Category: Stock Market News

Nvidia Corp. shares looked for direction in the extended session Thursday after the graphics-processing unit maker topped Wall Street results for the quarter. Nvidia shares, which had risen as much as 2% after the report, were last down 0.3% at $204.67 after hours, following a 1.8% decline in the regular session. The company reported third-quarter net income of $838 million, or $1.33 a share, compared with $542 million, or 83 cents a share, in the year-ago period. Revenue rose to $2.64 billion from $2 billion in the year-ago period. Analysts surveyed by FactSet had estimated 95 cents a share on revenue of $2.36 billion. For the fourth quarter, Nvidia estimates revenue of $2.65 billion, plus or minus two percentage points. Analysts had forecast revenue of $2.44 billion.

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Nordstrom Inc. shares fell more than 3% late Thursday after the retailer’s comparable-store sales fell more than Wall Street expected, and sales were slightly below forecasts. Nordstrom said it earned $114 million, or 67 cents a share, versus a loss of $10 million, or 6 cents a share, in the year-ago period. Revenue rose to $3.54 billion, from $3.47 billion a year ago. Analysts polled by FactSet had expected earnings of 64 cents a share on sales of $3.57 billion. Comparable-store sales fell 0.9%, compared with expectations of a decline around 0.3% according to FactSet. Nordstrom kept its call for flat comparable sales for fiscal 2017 and tweaked lower the upper limit of its forecast for 2017 per-share earnings to between $2.85 a share and $2.95 share, from a previous guidance of between $2.85 a share and $3.00 a share.

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Despite the firm selloff in the major indexes from record highs Thursday, the Arms Index, used to measure buying or selling intensity, suggested investors were in a buying mood. On big down days, the Arms tends to rise above 1.000, as the ratio of down volume to up volume rises relative to the ratio of declining stocks to rising stocks. But the NYSE Arms slipped to 0.699–though the Nasdaq Arms approached 1 at 0.997–a sign that buyers on the dip have been more aggressive than sellers. The Nasdaq Composite Index fell the most since late October, as did the Dow Jones Industrial Average and the S&P 500 . Those moves came as the CBOE Volatility Index , a measure of implied volatility, jumped 7.7% to trade at 10.53, still far below its historically average at around 19.

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Walt Disney Co. shares fell in the extended session Thursday after the company reported an earnings and revenue miss. Disney shares fell more than 3% to $99.34 after hours. The company reported fiscal fourth-quarter net income of $175 billion, or $1.13 a share, compared with $1.77 billion, or $1.10 a share, in the year-ago period. Adjusted earnings were $1.07 a share. Revenue fell to $12.78 billion from $13.14 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $1.15 a share on revenue of $13.3 billion. For the fiscal first quarter, analysts model earnings of $1.66 a share on revenue of $15.48 billion. Disney stock has dropped 1% this year, with the S&P 500 index rising 16%.

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U.S. stocks closed lower on Thursday, with major indexes retreating from record levels and the Dow snapping a seven-day winning streak as the latest details on tax legislation out of Washington pointed to a less aggressive timetable than investors had hoped. The Dow Jones Industrial Average fell 101 points, or 0.4%, to 23,462. The S&P 500 ended down by 0.4%, or 9.8 points, at 2,585. The Nasdaq Composite Index fell 0.6%, or 39 points, to 6,750. Thursday marked the biggest one-day percentage decline for all three since late October. The decline came after tax legislation unveiled by Senate Republicans indicated it would delay a cut in the corporate rate until 2019, as opposed to next year, as proposed by House Republicans. The day’s losses were led by the industrial sector, which fell 1.3%, and materials and technology stocks, both of which fell 0.8%. On the upside, Roku Inc. soared 55% a day after it reported earnings and revenue that came in above analyst forecasts.

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The House Ways and Means Committee passed a Republican tax-cut bill on Thursday, advancing a key GOP priority. The measure, which would cut corporate taxes to 20% and eventually eliminate the estate tax, passed the panel by a vote of 24 to 16. It now heads to the House floor. The Senate Finance Committee released its own tax plan earlier Thursday, and the two chambers must agree on a single measure before sending it to President Donald Trump.

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The Senate Finance Committee on Thursday released its version of a tax plan, which differs in some key respects from a House panel’s. The Senate version would delay implementing a 20% corporate tax until 2019, versus next year, as House Republicans wanted. It also sets a top individual rate of 38.5% instead of the 39.6% in the House plan. The Senate measure also would double the estate-tax exemption but not repeal the tax, as House Republicans wanted. And unlike the House bill, the Senate’s fully repeals the deduction for state and local taxes. The House and Senate versions would need to be reconciled into one bill for President Donald Trump to sign.

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Senate Majority Leader Mitch McConnell said Alabama Republican Senate nominee Roy Moore must “step aside” if allegations about his initiating a sexual encounter with a 14-year-old girl when he was 32 are true. A Washington Post report Thursday described that alleged encounter, and says three other women also said they were pursued by Moore when they were teenagers. Moore, now 70 years old, is running in the special election for Attorney General Jeff Sessions’ former seat against Democrat Doug Jones.

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Nvidia Corp.’s stock slid 2.9% in afternoon trade Thursday, extending its pullback from a record close earlier this week, as investors brace for the graphics chip maker’s fiscal third-quarter results after the close. Options traders are expecting a relatively volatile reaction to the results, perhaps with a slight upward bias. A strategy known as a straddle, which involves the simultaneous purchase of both bullish and bearish options with identical strike prices at current levels, implies a one-day post-earnings move of about 7.8% in either direction. The average one-day post-earnings move over the past 32 quarters has been 7.3%, with the average decline on the 12 down days of 4.8% and the average decline on the 20 up days of 8.8%. Nvidia’s stock closed at a record of $212.03 on Tuesday. It has nearly tripled (up 191%) over the past 12 months, making it the best performing S&P 500 component over that time period.

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Apple Inc. has acquired privately held InVisage Technologies, according to a media report Thursday. It was not immediately clear when Apple bought the company, and neither firm responded to a request for comment. Apple stock edged down less than 1% to $174.67 in afternoon trading. InVisage makes digital image sensors that are often deployed in cameras such as those on smartphones, medical imaging devices, and in automotive imaging. InVisage has raised an estimated $33 million and last took on funding in December of 2014, according to FactSet. Apple stock has gained 50% this year, with the S&P 500 index rising 16%. The Dow Jones Industrial Average , of which Apple is a component, is up 18% this year.

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