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Fidelity now owns 13 per cent of AMD

Confidence booster
Fri May 11 2007, 08:47
WE WONDERED why AMD share prices rose yesterday, despite many other shares dropping on the US markets.

But the reason could be because mutual fund giant Fidelity Investments announced in a filing that it's raised its stake in the somewhat troubled chip firm to 13 per cent, according to a report on Bloomberg.

Fidelity now owns 72.3 million shares of AMD. We believe that this time last year Fidelity owned a rather large 18 per cent of ATI, prior to its take over by AMD.

AMD closed on the NYSE yesterday evening at $14.05 - it had started off the day at $13.48. µ

 

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