Ambarella, HP Inc., Box, Insulet, Sunrun, Nvidia, and More Stock Market Movers
Stocks traded higher Wednesday as equities got a boost from revised gross domestic product data that showed the U.S. economy grew at a somewhat slower annual pace in the second quarter, raising investors’ hopes the Federal Reserve will pause on raising interest rates again.
(AMBA) was declining 19% after the chip maker’s forecast for third-quarter revenue was well below analysts’ expectations. The company said it expects revenue of $50 million, plus or minus 4%, which would put it below forecasts of $67.9 million.
(HPQ) was falling 7.1% after trimming its outlook for fiscal 2023. Chief Executive Enrique Lores told Barron’s in an interview that “PC prices are not improving as quickly as we expected” and that a slowdown in corporate hiring, among other factors, had reduced enterprise PC demand. HP said it now expects fiscal-year adjusted profit of $3.23 to $3.35 a share, down from a previous range of $3.30 to $3.50.
HP
Inc.
was the worst performer in the S&P 500 on Wednesday, while
(PODD) was the best, up 11%, after it was disclosed in a filing that CEO James Hollingshead bought 5,550 shares of the medical device maker.
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Weak fiscal-year revenue guidance from
(BOX) sent shares of the cloud-based content-storage company down 9.1%. The company said it expects revenue of $1.04 billion to $1.044 billion, lower than Wall Street estimates of $1.05 billion. Box reported fiscal second-quarter adjusted earnings of 36 cents a share on revenue of $261.4 million, up 6%. Analysts had expected profit of 35 cents a share on revenue of $261 million.
(RUN) rose 5% to $15.92 after shares of the country’s largest residential solar developer were upgraded to Buy from Neutral at Citi with a price target of $21.
Shares of
(PVH) rose 3.9% after the parent company of Calvin Klein and Tommy Hilfiger topped second-quarter earnings estimates and raised its earnings outlook for the fiscal year.
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(NVDA) was up 1.8% after shares of the graphics chip maker closed at a record high of $487.84, up 4.2%. The stock had set an intraday all-time high of $490.81. The company also closed with a market cap above $1.2 trillion for the first time on Tuesday, according to Dow Jones Market data.
(VFS) was down 4.4%. On Tuesday, the Vietnamese electric-vehicle start-up snapped a six-day winning streak, falling 44% and wiping out roughly $90 billion in market value.
(TSLA) rose 0.7% after closing with a gain of 7.7% on Tuesday to $257.18. The National Highway Traffic Safety Administration, or NHTSA, sent a letter to Tesla in late July which asked the electric-vehicle maker for details about adjustments to its driver-assistance features that would allow drivers to keep their hands off the wheel for an extended period. In addition, analysts at Guggenheim on Wednesday maintained their Sell rating on the stock.
(TXN) fell 0.5% to $169.78. Shares of the semiconductor maker were downgraded to Underperform from Market Perform at Bernstein with an unchanged price target of $145.
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(BF.B) declined 4.4% after the parent of Jack Daniel’s whiskey reported earnings in the fiscal first quarter that fell from a year earlier and missed analysts’ estimates.
Write to Joe Woelfel at [email protected]
Read More:Ambarella, HP Inc., Box, Insulet, Sunrun, Nvidia, and More Stock Market Movers
