LOL Take another look. Total short covering can not exceed 5 million shares and probably was a tiny fraction of that this am. Mostly retail investors thinking the news was more than it was. Didn't even reach previous weeks high. I would say that is a very negative technical signal...wouldn't you?
Someone floats a stupid rumor that Sea Micro will be spun off and you think it's a buying opportunity?
Here's a clue: if AMD is spinning off Sea Micro it's preperatory to spinning off ATI and then liquidating the core company.
I've been predicting this ever since they sold the HQ building. They're shedding marketable assets so the creditors will have nothing to collect when Rory abandons the ship. He's still getting paid, though, as much as 150 of his engineers get paid in salary and benefits.