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    Home ยป Stock Futures Mixed Ahead of Thanksgiving
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    Stock Futures Mixed Ahead of Thanksgiving

    November 22, 20233 Mins Read
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    Stock futures indicated a mixed start on Wednesday as traders eagerly anticipated data on jobless claims and consumer sentiment ahead of the Thanksgiving holiday. The Nasdaq Composite futures dipped following Nvidia’s latest earnings report.

    Nvidia Surpasses Expectations

    Nvidia (NVDA) reported adjusted third-quarter earnings of $4.02 per share, exceeding analysts’ forecasts of $3.37. Additionally, the company achieved record revenue of $18.1 billion. Notably, data center revenue experienced a significant surge of 279% compared to the same period last year, reaching $14.5 billion. Looking ahead to the fourth quarter, Nvidia projected a revenue range with $20 billion at the midpoint, surpassing the consensus estimate of $18 billion. Despite this positive outlook, Chief Financial Officer Colette Kress acknowledged that sales to areas impacted by the U.S. government’s export restrictions, such as China, were expected to decrease in the fourth quarter. However, strong growth in other regions was predicted to more than compensate for this decline. As a result of these updates, shares of the chip maker experienced a slight decline of 1.1%.

    Sam Altman Returns to OpenAI

    Microsoft (MSFT) saw a modest increase of 0.4% in premarket trading after the announcement that Sam Altman would be taking on the role of chief executive at OpenAI. It is important to note that Microsoft holds the largest investment in OpenAI. Altman had previously been dismissed by the previous OpenAI board, a decision that led to a significant portion of OpenAI employees threatening to resign. In an effort to curb the backlash, Microsoft swiftly responded by offering employment opportunities to those affected. Furthermore, Microsoft had previously announced their intention to hire Altman as the leader of a new advanced AI research team.

    Autodesk Beats Estimates and Raises FY Forecast

    Autodesk (ADSK) delivered impressive third-quarter earnings and revenue that surpassed analysts’ expectations. The software company has also raised its forecast for the fiscal year ending in January. Autodesk now expects its revenue to rise by 9%, projecting a range of $5.45 billion to $5.465 billion. This is an increase from the previous forecast of $5.405 billion to $5.455 billion. However, guidance for billings remains unchanged, with the company targeting a range of $5.075 billion to $5.175 billion. Despite the positive news, shares fell by 5%.

    HP Inc. Reports In-Line Q4 Revenue, Foresees Turnaround

    HP Inc. (HPQ) announced that its fiscal fourth-quarter revenue stood at $13.8 billion, meeting Wall Street’s estimates. However, this represents a 6.5% decline compared to the previous year. Despite this setback, the computer and printer manufacturer expressed optimism about the future, forecasting a turnaround in the coming year. HP Inc. reiterated its previous profit outlook for fiscal 2024. Unfortunately, the company’s stock declined by 3.1%.

    Urban Outfitters Exceeds Expectations, but Notes Demand Moderation

    Urban Outfitters (URBN) reported better-than-expected earnings and sales for the third quarter. However, during the conference call, the retailer acknowledged a slight moderation in demand that began last month. Additionally, Urban Outfitters expressed less optimism about the performance of its namesake stores. As a result, the stock fell by 5%.

    Guess Disappoints with Lower Earnings and Slashed Outlook

    Guess (GES) experienced lower-than-expected adjusted earnings for the third quarter, causing the retailer to reduce its profit and revenue outlook for the fiscal year. Consequently, the stock tumbled by 15% in premarket trading.

    DLocal CFO to Step Down, Revenue Misses Forecasts

    DLocal (DLO) announced the impending departure of its chief financial officer, alongside third-quarter revenue that fell short of analysts’ expectations. This news led to a 14% drop in the stock.

    Deere to Report Q4 Earnings

    Deere (DE) is scheduled to release its fiscal fourth-quarter earnings before the stock market opens on Wednesday.

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