Stocks Closed Higher Yesterday, NVIDIA Reports Soaring Sales And Earnings After The Close

Plus 5 Just-Added Strong Buys Stocks Closed Higher Yesterday, NVIDIA Reports Soaring Sales And Earnings After The Close [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Closed Higher Yesterday, NVIDIA Reports Soaring Sales And Earnings After The Close [Stocks Closed Higher Yesterday, NVIDIA Reports Soaring Sales And Earnings After The Close]Image: Bigstock Stocks closed higher yesterday with all of the indexes solidly in the green. Some of that was bargain hunting after the pullback we've seen over the last several weeks. And some of that was enthusiasm for NVIDIA's earnings slated to come out after the close yesterday. And they did not disappoint. After the bell they reported a positive EPS surprise of 29.19%, and a positive sales surprise of 20.89%. At $13.51 billion in revenue, that was more than twice that of last year's quarterly revenue of $6.7B. And at $2.70 in earnings, that's more than 5 times last year's quarterly earnings of 51 cents. Moreover, they raised their guidance for Q3 to $16B vs. the consensus for $12.34B. And they announced a $25 billion share buyback. Shares were up 3.17% in yesterday's regular session. And another 8% in after-hours trade following their report. The good news kept on coming with Splunk reporting after the close as well, and posting a positive EPS surprise of 69.05%, and a positive sales surprise of 2.53%. They were up more than 11% after-hours. The importance of NVIDIA's stunning sales growth says a lot about NVIDIA, but also a lot about the AI boom in general. Obviously, not everybody involved in the AI space is going to benefit like NVDA. They are the leader for a reason and will likely stay that way for some time. But it does show that the enormous amount of investment into the AI space already, and the enormous amount of money expected to pour into this space in the future is real. Not only is AI expected to be a multi-trillion dollar industry, and change the world as we know it, much like the home computer and the commercialization of the internet did, but it's also likely to have as dramatic of an effect on people's portfolios for those who play the space right. In other news, yesterday's MBA Mortgage Applications fell -4.2% w/w, with purchases down -5.0%, and refi's down -2.8%. New Home Sales, however, rose last month coming in at 714,000 (annualized) vs. the previous month's 684K and views for 705K. Today we'll get Weekly Jobless Claims, Durable Goods Orders, the Chicago Fed National Activity Index, and the Kansas City Fed Manufacturing Index. We'll also get more earnings with another 141 companies on deck to report. And, of course, we'll see if NVDA can perform as well today as they did after-hours yesterday. Same goes for the broader market. Should be a busy day. 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