Intel said on April 5, 2022 that it had suspended all business operations in Russia.
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Check out the companies making headlines before the bell:
Intel — The chipmaker suffered a 9% loss in its shares early in the morning after its latest financial results missed analysts’ estimates and showed steep declines in the company’s sales, earnings and gross margin. The company also forecast a loss for the current quarter.
Advanced micro-systems – Chip stocks such as Advanced Micro Devices fell as a group following Intel’s results. Shares of Advanced Micro Devices fell nearly 2.4%, while shares of Nvidia and Micro fell about 1.5% each.
Chevron – Shares fell more than 1% after Chevron released its latest results. The oil producer missed earnings expectations but beat revenue forecasts, according to consensus estimates from Refinitiv. Shares had gained on Thursday after Chevron increased its dividend and announced a buyback plan.
American Express — Shares of the credit card company rose 5% despite weaker-than-expected fourth-quarter results. American Express reported $2.07 in earnings per share on $14.18 billion in revenue. Analysts polled by Refinitiv were looking for $2.22 a share on $14.22 billion in revenue. However, American Express’ forecast for 2023 was better than expected for profit and revenue. Additionally, AMEX announced that it would increase its dividend by 15%.
Ralph Lauren – Shares fell more than 3% after BMO Capital Markets downgraded the stock for underperforming. The investment firm said Ralph Lauren’s recent rally had gone too far.
Soft – Shares of Chewy rose more than 4% after Wedbush upgraded the stock to outperform from neutral.
Silvergate Capital – The bank to crypto firms fell about 8% after the company suspended payments on its Series A preferred stock dividend, in a bid to preserve capital as it navigates recent market volatility of cryptography. The stock has been falling since November, after crypto exchange FTX, for which Silvergate held deposits, collapsed in a scandal.
Visa — The payment network operator reported strong financial results for its latest quarter, including adjusted earnings per share of $2.18 and revenue of $7.94 billion. Analysts had expected $2.01 per share in adjusted earnings and $7.70 billion in revenue, according to Refinitiv. Shares of Visa rose about 1% in premarket trading.
Hasbro – Shares of the toymaker fell more than 5% after the company announced it would cut about 1,000 employee positions and warned of weak holiday quarter results. The layoff of around 15% of its global workforce comes as the company seeks to save between $250 million and $300 million a year by the end of 2025.
KLA – Chipmaker KLA Corporation fell about 4.6% after issuing a weaker-than-expected forecast for its fiscal third quarter. Otherwise, KLA reported a beat on earnings and revenue expectations.
– CNBC’s Tanaya Macheel, Yun Li and Jesse Pound contributed reporting