Nvidia reported another record earnings, but investor reactions were tepid. Picture Getty
ASX Large Caps: Tech stocks sell off despite Nvidia’s 14x jump in profit; EBOS down 5pc after market update
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- ASX pulled back slightly, tracking New York
- Nvidia reported another record earnings, amid tepid reaction from investors
- EBOS Group down despite strong start to financial year
The ASX pulled back by -0.1% on Wednesday, tracking overnight movements in New York where sentiment dropped after the release of the US Fed minutes from the last meeting.
According to the minutes, board members have not shut the door on another rate hike, and would raise rates further if data suggested that progress toward the 2% inflation was insufficient.
Traders also watched Nvidia’s shares closely after the chipmaker reported its quarterly results post the closing bell.
Nvidia got a tepid reaction from investors and tumbled almost 1% despite continuing its string of blistering quarterly earnings reports. The company easily beat its own guidance by US$2bn after Q3 sales tripled from a year earlier to US$18.1 billion, while profit surged 14x to US$9.2 billion.
The result wasn’t enough to lift the ASX Tech sector today as it dropped by more than 1.5%, which was offset by modest gains from Utilities.
Amongst the ASX gainers today was Origin Energy (ASX:ORG) and insurance stocks QBE (ASX:QBE) and Suncorp (ASX:SUN).
Decliners were led by health group EBOS (ASX:EBO), which fell -4.5% after providing a market update (see more details below).
Around the region, Asian stocks were mixed after Israel has reportedly approved a hostage deal and a pause in its war with Hamas. China’s Baidu Inc was a top performer, up 5% in Hong Kong following better-than-expected Q3 results.
Looking ahead tonight, key data releases and a UK budget update are expected, as Wall Street heads into tomorrow’s Thanksgiving holiday.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| DEG | De Grey Mining | 1.29 | 3.20 | 2,724,233 | $2,314,015,141 |
| TAH | TABCORP | 0.75 | 3.10 | 22,775,166 | $1,654,747,967 |
| KAR | Karoon Energy Ltd | 2.18 | 2.83 | 2,158,868 | $1,201,022,419 |
| NEM | Newmont Corporation | 57.31 | 2.28 | 692,892 | $19,150,639,994 |
| PRU | Perseus Mining Ltd | 1.82 | 2.10 | 4,493,724 | $2,451,811,661 |
| BGL | Bellevue Gold Ltd | 1.54 | 1.99 | 4,705,206 | $1,734,998,405 |
| QBE | QBE Insurance Group | 15.17 | 1.95 | 1,017,872 | $22,229,459,813 |
| SUN | Suncorp Group Ltd | 13.74 | 1.82 | 1,118,978 | $17,135,844,012 |
| ORG | Origin Energy | 8.43 | 1.81 | 1,868,153 | $14,264,350,716 |
| MEZ | Meridian Energy | 4.74 | 1.72 | 29,957 | $5,900,452,712 |
| FBU | Fletcher Building | 4.16 | 1.71 | 381,125 | $3,202,648,308 |
| ASK | Abacus Storage King | 1.06 | 1.67 | 344,244 | $1,373,237,595 |
| PSI | Psc Insurance Ltd | 4.46 | 1.59 | 175,060 | $1,600,067,081 |
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| 360 | Life360 Inc. | 7.22 | -6.48 | 909,314 | $1,564,599,091 |
| LTR | Liontown Resources | 1.44 | -5.43 | 7,396,369 | $3,657,741,391 |
| NIC | Nickel Industries | 0.77 | -4.97 | 3,186,358 | $3,450,076,953 |
| EBO | Ebos Group Ltd | 33.30 | -4.88 | 18,180 | $6,715,345,857 |
| WC8 | Wildcat Resources | 0.86 | -4.47 | 7,753,411 | $1,069,438,149 |
| BOE | Boss Energy Ltd | 4.16 | -4.26 | 1,227,650 | $1,531,731,668 |
| PLS | Pilbara Min Ltd | 3.53 | -4.21 | 14,508,063 | $11,074,822,589 |
| AKE | Allkem Limited | 8.91 | -4.09 | 2,542,732 | $5,939,294,812 |
| PXA | Pexagroup | 11.65 | -4.04 | 173,194 | $2,153,035,956 |
| GQG | GQG Partners | 1.43 | -4.03 | 924,944 | $4,399,680,097 |
| PDN | Paladin Energy Ltd | 1.00 | -3.61 | 8,390,304 | $3,102,710,554 |
| DHG | Domain Holdings Aus | 3.49 | -3.59 | 405,303 | $2,286,598,894 |
Pharmaceuticals supplier EBOS Group (ASX:EBO) was down almost -5% after reporting ongoing revenue growth of 8.8% vs the pcp, for the four months up to 31 October. This was on the back of an 8.2% revenue increase for the same period. In addition, EBO said discussions relating to a potential animal care business strategic transaction had concluded, with a decision not to proceed with any deal.
Fortescue Metals Group (ASX:FMG) was down slightly after a vote at yesterday’s AGM showed 52.44% proxy and 52.37% poll votes were recorded against adopting the group’s remuneration report. This constituted a ‘first strike’ under the Corporations Act.
Radiologist network Healius (ASX:HLS) was down -32% after completing an institutional cap raise for a total of approximately $154 million at $1.20 per new share.
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