In a pair of tweets, President Trump knocked Senate Democrats tweeting: “The reason for the plan negotiated between the Republicans and Democrats is that we need 60 votes in the Senate which are not there! We either elect more Republican Senators in 2018 or change the rules now to 51%. Our country needs a good “shutdown” in September to fix mess!” Congress is expected to vote on a spending bill tomorrow to keep the government open through September and the end of the government’s fiscal year.
Shares of Intel arch rival Advanced Micro Devices are off 16%, on track for their biggest one-day loss since January 2005. The company reported first-quarter results after yesterday’s market close. They were mostly in line with expectations. In a note to clients analyst Christopher Rolland wrote “AMD’s new products are beginning to accelerate growth, but perhaps without all the gross margin benefits we had hoped for. ” UBS analyst Stephen Chin wrote: “We keep a sell rating on the stock as we see limited EPS growth near term to support its high multiple as it needs to invest heavily to keep pace with Intel and Nvidia.” The stock has lost 3.1% year to date, while Intel is up 3.7%.
Serving the West Side first, I am Mike Elerath of BR Capital for 1360 KUIK.
