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Advanced Micro Devices, Inc (NASDAQ:AMD) was rising about 2% Tuesday ahead of its third-quarter earnings print set to take place after the market closes.
When AMD printed second-quarter results on Aug. 1, the stock was volatile the following day, gapping up 1.61% higher to start the session and closing down 7.02%.
For that quarter, AMD reported second-quarter non-GAAP earnings per share of 58 cents, beating the 52-cent consensus estimate. The semiconductor stock printed revenues of $5.36 billion, which exceeded the consensus estimate of $4.81 billion.
For the third quarter, analysts, on average, estimate AMD will report earnings of 68 cents per share on revenues of $5.69 billion.
Ahead of the event, Rosenblatt analyst Hans Mosesmann reiterated a Buy rating on AMD and a price target of $200. Read More…
From a technical analysis perspective, AMD's stock looks bearish heading into the event, forming a possible bear flag pattern on the daily chart.
It should be noted that holding stocks or options over an earnings print is akin to gambling because stocks can react bullishly to an earnings miss and bearishly to an earnings beat.
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The AMD Chart: AMD’s bear flag pattern began to form on Oct. 19, with the downward sloping pole created between that date and Oct. 26 and the flag printing since. The measured move, if AMD breaks down from the bear flag on higher-than-average volume, is about 12%, which suggests AMD could fall toward $86.