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Thursday, June 19, 2008

AMD could get cash infusion, go asset light and still go down

Covello at Goldman out with a piece on AMD saying the cash infusion would be dilutive though it would alleviate near-term liquidity risk, that an asset light strategy could disrupt the existing product roadmap and that the stock is pricing in far less bankruptcy risk than the bonds. The stock trades at 50* the high end of his $0.10 - 0.15 full year estimate of the company's peak earnings ability.

I don't like AMD.

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