Why AMD Shares Are Trading Lower By Around 7%? Here Are Other Stocks Moving In Wednesday's Mid-Day Session
Portfolio Pulse from Avi Kapoor
AMD shares fell by around 7% after reporting Q1 results and Q2 revenue guidance matching Street estimates but with a non-GAAP gross margin of about 53%. Other stocks showed significant movement, with notable gainers including CytomX Therapeutics, IM Cannabis Corp., and Akanda Corp., among others, due to various positive updates and financial results. Losers included Cemtrex, CVRx, and Leggett & Platt, with declines following public offerings, downgrades, and disappointing financial results.
May 01, 2024 | 5:01 pm
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AMD shares fell by around 7% after matching Q2 revenue guidance with Street estimates but with a non-GAAP gross margin of about 53%.
The drop in AMD's share price is likely due to the market's reaction to its Q2 revenue guidance and non-GAAP gross margin, which, while in line with expectations, may have disappointed investors hoping for stronger guidance.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Cemtrex shares plummeted 73.1% following the announcement of a $10 million upsized underwritten public offering.
Cemtrex's significant drop is directly linked to its announcement of a large public offering, which typically dilutes existing shares and can lead to negative investor sentiment.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
CVRx shares fell 40.2% after reporting worse-than-expected Q1 financial results and a downgrade by JP Morgan.
The sharp decline in CVRx's stock price is a reaction to its disappointing Q1 financial performance and a significant downgrade by a major analyst, impacting investor confidence.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 90
NEGATIVE IMPACT
Leggett & Platt's stock fell 29.1% after reporting worse-than-expected Q1 results and reducing its dividend.
The decline in Leggett & Platt's shares is attributed to its poor Q1 performance and the decision to reduce its dividend, which negatively affects investor sentiment, especially among income-focused investors.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90