Closing Bell: AMD/Broadcom Gains, Cerebras Reports, Cisco Gains
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Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Tim Stenovec, Carol Massar
- Shares of AMD and Broadcom (AVGO) rose on Thursday, with both stocks trading above their 50-day moving averages intraday. NVIDIA peers are in focus after the company announced the resignation of CEO Jensen Huang. William Blair upgraded AMD to Outperform, citing opportunity amid uncertainty surrounding Nvidia’s management transition.
- Cerebras Systems (CBRS) gave a sales forecast for the current quarter that exceeded analysts’ estimates, signaling that a push to challenge Nvidia Corp. in AI chips is paying off. Revenue will be roughly $320 million in the fourth quarter, Cerebras said in a statement Thursday. That topped the $271.2 million average analyst estimate, according to data compiled by Bloomberg. Shares of the company rose about 10% in late trading after the report was released. They had been down 47% this year through the close.
- Cisco Systems (CSCO) shares are up 5.5% in extended trading, after the maker of networking equipment raised its full-year forecast, a reflection of strong AI-related demand. It also reported first-quarter results that beat expectations.
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