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Advanced Micro Devices Inc. said Monday it has designed a graphics processor unit (GPU) that can be integrated into a new multi-chip processor package designed by rival chip maker Intel Corp. , confirming a report in The Wall Street Journal. The new product integrates an Intel Core processor, AMD’s Radeon graphics chip and second-generation high bandwidth memory into a single package. Intel expects the new product to launch in the first quarter of 2018. “Together, we are offering gamers and content creators the opportunity to have a thinner-and-lighter PC capable of delivering discrete performance-tier graphics experiences in AAA games and content creation applications,” said Scott Herkelman, general manager at AMD Radeon Technologies Group. AMD’s stock surged 6.7% in morning trade, with volume ballooning to already nearly half the full-day average. Intel’s stock edged up 0.4% and Nvidia shares slipped 0.4%. Year to date, AMD’s stock has gained 4.2%, while the S&P 500 has gained 15.6%.

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The Dow Jones Industrial Average saw muted opening trade on Monday as investors digested a proposal by chip-maker Broadcom for rival Qualcomm and crude-oil prices nearing a 2-year high. The Dow Jones Industrial Average was trading up less than 0.1% at 23,542, still sufficient to represent a new all-time high, the S&P 500 index was up less than 1 point, or 0.1%, at 2,588, near an intraday record at 2,588.39. Meanwhile, the Nasdaq Composite Index was advancing fractionally, gaining less than 0.1%, at 6,774, but moves for the technology-laden benchmark were enough to carve out an intraday high at 6,774.69. Qualcomm Inc. shares rose after Broadcom Ltd. announced an unsolicited proposal to buy it, valued at $130 billion, including $25 billion in debt. Meanwhile, crude-oil prices were up $55.69 a barrel, as investors watched news of a purge in Saudi Arabian royals and ministers.

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Target Corp. said it will be open on Thanksgiving Day, from 6 p.m. to midnight, then will reopen at 6 a.m. on Black Friday. The discount retailer said that some of the deep discounts it will be offering on Black Friday will be available online on Wednesday at Target.com for REDcard holders. Shoppers who spend $50 on Friday, Nov. 24, will receive a coupon for 20% off a future shopping trip. A Black Friday preview sale will be available Monday, Nov. 6, online, until 11:59 p.m. PST. The stock slipped 0.7% in morning trade, while the S&P S&P Retail ETF eased 0.1%. Over the past three months, Target’s stock has gained 2.6% while the retail ETF has lost 3.1% and the S&P 500 has climbed 4.5%.

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Shares of MoviePass-owner Helios & Matheson Analytics Inc. were up nearly 9% in premarket trade after the data and technology company said it would raise $100 million in convertible notes in order to increase its stake in MoviePass. The conversion price of the notes is $12.06 per share. The deal will allow Helios and Matheson to pay the remaining $5 million balance the company owes MoviePass after closing its previous securities purchase agreement back in August. The financing will also be used to pay MoviePass an additional $20 million to exercise its option to increase its investment in the movie theater subscription service. Canaccord Genuity served as the sole placement agent for the financing, and Palladium Capital Advisors acted as a financial advisor to Helios and Matheson in the financing. “This investment should allow us to further augment our data science capabilities and platform to respond to the needs of studios and exhibitors and their challenges in better understanding their customers,” MoviePass Chief Executive Mitch Lowe said in a statement. MoviePass recently said its subscriber base has reached 600,000; up from 20,000 before its subscription price cut back in August. Shares of Helios and Matheson are up more than 192% in the year to date, while the S&P 500 index is up close to 16% and the Dow Jones Industrial Average is up more than 19%.

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Michael Kors Holdings Ltd. shares rose 9.3% premarket on Monday after the company reported second-quarter profit and revenue beats. Earnings for the latest quarter rose to $202.9 million, or $1.32 per share, from $160.9 million, or 95 cents per share in the year-earlier period. Adjusted earnings-per-share were $1.33, above the FactSet consensus of 83 cents. Revenue rose to $1.15 billion from $1.09 billion, above the FactSet consensus of $1.05 billion. Michael Kors also raised its 2018 profit and revenue outlook. The company now expects 2018 revenue of about $4.59 billion, which include $215 million to $225 million of Jimmy Choo revenue, compared with previous guidance of $4.28 billion; Michael Kors also expects 2018 earnings of $3.85 to $3.95, compared with previous guidance of $3.62 to $3.72. The company also expects third-quarter 2018 revenue of $1.36 billion to $1.39 billion, including $105 million to $110 million of Jimmy Choo revenue, and third-quarter EPS of $1.22 to $1.27, including 4 cents of expected dilution from Jimmy Choo. Michael Kors shares have surged 29.4% over the last three months, compared with a 4.5% rise in the S&P 500 .

