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MARKETS LIVE BLOG:

STOCKS RISE, LED BY STELLAR ALPHABET, MICROSOFT EARNINGS

Latest stubborn U.S. inflation reading will bring about more 'wait and see' from the Fed

HP, Hewlett Packard Enterprise and Goldman Sachs fall premarket; Avis rises

Investing.com
·2 min read

Investing.com -- Stocks in focus in premarket trade on Wednesday, May 31st. Please refresh for updates.

HP (NYSE:HPQ) stock fell 6.2% after the PC maker posted its lowest revenue for a quarter since early 2020, noting ongoing weakness in demand for personal computers.

Goldman Sachs (NYSE:GS) stock fell 1.7% following a series of reports indicating that the investment bank is set to cut around 250 more jobs in the coming weeks given the sluggish market for deals.

Capri (NYSE:CPRI) stock fell 2.7% after the Michael Kors parent reported a slowdown in its U.S. market, overshadowing a sales rebound in China following the easing of pandemic-related curbs late last year.

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Nvidia (NASDAQ:NVDA) stock fell 1.8%, retreating after the chipmaker on Tuesday joined the exclusive club of companies with a $1 trillion market capitalization as market demand for artificial intelligence.

Hewlett Packard Enterprise (NYSE:HPE) stock fell 8.7% after the information technology company missed expectations for second quarter revenue as clients scale down spending on tech, including cloud services, amid an economic slowdown.

Ambarella (NASDAQ:AMBA) stock slumped 20% after the semiconductor reported a weaker-than-expected outlook for the second quarter, prompting KeyBanc to downgrade its stance to ‘sector weight’ from ‘overweight’.

Avis Budget (NASDAQ:CAR) stock rose 4.1% after Deutsche Bank upgraded its stance on the car rental firm to ‘buy’ from ‘hold’, saying the company's shares can rise more than 60%.

American Airlines (NASDAQ:AAL) stock rose 1.4% after the carrier raised its outlook for second quarter profit as it expects to pay less for jet fuel compared with its previous estimate.

LL Flooring (NYSE:LL) stock soared 20% after the retailer of hard-surface flooring received an unsolicited bid from Cabinets to Go, a unit of F9 Brands.

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