Global Courant 2023-06-01 01:24:14
Signage outside Intel’s headquarters in Santa Clara, California, January 30, 2023.
David Paul Morris | Bloomberg | Getty Images
Take a look at the companies that take the biggest steps in the afternoon.
Intel — Shares rose 4.83% after the chipmaker’s chief financial officer said the company would soon see a turnaround. Speaking at a conference, CFO David Zinsner said the company’s data center division is “turning the corner,” while adding that China’s inventory should decline after the third quarter. He also said second-quarter sales will come in at the high end of expectations.
Advanced auto parts — Shares fell 35.04% after the auto parts retailer reported adjusted earnings per share of 72 cents, beating analyst estimates of $2.57 per Refinitiv. The company also lost revenue and cut its quarterly dividend and full-year forecast.
Avis budget — Shares of the rental car company gained 2.77% on Wednesday after Deutsche Bank upgraded shares to buy. The bank said a likely share buyback announcement later in 2023 could be a positive catalyst for stocks.
Nvidia — Shares fell 5.68%, a breather after the recent run. Nvidia rallied on Tuesday, briefly pushing the tech stock’s market cap above $1 trillion. The stock has been a center of excitement amid a booming interest in artificial intelligence.
C3.ai — Shares fell 8.96% ahead of the AI software maker’s quarterly results after the bell. C3.ai is up more than 250% so far this year.
Ambarella — Chip inventory fell 11.76%. On Tuesday, Ambarella said it expected second-quarter revenue to be between $60 million and $64 million, below analysts’ expectations of $67.2 million, according to Refinitiv. KeyBanc downgraded the stock from overweight to sector weight following the report. The decline came despite Ambarella reporting a smaller-than-expected adjusted loss in the first quarter.
Hewlett-Packard Enterprise — Shares of the technology company fell 7.09% a day after the company released a mixed quarterly report. While earnings per share beat analysts’ estimates, revenue for the quarter fell short of expectations, according to Refinitiv.
PK — The stock fell 6.05%. The move came a day after the technology hardware company reported mixed quarterly results. HP’s revenue of $12.91 billion fell short of the $13.07 billion expected by analysts polled by Refinitiv. Adjusted earnings per share of 80 cents beat expectations of 76 cents per share.
SoFi technologies — Shares in the student loan refinancing firm rose 15.09%. The House will vote on the debt ceiling on Wednesday. The package includes a measure that puts an end to the payment break for student debt.
Micron technology — Chip stock fell 4.87% after the company’s presentation at the Goldman Sachs Global Semiconductor Conference. Micron said third-quarter trends were in line with guidance and the company sees no need to increase them. However, Micron noted that sales growth was at the high end of the previously stated range.
Carvana — Shares fell 5.83%, wiping out some of the big gains it’s made so far this year. Earlier this month, the stock rose after Carvana said it will post adjusted earnings earlier than expected. Carvana is up almost 160% so far.
Twilio — The technology share increased by 11.09%. On Tuesday, a news report indicated that activist investor Legion Partners has met several times with Twilio’s board of directors and management. Legion is seeking governance changes and is asking the company to consider divestments, it said The informationwho cited people familiar with the matter.
Regional Banks – Regional banks fell on Wednesday, adding to their hefty losses for the month of May. Key Corp lost 5.94% and Zion Bank Corp lost 5.6% while Financial Citizens Group fell 5.12% and Trust Financial slipped 1.99%.
– CNBC’s Hakyung Kim, Jesse Pound, Brian Evans, Tanaya Macheel and Fred Imbert contributed to the reporting.
Correction: An earlier version of this story incorrectly stated that C3.ai was behind ChatGPT.
