AMD Sinks on Concerns the Rally Has Gone Too Far
(Bloomberg) -- A gain of as much as 6 percent early Thursday proved unsustainable for Advanced Micro Devices Inc., as the shares plummeted in afternoon trading amid concern that the year’s most divisive success story may be finally hitting a wall.
After touching a 12-year high, the stock fell as much as 7.3 percent in New York. The abrupt 13 percent U-turn yanked more than $4 billion from the stock’s valuation from its peak to session low. AMD remains the year’s top performer on the Standard & Poor’s 500 Index with a 193 percent return.
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