AMD’s stock swings sharply lower to pull back from 12-year high
Shares of Advanced Micro Devices Inc. AMD, -0.39% dropped 2.4% in very active morning trade Wednesday, as it suffered a 10% swing intraday swing lower, to pull back from a 12-year high. The chip maker’s stock was up as much as 6.7% at an intraday high of $29.94, the highest price seen since June 5, 2006, before reversing to be down as much as 4.3%, before bouncing slightly. Volume topped 85 million shares within the first 45 minutes after the open, enough to make it the most actively traded stock on major U.S. exchanges, and already close to the full-day average of 105.6 million shares. On Tuesday, the stock had rocketed 11.5% on volume of 192.5 million shares, the biggest one-day gain since May 16, 2017 after two analysts raised their price targets. The stock has soared 166% year to date, while the PHLX Semiconductor Index SOX, -1.20% has gained 12% and the S&P 500 SPX, -0.45% has tacked on 7.9%.
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