Friday May 17, 2013

AMD Shares Crash on Goldman Sachs Downgrade

AMD's shares took a bit of a beating today after an analyst from Goldman Sachs downgraded the company's stock to "sell." Odd seeing much of AMD's recent progress wiped out like this by a single analyst sitting in a cubicle somewhere.

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.