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AMD’s stock slumps toward longest losing streak in 8 months

Shares of Advanced Micro Devices Inc. dropped 3.0% in afternoon trading Monday, putting them on course to suffer a fifth-straight decline. That would be the longest losing streak since the five-session stretch ending Oct. 8, 2018. The current streak started after the stock closed at a 13-year high on June 10, after Microsoft Corp. said its next-generation Xbox gaming console will use AMD chips. Helping push the stock lower was Broadcom Inc. cutting its full-year revenue outlook late Thursday. AMD shares have shed 11.4% during its losing streak, compared with a 15.8% decline during its previous 5-day streak. AMD shares have still run up 60% year to date, while the PHLX Semiconductor Index has climbed nearly 18% and the Dow Jones Industrial Average has gained 12%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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