12:05 PM EDT, 05/23/2024 (MT Newswires) -- The Nasdaq Composite rose to a new record Thursday, driven by the better-than-expected fiscal Q1 earnings that Nvidia ( NVDA ) announced after market close Wednesday.

Nvidia ( NVDA ) reported fiscal Q1 non-GAAP earnings of $6.12 per diluted share, up from $1.09 in the year-ago period and above the $5.58 expected by analysts surveyed by Capital IQ. Fiscal Q1 revenue was $26.04 billion, up from $7.19 billion in fiscal Q1 2023 and above the consensus analyst estimate of $24.59 billion. The company forecast Q2 revenue of $28.0 billion, plus or minus 2%, above the Capital IQ consensus analyst estimate of $26.84 billion. Nvidia ( NVDA ) also announced a 10-for-1 forward stock split. Shareholders will receive nine additional shares for every share owned as of June 6, to be distributed after market close on June 7. Split-adjusted trading is expected to start June 10. Shares of the company were up 10.5% near noon.

The US Department of Justice and several states sued Live Nation (LYV), the parent company of Ticketmaster, Thursday, stating that the company should be broken up because it has gained a monopoly in ticketing and concert promotion, according to media reports. Shares of Live Nation were down 6.9%.

JPMorgan Chase ( JPM ) is looking to purchase a private credit company to bolster its asset management business, Bloomberg reported, citing people familiar with the matter. JPMorgan ( JPM ) held talks earlier this year to acquire Chicago-based Monroe Capital, though they ultimately decided not to pursue a deal, according to the report, which cited sources. Separately, Chief Executive Jamie Dimon told attendees at the company's Shanghai conference that some of JPMorgan's ( JPM ) investment banking business in China has "fallen off a cliff" in recent years, and though it has "grown," it has been a challenge, the Financial Times reported Thursday. JPMorgan ( JPM ) shares were down 0.2%.

Morgan Stanley ( MS ) Chairman James Gorman will step down from his post at the end of the year, he announced during the company's annual shareholder meeting, according to media reports. Chief Executive Ted Pick is expected to be named his successor, according to the reports. Morgan Stanley ( MS ) shares were down 1% around midday.

Goldman Sachs ( GS ) became the first Wall Street bank to receive a license from Saudi Arabia to set up its regional headquarters in Riyadh, Bloomberg reported Thursday, citing people familiar with the matter. Under state contract rules issued in 2021 that went into effect this year, companies must have a regional base in Saudi Arabia with at least 15 employees, including executives overseeing other countries, or risk losing business with Saudi government entities, according to the report. Shares of the company were up 0.2%.

Boeing ( BA ) and NASA have circled June 1 as the new launch date for the company's Starliner spacecraft, media outlets reported Thursday, citing the agency. The mission was initially planned for May 7 but was canceled to investigate a helium lead on Starliner's propulsion system. Boeing ( BA ) shares were down 5.2% near noon.

BHP Group ( BHP ) is declining to change the structure or value of its latest 38.6 billion British pound ($49.16 billion) offer to acquire Anglo American, Reuters reported Thursday, citing unnamed sources. BHP will instead focus on the UK company's other risk factors and will spend the next week attempting to address Anglo American's concerns, Reuters reported, citing sources. Shares of the company were fractionally lower.

Envestnet ( ENV ) , a wealth-management software provider, is drawing takeover interest from private-equity firms Advent International and GTCR, among other potential suitors, Bloomberg reported Thursday, citing people familiar with the matter. Envestnet ( ENV ) shares were up 5.6% in midday trading.

Price: 1047.82, Change: +98.32, Percent Change: +10.35