Nvidia's 10-for-1 Stock Split 🎉

And, Snowflake's strong customer interest.

Today is Thursday, May 23, 2024.

The Early Bird Index today is 73.11.

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Nvidia's 10-for-1 Stock Split 🎉

Nvidia (Nasdaq: NVDA) jumped 6.06% in after-hours trading on Wednesday after the chipmaker posted strong results and announced a stock split.

Financials: Nvidia reported earnings of $6.12 per share in the past quarter and revenue of $26.04 billion; both were better than expected.

Details: Data center revenue climbed 23% to a record $22.6 billion. Automotive revenue jumped 17% to $329 million.

Powering the Story: Investors were giddy after Nvidia announced a ten-for-one forward stock split. This will lower the stock price (divide the stock price by 10), but you get nine additional shares in June for every share of Nvidia stock.

Also: Nvidia hiked its dividend by 150%.

Quote: “The next industrial revolution has begun.” - CEO Jensen Huang.

Yes, But: It wasn’t all perfect for Nvidia. Gaming revenue dropped by 8%.

Stock Price: Nvidia is up 97% in 2024, including a 15% jump in the last 30 days.

Final Thoughts: Thanks to the stock split, investors can buy Nvidia stock in June at 1/10 the current price.

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Notables

Notable Earnings Today: Ralph Lauren (NYSE: RL), Intuit (Nasdaq: INTU), Ross Stores (Nasdaq: ROST), BJ's Wholesale (NYSEL BJ), Workday (Nasdaq: WDAY), Medtronic (NYSE: MDT), Endava (NYSE: DAVA), StepStone Group (Nasdaq: STEP), NetEase (Nasdaq: NTES), Titan Machinery (Nasdaq: TITN), Lions Gate Entertainment (NYSE: LGF.A), American Woodmark (Nasdaq: AMWD), Deckers Outdoor (NYSE: DECK), Emeren Group (NYSE: SOL), Hamilton Lane (Nasdaq: HLNE), KE Holdings (NYSE: BEKE), Monro Muffler (Nasdaq: MNRO), Silvercorp Metals (NYSE American: SVMO), Shoe Carnival (Nasdaq: SCVL), Toronto-Dominion Bank (NYSE: TD), Triumph Group (NYSE: TGI), Weibo (Nasdaq: WB).

Notable IPOs Today: Bowhead Specialty Holdings Inc. (NYSE: BOW).

Notable Equity Crowdfunding Campaigns Ending Today: Circa81 Design (Honeycomb), Rummies & Yummies (Honeycomb), Looking Glass Coffee (Honeycomb), SUMAC (Honeycomb).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Building Permits (8:30 a.m. ET), S&P Global US Manufacturing PMI (9:45 a.m. ET), S&P Global Services PMI (9:45 a.m. ET), S&P Global Composite PMI (9:45 a.m. ET), New Home Sales (10:00 a.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Snowflake's Strong Customer Interest

Source: Snowflake

Despite mixed financial results on Wednesday, shares of data cloud company Snowflake (NYSE: SNOW) increased by 4.15% in after-hours trading.

Financials: Snowflake reported earnings of 14 cents per share in the past quarter, which was lower than expected. But revenue was better than expected at $828.7 million.

Quote: “Our AI products, now generally available, are generating strong customer interest.” - CEO Sridhar Ramaswamy.

Final Thoughts: Snowflake, down 13% this year, aims to turn around its stock with AI customer interest.

VF Corp Posts Surprise Loss

The global apparel and footwear company VF Corp (NYSE: VFC) fell 11.84% in after-hours trading on Wednesday after reporting a surprise loss and lower sales.

Final Thoughts: VF Corp is down 33% in 2024. It’s a bad year for some retail stocks.

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