Benzinga Pro's Top 5 Stocks To Watch For Thursday, Jun. 1, 2023: M, AI, S, CHWY, AVGO
Portfolio Pulse from Benzinga Newsdesk
Macy's shares fell after lowering its FY23 outlook, while C3.ai stock dropped despite better-than-expected Q4 results. SentinelOne traded lower in sympathy with Crowdstrike, Chewy shares surged on strong Q1 results, and Broadcom is set to report Q2 earnings.
June 01, 2023 | 12:47 pm
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NEGATIVE IMPACT
C3.ai stock fell over 18% premarket despite better-than-expected Q4 results and in-line Q1 revenue guidance, possibly due to high expectations amid AI momentum.
C3.ai's stock fell despite positive results, which could be due to high expectations from investors. The stock's recent surge on AI momentum may have set the bar too high, leading to a short-term decline in the stock price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Macy's shares fell after the company lowered its FY23 financial outlook due to weakened demand trends in late March.
Macy's lowered its FY23 outlook, which indicates a weaker financial performance than previously expected. This negative news is likely to cause the stock price to decline in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
SentinelOne shares traded lower in sympathy with cybersecurity peer Crowdstrike, which dipped following its quarterly earnings report.
SentinelOne's stock price is being impacted by the performance of its peer, Crowdstrike. As Crowdstrike's stock dipped following its earnings report, it is likely that SentinelOne's stock will also experience a short-term decline due to the close relationship between the two companies.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 100
NEUTRAL IMPACT
Broadcom is set to report Q2 earnings after the close, with semiconductor stocks being volatile this year as investors focus on AI plans and outlook.
Broadcom's upcoming Q2 earnings report could impact the stock price, but the direction is uncertain due to the volatility in semiconductor stocks this year. Investors' focus on AI plans and outlook adds to the uncertainty, making it difficult to predict the short-term impact on the stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Chewy reported better-than-expected Q1 results, sending shares up nearly 20%.
Chewy's better-than-expected Q1 results indicate strong financial performance, which is likely to boost investor confidence and drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100