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Tesla shares surged 7.7% on Tuesday.
Dreamstime
Stock futures suggested a weaker start for Wall Street on Wednesday following the
S&P 500
‘s third-consecutive winning session and the index’s best performance since June.
These stocks were poised to make moves Wednesday:
Tesla
(TSLA) fell 0.5% in premarket trading after closing with a gain of 7.7% on Tuesday to $257.18. It was the stock’s highest price in nearly three weeks and its largest one-day percentage increase since March 21. The electric-vehicle maker is launching a $300 million AI computing cluster, according to Oppenheimer analyst Rick Schafer. The supercomputer “will employ 10,000
Nvidia
H100 GPUs and is more powerful than the world’s third highest-performing supercomputer,” he said.
VinFast Auto
(VFS) was rising 8.2% in premarket trading. 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.
HP Inc.
(HPQ) was falling 8.4% in premarket trading 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.
Hewlett Packard Enterprise
(HPE) reported better-than-expected fiscal third-quarter adjusted earnings that were driven by strong growth in the company’s networking business and increasing demand for high-performance computing and generative artificial intelligence hardware and services. The stock was down 2%.
Nvidia
(NVDA) fell 0.4% in premarket trading 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.
Ambarella
(AMBA) was declining 21% in premarket trading 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.
Weak fiscal-year revenue guidance from
Box
(BOX) sent shares of the cloud-based content-storage company down 9.4% in premarket trading. 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.
Sunrun
(RUN) jumped 5.2% to $15.95 after shares of the country’s largest residential solar developer were upgraded to Buy from Neutral at
Citi
with a price target of $21.
Texas Instruments
(TXN) fell 2.5% to $166.50. Shares of the semiconductor maker were downgraded to Underperform from Market Perform at Bernstein with an unchanged price target of $145.
Coinbase
(COIN) fell 1.1% in premarket trading after surging 15% in the previous session following an appeals court ruling that said the Securities and Exchange Commission was wrong to reject Grayscale Investments’ application for a spot Bitcoin ETF.
Earnings reports are expected after the closing bell Wednesday from
Salesforce
(CRM),
CrowdStrike
(CRWD),
Chewy
(CHWY), and
Okta
(OKTA).
Write to Joe Woelfel at joseph.woelfel@barrons.com
