Chip stocks bouncing into AMD's Q3 print looks like a relief rally that is mostly about one name, and I'm still skeptical on semis.
Chip stocks bouncing into AMD's Q3 print looks like a relief rally that is mostly about one name, and I'm still skeptical on semis. AMD is doing the lifting, and the rest of the group is fading.
- $AMD is at $493.10, up 5.63% from a $466.84 prior close, ahead of its Q3 report after the Nov. 3 close. Morgan Stanley raised its target to $510 from $465 but kept Equal Weight.
- Intel traded up about 4% at $62.11 earlier in the session and has since slipped back to $61.04, up 1.78%. Its Oct. 30 Q4 revenue guide of $15-16B against roughly $17B expected weighed on sentiment across the sector.
- Marvell traded up early at $174.53 and now sits at $171.03, down 0.22%. BofA cut it to Neutral and slashed its target from $400 to $225 over the announced all-stock Lumentum deal, and TD Cowen downgraded it too.
- The closest parallel is Intel's own setup: a stock bid up into a report, then hit when the guide disappointed. AMD now carries that same expectation into its Nov. 3 after-close report.
A beat could widen this into a broader rotation, while a soft guide could undo the whole bounce. My read is that the guide matters more than the quarter, though I could be wrong if AMD's demand picture holds up.
Source:
Yahoo Finance: https://finance.yahoo.com/markets/stocks/articles/amd-advances-5-intel-rises-144457782.html
Not financial advice. For informational and educational purposes only.
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