AMD, IBM, Texas Instruments: Tech Stock Midday Movers

Tech stocks were mixed as the market digested this week's earnings.
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Stocks were up across all major indexes on July 22 after Pfizer  (PFE) - Get Report reached a coronavirus vaccine agreement with the U.S. government, although gains were capped by rising U.S.-China trade tensions. Here are some of the top tech stock movers on Wednesday, July 22:

AMD

Shares of AMD  (AMD) - Get Report surged 7.46% to $61.25 following the unveiling of the first Ryzen desktop accelerated processing units to rely on the chipmaker's Zen 2 CPU core microarchitecture. Called the Ryzen 4000 series, the units are slated to arrive in Q3 2020 and are expected to compete with Intel's  (INTC) - Get Report office PC processors. AMD is slated to report its second quarter earnings on July 28. Analysts are expecting sales of $1.85 billion and EPS of 16 cents. 

IBM

Shares of IBM  (IBM) - Get Report rose 2.2% to $128.85 on Wednesday, its second straight day of gains after its second quarter earnings release. IBM's overall earnings and revenue topped expectations, and the company saw revenue from its cloud division jump 30% year over year to $6.3 billion.

Texas Instruments 

Texas Instruments  (TXN) - Get Report stock was falling 2.38% to $132.26. The semiconductor firm issued better-than-expected guidance for the current quarter, but urged caution in interpreting its outlook. Company management told investors that they can't say for certain whether strength in orders was due to a sustainable rise in demand or a defensive measure against potential supply chain disruptions. Its stock has underperformed the market this year, gaining 2% versus 17% in the overall Nasdaq index. 

Western Union

Shares of the cross-border payments firm Western Union  (WU) - Get Report were up 5.33% to $23.01 on Wednesday. Yesterday, the company announced a partnership with TrueMoney, a financial services provider in the Philippines, to allow customers in the country to receive money from elsewhere through Western Union. Western Union shares have fallen 12% year to date. 

Citrix Systems

Shares of Citrix  (CTXS) - Get Report Systems were up 2.55% to $170.04 ahead of its second quarter earnings release on June 23. On average, analysts are expecting Citrix to report earnings per share of $1.23 on revenues of $769 million for the quarter ending June.