AMD Stock on Course for Worst Day in More Than a Decade
- Earnings, forecast fall short of hopes for new chip design
- Decline wipes out 2017 gains on limited progress versus Intel
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Advanced Micro Devices Inc.’s stock is on course for its worst one-day decline in more than a decade after its second-quarter forecast deflated hopes that a new range of chips will take sales from Intel Corp.
The stock fell as much as 21 percent, the biggest intraday drop since January 2005, reversing the run up it enjoyed this year. The company, which has spent months touting the ability of its new Zen design, reported sales that were in-line with analysts’ estimates and profitability that fell short of some projections.