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CoreWeave Soars, Super Micro Computer Jumps, Lumentum Rises After Strong Earnings Results
Description
Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- CoreWeave (CRWV) surged after the AI spending frenzy spurred faster sales growth than anticipated, with sales expected to be $3.45 billion to $3.6 billion in the third quarter. The firm's backlog was $104 billion at the end of the quarter, and it inked more than $25 billion in new customer commitments after the period ended, suggesting that “AI demand remains strong”.
- Super Micro Computer (SMCI) shares jumped after the company gave a revenue forecast for the current quarter that topped analysts’ estimates, a sign the booming artificial intelligence market continues to bolster sales of the company’s servers. Revenue will be $14.5 billion to $15.5 billion in the period ending in September, and profit, excluding some items, will be $1.01 to $1.10 a share, the company said.
- Lumentum (LITE) shares gain. Analysts are positive on the maker of optical equipment after it reported fourth-quarter results that beat expectations and gave an outlook above analyst consensus. The stock has more than doubled this year and is up near 36% off the low it hit in late July.
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