AMD, Nvidia turn south as post-Intel rally fizzles out
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Advanced Micro Devices (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA) both saw their shares fall Monday as the semiconductor giants turned their backs on gains claimed last week following Intel's (INTC) disappointing results and outlook.
Nvidia (NVDA) ended the day down by almost 6%, while AMD (AMD) gave up almost 4% as investors decided it was time to cash in a bit ahead of AMD's (AMD) fourth-quarter results, which are scheduled to come out after the close of trading on Tuesday.
Last Friday, both companies notched mild gains, and appeared to show no residual effects of being associated with Intel (INTC) after investors punished it for an earnings report and forecast that was nothing less than negative. Analysts went so far as to say that Intel (INTC) was showing a "stunning" deterioration in its business.
Wall Street analysts currently expect AMD (AMD) to earn 67 cents a share, excluding one-time items, on revenue of $5.52B for the quarter that ended in December. Nvidia (NVDA), which isn't scheduled to deliver its next quarterly report until February 22, is forecast to earn 80 cents a share, on $6B, for its most-recent business period.
Meanwhile, Seeking Alpha contributor Business Quant cautioned investors about what to expect from AMD's (AMD) results, and they should "brace for pain" with the company's report.