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AMD's stock falls 13% after Goldman Sachs rates the stock a 'sell'

AMD's stock declines 13% after Goldman Sachs analyst downgrades stock to "sell"

By Trace Hagan from May 16, 2013 @ 18:02 CDT

AMD's stock has fallen by over 13 percent today after Goldman Sachs' analyst James Covello downgraded their stock rating to "sell." Part of the reason for the downgrade is the faltering PC market in which sales are showing no signs of recovering.

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AMD has had a few big wins lately. AMD was chosen to be the component provider for both Microsoft's and Sony's new next-generation gaming consoles. However, Covello doesn't believe that's enough to justify AMD's recent high of $4.40 per share.

AMD's stock has fallen 12.56 percent, down $0.55 to end at $3.83. After-hours trading hasn't been nice to the chip maker, either, with its stock falling an additional $0.01.

NEWS SOURCES:Allthingsd.com

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