Stock Market

In this article

Signage outside Intel headquarters in Santa Clara, California, US, on Monday, Jan. 30, 2023.
David Paul Morris | Bloomberg | Getty Images

Check out the companies making the biggest moves midday:

Intel — Shares popped about 4% 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 nearly 34% 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 about 4% 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 4.8%, taking a breather from their recent run. Nvidia rallied on 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. — Shares slipped about 11% ahead of the AI software maker’s quarterly results after the bell., the company behind ChatGPT, has soared more than 250% so far this year.

Ambarella — The chip stock fell more than 16%. On Tuesday, Ambarella said it expected second-quarter revenue to range from $60 million to $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 about 7% a day after Intel 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 nearly 5%. 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 nearly 12%. 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 4.6% 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 that is nearer to the high end of its previously stated range.

Carvana – Shares dropped 10% in midday trading, erasing some of the big gains it’s 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 8%. 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 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 on Wednesday, adding to their steep losses for the month of May. KeyCorp and Zions Bancorp both lost more than 5%, while Citizens Financial Group fell close to 5% and Truist Financial slipped nearly 3%.

— CNBC’s Hakyung Kim, Jesse Pound, Brian Evans, Tanaya Macheel and Fred Imbert contributed reporting.

Articles You May Like

Munis little changed, see positive returns
San Francisco’s AI boom can’t stop real estate slide, as office vacancies reach new record
Following Chevron ruling, House Republicans move to challenge Biden climate agenda
Nearly half of Gen Zers get help from the bank of mom and dad, report finds
Trump calls for unity as new details emerge of assassination attempt