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Analysts at Wolfe just raised their price target on Advanced Micro Devices (NASDAQ: AMD | AMD Price Prediction) to $650 from $450. The firm added that “despite the strong run, with potential for $25+ earnings power. We’re raising estimates well ahead of the street to $15 for FY27 on CPU strength.”
With oil prices gushing higher and IBM issuing an earnings warning, markets are mixed. At the moment, the S&P 500 is down by 0.2%, or by 14 points. The SPDR S&P 500 ETF (SPY) is down by 0.17%, or by $1.27. The Dow is down by 0.6%, or by 315 points. The Nasdaq is up by 0.38%, or by 116 points. Oil is up by $1.86 at $80.05 and climbing.
We’re waiting to see what happens next with oil, as the war with Iran continues. In addition, as noted by President Trump on Truth Social, “We are reinstating THE IRANIAN BLOCKADE, so named because it is only stopping Iran’s ships or customers from entering or leaving.”
As for consumer prices, June 2026 CPI rose 3.5% annually, which was lower than the expected 3.8%, as energy prices pulled back.
IBM Dow by 22%, or by $66 a Share
Shares of IBM (NYSE: IBM) are getting crushed after warning that preliminary second-quarter earnings fell short of expectations. It’s reporting adjusted EPS of $2.93 on revenue of $17.2 billion, which is below analyst estimates of $3.01 on $17.86 billion revenue. CEO Arvind Krishna blamed the shortfall on weakness in the software and infrastructure business, as clients shifted spending toward hardware purchases such as memory chips, said CNBC.
“In the last few weeks of June, we saw clients shift their quarterly capex spend toward servers, storage, and memory purchases to secure supply-constrained infrastructure ahead of expected price increases,” Krishna wrote, as also quoted by CNBC. “While we anticipated some supply chain-related impact in our expectations, we did not anticipate the magnitude of the capex reprioritization. These conditions require our teams to execute perfectly, and this quarter we faltered. We did not adapt and move quickly enough, and numerous large deals failed to close on the timelines we expected, driving the majority of our shortfall.”
Market Movers: Truist initiated a buy rating on Cameco
Analysts at Truist just initiated a buy rating on Cameco (NYSE: CCJ), noting that the uranium company is firing on all cylinders. “We view Cameco is a high-quality, vertically integrated uranium platform with strong positioning to a favorable long-term supply-demand outlook and rising uranium pricing,” said the firm.
Evercore ISI initiated SpaceX (NASDAQ: SPCX) at outperform, noting that the company is too compelling to ignore. The firm has a price target of $230.
Analysts at Jefferies also just reiterated Amazon (NASDAQ: AMZN) as a buy, noting that the company has a discounted valuation. “Our 685-person proprietary survey showed 54% of AMZN shoppers spent >10% more y/y on June Prime Days, and AMZN remains a preferred destination,” said the firm, as quoted by CNBC.
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