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Shares of Advanced Micro Devices (NYSE:AMD) closed 14 percent lower on Friday. The company slashed its third-quarter revenue estimates and is on credit watch from Standard & Poor’s. Sales in the most recent period are expected to fall around 10 percent sequentially. AMD explains in a press release, “The lower than anticipated preliminary revenue results are primarily due to weaker than expected demand across all product lines caused by the challenging macroeconomic environment.” Intel (NASDAQ:INTC) shares also closed lower on the news.
Apple (NASDAQ:AAPL) shares closed slightly higher, but are losing some ground in late afternoon trading. Speculation continues to build that a smaller iPad will be unveiled later this month. This time, AllThings D reports that the tech giant will make the announcement at an invitation-only event on October 23, citing sources close to the company.
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JPMorgan Chase (NYSE:JPM) shares fell more than 1 percent on Friday and continues to edge lower in late trading. The nation’s largest bank by assets reported that second quarter net income rose 34 percent to $5.71 billion ($1.40 per share), compared to $4.26 billion ($1.02 per share) a year earlier. However, revenues from trading dropped and the net interest margin declined to a record low.
Despite closing off the lows for the day, Wells Fargo (NYSE:WFC) shares finished 2.6 percent in the red, and continues to edge lower in afternoon hours. The mortgage lending giant announced quarterly results that failed to impress. Net income increased 20.8 percent to $4.9 billion (88 cents per share), compared to $4.05 billion (72 cents per share) a year earlier. Revenue on the other hand, declined 0.3 percent to $21.2 billion, missing estimates.
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