Tech Group Surges due to AI Demand

By George Banko

June 5, 2024

Good Morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures were up on Wednesday after the latest labor data improved expectations of an interest rate cut by the Federal Reserve. The data showed slower economic growth, which was congruent with Monday’s data showing US manufacturing activity had slowed.

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Here’s a look at the top-moving stocks this morning.

Hewlett Packard Enterprise (Nasdaq: HPE)

Hewlett Packard is up 13.47% in premarket trading after raising its 2024 outlook following a second-quarter earnings beat due to high demand for its AI servers. The company said it’s benefiting from less supply restrictions from Nvidia’s chips. Its earnings came in at $0.42 per share, which beat the Zacks Consensus Estimate of $0.38 per share. The quarterly report represents an earnings surprise of 10.53%.

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Crowdstrike Holdings (Nasdaq: CRWD)

Crowdstrike Holdings is up 10.15% in premarket trading after the cybersecurity company reported second-quarter revenue that was above market estimates on Tuesday. The company cited strong demand for its cybersecruity services in the midst of growing online challenges.

DXC Technology (NYSE: DXC)

DXC Technology is up 5.82% in premarket trading after the IT services and consulting company beat the Zacks Consensus Estimate of 83 cents per share after posting earnings of 97 cents per share. It also reported revenues of $3.39 billion, which was higher than the consensus fo $3.37 billion.