1703 ET - Nvidia shares initially trade lower after Wednesday's closing bell, despite the company's July quarter results handily beating analyst expectations. The tepid after-hours reaction isn't much of a surprise, however, as the stock trading lower following a beat-and-raise quarter has become a pattern for Nvidia. "Nvidia stock has seen a negative next day reaction for the last 4 consecutive quarters, despite what has been a series of very strong numbers," Morgan Stanley analysts wrote in a note last week. "We aren't necessarily optimistic that trend reverses, as the potential drivers of more significant multiple expansion are centered on longer term issues." Shares are down 0.5% at $208.72 in late trading.