About four months ago, I shocked many of my regular patrons when I said that Advanced Micro Devices (NYSE: AMD) wasn't a screaming buy at that moment in time. The company had plenty of things going for it, but the stock looked fairly valued just short of $10 a stub. "Would I buy AMD again today?" I asked. "I'm not backing up the truck to buy more unless AMD takes another nosedive for no reason first."

Well, that day has come. AMD now trades about 20% below where it was on that fateful day in March, and now presents a comfy value cushion. Buy today and sell at $10 a share, and you'll have a very nice 35% return on your hands. That sounds eminently doable and very much worth the effort.

Meanwhile, not much has changed about the business:

The market moves in mysterious ways, to paraphrase Bono, and there's no real reason why AMD's stock should be priced so much lower today than where it sat in late March. Still, there it is -- a value play ripe for the picking. Just remember that you're buying a volatile stock (beta: 2.14) that doesn't pay a dividend and operates in a truly cutthroat market. Buckle up for a bumpy ride, but one with more ups than downs in the coming year or two.

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