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AMD Q4 Loss Smaller Than Expected; Shares Inch Higher
Advanced Micro Devices shares are trading modestly higher this afternoon on slightly better-than-expected results for the fourth quarter. AMD posted Q4 revenue of $1.16 billion, off 9% sequentially and down 32% from a year ago, but ahead of the Street at $1.15 billion. The company posted a non-GAAP loss of 14 cents a share; consensus [...]
CES: AMD Unveils Kabini, Temash Chip Families; Vizio Partnership
Everyone has to be different. Advanced Micro Devices, for instance, decided to hold their CES press conference in a big tent in the parking lot of the Las Vegas Convention Center this afternoon. Actually, they’re calling this particular facility the “SurRoundhouse,” which touches on one of the company’s themes: designing immersive computing experiences. AMD senior [...]
Intel, AMD, Nvidia: Evercore Slices Ests On Soft PC Sales
Evercore Partners analyst Patrick Wang this morning trimmed estimates on Intel, Advanced Micro Devices and Nvidia, citing continuing lackluster demand for personal computers. But Wang’s colleague Rob Cihra, who covers hardware companies, contends that there are “glimmers of hope” that PC demand will start stabilizing in the 2013 first half. Cihra expects global PC shipments [...]
AMD Extends Rally; Shares Up 25% In Four Sessions
What’s up with Advanced Micro Devices? The microprocessor company’s shares are on a sudden tear, up 25% over the last four trading days, including today’s gain of 18 cents, or 8.2%, to $2.38. Earlier in the session the stock traded as high as $2.46. The recent rally appears to have been triggered initially by the [...]
AMD To Raise $150-$200M In Sale/Lease Deal On Austin Site
Advanced Micro Devices plans to to sell and lease back its 58-acre campus in Austin, Texas to raise cash, a spokesman for the struggling chip company told Reuters. The company expects to raise $150 million to $200 million on the deal, AMD said, with a deal expected to close in the second quarter. “There are [...]
AMD Denies Report That The Company Is For Sale
Don’t believe everything you read. Advanced Micro Devices this afternoon is flat out denying reports that the company is for sale. “AMD’s board and management believe that the strategy the company is currently pursuing to drive long-term growth by leveraging AMD’s highly-differentiated technology assets is the right approach to enhance shareholder value,” the company said [...]
AMD: Is Move Into ARM Chips Positioning It For Sale?
Advanced Micro Devices this week announced a plan to begin developing ARM-based processors targeted at the server market, in an attempt to diversify away from the core battle with Intel for the x86 PC processor market. That’s an interesting move, but one which might have deeper implications than simply trying to evade its eternal tormentor. [...]
AMD: Bernstein Gives Up, Cuts Rating And Target Price
Bernstein analyst Stacy Rasgon has given up on Advanced Micro Devices. Rasgon this morning chopped his rating on the stock to Market Perform from Outperform, with a new target price of $2.50, from $4. He writes that the company’s Q3 results, reported after the market close on Thursday, were “much worse” than he had expected. [...]
Chips: FBR Cuts Views On MRVL, AMD, NVDA On PC Woes
FBR Capital analyst Craig Berger this morning reduced his ratings on Advanced Micro Devices, Marvell and Nvidia, citing the continuing weak condition of the personal computer market. Note that AMD after the close yesterday reported grim Q3 results, while Marvell chopped its guidance for its October quarter. Here’s a run down on his calls: Advanced [...]
AMD Cutting Staff 15%
Advanced Micro Devices this afternoon announced plans to cut 15% of its staff – about 1,770 people – as part of a broad restructuring plan. The chip maker posted Q3 revenue of $1.27 billion, down 10% sequentially, off 25% from a year ago, and in line with recently revised guidance. Street consensus was $1.28 billion. [...]
AMD: Next Step, Massive Layoffs
Advanced Micro Devices is planning to chop 10%-20% of its workforce, the Journal reports, citing “a person familiar with the situation.” The company had over 11,700 employees as of the end of Q2. Late last week, AMD warned that Q3 revenues were down about 10% form Q2, much worse than the 1% drop the company [...]
AMD: S&P May Cut Credit Rating After Sept Qtr Warning
As if Advanced Micro Devices didn’t have enough troubles. Standard & Poor’s Rating Services this afternoon said it has placed its ratings on the microprocessor company’s BB- corporate credit rating on CreditWatch “with negative implications.” The move follows the company’s announcement yesterday that it now sees September quarter revenues down 10% sequentially from the June [...]
AMD: A Raging Bargain? Or A Bottomless Pit?
Advanced Micro Devices shares have hit a new three-year-low following the company’s warning late yesterday that September quarter financial results will be worse than expected. The company blamed its woes on the big picture, asserting that the miss was “due to weaker than expected demand across all product lines caused by the challenging macroeconomic environment.” [...]
Advanced Micro Devices Cuts Q3 Guidance On Weak PC Sales
The astonishingly weak market for personal computers continues to take a toll on tech investors. This afternoon, Advanced Micro Devices announced that it now expects to report revenue for its third quarter ended September 29 down 10% from Q2; previous guidance was for a decline of 1%. That implies revenue of $1.269 billion, below the [...]
AMD Slides To 3-Yr Low; FBR Cuts Target On Weak PC Builds
Advanced Micro Devices shares are taking a hit Tuesday, thanks to yet another reminder from the Street on the weak condition of the PC food chain. FBR Capital analyst Craig Berger, who actually maintains his Outperform rating on AMD shares, cut his target on the stock this morning to $6, from $7.50. (The shares closed [...]
AMD Poised For Sharp Slide After CFO Announces Departure
Advanced Micro Devices shares are going to take a major hit this morning after the company announced late yesterday that CFO Thomas Seifert is resigning “to pursue other opportunities.” AMD said corporate controller Devinder Kumar will take the job on an interim basis which the company searches for a permanent replacement. AMD said Seifert’s departure [...]
Chips Chopped: Citi Cuts Ratings On Intel, AMD, Nvidia
Citing the ongoing weakness in PC demand, Citigroup analyst Glen Yeung this morning cut his ratings on Intel, Advanced Micro Devices and Nvidia to Neutral from Buy. “While these names are down noticeably in recent days, prompted by a noticeably weak August and punctuated by Intel’s recent pre-announcement our downgrade today reflects our checks in Asia that stoke [...]
AMD: Goldman Ups To Neutral From Sell; Shares Bounce Higher
Advanced Micro Devices shares are trading modestly higher this morning after Goldman Sachs analyst James Covello this morning upped his rating on the chip maker’s shares to Neutral from Sell, noting that the stock recently pulled back below his $3.50 target price. (It’s actually a few pennies above that level now, I would add.) Covello [...]
Intel: Another Day, Another September Quarter Estimate Cut
The Street continues to take a scalpel to EPS estimates for Intel‘s September quarter in the face of weak PC demand. UBS analyst Steven Eliscu, who yesterday downgraded Advanced Micro Devices shares, today trimmed his Intel forecasts, reflecting a more cautious view on PC demand. While he keeps a Buy rating on the microprocessor maker’s shares, [...]
AMD: UBS Cuts Rating
UBS analyst Steven Eliscu this morning cut his rating on Advanced Micro Devices shares to Neutral from Buy, chopping his target price on the stock to $4, from $6.25. The stock closed yesterday at $3.64. The analyst sees the company’s prospects hemmed in by a shrinking addressable market on the one hand, and heightened competition [...]