AMD's stock sinks after large shareholder Mubadala tweets about share sales
Shares of Advanced Micro Devices Inc. sank 3.3% in premarket trade Tuesday, after one of the semiconductor maker's largest shareholders said it sold its common-stock stake, but also converted warrants into equity shares. Mubadala, which is owned by the government of Abu Dhabi, tweeted overnight that it sold 34.9 million common shares of AMD after Monday's close. That represents about 3.5% of the common shares outstanding, which had made Mubadala the fourth-largest shareholder, according to FactSet. Mubadala also tweeted that it was converting 75 million warrants into equity shares. "We remain amongst the company's top shareholders and are proud of our continuing partnership with AMD," Mubadala tweeted. AMD's stock has run up 21.3% over the past three months through Monday, while the PHLX Semiconductor Index has gained 5.3% and the S&P 500 has slipped 0.5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.