Here are our top investing ideas today – these setups look primed! Be the best prepared trader on the Street!
GES – Up over 15% in pre-market after big earnings beat and increased full year guidance
SPLK – Up over 13% in pre after beating on top and bottom line earnings and increasing full-year guidance
NVDA – Trades up over 7% in pre-market after crushing earnings estimates and increasing forward guidance
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GES – Up over 15% in pre-market after big earnings beat and increased full year guidance
Guess?, Inc (GES) designs, markets, distributes, and licenses lifestyle collections of apparel and accessories for men, women and children.
Yesterday, the company reported Q2 EPS of $0.72 vs $0.39 expected. Revenue for Q2 was $665 million vs the $638.51 million expected. GES guided full year 2024 EPS of $2.88-$3.08, vs $2.78 expected.
The earnings beat is in stark contrast to other retailers that have been disappointing such as NIke (NKE) and Footlocker (FL) which missed earnings badly and gapped down.
GES is trading up over 15% this morning after the earnings report.
The $22 area has acted as resistance so far in the pre-market.
Above it the first target for bulls is the after-hours high of $22.35. Beyond that, $22.80, $23, $24 and $25 come into play.
Below $22, there is potential support at $21, $20.50, $20, $19, with a gap to fill at $18.31.
SPLK – Up over 13% in pre after beating on top and bottom line earnings and increasing full-year guidance
Splunk Inc. (SPLK) together with its subsidiaries, develops and markets cloud services and licensed software solutions in the United States and internationally. The company offers unified security and observability platform, including Splunk Security that helps security leaders fortify their organization’s digital resilience by mitigating cyber risk and meeting compliance requirements.
Yesterday the company reported Q2 EPS of $0.71 vs $0.46 estimate. Q2 Sales were $911 million vs $889.23 million expected. SPLK guided Q3 2024 revenue of $1.02-$1.035 bullions vs $0.981 billion expected. Full year 2024 revenue was guided at $3.925-$3.95 bullion vs $3.9 billion consensus.
The stock is up 13% this morning post the earnings report.
The $111.75 area was resistance in the after-hours and now becomes a potential support level.
Above it, the first target for bulls is the pre-market high at $114.67. Beyond that, $116, $120 and $124 come into play.
Below $111.75, there is potential support at $110.50, $110, $109, $108 and $107, with a gap to fill at $99.93.
NVDA – Trades up over 7% in pre-market after crushing earnings estimates and increasing forward guidance
NVIDIA Corporation (NVDA) provides graphics, and compute and networking solutions in the United States and internationally. The company’s Graphics segment offers GeForce GPUs for gaming and PCs. Its Compute & Networking segment provides Data Center platforms and systems for AI, HPC, and accelerated computing; Mellanox networking and interconnect solutions; automotive AI Cockpit, autonomous driving development agreements and autonomous vehicle solutions.
The company is the leader in providing Graphics chips used in Generative AI and has started an AI rush with the success of Chat GPT.
In the after-hours NVDA reported Q2 EPS of $2.70 vs $2.07 expected. Revenue for Q2 was $13.51 billion vs $11.13 billion expected. NVDA guided Q3 2024 revenue of $16 billion vs the consensus of $12.61 billion expected.
The company also projected a bright future for AI.
“A new computing era has begun,” said founder and CEO Jensen Huang. “Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI.”
The stock is up over 7% in pre-market trade after making new all-time highs in the after-hours.
The $513 level has been an area of resistance in the after-hours and pre-market.
Above it, the first major target for bulls is the after-market high at $520. Beyond that, there is blue sky and potential targets include round numbers such as $530, $540, $550 and $560 with $600 also in play in the coming days.
Below $513, there is potential support at $506, $502, $500, $496.50, $480 with a gap to fill at $471.16.
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