Advanced Micro Devices, Inc. AMD shares are trading lower by $0.84 (5 percent) at $13.06 in Friday's session. It has fallen more than $2.50 since making a near 10-year high Tuesday when it hit $15.55.
The stock's fall from grace has been accelerated by a 45 million share block trade at $13.70 per share. On many occasions, offering prices can act as support or resistance in an issue. In this instance, it's acting as major resistance.
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After ending Thursday's session at $13.90, the issue hasn't even seen the offering price of $13.70, as $13.58 stands as the high for the session. In fact, it doesn't appear there will be many takers of the offering as the issue has distanced itself from that level by nearly $1.00.
AMD's follow through move off the lower open took the issue $12.79. That low comes in below its February 16 low ($12.84) and above its February 17 low ($12.60). Since making that low, it has rebounded back into the $13.00 handle.
Image Credit: By Konstantin Lanzet (CPU collection Camera: Canon EOS 400D) [GFDL or CC BY-SA-3.0], via Wikimedia Commons
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