. >>> let's get to the top stocks to watch kristina partsinevelos is here with that. kristina >> reporter: shares of intuit moving to the downside after issuing quarterly esults q3 earnings came in above, but they reported a revenue miss the current quarter missed analysts expectations. shares of petco are plunging right now, 14% after surprising investors with a q1 loss consumers are more cautious after the banking uncertainty in march and that's why they have seen a slow down in sales. shares are down 18.5%. scott? >> yikes kristina, thank you. >>> just getting started on "closing bell. up next the triple threat to stocks alicia levine is here and gives us her strategy. >>> olater, we'll reveal the sector trading up. we're live at the new york stock exchange you're watching "closing bell" on cnbc. i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ finally we can eat. ♪ you know you make me wanna...♪ and then we looked around and said, wait a minute, this isn't even our stroller! (

kristina partsinevelos is back with that. t with go shares tanking right now, down 18% at the moment. the money raised from the sale of $125 million of new class a shares will go towards the charging network they want to get to 4,000 by year end it's classic dilution. existing shareholders will own a little less of the company western alliance is leading the regional banks, up about 11% after it said deposit growth grew beyond $2 billion that was as of may 12th, up from $1.8 billion pacwest and co-america are up slightly. >>> tesla ceo elon musk spoke to david faber where they talked about everything from ai to the fed. listen. >> do your tweets hurt the company? are there tesla owners who say i don't agree with his political positions or there are advisers on twitter and your ad execs say i can't get these ads because of what you tweet >> you know, i'm reminded of a scene in "the princess bride," great movie, where he confronts the person that killed his father and he says, offer me money, offer me power, i don't care >> so y

chips kristina partsinevelos has more on the report. reporter: frank, i have 18 in my email right now with the estimates higher what we saw is one point which is $220 billion added to the nvidia market cap in extended hours trading. it is above $180 billion that is more than all of amd market cap of $174 billion salesforce with $209 billion the company, nvidia, is so confident of the transition from cpu processors to generative a.i. that it is guiding for $11 billion in second quarter revenue. that is 53% or $3.8 billion the better than what and alysts wer and participating. the ceo said the data center exists and the servers will require an upgrade to generate new content. that's where nvidia chips come into play. something intel hasn't come close to offering. and this is bringing on the growing divide of the intel and nvidia gross margins nvidia's adjusted gross margin moved 66% p. i intel's dropped. that gap is only expected to widen again and contributing to intel's stock reaction post the nvidia earnings we saw on the earnings call

. >>> in the meantime, let's get a check on top stocks to watch kristina partsinevelos, here with that. kristina >> reporter: i shouldn't be smiling. the food and drug administration did not approve a new therapy treatment for bladder cancer that's sending shares of imm immunitybio plunging >>> robin hood hasn't turned a profit since going public in july of 2021 they're cutting operating expenses for the first time in two years and increasing revenue per user they plan to launch 24 hours a day, 5 days a week trading for stocks like tesla and apple. shares are over 5% higher today. scott? >>> we're just getting started pacwest plummeting in today's session. we're drilling down on that. >>> plus, top technician jason hunter breaking down the charts and weighing the odds of a recession. we're live from the new york stock exchange you're watching "closing bell" on cnbc. lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right

kristina partsinevelos is here with that. kristina >> reporter: analysts are loving exact sciences this is a company that provides cancer screening and shares are almost 11% higher. just yesterday exact sciences posted strong earnings, raised its full year revenue forecast that was driven by the company's test for colorectal cancer >>> even though losses keep growing, shares of roblox are jumping. v bookings grew. management said they can moderate the rate of investment in infrastructureimproving operating leverage no word on any cuts. scott? >> kristina, thank you. >>> we're just getting started on "closing bell." disney reporting results in less than an hour >>> plus, we're going to hear from a shareholder about what she'll be watching. >>> former fed governor, he'll join us to talk about what he thinks the fed's next movement will be. you're watching "closing bell" on cnbc. ♪ the thought of getting screened ♪ ♪ for colon cancer made me queasy. ♪ ♪ but now i've found a way that's right for me. ♪ ♪ feels more easy. ♪ ♪ my doc

