AMD’s New Chip Doesn’t Slow Bears (AMD, INTC, ARMH, QCOM, BRCM, NVDA, DELL, HPQ, AAPL)

Consumer Electronics

Published: October 2, 2012 1:51 pm

Advanced Micro Devices Inc. (NYSE: AMD) today announced availability of a new version of its A-Series Accelerated Processing Units and the company’s stock responded by hitting a new 52-week low of $3.17. This is not meant to suggest causation, but rather to point out again that new chips aimed at desktops and laptops are not a market sweet spot these days.

Already the weakest of the semiconductor makers, AMD’s shares are down 37% in the past 12 months and nearly 45% in the past 3 months. Intel Corp. (NASDAQ: INTC) is down nearly 15% in the past 3 months. On the other side of the coin, ARM Holdings plc (NASDAQ: ARMH) is up 16% in the past 3 months and Qualcomm Inc. (NASDAQ: QCOM) is up 11%.

The difference, of course, is which companies play in the mobile space and which don’t. Broadcom Corp. (NASDAQ: BRCM) and Nvidia Corp. (NASDAQ: NVDA) are up 1% and down about 3%, respectively, although both have solid offerings in the mobile market.

And the PC makers? Both Dell Inc. (NASDAQ: DELL) and Hewlett-Packard Co. (NYSE: HPQ) are down 30% and 23%, respectively, in the past 12 months. Neither has a serious offering in the mobile market. Apple Inc. (NASDAQ: AAPL) is up 72% in the same period, and it’s not because they sell a lot of Macs and MacBooks.

AMD’s shares are trading at $3.23 in a prior 52-week range of $3.22-$8.35.

Paul Ausick

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