JHVEPhoto/iStock Editorial via Getty Images Advanced Micro Devices (NASDAQ:AMD)
shares fell sharply on Tuesday as a result of broader sector weakness and concerns from investors that the Russian invasion of Ukraine could take a turn for the worse. AMD (AMD) shares fell more than 7% on heavy volume to $114.59. More than 105 million shares changed hands shortly after 3 p.m. EST, compared to the average daily volume of just over 85 million shares. Despite a lack of company centric news, semiconductor companies are complying with sanctions that have been placed on Russia by the U.S. and other countries around the world, forcing them to stop sending shipments to the country amid the ongoing crisis. In a statement obtained by Seeking Alpha, a Micron Technology (NASDAQ:MU)
spokesperson said the company was complying with "all export control regulations and economic sanctions applicable" to its business. Micron halted all shipments to Russia and Ukraine as of February 24, 2022, the spokesman added, while noting that Russia accounts for less than 1% of its annual revenue. Oil prices surged on Tuesday, with West Texas Intermediate topping $100 per barrel, rising to the highest levels since 2014, adding to investor concerns. Late last month, AMD announced a new $8 billion share buyback program, which is in addition to the $4 billion share repurchase program announced in May 2021.