Stocks making the biggest moves midday: Intel, C3.ai, Advance Auto Parts, HP, and more

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Signage outside the Intel headquarters in Santa Clara, California, U.S. on Monday, January 30, 2023.

David Paul Morris | Bloomberg | Getty Images

Check out the companies making the biggest moves at noon:

Shares of Intel jumped 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,” adding that Chinese inventory is expected to start declining after the third quarter. He also said that second-quarter revenue will come in at the high end of his guidance.

Advance Auto Parts shares plunged nearly 34% after the auto parts retailer reported adjusted earnings per share of 72 cents, broadly missing analyst estimates of $2.57, per Refinitiv. The company also lost revenue and cut its quarterly dividend and full-year guidance.

Avis Budget Shares of the car rental company gained about 4% on Wednesday after Deutsche Bank upgraded shares to buy. The bank said a likely share buyback announcement in late 2023 could be a positive catalyst for equities.

Nvidia shares fell 4.8%, taking a breather from the recent run. Nvidia rallied on Tuesday, which briefly took the tech stock’s market cap to over $1 trillion. The title has been the focus of excitement amid growing interest in artificial intelligence.

C3.ai shares slipped about 11% on the AI ​​software maker’s quarterly results after the bell. C3.ai, the company behind ChatGPT, is up more than 250% this year.

Ambarella Chip stock is down more than 16%. On Tuesday, Ambarella said it expects second-quarter revenue to be $60 million to $64 million, below the $67.2 million guidance expected by analysts, according to Refinitiv. KeyBanc downgraded the stock’s weight to sector from overweight following the report. The decline came despite Ambarella reporting a lower-than-expected adjusted loss in the first quarter.

Shares of the technology company Hewlett Packard Enterprise fell about 7% on the day after Intel released a mixed quarterly report. Although earnings per share beat analyst estimates, revenue for the quarter fell short of expectations, according to Refinitiv.

HP’s stock is down nearly 5%. The action came a day after the tech hardware company reported mixed quarterly results. HP’s revenue of $12.91 billion was less than the $13.07 billion forecast by analysts polled by Refinitiv. Its adjusted earnings per share of 80 cents exceeded the expected 76 cents per share.

SoFi Technologies shares in the student loan refinancing company gained nearly 12%. The House is expected to vote on the debt ceiling bill on Wednesday. The package includes a measure that would end the suspension of student loan payments.

Micron Technology Chip stock fell 4.6% following the company’s presentation at the Goldman Sachs Global Semiconductor Conference. Micron said its third-quarter trends were consistent with guidance and the company sees no need to increase them. However, Micron has noted revenue growth guidance that is closer to the high end of its previously reported range.

Carvana shares fell 10% in midday trading, erasing some of the big gains it has seen so far this year. Earlier this month, the stock moved higher after Carvana said it would reach an adjusted profit sooner than expected. Carvana is up nearly 160% year-to-date.

Twilio Tech stock is up 8%. On Tuesday, a news report indicated that activist investor Legion Partners met with Twilio’s board and management several times. Legion is looking to make board changes and is 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 the sharp losses in May. KeyCorp and Zions Bancorp both lost more than 5%, while Citizens Financial Group fell close to 5% and Truist Financial lost nearly 3%.

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

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