NVDA is providing a halo lift for several Big Tech names
Nvidia Corp's (NASDAQ:NVDA) earnings report is finally here, and investors are tripping over themselves to get their hot takes in. The equity is up 0.4% to trade at $187.17, after adjusted third-quarter earnings of $1.30 per share on $57.01 billion in revenue topped forecasts. The shares earlier traded as high as $196.
Better yet, the chipmaker issued a stronger-than-expected sales guidance for the fourth quarter, restoring faith in AI trade. The halo lift is strong this morning; all of the Magnificent Seven stocks are higher, and the tech-heavy Nasdaq Composite (IXIC) is up more than 200 points. Data center stocks such as Iren (IREN), as well as utility names like Constellation Energy (CEG) are enjoying tailwinds as well.
Nvidia stock's 100-day moving average, which we called out earlier this week, proved to be a solid springboard. There haven't been many analyst revisions in response to the blowout report, though, probably because most are already overwhelmingly bullish.
Options traders are along for the ride. At last check, 2.06 million calls and 1.18 million puts have exchanged hands, double the overall volume that is typically seen at this point. The November 200- and 195-strike calls are the most active contracts, respectively, with new positions being opened at both.