Earnings for Advanced Micro Devices (AMD) were 'mixed', but it was enough to result in Mr Market smashing the stock lower, settling -24.4% at $10.30. Near term outlook offers little to the tech bulls, as the stock will likely take some weeks to stabilise. A test of the 200dma in the low $10s is already well within range.
Earnings were indeed mixed...
So... EPS was inline, but rev'/sales were a clear miss.
Near term outlook? The failure to break back above resistance of $13.60/14.60 is a major failure, and the stock has duly imploded, and is already very close to the 200dma.
The mid term outlook still looks promising though, but it will likely take some weeks to build a floor in the $10s. A challenge of the Feb' high of $15.55 now looks at least 4-5 months away.
The scary thing - and it should be seen as such, this is the growth phase of the economy, and AMD is still not making a profit. A recession is inevitable as some point, and then AMD really will be under massive pressure.