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Advanced Micro Devices Gives Back Most Of Tuesday's Gains

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Advanced Micro Devices, Inc. (NASDAQ: AMD) shares are trading lower by $1.17 (9 percent) at $11.58 in Wednesday's session.

The stock added $1.35 ($11.42 to $12.75) on Tuesday, when the Street anticipated a licensing deal with Intel (NASDAQ: INTC). Since no confirmation has materialized, the stock has attracted a load of sellers.

See Also: AMD Downgraded, Analyst Thinks Intel Deal Is 'Unlikely'

After a lower open, AMD attempted to rally but found sellers well ahead of Tuesday's close ($12.75) at $12.29 and continued its move lower. At this time, the ensuing decline has found intraday support just ahead of Monday's close ($11.42) as $11.44 stands as the current low for the session.

If that level is breached, it may find additional support at Monday's low of $11.30.

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