Morning Movers: AMD Hires JPMorgan, Cisco Surges 7.3%
Shares of Advanced Micro Devices (NYSE:AMD) closed 0.48 percent lower on Wednesday pre-market trading. The company announced that it hired JPMorgan Chase (NYSE:JPM) to “explore options,” which may include a potential sale. Reuters reported that sources with knowledge of the company said that an “outright sale of the company is not a priority,” but the sale of its extensive patent portfolio could be an option.
Cisco Systems (NASDAQ:CSCO) shares jumped 7.3 percent in pre-market trading. The company said net income for its fiscal first quarter rose 17.7 percent to $2.09 billion (39 cents per share), compared to $1.78 billion (33 cents per share) a year earlier. “We delivered record results this quarter — with revenue growth of six percent and strong earnings per share growth — demonstrating our vision and strategy are working,” said John Chambers, chairman and chief executive officer.
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Apple (NASDAQ:AAPL) shares edged slightly higher on 0.32. According to a new research, Apple’s retail outlets generate more cash per square foot than any other top store in the U.S. The iPhone maker first topped the list from Retail Sails, which ranks chain stores by retail space productivity, last year and has managed to hold on to its number one spot. In fact, it now generates sales twice as efficiently as second-placed jeweler Tiffany’s (NYSE:TIF).
Shares of Facebook (NASDAQ:FB) closed 0.70 percent lower. Investors are bracing for additional employee lockups on shares that expire Wednesday. Many are concerned that an additional 800 million shares floating around will hurt the already wounded stock price.
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