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Quick Look Market Closing Price:
At the close: Dow -1.61% to 11011. S&P -2.07% to 1151. Nasdaq -1.45% to 2221.Treasurys: 30-year +0.18%. 10-yr +0.08%. 5-yr -0.011%.Commodities: Crude -0.15% to $80.64. Gold -0.18% to $1610.85.Currencies: Euro -0.01% vs. dollar. Yen -0.07%. Pound +0.01%.
After Hours Earning News:
Share of Advanced Micro Devices (AMD) this afternoon cut its outlook for revenue for the fiscal Q3 ending on October 1st, blaming manufacturing issues with its foundry partner, GlobalFoundries.AMD falls 9.4% AH after warning its Q3 revenue will increase only 4-6% Q/Q, compared with priorguidance of 8-12%. The company also expects its gross margin to come in at 44-45%, below guidance of 47%. AMD primarily blames the weakness on manufactucturing issues related to its 32nm technology. Intel (INTC) ramped 32nm production in early 2010.
The company now sees revenue rising 4% to 6% from Q2′s level, versus a prior estimate for an increase of 8% to 12%.
Analysts on average have been expecting a 9% increase, to $1.72 billion in revenue.
AMD also cut its gross profit margin outlook, projecting 44% to 45% margins, versus an earlier expectation for 47% margin.
AMD will report full Q3 results on October 27th, after market close, it said.
Shares of competitor Intel (INTC) are down 18 cents, or 0.8%, at $22.14.
Mosaic Company (MOS): FQ1 EPS of $1.17 misses by $0.10. Revenue of $2.2B (+41% Y/Y) misses by $0.3B. Shares +0.14 AH
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