kristina partsinevelos is watching the stocks you need to pay attention to >> pfizer.on optimism around a drug candidate. data from a stage two trial shows the blockbuster drug ozempic. pfizer shares are up 5% while novo nordisk covers near the flat line. progeny is higher as there's a buy rating analysts say the company will be a big beneficiary as more americans turn to fertility treatments for growing their families the company partners with employers, and that stock is up over 4%. >> kristina, thank you as always the last chance to weigh in on our twitter question is the market too reliant on mega cap tech performance? the results are right after this break. my parents worked long hours and i helped raise my younger brother. when college felt out of reach, the kpmg future leaders program was there for me. it was more than a scholarship. it was four years of mentorship and support. today, i'm an investment banking analyst and i'm just getting started. the kpmg future leaders program. empowering young women to reach their potential since 2016. municipal bonds don't u

on. >>> 20 to go before the closing bell kristina partsinevelos is back with the stocks she's watching palantir makes the list c cathie wood adds it to arc the ceo said it expects profitability through the end of year that's why shares are up almost 15%. shares of take two interactive hit a new 52 week high today after a surge following the company's earnings announcement yesterday. the video game maker beat revenue, and while guidance is short, they're saying big name releases could increase microsofts profits >>> last chance to weigh in on the twitter question which stock has the most upside from here. nvidia, meta, alphabet, microsoft? head to@cnbcclosingbell on twitter. i need it cool at night. you trying to ice me out of the bed? baby, only on game nights. you know you are retired right? am i? ya! save 50% on the sleep number limited edition smart bed. plus, special financing. only at sleep number. >>> let's get the results of our twitter question which a.i. related stock has the most upside from here, nvidia, alphabet, microsoft, or meta nvidia wins the vote wow, 40% that is inte

kristina partsinevelos with a look at what investors should be watching for when paypal reports in "overtime ceiling, as we inch quarter to the purported deadline of june 1st, i suppose we'll be more than worried about it. >> sometimes it's not worried at all, and then worried right bebeforehand pretty much everyone nose on an enduring basis this is not the may-or-break thing, but it's hard to resist the moment tear stresses it could create you've seen gold trying to break out. t-bills getting all distorted, because of where they mature when it comes to the stock market, the idea of a fed pause, still pretty defensive positioning, or at least a lot of hedging, based on how the big money has positioned is it enough to keep in the market the very confidence assertions the only reason is this perfect scenario mike on the investment committee side, they say the only reason the market has resilient is because the thought that inflation has been tamed and we're going to get 200 basis points of fed easing within 12 to 18 months who says i've always been a thought a pause is enough to explain >> les

kristina partsinevelos is here with that. kristina >> reporter: let's start with ele beauty smashing earnings expectations that led a number of analysts to hike their price targets with them up 19%. that stock is up over 360% in a year ulta reports after the bell. snowflake shares, got to do it, they're melting as the company slashes its product revenue forecast that's overshadowing a beat on the top and bottom line. down 17.5% scott? >> kristina, thank you. >>> up next, marc lasry joins me here we get his take on the fed, the markets and the debt ceiling dual don't go anywhere. you're watching "closing bell" on cnbc. ♪ ♪ connecting to opportunity is just part of the hustle. ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality... ♪ ♪ ...writing new rules and redefining the game... ...and driving the world forward to a greener energy futur

. >>> let's get a news update with our kristina partsinevelos hi, kristina. >> hi, carl.tart with the cnbc news update at this hour. police in serbia have arrested a suspect after the second mass shooting in just two days. eight people were killed after the gunman randomly shot people at a series of drive-by incidents yesterday. this comes just a day after a student killed nine people in the first mass shooting at a school in the nation's modern history. >>> a ukrainian member of parliament punched a russian delegate at a meeting. the fight started after the russian official grabbed the ukrainian flag waved in protest behind another russian delegate. the two countries are set to meet with turkish officials this weekend to keep black sea open for grain exports. >>> immigration officers on the u.s./mexico border tell nbc they are sealing a rise in migration even before title 42's expected lift next week, which addresses social health, welfare and civil rights border agents are concerned about the backlog as agents take time processing individual claims instead of blanket de

