Along with virus news, fourth quarter earnings reports continue to move the market as well as individual stocks.
Stock in graphics chip maker Nvidia (NVDA), online travel agent Expedia (EXPE) and TV-streaming service provider Roku (ROKU) are all soaring after the trio reported encouraging earnings Thursday evening.
Nvidia reported $1.89 in per share earnings. Wall Street was looking for $1.67 a share. Expedia reported $1.24 in per share earnings. Analysts predicted $1.19 a share. And Roku management said they expect to generate $1.6 billion in 2020 sales. The consensus 2020 sales estimate was a little lower at $1.57 billion. Roku isn’t profitable yet.
Nvidia stock is up almost 7% in premarket trading. Expedia shares are up almost 12%. Roku stock is up 8%.
Arista Networks (ANET) also reported earnings that beat expectations Thursday evening. But its share aren’t up. They are dropping, down almost 8% in premarket trading. This looks like a case where Wall Street’s “whisper numbers” were ahead of published estimates. Arista reported $2.29 in per share earnings. Analysts predicted $2.09. What’s more, the company guided for $527 million in first quarter sales, a little higher than the $524 million analyst consensus.
Marijuana producer Canopy Growth (CGC) reported numbers Friday morning and its stock is jumping higher. Sales were better than expected, coming in at about $93 million. Analysts modeled $79 million. What’s more, the company reported a smaller than expected loss. Shares are up 17.6% in premarket trading.
Finally, Tesla (TSLA) stock continues to move. Shares are up more than 90% year to date and the record market value may be what prompted management to sell more shares. The company announced it would raise about $2 billion in a stock offering Thursday. The offering priced at $767 a share, about a 5% discount to the stock’s $804 closing price. The discount isn’t a surprise. Investors buying a large block of stock always want a deal. Shares, for now, are down 1.8% in premarket trading to just under $790.
Write to Al Root at email@example.com