Why AMD Stock Fell Before Recovering Earlier Today
Shares of Advanced Micro Devices (NASDAQ: AMD) were down over 4% this morning before rallying. Wells Fargo analyst Aaron Rakers cut his growth estimates for the next three years, citing weakening demand in the PC market that might spill over to the data center market, a key driver of growth for the chipmaker.
As of 12:56 p.m. ET on Wednesday, the stock was down just 1.3%, while the S&P 500 index was down less than 1 percent.
The fears of inflation and rising interest rates have sent this growth tech stock down 53% year to date. Should investors be worried about more losses after Wells Fargo's call?
Source Fool.com
