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CVS, AMD, Super Micro, Amazon, Starbucks, Pfizer, Norwegian, Pinterest, DuPont, and More Movers

Stocks traded mixed as Wall Street awaited an interest rate decision from the Federal Reserve on Wednesday. The central bank is widely expected to leave its rates unchanged.

CVS Health earned $1.31 per share on an adjusted basis in the first quarter, missing analysts’ estimates of $1.69. The company also cut its adjusted profit forecast for the year, by at least $7 per share from $8.30, due to soaring Medicare Advantage costs. The stock fell 17%.

Shares of Advanced Micro Devices fell 9.5% after the chipmaker reported first-quarter earnings matching Wall Street forecasts and issued second-quarter revenue guidance of $5.7 billion. dollars, give or take $300 million, up 6% in the middle of the range and right in line with estimates. In the first quarter, AMD said it saw 80% growth in data center revenue, but a 48% decline in gaming revenue. AMD CEO Lisa Su said the company now expects data center GPU revenue to total more than $4 billion in 2024, above previous forecasts of $3 billion. 5 billion dollars.

Super microcomputer
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The artificial intelligence hardware company reported third-quarter earnings that beat forecasts, but revenue of $3.85 billion that missed estimates by $3.96 billion. The company said it expects adjusted earnings of $7.62 to $8.42 per share for the fourth quarter, on revenue of between $5.1 billion and $5.5 billion. Analysts had expected adjusted earnings of $7.18 per share on revenue of $4.9 billion. The stock fell 15%.

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Amazon.com rose 1.2% after the tech giant and online retailer reported first-quarter profits and revenue that beat analysts’ estimates, driven by strong business growth company’s AWS cloud computing platform and impressive advertising demand. Amazon Web Services revenue rose 17% to $25 billion, more than forecasts of $24.6 billion, and the best growth in four quarters. Overall revenues jumped 13% to $143.3 billion, an all-time high between January and March.

Pfizer rose 3.5% after adjusted first-quarter earnings of 82 cents per share, above analysts’ forecasts of 51 cents. The drugmaker also raised its adjusted profit estimate for 2024.

Coffee giant Starbucks reported second-quarter financial results that fell short of Wall Street expectations and said global same-store sales fell 4%. “In a very challenging environment, this quarter’s results do not reflect the strength of our brand, our capabilities or the opportunities ahead,” said Chief Executive Officer Laxman Narasimhan. The company also lowered its earnings and sales forecasts for the remainder of 2024, sending the stock down 17%.

Pinterest

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jumped 21% after the social media platform reported better-than-expected first-quarter earnings and revenue and said it expected second-quarter revenue of $835 million to $850 million , higher than forecasts of $827 million. The company said it had 518 million active users in the first quarter.

DuPont reported first-quarter adjusted earnings of 79 cents per share, above expectations of 65 cents. The materials and chemicals company also raised its outlook for the full year. Shares rose 7.2%.

Norwegian Cruise Line Holdings fell 11% after the cruise line beat first-quarter profit expectations and raised its full-year forecast, but missed quarterly revenue.

Bio-Techne rose 18% after the life sciences company reported third-quarter earnings and sales that beat analysts’ expectations.

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Estée Lauder lost 13% after the beauty company released fiscal year guidance predicting a 2% to 3% drop in sales, a larger drop than its previous forecast.

Skyworks Solutions reported second-quarter revenue of $1.05 billion, within the company’s target range of $1.02 billion to $1.07 billion, and earnings of $1.55 per share , or 3 cents more than analysts’ forecasts. But CEO Liam Griffin said the company saw “below-than-normal trends” in its mobile business in its second quarter, “with end market demand lower than expected.” For its fiscal third quarter, Skyworks reported revenue of $900 million, below consensus of $1.02 billion, with adjusted earnings of $1.21 per share, below analyst estimates. $1.46. The stock fell 15%.

Kraft Heinz fell 6.6% after the food and beverage brand company reported first-quarter sales down 1.2% to $6.41 billion, missing consensus of 6.43 billions of dollars.

Earnings reports due after closing bell Wednesday from Qualcomm
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PorteDash
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MGM Resorts
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eBay
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Carvana
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Zillow
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Write to Joe Woelfel at joseph.woelfel@barrons.com

News Source : www.barrons.com
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Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe.Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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