Great accounts, but not perfect. The long-awaited quarterly di Nvidia, while showing exceptional strength in profits and outlook and revenue shows some flaws especially for the delays of Blackwell, the next-generation GPU chips, which the bag didn't like it and analysts are wondering about the sustainability of the sector's growth. The stock, which has already risen by around 150% this year, lost 2% last night and in trading after the close of Wall Street. loses 7%. Nvidia also announced a program of share repurchase of $50 billion, equal to about 1,6% of the market capitalization of $3.081 billion.
In its fiscal second quarter ended July 28, the chip giant reported earnings of $16,59 billion, or $0,68 per share, on revenue of $30,04 billion, beating estimates of $0,64 billion and $28,68 billion, respectively. The stronger quarterly results were supported by a 154% increase in data center revenue to $26,27 billion, compared to the same period a year earlier.
With regard to perspectives, Nvidia said that for the third quarter, forecasts revenue of $32,5 billion, or 2 percent, beating Wall Street estimates of $31,9 billion, while starting from fourth quarter and through fiscal 206 the company plans to ramp up production of its chips Blackwell AI handing out “several billion dollars of Blackwell revenue” without offering more details than traders had hoped for. analyst they mostly have maintained a bullish stance, some also raising the target price (Truist Securities from 145 to 148 dollars, buy; Wolfe Research and Jefferies reiterated a target price of 150 dollars)
On Wall Street the futures are weak, Nasdaq -0,7% following Nvidia's decline in afterhours. Yesterday the three main indices closed below par, the Dow Jones which lost 0,39%, thus interrupting the bullish streak supported by three consecutive gains, which began last Friday. Also slightly down the S&P-500, which closes the day below parity at 5.592 points. Down the Nasdaq 100 (-1,18%) and the S&P 100 (-0,71%). The Bloomberg index of Magnificent Seven closed down 1,20%.
Attention now shifts to data on theUS inflation. Tomorrow, the Personal Consumption Expenditures (PCE) price index, the Fed's preferred measure of inflation, will be released for July. Estimates are for a slight increase on an annual basis to +2,60% (from +2,50%) for the overall figure and to +2,70% (from +2,60%) for the “core” figure.
Asia-Pacific stocks all down, except India near record highs
Following in the footsteps of Nvidia is technology sector weak. Tsmc Taiwan -2%, Hon Hai Precision Industry (Foxconn) -1,6%, SK Hynix -6%, is a memory chip manufacturer and key supplier to Nvidia, Samsung -3%. In Japan, chip testing equipment maker Advantest -0,5%, Tokyo Electron -1,1%. Semiconductor Manufacturing International, China's largest chipmaker and a local rival of Nvidia, is little moved. In terms of indices, Kospi of South Korea -0,9%, Hang Seng of Hong Kong -0,6%, TAIEX index of Taiwan -0,8% Nikkei 225 -0,1%. The index Asx 200 of Australia recorded a decline of 0,4%, benefiting from its lower technological weight, in China China's Shanghai Shenzhen CSI 300 and Shanghai Composite indices fell 0,1% and 0,5%, respectively, remaining at more than six-month lows on weak sentiment about the country's economic recovery. The index Indian Sensex + 0,3 %, less than a point from his historical record.
Among other variables: auctions of Italian bonds for over 9 billion
Yields of bonds ten-year government bonds have moved little. Treasury Notes 3,83-year at 2,26%. XNUMX-year Bund at XNUMX%. construction sector ten-year at 3,64%, spread 138. Today the Italian Treasury places 5 and 10 year BTPs up for auction e Cct at 7 years for a maximum of 9,25 billion euros. Euro dollar to 1,114, +0,1%. Petrolium: Brent and WTI +0,2%, influenced by growing geostrategic tensions. Gold +0,5% to $2.514. Last Tuesday it hit a new all-time high of $2.531. Bitcoin at $59.200, -0,2%, from -$4,5 on Wednesday.
European stock exchanges: what to follow today
European stock markets are seen opening just below parity based on indications provided by futures: EuroStoxx50 -0,16%. Yesterday the FtseMib in Milan closed with a gain of 0,3%, Dax in Frankfurt +0,54%.
Brunello Cucinelli It closes the first half of the year with double-digit growth in profits and confirms the estimate of revenues for the entire year growing around +10%.
UnieuroSplit in the board of directors of the company on review ofFrench Opus from 9 euros cash and 0,1 shares Fnac-Darty for each share of the Italian group delivered. At the end of two marathon meetings, as communicated before the opening of the markets, the Unieuro board did not reach a majority on the heart of the offer, i.e. the consideration: five directors considered the price appropriate, five did not and one abstained.
ENI Morgan Stanley upgraded its rating to Overweight from Equal Weight, with a target price of 18 euros.
Ferrari. The title of the Red continues to update its historical maximum at Piazza Affari and approaches the 450 euro mark. The Maranello company does not confirm, but given the value reached it could also evaluate dividing the share into several parts to reduce its price
Mediobanca It placed a 7-year covered bond for an amount of 750 million euros. The issue recorded orders exceeding 1,1 billion, 74% of which came from abroad.
Moncler Ruffini Partecipazioni Holding has announced that Grinta, a vehicle of the Rivetti family, has communicated its termination from the consultation agreement signed on 24 February 2024, effective from 10 September.
stellantis An independent foundation in the Netherlands has filed a class action lawsuit against the group over alleged fraud by Fiat Chrysler in emissions tests, according to a document seen by Reuters. Last July, the Stellantis group registered 152.830 vehicles in Europe (EU + EFTA + UK), recording a decrease of 4,8% compared to the same month a year ago. The group's market share fell from 15,7% to 14,9 percent. In the January-July period, Stellantis registrations were 1.298.102, (-0,5%) compared to the same period in 2023, with the market share falling from 17,1 to 16,4 percent. This is indicated by the European Automobile Manufacturers' Association ACEA.
Unicredit The date of the Board of Directors meeting that will approve the third quarter results has been moved from October 23 to November 5.
Macro data flurry today
At 9am the preliminary harmonized inflation for August (previous: +2,9% year-on-year), at 11am the index of economic confidence for August of the Eurozone (previous: 95,8 points; consensus: 96 points) along with the August industrial confidence index (previous: -10,5 points; consensus: -10,5 points), the August services confidence index (previous: 4,8 points; consensus: 5 points) and the August final consumer confidence index (preliminary: -13,4 points; consensus: -13,4 points). At 14 pm, an important data for the ECB, the preliminary August inflation of the Germany (previous: +0,3% month-on-month, +2,3% year-on-year; consensus: +0,1% month-on-month, +2,1% year-on-year). As of 14:30 p.m. in Usa: Wholesale Inventories, MoM (expected 0,2%; prev. 0,2%), GDP, QQ (expected 2,8%; prev. 1,4%), Unemployment Claims, Weekly (expected 234K; prev. 232K). At
16:00 still in the US home sales in progress, monthly (expected 0,2%; previous 4,8%)
