Why HP Shares Are Surging Premarket Thursday
Portfolio Pulse from Lekha Gupta
HP Inc. (NYSE:HPQ) shares are surging premarket after reporting better-than-expected Q2 FY24 results. Despite a slight decline in net revenue, the company beat consensus estimates and saw an increase in adjusted EPS. Investors can also gain exposure through ETFs like PRNT and KNGZ.
May 30, 2024 | 10:59 am
News sentiment analysis
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POSITIVE IMPACT
HP Inc. shares are up 5.24% premarket after reporting Q2 FY24 results that beat expectations. Net revenue declined slightly but adjusted EPS rose, surpassing estimates. The company also provided a positive outlook for Q3 and FY24.
HPQ's better-than-expected earnings and positive outlook for Q3 and FY24 are driving the stock price up. The market is reacting positively to the company's performance and future projections.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
First Trust S&P 500 Diversified Dividend Aristocrats ETF (NASDAQ:KNGZ) includes HP Inc. The positive earnings report from HPQ could benefit this ETF.
KNGZ, which includes HPQ, could see a positive impact from HPQ's strong earnings report. However, the effect will be less direct compared to HPQ itself.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Investors can gain exposure to HP Inc. through the 3D Printing ETF (BATS:PRNT). The positive performance of HPQ could benefit this ETF.
As HPQ shares rise, ETFs like PRNT that include HPQ could see a positive impact. However, the direct impact on PRNT will be less pronounced compared to HPQ itself.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50