Market Shifts: Nvidia and Meta Volume Surge Amid Significant Losses for Eli Lilly and AMD
Wednesday, Oct 30, 2024 6:31 pm ET
2min read 1. Nvidia (Nasdaq: NVDA)
Nvidia dipped mildly by -1.36%, with the trading volume of 24.11B. Microsoft and Meta saw post-market declines of over 4% and 2.4% respectively. Chip stocks like AMD fell over 10%, while Qualcomm and ASML dropped over 4%. NVIDIA faced a collective challenge from companies including AMD, Amazon, and Meta through the UALink alliance.
2. Meta Platforms (Nasdaq: META)
Meta Platforms dipped mildly by -0.25%, with the trading volume of 15.21B. Meta Platforms reported third-quarter revenue of $405.9 billion, beating expectations with strong advertising income. The company faces a lawsuit in Brazil over underage protection issues and is developing an AI search engine to compete with Google. CEO confirms AI has over 500 million monthly active users.
3. Eli Lilly Andmpany (NYSE: LLY)
Eli Lilly Andmpany plunged by -6.27%, with the trading volume of 14.98B. Eli Lilly reduced its annual forecast due to disappointing sales of its weight loss drug Zepbound, attributing the shortfall to inventory issues. Third quarter 2024 revenue grew 20% year-over-year but fell short of expectations. The company terminated PD-1 agonist candidate drug research.
4. Tesla (Nasdaq: TSLA)
Tesla dipped mildly by -0.76%, with the trading volume of 13.93B. Tesla maintained an "Overweight" rating from Piper Sandler with a new target price of $315. Cathie Wood's ARK Investment has recently sold Tesla shares to increase holdings in Meta and Amazon. BYD's quarterly revenue surpassed Tesla's.
5. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices plunged by -10.62%, with the trading volume of 13.07B. Advanced Micro Devices released its Q3 financials with $181.27 billion in revenue and $11.59 billion in net profit. Piper Sandler, UBS, Morgan Stanley, and Evercore ISI Group provided investment ratings, while AMD highlighted AI processor performance advancements.
6. Alphabet (Nasdaq: GOOGL)
Alphabet gained mildly by 2.82%, with the trading volume of 12.19B. Alphabet's Q3 revenue rose 14.68% year-over-year to $253.5 billion, with net profit at $73.58 billion. Analysts largely maintain positive ratings, with target prices ranging from $200 to $217 on robust AI-driven cloud growth and digital advertising gains.
7. Microsoft (Nasdaq: MSFT)
Microsoft gained mildly by 0.13%, with the trading volume of 11.96B. Microsoft's first fiscal quarter revenue surpassed expectations, driven by its cloud and Office software businesses, showing returns from AI investments. It reported a revenue of $65.6 billion and earnings per share of $3.30, both exceeding analyst predictions.
8. Apple (Nasdaq: AAPL)
Apple dipped mildly by -1.53%, with the trading volume of 10.62B. Apple launched the new MacBook Pro with M4, M4 Pro, and M4 Max chips, featuring Apple Intelligence, aiming to attract consumers with improved processing speed and AI capabilities. The MacBook Air now comes with 16GB RAM as standard with unchanged starting prices.
9. Alphabet (Nasdaq: GOOG)
Alphabet gained mildly by 2.92%, with the trading volume of 8.91B. Alphabet's cloud revenue increased by 35%, boosting Q3 earnings above expectations. The company reported a revenue of $253.5 billion for the quarter, with a net profit of $73.6 billion. Analysts provided varied ratings with price targets ranging from $187 to $217.
10. Super Micromputer (Nasdaq: SMCI)
Super Micromputer plunged by -32.67%, with the trading volume of 7.97B. Super Micro Computer's auditor Ernst & Young resigned due to concerns over auditing credibility, impacting the company's shares significantly. The resignation raises questions about board oversight and CEO independence, prompting a search for a new auditing firm.
Nvidia dipped mildly by -1.36%, with the trading volume of 24.11B. Microsoft and Meta saw post-market declines of over 4% and 2.4% respectively. Chip stocks like AMD fell over 10%, while Qualcomm and ASML dropped over 4%. NVIDIA faced a collective challenge from companies including AMD, Amazon, and Meta through the UALink alliance.
2. Meta Platforms (Nasdaq: META)
Meta Platforms dipped mildly by -0.25%, with the trading volume of 15.21B. Meta Platforms reported third-quarter revenue of $405.9 billion, beating expectations with strong advertising income. The company faces a lawsuit in Brazil over underage protection issues and is developing an AI search engine to compete with Google. CEO confirms AI has over 500 million monthly active users.
3. Eli Lilly Andmpany (NYSE: LLY)
Eli Lilly Andmpany plunged by -6.27%, with the trading volume of 14.98B. Eli Lilly reduced its annual forecast due to disappointing sales of its weight loss drug Zepbound, attributing the shortfall to inventory issues. Third quarter 2024 revenue grew 20% year-over-year but fell short of expectations. The company terminated PD-1 agonist candidate drug research.
4. Tesla (Nasdaq: TSLA)
Tesla dipped mildly by -0.76%, with the trading volume of 13.93B. Tesla maintained an "Overweight" rating from Piper Sandler with a new target price of $315. Cathie Wood's ARK Investment has recently sold Tesla shares to increase holdings in Meta and Amazon. BYD's quarterly revenue surpassed Tesla's.
5. Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices plunged by -10.62%, with the trading volume of 13.07B. Advanced Micro Devices released its Q3 financials with $181.27 billion in revenue and $11.59 billion in net profit. Piper Sandler, UBS, Morgan Stanley, and Evercore ISI Group provided investment ratings, while AMD highlighted AI processor performance advancements.
6. Alphabet (Nasdaq: GOOGL)
Alphabet gained mildly by 2.82%, with the trading volume of 12.19B. Alphabet's Q3 revenue rose 14.68% year-over-year to $253.5 billion, with net profit at $73.58 billion. Analysts largely maintain positive ratings, with target prices ranging from $200 to $217 on robust AI-driven cloud growth and digital advertising gains.
7. Microsoft (Nasdaq: MSFT)
Microsoft gained mildly by 0.13%, with the trading volume of 11.96B. Microsoft's first fiscal quarter revenue surpassed expectations, driven by its cloud and Office software businesses, showing returns from AI investments. It reported a revenue of $65.6 billion and earnings per share of $3.30, both exceeding analyst predictions.
8. Apple (Nasdaq: AAPL)
Apple dipped mildly by -1.53%, with the trading volume of 10.62B. Apple launched the new MacBook Pro with M4, M4 Pro, and M4 Max chips, featuring Apple Intelligence, aiming to attract consumers with improved processing speed and AI capabilities. The MacBook Air now comes with 16GB RAM as standard with unchanged starting prices.
9. Alphabet (Nasdaq: GOOG)
Alphabet gained mildly by 2.92%, with the trading volume of 8.91B. Alphabet's cloud revenue increased by 35%, boosting Q3 earnings above expectations. The company reported a revenue of $253.5 billion for the quarter, with a net profit of $73.6 billion. Analysts provided varied ratings with price targets ranging from $187 to $217.
10. Super Micromputer (Nasdaq: SMCI)
Super Micromputer plunged by -32.67%, with the trading volume of 7.97B. Super Micro Computer's auditor Ernst & Young resigned due to concerns over auditing credibility, impacting the company's shares significantly. The resignation raises questions about board oversight and CEO independence, prompting a search for a new auditing firm.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.
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