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- A New Number One
Good Morning!
Happy Thursday! It is almost Friday:
👉Nvidia becomes number one
👉 Darden Restaurants are in
👉BOE makes decision
NVIDIA: Number One
Nvidia is now the world's most valuable public company. On Tuesday, Nvidia's shares rose 3.6%, making its market cap $3.34 trillion, surpassing Microsoft's $3.32 trillion. Earlier this month, Nvidia reached $3 trillion, overtaking Apple. Nvidia’s stock has surged over 170% this year, driven by strong earnings and the AI boom.
Source: CNBC
It dominates 80% of the AI chip market for data centers, with data center revenue up 427% year-over-year. Nvidia is not yet in the Dow Jones Industrial Average but announced a 10-for-1 stock split, which may improve its chances of joining. CEO Jensen Huang’s net worth is now $117 billion.
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EARNINGS: Darden Restaurants
Darden Restaurants reported mixed results on Thursday. Olive Garden's same-store sales fell for the second quarter in a row. For fiscal 2025, Darden expects same-store sales growth of 1% to 2%. The fiscal fourth-quarter net income was $308.1 million, or $2.57 per share, slightly down from $315.1 million, or $2.58 per share, last year.
Source: Price Chopper
Excluding acquisition costs of Ruth’s Chris and other items, the earnings were $2.65 per share. Net sales rose 6.8% to $2.96 billion, boosted by acquiring Ruth’s Chris Steak House and 37 new locations. Overall same-store sales were flat, with Olive Garden down 1.5% and fine-dining down 2.6%. LongHorn Steakhouse grew by 4%. Darden forecasts fiscal 2025 earnings per share of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion. They plan to spend $550 million to $600 million on capital expenditures.
ENGLAND: Rate Decision
Britain's central bank is set to keep interest rates at a 16-year high of 5.25% on Thursday due to ongoing inflation. Despite headline inflation hitting the BoE's 2% target in May, the outlook is uncertain.
Source: Fox
Service price inflation fell to 5.7%, not the expected 5.3%, and wage growth is nearly double what the BoE wants for 2% inflation. The BoE expects inflation to rise to 2.6% by year-end as energy bill cuts fade. Economists and financial markets don't expect a rate cut this month, with August 1 as the earliest possible date. They see a higher chance of cuts in September or November.
Chart of the Day
📊Delinquency Rate
Source: Game Of Trades
GRIT Meme of the Day 😂
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Source: @wallstbets
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