Spotlight: AMD’s Stock Jumps After Analyst Boosts Rating

Advanced Micro Devices Inc. shares rose 14% after Merrill Lynch analyst Tom Kurlak, a noted skeptic on semiconductor stocks, boosted his rating on the chip maker to “accumulate” from “neutral.” Shares in AMD, the Sunnyvale-based rival to industry leader Intel Corp., rose $3.50 to close at $29.13 on the NYSE. Kurlak has been among those who contend that the trend toward less expensive PCs will hurt Intel’s profit. AMD, meantime, has embraced cheaper PCs, and that has helped earnings. He rates Intel “neutral.”