AMD in Acquisition Rumors Again; Stock Rises
AMD's stock shot up more than 9 percent in Wednesday trading, which appeared to be due to market rumors that suggested AMD could be on the auction block.
However, Wang noted that there may have been "a lot of short covering as volumes shot up in the afternoon" and that it was "unlikely" that AMD would receive an offer. AMD's stock ended the day at $4.40, up 9.45 percent or $0.38 from $4.02 on Tuesday. The stock increased another $0.05 or 1.14 percent in after hour trading. The gains added about $280 million to AMD's market cap, which now stands at about $3.1 billion.
An AMD takeover is one of those stories that just won't go away. Last year, there was speculation that Dell may be interested in buying AMD.