US stocks soar higher; AMD Shares Tank Despite Upbeat Results -…

US stocks soar higher; AMD Shares Tank Despite Upbeat Results -…

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US stocks were trading this morning ahead of the US Federal Reserve’s decision to hike interest rates.

After Wednesday’s market open, the Dow was up 0.05% to 33,700.93, while the NASDAQ was up 0.17% to 12,100.98. The S&P 500 was also up 0.17% to 4126.77.

Look at that: Microsoft, Snap, and 2 other stocks insiders are selling

Leading and lagging sectors

Industrial stocks rose 0.48% on Wednesday. Meanwhile top winner in the sector included Powell Industries, Inc. POWL by 22.63% and Commercial Vehicle Group, Inc. CVGI increased by 16.85%.

Energy stocks fell 1.25% in Wednesday’s trading.

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Advanced Micro Devices, Inc. AMD reported better than expected first quarter results.

Advanced Micro Devices reported earnings of 60 cents per share for the first quarter, ahead of Wall Street’s expectation of 56 cents per share but down from the prior-year figure of $1.13 per share. However, first-quarter shipments shrank 30% and the company’s guidance missed expectations.

Stock trading UP

  • ImmunoGen, Inc. IMGN Shares rose 122.68% to $11.58 after the company announced that ELAHERE demonstrated an overall survival benefit in the phase 33 MIRASOL study in patients with FRα-positive platinum-resistant ovarian cancer.
  • shares of Mersana Therapeutics, Inc. MRSN received a boost, rising 41.78% to $6.21. The company announced that it will present at the Bank of America Securities 2023 Healthcare Conference on May 10.
  • Ruth’s Hospitality Group, Inc. RUTH Shares also rose, after which they gained 33.37% to reach $21.38 Darden Restaurants, Inc. DRI announced the acquisition of steakhouse chain Ruth’s Hospitality for $715 million.

Stocks are trading down

  • Estee Lauder Companies, Inc. el Shares fell 21.3% to $192.99 after the company reported worse-than-expected adjusted earnings per share for the third quarter, with fiscal 23 earnings per share guidance below estimates since sales were expected to fall 10-12% in FY23.
  • shares of Nerd Wallet, Inc. NRDS declined 19.43% to $10.0715 after the company reported that…



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