Midday movers: AMD, Alphabet, and more

December 7, 2023 9:11 AM EST
(Updated - December 7, 2023 12:13 PM EST) - Main U.S. indexes were higher on Thursday as enthusiasm surrounding artificial intelligence returned after Google’s parent released an advanced AI model called Gemini. Nasdaq led the S&P 500 and Dow ahead of the all-important nonfarm payrolls report later in the week.

Here are some of the biggest U.S. stock movers today:

GameStop (NYSE: GME) climbed 2% after the video game retailer reported mixed third-quarter results.

Shares in (NYSE: AI) slumped by around 11.3% after the AI application software group guided for a full-year adjusted operating loss of $115 million to $135 million, deeper than its prior forecast of $70 million-$100 million.

Chewy (NYSE: CHWY) shares declined 2.5%. The online pet-care retailer trimmed its annual sales outlook due to inflationary pressures that have dented customer demand.

Advanced Micro Devices (NASDAQ: AMD) stock rose 7% following the chipmaker's introduction of new accelerator chips targeted at competing in the lucrative artificial intelligence (AI) market, where Nvidia (NASDAQ: NVDA) currently dominates.

Dollar General (NYSE: DG) stock declined 0.7% following the release of third-quarter earnings that exceeded average analyst estimates. The retailer noted 'significant' inventory headwind.

Sprinklr (NYSE: CXM) shares fell by almost 32% after analysts said that the software start-up's early 2025 outlook points to a "major deceleration."

Google’s parent Alphabet (NASDAQ: GOOGL) advanced 6% following the release of Gemini, its largest and most capable AI model to date.

Cerevel Therapeutics (NASDAQ: CERE) stock climbed 13% after it agreed to be acquired by AbbVie Inc. (NYSE: ABBV) for $45 per share in cash, or $8.7 billion.

Rivian (NASDAQ: RIVN) climbed 2% after Stifel initiated coverage of the company with a Buy rating and a 12-month price target of $23.

Jetblue (Nasdaq: JBLU) climbed 13% after it raised its EPS guidance for the fourth quarter due to strong operational performance during the month of November.

By Louis Juricic and Peter Nurse

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