Shares of Advanced Micro Devices (AMD - Get Report) can't catch a break. Down 8.6% Monday, the stock is now down 22% from its close on Tuesday. Last week, AMD announced disappointing quarterly results, while Morgan Stanley analysts downgraded shares Monday.
Analyst Joseph Moore "blasted [AMD] to kingdom come," TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment.
The analyst says gains in cryptocurrencies like bitcoin will likely fade, while AMD's sales for video game consoles should come under pressure. AMD makes graphic cards for both applications (as they are needed to mine cryptocurrencies) and Moore sees these developments as bearish for AMD.
Notably, Nvidia (NVDA - Get Report) chips are used for the Nintento (NTDOY) Switch consoles, which after reporting results, Nintendo management now expects to ship 14 million units, rather than just 10 million units for the fiscal year. The news helped propel Nvidia stock to new 52-week highs Monday.
All of this news has been really negative for AMD, said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio. He called AMD a "second fiddle" to its competition right now. Investors still showing a profit in the name should consider booking it. Should they buy Nvidia? Wait to see if that stock comes in a bit, he concluded.
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