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.

To contact the reporter on this story: Elena Popina in New York at epopina@bloomberg.net

To contact the editors responsible for this story: Courtney Dentch at cdentch1@bloomberg.net, Catherine Larkin

©2018 Bloomberg L.P.