AMD stock is also rallying today
Tech stocks are boosting the broader stock market on Election Day. Among individual names making notable moves are chipmaker Advanced Micro Devices, Inc. (NASDAQ:AMD), and cybersecurity names Symantec Corporation (NASDAQ:SYMC) and FireEye Inc (NASDAQ:FEYE). Here's a quick look at what's moving shares of AMD, SYMC, and FEYE.
AMD Stock Pops on EPYC Processor AWS Availability
Advanced Micro Devices stock is trading up 6.7% at $21.24, after the company said its EPYC processors are now available on Amazon Web Services (AWS). Since bouncing off their 200-day moving average at the end of October, the shares have gained 31.7%. But while AMD has moved above a short-term ceiling in the $20.25-$20.50 region -- a 23.6% Fibonacci retracement of its October plunge and a 100% year-to-date return -- it's still staring up at $23, home to last month's pre-bear gap close.
Options traders appear to be positioning for even more gains through week's end. Amid accelerated intraday call volume, buy-to-open activity has been detected at the weekly 11/9 21-strike and 22-strike calls -- AMD stock's most active options so far today -- both of which expire at this Friday's close.
Symantec Stock Rallies Into Key Resistance
After being halted earlier, the shares of Symantec are up 13.6% to trade at $22.66. Boosting the equity is unconfirmed reports private equity firm Thoma Bravo approached the Norton antivirus software parent about a potential buyout offer.
While the stock is on on track for its biggest one-day gain since July 25, 2012, it's running out of steam near its 200-day moving average -- a trendline that's contained SYMC since a post-earnings bear gap last November. Plus, the equity hit a two-year low of $17.49 one week ago.
Against this longer-term backdrop, most analysts are skeptical of Symantec. While 21 of the 22 covering brokerages maintain a "hold" or worse rating, the average 12-month price target of $22.60 is in-line with the current SYMC stock price.
FireEye Call Options Hot During Stock Surge
FireEye stock is getting a halo-lift from its sector peer, up 2.2% at $19.08, earlier hitting a two-year high of $19.71. This positive price action is just more of the same for FEYE, which bucked bearish October headwinds from the broader stock market -- thanks in part to an impressive earnings report -- to gain 8.8% last month. And year-to-date, the shares have added 34.2%.
Call traders are blasting FEYE stock today, targeting even more upside over the next few sessions. More than 15,300 calls have changed hands so far, two times what's typically seen at this point. The weekly 11/9 19.50-strike and 20-strike calls have seen the most action, and it seems safe to assume new positions are being purchased at both options.