Why Lam Research, Applied Materials, and Advanced Micro Devices Soared Today
Shares of semiconductor names Lam Research (NASDAQ: LRCX), Applied Materials (NASDAQ: AMAT), and Advanced Micro Devices (NASDAQ: AMD) were up strongly today before retreating somewhat with the overall market to a gain of 6.4%, 1.5%, and 2%, respectively, as of 12:44 p.m. EDT.
Most tech stocks were up early today on the news of a drop in jobless claims, as well as the resignation of embattled U.K. Prime Minister Liz Truss after only six weeks on the job. However, these chip-oriented names likely surged higher due to Lam Research's earnings beat last night, as well as its commentary about 2023 that may have reassured some investors.
With semiconductor stocks having sold off much more than the markets this year, they rebounded strongly off oversold conditions.
Source Fool.com
