AMD, Oklo, AppLovin, and Viking Therapeutics Announce Strategic Developments
The stock market experienced mixed results on Tuesday, with major U.S. indices fluctuating. The Dow Jones Industrial Average increased by 1.2%, closing at 47,927.96, and the S&P 500 rose by 0.2% to reach 6,846.61. However, the Nasdaq saw a slight decline of 0.25%, closing at 23,468.30.
Key Developments for AMD, Oklo, AppLovin, and Viking Therapeutics
Advanced Micro Devices Inc. (AMD)
AMD shares ended the day down 2.65% at $237.52, with an intraday high of $248.46 and a low of $234.64. The stock’s 52-week range is $76.48 to $267.08. Following AMD’s analyst day, the stock rose nearly 4.8% to $248.87 in after-hours trading. The company aims for a compound annual growth rate of over 35% in revenue over the next three to five years, primarily driven by advancements in high-performance computing and artificial intelligence. AMD also projects non-GAAP operating margins exceeding 35% and adjusted earnings per share above $20 annually.
Oklo Inc. (OKLO)
Oklo’s stock fell by 6.50%, closing at $104.22, after reaching a high of $111 and a low of $103.64. The company reported a loss of 20 cents per share for the third quarter, which was worse than the anticipated 12-cent loss. This loss stemmed from high payroll and stock-based compensation expenses. Oklo did announce that the Department of Energy approved its Nuclear Safety Design Agreement for the Aurora Fuel Fabrication Facility, set to supply fuel for its first commercial-scale reactor.
AppLovin Corp. (APP)
AppLovin shares declined by 8.66%, finishing at $594.91 after hitting a high of $647.87 and a low of $583. The stock’s 52-week range falls between $200.50 to $745.61. This decrease is largely attributed to a general market shift in the high-growth tech sector, fueled by profit-taking amid concerns over AI valuations.
Viking Therapeutics Inc. (VKTX)
Viking Therapeutics saw a positive surge, with a 7.49% increase, closing at $40.60, and reaching a high of $40.69. Its 52-week range is $18.92 to $62.50. During after-hours trading, Viking’s stock climbed an additional 4.1% to $42.28. Notably, Stanley Druckenmiller’s family office purchased approximately 549,000 shares at $25.33 in the second quarter. Viking’s stock has developed a bullish Golden Cross pattern, indicating positive momentum, especially surrounding its weight-loss drug pipeline.
Market Overview
Despite competitive challenges, such as losing a bid for Metsera Inc. to Pfizer, Novo Nordisk A/S (NVO) shares rose 6.99% to $49.15. The stock’s intraday high reached $49.42. The company aims to gain market share in the obesity treatment sector by lowering the price of its Wegovy drug in India.
The stock market remains volatile, with companies like AMD, Oklo, AppLovin, and Viking Therapeutics at the forefront of investor attention, each navigating their unique challenges and opportunities.
