Exxon will become a renewable energy company by fire by force
Plus, Nvidia revenue jumps 84% and ZipRecruiter valued at $2.7 billion
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Activist firm, Engine No. 1, won at least two board seats on Exxon Mobil‘s (XOM) board, during the company’s annual shareholder meeting.
Why this matters: Exxon has been criticized by environmentalists for years and with it’s books in the toilet, it seems like something is about to change. The hedge fund said that Exxon faces a huge risk from tying its future to fossil fuels. Exxon hasn't vowed to move away from oil and gas, unlike competitors Shell (RDS.A) and BP (BP), arguing they'll remain key. (Barrons)
Nvidia revenue jumps 84% thanks to gamers
Nvidia (NVDA) blew past analysts’ expectations with sales growing 84% compared with last year.
Why this matters: The semiconductor shortage doesn’t seem to be a problem for Nvidia. Thanks to gamers, the company said its gaming products were up 106%, bringing in $2.76 billion in sales. Demand for their chips was so high that Nvidia had to add new software to make them less attractive to cryptocurrency miners so as to reserve supply for other buyers. Total revenue came in at $5.66 billion versus $5.41 billion expected. (CNBC)
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Job website ZipRecruiter valued at $2.7 billion in NYSE debut
Online job marketplace ZipRecruiter (ZIP) was valued at $2.7 billion in its debut on the New York Stock Exchange after shares jumped more than 10% on debut.
Why this matters: The company's stock market debut comes as U.S. job growth unexpectedly slowed down in April, with some data from May also showing signs of weakness. ZipRecruiter revealed a forecast of a 79% to 86% jump in second-quarter revenue, after reporting an 11% rise in the first quarter of 2021. (Yahoo Finance)
What else are we reading?
Amazon (AMZN) is considering the launch of brick-and-mortar pharmacies in the United States. (Yahoo Finance)
Investors shorting GameStop (GME) and AMC (AMC) apparently lost $754 million on Tuesday. (Yahoo Finance)
Walmart (WMT) and Gap (GPS) have reached a multi-year deal to create a line of home goods including bedding, bath, and decor.
That’s it from us today.
See you tomorrow.