The Dow futures are down 33 points after already a streak of three straight losing days. Oil, which slid below $70 per barrel yesterday, is up 1.23% to $70.23.
Former meme sensation GameStop (GME) reported a break-even Q3 $0.00 EPS result. Revenue fell by 9.2% Y/Y to $1.08 billion. GME stock is -7.88% to $13.67. Unlike what most firms do, the company did not host a conference call. Importantly, the Board will now permit CEO Ryan Cohen and the management team to invest in equity securities and other investments.
Recall that AMC Entertainment (AMC) bought a gold miner back when its stock price traded in the $50 - $300 range. AMC closed at $6.79.
Rivian (RIVN) gained 5.57% yesterday and is up 3.59% in pre-market trade. Electric vehicle investors are betting that Rivian’s truck EV will face minimal competition from Tesla’s (TSLA) Cybertruck.
Pet food supplier Chewy (CHWY) lost 12%, trading at $17.02 in pre-market. The company posted revenue growth in the single-digit percentage and another loss.
AMD (AMD) is rebounding from yesterday’s 1.32% drop. AMD stock is up 2.78% as markets react positively to its announcement of an Nvidia AI competitive product. AMD’s AI accelerator the MI300 will face Nvidia in the data center. At the launch event, CEO Dr. Lisa Su said that the MI300 has a three-fold higher performance under certain AI data types. The hardware has seven times the intake performance.
AMD said in October that the MI300 would add over $2 billion in sales in 2024. It now sees a total addressable market of $400 billion by 2027. This is almost triple the $150 billion viewed in August.
