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Thursday, August 28

Noteworthy macro moves today: USD/CNH -0.3%. Bitcoin +1.7%. 

Recent economic data releases have shown a mixed picture for the U.S. economy, with initial jobless claims falling to 229,000—slightly below expectations—and GDP growth revised upward to an annual rate of 3.3% in Q2 from earlier estimates of 3%. This positive revision reflects stronger consumer spending and investment but is tempered by concerns over slower government spending and rising imports.

In Europe, sentiment indicators are signaling weakness as the Euro Area Economic Sentiment Indicator dropped unexpectedly to 95.2 in August against market forecasts of improvement. Additionally, industrial confidence fell significantly more than anticipated while services confidence also eased; these developments suggest growing uncertainty about future economic conditions within major economies like Germany and France amid ongoing political tensions.

Market reactions include fluctuations across equity indices influenced by Nvidia's disappointing sales outlook despite better-than-expected earnings results that initially buoyed investor sentiment. The S&P futures indicate cautious trading ahead as investors await further clarity on monetary policy direction following dovish signals from Federal Reserve officials regarding potential interest rate cuts later this year amidst evolving inflation dynamics.

Bitcoin (BTC/USD) [+1.7%]
Bitcoin (BTC/USD) has increased by 1.7% since Wednesday. LiveOne has doubled its Bitcoin holdings, reflecting a strategy to enhance digital asset yield. Significant inflows into spot ETFs for both Bitcoin and Ethereum followed Nvidia's strong earnings call, positively impacting market sentiment. Social media discussions highlight that institutions are focusing on Bitcoin and Ethereum, both of which have reached all-time highs. Businesses are acquiring Bitcoin at a rate four times greater than the mining output, with corporate treasuries adding 1,755 BTC daily against only 450 BTC mined. Additionally, as of August 27th, Bitcoin experienced an inflow of $81.40 million in ETF investments. American Bitcoin is set to go public through a merger with Gryphon, with substantial stakes held by Trump Sons and Hut 8, and Nasdaq trading is anticipated to begin in September under the ticker ABTC.

USD/CNH (USD/CNH) [-0.3%]
The People's Bank of China (PBoC) has set the USD/CNH central rate for today at 7.1063, slightly lower than yesterday's fix and below market estimates, suggesting an effort to stabilize the currency amid economic challenges. Concurrently, political tensions surrounding President Trump's removal of Fed Governor Lisa Cook are exerting selling pressure on the US Dollar, as traders anticipate potential interest rate cuts from the Federal Reserve in September. Social media discussions have noted that China is allowing a quicker appreciation of the yuan, while the US dollar remains under pressure against all G10 currencies. This situation marks a five-day advance for the yuan, the longest rally since last September. Additionally, USD/JPY has moved down, reflecting broader market sentiment that may also influence USD/CNH, which is currently down 0.3%.

NVDA | +0.4% | -19.6B
NVIDIA Corp | Semiconductors
NVIDIA Corp reported fiscal Q2 revenues of $46.7 billion, exceeding estimates of $46.23 billion, while earnings per share reached $1.04, surpassing expectations of $0.98. Despite this strong performance, data center revenue fell short at $41.1 billion against forecasts of $41.29 billion, contributing to a decline of approximately 3% in after-hours trading. The company announced a revenue guidance for Q3 of $54 billion, excluding potential sales of H20 chips to China, which could have added an estimated $2 billion to $5 billion if geopolitical conditions improved. CEO Jensen Huang emphasized the growth potential in the China market and noted a significant surge in demand for AI infrastructure. Additionally, NVIDIA revealed a $60 billion stock buyback plan, indicating confidence in its future prospects, while discussions on social media highlighted concerns regarding customer concentration and flat free cash flow despite soaring revenues.

NTAP | -8.5% | -1.8B
NetApp Inc | Technology Hardware, Storage & Peripherals
NetApp Inc. reported its first-quarter fiscal 2026 results, with adjusted earnings per share (EPS) of 1.55, slightly above the consensus estimate of 1.54. Revenue reached 1.56 billion, surpassing expectations of 1.54 billion, marking a year-over-year increase of 1%. Despite this, net income fell to 233 million from 248 million in the previous year. The company anticipates second-quarter EPS between 1.84 and 1.94, with revenue projected between 1.615 billion and 1.765 billion. Following the earnings announcement, shares dropped approximately 5.79% in after-hours trading to around 105.30. Additionally, projections for FY2026 indicate adjusted EPS between 7.60 and 7.90, along with revenue estimates of 6.625 billion to 6.875 billion, which are below analyst expectations of 7.75 EPS and 6.77 billion in revenue.

