Hewlett Packard Enterprise Posts Mixed Q1 Results, Joins Fisker, Plug Power And Other Big Stocks Moving Lower In Friday's Pre-Market Session

Written By Michael Gary Scott







Hewlett Packard Enterprise Faces Pre-Market Pressure Alongside Fisker and Others

Rough Start for Hewlett Packard Enterprise

March 1, 2024 5:47 AM | 3 min read

U.S. stock futures were lower this morning, with the Dow futures trading lower by around 100 points on Friday.

Hewlett Packard Enterprise Company (HPE) shares declined in today’s pre-market trading after the company reported mixed first-quarter financial results and issued weak guidance.

Hewlett Packard posted quarterly earnings of 48 cents per share, beating market estimates of 45 cents per share. The company’s quarterly sales came in at $6.75 billion, missing expectations of $7.12 billion.

Hewlett Packard Enterprise shares fell 6.1% to $14.30 in pre-market trading.

Several other big stocks also recorded losses in today’s pre-market trading session:

  • Fisker Inc. (FSR) shares dipped 38.4% after reporting preliminary fourth-quarter total revenue results below estimates.
  • Scilex Holding Company (SCLX) shares fell 32.2% after a $10 million bought deal offering.
  • New York Community Bancorp, Inc. (NYCB) tumbled 28% following the identification of material weakness in internal controls.
  • Humacyte, Inc. (HUMA) shares fell 23.5% following a $40.2 million public offering of common stock.
  • SoundHound AI, Inc. (SOUN) shares dipped 18.8% after reporting weaker-than-expected fourth-quarter financial results.
  • B. Riley Financial, Inc. (RILY) shares fell 14.5% after launching a review of strategic alternatives for certain businesses.
  • Ginkgo Bioworks Holdings, Inc. (DNA) fell 13.2% following downbeat quarterly results.
  • Plug Power Inc. (PLUG) fell 12.5% following weak financial results.
  • Elastic N.V. (ESTC) shares dipped 10.9% after reporting third-quarter financial results.
  • Senseonics Holdings, Inc. (SENS) fell 8.8% following fourth-quarter results.
  • Zscaler, Inc. (ZS) shares fell 6.4% despite posting better-than-expected earnings and sales results.
  • Zuora, Inc. (ZUO) declined 5.8% in pre-market trading.
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The Nasdaq’s Record-Breaking Surge: Unveiling the Key Stocks Behind the Milestone

The Nasdaq Composite Ascends to Unprecedented Heights

After years of dormancy, the Nasdaq Composite (NASDAQINDEX: ^IXIC) triumphantly shattered its 2021 record on the final day of February. While the future trajectory of the Nasdaq remains obscured, astute investors can examine the pivotal stocks that likely propelled the index to this remarkable zenith.

The Power of Nvidia

Envision no astonishment when recognizing the integral role played by artificial intelligence chip purveyor Nvidia (NASDAQ: NVDA) in the Nasdaq’s meteoric ascent. Nvidia’s substantial 240% surge over the past year, dwarfing the Nasdaq’s 40% climb, coupled with its weighty 5.03% index representation, elucidates its proclivity as a major driving force behind the index’s recent success.

The Amazon Phenomenon

Fronted by e-commerce and cloud behemoth Amazon (NASDAQ: AMZN), another stalwart that has outpaced the index with an 87% upsurge in the last year, doubling the Nasdaq’s performance. With a weight of approximately 6.45% – ranking as the third-largest in the index – Amazon’s triumph significantly influences the broader index’s trajectory.

The Dominance of Alphabet

Underestimated as a colossal contributor to the Nasdaq Composite, internet titan Alphabet (NASDAQ GOOG) (NASDAQ: GOOGL) stealthily ranks as a substantial segment due to its dual-share structure. Notably, with the amalgamation of Class A and C shares, Alphabet surpasses Amazon as the Nasdaq’s third-highest weighting at 6.72%. The stock’s impressive 50% surge over the past year fortifies the Nasdaq’s soaring trajectory.

Impending Storms: Apple and Microsoft’s Looming Influence

However, looming on the horizon are the ramifications of Nasdaq’s heaviest hitters, Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT), collectively constituting a colossal 23.8% of the entire index. Apple, trailing the index by nearly half in the past year, and Microsoft, exhibiting a robust 65% price appreciation, face elevated valuations that could potentially impede their future growth. The divergent paths of these tech titans may wield a profound impact on the Nasdaq’s trajectory.

The potential acme of these stocks to languish or falter owing to their lofty valuations poses a looming threat to the Nasdaq’s exuberance. The tug-of-war between ascending and descending stocks will likely be pivotal in shaping the index’s course ahead.

For investors navigating these turbulent waters, deploying a diversified investment approach, adhering to long-term investment perspectives, and gradually acquiring positions can safeguard against unwelcome market volatilities.

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