14.6 percent in a single day of trading
AMD's shares have leaped 15 percent following ATIC's Labour Day weekend announcement its bid for Chartered Semiconductor.
Abu Dhabi-based ATIC is AMD's partner in Globalfoundries, and it has a
significant share in AMD as well. The Chartered deal would give
Globalfoundries access to several major clients, including Texas
Instruments, Marvell and Broadcom.
Globalfoundries has spent the past months seeking non-AMD clients, and
in late July it announced that it has reached a manufacturing deal with
STMicro. Getting Chartered's clients and contacts might go a long way
to expanding Globalfoundries' list of clients, providing the newly
formed company with more development options and stability in the long
AMD's shares closed on $5.15 in Tuesday's trading at the NYSE, nearly reaching pre-recession levels.