Why Advanced Micro Devices Stock Is Diving Following Micron News

Why Advanced Micro Devices Stock Is Diving Following Micron News

Advanced Micro Devices, Inc. AMD shares are trading lower by 3.87% to $96.23 Tuesday morning. Shares of semiconductor companies at large are trading lower following weak guidance from Micron Technology, Inc. MU. Micron said said its fourth-quarter revenue may come in at or below the low end of its guidance range provided in its June earnings call.

What Happened?

Based on the company's last guidance, Micron said it expects fourth-quarter revenue of $6.8 billion to $7.6 billion. The analyst consensus estimate was $9.05 billion.

Meanwhile, Micron looks to invest $40 billion through the end of the decade to build leading-edge memory manufacturing in multiple phases in the U.S... Read More

What Else?

AMD shares were also trading lower Monday in sympathy with NVIDIA Corporation NVDA after the company issued preliminary second-quarter revenue guidance below estimates and cited weaker gaming revenue. Nvidia sees preliminary second quarter revenue of $6.70 billion versus the previous outlook of $8.10 billion... Read More

According to data from Benzinga Pro, AMD has a 52-week high of $164.46 and a 52-week low of $71.60.

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