Diamonds and Dogs
Just like our diamond's name your portfolio is advancing. Advanced Micro Devices (AMD) is soaring 40% after the company announced a notable IP licensing agreement along with better-than-expected first-quarter 2016 results. AMD has struck a $293 million agreement to license its processor and SoC technology to a newly created joint venture formed with China-based Tianjin Haiguang. The company called the agreement a meaningful step in their attempts to monetize their valuable assets. MKM Partners upgraded AMD to Buy from Neutral today raising their target to $4 from $2.90 a share.
A B C, 123, Alphabet Inc (GOOG) is losing value dragging the Nasdaq with it. Alphabet, Google, whatever its called dropped 5% today following disappointing earnings. The company reported adjusted earnings of $6.02 per share missing Zacks estimates by a wide margin. Revenues of $16.47 billion was up more than 17% year over year but down 5% sequentially. But the news wasn't all bad. On the conference call, the company's Chief Financial Officer Ruth Porat pointed out that substantial strength in mobile search drove a 20% gain in company-owned site revenue during the quarter. I'm sure it won't be long before Google is trading higher again.