For the first time in 33 years, Nvidia Corp. (NASDAQ:NVDA) will report quarterly results without Jensen Huang at the helm.
Huang resigned Thursday as president, CEO and board member, effective immediately. Chief Financial Officer Colette Kress is interim CEO while the board searches for a successor.
Nvidia reports fiscal third-quarter results Tuesday, Nov. 17, after the close. Analysts expect earnings of $2.48 per share on revenue of $109.23 billion, according to Benzinga Pro data.
Options traders expect a swing of about 9.1% in either direction.
Nvidia’s Longest Losing Streak Since 2012
Nvidia fell 12.7% this week to $162.85, its sixth straight weekly decline and the longest since October 2012.
The stock is down 31.9% from its record close of $239.24 on Oct. 6, a loss of about $1.8 trillion in market value.
Friday brought a China headline. Bloomberg News reported that a Chinese company founded by Alice Huang, the woman at the center of the controversy that pushed Huang out, procured banned Nvidia chips installed at a Shanghai data center.
Chinese filings list 22 Dell Technologies Inc. (NYSE:DELL) servers with H800 chips and 52 Super Micro Computer Inc. (NASDAQ:SMCI) servers with H100 or H200 chips, Bloomberg said. Nvidia declined to comment, and Aperia and Megaspeed have denied wrongdoing.
“Leadership change amidst lack of clarity on succession has driven aggressive de-rating, with the stock down 22%,” Frank Lee, global head of tech hardware and semiconductor research at HSBC, said in a note Friday. HSBC cut Nvidia to Hold with a $170 target.
“We believe the coast is clear to start buying the stock,” James Demmert, chief investment officer at Main Street Research, said in emailed comments.
Which Stocks Could Swing The Most This Week?
These are the 10 largest expected movers of the week, among U.S.-listed stocks with at least $10 billion in market cap, according to Benzinga Pro data.
An implied move is the percentage swing in either direction that options traders expect right after earnings.
10. Viking: 8.97% Implied Move
The cruise operator reports Nov. 17 before the open. Analysts expect earnings of $1.27 per share on revenue of $2.21 billion.
Rivals Royal Caribbean Cruises Ltd. (NYSE:RCL) and Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) raised full-year guidance in October. Wells Fargo cut its target to $118 on Nov. 9.
Viking Holdings Ltd (NYSE:VIK) has gained 25.2% year to date.
9. Keysight: 8.97% Implied Move
The test and measurement company reports its fiscal fourth quarter Nov. 19 after the close. Consensus calls for earnings of $3.37 per share on revenue of $1.95 billion.
Jason Kary becomes CFO Dec. 18, succeeding Neil Dougherty.
Keysight Technologies Inc. (NYSE:KEYS) has gained 46.5% year to date.
8. Nvidia: About 9.1% Implied Move
Benzinga analyst ratings show at least six downgrades Thursday and Friday, including Truist, Melius Research, Oppenheimer and Bernstein. Barclays kept Overweight but cut its target to $210.
Investors will watch Kress‘s first call as interim CEO and China exposure.
Nvidia Corp. (NASDAQ:NVDA) is down 12.7% year to date.
7. Amer Sports: 9.15% Implied Move
The owner of Arc’teryx and Salomon reports Nov. 17 before the open. The Street expects earnings of 35 cents per share on revenue of $2.14 billion.
In September it raised third-quarter revenue growth guidance to 20% to 22%, from 18% to 20%.
Amer Sports Inc. (NYSE:AS) is down 19.7% year to date.
6. Woodward: 9.55% Implied Move
The aerospace controls maker reports its fiscal fourth quarter Nov. 18 after the close. Analysts model earnings of $2.51 per share on revenue of $1.14 billion.
It agreed in September to sell its Santa Clarita campus and legacy product lines, affecting about 400 roles.
Woodward Inc. (NASDAQ:WWD) has gained 9.1% year to date.
5. Palo Alto Networks: 9.60% Implied Move
The cybersecurity company reports its fiscal first quarter Nov. 18 after the close. Consensus calls for earnings of 97 cents per share on revenue of $3.31 billion.
KeyBanc upgraded the stock to Overweight with a $380 target Friday, yet shares reversed lower.
Palo Alto Networks Inc. (NASDAQ:PANW) has gained 75.4% year to date.
4. H World: 11.66% Implied Move
The China-based hotel operator reports Nov. 16 before the open. Benzinga Pro data show consensus earnings of 78 cents per share on revenue of $1.14 billion.
H World Group Ltd (NASDAQ:HTHT) has gained 6.5% year to date.
3. Everpure: 14.90% Implied Move
The data storage company reports its fiscal third quarter Nov. 18 after the close. Analysts expect earnings of 77 cents per share on revenue of $1.33 billion.
It reaffirmed fiscal 2027 revenue guidance of $5.03 billion to $5.07 billion in September. Guggenheim has a $215 target, while UBS has a Sell rating and an $88 target.
Everpure, Inc. (NYSE:P) has gained 61.5% year to date.
2. Frontline: 16.18% Implied Move
The crude tanker owner reports Nov. 20 before the open. Analysts expect earnings of $2.31 per share on revenue of $729.34 million.
Tanker stocks fell Oct. 15 on reports that Washington may ease shadow fleet sanctions.
Frontline Plc (NYSE:FRO) has gained 116.1% year to date.
1. Bending Spoons: 21.72% Implied Move
The Milan-based app developer reports its third quarter Nov. 20 before the open. Analysts expect earnings of 32 cents per share on revenue of $745.69 million.
Berkshire Hathaway Inc. (NYSE:BRK) invested another $330 million at $33 per share on Oct. 29, lifting its stake to 4%. Since July, shares have traded between $30.11 and $59.50.
Bending Spoons S.p.A. (NASDAQ:BSP) last traded at $41.41.
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