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Nvidia Corporation (NVDA)

  • May. 14, 2013, 9:02 AM
    Nvidia (NVDA) strikes a deal with Goldman allowing the chipmaker to buyback $750M worth of shares. The company previously said it would return $1B to stockholders this year. Shares +1.76% premarket.
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  • May. 10, 2013, 4:10 PM
    "Nvidia’s (NVDA +4.5%) gross margin upside in a humbling quarter for Tegra and an 'apocalyptic' PC environment was quite impressive," writes Raymond James following the FQ1 report. Judging by today's rally, many agree. RJ sees the margin strength as proof demand for high-end GPUs for gaming/computing/workstations "is likely more inelastic than thought." Others are worried about the Tegra unit, which is losing share ahead of the Tegra 4 (FQ2/FQ3) and 4i (FQ4/FQ1) launches. On the earnings call, CEO Jen-Hsun Huang admitted Tegra's gross margin is below Nvidia's total GM, but added margins for GRID and Tesla (also expected to grow fast in 2H) are above-average. AMD +2.3%.
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  • Apr. 19, 2013, 2:22 PM
    AMD (AMD -3.8%) has re-hired Raja Koduri, who until recently was Apple's director of graphics architecture, CNET reports. It might not be a coincidence the report comes 8 months after AMD hired Apple mobile processor chief Jim Keller. AMD is selling off after delivering a Q1 beat and above-consensus Q2 guidance. On the earnings call, AMD claimed to have regained desktop GPU share, and that server CPU revenue rose Q/Q due to higher ASPs. There were some pointed questions about gross margin, particularly whether it can return to past levels given PC weakness and a mix shift towards embedded products. Nvidia (NVDA -0.3%) is underperforming.
  • Apr. 12, 2013, 12:25 PM
    The sell-side defends Nvidia (NVDA +2.3%) following yesterday's analyst day remarks, which included a promise to ramp buyback activity and a forecast for flat FY14 Tegra sales. Raymond James (Strong Buy) notes Nvidia disclosed its Tegra-specific R&D spend is lower than generally expected, something that now leads it to think the business is turning a profit (previous). Roth (Buy) is cutting its estimates, citing a delay in Tegra 4i's availability, but thinks Nvidia could keep gaining PC GPU share - the GPU improvements accompanying Intel's Haswell CPUs could stand in the way here. (analyst day slides)
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  • Apr. 11, 2013, 8:24 AM
    In addition to the fall in Microsoft's shares, companies exposed to the PC market drop further after IDC said yesterday that global computer shipments slid 13.9% in Q1. H-P HPQ -5.2%, Lenovo (LNVGY.PK) -5.8% in Hong Kong, Intel (INTC) -2.3%, AMD -2.7%, Nvidia (NVDA) -2.1%, Seagate (STX) -1.85%, Western Digital (WDC) -1.3%. (previous)
  • Feb. 14, 2013, 7:15 PM
    In spite of the light guidance provided with its FQ4 beat, Nvidia (NVDA +2.9%) finished higher; expectations were low going in thanks to the PC industry's woes. FQ4 Tegra sales +90% Y/Y (year-ago sales were weak) and now 19% of revenue; GPU sales +7% thanks to share gains from AMD. On the earnings call, Nvidia admitted competing in smartphones (against Qualcomm) is tough without an integrated baseband/app processor (expected in 2H), but was more positive about tablets. Needham has cut shares to Hold, citing opex growth and Tegra's challenges.
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  • Jan. 23, 2013, 11:17 AM
    Low expectations and (possibly) short-covering are helping AMD (AMD +9.2%) rally following a slight Q4 beat and below-consensus Q1 guidance. The gains come even though CPU division sales fell 37% Y/Y in Q4 (Intel's PC CPU division sales fell only 6%), and GPU division sales 15%. But servers were a relative bright spot: AMD noted in its CFO commentary (.pdf) server CPU sales rose Q/Q, and mentioned on its earnings call its SeaMicro unit recorded "significant revenue growth." Gross margin was 39%, down from 46% in Q4 '11 but up from 31% in Q3.
