Stocks indexes fell on Friday, July 24 amid escalating U.S.-China tensions. Here are some of the top tech movers in the S&P 500 as of mid-day:
Intel (INTC) - Get Report shares nosedived 14.87% to $51.42 following its second quarter earnings release. The chip giant beat expectations for revenue and earnings for the quarter, reporting EPS of $1.23 on revenue of $19.7 billion, but issued weak earnings guidance for the current quarter. Intel also said that the release of its upcoming 7nm-based CPU technology will be delayed by six months. Chips made with the technology were expected to launch in 2021, but Intel CEO Bob Swan said the delay was due to a flaw that resulted in "yield degradation" in its manufacturing process.
Meanwhile, shares of Intel competitor AMD (AMD) - Get Report soared to an all-time high on Friday, rising 14.1% to $67.95. AMD is already selling chips built on 7nm architecture for PC and gaming units, and earlier this week unveiled the first Ryzen desktop accelerated processing units to rely on its Zen 2 CPU core microarchitecture. Those are slated for release during the third quarter. AMD is set to report its second quarter earnings on Tuesday, July 28.
Intel's disappointing release triggered weakness in some other chip names, including Western Digital. Shares of Western Digital (WDC) - Get Report, a leader in hard disk and flash drives, were trading 5.73% lower on Friday at $43.52. Western Digital is expected to report its latest earnings on August 5, with consensus estimates calling for $4.3 billion in revenue and EPS of $1.22.
Shares of Micron also fell 4.5% to $50.26 on Friday. Micron (MU) - Get Report has underperformed the market this year, falling 9% in 2020, but analysts are largely bullish on the stock. Of 24 analysts listed in FactSet, 24 currently have a Buy rating on shares. Earlier this week, Needham analyst Rajvindra Gill wrote that 5G deployments will lift Micron shares and deliver “strong unit growth" in 2021.
Shares of game maker Take-Two Interactive (TTWO) - Get Report rose 2.74% to $155.63 on Friday. Earlier this week, Stifel raised its price target for Take-Two Interactive to $170 from $150, writing that the continuing popularity of Grand Theft Auto will boost upcoming results. Goldman Sachs also cited Take-Two Interactive as a top pick in gaming this week.