AMD: Starke Zahlen - schwacher Kurs

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13.04.06 19:04

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Advanced Micro Stock Down After 1Q Report
Thursday April 13, 12:49 pm ET

Advanced Micro Devices First-Quarter Earnings Upside Seen As 'Artificial'

NEW YORK (AP) -- Shares of Advanced Micro Devices Inc. dropped hard in midday trading Thursday after some analysts expressed disappointment that the company didn't seem to steal as much market share as expected from archrival Intel Corp. during the first quarter. On Wednesday, the chip maker said for the first-quarter, it earned $185 million, or 38 cents per share, topping analysts' expectations for 30 cents per share. Gross margins for the quarter were 58.5 percent, up sequentially from 57.3 percent during the fourth quarter.

Credit Suisse analyst Michael Masdea, who has a "Neutral" rating on the stock, called the company's earnings upside "somewhat artificial," driven by improved gross margins, which were based on lower-than expected depreciation, lower incentives and a better mix in sales.

Masdea also speculates that although Intel may report weak results, he doesn't believe Advanced Micro took "material" market share from Intel during the quarter, as was expected. Last month Intel warned its first-quarter revenue would fall short of previous guidance, due to weak demand and a "slight" share loss, fueling speculation that AMD may stolen significant business from Intel.

A.G. Edwards analyst David Wong agrees. Wong, who has a "Hold" rating on Advanced Micro, thinks Intel may have only lost 1 percent to 2 percent market share during the quarter.

"Market share losses by Intel to Advanced Micro in units may have been less than we assumed," Wong wrote in a note. "If this is true, the inventory issues (at Intel) may not be as severe as we have feared."

Shares of Advanced Micro Devices, which have traded between $14.08 and $42.70 over the last year, were down $3.08, or 8.7 percent, to $32.34 in midday trading on the New York Stock Exchange. Intel shares were up 43 cents, or 2.2 percent, to $19.55 on the Nasdaq.




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