On this episode of Stock Movers:
- AMD (AMD) shares fall in premarket trading after the chipmaker failed to impress investors with its revenue forecast after an eye-popping rally sent expectations soaring. Fourth-quarter revenue will be roughly $9.6 billion, the company said in a statement Tuesday. Though analysts had estimated $9.2 billion on average, some projections ranged as high as $9.9 billion. Investors have bet heavily on AMD following blockbuster agreements with OpenAI and Oracle, which plan to use the company’s chips in their build-out of artificial intelligence computing. The hope is that AMD can finally crack Nvidia’s dominance in the AI processor market.
- Shares of Pinterest (PINS) are down in premarket trading, after the search platform gave a weaker-than-expected revenue outlook. The San Francisco-based company expects revenue to be $1.31 billion to $1.34 billion for the fourth quarter, according to a statement published Tuesday. The midpoint of that range is below the average analyst estimate of $1.34 billion, according to data compiled by Bloomberg. Pinterest, which people use to find ideas for recipes, fashion and home decor, posted third-quarter sales of $1.05 billion, which was in-line with expectations. User growth in the US and Canada, the company’s most lucrative market, was up just 1 million users over the prior quarter.
- Shares of McDonald’s Corp. (MCD) edged higher ahead of the US open, after the fast food giant reported faster-than-expected US sales growth last quarter as diners prioritized cheap fast food and pulled back from more premium meals at fast-casual chains. US comparable-store sales, which reflect the results of established locations, increased 2.4% in the third quarter, with the company attributing the rise mostly to higher per-visit spending. Overall comparable sales, which adds in international markets, were in line with expectations, while adjusted earnings per share fell short of the average of estimates compiled by Bloomberg.