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Other big companies set to report their latest quarterly results this week include Nvidia and Target on Wednesday and Deere on Thursday.
Nvidia, with a total market value of roughly $US3.5 trillion ($5.1 trillion), will need to hit analysts’ high expectations for growth during the latest quarter to justify its big stock price, which has surged more than 190 per cent this year amid Wall Street’s frenzy around artificial-intelligence technology. The chip company’s profit report may be the highlight for the US stock market this week, and its 2.9 per cent rise on Tuesday was the strongest force pushing upward on the S&P 500.
Elsewhere on Wall Street, Super Micro Computer jumped 30.5 per cent after it filed a plan to keep its stock listed on Nasdaq’s exchange. It also said it hired an independent auditor, which can help it file financial statements needed in order to comply with Nasdaq’s listing requirements.
The company’s stock has been on a wild ride. It more than quadrupled in the first two and a half months of this year because the company makes servers used in AI. But it gave up all that and more, with losses accelerating after Ernst & Young resigned as its public accounting firm. A special committee of the company’s board later said that a three-month investigation found “no evidence of fraud or misconduct on the part of management or the Board of Directors.”
Berry Global Group rose 3.7 per cent after Amcor said it would buy the maker of prescription vials, bags and other products in an all-stock deal. Amcor slipped 0.3 per cent.
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Incyte tumbled 11.1 per cent after the biopharmaceutical company said it’s pausing enrolment in its ongoing study of a potential treatment for hives in chronic spontaneous urticaria. It also said data from another study evaluating a potential treatment for cholestatic pruritus does not support further development.
In stock markets abroad, indexes in Asia were more stable than in Europe. They rose 0.7 per cent in Shanghai and 0.4 per cent in Hong Kong, rebounding from early losses.
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