shares are up 7% this year, not bad, but still below 26% below their 52-week high with us is kristina partsinevelosto both of you kristina, what are you watching? >> the first one is e-commerce, sales and weather and they can drive revenue because visa and q1 posted visa with no card present and that was up 9% the mastercard e-commerce spending pulse was up 11.5% and then you have amazon that has shown sales flat in q1 and that's point number one. point number 2, paypal versus applepay is paypal losing market share to competitors and how is paypal leveraging the brand and the third thing is the traction with merchant and the payment level previously paypal had a 75% traction with the top 100 internet retailers around the globe and 33% of those hundred retailers use a more advanced version of paypal. so will the penetration increase and last, but not least, but is very important, the fact that they do not have a ceo successor. the ceo dan schulman is set to retire by the end of this year they still haven't named who is going to replace him, thinking about we're in may right now and you want a long-t

joining us now with more, cnbc's kristina partsinevelos. great to see you.s tell us about how people are spending their money? >> this is the largest retailer in america, so we do pay attention. and it shows that more shoppers are gravitating to value oriented stores. that's because they're becoming more price conscious about spending. so management in the report even pointed out higher income households, younger customers are shopping at walmart, because they're still looking for deals as we deal with high inflation. and many of them are actually spending online. e-commerce sales surged 27% from a year ago. so positive for walmart because more people are shopping there, but just yesterday we saw with home depot and target that people aren't spending as much on do it yourself projects and more expensive products that are at target, so, what we're seeing is a shift toward more budget conscious projects and spending patterns. >> treasury secretary janet yellen is set to meet with bank leaders today. what do we know? >> this is the annual bank policy institute

. >>> top stocks to watch, kristina partsinevelos on the case kristina >> we have a new ipo that justrds i haven't heard often. kenvue is a health spin off from johnson & johnson. it had its debut on the new york stock exchange with shares already 21% higher, trading at $26.28 the biggest restructuring move in johnson & johnson's 135-year history. paramount down about 25% after the company reporting earnings that fell short of estimates and slashed its dividends from 5 cents a share. paramount shares down 28%. >> ugly day. kristina, thank you. >>> last chance to weigh in our twitter question how will app sckleto trade, higher or lower? the results after this break hes both large and small, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots, and where together, we work to help move everyone's financial goals forward. pnc bank. ♪ imagine, a car that goes as far as it does fast. as sleek as it is spacious. as smart as it is beautiful. introducing lucid air. experience the best. ♪ ♪ (music) up top

corporate c suites overall they have seen some big successes so far in the semiconductor industry kristina partsinevelosth us more >> of the ten largest u.s. chipmakers found in the sox etf, 40% are led by asian americans, with familiar names like lisa sue, jensen huang, and their tenures are longer than nonasian chip leaders and sighsee higher stock returns as well. the market cap is now larger than berkshire hathaway's at the moment asian american chip leaders saw their average stock returns increase 2,000% over their tenures, higher than other nonasian american executives specifically within the chip space. but when we move beyond the chip space, their representation diminishes, less than 5% of fortune 500 companies are run by asian american ceos. as it becomes more difficult to climb up the ladder, representation drops 41% from the corporate entry level to the c suite. all while inequality grows they may be overrepresented in tech and software related jobs, we talk about many leaders on our network, but they also are overrepresented with the lower paying jobs in america and that creates a divergence

be trending higher but benefit in the short term. >> okay. >> rhetoric at this moment. >> kristina partsinevelosyou. >> thank you >>> coming up next, debt ceiling talks, fed speak and more. we're going to discuss with roger altman where he sees things heading, why he expects a shallow recession. back in two with the markets mixed. the dow down about 84 points (funky electronic music) (narrator) breathe in. jump in. strap in. live in. join in. thrive in. if you're all in, it's all in north carolina. ranked america's top state for business. (funky electronic music) (narrator) invest in. believe in. move in. grow in. build in. thrive in. all in north carolina. ranked america's top state for business. >>> welcome back to "squawk on the street." i'm bertha coombs. here's your cnbc news update at this hour. bryan kohberger, accused of the stabbing deaths of four university of idaho students is scheduled to be arraigned today. kohberger is expected to enter a not guilty plea. he's said through a previous defense attorney that he believes he'll be exonerated if found guilty he could be sentenced to deat

