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CBS, Nvidia higher in after hours on muted earnings

|Includes: CBS, INTC, NVIDIA Corporation (NVDA)

CBS (NYSE:CBS) is trading moderately higher in the after hours sessions on extraordinary earnings result. The company said net-income grew nearly 500% to $283 million ($0.41 a share or $0.46 non-GAAP) from a mere $58 million ($0.09 a share) in the same quarter last year.  Revenue was up a little over 10% to $3.9 billion on the quarter.  

Analysts polled by Thomson Financial were expecting the company to post earnings of $0.44 a share on $3.84 billion in revenue.  The beat, though somewhat muted, was enough to keep the company trading higher in after hours.  CBS ended the regular session up $0.45 to $22.10 a share or 2.08% higher.  The stock traded as high as $23 in after hour before pulling back down to $22.30 or up $0.20 (1%).  

Nvida (NASDAQ:NVDA) is also trading moderately higher in the after hours session despite missing on the top-line.  The company revealed that fourth-quarter revenue came in at $886 million versus consensus estimates which was looking for $894.5 million.  This probably has to do with the fact that the company significantly beat EPS expectations fueled largely by its settlement with Intel (NASDAQ:INTC).  Analysts were generally expecting the company to report $0.21 in EPS -- the company came in at $0.29.  

Gross margins rose to 48.1% up nearly 160 basis points sequentially.  Nvidia also said that it expects revenue to come in at $939 to $957 million -- way ahead of the $888.5 million consensus -- for the upcoming quarter.  Nvidia is up over 50% over the past 6 weeks so its no surprise to see the stock trade  higher despite missing on the top-line.  In an environment of deep froth, stocks rarely trade lower even when companies miss expectations.  

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.