- Wall Street opens higher
- US100 bounces off the lower limit of geometry
- Nvidia drops 4% after fiscal-Q2 earnings
- Best Buy surges 15% after fiscal-Q2 earnings
Wall Street indices launched today's trading higher - S&P 500 and Nasdaq opened with a 0.3% bullish price gap, Dow Jones launched 0.6% higher and small-cap Russell 2000 added 0.5%. This comes in spite of Nvidia opening 4% lower, following yesterday's earnings release. Earnings report from Nvidia was not bad, but company has disappointed slightly with forecasts.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appNasdaq-100 futures (US100) took a hit yesterday, with US100 testing support zone ranging below 19,120 pts. This area is marked with 50% retracement of the downward move launched in July as well as the lower limit of the local market geometry. Bulls managed to defend the area and index began to recover, climbing back above 200-period moving average on H4 interval (purple line). Positive reaction to the lower limit of market geometry hints that the short-term uptrend is still in play, and that now the index may return towards recent local highs in the 20,000 pts area.
Company News
Nvidia (NVDA.US) launched today's trading with an around-4% bearish price gap. Company released fiscal-Q2 2025 earnings reports yesterday after close of the Wall Street session. While fiscal-Q2 results turned out to be better-than-expected, some analysts were disappointed with fiscal-Q3 forecasts offered by the company.
Salesforce (CRM.US) launched today's trading higher following release of fiscal-Q2 2025 earnings (May - July 2024 period). Company reported an 8.4% YoY increase in revenue to $9.33 billion (exp. $9.23 billion), with subscription and support revenue climbing 9.5% YoY to $8.76 billion (exp. $8.7 billion). Adjusted operating income was 16% YoY higher at $3.14 billion, with adjusted operating margin improving from 31.6% a year ago to 33.7% now (exp. 32%). Remaining performance obligation increased 15% YoY to $53.5 billion ($52.72 billion). Adjusted EPS improved from $2.12 a year ago to $2.56 now (exp. $2.35). Company expects fiscal-Q3 revenue to reach $9.31-9.36 billion (exp. $9.42 billion), and full-year fiscal-2025 revenue to reach $37.7-38.0 billion, unchanged from previous forecast.
Best Buy (BBY.US) jumped at the start of today's session following release of fiscal-Q2 earnings. Company reported 3.1% YoY decline in fiscal-Q2 revenue to $9.29 billion (exp. $9.24 billion), with US revenue dropping 3% YoY to $8.62 billion (exp. $8.55 billion). Gross margin improve from 23.2% a year ago to 23.5% now and was in-line with market expectations. Adjusted EPS climbed from $1.22 a year ago to $1.34 now, while analysts expected a drop to $1.16. Best Buy expects full-year fiscal-2025 revenue of $41.3-41.9 billion, a slightly narrower range than previous $41.3-42.6 billion. However, full-year adjusted EPS forecast was upgraded from $5.75-6.20 range to $6.10-6.35.
Best Buy (BBY.US) launched today's trading with a massive bullish price gap. Company reported a drop in fiscal-Q2 revenue, but it was smaller than expected, while profits increased. Moreover, Best Buy boosted full-year EPS forecast. Stock opened at the highest level since March 2022 and the nearest resistance zone can be found in the $105 area. Source: xStation5
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