Intel, Advanced Micro Devices, Fate Therapeutics News Today

Intel Corporation (NASDAQ:INTC), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Fate Therapeutics Inc (NASDAQ:FATE) are in the news today

Mar 13, 2017 at 9:53 AM
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The stock market is trading higher ahead of this week's rate decision from the Fed. Meanwhile, among specific names in focus are tech stocks Intel Corporation (NASDAQ:INTC) and Advanced Micro Devices, Inc. (NASDAQ:AMD), as well as cancer treatment specialist Fate Therapeutics Inc (NASDAQ:FATE). Here's a quick roundup of the headlines moving shares of INTC, AMD, and FATE.

Mobileye Stock Soars On Big Intel Buyout

INTC said it will buy Israeli-based self-driving tech firm Mobileye NV (NYSE:MBLY) in an all-cash deal valued at $15.3 billion, or $63.54 per MBLY share -- a 34.4% premium to Friday's close. While MBLY shares are soaring this morning, INTC stock is trading down 1.2% at $35.648. Nevertheless, the security remains up 11.7% year-over-year, with INTC's two most recent pullbacks contained by its 200-day moving average. Options traders have been quick to buy calls on Intel Corporation, per its 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 4.44, in the 97th annual percentile.

Advanced Micro Devices Will Join the S&P 500 Index

AMD shares have jumped 3.6% out of the gate to trade at $14.41, on news the chipmaker will be added to the S&P 500 Index (SPX) ahead of the open on Monday, March 20, after S&P Dow Jones boosted its market cap guidelines late last week. AMD will be joined by Raymond James Financial, Inc. (NYSE:RJF) and Alexandria Real Estate Equities Inc (NYSE:ARE), with the trio replacing Urban Outfitters, Inc. (NASDAQ:URBN), First Solar, Inc. (NASDAQ:FSLR), and Frontier Communications Corp (NASDAQ:FTR).

Historically, stocks joining the S&P have struggled over the short term. Regardless, AMD has been a strong performer over the past year, up 472% in the last 12 months. A continued rise could have some of the weaker bearish hands throwing in the towel. While short interest declined modestly in the most recent reporting period, these bearish bets still account for more than 13% of Advanced Micro Devices, Inc.'s available float.

Fate Therapeutics Shares Jump on FDA Nod for Cancer Drug

FATE stock is trading up 9% at $5.53 -- and earlier tagged a 12-month high of $5.68 -- after the biotech's new drug application (NDA) for its natural killer cell cancer treatment, FATE-NK100, received clearance from the Food and Drug Administration (FDA). The biotech can now test the immunotherapy on humans with acute myeloid leukemia (AML). FATE shares have already had a standout run, nearly tripling in value on a year-over-year basis. However, while all six analysts covering the shares of Fate Therapeutics Inc maintain a "buy" or better rating, traders have started getting a little nervous. In fact, short interest shot 17% higher in the latest two-week reporting period, though these pessimistic positions still only account for 1.8% of FATE's available float.

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