The No. 2 chipmaker slashed its forecast after market close on Monday, citing weaker-than-expected sales in China and Europe, along with weak consumer demand for PCs.
AMD now expects its revenue to decrease 11% sequentially. Previously, the Sunnyvale, Calif.-based company forecast a 3% increase, plus or minus 3%, sequentially.
Shares of AMD plunged 9.07% to $5.11 early on Tuesday.Semiconductor specialist ASML Holding (ASML - Get Report), however, enjoyed a pop on Tuesday after clinching a series of deals totaling $4.1 billion with Intel (INTC - Get Report). As part of the agreement announced on Monday, Intel is investing around $1 billion in ASML's R&D over five years, and will eventually take a $3.1 billion, or 15% stake, in the Netherlands-based firm. ASML shares climbed 9.88% to $53.25 before market open. The company was also one of the most active premarket Nasdaq stocks on share volume of 350,800. Intel shares dipped 1.22% to $25.85 on Tuesday. Sirius XM (SIRI - Get Report) was another of the most active Nasdaq stocks, rising 0.24% to $2.08 on share volume of 220,452. Research in Motion (RIMM), which hosts its annual general meeting of shareholders on Tuesday, was a modest gainer, climbing 0.39% to $7.70. TheStreet will be live-blogging RIM's shareholder meeting, starting at 9:30 a.m. EDT. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.