Why Nvidia Stock Is Jumping Higher Today
Shares of Nvidia (NASDAQ: NVDA) were rising today on no company-specific news. Instead, investors appear to be reacting to better-than-expected quarterly results by one of Nvidia's competitors -- which indicates strength in the broader semiconductor market.
The tech stock was up by 1.6% as of 11:51 a.m. ET.
ON Semiconductor, a chip company focusing on the automotive and industrial markets, reported its first-quarter results today, with non-GAAP earnings per share of $1.22, up from just $0.35 in the year-ago quarter, and above Wall Street's consensus estimate of $1.05 per share.
Source Fool.com
