Reddit (RDDT) will open up by over 10% this morning. The S*P 500 (SPY) will replace AvalonBay Communities (AVB) starting on August 18.
Nu Holdings (NU), a Brazilian digital bank, posted revenue of $5.88 billion in the second quarter (+56% Y/Y). Net income increased by 65% Y/Y to $3.69 billion. The firm increased its customer count by four million and now has 139 million in total. Watch NU stock open up by around 9%.
Among the stocks falling this morning, beware of Globant (GLOB). The stock will open down by nearly 15% after the digital transformation firm posted weak earnings in Q2. Gross margin (adjusted) worsened to 36.5%, from 38.1%. It posted a weak outlook for the year, blaming new market regions, oil price pressures on travel, and weak discretionary spending trends.
In the chip sector, Applied Materials (AMAT) will open lower. It posted Q3 revenue of $9.12 billion (+25% Y/Y). Markets already priced in the strong EPS of $3.50 (adjusted). The firm raised its revenue expectations for semiconductor systems, thanks to AI-related demand.
On Thursday, Cisco Systems (CSCO) posted strong results as it benefited from the AI boom. The stock lost 8.4% to close at $113.47. Expect the pullback to continue for the next few trading sessions. After that ends, consider investing in Cisco at those lower prices.
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