Nvidia, Zoom Communications and 3 Stocks to Watch Heading Into Wednesday

Investor focus is on earnings/guidance across several names: Intuit reported Q4 revenue of $4.35B (vs. $4.27B est.) and adjusted EPS of $4.03 (vs. $3.58 est.) but its FY27 guidance fell below estimates, sending shares down 10.2% after-hours. Zoom posted better-than-expected Q2 results but issued soft Q3 guidance, with revenue of $1.275B–$1.28B (below ~$1.282B est.) and adjusted EPS of $1.46–$1.48 (vs. $1.50 est.), dragging shares 5% after-hours. Other coverage includes Nvidia (expected EPS $2.09 on $92.01B revenue) and retail/consumer prints (Williams-Sonoma, J.M. Smucker), which are expected to shape stock-specific sentiment into the next session.

Analysis

The market is rewarding earnings beats less than forward credibility, which is why the asymmetric move is in INTU and ZM, not NVDA. For both software names, the issue is not the quarter but the slope of the next two to four quarters: when guidance comes in light after a beat, the multiple typically compresses before the sell-side revises estimates, and that rerating can persist for 1-3 months even if fundamentals are still positive. The more important second-order effect is competitive bundling: soft standalone collaboration demand is a relative win for MSFT and GOOGL, whose suite pricing can absorb weak point-solution spending without visible share loss.

NVDA is a different setup: the bar is now less about beating headline revenue and more about whether the guide preserves the AI scarcity narrative. If the print confirms a healthy near-term order book but signals a slower second-half ramp, the stock can still underperform because hyperscaler capex scrutiny is rising and investors are beginning to distinguish between revenue growth and incremental returns on that spend. The key falsifier for any bullish read is a guide that implies demand normalization or margin pressure from mix/capacity; in that case, the stock can de-rate even on an in-line beat.

Contrarian takeaway: the INTU and ZM selloffs may be tactically overdone if management is simply sandbagging around timing issues, but the burden of proof shifts to the next update on retention, seat expansion, and paid-user conversion. There is no obvious edge in WSM or SJM from this tape unless their prints materially shift the consumer-demand narrative, so they are more watchlist than trade. The market is likely underestimating how much of this morning’s move is a duration/multiple event rather than a one-quarter earnings miss.

Key Decisions for Investors

• Short ZM on any post-earnings bounce or use a 1-3 month put spread; thesis is multiple compression from slowing forward growth, with MSFT/GOOGL as indirect beneficiaries of collaboration bundling. Falsify if enterprise billings or net expansion reaccelerate next quarter.
• Buy INTU downside via a 1-2 month put spread after the gap lower; the trade is on FY27 estimate cuts and premium multiple compression, not one-quarter earnings. Stop if management credibly re-accelerates SMB or tax monetization in the next update.
• Do not chase NVDA into the print; wait for guidance and margin detail. If the stock sells off >5% on a clean demand/margin guide, use it as a buy-the-dip setup for 6-12 months; if the guide implies deceleration, avoid common and expect valuation compression.
• Long MSFT / short ZM as a relative-value pair for 1-3 months; collaboration spending is more likely to stay inside bundled enterprise suites than to support a standalone video name. Exit if ZM shows durable enterprise share gains or MSFT messaging weakens.
• No trade in WSM or SJM absent a surprise in consumer demand or pricing power; treat them as confirmation signals for discretionary/consumer staples rather than standalone alpha today.