U.S. Movers: Advanced Micro Devices, AIG, Superior Industries

Mukesh Buch
05 Mar, 2012
New York City

Advanced Micro Devices sells equity stake in GlobalFoundries Inc. AIG will sale of AIA Group Limited shares for $6 billion. Superior Industries fourth quarter net increased to $40.2 million.

[R]10:35 AM New York – Advanced Micro Devices sells equity stake in GlobalFoundries Inc. AIG will sale of AIA Group Limited shares for $6 billion. Superior Industries fourth quarter net increased to $40.2 million.[/R]

Advanced Micro Devices, Inc. ((AMD)) decreased 2.5% or 19 cents to $7.27 and the semiconductor maker agreed to sell-off its stake in the chip fabricator GlobalFoundries Inc. that will trigger a charge of $703 million in the first quarter of 2012. Under the revised agreement AMD will give up its 8.8% stake in the company and also pay $425 million and restructured its agreement for the purchase of wafer.

American International Group, Inc. ((AIG)) gained 3.8% or $1.16 to $30.95 after the insurance company initiated the sale of AIA Group Limited shares of $6 billion to reduce the balance to U.S. Treasury Department.

First Majestic Silver Corp decreased 2.8% or 60 cents to $19.68 after the Canada based silver producer reported fourth quarter revenues soared 52% to $60.8 million from $40.1 million in the same quarter last year. Net income in the quarter surged to $21.3 million or 20 cents a basic share compared to $13.7 million or 14 cents per diluted share in the year ago earlier.

Superior Industries International, Inc. ((SUP)) advanced 6.9% or $1.24 to $19.05 after the automobile parts maker reported fourth quarter net sales increased 14% to $216.8 million from $191 million in the same quarter last year. Net income in the quarter increased to $40.2 million or $1.48 per diluted share compared to $22.3 million or 82 cents per diluted share in the year ago earlier.

For 2011 net sales increased 14% to $822.2 million from $719.5 million in last year. Net income for the year rose to $67.2 million or $2.46 per diluted share compared to $51.6 million or $1.93 per share in the prior year.