Advanced Micro Devices Inc. (NYSE: AMD) is seeing a crazy and active day. We saw an unusual rise in this yesterday on active volume, but that rise was a 6% rise. Today’s gains are more than 10% to $7.30 (highest levels since late-February) on very active trading. The call option buying for may is also more active than usual. While there is no fresh news on the company or from the company, the move is being attributed to market chatter.
Our friends over at Thomson Squawk Box noted that the chatter they are lending credit to is that the company could be split in two.
Some other chatter revolves around takeover speculation, but if you look around that really looks like it may just be more message boards driven than anything. It may also be on the heels of other tech mergers out there.
We have also noted in the past that rumors have come up occasionally pointing to a Hector Ruiz departure. We have called him one of our own ten CEO’s that need to leave, but he has been acting more and more like he has dug in and set up an anchor there.
We’ll see if any real solid news comes out confirming or denying the talk out there. Until then, it’s just another stock moving on rumors.
Jon C. Ogg
May 6, 2008
Jon Ogg is a producer and editor of the "10 Stocks Under $10" weekly newsletter from 247WallSt.com.