Twilio's stock rises on report of pressure by activist investor
Here are some of the biggest stock-market movers in Wednesday's trading:
Shares of Twilio Inc.(TWLO) were surging 9.4% in late morning trading after The Information reported that an activist investor with a stake in the software company was pressing it to shake up its board and think about possible divestitures.
Shares of Intel Corp.(INTC) were ahead 4.5% and leading S&P 500 gainers. Nvidia Corp.'s CEO complimented the company's test chips.
Molson Coors Beverage Co.'s(TAP) stock was advancing 2.5% after third-party data indicated momentum for several of its products amid backlash against Anheuser-Busch InBev SA's(ABI.BT) Bud Light.
Lumber Liquidators-parent LL Flooring Holdings Inc.'s(LL) stock was rising 7% after the company confirmed that it received an unsolicited, nonbinding bid from Cabinets to Go.
Shares of Advance Auto Parts Inc.(AAP) were on pace to shed a third of their value Wednesday after the company slashed its dividend and reported a sizable profit miss.
Shares of Michael Kors parent Capri Holdings Ltd.(CPRI) were down 11.5% after the fashion company swung to a loss in its latest quarter.
Ambarella Inc.'s (AMBA) stock was dropping 17% in late morning action after the video-chip maker's outlook fell short of expectations
Hewlett Packard Enterprise Co.'s(HPE) stock was sliding 6.9% following soft quarterly sales and guidance. The company, like HP, is hyping its AI products and services as a major source of future revenue.
HP Inc.'s(HPQ) stock slumped 4.9% after the venerable PC and printer giant posted further declines in revenue for both of its major products.
Shares of Anheuser-Busch InBev were falling 2.1% and on track for their worst monthly selloff in over three years after third-party data indicated that Bud Light sales continue to struggle.
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May 31, 2023 12:07 ET (16:07 GMT)
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