Diamonds and Dogs

5/31/23

Intel (INTC) one of the few chip stocks trading higher. The former number one chipmaker is up 4% after raising quarterly guidance to the high end of the range. Like most chip stocks, Intel is benefiting from soaring demand for artificial intelligence (AI) chips. Their foundry services could produce wafers for customers who make AI products.

Rough day for Advance Auto Parts (AAP). The auto parts retailer is down 30% after lowering their full-year profit outlook due to costs. High raw material, labor and freight prices, along with the ongoing supply chain constraints continue to strain the automotive industry. The company also cut their quarterly cash dividend to $0.25 per share from $1.50 per share. Ouch.

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