AMD stock is making waves for the second straight day
U.S. stocks continue to move lower today, with the Dow facing a 300-point drop. Among the names making big moves are retailer American Eagle Outfitters (NYSE:AEO), biotech Syndax Pharmaceuticals Inc (NASDAQ:SNDX), and chip stock Advanced Micro Devices, Inc. (NASDAQ:AMD). Here's a quick look at what's moving shares of AEO, SNDX, and AMD.
AEO Stock Hits New Low After Earnings
AEO stock is getting crushed today, earlier hitting a two-year low of $11.17, after the company reported disappointing quarterly results. Pouring salt on the proverbial wound is a price-target cut to $12 from $14 at J.P. Morgan Securities. The shares were last seen 13.4% lower at $11.22, bringing their 2017 loss to over 26%. Despite the heavy losses, eight analysts still rate American Eagle Outfitters stock a "strong buy" or "buy," suggesting downgrades could be on the horizon.
Trial Results Lift SNDX Shares
SNDX stock is rallying today, after the company announced positive trial results for its lead drug entinostat in combination with Merck's Keytruda, and will now advance to the next stage of the study. The shares were last seen up 42.3% at $13.36, making the stock the top percentage gainer on the Nasdaq. Analysts were already upbeat ahead of the results, too, since all those covering Syndax Pharmaceuticals shares rate them a "buy" or better.
AMD Stock Makes Another Big Move
AMD stock is sharply lower today amid heavy volume, after the company failed to comment on a potential licensing deal with Intel. Plus, Loop Capital downgraded the shares to "hold" from "buy," saying it is "moving to the sidelines," and that the upcoming launch of new products is already priced in. Advanced Micro Devices was last seen 10.1% lower at $11.47, but is clinging to positive year-to-date territory. While the stock is short-sale restricted today, short sellers are likely cheering today's losses for AMD stock, since they control over 14% of its float.