Diamonds and Dogs
11/27/24
Ambarella (AMBA) jumps 6% on earnings. The chip stock is bucking the trend of weakness in the tech and chip space. Ambarella beat by 8 cents as revenues rose 63.4% year over year to $82.65 million. The company also provided upside guidance for the fourth quarter as Ambarella sees a "wave of new products" and partnerships with car makers.
Profit-taking in Dell (DELL) following earnings. The stock is down 12% even though earnings were strong as sales rose 9.5% to $24.37 billion, actually missing revenue guidance. The company also provided conservative guidance although their AI server sales rose over 50%. In the tech space, HP is also down 12% on earnings. Workday, Autodesk and CrowdStrike are also lower on earnings. Retailer, Nordstrom is down 10% after providing lackluster earnings.
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