Advanced Micro Devices Inc (AMD)

[Petz]

I see two possible reasons for AMD's later reporting date. First, AMD recently started giving earnings for each of the 3 groups - Computation (CPG), Memory (mostly flash) and Other (mostly embedded CPUs).

Although Intel has been doing this for years, IMO they have not been doing a good job of it, because a lot of expenses are miscaregorized into the Intel "Other" category and there is not reason that these expenses should not be put in one of the actual operating unit's P&L. So, to do it right could easily take some extra time, especially for Q4.

Second, AMD wants to avoid having earnings reported right before options expiration. There are 2 subreasons for this. Options expiration often causes the stock to drop, so the action of the stock might be misinterpreted by some as a negative reaction to earnings. Earnings and options expiration both increase volatility, so the combination can be explosive. But, mainly, having earnings right before options expiration just encourages speculation in options rather than investment in the common stock.

AMD used to report earnings the second week of the month, but I suppose that is impossible with sector reporting.

Petz