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AMD Shares Crash on Goldman Sachs Downgrade

Published on May 16, 2013
by Arik Hesseldahl

Shares of chipmaker Advanced Micro Devices have fallen by more than 13 percent today following word of a downgrade to “sell” by Goldman Sachs analyst James Covello. With sales of PCs slowing to rates not seen since records have been kept, the outlook for AMD, Covello argues, despite winning supply contracts from both Microsoft and Sony in forthcoming gaming systems, doesn’t justify its recent rise to as high as $4.40 a share. AMD was trading at $3.80 a share, down 59 cents with 30 minutes to go in the session.

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