NEW YORK (TheStreet) -- Shares of Advanced Micro Devices (AMD) were falling 5.6% to $2.43 on heavy trading volume Friday after Micron Technology (MU) missed analysts' estimates in its fiscal third quarter and offered a light fiscal fourth guidance due to weak PC sales.
Micron reported earnings of 54 cents a share for the fiscal third quarter, below analysts' estimates of 57 cents a share. The company said revenue fell 3.3% year over year to $3.85 billion for the quarter, compared to analysts' estimates of $3.91 billion.
Looking to its fiscal fourth quarter Micron said it expects revenue of $3.45 billion to $3.7 billion, below analysts' estimates of $4.16 billion for the quarter.
AMD is a Sunnyvale, CA-based company that produces CPUs and graphics cards for PCs. The company recently announced its new high-end Fury X graphics card at the Electronic Entertainment Expo (E3).
About 23.3 million shares of AMD were traded by 2:41 p.m. Friday, above the company's average trading volume of about 13.4 million shares a day.
TheStreet Ratings team rates ADVANCED MICRO DEVICES as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate ADVANCED MICRO DEVICES (AMD) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."