AMD stock shows small signs of a Wall Street rebound
By Colleen Taylor, Contributing Editor -- EDN, May 15, 2007
Advanced Micro Devices Inc. (AMD) is inching back into favor on Wall Street after months of dwelling in the shadow of its rival Intel Corp., the industry's top-ranked chipmaker.
After its debut yesterday morning of a new family of Radeon HD 2000 graphics processors, AMD's stock closed Monday at $15.36, up 4.68 percent from Friday's closing price of $14.68 and up 22 percent from the $12.60 52-week low the company's price reached just last month. Nevertheless, the company has a long way to go to recapture its glory days in 2006, when in March its share price hit a high of $42.70.
AMD seems determined to regain strength with new product releases and a revamped business model in an effort to bounce back from a months-long string of struggles that have significantly impacted AMD's bottom line. Last month, the company posted dismal Q1 results including a net loss of $611 million.
In an encouraging sign for the company, on Monday Wall Street watcher American Technology Research's analyst Doug Freedman upgraded the firm's opinion on AMD's stock to "buy" from "sell," based on its Radeon debut and the impending release of its Phenom quad-core processor family.
"We are looking for AMD to continue to gain share in the notebook space… as the low-end/low-cost segment of the notebook market outgrows the industry," Freedman said yesterday in a research note. "We believe AMD may win a notebook platform with Toshiba and expect increased offerings from Dell as that relationship continues to grow," Freedman added.
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