XLNX - Advanced Micro Devices drops 8% hits correction territory after strong Q4

Advanced Micro Devices (NASDAQ:AMD) shares fell sharply on Friday, declining more than 10% from their peak on Wednesday, as tech stocks sold-off sharply for the second day in a row on inflation fears and a hawkish Federal Reserve. Shortly before 2 p.m. EST, AMD shares were down more than 8% to $115.36, after hitting $132.60 on Wednesday, following a strong earnings report last week. More than 92 million shares had changed hands, compared to an average daily volume of just over 69 million shares. Nvidia (NASDAQ:NVDA), which reports earnings next week, also saw its shares fall in sympathy, losing more than 5% to $244.31 in mid-Friday trade. This week, AMD received clearance to buy Xilinx (NASDAQ:XLNX) after it received all the necessary regulatory approvals, including from the U.S. Earlier this month, AMD said it earned 80 cents per share on $4.8 billion in revenue for the quarter ended in December, which topped

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Advanced Micro Devices drops 8%, hits correction territory after strong Q4