Morning Brew: AMD's Q4 Guidance Weighs on Stock, Apple's Negative Sentiment Overcooked, and Fed
Advanced Micro Devices (NASDAQ:AMD) stock was among the most actively traded ahead of the opening bell, with shares down marginally. The chip designer reported a Q3 top and bottom line beat, but offered up weak guidance for Q4 due to slowdowns in its embedded and gaming segments. The forecast weighed on sentiment, but was offset by AMD top boss Lisa Su's comments on the earnings conference call, who said that the company expected more than $2B in sales next year from its products.
Wedbush Securities has a positive outlook on both Apple's (NASDAQ:AAPL) iPhone and services segments ahead of the companys fourth-quarter earnings report on Thursday. The research firm believes that the overall sentiment of Apple on the Street is a negative groupthink mentality, which is very disconnected from the current iPhone 15 growth. Shares were down 0.3% in pre-market trading on Wednesday.
Investors are awaiting the Federal Reserve monetary policy decision in the afternoon. Wall Street's benchmark S&P 500 (SP500) index in the previous session slumped to a 2.20% decline for the month of October, while also notching a three-month losing streak for the first time since Q1 2020.
The U.S. Treasury is offering $112B of Treasury securities to refund ~$102.2B of privately held Treasury notes maturing on Nov. 15, 2023. The issuance will raise new cash from private investors of ~$9.8B, boosting the supply of Treasury securities in the market.
TG Therapeutics (NASDAQ:TGTX) added ~21% pre-market Wednesday after the company posted solid topline and bottom-line beats with its Q3 2023 financials. The Morrisville, North Carolina-based biotech reported $165.8M in net revenue for the quarter, up from $94M in the prior-year period, exceeding the consensus by as much as $102.5M.
CRISPR Therapeutics (NASDAQ:CRSP) added ~10% pre-market Wednesday following a trading halt that coincided with a meeting of a group of FDA advisors yesterday on a gene editing therapy it co-developed with Vertex Pharmaceuticals (NASDAQ:VRTX). The CRISPR/Cas9 gene-edited therapy, named exa-cel is currently under FDA review for severe sickle cell disease (SCD).
Cybersecurity company Splunk (NASDAQ:SPLK) disclosed on Wednesday that it is cutting roughly 7% of its global workforce, mostly in the U.S. Splunk, which is in the process of being acquired by Cisco (NASDAQ:CSCO) for $28B in cash, said it will incur roughly $42M in charges in conjunction with the layoffs.
Boeing (NYSE:BA) on Wednesday was added to a Goldman Sachs list of stocks that may offer the best strong risk-adjusted returns. The financial-services firm said Boeings (NYSE:BA) stock is undervalued after a recent decline.
NIO (NYSE:NIO) delivered 16,074 vehicles in October 2023, increasing by 59.8% Y/Y and up 3% M/M. The deliveries consisted of 11,086 premium smart electric SUVs and 4,988 premium smart electric sedans.
CVS Health (NYSE:CVS) reported $2.3B in net income for Q3 2023 on Wednesday bouncing back from a net loss in the prior-year period driven by a one-off charge related to its opioid lawsuits.
AbbVie (NYSE:ABBV) has signed an exclusive option agreement with Aldeyra Therapeutics (NASDAQ:ALDX) for the latter's dry eye disease candidate, reproxalap. Under the agreement, AbbVie has the option to acquire a co-exclusive license in the US and an exclusive license outside the US to develop, manufacture and commercialize the drug.
This article first appeared on GuruFocus.
