Advanced Micro Devices Pummeled After Downgrade

Advanced Micro Devices, Inc. AMD shares are trading lower by $1.00 (7.2 percent) at $13.18 in Thursday's session.

The catalyst for the decline is initiation of coverage at arguably Wall Street's most influential firm, Goldman Sachs, with a Sell rating and $11.00 price target.

After a lower open, AMD had only a $0.04 bounce to $13.46 before continuing its move lower. So far, the ensuing decline has taken the stock to $12.83, but rebounded back into the lower $13.00 handle.

The current low coincides with its March 7 low of $12.79. In order to fill the void in price from Wednesday's session and reach the lower-end of Wednesday's range, it would need to reach $14.10.