AMD comes back to life, shares up 18% today
Submitted by theStockMasters... on Tue, 10/07/2008 - 16:38
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Just when it looked like AMD was going out-of-business, BAM! AMD's (NYSE:AMD) shares were up 31% at one point today thanks to Abu Dhabi investing $5.7 billion which gets them a 55% stake in AMD and half the board seats.
Another Abu Dhabi government company, Mubadala Development Co., will spend $314 million to increase its stake in AMD to 19.3 percent from 8.1 percent and gain a seat on AMD's board, AMD said in a statement.
Today is a landmark day for AMD, creating a financially stronger company with a tightened focus," Dirk Meyer, president and chief executive officer of AMD, said in the statement.
AMD has lost market share to Intel (NASDAQ: INTC) and in the last few years was forced to weigh the price of its pride in owning the semiconductor fabricating plants, or "fabs," which most other chipmakers gave up long ago.
AMD shres have managed to break above $5 a share today, a long way from that $14 52-week high.
More of the story here: http://www.internetnews.com/breakingnews/article.php/3776321
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