U.S. stocks were in the green on Friday after bond yields reversed from historic lows. The Dow Jones Industrial Average gained 1.19% to 25,884, the S&P 500 index advanced 1.52% to 2,890 and the Nasdaq Composite Index climbed 1.77% to 7,904.
Shares of Nvidia Corp. (NASDAQ:NVDA) soared more than 6% after announcing second-quarter results. The company posted earnings of $1.24 per share on $2.58 billion in revenue, reflecting a 17.3% decline from the prior-year quarter. The company beat earnings estimates by 9 cents and revenue expectations by $30 million.
The gross margin declined to 59.8% from 63.3% in the year-ago quarter. Further, non-GAAP operating expenses increased 8% to $749 million due to increase in headcount, higher employee compensation and infrastructure costs.
Looking ahead to the third quarter, the company expects revenue to be $2.90 billion, plus or minus 2%. It also projects GAAP and non-GAAP gross margins to be around 62% and 62.5%.
During the quarter ended June 30, Jerome Dodson (Trades, Portfolio) increased his holding by 15.3% to 131,873 shares. Ken Fisher (Trades, Portfolio) also boosted his position by 24.6% to 653,177 shares. Jim Simons (Trades, Portfolio)' Renaissance Technologies established a new position in the stock with 620,993 shares. On the other hand, Philippe Laffont (Trades, Portfolio) reduced his holding by 89.9% to 161,612 shares. Mario Gabelli (Trades, Portfolio) sold out of the stock.
- General Electric Co. (NYSE:GE) +9.2%
- Cimarex Energy Co. (NYSE:XEC) +5.8%
- CenturyLink Inc. (NYSE:CTL) +5.4%
- Advanced Micro Devices Inc. (NASDAQ:AMD) +5.2%
- Apache Corp. (NYSE:APA) +3.8%
- Alliance Data Systems Corp. (NYSE:ADS) -7.7%
- Applied Materials Inc. (NASDAQ:AMAT) -1.1%
- DaVita Inc. (NYSE:DVA) -0.9%
- Advance Auto Parts Inc. (NYSE:AAP) -0.4%
- Eversource Energy (NYSE:ES) -0.2%
The main European stock markets traded in the green. The U.K.'s FTSE 100 gained 0.71%, France's CAC 40 climbed1.22%, Germany's Dax jumped1.31% and Spain's IBEX 35 advanced 1.78%.
In Asia, Japan's Nikkei 225 rose 0.06%, India's BSE Sensex swelled 0.10%, Hong Kong's Hang Seng gained 0.94% and China's Shanghai Composite increased 0.29%.
Disclosure: The author holds no positions in any stocks mentioned.
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This article first appeared on GuruFocus.
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