Advanced Micro Devices (AMD) NewsBite - Intel (INTC) Settles AMD's Antitrust Suits
Posted: Thursday, November 12, 2009 10:00 AM EDT
By: Market Intelligence Center Staff
Advanced Micro Devices (NYSE: AMD) opened at $6.64. So far today, the stock has hit a low of $6.47 and a high of $6.72. AMD is now trading at $6.50, up $1.19 (22.41%). Over the last 52 weeks the stock has ranged from a low of $1.62 to a high of $6.36. AMD shares are rising today after the company announced it has reached an agreement with Intel Corp. (INTC) to end all outstanding legal disputes between the companies. Under the deal, Intel will pay AMD $1.25 billion and the two companies will obtain patent rights from a new 5-year cross license agreement. AMD will drop all pending litigation against Intel and withdraw all regulatory complaints against the company. Technical indicators for the stock are neutral and S&P gives AMD a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on AMD the stock seems like it could be a candidate for an April out-of-the-money bull-put credit spread below the 5 range. [ABR-Seven Summits Strategic Investments NewsBite]
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