?? AMD Shares Drop Amid Tepid AI Revenue Forecast

The articles and information in this newsletter are a summary of yesterday’s trading and related news. They are presented for informational purposes only. Nothing in the newsletter should be taken as investment or trading advice.

S&P 5005, 832.92+9.40 (+0.16%)

Dow Jones 42,233.05-154.52 (-0.36%)

NASDAQ 18,712.75+145.56 (+0.78%)

Market close: October 29, 2024

Breaking News

AMD Shares Drop Amid Tepid AI Revenue Forecast. ?? AMD's stock plummeted 8% premarket as its AI revenue guidance and 2025 chip sales goal underwhelmed investors, sparking concern over limited supply despite surging demand. With a potential $20 billion loss in market value, AMD faces heightened scrutiny compared to AI chip giant Nvidia, which analysts view as less impacted by supply constraints. Reuters reports.

Image source: Wikimedia Commons

EdgeUp

?? XValued: Elon Musk's xAI in talks to raise funding valuing it at $40 billion. Yahoo Finance reports.

?? FordFall: Ford shares drop as supply snags and costs hurt profit forecast. Reuters reports.

?? E-Crisis: McDonald’s reverses U.S. same-store sales declines in the third quarter, but E. coli fallout looms. CNBC reports.

?? ChipGPT: OpenAI builds first chip with Broadcom and TSMC, scales back foundry ambition. Reuters reports.

?? PlanePrice: Boeing overcharged Air Force nearly 8,000% for soap dispensers, watchdog alleges. Yahoo Finance reports.

?? VaxValue: Pfizer tops earnings estimates, hikes full-year guidance as Covid products help sales. CNBC reports.

Top 5 Movers in Early Pre-Market

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time) Benzinga reports.

1. $STBX: Starbox Group Holdings

Total gain: 77.7%

2. $HAO:Haoxi Health Technology

Total gain: 52.66%

3. $STI: Solidion Technology

Total gain: 38.98%

4. $NRDS: Nerdwallet

Total gain: 32.06%

5. $PLRZ: Polyrizon

Total gain: 25.8%

Trading Strategies

Bob Iaccino is a chief market strategist and co-founder of Path Trading Partners.

He joins us live every Thursday from 9 AM ET for Pre-Market Momentum

Trading Intel: A Real-World Example

Let’s look at Intel as an example. Suppose Intel has a gap in its price action, where it has recently entered and begun to fill. Statistically, gaps are likely to fill around 70% of the time. If Intel were to pull back into a rotation zone near the gap level and hold, that would be a signal for me to go long, with a target set at the top of the gap. By aligning price action analysis with patterns like rotation zones and double bottoms, I can make more informed trading decisions. And by monitoring broader economic indicators, like the 10-year yield, I gain insights into market sentiment that can enhance the accuracy of my trades.

?? Read more

Refer a Friend & Earn Together

Did you know that it pays to invite your friends to TradeZero?

When they fund a new account with us, you'll both receive $100 USD. T&Cs apply.

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Yesterday’s Biggest Movers

The closing price of the top three market percent gainers trading near or above $3 on October 29.

(All pricing and percent gains are based on regular market trading hours from 9:30 am to 4:00 pm Eastern Time)

1. $MOVE: Movano

Total gain: +1,518.98%

The stock appeared to be moving on no notable news.

2. $OSOL: Osprey Solana Trust

Total gain: +51.82%

The stock appeared to be moving on no notable news.

3. $WGS: GeneDx Holdings

Total gain: +49.36%

The company announced its financial results for the third quarter of 2024, reporting a 77% growth in exome and genome revenues and achieving profitability. Advances in genomics are transforming the standard of care by establishing new industry benchmarks for clinical utility, economic efficiency, and reducing diagnostic timelines for thousands of families. Revenue from continuing operations reached $76.6 million, reflecting a 52% increase year-over-year and an 11% rise sequentially. Benzinga reports.

Today’s Notable Earnings

(Estimate and Actual numbers represent Earnings Per Share in US Dollars)

EBAY eBay

3Q 2024

After Market Close Estimate: 1.180

Actual: N/A

MKL Markel Group

3Q 2024

After Market Close Estimate: 21.060

Actual: N/A

TNK Teekay Tankers

3Q 2024

After Market Close Estimate: 2.120

Actual: N/A

Today’s Key Economic Dates

Time (ET) / Report / Period

8:15 am ADP employment - October

8:30 am GDP - Q3

10:00 am Pending home sales - September

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Parting Thoughts

“Investment is most intelligent when it is most businesslike.” ― Benjamin Graham

Sourced in: “The Intelligent Investor: A Book of Practical Counsel. Revised Edition”, by Benjamin Graham, published in 1973

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