Advanced Micro Devices (SYM: AMD) is soaring, even as the major indices crumble.
Last checked, AMD was up about $4 to $136.34 and could push even higher. For one, recent AMD earnings were strong. The company saw top-line growth of about 9% thanks to a 115% year over year jump in data center revenue. Plus, AMD expects for third quarter revenue to come in at around $6.7 billion at the midpoint, as compared to estimates of $6.61 billion.
Two, Intel’s earnings missteps are creating even more opportunity for AMD moving forward.
In fact, according to Melius Research, “With product reliability and execution issues, we do feel we can say one thing after listening to Intel — this has to be good for AMD. We’ve seen an acceleration in share gains of late at AMD and heard about issues with Intel products. These things are hard to stop once they get going.”
Three, the AMD stock is now technically oversold on RSI, MACD and Williams’ %R.
