Taiwan Semiconductor Manufacturing Co. (NYSE:TSM): Shares of Taiwan Semi are off sharply after the company’s quarterly results, despite the 24 percent growth of net profit to a record of 51.81 New Taiwan dollars, or $1.74 billion, as a result of strong demand from smartphone and tablet manufacturers for high-performance chips. Chairman Morris Chang cut the forecast for 2013 growth in the semiconductor industry to 3 percent from 4 percent, likely sparking the tumble in share value.
Intel Corp. (NASDAQ:INTC): Following its weaker-than-expected quarterly results, RBC Capital is encouraged by the company’s focus on efficiency and thinks it can capture under-serviced markets, and considers the valuation to remain very attractive. The firm keeps a $29 price target and Outperform rating on the shares.
Advanced Micro Devices (NYSE:AMD): Shares closed up nearly 6 percent and continued to gain in after-hours trading as AMD announced that its second-quarter earnings per share of -9 cents beat estimates by 3 cents, as revenue of $1.16 billion — although down 18 percent year-over-year — beat by $0.05 billion. The company achieved a gross margin of 40 percent. ”Our focus on restructuring and transforming AMD resulted in improved financial results,” said Rory Read, AMD president and CEO. “Our performance in the second quarter was driven by opportunities in our new high-growth and traditional PC businesses.” He added that the company expects “significant revenue growth and a return to profitability in the third quarter.”
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