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Happy Wednesday Zingernation! They say that patience is a virtue, but sometimes there’s such a thing as being too patient in trading. Too many times I’ve watched a winning trade turn into a losing one, and then sat on the loser in hopes it would come back. Here’s why one professional trader went ahead and cut his entire $NVDA position ahead of the company’s earnings report, and what’s going on with Target’s stock.

—Aaron Bry & Nic Chahine

Plus, check out the company that major corporations like Lockheed Martin are relying on for blockchain security.

MARKET SNAPSHOT

Yesterday: We couldn’t make it nine green days in a row. All major indices closed in the red as the market slowed down after a big winning streak. $PANW was the day’s big winner following a strong earnings report.

On Our Radar: Fed Minutes are out at 2:00 pm ET which should give traders and investors some more insights into recent labor data and the Fed’s conversations regarding interest rate cuts.

TOP STORY

Nvidia Down About 10% From All-Time Highs: Prominent Trader Says He Has Cashed Out Of The Stock

Basically: Shares of Nvidia, the poster child of the artificial intelligence revolution, have seen some volatility in recent sessions along with the recent broader market.

What Happened: Steve Grasso, a Wall Street trader and market analyst, said Tuesday that he now does not hold a position in Nvidia. “Just sold the balance of my $NVDA currently holding 0 Judging on price action I'll decide on re-entering.” Here’s what needs to happen for Grasso to buy the stock back.

PRESENTED BY QRL

Lockheed Martin Looks To The Quantum Resistant Ledger For Secure Blockchain Communication

Lockheed Martin is preparing for a future with quantum computers, which are powerful machines that apply the laws of quantum mechanics to solve highly complex problems too challenging for traditional computers to tackle. The aerospace giant has filed a patent application to safeguard its communication systems against advances in Quantum Computing, citing code from the Quantum Resistant Ledger. The QRL project has gone on offense against the dangers that a quantum computing future poses to the blockchain. Lockheed Martin is looking to QRL to secure blockchain communication amid the inevitable rise of quantum computing technology. Learn more here!

FIVE ZINGERS

No Parade Here: Macy’s stock is trading lower after the department store chain reported worse-than-expected earnings.

Battle Of The Lightweights: Novo Nordisk and Eli Lilly are jockeying for market share in the weight-loss game. Here’s which one is leading.

Bucking The Trend: Bitcoin and Ethereum’s price actions have been stalling, but one crypto is picking up steam.

Three Keys: One market strategist is watching these three trends to determine if stocks will keep going up.

Inside Selling: Insiders are selling shares at Electronic Arts, Home Depot and these other stocks.

ONE FOR THE ROAD

Target Q2 Earnings: Revenue And Profit Beat, Digital Sales Boost, Annual Profit Outlook Hiked

Basically: Target shares soared as the retailer’s stellar second-quarter results outperformed earnings and sales expectations and prompted an optimistic boost to its full-year profit outlook.

So: Quarterly adjusted earnings per share totaled $2.57 (+40%), beating the street view of $2.20. Target reported sales of $25.45 billion (+2.7%), exceeding the analyst consensus of $25.229 billion. Here’s what’s driving Target’s profits.

PRESENTED BY TRADEZERO

Calling the Best Traders: Prize Pool Of Over $30,000 Could Be Yours

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Simply sign up for Benzinga’s World Championship of Trading Powered by TradeZero - A world leading zero-commission broker. You'll get to prove your trading skills in 3 different competitions with each one lasting a month long. It's all paper-trading, with no risk to your money and no entry fee!

Don’t miss your chance to be crowned World Champion of Trading and take home great prizes! Sign up Now! Click here for more information.

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