Advanced Micro Devices

(AMD) - Get 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.

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

New York Stock Exchange

trading.