What a difference a quarter made for Advanced Micro Devices, Inc. (NASDAQ:). Three months ago, AMD stock was spiraling down after investors reacted poorly to first-quarter earnings. for the first quarter. But shares are up 7% in Tuesday’s after-hours trade after the company posted a Street-beating quarter that included an unexpected profit.
Advanced Micro already had made back all of its post-earnings losses, as optimism slowly built into the quarter. That optimism has been rewarded — and AMD may be on track to clear $16 for the first time in almost a decade.
Q2 earnings probably aren’t quite enough to convert the bears. But those bullish on AMD stock surely will be celebrating the report — and driving a nice bounce in shares during Wednesday’s regular trading session.
It wasn’t as if AMD’s first-quarter report was . Rather, expectations might have been a bit too high. Combined with what looked like weak gross margin guidance for the second quarter, investors sold off AMD stock, which fell 24%...
More