Shares of Advanced Micro Devices Inc. shot up 7.4% in active premarket trade Monday, after The Wall Street Journal reported that the graphics chip maker was teaming up with long-time rival Intel Corp. to fend off their common competitor Nvidia Corp. . Trading volume in AMD topped 3.5 million shares with less than 40 minutes before the open, making the stock the second-most actively traded in the premarket. Intel’s stock gained 1.5% while Nvidia shares shed 1.4%. AMD’s stock recently changed hands at $11.94, which would put it on track to retrace about 33% of what the stock had lost since reporting disappointing third-quarter results. AMD’s stock has lost 1.9% year to date through Friday, while Intel shares have rallied 27%, Nvidia’s stock has soared 96%, the PHLX Semiconductor Index has climbed 43% and the S&P 500 has advanced 16%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News