Twilio's stock surges while Advance Auto Parts shares melt down -- and more stock-market movers

Paychex Inc

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Industrials : Professional Services | Large Cap Blend

Company profile

Paychex, Inc. is a provider of human capital management solutions for human resources (HR), payroll, benefits and insurance services for small-to-medium-sized businesses and their employees across the United States and parts of Europe. The Company offers a portfolio of HCM technology and HR advisory solutions that help its clients navigate the challenges of HR. Its clients have the option of doing payroll online using its software as a service (SaaS) technology, outsourcing to its payroll specialists, or using a combination of those solutions. Payroll is integrated with HCM software modules for clients who have more complex HR needs. It also provides comprehensive HR outsourcing through its administrative services organization and PEO solutions. The Company's HCM SaaS platform is Paychex Flex, which provides workforce management throughout the employee life cycle from recruiting and hiring to retirement, including recruiting, onboarding, HR, time and attendance and employee benefits.

Twilio's stock surges while Advance Auto Parts shares melt down -- and more stock-market movers

12:07 pm ET May 31, 2023 (MarketWatch) Print

By MarketWatch

Twilio's stock rises on report of pressure by activist investor

Here are some of the biggest stock-market movers in Wednesday's trading:

Stock gainers:

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.

Stock decliners:

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.

-MarketWatch

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May 31, 2023 12:07 ET (16:07 GMT)