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  • Jan. 18, 2013, 11:32 AM
    Intel (INTC -6.3%) is getting battered due to the Q1 guidance and 2013 capex forecast provided with its Q4 report, and is taking AMD (AMD -6.4%) along for the ride. FBR: "Investors worry about stagnant or shrinking unit shipments while Intel simultaneously ramps capacity spending meaningfully." The firm thinks Intel's spending could increase its annual depreciation by $4B, producing an 800 bps hit on gross margin. Also, many analysts are skeptical about Intel's full-year revenue forecast. NVDA -1.2%. (transcript)
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  • Jan. 17, 2013, 5:18 PM
    AMD -2.6% AH in response to Intel's Q4 report, which featured a slight revenue miss and somewhat light Q1 guidance, as well as (in the CFO comments) remarks about "aggressive tactical actions" to cut inventory. Nvidia (NVDA) is unchanged for now.
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  • Jan. 7, 2013, 1:58 PM
    The Street isn't a fan of Nvidia's (NVDA -2.5%) entry into the handheld console market: shares are ticking lower as concerns about the costs of supporting Project Shield outweigh any enthusiasm about its latest baseband and app processors. CNNMoney's Adrian Covert notes Nvidia (unlike Nintendo and Sony) is trying to carve a niche by courting hardcore gamers with its console. Nvidia also launched its cloud-based Grid Gaming System (previous) yesterday. Supported by several cloud gaming providers, Grid features 20 servers and 240 Nvidia GPUs per rack.
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  • Dec. 20, 2012, 11:21 AM
    AMD (AMD -4.2%) is slumping, and Intel (INTC -0.5%) and Nvidia (NVDA -0.6%) are slightly off, after Evercore's Patrick Wang joins the estimate-cutting parade, and co-worker Rob Cihra offers mixed commentary about PC demand. While holding out hope Windows 8 and China will lead demand to stabilize in 1H, Cihra notes many industry suppliers appear to have under-shipped end-user sales (which themselves aren't great) in Q4 thanks to inventory drawdowns. "Early ultrabooks have been stymied by high prices and Win8 so far looks like a remarkable non-factor.," he adds.
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  • Nov. 20, 2012, 8:05 AM
    For whom H-P's (HPQ) FQ4 results toll: Dell (DELL) -1.9% premarket, Intel (INTC) -1.6%, AMD -1%. H-P reported a 14% Y/Y drop in PC revenue and 12% drops in both desktop and notebook shipments. The drop in commercial PC revenue (13%) was nearly as bad as the drop in consumer PC revenue (16%).
  • Nov. 12, 2012, 2:33 PM
    Cray (CRAY +3.1%) is rallying after the DOE's Titan supercomputer, which was built by Cray, is declared the world's most powerful system, dethroning the IBM-built Sequoia. Titan uses AMD Opteron server CPUs and Nvidia's (NVDA) K20 graphics accelerator, which was officially announced today.
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  • Nov. 9, 2012, 5:31 PM
    Nvidia (NVDA -3.9%) sold off after initially trading higher post-earnings. Soft guidance (PC-related) overshadowed decent Tegra sales, which were driven far more by tablets (i.e. the Nexus 7) than smartphones. Nvidia noted on its earnings call it's ramping R&D as it works to develop a Tegra chip containing a baseband modem, something needed to better compete with Qualcomm's Snapdragon line. Separately, CEO Jen-Hsun Huang talked up the potential of the delayed Project Denver to address the budding ARM server CPU market. (FQ3: I, II) (analyst comments)
  • Oct. 25, 2012, 10:16 AM
    Logitech (LOGI -10.5%) becomes the latest PC-centric name to fall after a weak earnings report. In addition to missing FQ2 estimates, the company warned its fiscal 2H sales and operating income will be down Y/Y. FQ2 OEM sales fell 27% Y/Y (weaker keyboard/mouse sales), echoing Microsoft's huge Windows sales drop, while retail sales fell 5%. Audio sales -14%, Video -17%, Harmony remote sales -14%, with units falling 31%. Gross margin was up 500 bps Q/Q and 210 bps Y/Y. (prepared remarks, slides - PDF)
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  • Oct. 23, 2012, 2:31 PM
    Barnes & Noble (BKS +6%) is surging as investors show their appreciation of Apple's decision to start iPad Mini pricing at $329. B&N new 7" Nook HD sells for $199-$229, while the 9" Nook HD+ goes for $269-$299. Shares sold off yesterday on Apple-related worries. Texas Instruments (TXN -0.4%), which (for now) supplies processors for both the Nook and Kindle lines, could be an indirect beneficiary of the Mini's pricing. Ditto Nvidia (NVDA), whose processors go into the Nexus 7 and other Android tablets.
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Company Description
NVIDIA Corp is a visual computing company, connecting people through the powerful medium of computer graphics. The Company's reporting segments include GPU and Tegra Processor.