U.S. Movers: Apple, Cava Group, JD.com, Nvidia

Scott Peters
27 Aug, 2024
New York City

Nvidia Corp. edged down 1.1% to $125.05, and investors are estimating that the company will deliver another quarter of strong revenue and earnings growth and surpass earnings per share expectations of 64 cents. 

Nvidia is a key beneficiary of a sharp jump in capital spending by Amazon, Microsoft, Alphabet, and other leading tech companies developing artificial intelligence-linked applications. 

Analysts are estimating the company to deliver between 64 cents and 71 cents per share in the latest quarter ending in July, sharply higher than 25 cents in the corresponding quarter a year earlier. 

Revenue in the quarter is expected to soar to $28.68 billion from $13.51 billion a year earlier. 

Nvidia sales have been on a tear, and the company has benefited from its leadership positioning in the market and accelerated its quarterly sales growth between 80% and 100% for eight quarters in a row. 

Nvidia's quarterly earnings per share over the last five quarters have also exceeded between 5 cents and 6 cents from the consensus earnings estimates of analysts. 

Cava Group declined 8.2% to $115.60 after several corporate insiders and a key investor disclosed their plans in regulatory filings to trim their holdings. 

Apple Inc. decreased 0.8% after the company said chief financial officer Luca Maestri will step down on January 1, 2025, and be replaced by the current vice president for financial planning and analysis, Kaven Parekh.

Maestri will continue to lead a group responsible for real estate development, information technology systems, and security. 

JD.com increased 2.4% to $26.43, and the China-based e-commerce platform operator announced a $5 billion stock buyback plan over the next three years starting September 2024.