Straight from Benzinga newsdesk, hosts Brent Slava and Michael O'Connor bring you the market news and stocks to watch.

Subscribe to our Stocks To Watch Newsletter here : https://go.benzinga.com/sales-page-187126583617110118712659

STOCKS TO WATCH:  $NVDA $MSFT $ADP $IMGN $WOOF

NVIDIA (NVDA) - Chip stocks were in focus Wednesday morning following better-than-expected quarterly results but disappointing guidance from Advanced Micro Devices (AMD). While AMD shares were down more than 7%, NVIDIA shares were down less than 1%. NVIDIA will report quarterly results later in May, expected during the last week of May.

 

Microsoft (MSFT) - A way to play a "differentiated AI strategy," according to analysts at Oppenheimer. In a research note Wednesday morning, the firm's analysts said "The reported upcoming release of Microsoft's premium private ChatGPT service for enterprises should have a positive upwards bias to our already industry-leading 2024 Azure growth" expectation.

 

Automatic Data Processing (ADP) - Data on the jobs market from ADP Wednesday morning showed a very strong labor market. The company reported 296,000 jobs were added in April, much higher than the 148,000 jobs expected by economists. The US government's Bureau of Labor Statistics will report jobs data on Friday at 8:30 a.m. EDT.

 

ImmunoGen (IMGN) - One of Wednesday morning's biggest winners. The stock was up more than 100% following favorable data from a Phase 3 trial of the company's ovarian cancer treatment candidate.

 

Petco (WOOF) - Analysts at Needham Wednesday morning highlighted a potential opportunity for Petco and Chewy (CHWY) amid Amazon's (AMZN) May 2-3, 2023 Pet Day promotional event. The analysts noted elevated discounting at Petco recently could turn into a tailwind for the company.

Hosts:

Brent Slava Reach out to Brent at [email protected]

Sr. Reporter, Head of Benzinga Newsdesk

Michael O'Connor Reach out to Michael at [email protected]

Benzinga Strategy Development

pro.benzinga.com

If you have ideas for stocks we should cover or have feedback about the info or presentation, please drop us a line at [email protected] or [email protected]

Advertising Inquiries: https://redcircle.com/brands

Privacy & Opt-Out: https://redcircle.com/privacy