Stock market today: S&P 500 drops for fifth day as focus shifts to Powell’s speech
In a challenging market environment, Globalfoundries Inc. (NASDAQ:GFS) stock has touched a 52-week low, dipping to $30.02, with technical indicators from InvestingPro suggesting the stock is in oversold territory. This price level reflects a significant downturn for the semiconductor company, which has seen its stock price contract by 40.86% over the past year. With a market capitalization of $17.8 billion and a current ratio of 2.11, investors are closely monitoring the stock as it navigates through industry headwinds and broader economic pressures that have contributed to this decline. The 52-week low serves as a critical marker for the company's performance and investor sentiment, as market participants consider the potential for recovery or further slides in the stock's value. According to InvestingPro analysis, GFS appears undervalued at current levels, with analyst price targets ranging from $38 to $65. Discover 10+ additional exclusive insights and detailed technical analysis in the comprehensive Pro Research Report.
In other recent news, GlobalFoundries reported fourth-quarter earnings that surpassed analyst estimates, with adjusted earnings per share of $0.46, slightly above the expected $0.45. The company achieved revenue of $1.83 billion, aligning with projections. However, GlobalFoundries' guidance for the first quarter of 2025 fell short, forecasting revenue between $1.55 billion and $1.6 billion, below the anticipated $1.66 billion. The adjusted EPS guidance of $0.24 to $0.34 also missed the consensus estimate of $0.33. For the full year 2024, GlobalFoundries reported a revenue decline of 9% to $6.75 billion, with adjusted net income dropping 30% to $870 million.
In a strategic move, indie Semiconductor has partnered with GlobalFoundries to develop advanced radar systems-on-chip for automotive applications. This collaboration utilizes GlobalFoundries' 22FDX® platform to produce radar applications for both long-range and short-range detection capabilities. The partnership aims to deliver cost-effective, high-performance radar technologies for the automotive sector. This development is expected to enhance the accessibility of critical safety technology in mass-market vehicles.
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