Dan Loeb’s Third Point Takes Passive Stake In AMD
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Following is the unofficial transcript of breaking news from CNBC’s Scott Wapner on “The Exchange” (M-F, 1PM-2PM ET) today, Thursday, March 2nd.
Third Point’s Dan Loeb Takes A Passive Stake In AMD
SCOTT WAPNER: The breaking news is that according to sources, Third Point’s Dan Loeb is taking, has taken a new position in Advanced Micro Devices, Inc. (NASDAQ:AMD) said, according to the sources, to be a passive stake. And that’s very important to note obviously because Mr. Loeb is known quite substantially as an activist investor, but this one is said to be a passive.
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It's a newish stake the way that I understand it to be. What's interesting as it relates here is that, you know, they used to be in Intel, which they're no longer by the way, and one of the principal reasons that, you know, things didn't go awry in that is.
You know, AMD has taken market share, among others from Intel which was one of Loeb’s arguments in Intel investment of why he wanted Intel to do certain things was to be able to catch up to a company like AMD and although this is not activist, an activist position.
You know, he's been pretty busy lately starting a proxy fight with Bath & Body Works what a week or so ago writing one of his patented letters to that company, but this is interesting given the timing.
The stock had traded down a bunch and I'm told that's when they had established that their position newish and again, it is a passive stake but something to keep an eye on what may be one of the newer positions here from Daniel Loeb’s Third Point.
KELLY EVANS: So in other words, Scott, it's probably a sign of confidence instead of a sign of trouble.
WAPNER: Sure. Yeah, I don't think they're trying to you know, shake the trees over there and get AMD to do anything. Not certainly in the in the likes of maybe what they wanted to do as it pertains to Intel or some of the other activist positions they have.
They obviously must like the job that Dr. Lisa Su is doing as as the CEO and you know, look Loeb, Loeb’s a pretty active guy just in general the way that they they trade in and out of stuff occasionally, but this is just interesting to follow because it is one of the newer ones.
EVANS: Certainly. Scott, thank you so much for bringing that to us.
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