Starbucks and Sea Limited Lead Market Surge with Strong Earnings and Upgrades

1. Starbucks (Nasdaq: SBUX)
Starbucks surged by 24.5%. Starbucks reported Q3 2024 revenue of $27.102 billion and net income of $2.853 billion. Brian Niccol was appointed as Chairman and CEO, effective September 9, 2024, while CFO Rachel Ruggeri will serve as interim CEO. Trian sold shares in Starbucks. Baird upgraded Starbucks' rating to outperform.

2. Sea Limited (NYSE: SE)
Sea Limited surged by 11.84%. Sea, the parent company of Shopee, reported a Q2 revenue of $3.81 billion, exceeding market expectations. Net profit fell 75.9% year-over-year to $79.91 million. Citigroup and B of A Securities maintained their Buy ratings on Sea with price targets of $80.00 and $77.00 respectively.

3. Carvana (NYSE: CVNA)
Carvana surged by 9.74%. Carvana disclosed multiple insider transactions throughout early August. Notable sales include 28,400 shares by Garcia Ernest C. II on August 8, 19,900 shares on August 6, and 25,300 shares on August 2. Evercore ISI and JMP Securities provided updated ratings and price targets.

4. The Estee Laudermpanies (NYSE: EL)
The Estee Laudermpanies surged by 6.65%. The Estee Lauder Companies Inc. announced the appointment of Rashida La Lande as Executive Vice President and General Counsel, effective August 19. Telsey Advisory Group and Deutsche Bank maintained market ratings for The Estee Lauder Companies Inc., with target prices of $115 and $108 respectively.

5. Nvidia (Nasdaq: NVDA)
Nvidia surged by 6.53%. NVIDIA's August 13 trading volume reached $35.424 billion. BlackRock and Vanguard increased their NVIDIA holdings in Q2. CEO Jensen Huang has been selling NVIDIA shares in August, totaling $86.76 million. NVIDIA's RTX 4070 GDDR6 graphics cards are expected to arrive around August 20.