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U.S. stocks erased early gains on Wednesday as investors awaited Nvidia’s highly anticipated earnings report. As the day ended in New York, the Nasdaq Composite and the S&P 500 were up 0.2% and 0.01%. In contrast, the Dow Jones Industrial index shed 0.4%.
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Data released in the morning showed sales of new single-family homes in January 2025 were recorded at a seasonally adjusted annual rate of 657,000, missing the consensus for 680,000 and down 10.5% from December’s upwardly revised 734,000.
Here are stocks to watch today:
AppLovin
AppLovin (APP-11.05%), the top-performing technology stock of 2024, plunged in New York trading on Wednesday after two short-seller reports that questioned the integrity of its AI-driven AXON advertising software.
Fuzzy Panda and Culper Research both issued reports that claimed the company, which offers marketing services to app developers, had misrepresented the advantages of its AI platform and was misleadingly “force-feeding” app installations to users’ phones to inflate revenue.
Axon
Axon (AXON+16.06%) stock surged after the weapons and surveillance technology company reported stronger-than-expected fourth-quarter earnings and issued upbeat full-year guidance. Axon posted adjusted earnings of $2.08 per share, topping the analysts’ average of $1.40. Revenue climbed to $575.1 million from $544.3 million a year earlier.
Intuit
Intuit (INTU+12.26%) stock rose sharply following a strong earnings report and mixed guidance for the current period. The tax preparation and accounting software provider posted adjusted earnings per share of $3.32 for its fiscal second quarter, well above the estimated $2.57. Revenue reached $4 billion, surpassing expectations of $3.8 billion.
NRG
NRG (NRG+10.45%) Energy stock jumped after the power utility holding company posted better-than-expected quarterly earnings.
Nvidia
Nvidia (NVDA+3.34% stock gained as the AI chip powerhouse prepares to release its fiscal fourth-quarter earnings after the bell. After Chinese AI startup DeepSeek spooked investors in January, Nvidia’s stock plunged 17%, wiping out nearly $600 billion in value — a record for a U.S. company.
Salesforce
Salesforce (CRM+0.59%), a leading customer relationship management technology provider, rose ahead of its earnings report, scheduled for release after the market closes.
Super Micro Computer
Super Micro Computer (SMCI+10.67%) stock surged after the AI hardware maker filed its long-awaited financial reports, alleviating delisting concerns on the Nasdaq that had loomed since last year.
Tesla
Tesla (TSLA-4.49%) shares gave up early gains on Wednesday, extending their recent decline The company’s market capitalization has dropped below $1 trillion.