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Intel (INTC) leads chip stocks higher ahead of its latest earnings report. (00:15) Trump considering a ‘tariff-free zone’ for Ukraine – AP. (01:23) Paramount Skydance to extend Warner Bros. tender offer – report. (01:57)
This is an abridged transcript.
The semiconductor sector ended mostly in the green on Wednesday, with Intel (INTC) jumping ahead of the release of its fourth-quarter financial results.
Intel shares climbed 11% on Wednesday. The company is slated to release its latest quarterly financial results after the markets close today.
Micron Technology (MU) was up 6.6%, AMD (AMD) increased 7.7%, while Marvell Technology (MRVL) ticked up more than 3%. Nvidia (NVDA) gained just shy of 3%. Cirrus Logic (CRUS) ended the day 4.5% higher while GlobalFoundries (GFS) and Onsemi (ON) were up more than 5%.
However, Credo Technology (CRDO) sank 9%, while Astera Labs (ALAB) dropped 4.2%.
Heading into earnings season, J.P. Morgan said many semiconductor firms appear to have “considerable upside” to the AI accelerator total addressable market.
Wall Street expects the chipmaker to post EPS of $0.08 on revenue of $13.39 billion, implying a fall of 6% during the quarter.
U.S. envoy Steve Witkoff said President Trump is considering proposals such as a “tariff-free zone” for Ukraine to help rebuild industry in the war-hit country.
“The president has talked about a tariff-free zone from Ukraine that I think would be game-changing,” Witkoff told the Ukraine breakfast on the sidelines of Davos.
Witkoff made the remarks ahead of a trip to Moscow, as the administration works to broker a peace deal to end the war between Russia and Ukraine. He said he will then travel to Abu Dhabi, where there would be working groups on issues like “military-to-military” and “prosperity” discussions.
Paramount Skydance (PSKY) plans to extend the deadline for its hostile takeover of Warner Bros. Discovery (WBD) , though it’s not raising the $30 a share price tag.
According to a NY Post report on Wednesday, it’s not clear how long the tender offer will be extended.
The news comes after Netflix on Tuesday disclosed an updated proposal to acquire key parts of Warner Bros. Discovery in an all-cash transaction valued at $27.75 per share, plus the value from the planned separation of Discovery Global.
Prediction markets suggest investors see Netflix (NFLX) as the frontrunner. Data from Kalshi shows a 62% implied probability that Netflix ultimately prevails, compared with a 25% chance for Paramount Skydance.
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Catalyst watch:
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The go-shop period expires on the private equity bid for Clearwater Analytics Holdings (CWAN). Shareholders with Sotherly Hotels (SOHO) vote on its buyout offer. Shareholders with Forge Global Holdings (FRGE) vote on the acquisition offer from Charles Schwab (SCHW).
Dow, S&P and Nasdaq futures are in the green. Crude oil is down 0.7% at $60/barrel. Bitcoin is up 0.6% at $89,000. Gold is down 0.1% at $4,824.
The FTSE 100 is up 0.7% and the DAX is up 1.6%.
The biggest movers for the day premarket: Datadog (DDOG) +3% – Shares rose after Stifel upgraded the stock to Buy from Hold, citing confidence that the company will outperform expectations as core growth accelerates.
Economic calendar:
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