Week ahead: Nvidia without Jensen, retailers test the consumer, Anthropic IPO prices
Nvidia reports Tuesday after the close in its first earnings under interim chief Colette Kress, Home Depot and Walmart test the consumer, and Anthropic prices its IPO on Wednesday.
Tuesday: Nvidia's first report without Jensen
Nvidia reports third-quarter fiscal 2027 results on Tuesday, Nov. 17, after the market closes, with the earnings call at 5 p.m. Eastern time. It is the first report since co-founder Jensen Huang resigned as chief executive on Nov. 12, with chief financial officer Colette Kress serving as interim chief executive. The company confirmed the results will go out as scheduled, MarketWatch reported.
Wall Street expects revenue of about $109.4 billion and net income of about $60.9 billion, according to Visible Alpha's analyst survey cited by Investopedia. Nvidia guided in August to about $108 billion in revenue and a 74% gross margin. Options pricing implies the stock could move about 8% in either direction by the end of next week. Shares closed Friday at about $163, down more than 3% on the day.
The quarter ended Oct. 25, before Huang resigned, so the numbers describe the business as it was. The guide for the fourth quarter is what traders will judge, since it is the first outlook under Kress and the first read on AI demand since the leadership change.
Tuesday to Thursday: the consumer gets its turn
Home Depot reports before the open on Tuesday, with consensus at $3.86 a share on $42.72 billion in revenue. October retail sales land at 8:30 a.m. Eastern time the same morning, giving the company view and the government view of spending within the same hour. Target, TJX and Lowe's report before the open on Wednesday, and the minutes of the Federal Reserve's October meeting land at 2 p.m. Eastern time.
Walmart reports before the open on Thursday. Consensus is $0.64 a share, the top of the company's $0.62 to $0.64 guided range, on revenue of about $187 billion. BofA looks for U.S. comparable sales of 2.8% excluding fuel. The stock has risen 18% since the last call. Consumer spending is about two-thirds of the U.S. economy, so the week's retail reports are the best early read on households heading into the holidays.
- $109.4 billionWall Street's revenue estimate for Nvidia
- $108 billionNvidia's own revenue guide
- 8%Expected Nvidia move by the end of next week
- $0.64Walmart consensus earnings a share
- $187 billionWalmart consensus revenue
- $70 to $78Anthropic IPO marketing range
Wednesday night: Anthropic prices its IPO
Anthropic prices its IPO on Wednesday night, marketing 825 million shares at $70 to $78. The top of the range raises $64.35 billion, and with the private placement the total reaches $90.4 billion. That values the company at up to $1.4 trillion fully diluted, down from the $2 trillion figure floated in September.
The fundamentals are not the question. Third-quarter revenue rose more than 12-fold to $17 billion, with a 15% adjusted margin. Anthropic opens on the Nasdaq under the ticker ANT on Thursday, with up to 20% of the deal set aside for retail investors. A December rate hike is fully priced, with a 12% chance of a 50-basis-point move, and the 10-year Treasury yield sits at 5.13%.
