Advanced Micro Devices

(AMD) - Get Advanced Micro Devices, Inc. Report

said its board approved the repurchase of up to $300 million of the company's common stock over a period determined by its management.

The company, a semiconductor maker based in Sunnyvale, Calif., has about 313.4 million shares outstanding.

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Shares of AMD rose 44 cents, or 2.1%, to $21.81 in recent

New York Stock Exchange