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Good Morning!
Happy Friday! It is almost the weekend:
👉Nvidia surpasses Apple
👉 Lululemon earnings are in
👉FTC plans lawsuit
NVIDIA: Surpasses Apple
Nvidia recently surpassed Apple in market cap, reaching $3.019 trillion and becoming the second-most valuable company after Microsoft. Nvidia's stock has surged over 24% since May, driven by its dominance in AI chips for data centers, with data center revenue jumping 427% year-over-year to $22.6 billion. Meanwhile, Apple's stock is up only 5% this year, with slowing sales and challenges in China.
🎯 GRIT TAKE: In our opinion, while Nvidia's rapid …upgrade to VIP now to read the full GRIT Take!
LULUEMON: Earnings Are In
Lululemon's growth in the Americas, its largest market, has slowed. On Wednesday, the retailer reported flat sales in the region and provided weak guidance for the current quarter.
Source: CNBC
Despite this, Lululemon exceeded Wall Street’s earnings estimates and slightly surpassed revenue expectations, causing its stock to rise 10% in extended trading. The company also added $1 billion to its stock buyback program.For the three months ending April 28, Lululemon's net income was $321 million ($2.54 per share), up from $290 million ($2.28 per share) last year. Sales increased 10% to $2.21 billion
FTC: Plans Lawsuit
The Federal Trade Commission (FTC) is planning to sue Southern Glazer’s Wine and Spirits, the largest U.S. alcohol distributor. The FTC will accuse the company of giving secret kickbacks to big retailers, violating a 1936 law against unfair price discrimination.
Source: The Street
Southern Glazer’s distributes alcohol for over 7,000 brands in 44 states and made $26 billion in revenue in 2023. The case is tricky because alcohol distribution laws vary by state.
Chart of the Day
📊Mormon Church Portfolio
Source: Alerts
GRIT Meme of the Day 😂
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Source: @wallstreetoasis
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