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Omar Venerio
Omar Venerio
Articles (1573) 

Main Wall Street Indexes Extend Gains Friday

Nvidia posts better-than-expected results

U.S. stocks were in the green on Friday after bond yields reversed from historic lows. The Dow Jones Industrial Average gained 1.19% to 25,884, the S&P 500 index advanced 1.52% to 2,890 and the Nasdaq Composite Index climbed 1.77% to 7,904.

Shares of Nvidia Corp. (NASDAQ:NVDAsoared more than 6% after announcing second-quarter results. The company posted earnings of $1.24 per share on $2.58 billion in revenue, reflecting a 17.3% decline from the prior-year quarter. The company beat earnings estimates by 9 cents and revenue expectations by $30 million.

The gross margin declined to 59.8% from 63.3% in the year-ago quarter. Further, non-GAAP operating expenses increased8%to $749 million due to increase in headcount, higher employee compensation and infrastructure costs.

Looking ahead to the third quarter, the company expects revenue to be $2.90 billion, plus or minus 2%. It also projects GAAP and non-GAAP gross margins to be around 62% and 62.5%.

During the quarter ended June 30, Jerome Dodson (Trades, Portfolio) increased his holding by 15.3% to 131,873 shares. Ken Fisher (Trades, Portfolio) also boosted his position by 24.6% to 653,177 shares. Jim Simons (Trades, Portfolio)' Renaissance Technologies established a new position in the stock with 620,993 shares. On the other hand, Philippe Laffont (Trades, Portfolio) reduced his holding by 89.9% to 161,612 shares. Mario Gabelli (Trades, Portfolio) sold out of the stock.



Global Markets

The main European stock markets traded in the green. The U.K.'s FTSE 100 gained 0.71%, France's CAC 40 climbed1.22%, Germany's Dax jumped1.31% and Spain's IBEX 35 advanced 1.78%.

In Asia, Japan's Nikkei 225 rose 0.06%, India’s BSE Sensex swelled 0.10%, Hong Kong's Hang Seng gained 0.94% and China's Shanghai Composite increased 0.29%.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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