What’s Shakin’ on Wall Street?

Alright folks, gather ’round, it’s time to dish the latest happenings on Wall Street—New York style. We’ll keep it straight and snappy, like your favorite deli sandwich.

All Quiet at the Open

US stocks hit a pause on Wednesday, with everyone just waiting around like they are in line at Katz’s Deli. The reason? Chipmaker Nvidia’s (NVDA) earnings report is dropping soon, and it’s seen as the market’s confidence booster.

The Dow nudged up by 0.1% while the S&P 500 slid by the same margin. Meanwhile, the tech-heavy Nasdaq, oh boy, it was down by more than 0.5%.

Nvidia Takes Center Stage

Everyone’s eyes are glued to Nvidia’s second-quarter numbers set to drop after the bell on Wednesday. This $3.2 trillion AI beast could swing the market in a big way. Traders are bracing for a wild 10% ride either way.

Wall Street predicts Nvidia’s earnings grew by roughly 109% and revenue by 99%, year-on-year. The spotlight? Updates on potential delays in Nvidia’s new Blackwell chip.

Nvidia’s stock skyrocketed by about 160% this year—like a subway rat darting from a pizza slice. On Wednesday’s premarket, they were chillin’, with hardly any changes after a shaky start to the week.

Tech Tidbits: Apple’s Job Cuts

Oh, and speaking of tech giants, Apple (AAPL) shook things up by cutting 100 jobs in its digital services group. This came right after they announced a new CFO stepping in. Looks like even the big shots aren’t immune to some belt-tightening.

Salesforce and CrowdStrike in the Spotlight

Nvidia may be today’s headliner, but Salesforce (CRM) also has some numbers coming in. We’re looking to see if software companies are finally cashing in on their AI investments.

Then there’s CrowdStrike (CRWD)— their report should shed some light on the damage from that global Windows outage in July.

Super Micro’s Stock Nosedive

Now, onto Super Micro Computer (SMCI). Their stock tanked 22% on Wednesday. Why? The company delayed its annual report filing for its fiscal year, which ended June 30. This delay came hot on the heels of a bombshell from short-seller Hindenburg Research, accusing them of some shady business like "accounting manipulation."

The stock already dipped by 2% on Tuesday after Hindenburg’s three-month investigation claimed they found a slew of red flags, undisclosed related party transactions, and customer issues. They also revealed they took a short position in Super Micro.

For more juicy details, check out this report.

Summary of Movements

Here’s a quick table to help wrap your head around what’s happening:

Live Updates

Stay with us for live updates. Every twist and turn of the market will be covered as it happens.

Wed, August 28, 2024 at 9:59 AM EDT
Super Micro stock plunges after company delays annual report
Super Micro Computer (SMCI) stock plunged 22% early Wednesday. The company said it would delay its annual report filing for its fiscal year that ended June 30. The delay comes a day after short-seller Hindenburg Research claimed “accounting manipulation” at the AI high-flyer.
"SMCI is unable to file its Annual Report within the prescribed time period without unreasonable effort or expense," the company said. Additional time is needed to complete assessing internal controls. The stock fell 2% Tuesday after Hindenburg said it found "glaring accounting red flags."

And there you have it. Wall Street isn’t just numbers and jargon, it’s about catching the vibe and staying ahead of the game. So hold tight, because this ride is only getting started.