At midday, several companies made headlines. NVidia's stock rose more than 1% to an all-time high after reporting a gain on both the top and bottom lines, due to a jump in the demand for AI chips powering data centers. This surge was also supported by optimistic guidance for the current quarter. AMD and Marvell Technology, however, saw a decrease in their shares of nearly 5% and 4%, respectively.
Boeing's shares sank by nearly 3% when they revealed manufacturing flaws in the 737 Max, which led to a delay in deliveries. Also, Spirit Aerosystems, the suppliers of the aircraft's fuselages, declined 16.5%. Dollar Tree's stock decreased 2% after they failed to meet the analysts' expectation of $1.27, and instead gave guidance of between 94 cents and $1.04 for the third quarter.
On the other hand, Discover Financial Services had a 2% gain following the upgrade to outperform by Wolfe, that said investors might use this opportunity to purchase the stock, due to it being underperformed previously due to issues with risk management. Splunk Cloud's stock increased 13.6%, following its second-quarter earnings report and raising its guidance. Bank of America reaffirmed its buy rating after this. Autodesk's shares rose 3.1% after it beat analyst predictions, with an adjusted $1.91 per share and $1.35 billion in revenue.
Snowflake dropped by more than 5%, despite beating expectations. The company reported an adjusted 22 cents per share and $674 million in revenue, while Refinitiv analysts predicted 10 cents and $662 million. Lastly, Guess soared 28% upon announcing an earnings beat, accompanied by an adjusted 72 cents per share and revenue of $664.5 million. However, an error about Dollar Tree's guidance was corrected in this article.
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