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

May 31, 2023 8:13 AM EDT -- 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.

  • 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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