Technology Sector Lifts Markets Higher: Today’s Research Reports on Apple and Advanced Micro Devices

NEW YORK, NY / ACCESSWIRE / February 2, 2017 / The technology sector was the largest gainer in the markets Wednesday after Apple Inc. and Advanced Micro Devices, Inc. reported better-than-expected quarterly earnings. On Wednesday, the tech-focused NASDAQ Composite Index gained 0.50 percent to close at 5,642.65, up 4.82 percent year-to-date, while the S&P 500 Technology sector rose 0.75 percent, compared to a gain of just 0.03 percent for the S&P 500 Index.

The stock market also received a boost from some positive economic data. On Wednesday, ADP reported businesses added 246,000 jobs in January. Economists’ estimates had called for an addition of 168,000 new jobs, according to a survey conducted by Bloomberg.

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Closer Look at Today’s Trending Tickers

Apple’s shares spiked 6.10 percent to close at $128.75 a share Wednesday. The stock traded between $127.01 and $130.49 on volume of 111.99 million shares traded. Strong sales of the company’s flagship iPhone helped break a streak of three consecutive quarters of declining revenues. Apple reported revenues were a record $78.4 billion for the first quarter of fiscal 2017, an increase of 3 percent when compared to revenues of $75.9 billion in the same quarter a year ago. Apple’s profit was $17.9 billion, or $3.36 a share, for the fiscal first quarter. Analysts’ expectations had called for earnings of $3.22 a share and revenues of $77.4 billion, according to Thomson Reuters. The company expects revenue for the current quarter in the range of $51.5 billion to $53.5 billion.

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Advanced Micro Devices’ shares surged 16.30 percent to close at $12.06 a share Wednesday. The stock traded between $10.81 and $12.14 on volume of 165.94 million shares traded. The company reported revenues were $1.11 billion for the fourth quarter of 2016, up from revenues of $958 million in the fourth quarter of 2015 and topping Thomson Reuters’ estimates of $1.07 billion. AMD’s non-GAAP net loss was $8 million, or a loss of $0.01 per share, for the fourth quarter of 2016, compared to predictions of a loss of $0.02 per share. The company expects revenue for the current quarter to decrease 11 percent plus or minus 3 percent sequentially, resulting in a range of $951 million to $1018 million.

“We met our strategic objectives in 2016, successfully executing our product roadmaps, regaining share in key markets, strengthening our financial foundation, and delivering annual revenue growth,” said Lisa Su, AMD’s President and CEO, in a press release. “As we enter 2017, we are well positioned and on-track to deliver our strongest set of high-performance computing and graphics products in more than a decade.”

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Research Report Click Here

Today’s Research Coverage Includes:

Advanced Micro Devices, Inc. (NASDAQ: AMD)

Apple Inc. (NASDAQ: AAPL)

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