News Snapshot:
Advanced Micro Devices (AMD) reported fiscal third-quarter results that missed lowered expectations on after the closing bell Tuesday. The stock initially dropped in after-hours trading before reversing and rising 4% as investors took solace in AMD's year-over-year revenue advance in Q3. Unfortunately, we don't see much in the report to indicate any let-up in the near-term of the troubles facing the semiconductor industry. Revenue in AMD's third-quarter increased 29% to $5.57 billion, missing estimates of $5.62 billion. Adjusted gross margin expanded 150 basis points to 50%, largely in line with expectations. Adjusted earnings per share fell 8% to 67 cents,...
