Advanced Micro Devices, Inc.(NYSE:AMD) has plans to sell its sprawling campus in Southwest Austin and lease it back in an effort to raise money for supporting its semiconductor business.
AMD expects to sell the 58 acre site for about $200 million. While many have expressed interest, AMD is still undecided about the buyer and hopes to finalize the deal in the second quarter.
Company spokesman Drew Prairie has said, “This is a good business decision that supports our long-term corporate strategy by generating capital we can apply to business operations as opposed to having it locked in real estate.” He has added that the decision will not affect local employees and operations.
Earlier this month, there were news reports that AMD had cut nearly 400 jobs in Austin.
Shares of AMD have jumped 10% in the past one week.
Meanwhile internet search giant Google Inc(NASDAQ:GOOG) is likely to sell 9.6 million Nexus tablets in 2013.
Pacific Crest analyst Evan Wilson, who had initially projected sales of14.6 million units, has trimmed down this figure due to lower-than-expected demand.
However, considering that this is the first tablet the company has ever made, it has performed quite well.
Wilson estimates that by the end of the year, 4 million Nexus 7 tablets will be sold, in line with the sales estimate provided by Asus, the company that manufactures the tablet. CFO David Chang has said that the device now sells 1 million units every month, up from the 500,000 units it used to sell earlier.
Google, which was trading about two percent higher, yesterday afternoon, has climbed 13 percent over the last six months. Kindle maker Amazon has gained 14 percent in the same period. The Apple stock on the other hand, did not do well in the last 3 months, but has managed to rise more than 11 percent in the last fortnight alone.