Check out the companies making headlines in midday trading. Advanced Micro Devices — The chipmaker’s stock popped 7%, a day after the company unveiled its new artificial intelligence chips poised to challenge Nvidia’s dominance. Nvidia shares added about 1%. Meta Platforms and Microsoft have already said they would buy AMD’s chip as an alternative. Alphabet — The Google parent’s stock rallied more than 5%, a day after the company unveiled in latest and most powerful AI Model known as Gemini. The product will be used to power Google’s products such as its Bard chatbot. Sprinklr — Shares plunged about 30% on the back of the company’s quarterly earnings announcement. Despite posting better-than-expected results for the 2024 fiscal third quarter on Wednesday, management forecasted a deceleration in sales growth in the 2025 fiscal year. BTIG downgraded shares to neutral from buy following the release. AbbVie — AbbVie shares added 1% a day after the pharmaceutical company said it would a cquire neuroscience drugmaker Cerevel Therapeutics for $8.7 billion, or $45 a share. The company expects the acquisition to go through in the middle of next year. Cerevel’s stock popped more than 12%. Chewy — The pet products e-commerce stock slumped more than 3% a day after Chewy reported disappointing quarterly results and guidance. Revenue fell slightly short of expectations, and Chewy posted a wider-than-expected loss by 2 cents. Net sales guidance for the fourth quarter also came up short of the $2.93 billion expected, per LSEG. GameStop — GameStop shares were last up nearly 2% a day after the video game retailer reported third-quarter results. The company posted a 1-cent loss per share on revenue of $1.08 billion. It was unclear if that was comparable to LSEG estimates. JetBlue — JetBlue shares soared more than 13% after the airline boosted its guidance due to strong travel demand. The company expects revenue to fall between 7% and 4% from a year ago in the fourth quarter. Prior guidance called for a decline between 6.5% and 10.5%. JetBlue also forecasts a smaller-than-expected loss in the fourth quarter between 25 cents and 35 cents. ChargePoint — ChargePoint shares popped more than 11%. On Wednesday, the electric vehicle charging stock reported $110 million in revenue, which fell short of the $122 million expected by analysts polled by LSEG. C3.ai — The artificial intelligence software stock dropped more than 10% after C3.ai issued mixed quarterly results and shared light guidance. On Wednesday, C3.ai posted smaller-than-expected adjusted loss of 13 cents per share. For its fiscal third quarter, the company expects revenue to range between $74 million and $78 million. Take-Two Interactive — Shares slipped nearly 2% after Bank of America downgraded the video game publisher to neutral from a buy rating, noting the company’s track record of delaying launches. Duckhorn Portfolio — The wine stock shed more than 9% a day after Duckhorn issued quarterly results that fell short of Wall Street’s expectations. Bank of America downgraded the company to a neutral rating, citing “little reason to be bullish” in the near to medium term. — CNBC’s Sarah Min, Alex Harring, Hakyung Kim and Michelle Fox contributed reporting
Read the full article here
