Sluggish demand hits HP
HP Inc (NYSE:HPQ) shares were down around 9%, at $28.57, after last night’s quarterly earnings report revealed sluggish demand for PCs and printers.
Quarterly financial metrics showed revenue of $13.2 billion, down 10% year-over-year and short of the $13.4 billion expected by analysts. Adjusted earnings were $0.86 per share, in line with Street expectations.
Positive but not spectacular enterprise
Separately, business-to-business group Hewlett Packard Enterprise Co (NYSE:HPE)) slipped just 1.1% lower, to $16.65, despite a broadly positive albeit not spectacular financial performance in its third quarter.
Quarterly revenue rose 1% to $7 billion, while earnings increased to $0.35 per share from $0.32 a year earlier – on an adjusted basis it was marked at $0.49, beating forecasts for $0.47.
Nvidia marks ‘record’ high on AI tie-up
NVIDIA Corporation (NASDAQ:NVDA) stock was trading just below the chipmaker’s all-time high in Wednesday’s early deals, after the announcement of an AI partnership with Google triggered a strong close to yesterday’s session.
In premarket deals, Nvidia was priced at $484.46 – after gaining 4% to set a ‘record close’ on Tuesday. The intraday high was set last week at $502.66, following its bumper quarterly earnings.
The AI partnership with Google envisages expanded distribution of the chipmaker’s hardware.
Tommy & CK growth impresses
Calvin Klein and Tommy Hilfiger parent PVH Corp. (NYSE:PVH) saw its shares rise 2.2%, at $82.60 in premarket deals, on better-than-expected second-quarter earnings and sales.
PVH posted revenue of $2.21 billion, up 4% year-over-year and above Street expectations of $2.19 billion. Both the Calvin Klein and Tommy Hilfiger brands saw sales growth, the company said. Adjusted earnings came in at $1.98 per share, beating analyst expectations of $1.76.
VinFast starts rally after plummeting 45% Thursday
VinFast continues to give investors a rapid and volatile ride, with more whipsaw trading in the past 24 hours.
The Vietnamese electric vehicle start-up that shot to prominence last week with its somewhat giddy Nasdaq float, finishing Wednesday down 45% with a close at $26.25, and, trading at $49.50 in early premarket had rallied already 7%.
Weaker Box expected
Box Inc (NYSE:BOX) shares were down 8.4%, tumbling to $28.21 in early deals, after the cloud content management firm gave investors weaker-than-expected full-year guidance.
The company, after Tuesday's market close, posted adjusted earnings of $0.36 in its second quarter, just above Street expectations of $0.35 per share. Revenue amounted to $261.4 million, up 6% year-over-year, in line with expectations of $261 million.
Full-year revenue however was projected between $1.04 billion and $1.044 billion, beneath analyst expectations of $1.05 billion.
ZTO delivers disappointment
ZTO Express (NYSE:ZTO) stock dropped 4.8% in early trading on softer second quarter results, with revenues shy of Wall Street analyst forecasts.
Revenue came in at $1.34 billion, up from $1.29 billion a year ago but short of expectations of $1.39 billion. The Chinese express delivery firm reported adjusted earnings of $0.42 per share, above Street expectations of $0.39.