Advanced Micro Devices Drops Q3 Revenue Forecast
Advanced Micro Devices (NYSE:AMD), citing problems with its partner, GlobalFoundries, has cut its revenue forecast from 10% growth to 4% to 6% growth. GlobalFoundries is a joint venture between AMD and Advanced Technology Investment Company.
AMD’s shares are trading at $5.47, down $0.68, or 10.98%, on the day. They are now at their 52-week low, and have traded an unusually high 25.39 million shares in the first hour and a half of trading. The average volume for a full day’s trading is 23.28 million. Its market capitalization is $3.78 billion. About the company:Advanced Micro Devices, Inc. manufactures semiconductor products. The Company manufactures products that include microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products. Advanced Micro Devices, Inc. offers its products on a global basis.
AMD operates in the semiconductor industry. Other companies in this industry include: Cypress Semiconductor (NASDAQ:CY), Intel Corporation (NASDAQ:INTC), Texas Instruments, Inc. (NYSE:TXN), NVIDIA Corporation (NASDAQ:NVDA), and Broadcom Corporation (NASDAQ:BRCM).
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