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<p class="has-drop-cap">In a mixed day for the market, three major players—HP Inc. (NYSE: HPQ), Best Buy (NYSE: BBY), and Salesforce (NYSE: CRM)—experienced significant stock price movements following their respective earnings reports. While HPQ and BBY saw double-digit gains, CRM faced a sharp decline due to disappointing results and guidance.</p>
<h3 id="hpq-surges-on-pc-business-growth">HPQ Surges on PC Business Growth</h3>
<p>HP Inc.’s stock surged by 17.01% to $38.38, with a market cap of $37.54 billion, after the company reported better-than-expected second-quarter earnings. <br><br>HP’s revenue of $12.8 billion slightly exceeded the anticipated $12.6 billion, and its adjusted EPS of $0.82 surpassed the forecast of $0.81. The company’s PC business <a href="https://www.reuters.com/technology/hp-beats-revenue-estimate-recovering-pc-demand-2024-05-29/" target="_blank" aria-label="grew for the first time in eight quarters (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">grew for the first time in eight quarters</a>, driven by commercial sales. <br><br>HP’s strategic focus on AI-powered PCs and the ongoing refresh cycle for personal tech were highlighted as key factors driving future growth.</p>
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<h3 id="bby-rises-despite-declining-sales">BBY Rises Despite Declining Sales</h3>
<p>Best Buy’s stock rose by 10.96% to $79.79, with a market cap of $17.26 billion, after the company reported higher-than-expected profits despite declining sales. <br><br>Best Buy’s <a href="https://tokenist.com/best-buy-reports-fiscal-q1-comparable-sales-down-6-1/" rel="noopener noreferrer nofollow" class="deco-link">fiscal first-quarter revenue</a> was $8.85 billion, down from $9.47 billion in the previous year. However, the company’s GAAP diluted EPS of $1.13 and non-GAAP diluted EPS of $1.20 exceeded analysts’ expectations of $1.08. <br><br>Best Buy’s focus on cost management and profitability, along with an increase in gross profit rates from services and membership offerings, contributed to the positive market reaction.</p>
<h3 id="crm-stumbles-on-weak-guidance">CRM Stumbles on Weak Guidance</h3>
<p>Salesforce’s stock dropped by 20.57% to $215.76, with a market cap of $209.45 billion, after the company provided <a href="https://tokenist.com/salesforce-guidance-falls-short-of-expectations-stock-plummets/" rel="noopener noreferrer nofollow" class="deco-link">weak guidance for the upcoming quarter and year</a>. <br><br>Salesforce reported first-quarter revenue of $9.13 billion, slightly below analysts’ expectations. The company’s current revenue guidance for the next quarter fell short of analysts’ estimates, contributing to the stock’s decline. <br><br>The market reacted negatively to concerns about weak AI revenue contributions and the company’s ability to compete effectively in the AI-driven tech landscape.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><strong><em>Do you think HP can make a comeback this year? Let us know in the comments below.</em></strong></p>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/stocks-to-watch-today-hpq-and-bby-soar-crm-stumbles/">Stocks to Watch Today: HPQ and BBY Soar, CRM Stumbles</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Stocks to Watch Today: HPQ and BBY Soar, CRM Stumbles

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