On this episode of Stock Movers:
- Nvidia (NVDA) shares are after The Information reported, citing unidentified sources, that the company has instructed component suppliers to stop production related to the H20 AI chip. The production suspension comes after Beijing urged local companies to avoid using the H20, a chip designed specifically for the Chinese market. CEO Jensen Huang said he was surprised by Beijing's concerns and reiterated that the H20 houses no security backdoors, according to Huang.
- BJ's Wholesale (BJ) fell after it reported fiscal second-quarter sales that came up short of expectations. The profit outlook for the wholesale retailer did improve. It boosted its adjusted earnings per share forecast for the full year.
- Ross Stores (ROST) jumped after projecting inflation will push more consumers to seek its off-price wares and deliver sales growth above expectations. CEO Jim Conroy said, “We anticipate pricing across retail will move higher as we progress through the year, which will lead consumers to seek more value this fall season.”
- Workday (WDAY) shares are lower after investors were left disappointed that the human-resources software company left its subscription revenue guidance unchanged, apart from a small boost from the Paradox acquisition. Analysts also flagged concerns around AI displacement continue to linger.
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