Stocks on the Move: Intel slides on chip delay, American Express down on slower consumer spending

Yahoo Finance's Adam Shapiro looks at some stocks making big moves.

Video Transcript

ADAM SHAPIRO: I want to take a look at some stocks on the move right now because we had earnings reports obviously. We're in the swing of earnings season. Let's start with Intel because their shares were down 11% in the first 15 minutes of trading. And if we check real quick, you're going to see they're not doing too much better than that. They-- there was a bit of a surprise with Intel, and here's what's going on. Shares are down about 10% right now.

So they had revenue of $18.3 billion, better than expected but down 4% on an annualized basis. Their Data Center Group disappointed. Sales fell 7% to $5.9 billion. Client Computing Group that sells PC chips-- remember, lockdown. People are buying PCs again, go figure. Well, that generated $9.85 billion in revenue, so it was up 1% year over year because of that PC demand worldwide with pandemic work from home and lock-down orders. But still shares are trading down almost 11% right now.

Then there's American Express, obviously pandemic induced. They're down 4% in the first few minutes of trading this morning, and right now they've recovered a bit. They're off about 2.63%. Here's what's going on.

Took a toll, the pandemic did, on AMX's restaurant, travel, and entertainment-related transactions. Revenue came in at $8.75-- we'll call it $8.8 to be nice-- billion. But consumer-service revenue, that fell 16%, $5.2 billion. Commercial services revenue down 23%. Merchant-network-services revenue, it was off 27%.

Here's a quote from their CEO and chairman, "Since the lows of mid-April, we've seen a steady recovery in our overall spending volumes." Kind of like putting lipstick on a pig here. He continued by saying, "In fact, we had positive year-over-year growth in non-travel and entertainment spending, which has long accounted for the large majority of our overall volumes. But once again, shares of American Express are off a little more than 2 and 1/2%.