Morning Buzz: Alphabet (GOOG), Advanced Micro Devices (AMD), FedEx (FDX), Vitae Pharma (VTAE)

Alphabet (GOOG) — Re/code reports that Apple (AAPL) is now using Google’s cloud services to store portions of its iCloud and services data. The iPhone maker is also using currently cloud services from Amazon (AMZN) and Microsoft (MSFT), although it is in the process of building its own data centers to reduce its reliance on third-party service providers.

Shares of Advanced Micro Devices, Inc. (AMD) are higher by nearly 6% to $2.77 in pre-market trading on Thursday on news the chipmaker is in talks to license its GPU patents to Intel (INTC). The report comes as Intel’s cross-licensing deal with Nvidia (NVDA) is due to expire in 1QFY17.

FedEx Corporation (FDX) reported third quarter EPS of $2.51, compared to the consensus estimate of $2.35. Revenues increased 8.0% from last year to $12.65 billion. Analysts expected revenues of $12.38 billion.

“Our strong financial performance was driven by increasing demand for our broad portfolio of FedEx business solutions which helped increase revenue and adjusted profit for the corporation,” said in a statement Frederick W. Smith, FedEx chairman, president and CEO.

FDX is up $8.03 to $152.30 premarket.

Vitae Pharmaceuticals, Inc. (VTAE) shares are skyrocketing 88% to $7.72 in active premarket trade Thursday, after the biotech announced positive top-line VTP-43742 (psoriasis drug) results.

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