The normally quiet weekend was livened up this past Saturday with Berkshire Hathaway’s annual shareholders’ meeting and quarterly report. Warren Buffett was not replaced as the company’s board chair. The company’s class B stock earnings per share (EPS) fell by more than 50% year over year. Operating earnings were essentially flat, and the results were skewed by differences in unrealized gains and losses. Berkshire repurchased $3.2 billion in classes A and B common stock during the quarter. Shares traded up about 0.5% in Monday’s premarket session.
Pipeline operator Enterprise Products traded up about 0.6% early Monday after posting first-quarter results that beat both profit and revenue estimates. Revenue rose 24.3% year over year. Also, ON Semiconductor beat both top-line and bottom-line estimates. Shares traded up more than 4% in the premarket.
Before markets opened on Friday, Chevron, Exxon Mobil, Phillips 66 and Weyerhaeuser reported quarterly results. Every market sector closed lower Friday, with energy and materials posting the smallest losses.
Chevron missed on both profit and revenues, and the shares closed down by about 3.2% on Friday. Exxon Mobil missed on EPS but handily beat on revenues. The stock closed down 2.2% on Friday.
Refiner Phillips 66 beat the EPS estimate and restarted its $2.5 billion stock buyback program. The stock closed Friday down about 0.5%.
Lumber giant Weyerhaeuser beat estimates on both the top and bottom lines. Shares closed down about 1.6% on Friday.
After markets close Monday, Devon Energy, Diamondback Energy, Mosaic and Williams will report quarterly results. Before markets open on Tuesday, BP, Marathon Petroleum, Paramount Global and Pfizer will release quarterly earnings reports.
Here is a look at three companies on deck for earnings reports after markets close Tuesday.
Advanced Micro Devices
At the end of 2021, shares of chipmaker Advanced Micro Devices Inc. (NASDAQ: AMD) were up about 30%. The stock plunged by 23% in January and, for the past 12 months, shares are up just 1.8%. The stock closed down 4.6% on Friday, getting a further push downward from Intel’s comments that the global chip shortage is likely to last longer than once expected and rising inflation is keeping customers’ hands on their wallets. AMD’s outlook for the rest of the year probably will have more influence on the share price than first-quarter results.
There are 39 analysts covering AMD, and 22 have rated the stock a Buy or Strong Buy while another 16 have Hold ratings. At a recent price of around $85.50 a share, the upside potential to a median price target of $147.50 is 72.5%. At the high price target of $200, the upside potential is 134%.
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