Wednesday, 31 May 2023


Marvell Technology, Ford Motor, Gap and more By

Ford Motor and GM 'continue to drive the core to future transition' - BofA

© Reuters. — Stocks are surging on Friday as investor optimism rose about lawmakers reaching an agreement on the debt ceiling in the next few days. Here are the market movers for May 26.

  • Marvell Technology Group Ltd (NASDAQ:) shares rose 28% after the chip maker predicted its revenue from artificial intelligence would double amid strong demand for chips that power data centers and generative AI applications. NVIDIA Corporation (NASDAQ:) stock, which soared on Thursday after it also forecast big gains from AI, was up 2%.
  • Ford Motor Company (NYSE:) shares rose 7.6% after the automaker, which is aiming to be a major provider of electric vehicles, said its EV owners would be able to use superchargers by Tesla Inc (NASDAQ:) by next year.
  • Gap Inc (NYSE:) shares rose 11% after the casual clothing retailer said margins were improving as its freight costs fall and it has fewer promotions that cut into prices.
  • RH (NYSE:) shares fell 3% after the home furnishings retailer formerly known as Restoration Hardware warned of further price cuts as it tries to woo shoppers to spend money, even though it for the recent quarter.
  • Paramount Global (NASDAQ:) shares rose 5.5% after National Amusements, the majority voting shareholder of the media conglomerate, announced an agreement for a $125 million preferred equity investment in NAI by BDT Capital Partners.

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