AMD Stock News: Advanced Micro Devices got a lift from Intel last week and need a repeat

AMD reports quarterly earnings on Tuesday as investors wait to see if it can follow on from the Intel boost. Intel is facing increasing pressure from rivals such as AMD, and on Tuesday AMD gets to demonstrate if it can live up to the hype. AMD shares are approaching a range breakout at $83.81 resistance. see more on AMD technical view.

NASDAQ:AMD seems like it is poised to gain more ground in the lucrative semiconductor industry as Wall Street analysts predict a changing of the guard. Friday saw the S&P 500 close out its greenest week in months, and AMD rose by 4.7% to close the final trading session of the week at $82.76. Shares of AMD seem to be back on the upswing, as can be seen by the fact that it is still trading below its 200-day moving average, but it is back above its 50-day moving average. AMD is still 16% off of its 52-week high price of $99.23, which it hit in late 2020.

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The catalyst for AMD’s leap on Friday was actually the successful earnings report of industry rival Intel (NASDAQ:INTC). The key figures to take away are that Intel beat analyst earning expectations with $1.39 per share, although its gross margins took a nosedive year-over-year, as Intel continues to spend to try to keep up with other chip makers. Citigroup analysts remarked earlier in the week that Intel is losing market share in the data center segment and that AMD is one of the main beneficiaries.

AMD Stock chart

AMD is set to report its own earnings on Tuesday and other Wall Street firms are joining in the party. Analysts from Bank of America and Raymond James are also bullish on AMD moving forward, with a generous price target of $100, which exceeds AMD’s 52-week price. While NVIDIA (NASDAQ:NVDA) seems to have the most attention from investors right now, AMD should not be ignored.