NVDA stock is higher on reports of a massive Softbank stake
U.S. stocks are posting modest gains ahead of the release of the Fed's meeting minutes this afternoon. Among specific stocks on the move are semiconductor stock NVIDIA Corporation (NASDAQ:NVDA), home improvement retailer Lowe's Companies, Inc. (NYSE:LOW), and luxury retailer Tiffany & Co. (NYSE:TIF). Here's a quick look at what's moving shares of NVDA, LOW, and TIF.
NVDA Stock Explores Record Highs on Softbank Reports
Nvidia stock is up 2.5% to trade at $140.50, and earlier notched a record high of $141.07, amid reports Japan's Softbank sports a $4 billion stake in the chipmaker. This brings NVDA's month-to-date gain to 34.7%, with the company crushing earnings expectations earlier in May. Even with the stock's monster gains, 12 of 26 brokerage firms maintain "hold" or "sell" ratings, leaving the door open for upgrades to lure more buyers to the table. NVDA stock is trading well above its average 12-month price target, too, which sits at $125.59.
Earnings Sink LOW Stock
Lowe's stock is getting hammered this morning after the company's disappointing
quarterly results, with the shares giving back 4.2% to trade at $78.90. This puts the retail giant on pace for its lowest close since late February, before a notable earnings bull gap, but LOW stock still maintains a 10.9% year-to-date gain. This pullback may be catching options traders by surprise, though. Lowe's has a Schaeffer's put/call open interest ratio (SOIR) of 0.24, which is an annual low. In other words, near-term options traders are the most call-skewed they've been in at least a year.
TIF Stock Drops on Sales Surprise
Tiffany & Co. reported weaker-than-expected quarterly sales, and a surprise dip in
comparable store sales, sending TIF shares down 8.9% to $84.89. The stock seems to have found support just above $84, however, an area that represents its highs from late 2015 and late 2016, and a 50% Fibonacci retracement of its drop from late 2014 to mid-2016. A number of short sellers seemingly missed out on today's bear gap, too, with short interest on Tiffany falling by almost 21% over the last two reporting periods.