Major US stock indexes closed the week with growth. The S&P 500 added just under 3% and closed the trading session on Friday at an all-time high of 4,280.7 points. The Nasdaq 100 tech index rose 2.1% over the week and hit its all-time highs, ending trading at 14,345 points. The improvement in investor sentiment was facilitated by the statements of the head of the US Federal Reserve, Jerome Powell, who on Tuesday confirmed his opinion that the rise in inflation in the country is temporary. He also noted that the Fed will continue to support the economy. At the same time, Powell acknowledged the existence of significant uncertainty amid the opening of the economy after the restrictive measures introduced due to the COVID-19 pandemic. However, Powell considers it unlikely that the rate of growth in consumer prices in the country will reach the level of the 1970s, when inflation was in double digits.
Tag: CRYPTO
Nvidia quadruples net profit
Nvidia posted record-breaking net income and revenues in the second quarter of fiscal 2022. Revenue jumped 68% to $ 6.51 billion from $ 3.87 billion a year earlier. Net income for the quarter ended Aug. 1 nearly quadrupled to $ 2.37 billion, or $ 0.94 per share, from $ 622 million, or $ 0.25 per share, in the prior year’s comparable period. Adjusted earnings rose to $ 1.04 per share from $ 0.55. According to market consensus, the company’s adjusted earnings were expected at $ 1.02 per share on revenue of $ 6.33 billion. The company itself forecast revenue in May in the range of $ 6.17 billion to $ 6.43 billion. Nvidia expects to receive revenue in the third financial quarter. the level of $ 6.66 billion – $ 6.94 billion. The consensus forecast assumes $ 6.57 billion.
Johnson & Johnson increased quarterly revenue in all divisions
Johnson & Johnson posted strong 2Q2021 results. The company increased its net profit in the second quarter of 2021 by 73% thanks to the growth of revenue in all major divisions. J&J’s quarterly revenue increased 27% to $ 23.312 from $ 18.336 billion. The consensus forecast for this indicator was $ 22.49 billion. According to a J&J press release, net profit in April-June rose to $ 6.278 billion, or $ 2.35 per share, up from $ 3.626 billion, or $ 1.36 per share, in the same period the previous year. Profit excluding one-off factors was $ 2.48 per share, beating the market average forecast of $ 2.29 per share.
DraftKings Will Maintain Its Leadership Position
Following the release of the quarterly results, we have raised our estimate of the company’s revenues for fiscal 2021, reflecting strong first quarter financial results and higher management forecasts. With a conservative outlook for estimated 2H21 earnings, continued legalization of sports betting in individual states and the takeover of betting technology provider SBTech.