Tuesday was an up-and-down day on Wall Street, with major market benchmarks ending the trading session mixed. Issues drawing the most attention from investors included the status of U.S. trade negotiations with China, the Fed decision on interest rates expected Wednesday afternoon, and broader views of the global economy. Although indexes finished below their best levels of the session, some stocks still posted strong advances. Advanced Micro Devices (AMD 0.95%), StoneCo (STNE +0.86%), and Sibanye-Stillwater (SBGL +0.00%) were among the top performers. Here's why they did so well.
AMD gets with Google
Shares of Advanced Micro Devices jumped 12% after the semiconductor chip manufacturer got confirmation that Alphabet's Google unit will use AMD chips in a planned streaming video game service. Investors have been hopeful that AMD's graphics-chip products would be a prime contender for the cloud-based service, although others had expressed skepticism that AMD would emerge victorious. The news is just the latest in a series of moves designed to fight back against chip industry rivals, and AMD shareholders are happy that the chipmaker's strategy is proving successful.
Image source: AMD.
StoneCo rocks the fintech world
Financial technology specialist StoneCo saw its stock soar more than 18% after the Brazil-based company reported its fourth-quarter financial results. StoneCo said revenue more than doubled in local-currency terms during the quarter compared to the prior-year period, with adjusted net income soaring by almost 650%. Total payment volume using StoneCo's platform climbed almost 75%, and big increases in client counts and margin figures helped bolster the company's outlook. With Warren Buffett among its investor base, many have high hopes for the fintech upstart and its prospects for growth.
Check out the latest earnings call transcripts for Advanced Micro Devices and other companies we cover.
Sibanye sees everything shine
Finally, shares of Sibanye-Stillwater climbed 9%. Gold and silver prices were relatively calm, but it was another strong day for the platinum group metals that Sibanye's Stillwater Mining unit in Montana specializes in producing. Platinum prices were up $18 to climb above $850 per ounce, while palladium continued its recent surge, rising another $15 per ounce to $1,575. Although many investors were initially skeptical when Sibanye decided to purchase Stillwater back in 2016, gains in the platinum group metals have shown just how smart that purchase turned out to be.
