Nvidia, Bed Bath & Beyond: S&P Gainers
The S&P 500 lost 4.6 points, or 0.34%, to close at 1,353.39.
Shares of Nvidia rose 6.36% to $13.21. The chip maker reported first-quarter earnings of $60.4 million, or 10 cents a share, with revenue of $924.9 million, down from year-earlier earnings of $135.2 million, or 22 cents a share, on revenue of $962 million.
The profit was in line with Wall Street's average estimate while revenue topped expectations of $916.2 million.Nvidia forecast revenue of $990 million to $1.05 billion for its second quarter. Analysts, on average, expected second-quarter revenue of $976.2 million. Nvidia shares trade at an estimated price-to-earnings ratio for next year of 12.09X; the average for semiconductor companies is 13.42X. For comparison, Applied Materials (AMAT) has a lower forward P/E of 9.38X. Eighteen of the 36 analysts who cover Nvidia rate it at hold. Seventeen analysts give the stock a buy rating and one rates it at sell. The stock has fallen 4.69% year to date.
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