business newsThe Midday S&P: AMD Down After Losing Tech Guru to Samsung
By
Anthony Shields Oct 12, 2012 3:05 pm
Plus, Monster is in the green today.
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MINYANVILLE ORIGINAL The S&P 500 (INDEXSP:.INX) is down by .29% to 1,428.65 today as of 2:30 p.m. EDT. Today’s big loser is Advanced Micro Devices (NYSE:AMD), which has fallen by 10.78% to $2.85 per share due to news that the company’s big chip guru Jim Mergard left the company to join Samsung (PINK:SSNLF). Of course, reports of increasingly weak PC demand is also driving the company’s drop today. Also contributing to the S&P 500’s drop is First Horizon National Corp. (NYSE:FHN), which is down 4.72% to $9.48 per share over speculation that it might not pass an upcoming bank stress test. In lighter news, Monster Beverage Corp. (NASDAQ:MNST) is in the green, gaining 4.68% to $56.97 per share due to analysts’ beliefs that the company will have more growth opportunities going forward.
No positions in stocks mentioned.
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