101 posts and columns on Advanced Micro Devices
News Bytefallen 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.
News Bytereported quarterly earnings that were slightly ahead of expectations, and which included guidance for revenue that was slightly higher than expectations. AMD reported a 13-cent per-share loss versus the 17 cents analyst had expected. Revenue was $1.09 billion, slightly ahead of the $1.05 billion expected.