Nvidia develops new AI chip for self-driving cars
Nvidia (NVDA) is out with a brand new AI chip, called the Drive PX Pegasus, that will be used in self-driving cars. Nvidia’s new chip can power Level 5 fully driverless cars. Shares were up 1.5% to $188.26 as of 1 p.m. ET, after hitting a record high of $192.91 in earlier trading on Tuesday.
Walmart hits all-time high after unveiling $20 billion buyback
Walmart (WMT) announced plans to buy back up to $20 billion in shares over the next two years and reiterated its earnings forecast for the year. The retail giant also said it expects U.S. online sales to jump about 40% in the next fiscal year. Walmart President and CEO Doug McMillon said in a statement, “We’re combining the accessibility of our stores with e-commerce to provide new and exciting ways for customers to shop. I’m proud of the team we have in place, the work we have underway and how we are positioned for success in the future.”
Telsey upgrades Kohl’s
Kohl’s (KSS) is in focus after getting an upgrade from Telsey. The firm upped its rating on the stock to outperform and raised its price target to $50 a share, implying the stock would rally about 16% from Monday’s closing price. The firm cited improving sales trends as a reason for the bullish call.
Procter & Gamble wins proxy fight
Procter & Gamble (PG) wins its proxy fight. The company said activist investor Nelson Peltz of Trian lost the battle for seat on the company’s 11-member board. P&G issued a statement following the results which said, “We are encouraged that shareholders recognize that P&G is a profoundly different, much stronger, more profitable Company than just a few years ago. The changes the Company has made are broad based and delivering results. We look forward to continuing our transformation journey.”