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How Did Wall Street Perform on October 30?

PART:
1 2 3 4 5 6 7
Part 5
How Did Wall Street Perform on October 30? PART 5 OF 7

Advanced Micro Devices: S&P 500’s Top Loser on October 30

Top losers

The S&P 500’s top losers on October 30 were:

  • Advanced Micro Devices (AMD) fell 8.0%.
  • Merck & Company (MRK) fell 6.1%.
  • Leggett & Platt (LEG) fell 4.6%.
  • Macy’s (M) fell 4.3%.
  • L Brands (LB) fell 4.2%.

Advanced Micro Devices: S&#038;P 500’s Top Loser on October 30

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Advanced Micro Devices  

Advanced Micro Devices is an American multinational semiconductor company and the second-largest supplier of x86-based microprocessors. It was the S&P 500’s biggest loser on Monday. Advanced Micro Devices opened lower on October 30 and fell to five-month low price levels.

Downgrade by Morgan Stanley

Advanced Micro Devices’ price fell on Monday following the downgrade by Morgan Stanley. Advanced Micro Devices fell last week amid the announcement of its weaker-than-expected 4Q17 outlook report. On Monday, Joseph Moore, an analyst at Morgan Stanley, commented on a note to its clients that Advanced Micro Devices might experience lower sales of its graphic chips used for mining of cryptocurrencies and gaming consoles in 2018.

According to Moore, the graphic chip sales for cryptocurrency mining might fall as much as 50% in 2018, which could decrease Advanced Micro Devices’s revenue by almost $250 million. He also forecast 5.5% lower demand for gaming consoles, which could weigh on graphic chip sales. He lowered Advanced Micro Devices’ target price from $11 to $8.

On October 30, Advanced Micro Devices fell 8.0% and closed the day at $10.89.

In the next part of this series, we’ll discuss how Merck & Company (MRK) performed on Monday.

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