CHPT - 4 stocks to watch on Tuesday: Microsoft Ford and more

2023-05-30 08:45:45 ET

The debt ceiling deal was in focus as Wall Street got back to work after the long holiday weekend on Tuesday. Over the weekend, President Joe Biden and House Speaker Kevin McCarthy announced a deal to raise the U.S. debt ceiling, although the agreement still requires Congressional approval. Here are some stocks to watch on Tuesday:

• Microsoft ( NASDAQ: MSFT ) edged higher in premarket trading, boosted by a positive analyst comment . Wedbush provided an upbeat assessment of the impact of AI on the software giant. "We strongly believe the first step for MSFT was Azure/Office 365 with the next step ChatGPT/AI monetization on both the consumer and enterprise fronts combined adding $40 to $50 per share to MSFT's sum-of-the parts valuation," analyst Dan Ives stated.
• Ford ( F ) rose on a bullish analyst comment as well. Shares of the automaker climbed 3% in premarket action after Jefferies upgraded the stock to Buy from Hold following F's investor event. "Ford has in recent months refined a strategy to leverage group strengths and fill the gap between the quality of its product franchises and returns that have lagged peers and lacked consistency," analyst Philippe Houchois argued.
• An analyst upgrade gave a lift to ChargePoint Holdings ( CHPT ), with shares of the electric vehicle battery charging firm advancing more than 5% before the opening bell. This came after Bank of America raised its rating on CHPT to Buy from Hold, saying the company is "well positioned" to capitalize on tailwinds in the EV market.
• HP Inc. ( HPQ ) is scheduled to report its quarterly results after the closing bell. The tech firm is expected to earn $0.76 per share on revenue of about $13B. Shares have climbed about 17% so far in 2023, although the stock remains lower by 15% for the past 12 months.

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