Midday movers: Advanced Micro Devices, Eli Lilly, Estée Lauder and more

Investing.com — Stocks were muted on Wednesday as investors awaited the Federal Reserve’s decision on interest rates and the press conference by Chair Jerome Powell this afternoon. Here are the market movers for May 3.

• Advanced Micro Devices (NASDAQ:) shares fell 8.8% after the chip maker issued a disappointing forecast for revenue in the current quarter. The company reported a double-digit drop in revenue from its client PC business in the most recent quarter.
• Eli Lilly and Company (NYSE:) shares were up 6% after the pharmaceutical maker said a test of its treatment for Alzheimer’s showed it helped slow the progress of the disease.
• Estée Lauder Companies (NYSE:) shares fell 14.6% after the cosmetics maker cut its forecasts for the fiscal year ending in June, citing uncertainty in the recovery in Asia.
• Starbucks Corporation (NASDAQ:) shares fell 8.7% despite beating sales expectations and showing same-store sales growth in China.

• CVS Health Corp. (NYSE:) shares fell 3% after the healthcare company cut its guidance for the year by 20 cents to earnings per share in a range of $8.50 to $8.70, citing costs associated with two recent acquisitions.