Nvidia: S&P Intraday Gainer
The S&P 500 was up a little less than 2 points to 1360 in recent trades.
Shares of Nvidia rose 7.81% to $13.39. The graphics chip maker reported first-quarter earnings of $60.4 million, or 10 cents a share, with revenue of $924.9 million, down from year-earlier earnings of $135.2 million, or 22 cents a share, on revenue of $962 million.
The profit was in line with Wall Street's consensus view while revenue topped expectations of $916.2 million.
Nvidia forecast revenue of $990 million to $1.05 billion for its fiscal second quarter ending in July.
Nvidia shares currently trade at an estimated price-to-earnings ratio for next year of 12.04 times; the average for semiconductor companies is 13.5X. For comparison, Applied Materials(AMAT) has a lower forward P/E of 9.46X.
Eighteen of the 36 analysts who cover Nvidia rate it at hold. Seventeen analysts give the stock a buy rating and one rates it at sell.
The stock has fallen 3.39% year to date.