AMD vote delayed, drop wasn't

amd stock chart

The news didn't go over well.

AMD announced yesterday that it had to postpone the shareholder vote on the proposed spin-off that will own the planned Luther Forest chip fab (it couldn't round up enough votes to form a quorum). The company says 97 percent of the votes cast were in favor of the spin-off. So, it looks like the deal should be approved if the company can get enough people to actually vote in next week's re-take.

As the chart above indicates, the delay didn't go over very well with investors. AMD's stock dropped about 12 percent after the announcement yesterday morning. It rebounded a bit and finished the day down about 10 percent.

chart: Google Finance

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