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GlobalFoundries Shares Gain After Beating Q3 Earnings Expectations
GlobalFoundries Inc. (NASDAQ:GFS) shares climbed 3.6% in premarket trading after the semiconductor manufacturer delivered third-quarter results that surpassed analyst forecasts, driven by robust growth in its automotive and communications infrastructure businesses. The New York–based chipmaker reported adjusted earnings per share of $0.41, topping the analyst consensus of $0.38. Revenue reached $1.69 billion, slightly above expectations…
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IBM Shares Gain After Launching Quantum Nighthawk Processor
IBM (NYSE:IBM) shares rose 1.9% on Wednesday morning following a series of major announcements at the company’s Quantum Developer Conference, where it revealed its most advanced quantum processor to date. The tech giant introduced the IBM Quantum Nighthawk, a processor designed to achieve quantum advantage by the end of 2026. The new chip features 120…
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Amazon Poised to Capture Greater Market Share as Online Spending Climbs 8%, Says BofA
Online retail spending rose 8% year-over-year in October, maintaining the same momentum as September and outpacing traditional retail, which saw a 1% decline, according to Bank of America’s aggregated credit and debit card data. The report showed that online penetration increased by 180 basis points year-over-year to 29.7%, the largest annual jump since the pandemic.…
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What Could Influence Tesla’s Stock in the Coming Year?
Tesla’s (NASDAQ:TSLA) recent annual general meeting gave investors plenty to digest beyond the approval of Elon Musk’s $1 trillion compensation package, according to a report by Morgan Stanley. Analyst Adam Jonas wrote to clients that while the shareholder vote was the “most important takeaway,” there are several other developments that could “matter to the share…
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Dow Jones, S&P, Nasdaq, Futures, Wall Street Set for Higher Open as Tech Stocks Lead Early Gains
U.S. stock futures pointed to a positive start on Wednesday, signaling a rebound on Wall Street after a mixed performance in the previous session. Technology shares looked set to drive the early momentum, with Nasdaq 100 futures up 0.6%, suggesting renewed buying interest in the sector. Advanced Micro Devices (NASDAQ:AMD) jumped 6.5% in premarket trading…
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Bill Holdings Shares Soar Over 13% on Reports of Possible Sale Discussions
Bill Holdings (NYSE:BILL) jumped more than 13% in premarket trading on Wednesday after multiple media outlets reported that the payments and financial automation software provider is exploring strategic alternatives, including a potential sale. According to Bloomberg News and Reuters, the San Jose, California-based firm has engaged a financial advisor to assess interest from both larger…
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AMD Shares Jump as Chipmaker Unveils Ambitious AI Data Center Growth Targets
Advanced Micro Devices (NASDAQ:AMD) gained 5.5% in premarket trading on Wednesday, after the semiconductor giant outlined aggressive long-term growth goals during its first financial analyst day in three years. The company’s stock has climbed 16% since early October, following the announcement of a multiyear partnership with ChatGPT creator OpenAI, a deal expected to generate tens…
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Dingdong Shares Rise Despite Revenue Shortfall in Q3 Results
Dingdong (NYSE:DDL), one of China’s leading fresh grocery e-commerce platforms, reported third-quarter results on Wednesday that reflected sustained profitability even as revenue came in slightly below market forecasts. The company’s shares rose 1.69% in pre-market trading following the announcement. Dingdong reported revenue of RMB6.66 billion ($935.9 million) for the quarter, up 1.9% year-over-year, but just…
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General Motors Instructs Suppliers to Phase Out Chinese Components by 2027
General Motors (NYSE:GM) has reportedly instructed thousands of its suppliers to remove Chinese-made parts and materials from their production chains, according to Reuters, citing sources familiar with the company’s plans. Executives at the U.S. automaker have told suppliers to begin sourcing components and raw materials from alternative locations outside China, as part of a broader…
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Tencent Music Shares Gain Over 2% After Beating Q3 Profit and Revenue Estimates
Tencent Music Entertainment Group (NYSE:TME) posted third-quarter earnings that topped market forecasts, supported by strong growth in its online music segment. Shares of the company rose 2.41% in pre-market trading following the announcement. The Chinese music streaming giant reported adjusted earnings per ADS of RMB1.54 ($0.22), narrowly beating analyst expectations of RMB1.52. Total revenue climbed…