Category: Stock Market News

Advanced Micro Devices Inc. Chief Executive Lisa Su laid out the chip maker’s plans and expectations for the coming years at an event Tuesday afternoon, and shares endured an after-hours roller-coaster ride. At AMD’s Financial Analyst Day presentation, Su showed off AMD’s coming “Epyc” CPU offering and Radeon GPU product for data-center servers. These new offerings, which will compete with Intel Corp. and Nvidia Corp. products for data-center servers, are expected to launch in the current quarter. Su said AMD expects revenue to grow by double-digit percentages on an annual basis over the next few years, and said AMD is targeting gross margins of 40%-44% and annual adjusted earnings of greater than 75 cents a share long-term. AMD reported non-GAAP gross margin of 31% in the 2016 fiscal year, with a non-GAAP loss of 14 cents a share. AMD shares, which jumped 11.7% to $12.75 in the regular session, added another 3% in after-hours trading to top $13, but soon headed back down to a late loss after Bloomberg News reported that AMD declined comment on an Intel licensing deal that investors have expected for months. A report Tuesday claimed the GPU licensing deal, which previously belonged to Nvidia in a contract that ended in March, was official.

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Oil prices slipped in electronic trading Tuesday after the American Petroleum Institute reported a climb of 882,000 barrels in U.S. crude supplies for the week ended May 12, according to sources. The API data showed a fall of 1.8 million barrels in gasoline supplies, but inventories of distillates were up 1.8 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts forecast a decrease of 2.2 million barrels in crude inventories. June crude was at $48.22 a barrel in electronic trading, down from the contract’s settlement of $48.66 on the New York Mercantile Exchange.

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Jack in the Box Inc. shares jumped in the extended session Tuesday after the fast-food chain’s quarterly earnings topped Wall Street estimates. Jack in the Box shares surged 10% to $112.35 after hours. The company reported adjusted fiscal second-quarter earnings of 98 cents a share on revenue of $369.4 million. Analysts surveyed by FactSet had estimated earnings of 91 cents a share on revenue of $369.4 million.

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The S&P 500 index on Tuesday marked its 15th session with a move within 0.5%, representing the longest such streak in about 48 years, according to Dow Jones data. The longest consecutive period of closes within 0.5% for the S&P 500 is a 20-session streak in February 1969. The S&P 500 finished Tuesday’s trade less than 0.1% lower at 2,400, while the Dow Jones Industrial Average saw comparably muted action on the day, closing near break-even levels at 20,979. Meanwhile, the Nasdaq Composite Index which has outperformed its peer equity benchmarks year to date, ended at a record, up 0.3% at 6,169, wrapping near its highs of the session. Tuesday’s trading come amid heightened doubts that President Donald Trump can easily push through Congress the type of market-friendly policies that have helped so-called risk assets log a series of all-time highs. Wall Street spent much of Tuesday digesting reports that the president shared classified intelligence with Russian officials during a meeting in the White House last week, coming just a day after he fired then-Federal Bureau of Investigation Director James Comey. Brisk moves for stock gauges over the past few months, on postelection euphoria, have mostly stalled out over the past several weeks as investors weigh a mixed batch of economic reports, the likelihood of Trump’s policies coming to fruition and corporate earnings that have come out better than expected.

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Shares of Red Robin Gourmet Burgers Inc. rose more than 15% late Tuesday after the company reported better-than-expected first-quarter earnings and sales. Red Robin said it earned $11.6 million, or 89 cents a share, in the fiscal first quarter, compared with $14.2 million, or $1.03 a share, a year ago. Revenue reached $418.6 million, up 4% from $402.1 million a year ago. Analysts polled by FactSet had expected Red Robin to earn 57 cents a share on sales of $416 million in the quarter. Comparable-restaurant sales fell 1.2%, the company said. “The steps we’ve taken so far are strengthening our business, enabling us to gain market share, and separating Red Robin from our casual dining competitors,” Chief Executive Denny Marie Post said in a statement. The shares had ended the regular trading session down 2.1%.

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The Nasdaq Composite Index closed at a record for a second day in a row on Tuesday as tech shares outperformed the broader market. The stock market has been range-bound as the positive impact of robust earnings is offset by political uncertainties as President Donald Trump struggles to enact his pro-business agenda. The Nasdaq rose 20 points, or 0.3%, to close at 6,169. The S&P 500 slipped a point to close at 2,400 after moving less than 0.1%. As of Tuesday, the S&P 500 has gone 15 sessions without moving 0.5% in either direction, the longest such streak since February 1969, according to the Dow Jones Data Group. The Dow Jones Industrial Average shed 2 points to end at 20,979.

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Oil prices settled a bit lower Tuesday, pulling back after posting gains in each of the last four sessions. A report from the International Energy Agency released Tuesday warned that an extension of the output cuts led by Organization of the Petroleum Exporting Countries won’t be enough to pull global supplies back to their five-year average. That offset support from expectations that OPEC will extend its production curbs. June West Texas Intermediate crude settled at $48.66 a barrel on the New York Mercantile Exchange, down 19 cents, or 0.4%.

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Gold prices ended higher Tuesday for a fifth straight session, holding ground at their highest finish in about two weeks. Prices for the precious metal found support as the U.S. dollar fell against its major currency rivals in the wake of reports that President Donald Trump shared classified information with top Russian officials last week. June gold rose $6.40, or 0.5%, to settle at $1,236.40 an ounce. Prices settled at their highest since May 3, according to FactSet data.

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WASHINGTON (MarketWatch) – Israel provided the intelligence that President Donald Trump shared with Russia, according to a report in the New York Times. The report, which cites a current and a former American official, said some details of an Islamic State terrorist plot came from the Israelis. There was a concern that the information could be passed to Iran, Russia’s close ally. White House National Security Adviser H.R. McMaster defended Trump’s conversations with the Russians as “wholly appropriate.”

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Shares of Advanced Micro Devices Inc. surged 7.5% in midday trade Tuesday, to stretch their win streak to six sessions, ahead of the chip maker’s analyst day. The stock has now run up 22% since it closed at a 3 1/2-month low of $10.04 on May 8, but was still down 9.8% since AMD reported first-quarter results that disappointed investors. Canaccord Genuity analyst Matthew Ramsay said the analyst gathering will give AMD management a chance to be much clearer on how its turnaround is on track, following a “rocky” post-earnings call with analysts earlier this month. He reiterated his buy rating and stock price target of $17, which is 38% above current levels, writing in a note to clients that “we remain confident in our positive thesis, despite the recent stock appreciation and then volatility, and continue to gain confidence in AMD’s new management team and product roadmaps.” Separately, Fudzilla reported Tuesday that Intel Corp. is licensing AMD’s graphic chips, following similar chatter reported three months earlier. AMD’s stock has more than tripled over the past 12 months, while the PHLX Semiconductor index has rallied 66% and the S&P 500 has climbed 16%.

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