Diamonds and Dogs
NVIDIA (NVDA) is on fire. The chipmaker is up 23% today following blow out earnings. The company easily beat estimates by 26 cents while sales came in at $2.1 billion, $300 million above consensus. The forecast for the coming quarter was similarly rosy, with revenue of roughly $2.1 billion. Analysts had expected the company to provide guidance of $1.69 billion. Management said they had a breakout quarter with record revenue, record margins and record earnings with strength across all product lines. Plenty of upgrades with price targets as high as $95 and $97.
Singles day great for Alibaba (BABA) except for the stock price. Chinese e-commerce behemoth broke its own sales record from last year on Singles Day (11/11). The Hangzhou-based company said sales on its platform topped 102 billion yuan or $15 billion before 8 pm China time. The company had sales of 91.2-billion-yuan last year. Total sales for this year are expected to top $17.7 billion, a new record. Impressive day, but Wall Street seems to be unimpressed with the stock down a percent and a half back to a three month low.