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2 Aug 2023


NextImg:AMD Stock Rises Ahead Of Q2 Earnings Print
When AMD printed first-quarter results on May 2, the stock plunged almost 20% the following day before reversing into a steep uptrend. BENZINGA.

Advanced Micro Devices, Inc (NASDAQ: AMD) was popping almost 3% Tuesday higher ahead of its second-quarter earnings print set to take place after the market closes. 

When AMD printed first-quarter results on May 2, the stock plunged almost 20% the following day before reversing into a steep uptrend.  

For that quarter, AMD reported first-quarter non-GAAP earnings per share of $1.13, beating the 91-cent consensus estimate. The semiconductor stock printed record revenues of $5.89 billion, which exceeded the consensus estimate of $5.52 billion.

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When AMD printed first-quarter results on May 2, the stock plunged almost 20% the following day before reversing into a steep uptrend. BENZINGA.

For the second quarter, analysts, on average, estimate AMD will report earnings per share of 57 cents per share on revenues of $5.323 billion. 

On July 27, Rosenblatt analyst Hans Mosesmann reiterated a Buy rating on AMD and maintained a price target of $200. 

“From a technical analysis perspective, AMD’s stock looks bullish heading into the event, broken up from a triangle pattern,” said Mosenmann. 

“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,” said Mosenmann. 

The AMD Chart: AMD started to trade in a symmetrical triangle on June 13 after beginning to rise above an ascending trendline on May 4. The stock was set to meet the apex of the pattern on Aug. 3, but on Tuesday, AMD was breaking up from the formation on high volume. 

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When AMD printed first-quarter results on May 2, the stock plunged almost 20% the following day before reversing into a steep uptrend. BENZINGA.

Produced in association with Benzinga

Edited by Priscilla Jepchumba and Judy J. Rotich