A number of companies released their quarterly reports after the market close on Wednesday.
Lucid (LCID) posted a loss of $0.29 per share in the fourth quarter. Revenue was $157.2 million, which was less than the $178.4 million Wall Street was expecting. In 2024, the company says it expects to make 9,000 vehicles
APA Corporation (APA), the parent of Apache, reported fourth-quarter adjusted earnings per share of $1.15, short of the Street's $1.33 estimate. Meanwhile, Marathon Oil (MRO) reported adjusted earnings per share of $0.69 in the fourth quarter, topped estimates of $0.65.
Nvidia (NVDA) posted better-than-expected fourth-quarter results, sending stocks like Super Micro Computer (SMCI) and C3.ai (AI) higher.
Yahoo Finance's Pras Subramanian, Ines Ferré, Josh Schafer take a closer look at some of the stocks on the move in after-hours trading.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Stephanie Mikulich.
Video Transcript
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JULIE HYMAN: Well, Nvidia, of course, was the headliner for earnings after the close. We did hear from other companies, too. Here with the latest results, we've got team coverage from Yahoo Finance's Pras Subramanian, Ines Ferre, and Josh Schafer. Pras, let's start with you.
PRAS SUBRAMANIAN: Yeah. Thanks, Julie. I'm watching shares of Lucid Group here, lower in after-hours trading. The EV maker missed revenue expectations by more than $20 million in the fourth quarter. On the bottom line, the company reported an adjusted loss of $0.29 per share. For the full year 2024, Lucid setting a production target of 9,000 vehicles. That goal is slightly higher than the 8,400 produced last year.
Lucid had a tough start to 2024. Shares hit an all time low last month as weakening demand for EVs pushed bigger names like Tesla to slash prices. Now over to Ines Ferre for the latest in the energy space.
INES FERRE: Yeah. That's right, Pras. And taking a look at Apache, that stock is down more than 2% after a missed for adjusted earnings for the company's fourth quarter, with adjusted earnings coming in at $1.15 per share. The Street was looking for $1.33. The company highlighting increased total company oil production by 8% year-over-year. Also, highlighting strong Permian Basin execution and well performance for its 2024 outlook. It's looking at oil growth of approximately 8% year-over-year.
Moving on to Marathon Oil. Its fourth quarter adjusted earnings per share beat estimates with those coming in at $0.69 per share. The Street was looking for $0.65 a share. Revenue came in line with what Wall Street was expecting with a $1.69 billion. Net sales volume up 20% for the quarter year-over-year, and oil production up 14% year-over-year. We've seen a lot of that with oil companies last year.
And now turning it over to Josh Schafer with a look at the after-hours reaction to Nvidia's latest quarterly results. Josh.
JOSH SCHAFER: Yeah, Ines. I've been looking at how the markets are reacting to Nvidia's earnings, given the company's meteoric rise and its role in the AI-infused stock rally. Many were sort of nervous coming to this report and wondering how the broader markets would react. We're probably going to have to wait until tomorrow to get a full sense of that.
But I do have some of the after-hours action with us right now. And we're looking at semiconductors chip stocks here. You can see Nvidia's up about 7% right now, been rising a little bit through the afternoon here. But interesting to see some of the other companies that have sort of traded with Nvidia on this AI rally. Taking AMD up about 4%. And then when you take a look at some of the other stocks here, Arm, we know recently caught a bid, including an investment from Nvidia that caught investor attention. That stock is up about 5% after hours right now.
And this is, again, our semiconductor board. And I want to just take a look at the AI board. That board is a little bit different. It includes some stocks that don't necessarily make chips but are sort of included in that AI trade. And you can see within that, when you take a look at the AI trade overall, you're seeing some pretty significant moves right now.
Supermicro Computers, which has been on a pretty crazy rally, if I reach over here and take a look at that, you can see that stock had been rallying significantly over the last month, kind of came down as people got worried about Nvidia's earnings, what were people going to say about AI, what was Nvidia going to tell us. We'll take a look at that, it's rallying 8% after hours.
A company like C3 AI has been a popular play, just look at its ticker. That stock up 3% after hours. Also looking at SoundHound. This company also recently was announced that Nvidia had been investing in it. The stock popped on that news then had traded back down, up about 5% after hours right now. So guys, we're seeing some movement across the market in the green off these Nvidia earnings.
JULIE HYMAN: Exciting stuff. Thanks so much, Josh. And big thanks to Pras, Ines, and Josh for all of that coverage.
