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Advanced Micro Devices (AMD) , Intel's (INTC) most serious rival in chips for the PC market, was up 6.9% in preopen Instinet trading after it posted first-quarter earnings late Wednesday of 37 cents a share, beating analysts' forecasts of 33 cents but down from the year-ago figure of 55 cents.

The company also said it expected full-year results to meet Street estimates of $1.50 a share. AMD soared 21% in regular trading Wednesday ahead of the earnings release.