Advanced Micro Devices: Will June Be As Hot As May?

Shares of Advanced Micro Devices, Inc. AMD exited May with gains of more than 19%, making it the best performing S&P 500 chip stock.

On CNBC's "Options Action," Michael Khouw of Optimize Advisors said that the stock traded 1.5 times its average daily call volume on Tuesday. Calls outpaced puts by 2:1, he added.

Check out chip stocks making moves in the premarket.

There were buyers of 63,000 of the June 3 weekly 105 calls at $1.73 per contract on average, Khouw mentioned. Traders anticipate shares of Advanced Micro Devices rising at least 5% by Friday, he added.

Also Read: BZ Chart Of The Day: Is AMD About To Break Out?

AMD Price Action: Despite the gains in May, shares of Advanced Micro Devices have lost more than 32% year to dated.

AMD was trading at $101.86 on Wednesday morning, down 0.39% in the premarket, according to Benzinga Pro.