Hexo stock price down 0.2% as AMD stocks fall
New shares in AMD, Intel and Nvidia have been hit hard by a series of bad news from their main rivals.
The latest is the fall in AMD shares, which fell 0.1 per cent on Thursday to $24.26.
The drop was the biggest since June 30 and comes just three days after the company reported its first profit in nearly five years.
The company also reported a 6.2 per cent fall in revenue in the last quarter of last year.
Intel also reported its fourth quarter earnings in the second quarter, which were down 9 per cent compared to the same quarter a year ago.
However, the company is expected to report a big profit this year.
It has been hit with a series to its stock market, with a large portion of it coming from its high-profile deal with Chinese state-owned media company Alibaba.
The Chinese company bought the shares in December for $10.3 billion, which is worth around $5.5 billion.
The stock has been trending downwards since its IPO in April, which was priced at $28 a share.
Investors also have been buying Nvidia shares, and the stock is now up 3 per cent at $21.87 a share, which has been boosted by the stock price rise of Nvidia’s stock price.
AMD is also the target of a wave of bad publicity from rivals such as Google and Facebook.
The tech giant has been in a long-running feud with the two giants, which it sees as using their power to influence consumers with advertising.
It is now believed to be paying $1.9 billion to buy the company’s stock from its original shareholders.
The fallout has forced some analysts to revise their forecasts for AMD’s shares.
In their most recent earnings call, analysts predicted AMD would record a loss of $1 billion this year, which would be a $600 million drop from its current $6.9bn profit.