We recently published a list of These 10 Companies Led Tuesday’s Charge. In this article, we are going to take a look at where Globalfoundries Inc. (NASDAQ:GFS) stands against other companies that led Tuesday’s charge.
Wall Street’s main indices finished mixed on Tuesday, with the Nasdaq as the sole loser, as investors largely brushed off President Donald Trump’s tariff threats in hopes that countries would eventually reach a negotiated settlement.
Additionally, investors cheered signals from the Federal Reserve that a rate interest cut was not imminent, saying it would wait as necessary before implementing any rate adjustments.
The Dow Jones eked out a 0.28 percent gain, while the S&P 500 inched up 0.03 percent. The tech-heavy Nasdaq dropped 0.36 percent.
Ten companies on Tuesday led the charge amid a flurry of positive news sparking buying appetite. This article detailed the reasons behind their performance.
To come up with Tuesday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A technician holding a complex printed circuit board with microcontrollers, showing the company’s expertise in powering devices.
Globalfoundries Inc. (NASDAQ:GFS)
Shares of Globalfoundries rose by 6.25 percent on Tuesday to close at $40.10 apiece as investor sentiment was fueled by optimistic outlook guidance for the first quarter of the year, with the company targeting to book profits in the said period and reverse a net loss in the last quarter of 2024.
In its latest earnings release, GFS said it expects to record between $74 million and $142 million in net income for the first quarter this year, as well as revenues of $1.55 billion to $1.6 billion.
Last quarter, GFS swung to a net loss of $729 million from a $278 million net income in the same period a year earlier as revenues dipped 1 percent to $1.83 billion from $1.854 billion year-on-year primarily due to a slowdown in the company’s mobile chip business.
In the full year of 2024, GFS saw a net loss of $262 million, reversing a net income of $1.02 billion in 2023, as revenues fell 9 percent to $6.75 billion from $7.392 billion in 2023.
Overall, GFS ranks 6th on our list of companies that led Tuesday’s charge. While we acknowledge the potential of GFS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as GFS but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
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