In mid-week trade, Advanced Micro Devices (AMD) led the rally in the technology sector. AMD stock gained 11.34% to close at $235.50, a new 52-week high. Markets ignored the valuation concerns as the P/E topped 135.6 times.
Dell Technologies (DELL) closed up by 9.05%, a new 52-week high. The firm increased its growth outlook.
Dell is forecasting revenue to grow in the mid-to-high single-digit percentage over the next few years. It previously forecasted a low single-digit percentage growth.
Arista Networks (ANET) gained 8.3% on Oct. 8 to close at a fresh yearly high. Valuations are stretched, but that did not concern investors.
Stocks that might rebound today include Fair Isaac (FICO). After losing nearly 10%, the rally from $1,500 to over $1,850 appears over. On Oct. 7, Equifax (EFX) announced a new licensing model. Tri-merge resellers may get and distribute FICO scores without depending on three credit bureaus. This competition will hurt Fair Isaac’s profitability.
The buyout momentum and premium on Warner Bros. Discovery (WBD) are coming to an end. WBD stock peaked at nearly $20 and closed at $17.89.
Corteva (CTVA) might re-test its recent lows in the low $63 range. Its plans to split into two firms may not unlock long-term value. The firm is separating its crop production from its seed business.
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