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Advanced Micro Devices, Inc. Message Board

  • well_connected_and_well_off well_connected_and_well_off Jul 19, 2013 10:39 AM Flag

    AMD downgraded by Morgan Stanley, Credit Suisse •

    AMD swings to loss on drop in chip sales

    By Dan Gallagher AMD

    SAN FRANCISCO (MarketWatch) -- Shares of Advanced Micro Devices Inc.
    slid nearly 14% to $4 on Friday morning after the chipmaker was downgraded by Morgan Stanley and Credit Suisse following its second-quarter results the previous afternoon. John Pitzer of Credit Suisse cut his rating to underperform from neutral, noting that while the results and guidance were ahead of Wall Street's estimates, estimates for the company's profits from videogame consoles appear too high. "It is also unclear to what extent new gaming platforms are incremental relative to AMD's current royalty position," he wrote. Joseph Moore of Morgan Stanley called the report "a good quarter," but also cited margins from game consoles that will be lower than expected, sparking his downgrade to an underweight rating. "The balance of the business will likely struggle to achieve profitability," he wrote

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