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Nvidia Corp – Forecast fourth-quarter revenue above analysts’ expectations betting on growth in its data center business as more internet companies set out to invest in artificial intelligence and the metaverse. Nvidia said it expects current-quarter revenue of $7.40 billion, plus or minus 2%, above analysts’ average estimate of $6.86 billion. Outstanding inventory purchases and long-term supply obligations were $6.90 billion, up from $2.57 billion a year earlier. Revenue in Nvidia’s gaming unit rose 42% to $3.22 billion and data centers surged 55% to $2.94 billion. Analysts expected $3.13 billion and $2.75 billion for gaming and data centers, respectively. Overall, revenue rose about 50% to $7.10 billion for the three months above the average estimate of $6.83 billion.
Sono Group – Successful debut on the Nasdaq yesterday, the German solar-powered electric-vehicle developer rocketed nearly 155% from the $15 offer price. Sono Group parent of Sono Motors, was the first IPO to open Wednesday. Shares kicked off at $20.06 and closed at $38.20, up $23.20 from the offer price. Sonos is benefiting from the debut of Rivian Automotive (RIVN) last week.
Alibaba Group Holdings – China’s Alibaba Group missed market expectations for second-quarter revenue, as consumption in the country slowed and its e-commerce business took a hit from supply chain constraints. China’s big tech companies have also been under pressure as the country’s regulators clamped down on powerful players from Alibaba to ride-hailing giant Didi Global. Revenue rose 29% to 200.69 billion yuan ($31.44 billion) in the quarter. Analysts expected revenue of 204.93 billion yuan, according to Refinitiv data.
Macy’s – Raised its full-year sales and profit outlook on Thursday, easing fears that the department store chain would struggle with product shortages during the crucial holiday season. The retailer’s shares rose 3% in premarket trading. After last year’s lockdown-driven slump, department stores have made a comeback in recent months as Americans returning to offices and social events splurge on perfumes, dresses and formal wear. An early start to holiday shopping by consumers worried about thin product supply during the festive season has also supported sales of retailers. The company said it expected full-year net sales of $24.12 billion to $24.28 billion, compared with a previous forecast of $23.55 billion to $23.95 billion. It also raised its 2021 adjusted earnings per share outlook to between $4.57 and $4.76, compared with a prior forecast of $3.41 to $3.75.
Kohl’s – Raised its full-year net sales forecast on Thursday as the department store chain, like rival Macy’s Inc benefited from Americans stepping out to shop more following the easing of pandemic restrictions. The company said it expects 2021 net sales to increase in the mid-twenties percentage range, compared with a previous forecast of low-twenties percentage rise. EPS beats by $0.95, beats on revenue, raises FY2021 outlook.
EV Stocks – The group back under pressure for the second straight session, LCID is the most active in early trading down another 5% on top of yesterday’s sharp selloff. RIVN shares are also lower, shares of the startup, which made its trading debut last week and skyrocketed its shares in five sessions, fell a whopping 10% to $153.98 in New York. The company’s market cap slipped back below Volkswagen AG handing back its position as the world’s third-largest automaker by market value. The rapid rally in Rivian came amid growing investor demand for EV-related equities as governments and companies globally announce policies and plans to address the challenges posed by climate change. RIVN, LCID, FSR, BLNK, CHPT
Cisco Systems – Sharply lower premarket after forecast current-quarter revenue below expectations as supply chain shortages and delays drive up costs. Shares of the network gear maker fell 6.3% in extended trading after it said it expects second-quarter revenue to grow 4.5% to 6.5% year-over-year, compared with Wall Street expectations of about 7.4%. The San Jose, California-based company said it expects second-quarter profit per share between 80 cents and 82 cents, with the midpoint narrowly missing Refinitiv IBES estimates of 82 cents. Revenue for the quarter ended Oct. 30 was $12.90 billion. Analysts on average had expected revenue of $12.98 billion
Affirm Holdings – Lower after announcing its intention to offer, subject to market conditions and other factors, $1.25 billion aggregate principal amount of Convertible Senior Notes due 2026.
Cloopen Group Holdings – Chinese based small cap telecom services company higher after better than expected results. Reported Q3 Revenue RMB 276.1 Million, Up By 44.3%.
Cardiff Oncology – Cardiff Oncology announced a $15 Million equity investment from Pfizer through its Pfizer Breakthrough Growth Initiative.