Today is Thursday, February 22, 2024.

The Early Bird Index today is 66.70.

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Nvidia Overcomes China Limits

Shares of Nvidia (Nasdaq: NVDA) jumped by 9.07% in after-hours trading on Wednesday after reporting strong financial results once again.

Financials: Nvidia reported earnings of $5.16 per share in the past quarter and revenue of $22.1 billion; both were better than expected.

Powering the Story: Even though data center sales to China plummeted due to new U.S. government regulations, revenue for the overall data center unit still surged by 409% (wow!) in the past quarter.

Final Thoughts: Nvidia’s stock is up 225% in the last 12 months due to the AI boom. As long as demand for AI chips continues to grow, Nvidia will still be the darling of Wall Street.

Notables

Notable Earnings Today: Moderna (Nasdaq: MRNA), Block (NYSE: SQ), Newmont (NYSE: NEM), Live Nation (NYSE: LYV), Fiverr (NYSE: FVRR), Wayfair (NYSE: W), Booking Holdings (Nasdaq: BKNG), Carvana (NYSE: CVNA), Planet Fitness (NYSE: PLNT), Pioneer Natural Resources (NYSE: PXD), Intuit (Nasdaq: INTU), Builders FirstSource (NYSE: BLDR), MercadoLibre (Nasdaq: MELI), Cheniere Energy (NYSE: LNG), ZipRecruiter (NYSE: ZIP), ACCO Brands (NYSE: ACCO), Alarm.com (Nasdaq: ALRM), Altair Engineering (Nasdaq:ALTR), American Homes 4 Rent (NYSE: AMH), Arcadium Lithium (NYSE: ALTM), Ardelyx (Nasdaq: ARDX), BigCommerce (Nasdaq: BIGC), BioMarin Pharmaceutical (Nasdaq: BMRN), Brady (NYSE: BRC), Cars.com (NYSE: CARS), Chuy's (Nasdaq: CHUY), Clearway Energy (NYSE: CWEN), Copart (Nasdaq: CPRT), Coterra Energy (NYSE: CTRA), Dominion Energy (NYSE: D), Edison (NYSE: EIX), Enovis Corporation (NYSE: ENOV), Entergy (NYSE: ETR), Evolent Health (NYSE: EVH), eXp World Holdings (Nasdaq: EXPI),  Floor & Decor (NYSE: FND), Fox Factory Holding (Nasdaq: FOXF), Genco Shipping & Trading (NYSE: GNK), Guardant Health (Nasdaq: GH), Harmony Biosciences (Nasdaq: HRMY), Hillman Solutions (Nasdaq: HLMN), indie Semiconductor (Nasdaq: INDI), Intellia Therapeutics (Nasdaq: NTLA), Iron Mountain (NYSE: IRM), iRhythm (Nasdaq: IRTC), Keurig Dr Pepper (Nasdaq: KDP), Newmark Group (Nasdaq: NMRK), NICE (Nasdaq: NICE), Nikola (Nasdaq: NKLA), Noble (NYSE: NE), Nu Holdings (NYSE: NU), Northern Oil & Gas (NYSE: NOG), Nutrien (NYSE: NTR), Oceaneering International (NYSE: OII), Pembina Pipeline (NYSE: PBA), PG&E (NYSE: PCG), Pool (Nasdaq: POOL), Quanta Services (NYSE: PWR), RE/MAX Holdings (NYSE: RMAX), Rocket Companies (NYSE: RKT), Sleep Number (Nasdaq: SNBR), Sprouts Farmers Market (Nasdaq: SFM), SPX Corp (NYSE: SPXC), Starwood Property Trust (NYSE: STWD), Teck Resources (NYSE: TECK), Teleflex (NYSE: TFX), Trinity Industries (NYSE: TRN), Universal Display (Nasdaq: OLED), VICI Properties (NYSE: VICI), XPEL (Nasdaq: XPEL).

Notable IPOs Today: Valkyrie Bitcoin Futures Leveraged Strategy ETF (Nasdaq: BTFX).

Notable Equity Crowdfunding Campaigns Ending Today: Y'all Company (Honeycomb), Flower Turbines (StartEngine).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), S&P Global Services PMI (9:45 a.m. ET), S&P Global US Manufacturing PMI (9:45 a.m. ET), S&P Global Composite PMI (9:45 a.m. ET), Existing Home Sales (10:00 a.m. ET), Crude Oil Inventories (11:00 a.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Rivian's 2024 Production Goals

On Wednesday, the electric vehicle manufacturer Rivian Automotive (Nasdaq: RIVN) reported a loss of $1.73 per share in the past quarter, which is lower than expected. The stock fell by 15.27% in after-hours trading.

Powering the Story: Things are so bad that Rivian announced it is cutting its workforce by 10%. Rivian only expects to produce 57,000 vehicles in 2024, which is lower than expected.

Final Thoughts: Rivian, down 19% in the last 12 months, is struggling due to lower demand for EVs.

Binance Coin Gets Boost

Binance Coin, the official cryptocurrency of the crypto trading platform Binance, jumped 6% on Wednesday after Binance unveiled PORTAL as its 47th Launchpool Project.

Final Thoughts: Despite problems with the Binance platform, Binance Coin is still up 21% in the last 12 months.

Trends to Watch

Slowdown: Etsy’s stock is dropping on earnings miss, slow start to fiscal year (MarketWatch)

Seeing $150,000: Bitcoin Could Hit $150K This Year, Says Fundstrat's Tom Lee (CoinDesk)

Leadership Shakeup: Boeing 737 Executive to Exit After Alaska Blowout (Wall Street Journal)

Going Back 12 Years: Palo Alto Networks shares drop most since 2012 IPO (CNBC)

Trying to Compete: Intel to manufacture chips for Microsoft as AI drives demand (Financial Times)

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The contents from Early Bird are for informational and entertainment purposes only and do not constitute financial or legal advice.