AMD Shares Soaring on Takeover By Dell Rumor
Reports that Dell is looking to acquire AMD emerged on Tuesday, and have promptly raised the value of AMD’s stock by a good figure. In fact over the past five days the stock is up nearly 10% and it went up 4.53% today alone. Do those that work on wall street know something that we don’t? Could Dell really be ready to acquire AMD?
Shares of AMD are rising again this morning, up 2.3 percent to $8.81, after a 4.2 percent pop Tuesday on rumors that computer maker Dell may buy the Sunnyvale chip maker. Last month, CEO Dirk Meyer resigned in a surprise move, apparently forced out by a board thats unhappy with the companys lack of presence in tablets and mobile. Last week, the company announced that two more top executives were leaving, including its COO. Bloomberg quotes Wedbush Securities analyst Patrick Wang: There is no management team there. But Wang says its far-fetched that the company is putting itself up for sale, and others point to Dells long history of using Intel chips.
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