Tag: stock market

Advanced Micro Devices Inc. shares rose in the extended session Tuesday after the chipmaker’s fourth-quarter results were in line with Wall Street estimates. AMD shares advanced 2.8% to $10.66 after hours. The company reported a loss of 1 cent per share on revenue of $1.11 billion for the fourth quarter. Analysts surveyed by FactSet had expected a loss of 1 cent per share on revenue of $1.07 billion. For the first quarter, AMD said it expects revenue to decrease 11% sequentially, plus or minus 3 percentage points, which would result in revenue of $954.6 million to $1.02 billion. Analysts expect revenue of $964 million.

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The Dow Jones Industrial Average may have slumped 107 points, the second-straight triple-digit loss, but market internals showed that the broad stock market actually rose. The number of advancing stocks outnumbered declining stocks by a 1,856-to-1,057 score on the NYSE and by a 1,690-to-1,100 margin on the Nasdaq exchange. And share volume in advancing stocks was 56% of total volume on the NYSE and 54% of total volume on the Nasdaq. Meanwhile, after falling 123 points on Monday, only 9 of the Dow’s 30 stocks gained ground on Tuesday. The S&P 500 slipped 0.1% on Tuesday, while the Nasdaq Composite inched up less than 0.1%.

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Shares of Electronic Arts Inc. were volatile in Tuesday’s extended session after the video game publisher behind such popular titles as Battlefield and FIFA 17 released its quarterly results. Electronic Arts reported its third-quarter loss narrowed to $1 million from $45 million a year earlier. On a per share basis, Electronic Arts broke even versus a loss of 14 cents in the year-ago period. Revenue rose to $1.15 billion versus $1.07 billion. In the fourth quarter, the company expects earnings of $1.64 a share and revenue of $1.48 billion. Shares swung in and out of negative territory after hours to slide 1.1%.

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Oil futures on Tuesday settled modestly higher, but registered a monthly drop as investors wrestled with the possible effect President Donald Trump may have on prices. West Texas Intermediate crude-oil for March delivery finished up 18 cents, or 0.3%, at $52.81 a barrel, but came off its highs of the session. For the month, oil closed off about 1.8% as concerns about U.S. shale drilling weighed, offsetting upbeat sentiment on the back of the agreement between the Organization of the Petroleum Exporting Countries and other oil producers to curb global production, which began in January.

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Gold futures climbed Tuesday to tally a monthly gain of roughly 5.2%–their largest such gain since June. A sharp decline in the U.S. dollar and losses in U.S. equities helped lift investment demand for the precious metal. April gold rose $15.40, or 1.3%, for the session to settle at $1,211.40 an ounce. That was the highest finish for a most-active contract since Jan. 23, according to FactSet data.

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Uber Technologies Inc. announced a partnership with German automaker Daimler Tuesday in which Daimler will manufacture self-driving cars for the company. Daimler will operate the self-driving cars under Uber’s network. In a blog post, Travis Kalanick, chief executive of Uber, confirmed that the company will be not building its own self-driving cars and instead will partner with automakers. “Auto manufacturers like Daimler are crucial to our strategy because Uber has no experience making cars-and in fact, making cars is really hard,” Kalanick wrote. Uber recently launched a self-driving car pilot in Pittsburgh, using Ford and Volvo vehicles, and a halted pilot in San Francisco, using Volvos.

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Uber Technologies Inc. announced a partnership with German automaker Daimler Tuesday in which Daimler will manufacture self-driving cars for the company. Daimler, which car brands include Mercedes-Benz, will operate the self-driving cars under Uber’s network. In a blog post, Travis Kalanick, chief executive of Uber, confirmed that the company will be not building its own self-driving cars and instead will partner with automakers. “Auto manufacturers like Daimler are crucial to our strategy because Uber has no experience making cars-and in fact, making cars is really hard,” Kalanick wrote. Uber recently launched a self-driving car pilot in Pittsburgh, using Ford and Volvo vehicles, and a halted pilot in San Francisco, using Volvos.

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The American Civil Liberties Union will be a part of startup accelerator Y Combinator, the accelerator announced Tuesday. The ACLU will be a nonprofit in the winter group of the accelerator, which means it will receive funding from Y Combinator, as well as access to mentors and the startup network. Non-profits in the program receive a total of $100,000 from Y Combinator and from apparel company Teespring. The ACLU raised $24 million over the weekend, an all-time record for the organization, after taking a stand against Trump’s immigration policy. It has vowed to stand up to policies set by Trump’s administration that it deems discriminatory or “unconstitutional.” “The ACLU has always been important, but has a particularly important role now,” Sam Altman, president of Y Combinator, wrote.

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Macy’s Inc. shares are down 1.7% in Tuesday trading after the retailer was downgraded to neutral from buy at Buckingham Research Group on concerns that the sales pressure the retailer is under won’t be relieved anytime soon. Buckingham Research analysts cite a number of challenges facing the company in a Tuesday note, including competition from both online and off-price competition, tourist traffic declines, and limits to expense reduction. While the company does have valuable real estate holdings, the timing on any transactions and gains are unclear. “Moreover, given the acceleration in store closings across the sector, we are concerned that valuations outside of the flagships could come under pressure as Macy’s pursues more transactions,” analysts said. Macy’s shares are down 28.2% for the past year while the S&P 500 index is up 17% for the same period.

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WASHINGTON (MarketWatch) — Senate Democrats on Tuesday boycotted a scheduled vote in the Senate Finance Committee on Steven Mnuchin, President Donald Trump’s pick to be treasury secretary, and Rep. Tom Price to be health secretary. Sen. Orrin Hatch, the Republican chairman of the Finance Committee, said he was nonplussed by the Democratic boycott. The committee needs at least one Democrat in order to proceed, he said. “We’ll just keep trying to get them to come and do their jobs. I’m very disappointed in this type of crap,” Hatch said. He said he fully intended continue to push for a vote.

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