Ahead of the Bell: AMD shares climb
Published: Friday, 24 Sep 2010 | 8:48 AM ET
NEW YORK - A weaker outlook did not keep shares of Advanced Micro Devices from rising sharply before the market opened Friday, with many investors happy to hear that the third quarter would not be worse.
Consumers and businesses are putting off many tech purchases and hunkering down for a protracted economic recovery.
On Thursday, AMD said it expects revenue to fall 1 percent to 4 percent from the second quarter's $1.65 billion. That translates to a range of $1.58 billion to $1.63 billion. Analysts polled by Thomson Reuters had expected $1.72 billion in revenue.
Still, the AMD report at least gave investors a sense of certainty.
"We view today's move as a positive resolution of expected overhang and think that more investors can consider AMD long positions now that some of the bad news is out," wrote FBR analyst Craig Berger in a note to investors Thursday. He rates AMD "Market Perform."
AMD's outlook provided more evidence of how persistent unemployment and the difficult economic climate have cut into computer sales.
Shares of AMD rose 26 cents, or 4 percent, to $6.66 in premarket trading Friday.作者: buhuyou 时间: 2010-9-24 10:25
