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US Stocks Advance on Wednesday

GuruFocus.com
·3 mins read

U.S. stocks were in the green on Wednesday, ahead of good corporate results. The Dow Jones Industrial Average gained 0.43% to 28,846, the S&P 500 index rose 0.34% to 3,287 and the Nasdaq Composite Index jumped 0.37% to 9,303.

Advanced Micro Devices, Inc.

Non-index stocks have also posted gains and losses recently. Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) fell more than 7% on Wednesday after the company announced fourth quarter results. The company posted earnings of 32 cents per share, beating earnings estimates by 1 cent. Revenue of $2.13 billion topped expectations by $20 million.


"2019 marked a significant milestone in our multi-year journey as we successfully launched and ramped the strongest product portfolio in our 50-year history," said Dr. Lisa Su, AMD's president and CEO.

In the trimester, the gross margin reached 45% compared to 38% a year ago and 43% in the third quarter. Non-GAAP gross margin was 45% compared to 41% a year ago and 43% in the most recent quarter.

Further, the operating income was $348 million, higher than $28 million in 2018 and $186 million in the prior quarter. Non-GAAP operating income was $405 million compared to $109 million a year ago and $240 million in the prior quarter. Those improvements were explained by revenue growth and higher margins. The free cash flow was $400 million compared to $79 million a year ago and $179 million in the prior quarter.

Looking forward to the first quarter of 2020, the company expects revenue to be $1.8 billion, plus or minus $50 million, and non-GAAP gross margin to be 46%.

During the quarter ended Sept. 30, Ken Heebner sold out the stock, while Pal Tudor Jones boosted his holding by 31% to 62,448 shares.

Overall market gainers

o L Brands, Inc. (NYSE:LB) +13.5%

o General Electric Company (NYSE:GE) +10%

o F5 Networks Inc (NASDAQ:FFIV) +1.1%

o Broadcom Inc (NASDAQ:AVGO) +0.5%

Losers

o KLA Corp (NASDAQ:KLAC) -1.4%

o Qorvo Inc (NASDAQ:QRVO) -1.3%

o NVIDIA Corp (NASDAQ:NVDA) -1.1%

o Garmin Ltd (NASDAQ:GRMN) -0.9%

o Ford Motor Co (NYSE:F) -0.6%

Global markets

The main European stock markets traded in the green.The UK.'s FTSE 100 gained 0.04%, France's CAC 40 jumped 0.49%, Germany's Dax advanced 0.16% and Spain's Ibex 35 rose0.66%.

In Asia, Japan's Nikkei 225 gained 0.71%, India's BSE Sensex rose 0.57%, Hong Kong's Hang Seng plummeted 2.82% and China's Shanghai Composite declined 2.75%.

Disclosure: The author holdsno positions in any stocks mentioned.

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This article first appeared on GuruFocus.