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AMD Shoots Down Sale Rumors

NEW YORK ( TheStreet) -- AMD (AMD - Get Report) has denied that it's on the block following a media report that the No. 2 chip maker could be be up for sale.

"AMD's board and management believe that the strategy the company is currently pursuing to drive long-term growth by leveraging AMD's highly-differentiated technology assets is the right approach to enhance shareholder value," wrote an AMD spokesman, in a statement emailed to TheStreet. "AMD is not actively pursuing a sale of the company or significant assets at this time."

Earlier on Tuesday, Reuters reported that the Austin-based firm has hired JP Morgan Chase (JPM) to explore options, which could include a sale.

Citing unnamed sources, Reuters reported that an outright sale of the company is not a priority, and other options could include a sale of its patent portfolio.

AMD has been wrestling with a slowdown in the PC spending environment, as well as stiff competition from No. 1 chip maker Intel (INTC - Get Report). The Texas-based company reported a deep third-quarter loss last month and revealed plans to cut 15% of its work force. AMD also forecast a sequential decrease in revenue of around 9% for the fourth quarter.

Shares of AMD, which are down 61.3% this year, closed up 5.03% at $2.09 on Tuesday. The company's stock, however, was off 1.91% in extended trading.

-- Written by James Rogers in New York.

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