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AMD: Will the last one to leave please turn out the lights

AMD (NYSE: AMD) reported another lackluster quarter. The lipstick on the pig was that most of the company's fourth quarter losses were writes downs arising from the purchase of graphics chip company ATI.

What AMD spent little time talking about was that revenue was slightly down from a year ago, dipping slightly to $1.77 billion. Gross margins rose to 44% from 36% in the same period a year ago. That is still well below the 58% that Intel (NASDAQ: INTC) reported. After backing out a huge write-off, AMD had a modest loss.

The company also had $95 million in interest expense. Long-term debt is over $5 billion. With shares at $6.34, down from a 52-week high of $18.18 and a price of over $40 less than two years ago, Wall Street has left the company for dead.

There is not much in the current quarterly report to bring money back into the stock.

Douglas A. McIntyre is an editor at 247wallst.com.

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Last updated: December 02, 2008: 05:13 PM

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