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AAPL

AMZN

GOOG

META

MSFT

NVDA

QQQ

SPY

TSLA

NVIDIA Corp (NASDAQ:NVDA) reported earnings that exceeded expectations, with significant growth in AI inference shipments, indicating rapid AI adoption. The FOMC minutes were hawkish, suggesting no near-term rate cuts. Jobless claims were lower than expected, showing a strong job market. Japan's Nikkei 225 reached a 34-year high, highlighting the potential for long bear markets. Early trade showed positive money flows in major tech stocks and ETFs, while Bitcoin's sentiment was boosted by NVIDIA's earnings.

Portfolio Pulse from The Arora Report

February 22, 2024 | 5:42 pm

RIVN

Rivian Automotive, Inc. (NASDAQ:RIVN) reported a Q4 loss wider than expected and plans to cut its salaried workforce by 10%. Despite beating revenue estimates with $1.32 billion, its loss per share of $1.36 missed expectations. The company anticipates producing 57,000 vehicles in 2024 with an adjusted EBITDA loss of $2.7 billion. Following the report, Rivian's shares dropped 25.2% to $11.52. Analysts from Needham, B of A Securities, and DA Davidson adjusted their price targets on RIVN, all maintaining their previous ratings.

Portfolio Pulse from Avi Kapoor

February 22, 2024 | 5:26 pm

Block shares are trading higher following the company's announcement of job cuts.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 5:21 pm

NVDA

SPY

TLT

U.S. initial jobless claims fell more than expected last week, suggesting a tight labor market and pushing back expectations for Federal Reserve rate cuts. The data, along with strong results from NVIDIA Corp, led to a rally in the S&P 500, while Treasury markets saw minimal impact.

Portfolio Pulse from Neil Dennis

February 22, 2024 | 5:21 pm

AMZN

GOOGL

MSFT

Block Inc (SQ) announced plans to cut 112 jobs on March 30 due to economic reasons, as part of its strategy to reduce headcount and costs. This move, part of a broader cost-savings program disclosed previously, aims to lower its workforce to 12,000 by the end of 2024. The announcement led to a more than 3% increase in Block's shares in early trading. The tech industry, including Amazon (AMZN), Alphabet (GOOGL), and Microsoft (MSFT), has seen similar job cuts amid economic challenges. Block, which competes with Spotify through its ownership of TIDAL, began job reductions in January. The company is set to report its fourth-quarter results after market close.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 5:19 pm

SPY

Fed's Jefferson highlighted the unpredictable nature of the labor market, suggesting changes can occur rapidly in ways that policymakers cannot foresee. This statement underscores the challenges in monetary policy decision-making, especially in times of economic uncertainty.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 3:41 pm

BZFD

BuzzFeed announced the sale of Complex to NTWRK for $108.6 million in cash and a strategic restructuring that includes cutting 16% of its workforce. This move is aimed at streamlining operations and focusing on core areas of growth.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 3:02 pm

SPY

Fed's Jefferson highlighted three key risks to the economy: resilient consumer spending stalling inflation progress, potential weakening of employment, and elevated geopolitical risks. He anticipates that as the labor market cools, core services inflation will continue to moderate.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 3:01 pm

DIS

LUNR

SMCI

Jim Cramer discussed various companies on CNBC's 'Mad Money Lightning Round,' highlighting Zscaler as a good buy and expressing concerns about Unity Software. Super Micro Computer announced a $1.5 billion convertible notes offering. Disney reported strong earnings and a new share repurchase program. Intuitive Machines launched a lunar lander. Unity Software plans a significant workforce reduction. Ford reduced prices for its Mustang Mach-E in Canada.

Portfolio Pulse from Avi Kapoor

February 22, 2024 | 2:13 pm

RIVN

Rivian's stock price declined following the announcement of mixed Q4 financial results and a decision to reduce its salaried workforce by approximately 10%.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 1:40 pm