Price war hurting chip maker AMD
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Advanced Micro Devices lowered sales expectations for the second time in a month and pledged to cut hundreds of millions of dollars worth of costs in the face of a brutal price war with archrival Intel.
“The rumor was that the numbers were going to be terrible, and that rumor was true,” said David Wu, an analyst at Global Crown Capital. “It’s a sea of red ink – it’s just a question of how much red ink.” Investors applauded the company’s move, driving AMD’s stock up 49 cents, or 3.8 percent, to $13.35 Monday.
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