Technology investors are relieved that Nvidia (NVDA) posted a blowout quarter. The stock reversed after-hours losses, trading at around $500. Optimism is so high that Bank of America analyst Vivek Arya sees the chip giant in the first one-quarter of converting around $250 billion in global compute infrastructure to accelerated and AI-centric computing. The analyst forecasts up to $40 in EPS in 2027.
While Nvidia reported strong gaming chip sales, PC supplier HP Inc. (HPQ) did not meet expectations. It reported non-GAAP EPS of $0.90. HP’s revenue fell by 6.5% Y/Y to $13.8 billion. Personal Systems dragged results as net revenue fell by 8.0% Y/Y to $9.4 billion. The printing business is under pressure as revenue fell by 3% Y/Y to $4.4 billion. HPQ stock is down 1.47%.
Autodesk (ADSK) met investor expectations in its Q3 2024 report. ADSK stock is -5.8% despite revenue rising by 10.2% Y/Y to $1.41 billion. The firm expects Q4 revenue of up to $1.437 billion. However, the 2024 outlook includes a billings guidance down by 11% to 12% to $5.075 billion to $5.175 billion.
Clorox (CLX) is up 1.4% after JP Morgan upgraded the stock to neutral from underweight. The price target rises to $145, up from $124. This implies an upside of less than 4%.
