Nova (NVMI), SharkNinja (SN) and Soleno (SLNO)
Nova (NVMI)
Shares of Nova (NVMI) are up 17% midday today after the company reported record Q2 results that beat expectations in what’s been a dreary market for semiconductor stocks. Revenue grew 28% to $157 million (beating by 1.2%) while adjusted EPS of $1.43 grew 51%. Third-quarter guidance also surpassed expectations, with management calling for revenue of $168 - $176 million versus consensus of $152.8 million and EPS of $1.60 - $1.73 versus consensus of $1.36. Management talked about how they see the record bookings for advanced packaging processes and materials metrology solutions as indicative of more good things to come. Shares are bouncing back hard from the recent selloff. This was a good one. BUY HALF
SharkNinja (SN)
SharkNinja (SN) received a lot of positive coverage heading into this morning’s earnings results and man, did the company deliver. Shares are up 15% to a new high. Revenue grew 38% to $1.25 billion (beat by $71 million) while adjusted EPS of $0.71, 27% above consensus. Full-year revenue growth guidance goes from a range of 12% - 14% up to 22% - 24% (mic drop) and EPS jumps 14% - 19% to a range of $4.05 to $4.21. This might prove to be conservative. In an environment where there are more questions than answers regarding the health of the consumer, SharkNinja’s quarter looks even more impressive. BUY HALF
Soleno (SLNO)
Shares of Soleno (SLNO) are up modestly today after the company gave the Q2 update after the close yesterday. No surprises. The company previously (late May) submitted its New Drug Application (NDA) to the FDA for DCCR (Diazoxide Choline) tablets for the treatment of Prader-Willi Syndrome. The drug compound has Breakthrough and Fast Track Designations, as well as Orphan Drug Designation, and management requested Priority Review of the NDA. The FDA has 60 days to determine if the NDA is accepted for review (i.e., by the end of August). If Priority Review is accepted that means a target review period of six months. Just playing the waiting game. HOLD HALF
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