Stocks to Watch Today: Nvidia Corporation, CrowdStrike, and PayPal
In today’s trading session, investors are closely monitoring the movements of several key stocks, including CrowdStrike Holdings Inc. (NASDAQ: CRWD), NVIDIA Corporation (NASDAQ: NVDA), and PayPal Holdings Inc. (NASDAQ: PYPL). These companies have recently made headlines due to significant developments and market reactions.
CrowdStrike Faces Potential Legal Action from Delta Air Lines
CrowdStrike shares plummeted 9.30% to $234.74 following reports that Delta Air Lines is seeking compensation for a massive IT outage allegedly caused by a CrowdStrike software update. The incident, which occurred on July 19, 2024, resulted in nearly 7,000 flight cancellations and cost Delta an estimated $350 million to $500 million.
Delta has hired prominent attorney David Boies to pursue potential damages, raising concerns about potential legal repercussions for CrowdStrike. This news has contributed to a 7.99% year-to-date decline in CRWD stock, despite a strong buy recommendation from analysts and a 50.97% one-year return.
NVIDIA Stock Dips as Apple Chooses Google for AI Training
NVIDIA stock experienced a 4.11% decline, trading at $107.00 per share. This movement comes amidst news that Apple (NASDAQ: AAPL) has opted to use Google’s (NASDAQ: GOOG) tensor processing units (TPUs) instead of NVIDIA’s GPUs for training two AI models.
The decision was revealed in an Apple research paper and highlights the potential for Google’s cloud services in AI development while raising questions about NVIDIA’s market dominance in AI chip technology. Despite this setback, NVIDIA maintains a strong market position with a $2.633 trillion market cap and impressive year-to-date and one-year returns of 116.21% and 129.07%, respectively.
PayPal Surges on Strong Q2 Earnings and Raised Guidance
PayPal shares surged 8.14% to $63.74 following the release of its Q2 2024 earnings report, which exceeded market expectations. The company reported an 8% year-over-year increase in revenue to $7.9 billion and a 17% rise in GAAP earnings per share to $1.08. PayPal also raised its full-year guidance for 2024, revising its GAAP EPS forecast to $3.88-$3.98.
The positive results and outlook have contributed to a 3.79% year-to-date increase in PYPL stock, although the company still faces challenges with a 13.84% one-year decline and a 42.81% decrease over the past five years.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
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