24H|Alphabet Gains 6%; AMD Sinks 8%; Snap Jumps 11%; Reddit Surges 24%; DJT Rises 3%

Tiger Newspress
30 Oct 2024

Google parent Alphabet's stock surged 5.7% in overnight trading as the company reported fiscal third quarter earnings that beat analysts' estimates on the top and bottom lines, helped by strong growth in its cloud business.

AMD on Tuesday forecast fourth-quarter revenue just shy of estimates and raised its artificial intelligence chip sales forecast to $5 billion for 2025 - not enough to impress investors. AMD stock slid 7.7% in overnight trading.

Reddit on Tuesday reported its first quarterly profit and forecast fourth-quarter revenue above estimates, helped by its AI content licensing deals and strong digital advertising spending, sending its shares up 24.1% in overnight trading.

Snap beat Wall Street expectations for both quarterly revenue and user growth on Tuesday, as the parent company of messaging app Snapchat has been able to lure back some advertisers with better-performing ad features. It also announced a share repurchase program of up to $500 million. Shares of Snap jumped 10.7% in overnight trading.

Visa beat Wall Street expectations for fourth-quarter profit on Tuesday, as consumers set aside worries of a slowing economy and swiped their cards to splurge on travel and dining out, sending its shares up 2.3% in overnight trading.

Caesars Entertainment posted a surprise third-quarter loss on Tuesday, missing market expectations, as sales were hurt by new competition and construction-related disruptions in regional markets, sending its shares down 5.3% in overnight trading.

Chipotle Mexican Grill on Tuesday missed market expectations for third-quarter same-store sales growth as higher menu prices hurt demand, while steeper costs of ingredients such as avocados and dairy weighed on margins. Shares of the company were down 5.4% in overnight trading after Chipotle also maintained its growth target for annual comparable restaurant sales in the mid to high single-digit range.

First Solar shares fell 6.9% in overnight trading after the solar technology company fell short of third-quarter earnings expectations and lowered its full-year guidance.

Trump Media & Technology shares gained 3.2% in overnight trading. The shares closed up 8.8% on Tuesday after rollercoaster trading session with heavy volume, several halts. While other Trump-linked Phunware rose 2.3% after sinking 17.8%.

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