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CNBC Investing Club Homestretch Update
Afternoon stock market update featuring Coterra's acquisition, AMD's layoffs, and upcoming earnings reports from Cisco and Disney.
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Cnbc Investing ClubS&P 500Dow Jones Industrial AverageNasdaqCoterra Energy
Jim CramerTom Jorden
- How did the market react to Coterra Energy's acquisition announcement?
- Coterra Energy's acquisition of Franklin Mountain Energy and Avant Natural Resources is being well-received by investors. The deals enhance Coterra's Permian Basin presence and are expected to be highly accretive without straining its balance sheet.
- What action did Advanced Micro Devices take regarding its workforce, and why?
- Advanced Micro Devices (AMD) announced layoffs of 4% of its global workforce, primarily affecting sales and marketing roles in consumer and gaming PC areas. This comes as AMD focuses on expanding its AI chip business and manages margins and expenses.
- What is the significance of AMD's job cuts in relation to its overall business strategy?
- AMD's job cuts are seen as a strategic move to concentrate resources on its rapidly growing AI sector, a key market opportunity for the company. The semiconductor sector, however, remains soft overall, with the SOX index down significantly this week.
- Which companies are set to release earnings reports soon, and what are the market's expectations?
- Cisco Systems' earnings and orders will be closely watched after the closing bell, as it's considered a bellwether for tech spending. Disney's earnings are anticipated before the bell on Thursday, with focus on its streaming unit and movie studio.
- What was the overall performance of the major stock market indices in the afternoon trading session?
- The S&P 500 was roughly flat in afternoon trading, while the Dow Jones Industrial Average had minor gains and the Nasdaq was slightly lower. The bond market's fluctuation impacted the equity market, with yields on the 10-year Treasury note initially dropping but later rising.