Image courtesy of 123rf.com
In a volatile market, three tech giants are making waves on Wall Street today: Palantir Technologies (NYSE: PLTR), NVIDIA Corporation (Nasdaq: NVDA), and Uber Technologies (NYSE: UBER).
Each company has seen significant stock movement following recent announcements, analyst upgrades, or earnings reports. As of 10:51 AM EDT, all three stocks were trading higher, with investors closely watching their performance amid broader market fluctuations.
Palantir Technologies (PLTR) Surges on “Unbridled Demand” for AI Platform
Palantir’s stock surged 9.79% to $26.45 following impressive second-quarter results and raised guidance.
The data analytics firm reported a 27% year-over-year revenue increase to $678 million, beating expectations. Adjusted earnings per share jumped 80% to $0.09, surpassing analyst estimates.
Notably, U.S. commercial revenue soared 55% to $159 million, with the company’s customer count in this segment expanding by 83%.
CEO Alex Karp cited “unbridled demand” for Palantir’s AI systems as a key driver of growth. The company raised its full-year 2024 revenue guidance to between $2.742 billion and $2.750 billion.
Despite the positive momentum, some analysts remain cautious about Palantir’s valuation, with the stock trading at a price-to-earnings ratio of 200.75.
NVIDIA Corporation (NVDA) Stock Climbs After Analyst Upgrade
NVIDIA shares climbed 5.21% to $105.68 as the chip giant reclaimed key levels following a recent pullback.
New Street Research upgraded NVIDIA from Neutral to Buy, with analyst Pierre Ferragu describing the recent 20%+ share price decline as a “healthy correction” and an opportunity for investors to increase exposure.
The company is set to report quarterly results later this month, with analysts expecting earnings per share of $0.82 on revenue of $28.5 billion.Despite recent volatility, NVIDIA’s stock remains up 113.35% year-to-date, reflecting strong investor confidence in the company’s long-term prospects in the AI and chip markets.
Uber Technologies (UBER) Reports Double Beat in Q2 2024
Uber’s stock jumped 7.81% to $63.05 after the ride-hailing and delivery company reported better-than-expected second-quarter earnings.
Uber posted earnings per share of $0.47, significantly beating the $0.30 expectation, while revenue reached $10.7 billion, slightly above the anticipated $10.57 billion.
The company’s performance was robust across key metrics, with Gross Bookings increasing 19% year-over-year to $40.0 billion.Uber’s income from operations surged 144% from the previous year to $796 million, while Adjusted EBITDA grew 71% to $1.6 billion. The strong results prompted Uber to initiate share repurchases during the quarter, signaling confidence in its financial position and future outlook.More By This Author:Caterpillar Inc.’s Mixed Q2 2024: Sales Decline By 4% Y/YBubble Starting To Bust, Or Is It Time To Double Down On These AI Stocks? Mars Explores $30 Billion Acquisition of Kellanova, Stock Surges
