Check out the companies making the biggest moves midday.
Intel — Shares popped 4.83% after the chipmaker’s finance chief said the company could soon see a turnaround. Speaking at a conference, CFO David Zinsner said the company’s data center division is starting to “turn the corner,” while adding that China inventory should start to ease after the third quarter. He also said second-quarter revenue will come in at the high end of its guidance.
Advance Auto Parts — Shares sank 35.04% after the car parts retailer reported an adjusted earnings per share of 72 cents, widely missing analysts’ estimates of $2.57, per Refinitiv. The company also missed on revenue and cut its quarterly dividend and full-year guidance.
Avis Budget — The car rental company’s shares gained 2.77% Wednesday after Deutsche Bank upgraded shares to buy. The bank said a likely share-repurchase announcement later in 2023 could be a positive catalyst for shares.
Nvidia — Shares retreated 5.68%, taking a breather from its recent run. Nvidia rallied Tuesday, which briefly pulled the tech stock’s market cap above $1 trillion. The stock has been a focus of excitement amid booming interest in artificial intelligence.
C3.ai — Shares slipped 8.96% ahead of the AI software maker’s quarterly results after the bell. C3.ai has soared more than 250% so far this year.
Ambarella — The chip stock fell 11.76%. On Tuesday, Ambarella said it expected second-quarter revenue to range between $60 million and $64 million, below the $67.2 million guidance expected by analysts, according to Refinitiv. KeyBanc downgraded the stock to sector weight from overweight after the report. The fall came despite Ambarella reporting a smaller-than-expected adjusted loss in the first quarter.
Hewlett Packard Enterprise — Shares of the tech company slid 7.09% a day after the company posted a mixed quarterly report. Although earnings per share beat analysts’ estimates, revenue for the quarter came in below expectations, according to Refinitiv.
HP — The stock fell 6.05%. The action came a day after the tech hardware company reported mixed quarterly results. HP’s revenue of $12.91 billion fell short of the $13.07 billion expected from analysts polled by Refinitiv. Its adjusted earnings per share of 80 cents topped the 76 cents per share expected.
SoFi Technologies — Shares in the student loan refinancing firm gained 15.09%. The House is slated to vote on the debt ceiling bill Wednesday. The package includes a measure that would end the student loan payment pause.
Micron Technology — The chip stock dropped 4.87% following the company’s presentation at the Goldman Sachs Global Semiconductor Conference. Micron said its third-quarter trends have been consistent with guidance and the company sees no need to raise it. However, Micron noted revenue growth guidance near the high end of its previously stated range.
Carvana — Shares dropped 5.83%, erasing some of the big gains it has seen so far this year. Earlier this month, the stock surged after Carvana said it will achieve adjusted profit sooner than expected. Carvana is up nearly 160% year to date.
Twilio — The tech stock rallied 11.09%. On Tuesday, a news report indicated activist investor Legion Partners has met several times with Twilio’s board of directors and management. Legion is looking to make changes to the board, and asking the company to consider divestitures, according to The Information, which cited people familiar with the matter.
Regional banks — Regional banks fell Wednesday, adding to their steep losses for the month of May. KeyCorp lost 5.94% and Zions Bancorp shed 5.6%, while Citizens Financial Group fell 5.12% and Truist Financial slipped 1.99%.
— CNBC’s Hakyung Kim, Jesse Pound, Brian Evans, Tanaya Macheel and Fred Imbert contributed reporting.
Correction: An earlier version of this story incorrectly said C3.ai was behind ChatGPT.
Source: Finance - cnbc.com
