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Semiconductor stocks tumbled on Tuesday, pressured after Micron Technology was temporarily blocked from selling some of its memory chips in China. The PHLX Semiconductor index fell 1.3% in afternoon trading, with Micron serving as one of the biggest drags to the overall index. The stock fell 6.6%. Among other names in the sector, Nvidia Corp. fell 2.1% while Advanced Micro Devices was off 0.9%. Intel Corp. fell 0.7%. The Dow Jones Industrial Average fell 0.3% while the S&P 500 was off 0.2%. The Nasdaq Composite Index lost 0.6%. The overall technology sector fell 1% as the top-declining industry group of the day.
Shares of Nvidia Corp. are up 1.2% in premarket trading after Benchmark analyst Mike Burton initiated coverage with a buy rating and $280 price target. "While a lofty valuation gives us some pause, we expect the company to deliver upside to estimates with demand driven by sustainable growth in its core markets in the data center and the upcoming Volta product cycle for consumer GPUs (which we expect in 2H18)," Burton wrote. "At the same time, we believe potential downside from Nvidia's cryptocurrency/mining exposure is relatively contained." Burton is upbeat about Nvidia's efforts in ray tracing, a technology that's thought to significantly improve the gaming experience. "The gaming graphics card market is Nvidia's core franchise and we believe Nvidia is about to embark on a significant product cycle," he wrote. Burton also began coverage of Advanced Micro Devices Inc. and Intel Corp. and assigned hold ratings to each. Nvidia shares are up 57% over the past 12 months, while the S&P 500 has gained 11%.
Advanced Micro Devices started at hold at Benchmark
Semiconductor stocks were taking a beating Monday morning after reports that President Donald Trump hopes to announce further restrictions on Chinese investment in U.S. tech companies. China has spent years attempting to acquire companies and intellectual property in the chip sector, with the U.S. blocking acquisition attempts under President Barack Obama and Trump. On Sunday, The Wall Street Journal and others reported that Trump planned to increase controls, establishing a limit of 25% Chinese ownership for purchase of companies that have "industrially significant technology" and crafting "enhanced" export controls on the technology. Chip stocks plunged, with the PHLX Semiconductor Index falling more than 2% amid declines for popular stocks like Micron Technology Inc. , Nvidia Corp. , Advanced Micro Devices Inc. and Intel Corp. While stocks were largely down Monday morning, tech was being hit harder than other sectors, with the tech-heavy Nasdaq Composite Index falling about 1.3% in early trading Monday morning while the S&P 500 index was down about 0.9%.
Needham analyst N. Quinn Bolton lowered his price target on shares of Intel Corp. to $60 from $62 on Wednesday, following the resignation of Intel Chief Executive Brian Krzanich. "We believe Mr. Krzanich was the driving force behind Intel's transition to a data centric business," Bolton wrote. "Further, with AMD's [s:amd] EPYC processor positioned to take server market share, [the data-center group] facing much tougher comps beginning 4Q18 and persistent 10-nanometer manufacturing issues, we believe the level of risk to Intel's shares has increased." The lowered target reflects those "increased risks," Bolton said. Intel shares are up 0.7% in premarket trading. The stock is up 52% over the past 12 months, while the Dow Jones Industrial Average has gained 14%.
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Among the companies with shares expected to trade actively in Friday's session are Facebook, Costco, Lululemon, Advanced Micro Devices and Ulta.
Intel plans to release patches for a new vulnerability affecting its chips, the second time this year it has addressed flaws known as Spectre and Meltdown. It is unlikely to be the last.
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A graphic look at selected stock activity for the week ended on April 27, 2018. Included are Amazon.com, Advanced Micro Devices, and 3M.
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The Nasdaq Composite broke a five-session losing streak Thursday, powered higher by a strong round of corporate earnings reports in the technology sector.
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The head of Tesla’s Autopilot semiautonomous-driving system departed for Intel, adding new turmoil to a key program for the auto maker that is already beset by executive departures and safety questions.
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Advanced Micro Devices (AMD) has been reporting losses for the past five years, but it managed to pull out of the slump and report a profit in 2017.
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Advanced Micro Devices (AMD) has so far been operating in the low- and mid-range PC and server processor markets.
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Intel’s EPS rose 28.0% year-over-year to $3.46 in fiscal 2017 and is expected to grow 15.6% YoY to $4.00 in fiscal 2018.
Advanced Micro Devices' (AMD) top line growth is being driven by strong demand from data centers.
Advanced Micro Devices reported double-digit YoY (year-over-year) growth throughout 2017 and is expected to continue this momentum in 2018.
In this series, we’ll consider AMD’s upcoming second-quarter earnings, which are expected to be released at the end of July.
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Advanced Micro Devices, Inc. engages in the provision of semiconductor businesses. It operates through the Computing and Graphics; and Enterprise, Embedded and Semi-Custom segments. The Computing and Graphics segment includes desktop and notebook processors and chipsets, and discrete and integrated graphics processing units. The Enterprise, Embedded and Semi-Custom segment comprises of server and embedded processors, semi-custom systems-on-chips products, development services, technology for game consoles and licensing portions of its intellectual property portfolio. The company was founded by W. J. Sanders III on May 1, 1969 and is headquartered in Santa Clara, CA. (See Full Profile)
Name | Chg % | Market Cap |
---|---|---|
Intel Corp. | $243.07B | |
Microchip Technology Inc. | $22.23B | |
NVIDIA Corp. | $153.72B | |
Texas Instruments Inc. | $111.33B | |
HP Inc. | $38.44B |