Advanced Micro Devices Shares Drop on Debt and Stock Offering

Advanced Micro Devices  (AMD) - Get Report shares were down Wednesday after the semiconductor maker said it will be looking to offer new shares and convertible notes. The company said the new debt and equity offering is intended to raise about $1 billion to help pay off some of its more than $2 billion debt load. And in a Tuesday filing with the SEC, Advanced Micro said it will sell $600 million of common stock and $450 million of convertible notes that will mature in 2026. Real Money's Bruce Kamich says the stock has better long-term than short-term potential, noting in a report that Advanced Micro shares could fall to $6 before a period of renewed gains materializes.

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