Why Intuitive Machines Stock Is Plummeting Today
Intuitive Machines (NASDAQ: LUNR) stock is getting hit with big sell-offs in Thursday's trading. The company's share price was down 12.2% at 3:30 p.m. ET. Meanwhile, the S 500 index had fallen 1.3% and the Nasdaq Composite index was off 2.3%.
Investors are selling out of growth stocks today following Nvidia's recent fourth-quarter report, and Intuitive Machines stock has been an outsize participant in the pullback. The company's share price is likely also being pushed lower by a "buy the rumor, sell the news" dynamic after the launch of its latest lunar mission.
Nvidia published its fourth-quarter results after the market closed yesterday, and expectations were high. The artificial intelligence (AI) hardware leader posted sales of $39.33 billion and earnings per share of $0.89, topping the average Wall Street analyst estimate's call for per-share earnings of $0.84 on sales of $38.05 billion. The company also guided for sales of approximately $43 billion in the current quarter, beating the consensus estimate's call for sales of $41.78 billion.
Source Fool.com
