Today's Research Reports on Stocks to Watch: Advanced Micro Devices and NVIDIA

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Accesswire 26-Jun-2017 8:00 AM
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NEW YORK, NY / ACCESSWIRE / June 26, 2017 / The cryptocurrency boom has treated both NVIDIA and AMD considerably well this year. When bitcoin is mined, miners will use high-end computers and download programs that hunt for the currency. With GPUs running all day long it's no wonder they are scooping them up from AMD and NVIDIA. Both stocks may have closed down this past Friday but have seen some big gains this year.
RDI Initiates Coverage on:
Advanced Micro Devices, Inc. https://ub.rdinvesting.com/news/?ticker=AMD
NVIDIA Corporation https://ub.rdinvesting.com/news/?ticker=NVDA
Advanced Micro Devices, Inc.'s shares closed down a modest 1.46% this past Friday on about twice the volume. Volume for the stock soared over 200 million shares compared to an average of around 89 million shares. The stock has climbed ~25% YTD. AMD has been enjoying the demand for graphic cards from cryptocurrency miners. Despite the loss on Friday, the stock has seen gains of over 23% in the last five days. RBC Capital Markets analyst Mitch Steves recently noted that cryptocurrency mining has added $100 million worth of GPU sales for rival NVIDIA. This big demand has traders pretty excited about both AMD and NVIDIA and what their fiscal second quarters may look like.
Access RDI's Advanced Micro Devices Research Report at: https://ub.rdinvesting.com/news/?ticker=AMD
NVIDIA Corporation's shares closed down 2.87% on Friday despite a known bear towards the stock changing its tune recently. It was a little over two months ago that Pacific Crest downgraded the stock and now it upgraded the stock to "sector weight." According to analyst Michael McConnell, "Meetings with desktop graphics card manufacturers indicated a sharp reversal in sales trends expected for the seasonally weaker 2Q, with surging demand from cryptocurrency miners in China and Eastern Europe." He also wrote in a note that, "The sharp increase in demand from cryptocurrency miners has rapidly depleted excess channel inventory carried into the quarter." Since he downgraded NVIDIA back in April shares have climbed around 42%. Cryptocurrency has helped shares as miners use graphic cards from the company to "mine" new coins. In the last year, shares of the stock have seen a staggering 240% climb. Even FactSet has said that this performance has made the stock number one in the whole S&P 500.
Access RDI's NVIDIA Corporation Research Report at: https://ub.rdinvesting.com/news/?ticker=NVDA
Our Actionable Research on Advanced Micro Devices, Inc. (NASDAQ: AMD) and NVIDIA Corporation (NASDAQ: NVDA) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com