Midday Fly By: Nvidia sinks despite blowout guidance

The major averages were broadly lower near noon despite an upbeat quarterly report from Nvidia. The market’s tepid reaction suggests that confidence in the broader AI narrative remains far from unanimous.

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Mixed results from other major technology and software companies added complexity to the dashboard as weak guidance from some key SaaS names pulled back parts of the sector and is weighing on overall sentiment.

Looking to commodities, gold was fractionally lower as the asset continues to experience a volatile 2026, while oil was sharply higher following EIA natural gas storage data.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Nvidia (NVDA) reported better-than-expected Q4 results and provided upbeat Q1 revenue guidance
• Salesforce (CRM) reported upbeat Q4 earnings and revenue and provided its outlook for Q1 and FY27
• Warner Bros. Discovery (WBD) reported mixed Q4 results, adding that HBO Max is “well on its way” to over 150M subscribers
• Paramount Skydance (PSKY) reported a year-over-year increase in Q4 revenue and reiterated its FY26 revenue guidance
• Snowflake (SNOW) reported upbeat Q4 results and provided Q1 product revenue guidance

2. WALL STREET CALLS:

• Joby Aviation (JOBY) upgraded to Buy at H.C. Wainwright
• Spotify (SPOT) upgraded to Buy at Arete
• First Solar (FSLR) downgraded to Hold at Deutsche Bank after “disappointing” Q4
• Oddity (ODD) double downgraded to Underperform at BofA and downgraded to Underweight at Barclays
• Mosaic (MOS) downgraded to Underweight at JPMorgan

3. AROUND THE WEB:

• eBay (EBAY) is cutting 6% of its full-time employees, or roughly 800 jobs, as the company feels the layoffs are needed to align its workforce with strategic priorities, Bloomberg reports
• SAP’s (SAP) investors and partners are raising doubts related to a suite of AI products the company is relying on to reignite growth and stay ahead of competition, Bloomberg says
• Meta’s (META) use of AI to moderate its social media platforms has generated large volumes of useless reports on cases of child sexual abuse, which are hindering investigations at the U.S. Internet Crimes Against Children, ICAC, taskforce, The Guardian reports
• PayPal (PYPL) isn’t currently in talks to sell itself to Stripe or anyone else and has been working for months with bankers to prepare for a potential activist campaign or unwanted takeover bid, Semafor says
• Jehoshaphat Research announced that it is short GPGI (GPGI)

4. MOVERS:

• Krispy Kreme (DNUT) increases after reporting Q4 results and providing guidance for FY26
• Butterfly Network (BFLY) gains after reporting Q4 results and providing guidance for FY26
• Novavax (NVAX) and Sezzle (SEZL) higher in New York after reporting quarterly results
• Array Technologies (ARRY) falls after reporting Q4 results, with EPS missing consensus
• Eose Energy (EOSE) lower after reporting Q4 results and providing guidance for FY26

5. EARNINGS/GUIDANCE:

• Perrigo (PRGO) reported Q4 results, with EPS and revenue lower year-over-year
• Liberty Formula One (FWONK) reported Q4 results, with CEO Derek Chang commenting on “an exceptional and productive year for Liberty”
• Hertz (HTZ) reported Q4 results and provided guidance for Q1
• Standard Motor (SMP) reported Q4 results, with EPS beating consensus
• Emcor (EME) reported Q4 results and provided guidance for FY26

INDEXES:

Near midday, the Dow was down 0.30%, or 148.32, to 49,333.83, the Nasdaq was down 1.63%, or 378.47, to 22,773.61, and the S&P 500 was down 0.95%, or 65.67, to 6,880.46.