Advanced Micro Devices Inc. (NYSE: AMD) is seeing the price of AMD stock up yet again on new news that new servers launching on its technology at a lower price are now available. If you have been reading 24/7 Wall St. for long, this is at least the second time in recent trading that the new technology has driven the stock higher.
Source: Thinkstock
We recently featured AMD in our stocks that analysts expect to double and the issue was the same driving force back then, but in a research report from Wells Fargo. The Open 3.0 servers are supposed to reduce virtual server and desktop costs by 57% when compared to comparable virtual infrastructure.
The question is whether this big move on Monday is really just more and more short covering. The short interest remains high at 96 million shares as of the end of April, but that is within the range of recent bi-monthly reports. We would also point out that the short interest peaked at about 152 million shares in November of 2012.
AMD shares so far on Monday with less than 30 minutes to the closing bell are up about 5.8% at $4.17 on nearly 50 million shares. Its 52-week trading range is $1.81 to $6.89 and the average daily volume is almost 21.5 million shares.
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