$AMD stock jumps nearly 5% in Wednesday premarket. AdvancedMicroDevices reported an earnings miss for Q3 on Tuesday night. Sliding PC demand led to a 40% drop-off in Client segment by claymarkets stocks trading
Advanced Micro Devices reported an earnings miss for Q3 on Tuesday night.has advanced 4.9% to $62.61 after the chipmaker produced an earnings miss that initially sank shares by 2% late Tuesday. The market is now reevaluating the earnings news by focusing on the decent guidance for the fourth quarter that shows the industry environment may be stabilizing.This is not the quarter that shareholders were hoping for. AMD missed the boat on both the top and bottom lines.
While the PC slowdown is quite real, management guided for a 51% gross margin in Q4 only slightly below the 52% projection for the full year. This does not seem to be a company at major risk. Instead, it seems to just be dealing with the normal ups and downs of a business cycle. Bulls will focus on the fact that AMD's recent bottom was right in the vicinity of the descending lower trendline. To add to the bullish case, the Moving Average Convergence Divergence indicator has also crossed over, which typically signals that a rally has begun.The weekly chart below makes it easier to see the support levels. All of these levels stem from the period between December 2019 and July 2020. First, there is the $59 level, which acted as resistance on three occasions.
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