Research In Motion (RIMM) held its annual shareholder meeting early in the week, amid relatively little fanfare. Investors in the Canadian handset maker were left overwhelmingly disappointed, as the meeting offered little in the way of change and hope. Participants on The Street's live blog were decidedly negative in tone. Shares of RIM plunged 10.6% during the week to close at $7.24.
The chipmakers were in the news this week, but for very different reasons. Intel (INTC - Get Report) announced that it would purchase a portion of ASML Holding (ASML) and invest in the company's research and development. As part of the deal, Intel will invest approximately $1 billion in ASML's R&D over the next five years. It will also eventually purchase 15% of the company for $3.1 billion in two phases. The first phase sees Intel committing around $680 million to R&D funding, while making an equity investment of $2.1 billion for around 10% of ASML's pretransaction shares. The second part involves another $340 million funding towards R&D to accelerate Extreme Ultra-Violet Lithography (EUV), a process seen as key to the future of chipmaking. Intel will also buy another 5% of ASML for around $1 billion. Intel rival AMD (AMD) did not have such positive news to announce this week. The chipmaker slashed second-quarter guidance on Monday, citing softer-than-expected sales abroad. AMD said it now expects its revenue to decrease 11% sequentially. Prior to that, AMD forecast a 3% increase, plus or minus 3%, sequentially. Shares of Intel fell 3.5% this week to $25.25. AMD shares nosedived 14.8% to $4.90.