A sign outside Intel headquarters in Santa Clara, Calif., January 30, 2023.
David Paul Morris | Bloomberg | Getty Images
Check out the companies making the biggest moves at noon.
Intel — Shares surged 4.83% after the chip maker’s finance chief said the company could turn around soon. Chief Financial Officer David Jinsner said at a news conference that the company’s data center division is starting to hit a “turning point”, adding that China inventories should start easing from the third quarter onwards. He also said sales in the second quarter will hit the upper end of guidance.
Advance Auto Parts — Shares fell 35.04% as the auto parts retailer reported adjusted earnings per share of 72 cents, well below analyst expectations of $2.57, according to Refinitiv. The company also missed earnings and lowered its quarterly dividend and full-year outlook.
Avis Budget — The company’s shares rose 2.77% on Wednesday after Deutsche Bank increased its stake. The bank said a share buyback announcement could be made in the second half of 2023, which could be a positive trigger for the stock.
Nvidia — Stock fell 5.68%, taking a breather from its recent rally. Nvidia rallied on Tuesday, sending the tech stock’s market cap briefly above $1 trillion. The stock is gaining traction as interest in artificial intelligence grows.
C3.ai — Stock fell 8.96% after the bell ahead of the AI software maker’s quarterly results. C3.ai has surged more than 250% so far this year.
Ambarella — Semiconductor stocks fell 11.76%. Ambarella said on Tuesday it expected second-quarter revenue to be in the $60 million to $64 million range, below analyst estimates of $67.2 million, according to Refinitiv. Keybank downgraded the stock from overweight to sector weight in response to the report. The decline came despite Ambarella reporting smaller-than-expected adjusted losses in the first quarter.
Hewlett Packard Enterprise — The company’s stock fell 7.09% in a day after it released mixed quarterly reports. Refinitiv said earnings per share beat analyst expectations, but revenue fell short of expectations in the quarter.
HP — Stock fell 6.05%. The move comes 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 forecast by analysts surveyed by Refinitiv. Adjusted earnings per share were 80 cents, beating expectations of 76 cents.
SoFi Technologies — Shares of student loan refinancing company rose 15.09%. The House is scheduled to vote on the debt ceiling bill on Wednesday. The package includes measures to end the moratorium on student loan payments.
Micron Technology — Chip shares fell 4.87% following the company’s presentation at the Goldman Sachs Global Semiconductor Conference. Micron said third-quarter trends were in line with guidance and didn’t see a need for an increase. However, Micron said its revenue growth outlook is near the high end of the aforementioned range.
Carvana — Shares fell 5.83%, wiping out some of the big gains seen so far this year. Shares soared earlier this month after Calvana announced it would reach adjusted earnings sooner than expected. Carvana is up almost 160% year-to-date.
Twilio — Tech stocks rose 11.09%. Activist investor Legion Partners has held several meetings with Twilio’s board and management, reports Tuesday. The Information newspaper, citing people familiar with the matter, said Legion is considering changing its board and is seeking consideration of a sale of the company.
Regional Banks — Regional banks fell Wednesday, adding to big losses in May. KeyCorp fell 5.94%, Zions Bancorp 5.6%, Citizens Financial Group 5.12% and Trust Financial 1.99%.
— CNBC’s Hakyung Kim, Jesse Pound, Brian Evans, Tanaya Macheel, and Fred Imbert contributed to the report.
Correction: A previous version of this article incorrectly stated that C3.ai was behind ChatGPT.
