We may earn commissions if you use the recommended services on this site.  

Market Movers: Advanced Micro Devices, Alphabet, Sprinklr, Chewy, and Other Stocks to Watch Midday

Latest Business News

Midday Market Movers: Advanced Micro Devices, Alphabet, Sprinklr, Chewy, and More

Advanced Micro Devices (AMD)

AMD's stock surged by 7% following the company's announcement of new artificial intelligence chips aimed at challenging Nvidia's dominance. Nvidia's shares also saw a modest increase of about 1%. Meta Platforms and Microsoft have expressed interest in purchasing AMD's chips as an alternative.

Alphabet (Google)

Alphabet's stock rallied over 5% after unveiling its latest and most powerful AI model, known as Gemini. This cutting-edge product will be utilized to enhance Google's offerings, including its Bard chatbot.


Shares of Sprinklr plummeted approximately 30% following the company's quarterly earnings announcement. Despite exceeding expectations for the 2024 fiscal third quarter, management projected a deceleration in sales growth for the 2025 fiscal year. As a result, BTIG downgraded Sprinklr shares from buy to neutral.


AbbVie's shares gained 1% after the pharmaceutical company revealed its plan to acquire neuroscience drugmaker Cerevel Therapeutics for $8.7 billion, or $45 per share. The acquisition is expected to be completed in the middle of next year, leading to a more than 12% increase in Cerevel's stock.


Chewy, the pet products e-commerce company, experienced a more than 3% decline in its stock following disappointing quarterly results and guidance. Revenue fell slightly short of expectations, and Chewy reported a wider-than-expected loss of 2 cents per share. Additionally, the company's net sales guidance for the fourth quarter fell short of the anticipated $2.93 billion.

Other Notable Market Movements

- GameStop shares rose nearly 2% after the video game retailer reported third-quarter results, including a 1-cent loss per share on revenue of $1.08 billion. - JetBlue's shares surged over 13% as the airline increased its guidance due to strong travel demand. The company now expects a smaller-than-expected loss in the fourth quarter, along with a revenue decline between 7% and 4% compared to the previous year. - ChargePoint shares jumped more than 11% despite reporting $110 million in revenue, falling short of analysts' expectations of $122 million. - C3.ai, an artificial intelligence software company, saw its stock drop over 10% following mixed quarterly results and conservative guidance. The company posted a smaller-than-expected adjusted loss of 13 cents per share and expects revenue between $74 million and $78 million for its fiscal third quarter. - Take-Two Interactive shares slipped nearly 2% after Bank of America downgraded the video game publisher to a neutral rating, citing concerns over the company's track record of delaying launches. - Duckhorn Portfolio, a wine stock, declined over 9% after issuing quarterly results that fell short of Wall Street's expectations. Bank of America downgraded the company to a neutral rating, expressing a lack of bullish sentiment in the near to medium term.

Midday Market Movements: Implications for New Businesses

The recent market movements of companies like Advanced Micro Devices (AMD), Alphabet, and Sprinklr provide valuable insights for new business formations.

AMD's Challenge to Nvidia

AMD's unveiling of new artificial intelligence chips, aimed at challenging Nvidia's dominance, has stirred up the market. This development underscores the importance of innovation and competition in the tech sector. For startups, AMD's bold move serves as a reminder that even established market leaders can be challenged with the right technology.

Alphabet's AI Advancements

Alphabet's stock rally following the unveiling of its powerful AI model, Gemini, highlights the growing importance of AI in business operations. This development could inspire new businesses to incorporate AI into their strategies, potentially leading to increased efficiency and competitive advantage.

Sprinklr's Sales Growth Deceleration

Sprinklr's projected deceleration in sales growth, despite exceeding quarterly expectations, resulted in a significant drop in its stock value. This situation emphasizes the importance of sustainable growth strategies for new businesses. It also highlights the impact of investor expectations on stock performance.

Chewy's Disappointing Results

Chewy's stock decline following disappointing quarterly results and guidance serves as a cautionary tale for new e-commerce businesses. It underscores the importance of meeting revenue expectations and maintaining profitability.

Lessons from Other Market Movements

Other notable market movements also offer lessons for new businesses. For instance, JetBlue's stock surge following increased guidance due to strong travel demand emphasizes the importance of market conditions in business performance. Meanwhile, Take-Two Interactive's stock slip after a downgrade due to a track record of delaying launches underscores the significance of timely product delivery in maintaining investor confidence. In essence, these market movements provide valuable lessons for new businesses, emphasizing the importance of innovation, meeting investor expectations, and adapting to market conditions.
Story First Published at: https://www.cnbc.com/2023/12/07/stocks-making-the-biggest-moves-midday-amd-googl-cxm-chwy-and-more.html
Brought to you by BusinessFormation.io
Know Your State's Registered Agent Requirements: What is a Registered Agent
Learn How To Create An LLC: What Is An LLC and How To Start an LLC Online

LLC Filing & Registered Agent Services

Compare Online LLC Filing Services Today

We work with the market leaders in business formation and registered agent services.

Getting started is simple and inexpensive. Form your business today & secure your brand name before someone beats you to it! Click below to view the Top 3 Best LLC and registered agent service providers.
View Top 3 Providers Now

Filing An LLC Can Be Complicated

Streamline Your LLC Filing Online for $39

Northwest Registered Agent is the best-rated service for first time filers.

Get professional LLC formation & registered agent services for only $39 + state filing fee. This offers includes your full LLC setup, plus a private business address, lifetime support, and more.

Trusted by Millions. Save 82% Today.