AMD Looks Ahead

AMD missed revenue estimates after the close on Thursday, but the company held out hope for a better fourth quarter.

AMD’s results weren’t a surprise, since the company warned earlier this week that results would come in lower than expected. AMD’s third-quarter revenues of $1.24 billion came in under analysts’ estimates of $1.3 billion, but earnings of 12 cents a share were in line with expectations.

For the fourth quarter, AMD said it “expects overall sales to increase, driven by processor sales that exceed seasonal trends, and flat-to-up flash memory sales.” Analysts were expecting $1.41 billion in fourth-quarter revenues.

Shares of AMD were unchanged after hours after climbing 1% during the day.

Also after the close, AT&T announced plans to cut more than 20% of its workforce, or more than 12,000 workers, as it exits its traditional residential markets. The company also announced $12.5 billion in impairment and restructuring charges. Lionbridge warned.

Stocks fell sharply during the day on weak retail sales and rising oil prices, and jitters ahead of Friday’s unemployment and GE earnings reports.

The Nasdaq fell 22 to 1948, the S&P 500 lost 11 to 1130, and the Dow tumbled 114 to 10,125. Volume rose to 1.45 billion shares on the NYSE, but declined to 1.75 billion on the Nasdaq. Decliners led 23-8 on the NYSE, and 21-9 on the Nasdaq. Downside volume was 75% on the NYSE, and 60% on the Nasdaq. New highs-new lows were 245-21 on the NYSE, and 115-48 on the Nasdaq.

Corning tumbled 8% on a $2.9 billion writedown.

JDA Software and Performance Technologies fell on warnings, while Intersil finished down a penny on its warning.

Microstrategy lost 5% on a downgrade, while TiVo gained 6% on an upgrade.

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