What's behind the move: The chipmaker reported record revenue and second quarter earnings on Tuesday, beating Wall Street expectations on both top and bottom lines. "It was priced for something much closer to a blowout," Shay Boloor, Futurum chief market strategist, told Yahoo Finance after the earnings report. "It was priced for an exceptional result, and this was not an exceptional result." AMD reported revenue of $11.54 billion, up 50% from $7.69 billion a year prior, topping Wall Street expectations. Click here for an in-depth analysis of the latest stock market news and events moving stock pricesRead the latest financial and business news from Yahoo Finance