it was having a “slow start” to the first quarter in which it anticipates gross merchandise sales to decline in the low-single-digit range from a year earlier.
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was up 6.4% after raising earnings guidance for 2024, with the cruise company saying it “continues to be very encouraged about the demand and pricing environment for 2024” and that bookings “have been significantly higher than during the same period last year.”
was down 6.9% after the residential solar-power installer reported a fourth-quarter loss of $350 million and revenue of $516.6 million, down from $609.2 million a year earlier and below analysts’ forecasts of $532.7 million.
Earnings reports are expected Thursday from
Moderna
,
Intuit
,
Wayfair
,
Carvana
,
Block
,
PG&E
,
and
Write to Joe Woelfel at joseph.woelfel@barrons.com
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