Stock indices fell on Friday, July 24 amid mounting tensions between the United States and China. Here are some of the main tech engines in the S&P 500 as of noon:
Intel
Intel (INTC) – Get report Shares plummeted 14.87% to $ 51.42 after its second-quarter earnings release. The chip giant beat revenue and profit expectations for the quarter, reporting EPS of $ 1.23 on revenue of $ 19.7 billion, but issued weak earnings guidance for the current quarter. Intel also said that the launch of its next 7nm CPU technology will be delayed by six months. The chips manufactured with the technology were expected to launch in 2021, but Intel CEO Bob Swan said the delay was due to a failure that resulted in “performance degradation” in its manufacturing process.
AMD
Meanwhile, the shares of Intel’s competitor AMD (AMD) – Get report it shot up to a record high on Friday, rising 14.1% to $ 67.95. AMD is already selling chips built on a 7nm architecture for PCs and game drives, and earlier this week it unveiled the first Ryzen desktop accelerated processing units to rely on its Zen 2 CPU core microarchitecture. They are scheduled for release during the third quarter. AMD will report its second quarter earnings on Tuesday, July 28.
Digital West
Intel’s disappointing launch caused weakness in a few other chip names, including Western Digital. Western Digital Stocks (WDC) – Get report, the leader in hard drives and flash drives, was trading 5.73% lower on Friday at $ 43.52. Western Digital is expected to report its latest earnings on August 5, with consensus estimates requiring $ 4.3 billion in revenue and EPS of $ 1.22.
Micron
Micron shares also fell 4.5% to $ 50.26 on Friday. Micron (MU) – Get report This year it has underperformed the market, falling 9% in 2020, but analysts are largely bullish on stocks. Of the 24 analysts listed on FactSet, 24 currently have a stock purchase rating. Earlier this week, Needham analyst Rajvindra Gill wrote that 5G deployments will boost Micron’s shares and generate “strong unit growth” in 2021.
Take-Two Interactive
Take-Two Interactive Game Creator Actions (TTWO) – Get report It rose 2.74% to $ 155.63 on Friday. Earlier this week, Stifel raised his Take-Two Interactive price target to $ 170 from $ 150, writing that the continued popularity of Grand Theft Auto will drive the next results. Goldman Sachs also cited Take-Two Interactive as the best gaming pick this week.
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