Qualcomm's AI Forecast 🚀

Plus, Carvana's surprise Q1 profit.

Today is Thursday, May 2, 2024.

The Early Bird Index today is 66.46.

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Qualcomm's AI Forecast 🚀 

Qualcomm (Nasdaq: QCOM) posted good financial results on Wednesday, causing the stock to jump 4.11% in after-hours trading.

Financials: Qualcomm reported earnings of $2.44 per share in the past quarter and revenue of $9.38 billion; both were better than expected.

Powering the Story: The company expects revenue in the current quarter to be in the range of $8.8 billion to $9.6 billion, which is better than anticipated. Qualcomm said it was  “enabling leading on-device AI capabilities across multiple product categories.”

Final Thoughts: Qualcomm was up nearly 17% in 2024 before these results. It is riding the AI wave.

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Notables

Notable Earnings Today: Apple (Nasdaq: AAPL), Coinbase Global (Nasdaq: COIN), Peloton Interactive (Nasdaq: PTON), Block (NYSE: SQ), Moderna (Nasdaq: MRNA), DraftKings (Nasdaq: DKNG), Zoetis (NYSE: ZTS), Live Nation (NYSE: LYV), PENN Entertainment (Nasdaq: PENN), Shake Shack (NYSE: SHAK), Bill.com (NYSE: BILL), Fortinet (Nasdaq: FTNT), ConocoPhillips (NYSE: COP), Novo Nordisk (NYSE: NVO), GoDaddy (NYSE: GDDY), Amgen (Nasdaq: AMGN), U.S. Steel (NYSE: X), Booking Holdings (Nasdaq: BKNG), Wayfair (NYSE: W), Expedia Group (Nasdaq: EXPE), Sabre (Nasdaq: SABR), Cloudflare (NYSE: NET), Stanley Black & Decker (NYSE: SWK), Utz Brands (NYSE: UTZ), WW (Nasdaq: WW), The Cigna Group (NYSE: CI), Wendy's (Nasdaq: WEN), Hologic (Nasdaq: HOLX), Motorola Solutions (NYSE: MSI), Rocket Companies (NYSE: RKT), AAON (Nasdaq: AAON), AGCO Corp (NYSE: AGCO), Agios Pharmaceuticals (Nasdaq: AGIO), Altice USA (NYSE: ATUS), Apollo Global Management (NYSE: APO), Aptiv (NYSE: APTV), ArcelorMittal (NYSE: MT), Ares Management (NYSE: ARES), Arrow Electronics (NYSE: ARW), Asure Software (Nasdaq: ASUR), Baxter (NYSE: BAX), Beacon Roofing Supply (Nasdaq: BECN), Becton, Dickinson and Company (NYSE: BDX), BJ Restaurants (Nasdaq: BJRI), BorgWarner (NYSE: BWA), Bright Horizons (NYSE: BFAM), BrightSpring Health Services (Nasdaq: BTSG), Cable ONE (NYSE: CABO), Canadian Natural Resources (NYSE: CNQ), Cardinal Health (NYSE: CAH), Church & Dwight (NYSE: CHD), Cinemark (NYSE: CNK), CNH Industrial (NYSE: CNHI), Cognex (Nasdaq: CGNX), Cohu (Nasdaq: COHU), Cummins (NYSE: CMI), CyberArk Software (Nasdaq: CYBR), DaVita (NYSE: DVA), Digital Realty Trust (NYSE: DLR), Dolby Labs (NYSE: DLB), Dominion Energy (NYSE: D), Driven Brands (Nasdaq: DRVN), El Pollo Loco (Nasdaq: LOCO), Enovis Corporation (NYSE: ENOV), Eversource Energy (NYSE: ES), Exelon (Nasdaq: EXC), ExlService (Nasdaq: EXLS), Federal Realty (NYSE: FRT), Five9 (Nasdaq: FIVN), Floor & Decor (NYSE: FND), Fox Factory Holding (Nasdaq: FOXF), Frontdoor (Nadaq: FTDR), Frontier Group Holdings (Nasdaq: ULCC), Howmet Aerospace (NYSE: HWM), Huntington Ingalls (NYSE: HII), IdaCorp (NYSE: IDA), InMode (Nasdaq: INMD), Illumina (Nasdaq: ILMN), Insight Enterprises (Nasdaq: NSIT), InterDigital (Nasdaq: IDCC), IQVIA (NYSE: IQV), Iron Mountain (NYSE: IRM), Itron (Nasdaq: ITRI), ITT (NYSE: ITT), Janus Henderson Group (NYSE: JHG), Kellanova (NYSE: K), Kimbell Royalty Partners (NYSE: KRP), Kimco Realty (NYSE: KIM), Kontoor Brands (NYSE: KTB), Lamar Advertising (Nasdaq: LAMR), Lancaster Colony (Nasdaq: LANC), Lincoln National (NYSE: LNC), Linde (Nasdaq: LIN), LXP Industrial Trust (NYSE: LXP), Malibu Boats (Nasdaq: MBUU), Moody's (NYSE: MCO), MP Materials (NYSE: MP), Murphy Oil (NYSE: MUR), Opendoor Technologies (Nasdaq: OPEN), Organon (NYSE: OGN), Parker-Hannifin (NYSE: PH), Paylocity (Nasdaq: PCTY), Peabody Energy (NYSE: BTU), Pinnacle West (NYSE: PNW), Pitney Bowes (NYSE: PBI), Quanta Services (NYSE: PWR), Regeneron Pharmaceuticals (Nasdaq: REGN), Sealed Air (NYSE: SEE), SolarWinds (NYSE: SWI), Tandem Diabetes Care (Nasdaq: TNDM), Texas Roadhouse (Nasdaq: TXRH), Turning Point Brands (NYSE: TPB), Universal Display (Nasdaq: OLED), Viavi (Nasdaq: VIAV), Vontier (NYSE: VNT), Vulcan Materials (NYSE: VMC), Walker & Dunlop (NYSE: WD), Workiva (NYSE: WK), Xenia Hotels (NYSE: XHR), XPEL (Nasdaq: XPEL), Xponential Fitness (NYSE: XPOF), Xylem (NYSE: XYL).

Notable IPOs Today: Sow Good Inc. Common Stock (Nasdaq: SOWG), Holdco Nuvo Group D.G Ltd. Ordinary Shares (Nasdaq: NUVO), Churchill Capital Corp IX Unit (Nasdaq: CCIXU).

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Trade Balance / Imports / Exports (8:30 a.m. ET), Unit Labor Costs (8:30 a.m ET), Nonfarm Productivity (8:30 a.m. ET), Factory Orders (10:00 a.m. ET).

Carvana's Surprise Q1 Profit

Online used car retailer Carvana (NYSE: CVNA) posted a surprise profit on Wednesday and the shares surged by 32.54% in after-hours trading.

Final Thoughts: The company had record Q1 income, record adjusted EBITDA, and record Q1 gross profit per unit. Carvana was up 78% in 2024 before these results.

DoorDash Still Losing Money

DoorDash (Nasdaq: DASH) fell 15.20% in after-hours trading on Wednesday after posting mixed financial results.

Final Thoughts: Despite records for total orders and revenue, the company still lost money in the quarter. The stock was up 32% in 2024 before these results.

Thank you for reading!

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.