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Shares of Advanced Micro Devices Inc. shot up 7.4% in active premarket trade Monday, after The Wall Street Journal reported that the graphics chip maker was teaming up with long-time rival Intel Corp. to fend off their common competitor Nvidia Corp. . Trading volume in AMD topped 3.5 million shares with less than 40 minutes before the open, making the stock the second-most actively traded in the premarket. Intel’s stock gained 1.5% while Nvidia shares shed 1.4%. AMD’s stock recently changed hands at $11.94, which would put it on track to retrace about 33% of what the stock had lost since reporting disappointing third-quarter results. AMD’s stock has lost 1.9% year to date through Friday, while Intel shares have rallied 27%, Nvidia’s stock has soared 96%, the PHLX Semiconductor Index has climbed 43% and the S&P 500 has advanced 16%.

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Federal Reserve Bank of New York President William Dudley will retire next year, around six months earlier than scheduled, the Fed’s regional New York bank confirmed Monday in a statement. A search for Dudley’s successor will start with an eye toward the finding one in mid-2018. Dudley’s term ends in January of 2019 when he reaches a 10-year policy limit in the role, a release from the FBoNY said. “I have deeply appreciated Bill Dudley’s enormous contributions to the [Federal Open Market Committee], his wise counsel and warm friendship throughout the years of the financial crisis and its aftermath,” said Fed Chairwoman Janet Yellen in the Moonday statement. “The American economy is stronger and the financial system safer because of his many thoughtful contributions. The Federal Reserve System and the country owe him a debt of gratitude.” The announcement comes after President Donald Trump last week nominated Fed. Gov. Jerome Powell to replace Yellen when her term as head of the U.S. central bank ends in February. Powell’s policy stance is considered to be mostly aligned with his would-be predecessor. Dudley’s retirement is believed to be unrelated to Yellen’s expected departure from the Fed.

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Shares of Qualcomm Inc. rallied 3.8% in active premarket trade Monday, as the chip maker confirmed it received an unsolicited buyout bid from Broadcom Ltd. . Volume topped 2.5 million shares less than 90 minutes before the open, compared with the full-day average of 10.9 million shares. The stock recently traded at $64.18, or 8.3% below Broadcom’s bid of $70 a share. Broadcom’s stock climbed 2.5% ahead of the open. “The Qualcomm board of directors, in consultation with its financial and legal advisors, will assess the proposal in order to pursue the course of action that is in the best interests of Qualcomm shareholders,” Qualcomm said in a statement. “Qualcomm will have no further comment until its board of directors has completed its review.” Qualcomm’s stock has shed 5.2% year to date through Friday, while Broadcom shares have soared 55%, the PHLX Semiconductor Index has run up 43% and the S&P 500 has gained 16%.

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Sprint Corp. and cable and internet provider Altice USA Inc. entered into a multi-year wireless partnership over the weekend that will help Altice provide phone and data services to its customers. Shares of Sprint were fell nearly 12% in premarket trade on Monday. The deal, which mirrors a mobile pact Comcast Corp. has with Verizon Communications Inc. , came a day after Sprint’s potential merger talks with T-Mobile US Inc. came to an end over the weekend without a deal. T-Mobile shares were down 5%, while shares of Verizon were down more than 2% and AT&T Inc. shares were down more than 1%. Under the Sprint-Altice agreement, Sprint will allow Altice to use Sprint’s mobile network to sell service in which Altice will control mobile features, functionality and customer experience. In exchange, Sprint will use Altice’s broadband infrastructure to shore up its network. “As content and connectivity continue to converge, we believe this approach will be a model for future strategic arrangements across multiple industries including cable, tech and others.” Shares of Sprint have declined nearly 21% in the year to date. Shares of Altice, which were inactive in premarket trade, are down more than 30% in the last three months. By comparison, the S&P 500 index is up more than 4% in the last three months and nearly 16% in the year so far, while the Dow Jones Industrial Average is up nearly 7% in the trailing three months and more than 19% in the year.

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Valeant Pharmaceuticals International Inc. shares rose 2.4% premarket on Monday after the company said it will divest its Sprout Pharmaceuticals subsidiary, which makes the “female Viagra” drug Addyi, to “a buyer affiliated with former shareholders of Sprout.” Under the deal, Valeant will receive a 6% royalty on worldwide sales of Addyi beginning 18 months from the sale agreement’s signing, Valeant will no longer — as required under the original transaction — have to split future profits with the former shareholders or pay for marketing and other expenditures. Valeant bought Addyi in 2015 for $1 billion, but the product has not sold as well as expected, and Valeant announced a plan to relaunch the drug earlier this year. Some have said Addyi, which is supposed to treat low sexual desire in women, didn’t sell well because Valeant didn’t market the drug aggressively enough, while others have said that the drug simply doesn’t work for women. Litigation against Valeant will also be dismissed, the company said. Valeant will also provide a $25 million loan to fund initial operating expenses for the deal, which is expected to close by the end of the year. Valeant shares have dropped 24% over the last three months, compared with a 4% rise in the S&P 500 .

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