NTNX | -11.3% | -1.7B
Nutanix Inc | Application Software
Nutanix Inc reported its fourth-quarter financial results, revealing revenue of 653.3 million, exceeding the consensus estimate of 641.5 million, and an adjusted operating income of 119.5 million against an expected 102.1 million. The company guided Q1 sales between 670 million and 680 million, slightly below the analyst estimate of 678.8 million. Following the earnings announcement, Nutanix's stock experienced a notable decline, dropping significantly in after-hours trading. Additionally, the board authorized a 350 million increase to its existing share repurchase program, raising total authorization to 461 million. Conversations on social media highlighted an 18% year-over-year revenue growth and strong free cash flow generation during the earnings call, while comparisons were drawn between Nutanix and Guidewire Software regarding their market capitalizations and financial metrics.

SNOW | +14.0% | +10.7B
Snowflake Inc. | Internet Services & Infrastructure
Snowflake Inc. reported its second-quarter financial results, revealing revenue of $1.14 billion, exceeding the consensus estimate of $1.09 billion, and marking a 32% year-over-year increase. Adjusted earnings per share were $0.35, surpassing the expected $0.27. Following this announcement, analysts raised their price targets, with JMP Securities setting a target of $283, while RBC and Cantor increased theirs to $275. The company also raised its fiscal year 2026 product revenue guidance to $4.395 billion from $4.325 billion. In addition, Snowflake anticipates third-quarter product revenue between $1.125 billion and $1.13 billion. On social media, discussions highlight the stock's rise of over 10% in after-hours trading, driven by the positive earnings results and strong performance indicators, including remaining performance obligations of $6.9 billion and record institutional ownership at approximately 70% of shares outstanding.

PSTG | +15.4% | +3.5B
Pure Storage Inc | Technology Hardware, Storage & Peripherals
Pure Storage Inc reported strong second-quarter fiscal 2026 results, with an adjusted EPS of 0.43, surpassing the consensus estimate of 0.39. Revenue reached 861 million, exceeding expectations of 846.45 million, alongside a 15% year-over-year increase in subscription services revenue, totaling 414.7 million. The company raised its fiscal year 2026 revenue guidance to between 3.6 billion and 3.63 billion, up from a prior estimate of 3.51 billion. Analysts responded positively, with Needham increasing its price target from 75 to 85 and JPMorgan raising its target from 70 to 80. Following these announcements, Pure Storage's shares experienced a significant increase in value, rallying approximately 16%. Social media discussions highlighted the company's strong financial performance and positive outlook, noting comparisons with competitors like NetApp and Western Digital.

CRWD | -3.3% | -3.3B
CrowdStrike Holdings Inc | Systems Software
CrowdStrike Holdings Inc. reported second-quarter earnings that exceeded analyst expectations, with revenue of 1.17 billion and adjusted earnings per share of 0.93. Despite this, the company projected third-quarter revenue between 1.208 billion and 1.218 billion, falling short of the consensus estimate of 1.23 billion. This guidance, along with a quarterly net loss of 77.68 million compared to a profit last year, has resulted in a significant drop in shares, which fell by 3.4%. The company announced plans to acquire Onum, a telemetry pipeline management firm, although this acquisition was not included in the guidance figures. Following the earnings report, several analysts lowered their price targets for CrowdStrike, reflecting concerns about future growth prospects.

COO | -16.5% | -2.0B
Cooper Companies Inc | Health Care Supplies
Cooper Companies Inc reported its third-quarter earnings on August 27, 2025, revealing a net income of $98.3 million and earnings per share (EPS) of $0.49, down from $0.52 year-over-year. Revenue reached $1.06 billion, a 5.7% increase year-over-year but slightly below analyst expectations of $1.064 billion. The adjusted EPS was $1.10, surpassing estimates of $1.07. The company subsequently lowered its fiscal year revenue outlook to a range of $4.08 billion to $4.10 billion, down from $4.11 billion to $4.15 billion. Following the earnings report, analysts downgraded their price targets, with Citi reducing its target to $72 from $97 and JPMorgan setting a new target of $66, reflecting diminished expectations for the stock's performance. The stock experienced a significant decline of 16.4% in pre-market trading.

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