AMD Gets Eaten Alive
Sorry Advanced Micro Devices (AMD) shareholders, you just lost even more money. AMD hit a new 52-week low this morning of $2.86 a share -- ouch.
While the wolves tear apart AMD, its an opportunity for us vultures waiting to see what they leave of the company. The Masters have been waiting for AMD to tank to a new low, today is that gift. AMD shares are down 9% today and the chart is looking brutal. Since Spring AMD shares have lost 65% of their value, an all out blood bath for shareholders.
Today AMD is down after the company said they expect Q3 revenue to suck. AMD expects Q3 revenue to be at least 10% lower than compared to last year's Q3. The demand for AMD products is not there and it shows in the stock's performance. AMD had to write down its inventory by $100M thanks to its low demand. They are having to slash prices and its not doing much to improve the bottom line.
AMD will report is Q3 results next Thursday (Oct 18th). Until then, expect choppy trading.
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