AMD拆分坐实了，股价暴涨

test9991

Last Trade: 4.99
Trade Time: 12:11PM ET
Change:  0.76 (17.97%)
涨幅接近20%

AMD to spin off manufacturing operations
Shares jump as semiconductor firm unveils much-awaited 'asset-smart' plan
By Benjamin Pimentel & Jeffry Bartash, MarketWatch
Last update: 12:17 p.m. EDT Oct. 7, 2008Comments: 6SAN FRANCISCO (MarketWatch) -- Advanced Micro Devices Inc. on Tuesday said it plans to spin off its manufacturing operations in the form of a multibillion-dollar joint venture with an Abu Dhabi investment firm, unveiling its much-anticipated "asset-smart" strategy.
Shares of AMD (AMD:Advanced Micro Devices, Inc
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Last: 5.00+0.77+18.09%

12:27pm 10/07/2008

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AMD 5.00, +0.77, +18.1%) jumped more than 25% in early trading.
The move marks a major shift for the struggling chip giant, which has reeled from mounting costs in its bid to keep up with rival Intel Corp. (INTC:Intel Corporation
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Last: 17.00+0.07+0.41%

12:27pm 10/07/2008

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INTC 17.00, +0.07, +0.4%) . The initiative is expected to help shore up its balance sheet and allow Sunnyvale, Calif.-based AMD to focus on chip design.
The shift immediately won praise from some analysts who say it would help ease the chip giant's mounting financial woes, especially in a cloudy economic environment. One analyst described the AMD spinoff a move "worthy of Harry Houdini."
AMD said it will own 44.4% of Foundry Co., as the venture will be called. The remaining 55.6% would be own by Advanced Technology Investment Co., an investment company formed by the government of Abu Dhabi.
The series of transactions will improve AMD's net cash position by $2.1 billion. In a statement, AMD Chief Executive Dirk Meyer said the move will help the company create "a financially stronger company with a tightened focus."
"With the Foundry Co., AMD has developed an innovative way to focus our efforts on design while maintaining access to the leading-edge manufacturing technologies that our business needs without the required capital-intensive investments of semiconductor manufacturing," he added.
Under the deal, ATIC will pay $700 million to AMD for its ownership stake in Foundry Co., with the joint venture also assuming $1.2 billion of AMD's debt. At the same time, Mubadala Development Co. will pay $314 million to AMD for 58 million newly issued shares and warrants to buy an additional 30 million
Mubadala, which is lifting its stake in AMD to 19.3% from 8.1%, is owned by the United Arab Emirates and is based in the capital city of Abu Dhabi.
ATIC has also committed to putting in at least $3.6 billion -- and as much as $6 billion -- of equity over five years to expand Foundry Co.'s chip-making capacity.
AMD said it would contribute its manufacturing facilities to the new venture, including two plants in Dresden, Germany, plus related assets and intellectual-property rights. The venture will also build a new semiconductor-manufacturing facility in Saratoga County, N.Y.
Doug Grose, who currently serves as AMD's senior vice president of manufacturing operations, will become chief executive of Foundry Co. Hector Ruiz, now AMD's executive chairman, will become Foundry's chairman.
"We are as enthusiastic about AMD's potential today as we were when we made our initial investment last year," said Khaldoon Al Mubarak, chief executive officer and managing director of Mubadala. "This increased investment is a strong vote of confidence in AMD's 'asset-smart' business strategy, evolved leadership team, and best-in-class technology."
Last November, Mubadala invested $622 million in AMD, but did not get any board representation as a result. Under terms of the new deal, however, Mubadala has the right to appoint someone to AMD's board.
The transaction is expected to close at the beginning of 2009.
Analysts have been speculating about AMD's plans to revamp its manufacturing operations since early 2007 when then-CEO Hector Ruiz said the company plans to adopt an "asset-light" strategy. AMD later used other terms to describe the plan, including "FlexFab" and "asset smart."
But the company did not elaborate on the strategy until Tuesday's announcement.
Analyst Cody Acree of Stifel, Nicolaus & Co. said the deal "should put AMD's much improved products on a path toward near-term sustainable profits, which should be a major catalyst for its shares."
"We are highly pleased with the consummation of the deal particularly in the current credit market," he told clients in a research note. "Free cash can be deployed to develop more competitive products, depreciation declines and gross margins should stabilize, similar to the fab-lite model of Texas Instruments Inc. (TXN:Texas Instruments Incorporated
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Last: 20.42-0.22-1.07%

12:27pm 10/07/2008

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TXN 20.42, -0.22, -1.1%) "
Analyst Brian Piccioni of BMO Capital Markets noted that AMD will still own 44% of the new venture, adding, "It's not really an asset-light announcement. The major change is to their cash position. Ultimately, we suspect they'll be 'diluted out' of their position."
Analyst Krishna Shankar of JMP Securities said the move also "allows AMD to reduce debt on its balance sheet and its opex structure as it transforms into a fabless design company like Broadcom Corp. (BRCM:broadcom corp cl a
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Last: 15.84-0.15-0.94%

12:27pm 10/07/2008

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BRCM 15.84, -0.15, -0.9%) or Nvidia Corp. (NVDA:nvidia corp com
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Last: 7.52-0.33-4.20%

12:27pm 10/07/2008

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NVDA 7.52, -0.33, -4.2%) focused on processor design."
Roger Kay of Endpoint Technologies Associates said by entering into the new venture AMD "gets out from under some of its debt and receives a cash infusion from a patient source."
"By moving in this direction, the company positions itself well in both its existing business and a whole new future business," he said. "This maneuver would have been worthy of Harry Houdini."  
Benjamin Pimentel is a MarketWatch reporter based in San Francisco.
Jeffry Bartash is a reporter for MarketWatch in Washington.

kakawawa

大量的资金可以投入到研发中去

DVL

这会是一个好的开始。。。。。　　　　　　　　　　　　　　　　　　　　　　　　　　　

breeze1986

期待
AMD加油，和Intel各占半壁江山
别占太多，不好……

wangmgs

还暴涨?!
今天美国道琼斯指数又创新低啦~~~天呐~~~五连阴!!!

DragonR

AMD要加油啊，不能被泥蛤蟆给独霸天下了。。。
趁数据库上机过来看看，嘿嘿。。。

温暖披肩

好消息。。不过等开市时看股票涨了没。。

drog

AMD的股票是纳斯达克的吧？ 总体大跌不代表每家企业都跌

duron111

希望有转变。。。。。。。。。。。。。

maizhuo

听说拆分后的AMD  CPU部门要改名为MAD   由鲁智深统领,看看AMD能不能疯狂起来

warpter

虽然是Intel的忠实fan，不过还是支持AMD

jk1526

AMD加油，股票涨了...........

pwj85818

AMD加油   上海  干丝  哀戚