Shares of Advanced Micro Devices (AMD) are on the move Wednesday, climbing about 5% after the company beat on earnings per share and revenue estimates.
The stock was originally down in after-hours trading as investors tried to digest the report, TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment. The shorts were trying to pounce on anything they could.
Every catalyst the bears tried, though, ended up working against them. The company's restated revenue wasn't due to an accounting issue, but rather the new tax laws. It turned a potentially negative situation into a positive one. Margins were better than they initially appeared and AMD's presence in cryptocurrencies was a positive, Cramer explained.
At times, it feels like AMD is "the most hated stock," reasoned Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.
AMD CEO Lisa Su continues to do an excellent job. In the second half of 2018, we should see the company's balance sheet improve as business gains momentum. It won't be too long before investors are paying $15 for this stock, Cramer concluded.
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