Applied Micro: Price-Volume Movement

Shares of Applied Micro Circuits Corporation (NASDAQ:AMCC) soared 8% today on over 2X average daily volume -- in part thanks to Advanced Micro Devices, Inc. (NYSE:AMD).  AMCC's charts is showing signs of heavier than normal accumulation with 6 very solid up days on greater than average volume, which started in May. 

Applied Micro Circuits Corporation (NASDAQ:AMCC) shares have been in a trading range of $7 to about $8.50 since June, but the price jumped nicely above that $8.50 mark on bigger volume today.  However in after-hours trading AMCC shares lost today's 8% gain and fell 7.2% to finish Tuesday night trading at $8.29.  It seems the entire semi-conductor industry got a shot in the arm as many of the semi-conductor companies had gains with larger volume, including Advanced Micro Devices, Inc. (NYSE:AMD) which received an analyst upgrade. 

AMD had a huge day with shares finishing up 14.5% after Barclays Capital raised shares to "overweight," citing improvement in the personal computer market as well as a number of other factors that could positively influence the company's valuation in the coming months.

"We see an improved overall PC market, a series of new product launches, troughing margins, legal progress [with] Intel and potential progress at subsidiary Global Foundries and potential for the first estimate revisions in many quarters positioning AMD to outperform in coming months after a period of significant underperformance," Barclays analyst Tim Luke said in a note to clients.

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