Nvidia Plunges on Lower Sales; Nordstrom Tumbles on Weak Revenues

Mukesh Buch
16 Nov, 2018
New York City

Applied Materials declined on weak outlook. Helmerich & Payne beats earnings estimates. Nvidia plunged after the chip maker missed revenues estimates. Nordstrom plunged after net tumbled on weak sales.

[R]11:55 AM New York City, New York – Applied Materials declined on weak outlook. Helmerich & Payne beats earnings estimates. Nvidia plunged after the chip maker missed revenues estimates. Nordstrom plunged after net tumbled on weak sales.[/R]

Tollbooth Index surged 251.40 or 1.7% to 15,310.34 and for the year-to-date soared 11.3%.

Earnings Review

Applied Materials Inc ((AMAT)) declined 4% or $1.40 to $33.62 after the chips maker reported revenues in the fourth-quarter ending in September rose 1% from a year ago to $4 billion.

Net income in the quarter plunged 11% to $876 million or 89 cents per diluted share from $982 million or 91 cents in the same quarter last year.

The chip maker forecasted fiscal 2019 net sales in the range of $3.56 billion to $3.86 billion and diluted earnings per share between 75 cents and 83 cents.

Helmerich & Payne Inc ((HP)) soared 4.5% or $2.69 to $62.73 after the oil and gas drilling contractor said revenues in the fourth-quarter ending in September declined 7.4% from a year ago to $696.8 million.

Net in the quarter swung to profit $2.5 million or 2 cents per diluted share from a loss of $22.5 million or 21 cents in the same quarter last year.

Nvidia Corporation ((NVDA)) plunged 16.9% or $34.18 to $168.21 after the graphics chips maker reported revenues in the third-quarter ending on October 28 surged 21% from a year ago to $3.2 billion.

Net income in the quarter soared 47% to $1.2 billion or $1.97 per diluted share from $838 million or $1.33 in the same quarter last year.

Nvidia forecasted fiscal fourth-quarter revenues to grow between 1% and 2% or $2.70 billion and operating expenses of about $915 million and gross margins of about 62.3%.

Nordstrom Inc ((JWN)) plunged 13.3% or $7.88 to $51.11 after the luxury department stores operator said total net sales in the third-quarter ending on November 3 advanced 3% from a year ago to $2.7 billion.

Comparable store sales in the quarter increased 2.3%.

Net income in the quarter tumbled 41.2% to $67 million or 39 cents per diluted share from $114 million or 40 cents in the same quarter last year.

The retailer lifted fiscal 2018 revenues forecast to between $15.5 billion and $15.6 billion from the earlier estimate of $15.4 billion and $15.5 billion and diluted earnings per share in the range of $3.55 to $3.65 from the earlier estimate of $3.50 to $3.65.

Trinity Industries Inc ((TRN)) soared 5.8% or $1.27 to $23.01 after the diversified industrial conglomerate lifted diluted earnings per share forecast to between $1.15 and $1.35 from the earlier estimate of 90 cents to $1.10.

Trinity accelerated share repurchase program for up to $500 million and repurchased approx 4.3 million shares for a total of $150 million under the current authorization.

Viacom Inc ((VIAB)) edged up 0.3 cents to $31.86 after the cable and media conglomerate reported revenues in the third-quarter ending in September jumped 5% from a year ago to $3.5 billion.

Net income in the quarter plummeted 43% to $386 million or 96 cents per diluted share from $674 million or $1.68 in the same quarter last year.

The media conglomerate said revenues in the cable operation fell 1% to $2.52 billion after advertising revenues in the overseas market declined 13% and dropped 4% in the United States.