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NEW YORK (
AMD(AMD - Get Report) was the big loser in premarket trading on Friday after releasing weaker-than-expected
preliminary third-quarter numbers on Thursday.
Intel(INTC) rival said it now expects third-quarter revenue of approximately $1.27 billion, a sequential decline of around 10%. Previously, AMD had predicted a sequential decrease of 1%, plus or minus 3%. Analysts surveyed by Thomson Reuters were looking for sales of $1.38 billion.
"The lower than anticipated preliminary revenue results are primarily due to weaker than expected demand across all product lines caused by the challenging macroeconomic environment," noted AMD, in a statement released after market close.
Investors responded negatively to the numbers, pushing AMD's shares down 8.44% to $2.93 before market open on Friday.
Sprint(S), which surged more than 14% during Thursday's trading, dipped 1.91% to $5.65 before market open. On Thursday, the Overland Park, Kan.-based company
confirmed it's in discussions with Japan's
Softbank about a possible "substantial" investment in the No. 3 U.S. telecom provider.
Sprint's key partner
Clearwire(CLWR), however, was an even bigger laggard, tumbling 7.21% to $2.06 on share volume of 256,815.
Apple(AAPL - Get Report), which is said to be preparing the launch of its new
iPad Mini, crept up 0.5% to $631.25.
--Written by James Rogers in New York.
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