Advanced Micro (AMD) now has an Erlanger Short Ratio of 7.87 with Erlanger Short Intensity of  93%. The shorts have overstayed their welcome in this name and in semis as a sector. DELL holds their analyst meeting so watch to see if semis rip on any positive news from the conference.

Hedge funds will own this name now because it is a lottery ticket and they can no longer access insider information via expert networks. Valuation models like Holt or Ativo which we prefer over Holt see AMD price target at $5.58. That is more than a double if it gets there.

We note the Price/Sales is stupid cheap on this name at 0.28. Since this name will be one of the worst performers for 2012, those that play buying the biggest dogs at year end will be in this name.  The $64,000 question is can the company muddle through its hefty debt.