(Bloomberg) -- Advanced Micro Devices Inc. gave a lackluster forecast for the current period, suggesting the chipmaker is benefiting less than rival Intel Corp. from the surge in spending on computing to support working from home.Second-quarter revenue will be about about $1.85 billion, Santa Clara, California-based AMD said Tuesday in a statement. That compares with the average analyst estimate of $1.88 billion, according to data compiled by Bloomberg. The company said it expects annual sales growth of about 25%, which also may fall short of analysts’ projections.AMD’s stock fell about 4% in extended trading. The shares, which traded at $2.87 at the end of 2015, closed at $55.51 Tuesday in New York. AMD was the best performer on the S&P 500 Index in 2019.AMD entered 2020 offering new products that it says outperform those from its larger rival, Intel, whose processors have dominated computing over the last decade. The chipmaker’s task...
(Bloomberg) -- President Donald Trump plans to order slaughterhouses to remain open, setting up a showdown between the giant companies that produce America’s meat and the unions and activists who want to protect workers in a pandemic.Using the Defense Production Act, Trump will order plants to stay open as part of the critical infrastructure needed to keep people fed amid growing supply disruptions from the coronavirus outbreak, a person familiar with the matter said. The government will provide additional protective gear for employees as well as guidance, according to the person.The move would come just days after Tyson Foods Inc., the biggest U.S. meat processor, ran paid ads in national newspapers stating that the food supply chain was “broken.”A handful of companies account for the majority of the nation’s meat, and as workers fell sick in March, plants initially continued to run. But pressure from local health officials and unions led...
On Tuesday, AMD reported first-quarter adjusted earnings of $0.18 that were in-line with estimates. Unlike many other companies, the chipmaker did not rescind annual guidance. For the second quarter of 2020, AMD expects revenue to be approximately $1.85 billion, and expects 2020 revenue to grow by approximately 25%....
(Bloomberg) -- Bank of America Corp. sent 184,000 applications for rescue loans to the Small Business Administration from Sunday to early Monday morning.The lender is waiting for the SBA to process and approve the loans, according to an internal memo sent Tuesday by Dean Athanasia, president of the consumer and small-business division. Bank of America has 48,000 more client applications ready to submit, and has been uploading those through the SBA’s slower process, he wrote.“Today, we will communicate to each client whose application has been submitted to the SBA, advising them the loan application has been submitted, and we will notify each client promptly when the SBA has acted on the application,” Athanasia wrote. “We expect that will take several days at the earliest based on what the SBA is telling us.”Bank of America is among the big U.S. lenders that have faced criticism from longtime clients who’ve tried to get...
On Tuesday, Ford Motor Co. reported a wider-than-expected loss of $2 billion in the first quarter due to the impact of the coronavirus. Looking ahead, the company expects losses to more than double in the second quarter as it weathers a shutdown of its North American plants....
