AMD Vows Turnaround

Advanced Micro Devices(AMD Quote) wants investors to see the glass as half full. Unfortunately, the company's stock is half down in value.

At its annual financial briefing with analysts Thursday, AMD vowed to right its ship, returning its business units to profitability and fixing the delays in getting its new microprocessor out the door.

But AMD provided no details about its plans to cut costs by overhauling its manufacturing strategy, and after a year of operational missteps at the company, investors showed little faith in management's new game plan.

Shares of AMD sank to a new 52-week low in midday trading, before recovering to a less severe drop of 1.4%, or 13 cents, to $8.84.

AMD President Dirk Meyer kicked off the event acknowledging AMD's recent difficulties but insisted that the company's prospects were strong, thanks to various achievements in market share, notebook chip growth and average selling prices.

"There are times in life when you feel like the perspective of those around you is quite a bit different than your perspective," said Meyer, as he opened up the event, which took place in the New York Stock Exchange building.

The public is not taking the time, or is not motivated, to see what really matters, Meyer suggested.