Stocks traded mostly higher Wednesday following the S&P 500 ‘s third-consecutive winning session and the index’s best performance since June. Equities were getting a boost from revised gross domestic product data that showed the U.S. economy grew at a somewhat slower annual pace in the second quarter.Ambarella was declining 21% after the chip maker’s forecast for third-quarter revenue was well below analysts’ expectations.
Weak fiscal-year revenue guidance from Box sent shares of the cloud-based content-storage company down 9.3%. The company said it expects revenue of $1.04 billion to $1.044 billion, lower than Wall Street estimates of $1.05 billion. Box reported fiscal second-quarter adjusted earnings of 36 cents a share on revenue of $261.4 million, up 6%. Analysts had expected profit of 35 cents a share on revenue of $261 million.
Hewlett Packard Enterprise reported better-than-expected fiscal third-quarter adjusted earnings that were driven by strong growth in the company’s networking business and increasing demand for high-performance computing and generative artificial intelligence hardware and services. The stock was down 0.3%.
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