What's Going on With AMD Stock Thursday? - Advanced Micro Devices (NASDAQ:AMD)

What's Going on With AMD Stock Thursday? — Advanced Micro Devices (NASDAQ:AMD) reports that AMD shares were little changed on Thursday, down 0.13% to $541.58, even as the broader market rose. The Nasdaq gained 0.38% and the S&P 500 rose 0.59%, while AMD’s slight dip was attributed to profit-taking after a strong multi-month rally rather than a shift in overall sentiment. The longer-term trend is described as firmly bullish based on moving-average structure, with AMD trading 4.3% above its 20-day simple moving average of $518.00. The stock is also 17.3% above its 50-day SMA of $460.85 and 94.2% above its 200-day SMA of $278.30.

Despite the positive trend, momentum indicators have softened: MACD remains below its signal line and the histogram is negative, which can signal slowing upside momentum. Resistance is noted near $546.50, while initial support is around $437.00 near the 50-day area. For fundamentals, Wall Street expects AMD’s second-quarter results around Aug. 4, with consensus earnings of $1.55 per share on revenue of $11.28 billion, versus $7.68 billion a year earlier. The stock trades at about 180.3 times earnings, with a consensus “Buy” rating and an average price forecast of $499.44, after recent upgrades to higher targets by Wells Fargo, Cantor Fitzgerald, and UBS.