The Nasdaq Composite was up in late-morning trading Tuesday, as Nvidia (NVDA) shares were up over 2.5% a day before its anticipated earnings release. Meanwhile the S&P 500 Index was up slightly, and the Dow Jones Industrial Average was down almost 0.3%.
In company news, Walmart (WMT) reported fiscal Q3 adjusted earnings Tuesday of $0.58 per diluted share, up from $0.51 a year earlier and above the consensus estimate of analysts polled by FactSet of $0.53. Q3 net sales were $169.59 billion, up from $160.80 billion in the year-ago period and above the FactSet consensus of $167.69 billion. The company raised its full-year fiscal 2025 adjusted EPS guidance to a range of $2.42 to $2.47 from $2.35 to $2.43. Net sales are expected to be up 4.8% to 5.1%, compared to previous guidance of 3.75% to 4.75%. Shares of Walmart were up 3.8% near noon.
Super Micro Computer (SMCI) said late Monday it has appointed BDO USA as its independent auditor, effective immediately. The company also said it submitted a plan to the Nasdaq Stock Market for a time extension to regain compliance with the exchange's continued listing requirements. Super Micro Computer said it believes it will be able to complete its annual report on Form 10-K for the 12 months ended June 30 and its quarterly report on 10-Q for the three months through Sept. 30 and "become current with its periodic reports within the discretionary period available to the Nasdaq staff to grant." Shares of the company were up 33%.
Alphabet's (GOOG, GOOGL) Chrome internet browser could fetch up to $20 billion if a judge permits a Justice Department proposal to sell the business, Bloomberg reported Tuesday. Judge Amit Mehta ruled in August that Google illegally monopolized the search market, according to the report. Alphabet shares were up 0.9%.
Shares of H&R Block (HRB) and Intuit (INTU) were down Tuesday morning following a Washington Post report that the leaders of President-elect Donald Trump's "Department of Government Efficiency" have discussed the creation of a mobile app for Americans to file their taxes for free with the IRS, Bloomberg reported. The Washington Post article cited two people who spoke on the condition of anonymity to describe private conversations. H&R Block shares were down 7.7%, while those of Intuit were down 5.2%.
Boeing (BA) laid off over 2,200 workers in Washington and Oregon, according to media reports. The layoffs are part of a plan to cut 17,000 jobs at the company. Affected workers will remain on Boeing's payroll until mid-January, the reports said. Boeing shares were up 0.8%.
Jersey Mike's Subs said Tuesday that Blackstone (BX) agreed to acquire a majority stake in the sandwich shop company. Financial terms of the deal were not disclosed, but Jersey Mike's could be valued at $8 billion, including debt, according to an earlier Reuters report, which cited a person familiar with the matter. Blackstone shares were up 1.3%.
Price: 87.30, Change: +3.22, Percent Change: +3.83
