Advanced Micro Devices Back Over $3 For First Time In 4 Months

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Advanced Micro Devices, Inc. AMD shares were trading higher by $0.21 (8 percent) at $3.06 in Thursday's session. It is the first time the issue has traded over the key psychological resistance level of $3.00 since it peaked at $3.20 on October 9.

Along with takeover chatter over the past few weeks, Benzinga Pro reported of unusual call activity in the July $3.00 on Wednesday. In addition, a recent article in Barron's touted the potential of 75 percent upside in the issue.

Advanced Micro Devices remains quite some distance from its all-time high made during the tech bubble in June 2000 and revisited the $40.00 handle, reaching $42.70 in March 2006.

During the financial crisis in 2008, it bottomed at $1.62. It has labored between $1.81 and $4.80 since November 2012.