Piper Sandler hiked AMD's price target to $140 from $125
Advanced Micro Devices Inc (NASDAQ:AMD) scored a price-target hike from Piper Sandler to $140 from $125 earlier, and was last seen leading the S&P 500 Index (SPX). Now looks like an great time to check in with the semiconductor giant, as well as sector peers Micron Technology Inc (NASDAQ:MU) and Qualcomm Inc (NASDAQ:QCOM).
AMD is up 9.7% to trade at $127.42 at last glance, set to snap a three-day losing streak with its biggest single-day percentage gain since April 9. Shares also eyeing their highest close since January as they break above resistance at $125, which capped rallies earlier this month and in May. So far this quarter, shares have added 24.2%.
MU was last seen up 3.5% to trade of $119.64 -- its highest level since July -- after the company yesterday revealed will it invest $200 billion in U.S. chip manufacturing and artificial intelligence (AI) memory production. MU is pacing for its 10th gain in the last 11 sessions, and has added over 42% so far this year.
QCOM is up 0.8% to trade at $155.98 at last check. The stock has been chopping higher since early April, though familiar pressure at the $160 level lingers above. Down 27.7% year over year, the equity is carrying a slim 1.4% year-to-date lead.
Out of those three, AMD is the only one enjoying unusual options activity, with volume last seen running at triple the intraday average amount. Most popular is the June 130 call, where new positions are being opened.