Opening View: Nvidia, Canadian Solar Step into the Earnings Spotlight

On the earnings front, tractor titan Deere & Co. (DE: sentiment, chart, options) reported third-quarter net income of $575.2 million, or $1.32 per share, on revenue of $7.74 billion. Analysts, on average, were predicting earnings of $1.36 per share on revenue of $7.23 billion. The farm firm forecast a 5% drop in sales of construction and forestry equipment this year, and said that rising costs of raw materials will likely impact its margins. Ahead of the bell, the shares of DE are poised to open roughly 7% lower than yesterday's close of $69.35.

Elsewhere, Nvidia (NVDA: sentiment, chart, options) after the close yesterday reported a second-quarter net loss of $120.9 million, or 22 cents per share, compared to a profit of $172.7 million, or 29 cents per share, a year ago. Adjusted earnings docked at 13 cents per share, while revenue fell 5% to $892.7 million. The Street had forecast adjusted earnings of 12 cents per share on sales of $908.4 million. In pre-market activity, the stock is set to open moderately higher than yesterday's close of $11.07.

Meanwhile, Canadian Solar (CSIQ: sentiment, chart, options) reported a second-quarter profit of $10.5 million, or 36 cents per share, compared to a loss of $2.9 million, or 11 cents per share, a year prior. Excluding items, CSIQ posted earnings of $23 million, or 78 cents per share, on revenue of $212.6 million. Analysts, on average, were expecting earnings (excluding items) of 47 cents per share on sales of $206.8 million. The solar sultan also upped its full-year revenue guidance to a range of $850 million to $970 million, compared to its previous estimate of a range of $750 million to $870 million. The firm attributed the stellar numbers to a significant increase in revenue from the European region.

In merger-and-acquisition news, drugstore diva CVS Caremark (CVS: sentiment, chart, options) announced that it would purchase Longs Drug Stores Corp. (LDG: sentiment, chart, options) for about $2.7 billion. The $71.50 per-share cash offer represents a 32% premium to LDG's closing price of $54.04 yesterday. The acquisition, expected to aid CVS in its quest to build a West Coast presence, is projected to close in the fourth quarter.

Opening View: Nvidia, Canadian Solar Step into the Earnings Spotlight