Nvidia stock's post-earnings drop isn't carrying weight
The Nasdaq Composite Index (IXIC) and Dow Jones Industrial Average (DJI) are sporting strong triple-digit leads midday, after Wall Street brushed off Nvidia's (NVDA) lackluster third-quarter revenue outlook with help from Salesforce's (CRM) strong quarterly results. The S&P 500 Index (SPX) sits higher as well, on the heels of better-than-expected jobs data and a gross domestic product (GDP) revision to 3% for the second quarter.
Continue reading for more on today's market, including:
- 2 cybersecurity stocks to monitor after earnings.
- Beat-and-raise draws call traders to Salesforce stock.
- Plus, AFRM eyes best day since 2021; Best Buy's upbeat forecast; and DG's worst day ever.
Affirm Holdings Inc (NASDAQ:AFRM) is seeing unusual options activity today, with 187,000 calls and 47,000 puts traded so far -- 12 times the volume that is typically seen at this point. The most popular contract by far is the weekly 8/30 40-strike call, with new positions being opened there. AFRM is soaring up 31.3% at $41.46 at last check, on track for its best day since September 2021 after the company shared smaller-than-expected losses for its fiscal fourth quarter as well as a revenue beat. The stock attracted no fewer than four price-target hikes as well. In the last 12 months, the fintech stock added over 109%.
Best Buy Co Inc (NYSE:BBY) is one of the best stocks on the New York Stock Exchange (NYSE) today, last seen up 16.5% to trade at $102.28, after earlier surging to a two-year high of $103.71. The tech retailer reported better-than-expected results for its
second quarter and lifted its annual profit forecast. BBY is eyeing its biggest single-day percentage gain since May 2017, and sports a 31.8% year-to-date lead.
Meanwhile,
Dollar General Corp (NYSE:DG) is one of the worst stocks on the NYSE, down 26.6% to trade at $90.85 at last check. Today's bear gap sets the security on track for its largest daily percentage loss ever, after the
discount retailer missed second-quarter estimates and cut its annual sales and profit forecast. The 60-day moving average has been guiding the shares lower since April, and DG earlier slipped to a four-year low of $89.67.
