Stocks Making the Greatest Movements Premarket 01/27

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Last Updated on January 28, 2023 by Bitfinsider

Intel — The chipmaker’s stock fell 9% in early morning trade after its latest financial reports fell short of analysts’ expectations and revealed severe decreases in revenue, earnings, and gross margin. In addition, the corporation predicted a loss for the current quarter.

Advanced Micro Devices — Following Intel’s report, chip stocks such as Advanced Micro Devices slumped as a group. Shares of Advanced Micro Devices sank about 2.4%, while Nvidia and Micro each lost around 1.5%.

Chevron — Chevron’s stock dropped more than 1% after the company released its latest financial results. According to Refinitiv consensus estimates, the oil company underperformed profit projections but above sales forecasts. On Thursday, the stock rose after Chevron announced a dividend increase and share repurchase program.

American Express — Despite weaker-than-expected fourth-quarter results, shares of the credit card firm climbed 5%. American Express earned $2.07 per share on $14.18 billion in sales. Refinitiv polled analysts expected $2.22 per share on $14.22 billion in sales. However, American Express’ profits and sales forecast for 2023 were higher than expected. AMEX also announced a 15% increase in its dividend.

Ralph Lauren — The stock dropped more than 3% after BMO Capital Markets rated it to underperform. According to the investing firm, Ralph Lauren’s recent surge has gone too far.

Chewy — Chewy shares climbed more than 4% after Wedbush upgraded the company from neutral to outperform.

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