Advanced Micro Devices
(AMD) opened at $7.01. So far today the stock has hit a low of $6.94 and a high of $7.07. AMD is now trading at $6.93, up 0.01 (0.14%). After hitting a one-year high of $16.19 in July, the stock hit a one-year low of $5.31 in January. AMD shares are trading higher this morning on reports that the European Union's competition authority plans to take action against Intel's
(INTC) sales and distribution practices late this summer. This could be good news for AMD, who has charged that INTC uses unfair practices to maintain its huge market lead. Technical indicators for AMD are bullish and steady, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider an October covered call at the $7 range. AMD hasn’t been below $5.30 at all in the past year and has shown support around $6.75 recently, while our breakeven point would be somewhere around $6. This trade could be risky if the chipmaker's slide has not finished, but even if that happens, this position could be protected by the support the stock might find from its 50-day moving average, which is currently around $6 and rising. [LHF- Seven Summits Strategic Investments NewsBite]