Shares in chipmaker Advanced Micro Devices (AMD) were down 6.3% in pre-market trading on Wednesday, despite the company reporting earnings that beat estimates.

In results released after the market close on Tuesday, AMD (AMD) posted earnings per share (EPS) of $1.53 on revenue of $10.3bn (£7.5bn). Wall Street was expecting EPS of $1.32 on revenue of $9.6bn, according to Bloomberg analyst consensus estimates.

For the first quarter, AMD (AMD) said it expected revenue to be between $9.5bn and $10.1bn, which was also better than expectations for $9.4bn.

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In terms of market reaction to the results, Benchmark Company managing director and senior semiconductor research analyst Cody Acree told Yahoo Finance on Tuesday that he believed “it’s just a matter of heightened expectations, especially after Intel missed so badly on their outlook and they were supply constrained”.

“The expectation was that AMD was just going to be killing it on market share gains and I think they are,” he said. “I think they’re upside on data centre by nearly $500m and data centre shows continued strength and share gains.”

Another major tech name in focus on Wednesday morning is Super Micro Computer (SMCI), with shares surging nearly 12% on the back of its latest results.

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In its second fiscal quarter results, also released on Tuesday, the server maker reported net sales of $12.68bn. That was up from $5.68bn for the same period last year and was higher than analysts’ average estimate of $10.23bn, according to data compiled by LSEG reported by Reuters.

The company reported diluted net income per share of $0.60, up from $0.51 a year earlier.

For the third quarter, SMCI (SMCI) said it expected to report net sales of at least $12.3bn. The company also raised its outlook for the year, saying it now expected net sales to be at least $40bn, up from previous guidance of at least $36bn.

In the hospitality sector, shares in Chipotle Mexican Grill (CMG) slid 7% in pre-market trading on Wednesday, after the restaurant chain reported a fall in same-store sales.

The burrito-bowl chain said on Tuesday afternoon that comparable restaurant sales fell 2.5% in the fourth quarter.

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The company reported 4.9% growth in total revenue in the fourth quarter at $3bn, while adjusted diluted EPS was flat at $0.25. For the year, total revenue increased 5.4% to $11.9bn, while adjusted diluted EPS grew 4.5% to $1.17.

In terms of guidance, Chipotle (CMG) said it expected comparable restaurant sales in 2026 to be “about flat”.

In Europe, Danish pharmaceuticals giant Novo Nordisk (NOVO-B.CO) tumbled 16.4%, after the company warned of lower sales growth in the year ahead.

Novo Nordisk (NOVO-B.CO) said in results, published on Tuesday, that it expected adjusted sales and operating profit for 2026 to fall by between 5% and 13%.

For the year just ended, Novo reported net sales growth of 10% on a constant exchange rates basis at 309.06 billion Danish kroner (£35.7bn). Operating profit for 2025 came in at 127.66 billion Danish kroner, up 6% on the previous year.

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Derren Nathan, head of equity research at Hargreaves Lansdown, said: “Novo Nordisk resorted to one of the oldest tricks in the books yesterday evening by trying to sneak out bad news when nobody was watching.”

He said that the company’s underlying guidance caused the “immediate erasing of much of the shares’ strong gains so far in 2026”.

“Donald Trump’s crusade on drug prices, patent expiration, and competition all had their part to play,” he said. “It wasn’t all bad news, with an extremely strong launch for the Wegovy pill, and a reminder of strong clinical progress in the next-generation pipeline at the tail-end of 2025.”

Swiss investment bank UBS (UBSG.SW) reported stronger-than-expected profit in the fourth quarter on Wednesday and said it planned to buyback $3bn of shares this year, “with an aim to do more”.

UBS (UBSG.SW) reported net income of $1.2bn for the fourth quarter, which was up 56% year-on-year and was ahead of an estimate for $967m, according to a Bloomberg report.

Sergio Ermotti, group CEO of UBS, said: “The strength of our global, diversified franchise powered our excellent full year performance as we helped clients navigate an unpredictable market environment.”

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“We made great progress on one of the most complex integrations in banking history while facing ongoing regulatory uncertainty in Switzerland,” he said. “We maintained a strong capital position and delivered on our capital return commitments in the year with an increased dividend complemented by share repurchases.”

Despite the bank’s better-than-expected results, shares were trading just below the flatline at the time of writing on Wednesday morning.

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