TradingKey – Advanced Micro Devices (NASDAQ: AMD) jumped 13.26% to $508.58 on Monday, November 9, adding nearly $100 billion in market value, and overnight trading held near $506.15. The stock is now about 26% above Thursday’s close of $404.40 and back above its post-earnings close of $488.78.
The recovery took just two sessions, helped on Monday by an Oppenheimer upgrade and a Google win. Even so, AMD sits about 23% below its 52-week high of $658.52, and the $508 to $515 zone, which used to be support, now stands in the way.
A 17% Crash That Had Little to Do With AMD
On Thursday, November 5, AMD fell 17.26% as the PHLX Semiconductor Index, a benchmark of major chip stocks, dropped 12.25%, its worst day since March 2020. After the midterm…
