Benzinga Pro's Top 5 Stocks To Watch For Wednesday, May 3, 2023: NVDA, MSFT, ADP, IMGN, WOOF

NVIDIA (NVDA) - Chip stocks were in focus Wednesday morning following better-than-expected quarterly results but disappointing guidance from Advanced Micro Devices (AMD). While AMD shares were down more than 7%, NVIDIA shares were down less than 1%. NVIDIA will report quarterly results later in May, expected during the last week of May.

Microsoft (MSFT) - A way to play a "differentiated AI strategy," according to analysts at Oppenheimer. In a research note Wednesday morning, the firm's analysts said "The reported upcoming release of Microsoft's premium private ChatGPT service for enterprises should have a positive upwards bias to our already industry-leading 2024 Azure growth" expectation.

Automatic Data Processing (ADP) - Data on the jobs market from ADP Wednesday morning showed a very strong labor market. The company reported 296,000 jobs were added in April, much higher than the 148,000 jobs expected by economists. The US government's Bureau of Labor Statistics will report jobs data on Friday at 8:30 a.m. EDT.

ImmunoGen (IMGN) - One of Wednesday morning's biggest winners. The stock was up more than 100% following favorable data from a Phase 3 trial of the company's ovarian cancer treatment candidate.

Petco (WOOF) - Analysts at Needham Wednesday morning highlighted a potential opportunity for Petco and Chewy (CHWY) amid Amazon's (AMZN) May 2-3, 2023 Pet Day promotional event. The analysts noted elevated discounting at Petco recently could turn into a tailwind for the company.