AMD's Stock Bounce Last Less Than 20 Minutes Before Selloff Resumes

The bounce in Advanced Micro Devices Inc.'s stock , following the previous session's plunge, lasted barely 17 minutes before resuming its slide. The stock rose as much as 2.2% to an intraday hihgh of $10.55 about 10 minutes after the open, but erased all those gains to trade back in the red by 9:47 a.m. ET, according to FactSet. The stock has shed as much as 4.6% to an intraday low of $9.85 by 10:10 a.m., before paring losses to be down 1%. The stock had dropped 24% on Tuesday, the biggest one-day percentage decline since January 2005, after the chipmaker reported first-quarter results. Volume remained heavy at 63.6 million shares in recent trade, enough to make the stock the most actively traded on the major U.S. exchanges. The stock has shed 16% over the past three months, while the PHLX Semiconductor Index has gained 3.9% and the S&P 500 has tacked on 3.6%.