kristina partsinevelos on nvidia helping the semis and the nasdaq 100, hitting new 52-week highs you this very often. >> the words in the analyst reports, jaw-dropping, best in history, i've never seen this in my career, but investors and analysts were waiting for nvidia's quarter as well as guidance to gauge the reality and magnitude of this a.i. story. the company's $11 billion revenue q2 guidance almost $4 billion over system. this may be dispelling this a.i. bubble narrative right now much of yesterday's beat was driven by data center revenues when competitors and intel as well as amd saw a decline during the same exact timeframe and the company nvidia expects data center revenue to double in the current quarter. it's not just data center. you have a 22% quarter increase in gaming also helped drive that beat but analysts are rushing to revise earnings and system price target wedbush increased the full year price target to $490 from $290 the price point went up to $500 from 190 over 60% increase overnight. goldman sachs, 440, 44% upside the argument, though, for nvidia's growth st

. >> thank you so much >>> it is time for a news update let's get over to kristina partsinevelos forere's your cnbc news update at this hour. the head of mercenary group leading russian fighting in bakhmut said his soldiers will withdraw because of a lack of military support in a series of taped announcements a lack of ammunition makes it impossible for frooigs continue wagner fighters have led the months long assault on bakhmut, a campaign that has turned into the longest and bloodiest battle of the war. >>> the world health organization declaring the end of the covid-19 global public health emergency the w.h.o. director general said the downward trend of infections and increasing world immunity has led the world to return to normal end of the emergency comes three years after the w.h.o. first issued the declaration in january 2020 and after nearly 7 million people died from the virus worldwide. >>> and after a week of rehearsals, final preparations under way for tomorrow's coronation of king charles jill biden will be the u.s. representative on hand and the first u.s. lady to atten

has emerged as a key growth driver for the company kristina partsinevelos with more on that side of the story. >> yeah, you said it really shares just started soaring after they said they are projecting 2024 a.i. revenue to double without really defining what encompasses all that revenue the key word, a.i., and that's exactly what the ceo said just within the first minute of the call he did say eight times, just eight times in the first minute. guy usually likes to hear that yes, it was a two-sent adjusted earnings rate of $1.32 billion yes, q-2 guidance came in higher, but only just slightly if you look at revenue, though, and the breakdown, consumer sales and auto industrials both fell short of expectations the coo saying they are, quote, expecting revenue growth to accelerate in the second half of this fiscal year, accompanied by gross and operating margin expansion. but they do admit, in this press release, they are probably going through it right now they are still in the early stages of their a.i. ramp, so, a.i. is the word that's helping and they are projecting muff higher revenu

frank and kristina partsinevelos have been tracking the action in a few movers frank, start with youh. good morning, sara palantir with beats, raised gans and promised full-year profitability for the very first time, but really the key here were the comments on a.i. demand for enterprises, specifically in insurance, manufacturing and supply chain companies and even more specifically, they're looking to improve margins. we're seeing that year of efficiency go beyond tech. deeper in the palantir numbers, commercial revenue up 15%. u.s. commercial revenue jumping 26%. ceo alex karp saying palantir is seeing surging demand for its a.i. platform, and he gave interesting color just on how intense the battle for an a.i. advantage really is. >> if you weald these technologies correctly, safely and securely, meaning extract the value in the context of your own enterprise, you have a weapon that will allow you to win, that will scare your the economy tors and adversaries. >> so of course, palantir known for its work with the u.s. military, seeing references there. i spoke with alex karp indivi

kristina partsinevelos has been tracking that this month. >> the ai excitement has spilled over from ai workloads, not all chip names are up today known for the silicon chip designs used in camera that stock is down, roughly 14% after guiding q2 revenue below consensus. they had the earnings call last night. management said they had not seen any indication that the inventory correction would end soon and their outlook is really dependent on the ramping up of new orders on different customers. another name trending lower this morning is memory maker micron, down last i checked 4% the ceo spoke at goldman sachs, there's a conference about the ban on chinese companies, banning micron chips, the ball will impact revenue by high single digit percentage of total revenue. micron is an outlier of the group. month to date, it's about 7% most stock components are up double digits. amd is up 20 of the last 24 sessions marvel, up 60% in may, and broadcom, up 27% month to date the big debate is if ai spending is truly incremental, you know, that small continuous spending, versus a one-time sunk c