Justin Sullivan
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Nvidia (NVDA) Q4 Earnings Preview. (00:22) FuboTV (FUBO) files antitrust action against streaming venture partners Disney, WBD, Fox. (01:46) Amazon (AMZN) and Uber to be added to Dow Jones Indices. (02:40)
This is an abridged transcript of the podcast.
If you were on social media yesterday, specifically X, you noticed that Nvidia was trending under the topic of “Business & Finance.” As I look this morning, it’s still trending and that will likely continue throughout the day and into tomorrow. The company is scheduled to report earnings today after market close.
It’s safe to say that expectations are sky-high for the chip giant, and its numbers will be a big test for Wall Street’s artificial intelligence-fueled rally.
“Nvidia (NVDA) reports Q4 earnings after the close tomorrow. The stock has reported an earnings triple play (beat EPS estimates, beat sales est, raised guidance) on four Q4 earnings reports in a row and 7 of the last 8 dating back to 2016. Yes, expectations will be high,” Bespoke Investment Group said on X (formerly Twitter).
The consensus EPS Estimate is $4.63 (+426.1% Y/Y) and the consensus Revenue Estimate is $20.54B (+239.5% Y/Y).
Nvidia closed the day Tuesday -4.35%. Earlier in the day, news emerged that Microsoft (MSFT) is developing a new network card, which could reduce its reliance on Nvidia.
Premarket NVDA is down 1.7%.
FuboTV (NYSE:FUBO) has filed an antitrust suit against Disney (DIS), Fox (FOX) (FOXA) Warner Bros. Discovery (WBD) and affiliates. The companies are all partners in an upcoming joint venture bundling their efforts in streaming live sports.
Fubo (FUBO) charges the three with a “years-long campaign” to engage in anticompetitive practices.
The new joint venture is “simply the latest coordinated step in the Defendants’ campaign to eliminate competition in the sports-first streaming market and capture this market for themselves,” Fubo said.
“Silence is no longer an option. The fact that live sporting events dominated television viewership in 2023, with 97 of the top 100 broadcasts, highlights the critical importance of sports in entertainment and the necessity for its broad dissemination,” Fubo CEO David Gandler said.
Fubo (FUBO) raised the issue of potential impact to fair competition shortly after the joint venture was announced on Feb. 6. and on Feb. 7 Fubo had a one-day drop of nearly 23%, its worst day in years.
S&P Dow Jones Indices announced late Tuesday that Amazon (NASDAQ:AMZN) will be added to the industrial index replacing Walgreens Boots Alliance (NASDAQ:WBA). The change is to reflect the evolving nature of the economy and was prompted by Walmart’s (WMT) 3-for-1 stock split which will reduce Walmart’s index weight. Walmart (WMT) will continue to trade in the industrial average.
Additionally, Uber (NYSE:UBER) will be added to the Dow Jones Transportation Average, replacing JetBlue (NASDAQ:JBLU). The inclusion of Uber (UBER) is to increase exposure within the index to the ride-sharing industry. And as the index is price-weighted, JetBlue’s less than one-half of one percentage point weight in the index prompted its removal.
The changes in the DJIA and DJTA are effective before market open on Feb. 26.
Other articles to look out for on Seeking Alpha:
Uber Eats is bringing robot deliveries to Japan
Samsung sells entire stake in ASML to advance in new areas – report
Palo Alto Networks plummets as it cuts full-year billings, revenue guidance
On our catalyst watch for the day,
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Shareholders of Healthpeak Properties (PEAK) and Physicians Realty Trust (DOC) will vote on the pending merger between the two companies.
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The three-day MoneyShow Las Vegas event will feature appearances by Wedbush Securities’ Dan Ives, Piper Sandler’s Craig Johnson, Steve Forbes, and Seeking Alpha Investing Group Leader Brad Thomas.
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Philip Morris International (PM) CEO Jacek Olczak and CFO Emmanuel Babeau will present at the CAGNY Conference.
Wall Street on Tuesday ended lower.
The Nasdaq (COMP.IND) fell the most among the three major averages, slipping 0.92%. The S&P 500 (SP500) retreated 0.60%. The Dow (DJI) declined 0.17% .
All 11 S&P sectors ended in the red, with the exception of Consumer Staples.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the red. The Dow is down 0.1%, the S & P 500 is down 0.1% and the Nasdaq is down 0.4%. Crude oil is down 0.6% at more than $76 per barrel. Bitcoin is down 1.9% at more than $51,000.
In the world markets, the FTSE 100 is down 0.7% and the DAX is up 0.4%.
The biggest movers for the day premarket: Teladoc Health (NYSE:TDOC) is down 20% following mixed Q4 results and disappointing guidance.
On today’s economic calendar:
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