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Stocks trending ahead of the closing bell: SAP SE, AMD, RH

Yahoo Finance

Yahoo Finance contributor Remy Blaire discusses the stocks to watch ahead of the closing bell, including SAP, Advanced Micro Devices, and RH.

Video Transcript

DIANE KING HALL: Blue-chip stocks have been under pressure as investors fret about debt-ceiling negotiations and weaker-than-expected results from Home Depot. Joining us now to take a look at some of the market action from the floor of the New York Stock Exchange is Yahoo Finance contributor Remy Blaire. Remy, take it away.

REMY BLAIRE: Well, as you mentioned, ahead of the closing bell, we are seeing mixed trading for the major equity averages. The Dow Industrials and S&P 500 remain in negative territory.

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As for market-moving stocks today, let's start out by looking at SAP. Now, shares are higher today as the company kicked off its annual Sapphire conference in Orlando, Florida. The company announced that-- it announced a share buyback program of up to 5 billion euros, and also taking place at the event, SAP provided an update to its 2025 ambition. Now, that is the company's midterm financial release that reflects both its expected divestitures of Qualtrics and also reflected strength in cloud momentum for the company.

In terms of other companies seeing major market moves today, AMD shares traded higher, and this did come on the heels of news that Daniel Loeb's Third Point took up new positions in Advanced Micro. Shares were higher by as much as 5% on the session. And according to a regulatory filing, the hedge fund has a stake of 1 million shares in the chip maker. Heading into the close, shares of AMD do remain higher.

Last but not least, let's take a look at RH. Now, that is the company known formally as Restoration Hardware. Shares fell by as much as 8% on Tuesday, and this did come on the heels of Berkshire Hathaway releasing its 13F. And in that regulatory filing, the company, which is owned by Warren Buffett, eliminated positions in RH as it also trimmed stakes in other companies.

As for stock-market action for that stock in RH, we did see shares close above $260 per share in the previous session. But today as we head into the closing bell, we are seeing RH shares lower, down below the $250 share level.

AKIKO FUJITO: Remy Blaire joining us from the floor of the New York Stock Exchange. Thanks so much for that.