The Closing Print live trading and financial blog during market hours.

Watching and Trading Nvidia NVDA for a Potential Recovery

Yesterday Nvidia moved off recent selloff lows, potentially signaling a recovery. Given current market conditions, especially with technology stocks, we are also mindful of a dead cat bounce. We have a starter position in the candidate.

NVDA also announced $9 billion in buybacks.

Nvidia (NVDA) reported 3rd Quarter October 2018 earnings of $1.67 per share on revenue of $3.2 billion. The consensus earnings estimate was $1.73 per share on revenue of $3.2 billion. The Earnings Whisper number was $1.80 per share. Revenue grew 20.7% on a year-over-year basis.

The company said it expects fourth-quarter revenue of $2.65 billion to $2.75 billion. The current consensus revenue estimate is $3.40 billion for the quarter ending January 31, 2019. – Source Earningswhispers

Analysts estimates were revised lower, based on projected earnings.


Nvidia Premarket Price Action

If the stock continues higher today we’ll let the trade ride and tighten our stops. If we start to see premarket price action levels slip after the opening bell we will exit and reassess accordingly.


Nvidia premarket


This is a short-term trade, as we do anticipate there could be more downside.

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Happy Trading,


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