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AMD Faces Lower Gaming Sales

AMD Faces Lower Gaming Sales

Plus, WeWork's reported bankruptcy.

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Today is Wednesday, November 1, 2023.

The Early Bird Index today is 52.17.

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AMD Faces Lower Gaming Sales

Advanced Micro Devices (Nasdaq: AMD) ticked down by 0.55% in after-hours trading on Tuesday after the semiconductor company posted mixed financial results.

Financials: AMD reported earnings of 70 cents per share in the past quarter and revenue of $5.8 billion; both were better than expected.

Powering the Story: The company’s revenue guidance for the current quarter is lower than anticipated. AMD said that its growth is “partially offset by lower sales in the gaming segment and additional softening of demand in the embedded markets.”

Final Thoughts: AMD, up 53% this year, is banking on future growth through its AI chips.

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Notables

Notable Earnings Today: Norwegian Cruise Line (NYSE: NCLH), PayPal (Nasdaq: PYPL), CVS Health (NYSE: CVS), Roku (Nasdaq: ROKU), Humana (NYSE: HUM), Airbnb (Nasdaq: ABNB), DoorDash (Nasdaq: DASH), Qualcomm (Nasdaq: QCOM), Wayfair (NYSE: W), Electronic Arts (Nasdaq: EA), Wingstop (Nasdaq: WING), Kraft Heinz (Nasdaq: KHC), SolarEdge Technologies (Nasdaq: SEDG), Yum! Brands (NYSE: YUM), Etsy (Nasdaq: ETSY), Estee Lauder (NYSE: EL), Zillow (Nasdaq: ZG), Mercado Libre (Nasdaq: MELI), Builders FirstSource (NYSE: BLDR), Albemarle (NYSE: ALB), Extreme Networks (Nasdaq: EXTR), e.l.f. Beauty (NYSE: ELF), Avis Budget (Nasdaq: CAR), Aflac (NYSE: AFL), Alkami Technology (Nasdaq: ALKT), Altice USA (NYSE: ATUS), American Financial Group (NYSE: AFG), American International Group (NYSE: AIG), American Water Works (NYSE: AWK), Apellis Pharmaceuticals (Nasdaq: APLS), Apollo Global Management (NYSE: APO), Astec Industries (Nasdaq: ASTE), Arcosa (NYSE: ACA), Axalta Coating Systems (NYSE: AXTA), Bally's (NYSE: BALY), Bausch + Lomb (NYSE: BHCO), BioMarin Pharmaceutical (Nasdaq: BMRN), Boston Properties (NYSE: BXP), Brinker (NYSE: EAT), C.H. Robinson (Nasdaq: CHRW), California Resources Corp (NYSE: CRC), Camping World (NYSE: CWH), Canada Goose (NYSE: GOOS), CDW (Nasdaq: CDW), CF Industries (NYSE: CF), Cheesecake Factory (Nasdaq: CAKE), Chefs' Warehouse (Nasdaq: CHEF), Clean Harbors (NYSE: CLH), Cognizant Technology Solutions (Nasdq: CTSH), Confluent (Nasdaq; CFLT), Dine Brands (NYSE: DIN), DuPont (NYSE: DD), DXC Technology (NYSE: DXC), Energy Transfer (NYSE: ET), Entergy (NYSE: ETR), Exact Sciences (Nasdaq: EXAS), Fastly (NYSE: FSLY), First Watch Restaurant Group (Nasdaq: FWRG), Garmin (NYSE: GRMN), Generac Holdings (NYSE: GNRC), GlaxoSmithKline (NYSE: GSK), Herbalife Nutrition (NYSE: HLF), Host Hotels (Nasdaq: HST), Hudson Pacific Properties (NYSE: HPP), IDEXX Labs (Nasdaq: IDXX), Ingersoll-Rand (NYSE: IR), Innovative Industrial Properties (NYSE: IIPR), IQVIA (NYSE: IQV), Janus Henderson Group (NYSE: JHG), Lemonade (NYSE: LMND), Lincoln National (NYSE: LNC), Manitowoc (NYSE: MTW), Marathon Oil (NYSE: MRO), Marriott Vacations (NYSE: VAC), Martin Marietta Materials (NYSE: MLM), McKesson (NYSE: MCK), MeridianLink (NYSE: MLNK), MetLife (NYSE: MET), MicroStrategy (Nasdaq: MSTR), Mondelez International (Nasdaq: MDLZ), Murphy USA (NYSE: MUSA), National Storage Affiliates (NYSE: NSA), Nu Skin (NYSE: NUS), Nutrien (NYSE: NTR), Paramount Group (NYSE: PGRE), Park Hotels & Resorts (NYSE: PK), Prudential (NYSE: PRU), PTC (Nasdaq: PTC), Qorvo (Nasdaq: QRVO), Radian Group (NYSE: RDN), Radware (Nasdaq: RDWR), Rayonier (NYSE: RYN), Revolve Group (NYSE: RVLV ), Scotts Miracle-Gro (NYSE: SMG), Service Corp (NYSE: SCI), Silicon Motion (NasdaqGS: SIMO), Sinclair Broadcast (Nasdaq: SBGI), SiTime (Nasdaq: SITM), Super Micro Computer (Nasdaq: SMCI), TE Connectivity (NYSE: TEL), Trane (NYSE: TT), Trimble (Nasdaq: TRMB), Verisk Analytics (Nasdaq: VRSK), Werner Enterprises (Nasdaq: WERN), Williams Cos (NYSE: WMB).

Notable IPOs Today: enGene Holdings Inc. Common Stock (Nasdaq: ENGN), Pineapple Financial Inc. (NYSE American: PAPL).

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: ADP Nonfarm Employment Change (8:15 a.m. ET), S&P Global US Manufacturing PMI (9:45 a.m. ET), JOLTs Job Openings (10:00 a.m. ET), ISM Manufacturing (10:00 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), FOMC Statement and the Fed Interest Rate Decision (2:00 p.m. ET).

WeWork's Reported Bankruptcy

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WeWork (NYSE: WE) is planning to file for bankruptcy as early as next week, according to a report from the Wall Street Journal on Tuesday.

Final Thoughts: WeWork’s stock is down 99% since its IPO.

Paycom Software’s Bleak Outlook

Shares of Paycom Software (NYSE PAYC) plunged by 32.09% in after-hours trading on Tuesday following the company’s release of weaker financial results.

Final Thoughts: Paycom, down 19% this year, projects revenue for the current quarter to be lower than expected.