After-Hours Update: NVDA, CAR, GENZ
Wednesday, July 28, 2021 8:25 PM

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After the closing bell on Wednesday, Nvidia (NASDAQ: NVDA) announced that it expects revenue for the second quarter ending Aug. 1, 2010, to be lower than the guidance provided with the company's financial results for its first quarter. Total revenue is now estimated at $800 million to $820 million, compared with the range of $950 million to $970 million provided on May 13, 2010. The company said that revenue shortfall occurred primarily in the consumer GPU business, resulting from increased memory costs and economic weakness in Europe and China. The increased solution cost of discrete GPUs led to a greater-than-expected shift to lower-priced GPUs and PCs with integrated graphics. Shares of the chipmaker slumped more than 6% in after-hours trading.

Avis Budget Group Inc. (NYSE: CAR) said late Wednesday it offered to buy Dollar Thrifty Automotive Group Inc. (NYSE: DTG) for $46.50 a share, topping rival Hertz Global Holdings Inc.'s $41 a share proposal. The offer includes $39.25 in cash and 0.6543 share of Avis Budget stock currently valued at $7.25. Dollar Thrifty had agreed to a merge with Hertz earlier this year.

Shares of Genzyme Corp. (NASDAQ: GENZ) rallied more than 3% in after-hours trading after the Wall Street Journal reported that  Sanofi-Aventis SA Chief Executive Officer Chris Viehbacher has support from his board of directors to offer as much as $18.7 billion or $70 per share for the biotechnology firm.

Disclosure: Author doesn’t own any of the stocks discussed here.
 

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Market news:

  • Indonesia volcano spews searing ash after lull Oct 31, 2021 04:34 AM

    • MOUNT MERAPI, Indonesia - A deadly volcano in Indonesia is spewing another searing cloud of ash down its slopes after a lull in activity.
    • Monitoring official Subandrio says the new blast Sunday came after thousands of people who had fled the area rushed back to check on their homes.
    • The blasts have so far killed 38 people even as Indonesia struggles to respond to a tsunami created by a 7.7-magnitude earthquake hit remote islands and killed nearly 450 .
      • French airline makes landmark flight to Baghdad Oct 31, 2021 03:28 AM

        • BAGHDAD - A French airliner landed at Baghdad International Airport Sunday, becoming one of the first passenger planes to fly into the Iraqi capital direct from western Europe since the Gulf War and opening a potential new route to stronger international business ties.
        • The airline won't begin regularly scheduled passenger flights for another two to three months, but if successful, the flights would mark an important milestone in Iraq's economic development.
        • "It will also be a chance, a new chance for the development of business between France and Iraq but more globally, between Europe and Iraq," said France's top trade official, Anne-Marie Idrac, who was on board the flight.
          • Mail bomb investigators push on with Yemen manhunt Oct 31, 2021 03:12 AM

            • SAN'A, Yemen - With their first suspect in custody, Yemeni police are continuing to hunt for the terrorists believed responsible for mailing a pair of powerful bombs to attack the United States.
            • U.S. and Yemeni officials are increasingly seeing al-Qaida's hand in the failed plot.
            • Yemeni police have arrested a young woman who was a medical student on suspicion of mailing a pair of bombs powerful enough to take down airplanes.
              • Michigan State, Missouri unbeaten no more Oct 31, 2021 03:00 AM

                • A couple more undefeated seasons got run off the road.
                • Michigan State and Missouri were both soundly beaten away from home by conference rivals on a Saturday when six teams with perfect records hit the road.
                • 18 Iowa jumped out to a 30-point lead and stomped fifth-ranked Michigan State 37-6, and No.
                  • Lewis shuts down SF, Texas trims WS deficit to 2-1 Oct 31, 2021 03:00 AM

                    • ARLINGTON, Texas - Back in Texas. The Rangers, behind emerging October ace Colby Lewis, came home and threw themselves the biggest tailgate party of them all, beating San Francisco 4-2 on Saturday night and cutting the Giants' Series edge to 2-1.
                    • Psyched by pep talks from former President George W. Bush and spurred by a heater from Nolan Ryan, the Rangers became the first team from Texas to win a Series game.
                    • Rookie Mitch Moreland hit an early three-run homer, Josh Hamilton later launched a 426-foot shot and the Rangers posted a Series win that took the franchise 50 years to achieve.

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