All eyes land on NVDA tonight. The $5 trillion AI chip giant reports after the close. Options traders have been active all week. The stock's RSI sits near 44 — not stretched in either direction. Analysts still see 46% upside. Whatever Nvidia says about demand and guidance will set the tone for the entire tech sector through September.
CRM, HPQ, ADSK, and SNPS also report tonight. HPQ is expected to post lower Q3 earnings. Analysts have been trimming forecasts heading in.
The analyst community is turning cautious on software names. Wells Fargo cut its target on INTU to $300 today — well below the consensus of $427. Piper Sandler had already slashed its Intuit target earlier this week. RBC Capital went the other way, initiating — Atlassian — with an Outperform and a $215 target. saw Needham trim its target to $475, though the Buy rating holds.
Bill Gates filed a $435 million purchase of RSG shares — one of the largest insider buys of the year. On the other side, a Stryker director sold over $81 million in SYK stock. Activist fund Corvex filed $84 million in ILMN sales this week.
Short interest climbed sharply in several names. SPB — Spectrum Brands — saw SI % FF jump 9 points to 22.3%. KVYO rose 6.6 points to 20.1%. SPCX hit 25% short interest. Bears are clearly positioning defensively ahead of a busy earnings week.
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