AMD: Finally worth a look

Advanced Micro Devices's (NYSE:AMD) CEO Hector Ruiz is out of a job, make way for Dirk Diggler, I mean Dirk Meyer comes to the rescue.

AMD shares dropped 12% on Friday and have sunk to $4.65 a share, all for good reason.

AMD reported that it lost $1.19 billion in the second quarter, worse than the $600 million it lost in the same period a year ago. Taking one-time events into account, AMD's adjusted loss totaled 60 cents per share, below the 52 cents expected by analysts polled by Thomson Financial.

AMD's revenue rose to $1.35 billion from $1.31 billion, but it was short of the $1.45 billion in revenue expected on Wall Street.

Shareholders and big AMD investors are happy Ruiz is gone, but will Wall Street back Dirk Meyer?

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AMD has a horrible balance sheet to clean up, but if there was any one time that shares could turnaround, now would be the time.

The company's outlook for the third quarter, for instance, was for "revenue to increase in line with seasonality," a vague forecast that could be interpreted to mean single-lower double-digit sales hike for the period.

The analyst take out on Friday wasn't the best, at most UBS thinks shares could rise another $1 and change in the coming year:

From one Dirk to another, a 1997 Boogie Nights quote fits this situation perfectly to address concerned investors:

Dirk: You don't know what I can do! You don't know what I can do, what I'm gonna do, or what I'm gonna be! I'm good! I have good things and you don't know about! I'm gonna be something! I am! And don't f**king tell me I'm not!

Go get em Dick!!!

Disclaimer: No positions in AMD.