On this episode of Stock Movers, we look at some of the week's biggest gainers and decliners:
- Nvidia (NVDA) after an initial rally following Wednesday's upbeat earnings, shares fizzled the next day with investors shrugging off the stronger-than-expected revenue forecast and assurances that the AI economy isn’t in a bubble. The broader market also declined, weighed down by AI fears and concerns over whether the Federal Reserve will cut rates in December. But on Friday, shares spiked again on reporting from Bloomberg that US officials are having early discussions on whether to let Nvidia Corp. sell its H200 artificial intelligence chips to China. They gained as much as 2% in the Friday trade to $184.29 following earlier declines.
- Alphabet (GOOG) shares rallied on the week, extending a recent stretch of outperformance on rising optimism over its strength with artificial intelligence. Shares of the Google parent soared the most in two months on Wednesday as a wave of glowing reviews for the newly released version of its Gemini artificial intelligence model spurred investor confidence about the company’s position in the ever-changing tech landscape.
- Ross Stores (ROST)'s third-quarter results exceeded Wall Street’s expectations, driven by increased same-store sales and new marketing campaigns that successfully drew in cash-strapped consumers. The Dublin, California-based company boosted its full-year earnings per share guidance to $6.38 to $6.46, compared to the $6.27 estimated by analysts. Quarterly same-store-sales rose 7%, while revenue grew 10% compared to the year prior to about $5.6 billion, driven by new marketing campaigns that created positive momentum, Ross said in a statement Thursday. The shares have underperformed the S&P 500 Index this year, rising 6% compared to the index’s 11% gain through Thursday’s close.
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