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January 25, 2008, 06:46 AM
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Source: No Truth To IBM-AMD Acquisition Rumors - Hardware - IT Channel News by CRN and VARBusiness
This link calls it 'rumor mill gone amok' And on a sour note,
talk of an IBM-Advanced Micro Devices merger
, credited for giving AMD (NYSE:
)'s share price an upward kick of nearly 11 percent for a few hours Wednesday, is nothing but speculation run amok, a source close to AMD said Thursday.
"A deal could see IBM (NYSE:
)'s microelectronics division merge with AMD at some point, possibly in the near term,"
reported Mergemarket's David Zielenziger
in the online version of the Financial Times Wednesday.
But the M&A rumor mill often churns out scenarios involving Sunnyvale, Calif.-based AMD, many citing Armonk, N.Y.-based IBM as a possible buyer, the source said. In this case, the source wondered whether published speculation by a financial analyst might have been misinterpreted and then passed on as fact by the "industry sources" cited by Zielenziger.
Interestingly, though in no way confirmed as relevant to the AMD-IBM rumors, in 2004 the chipmaker and the computing giant extended a resource-sharing contract to jointly develop 65nm and 45nm process technologies, among other R&D arrangements. That contract
called for AMD to pay IBM between $250 million and $280 million, and it's up at the end of this year.
And on a sour note-
fitch has further downgraded
AMD from junk to junkier:
NEW YORK -
Credit rating agency Fitch Ratings downgraded its issuer default rating for chip maker
Advanced Micro Devices Inc.
Friday to "B-" from "B."
Both ratings are within the non-investment grade or "junk" range.
Fitch also downgraded AMD's senior unsecured debt to a "CCC/RR6" or "Poor Standing" rating from "CCC+/RR6" or "Substantial Risk."
Fitch said its rating outlook on AMD remains negative.
Approximately $4.1 billion of debt securities are affected by Fitch's actions.
Fitch said the downgrade and negative outlook mainly reflect AMD's operating performance and limited financial flexibility.
It said AMD's operating performance was significantly weaker than expected over the last several quarters because of product delays and
)'s strengthening product range.
It expects AMD to benefit from anticipated microprocessor unit growth in 2008, a refreshed product range and lower fixed costs following a restructuring in 2007.
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