Fri. Oct 18th, 2019

AMD’s stock surges to pace semiconductor peers

1 min read

Shares of semiconductor companies are broadly higher Friday, led by the surge in Advanced Micro Devices Inc.’s stock

AMD, +6.03%,

amid upbeat industry data and a sharp rally in the broader stock market after a report of a U.S.-China trade truce. The PHLX Semiconductor Index

SOX, +3.11%

hiked up 3.0%, with all 30 components gaining ground. The chip sector tracker (SOX) was now just 1.2% away from its July 24 record close. The biggest gainer in the index was AMD’s stock, which ran up 6.0%. Analyst David Wong at Instinet noted that Gartner estimated that worldwide PC shipments in the September quarter rose 8.0% from the previous quarter, and grew 1.1% year over year. Wong wrote in a note to clients Friday that he thinks the solid overall PC environment is “good for AMD,” and that AMD will likely benefit from continuing market share momentum. Among the SOX’s other more-active components, shares of Micron Technology Inc.

MU, +5.34%

climbed 5.6%, Intel Corp.

INTC, +2.76%

rallied 2.8% and Nvidia Corp.

NVDA, +2.64%

hiked up 2.5%. Over the past three months, AMD shares have still slumped 9%, while the SOX has run up 8.6% and the S&P 500

SPX, +1.71%

has eased 0.4%.

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