AMD shares slide on results, downgrades
7/20/12 9:50 AM ET (MarketWatch)
SAN FRANCISCO (MarketWatch) -- Advanced Micro Devices saw its shares slide nearly 10% to $4.38 on Friday morning after the chip-maker reported weak second-quarter results and projected lower-than-expected revenues for the current period. The company cited the slumping PC market as well as sales issues in China for the shortfall. At least two brokers -- Canaccord Genuity and Wedbush Securities -- cut their ratings to hold on the stock following the results. "Putting aside the macro challenges that the entire semiconductor group is facing, we believe AMD has some considerable company-specific headwinds," wrote Betsy Van Hess of Wedbush, citing share loss in the laptop segment, growing inventories and "slower than expected uptake" of the company's Bulldozer processors in the IT market.