Nvidia Falls on Forecast, JM Smucker Slides, HP Surges

Stock Movers

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6d ago 4:23

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On this episode of Stock Movers:

- Nvidia (NVDA) gave a tepid revenue forecast for the current period, signaling that growth is decelerating after a two-year boom in AI spending. The company forecast sales of roughly $54 billion in the fiscal third quarter, which was in line with the average Wall Street estimate, but excluded data center revenue from China. Nvidia shares fell about 2% in extended trading following the announcement, and the company also approved an additional $60 billion in stock buybacks.

- JM Smucker (SJM) shares fell after it reported that first-quarter net sales were weighed down by decreased sales of coffee, dog snacks, sweet baked goods and fruit spreads. The owner of the Folgers and Cafe Bustelo coffee brands reported adjusted earnings per share of $1.90 in the fiscal first quarter ended July 31, missing analysts’ average estimate of $1.93. Smucker boosted its outlook for the full year to a net sales gain of as much as 5%, up from as much as 4%. The company’s net coffee sales in the quarter rose 15% after it increased prices to adjust for higher costs.

- HP (HPQ) gave a profit outlook for the current quarter that may beat expectations, showing firming demand for computers and interest in new machines that can run the latest AI software. Sales of PCs rose 6% in the quarter and the company expects “mid-single digit” growth to continue in the current period, driven by demand for AI PCs and Windows 11. The company reported sales climbed 3.1% to $13.9 billion in the fiscal third-quarter, with profit, excluding some items, being 75 cents a share, exceeding analysts' average estimate of 74 cents.

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