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Advanced Micro Devices Inc. (AMD) Gets Rocked and CEO Gets Rolled

Wow..apparently the market really liked former CEO of (AMD), Dirk Meyer. His sudden removal from the position caused a minus 9% trounce in (AMD) share price.

 
PRLog - Jan. 12, 2011 - The bulls tried twice today to pick it back up but the bears were just out in droves and it wasn’t going to happen in this session. (AMD) closed just 3 cents higher than the low of the day with about 700K shares trading hands. All of this brutality in the market today came after a 3.85% gain yesterday in share price which capped off what seemed to be a nice roll AMD had been on. What also adds to the shock is that (AMD), led by Meyer, has seen recent momentum gain by a successful settlement of its most recent legal disputes with Intel Corp, the new company spin off GlobalFoundries , as well as the roll out of their new Fusion processors  that have been grabbing some solid reviews at the CES this year.  Some have speculated that the dumping of the CEO foretells of a poor earnings report that is coming up, but last night the company released preliminary results for the fourth quarter, saying revenue rose 2% sequentially to roughly $1.65 billion. The sentiment coming from Advanced Micro Devices Inc.’s board is that Dirk Meyer wasn’t doing enough or moving fast enough to get (AMD) positioned into the markets of tablets and other new mobile technology. Board chairman, Bruce Claflin, stated that the company now has ” the opportunity to create increased shareholder value over time.”

(AMD) has been on the ropes in the past and has been able to regain traction, so can this American company pull it together in the wake of losing their point man and right on the heels of Intel’s and NVIDIA “lets be friends” agreement? One thing is for sure and that is the semiconductor sector is currently in-flux and it will be interesting to see how this plays.

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Source:TheStock411.com
Country:United States
Industry:Business, Technology, Software
Tags:stocks, stock market, amd, advanced micro devices inc.
Shortcut:prlog.org/11214572
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