AMD's Stock Bounces; Options Traders Prep For Volatile Post-earnings Move

Shares of Advanced Micro Devices Inc. rallied 1.5% in active Friday morning trade, as it bounced after the previous session's 5.3% tumble. MKM Partners derivatives strategist Jim Strugger said in a note to clients that AMD was among the S&P 500 stocks with the largest implied one-day post-earnings moves, and more than the historical average. The options market is pricing the stock to move 11.7% in either direction the day after second-quarter results are released, compared with a historical average of 10.4%. AMD is scheduled to report results on July 25, after the closing bell. AMD's stock has been rather volatile of late, without making much progress. The average one-day move for the stock over the past five months has been 2.8%, while the stock has gained 3.5%. In comparison, the PHLX Semiconductor Index has rallied 14% the past five months and the S&P 500 has gained 4.8%.