Advanced Micro Devices ( AMD) said it sees a sequential decrease in revenue of 11% for the second quarter, down from a prior forecast for growth of 3%. The chipmaker cited slow growth in China and Europe as well as weak consumer demand for PCs for the weak outlook. Shares of Advanced Micro Devices fell 10.14% in premarket trading Tuesday to $5.05.
Alcoa ( AA), the aluminum giant, topped Wall Street's second-quarter earnings forecasts by a penny. Revenue totaled $5.96 billion but that was down from a year earlier and Alcoa's operating profit was just $61 million for the three-month period. Shares of Alcoa ticked up 7 cents, or 0.8%, in premarket trading Tuesday to $8.83. 3 Auto Stocks to Buy Instead of Ford, GM
Intel ( INTC) announced Monday a series of deals totaling $4.1 billion with semiconductor manufacturing specialist ASML Holding ( ASML) as the chipmaker looks to boost silicon manufacturing. Intel will invest about $1 billion in ASML's research and development over five years, and will eventually take a $3.1 billion, 15% stake in Netherlands-based ASML.
Google ( GOOG) is close to paying $22.5 million to settle charges related to its bypassing of the privacy settings of customers using Apple's Safari browser, The Wall Street Journal reported, citing officials briefed on the settlement terms. Google shares gained $1.24, or 0.21%, in premarket trading Tuesday to $587.25.
Patriot Coal ( PCX) filed for Chapter 11 bankruptcy protection after Monday's closing bell. The St. Louis-based coal company said it has secured $802 million in debtor-in-possession financing to continue operations as it reorganizes and attributed its descent into bankruptcy to the "cancellation of customer contracts, lower thermal coal prices and rising expenditures for environmental and other liabilities" which have "severely constrained" its liquidity and financial flexibility.
Sikorsky, a division of United Technologies ( UTX), announced Monday that it entered an agreement for $8.5 billion and five years to make 653 H-60 Black Hawk and Seahawk helicopters for the U.S. Navy and Army. Kass: The Broken Brokers
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