Advanced Micro Devices, Inc. (NASDAQ:AMD) is down nearly -12% in pre-market trading to $2.18 after the semiconductor company lowered its second quarter outlook, which will be formally announced on July 16 after market close. The company had previously forecasted that its second quarter revenue would be down -3% from the prior quarter, but this estimate just dropped to an -8% sequential decrease. AMD attributes the revised outlook to weaker than expected consumer PC demand, which adversely impacted AMD’s Original Equipment Manufacturer, or OEM, sales. Furthermore the company decreased non-GAAP gross margin estimates from 32% to 28%. According to the 14 analyst polled by TipRanks in the last 3 months, 4 are bullish on AMD, 8 are neutral, and 2 are bearish. The 12-month average price target for the stock is $2.91, marking nearly an 18% upside from where the stock is currently trading.
Shake Shack Inc (NYSE:SHAK) fell more than -3% in pre-market trading to $57.05 after John Glass of Morgan Stanley downgraded the stock from Equal Weight to Underweight. According to TipRanks, the analyst has a 67% success rate recommending stocks with a +14.1% average return per rating measured over a one-year horizon and no benchmark. Shake Shack was wildly popular after it released its IPO in January. Shares of the fast-casual burger chain more than doubled in its first day of trading. However, there have not been any bullish recommendations on the stock in the past three months.
Seadrill Ltd (NYSE:SDRL) shares fell -2.7% in pre-market trading to $9.36 as oil prices fell yet again. Crude oil fell to $52.29 a barrel, a new three-month low. Volatile oil prices are correlated to geopolitical events, such as worries about the plunging Chinese stock market, continued negotiations surrounding Iran’s nuclear program, and Greece’s successful “no” campaign that defeated the referendum. Combined, these factors have increased uncertainty in the oil markets. According to analysts polled by TipRanks in the past 3 months, 2 analysts are neutral on SDRL and 2 are bearish.
Cliffs Natural Resources Inc (NYSE:CLF) shares plummeted nearly -25% in pre-market trading to $2.67 after commodity prices dropped due to worries in Greece and China. Greece voted “no” in the referendum to revise bailout terms before the Finance Minister resigned. China has enacted emergency protection measures in order to mitigate the impact of its stock market crash. According to analysts polled by TipRanks in the past 3 months, 1 is neutral on the stock while 2 are bearish.