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Intel tumbles in premarket; Hasbro, Chevron also down
Published Jan 28, 2023 01:24
© Reuters.
By Geoffrey Smith
Investing.com -- Stocks in focus in premarket trade on Friday, 27th January. Please refresh for updates.
- Intel (NASDAQ:INTC) stock slumped 9.8% after the chipmaker reported a wider-than-expected loss in the fourth quarter as demand from the electronics sector weakened sharply. PC shipments, a core segment for Intel, are expected to be weak again this year and Intel expects another drop in sales and a further loss in the current quarter.
- Advanced Micro Devices (NASDAQ:AMD) stock – another chipmaker exposed heavily to the PC sector – fell 2.3% in sympathy with Intel, while Nvidia (NASDAQ:NVDA) stock fell 1.4%.
- Chevron (NYSE:CVX) stock fell 1.3% after the oil and gas giant missed elevated expectations for its fourth quarter profit by around 7%, slightly taking the gloss off its mammoth $75 billion buyback announcement on Wednesday.
- Luxury stocks Hermes International (OTC:HESAY) and Christian Dior (OTC:CHDRY) rose to new all-time highs after a decent outlook from sector leader LVMH late on Thursday. LVMH (OTC:LVMUY) said revenue growth slowed in the fourth quarter but was still up 9% from a year earlier. Profit missed expectations slightly, pushing LVMH (EPA:LVMH) stock down 0.8% in Paris.
- American Express (NYSE:AXP) stock rose 6.6% after the credit card company profited from a rebound in corporate spending on travel and entertainment in the fourth quarter.
- Hasbro (NASDAQ:HAS) stock fell 6.2% after the company said it expects to cut around 1,000 jobs in response to weaker demand for its toys and games.
- Visa (NYSE:V) stock rose 1.4%, after a modest beat on expectations for both top and bottom line in the fourth quarter.
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