Stocks making the biggest moves midday: Intel, C3.ai, Advance Auto Parts, HP and more

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Check out the companies making the biggest moves midday:

Intel — Shares popped about 4% after the chipmaker's finance chief said the company could soon see a turnaround. Speaking at a conference, CFO David Zinsner said the company's data center division is starting to «turn the corner,» while adding that China inventory should start to ease after the third quarter. He also said second-quarter revenue will come in at the high end of its guidance.

Advance Auto Parts — Shares sank nearly 34% after the car parts retailer reported an adjusted earnings per share of 72 cents, widely missing analysts' estimates of $2.57, per Refinitiv. The company also missed on revenue and cut its quarterly dividend and full-year guidance.

Avis Budget — The car rental company's shares gained about 4% Wednesday after Deutsche Bank upgraded shares to buy. The bank said a likely share-repurchase announcement later in 2023 could be a positive catalyst for shares.

Nvidia — Shares retreated 4.8%, taking a breather from their recent run. Nvidia rallied on Tuesday, which briefly pulled the tech stock's market cap above $1 trillion. The stock has been a focus of excitement amid booming interest in artificial intelligence.

C3.ai — Shares slipped about 11% ahead of the AI software maker's quarterly results after the bell. C3.ai, the company behind ChatGPT, has soared more than 250% so far this year.

Ambarella — The chip stock fell more than 16%. On Tuesday, Ambarella said it expected second-quarter revenue to range from $60 million to $64 million, below the $67.2 million guidance expected by analysts, according to Refinitiv. KeyBanc downgraded the stock to sector weight from overweight after the report. The fall came despite Ambarella