What summer Friday? There will be some hot names on Wall Street today.
You're welcome for this list.
Nvidia Gets Nailed
One of the hottest stocks on the planet is likely to be knocked down a peg.
Shares of the chipmaker tumbled 5.3% to $155.96 in midday trading on Friday. Sales increased 56% to $2.23 billion and topped forecasts of $1.96 billion. Earnings of $1.01 per share topped forecasts of 70 cents per share.
While products, data centers, gaming and cryptocurrency traders drove results in the quarter, CEO and co-founder Jensen Huang pointed to the coming era of robot taxis and self-driving cars that Nvidia would power. In the "era of artificial intelligence," he told investors, Nvidia wants to provide the brains.
TheStreet's Chris Nolter reports.
Snap's Sad Day
TheStreet's Annie Palmer had a little fun with her analysis of the numbers.
Snap may call itself a camera company, but it's not selling a lot of its Spectacles.
You know, the camera-equipped glasses that seemed like it had the potential to make wearables cool again, while changing the way users record video on Snapchat. Spectacles were announced last September to great fanfare and via some quirky, yellow vending machines that popped up randomly around the country. The releases would draw big crowds that, in some cases, waited in line for as long as six hours to get their hands on a pair.
But that excitement seems to have died down, per some new sales data included in Snap's second-quarter earnings report. Snap CFO Drew Vollero noted on Thursday that the company's other revenues came in at $5.4 million, of which a "substantial amount" was driven by Spectacles. At $130 a piece, that means Snap sold about 41,500 pairs of Spectacles, which would be a 35% decline quarter-over-quarter. Snap brought in $8.3 million from Spectacles during the prior period.
Tech in Focus
Jim Cramer says investors who don't already own Apple shouldn't buy it here, but should wait instead until it pulls back some 5% to 8%.
"[Apple] has run too much," Cramer said in an exclusive monthly conference call with members of his Action Alerts PLUS club for investors. "It's at [around] $160, [but a] 5 to 8 percent pullback is when I would buy some if you didn't own any."
A retrenchment of that magnitude would take Apple down to around $147 to $152 a share.
The Action Alerts PLUS portfolio, which Cramer manages as a charitable trust, already owns some Apple shares, but rates the company as a "Two." That means the portfolio will only buy more on a pullback.
Want to join in on Jim's monthly conference calls? Click here for a free 14-day trial subscription to Action Alerts PLUS and hear all of the latest call, plus get e-mails before Jim makes any trade and enjoy lots of other exclusive material.
J.C. Penney Is Torched
Wow. What else can you say about the market's response to the department store retailer's quarter.
Shares of J.C. Penney (JCP - Get Report) plunged over 17% on Friday as the company threw up goose eggs across the board. Second quarter adjusted loss tallied 9 cents a share vs the 4 cents a share loss expected. Comparable store sales fell 1.3%, missing estimates for a 1.2% drop.
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