Nvidia Gains 1.8% Before Market Open as GF Securities Downgrades Shares

Nvidia shares were 1.8% higher before Friday’s U.S. market open as GF Securities downgraded the stock, adding a new rating cut during a volatile period following the company’s leadership change.

GF Securities’ move came after Oppenheimer also lowered its rating to Perform following Huang’s resignation. The Oppenheimer downgrade added to the scrutiny around Nvidia shares.

In Thursday’s session, Nvidia fell 13.39% at the open, then climbed more than 5% in six minutes before later recovering to $160. The drop was tied to reports of Huang’s resignation, and the subsequent recovery to $160 reversed those losses.

Nvidia’s board accepted the resignation of co-founder and former CEO Jensen Huang as president, CEO and director, effective Nov. 11. The board appointed CFO Colette M. Kress interim CEO; she will retain her finance duties while directors consider internal and external candidates for a permanent successor. The company’s announcement said operations, customer commitments and its product roadmap were expected to continue without interruption.