Fidelity now owns 13 per cent of AMD

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