Diamonds and Dogs

8/2/23

CVS Health (CVS) higher on earnings. One of the few stocks higher, the drug store retailer, is up 3% after beating estimates as revenues rose 10.3% to $88.92 billion. The company reaffirmed guidance and plans to cut 5,000 jobs in a cost cuts move even as they plan to build 50 to 60 clinics next year.

Profit-taking in the tech space. Chip maker AMD opened higher, but is now down 6% following earnings. Earnings did beat by a penny, but revenues fell 18.2% to $5.36 billion. AMD did see strong PC business as sales grew 14%. Management is excited about A.I. in all parts of the market and expects AI to make PCs much more productive.

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