Trending tickers: Nvidia, Boeing, National Grid, Abrdn

SAN JOSE, CALIFORNIA - MARCH 18: Nvidia CEO Jensen Huang delivers a keynote address during the Nvidia GTC Artificial Intelligence Conference at SAP Center on March 18, 2024 in San Jose, California. The developer conference is expected to highlight new chip, software, and AI processor technology.  (Photo by Justin Sullivan/Getty Images)
Nvidia, Boeing, Abrdn and National Grid are in the spotlight on Friday. Photo: Justin Sullivan/Getty Images (Justin Sullivan via Getty Images)

Nvidia stock rose 9.3% on Thursday, closing above $1,000 for the first time and giving the chip giant a market cap north of $2.5tn (£1.97bn) after reporting first quarter earnings that once again blew away forecasts.

Nvidia's first quarter results, released after the bell on Wednesday, showed adjusted earnings per share (EPS) tallied $6.12 on revenue of $26bn, a jump of 461% and 262%, respectively, from a year ago.

The company also announced a 10-for-1 stock split and an increased dividend, following some of its Big Tech peers in doling out heftier quarterly payments to shareholders.

Analysts were expecting adjusted EPS of $5.65 on revenue of $24.69bn, according to data from Bloomberg. The company reported adjusted EPS of $1.09 on revenue of $7.19bn in the same quarter last year.

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In the current quarter, Nvidia expects revenue of $28bn, plus or minus 2%. That’s better than the $26.6bn analysts had expected.

Boeing (BA) stock is fell 7.5% in Thursday's trading session as CFO Brian West warned that the airline manufacturer anticipates slowing fleet deliveries and negative free cash flow in 2024.

In an interview with Yahoo Finance on Wednesday, US Secretary of Transportation Pete Buttigieg said Boeing still has "a long way to go" as the Federal Aviation Administration (FAA) continues its review on Boeing production concerns.

Boeing currently has a BBB- rating from S&P. It also has a a negative credit rating outlook. The rating agency changed that outlook in April to "negative" from "stable" due to the increased chance that it will take more time for cash flow to recover.

The National Grid was the biggest faller in the FTSE on Friday morning, following news of a heavily discounted rights issue. The £7bn fundraise would be the largest from a company in Europe outside the banking sector in 15 years.

Stock was 9.5% lower by 10.10am in London.

The fundraise is set to finance a £60bn investment programme over the next five years which will be directed towards its British electricity distribution and transmission businesses as well as funding the company’s networks business in New York and New England.

New shares are to be issued at 645p each, a discount of almost 35% to Thursday’s closing price.

National Grid expects the investment to help it to expand its asset base at an average compound rate of 10% over the five years to 2029 and to increase earnings at a rate of between 6% and 8% from 2025.

Abrdn's shares fell in morning trade in London following news that its CEO Stephen Bird will step down with immediate effect.

During his four-year run at the helm, the company's funds underperformed their benchmarks and its share price decreased around 50% since February 2021. Assets under management fell by 8% in 2022 and another 1.2% in 2023.

Among Bird's best-known move in charge was the company's rebrand, where the name was changed from Standard Life Aberdeen after the Standard Life business was sold off, to Abrdn, removing all the vowels except the one at the start.

Watch: U.S. stocks fall despite Nvidia boost