Advanced Micro Devices (NASDAQ:AMD) is up 8.5% to trade at $487.18, after the chip stock received an upgrade from Oppenheimer to "outperform" from "market perform." The analyst in coverage also hiked its price target to $600, after the company reported strong quarterly results last week. The stellar report included record revenue of $13.4 billion, a 45% increase from the same quarter a year ago.
Today's price action has the semiconductor player pacing for a fourth win out of the past five sessions, looking to extend last session's rebound off of $400. Year to date, the shares are up 109%.
It's should be worth noting AMD bearish attention than usual. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), AMD's 50-day put/call volume ratio ranks in the 82nd percentile of its annual range.
Plus, it's worth mentioning AMD also tends to outperform options traders' volatility expectations. This is per its Schaeffer's Volatility Scorecard (SVS) of 78 out of 100.
