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After Hours Action: AMD

Shares of AMD popped in extended trade then turned lower after the company posted results that blew past analysts' expectations, logging an unexpected profit for the quarter as its sales spiked.

The semiconductor maker reported first-quarter earnings of 9 cents a share, excluding one-time items. AMD lost 66 cents a share during the same period a year earlier.

Sales for the most recent quarter rose to $1.57 billion, up from $1.18 billion last year.

The company was seen losing 3 cents a share on revenue of $1.54 billion, according to a consensus estimate from Thomson Reuters.

What’s the trade?

I think this is a sell the news kind of story, says Pete Najarian. It’s my least favorite name in the space.

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Trader disclosure: On Apr 15, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (C), (INTC), (MSFT); Grasso Owns (C), (AAPL), (BAC); Terranova Owns (AXP), (HES), (TER), (APA), (YHOO), (MOS); Terranova Is Short (LCC); Terranova Is Short (BRE); Terranova Owns (C) Calls; Terranova Owns (GOOG) Calls; Terranova Owns (SONC) Puts; Seymour Owns (BAC), (AAPL), (EEM), (INTC), (MON), (MGM), (MGM); Seymour's Firm Owns (POT); Seymour's Firm Is Short (X); Najarian Owns (BAC) Call Spread; Najarian Owns (C) Calls; Najarian Owns (CLF) Call Spread; Najarian Owns (GOOG) May Calls, Short April Calls; Najarian Owns (GE) Calls; Najarian Owns (PCX) Call Spread; Najarian Owns (MOS) Call Spread; Najarian Owns (SUN); Najarian Owns (YHOO) Call Spread; Najarian Owns (TCK); Najarian Owns (F); Finerman Owns (GOOG), (AAPL), (RRI), (BAC), (YUM); Finerman's Firm Is Short (IJR), (MDY), (IWM), (IYR), (SPY); Finerman's Firm Owns S&P Puts; Finerman's Firm Owns (JPM); Finerman Own (JPM); Finerman's Firm Owns (GLW); Finerman's Firm Owns (BAC); Finerman's Firm Oww (BAC) Preferred; Finerman's Firm Owns (WFC) Preferred; Finerman Owns (WFC) Preferred; Cortes is Short (LVS) & (WYNN); Cortes Owns (GS); Cortes Owns (MS); Cortes Is Short S&P Futures ; Kinahan Owns (C); Kianahan Owns (GE)

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