Chicago (IL) - Today, AMD announced at its Special Meeting of Stockholders at the Hilton Austin Airport, 9515 Hotel Drive in Austin, TX, that the meeting will be adjourned until February 18, 2009 at 10am at the same location. While this announcement may simply be routine, it may also serve to indicate a small portion of what's happening inside with AMD's management. And there are other indicators as well.





The delay is stated "to provide AMD with additional time to solicit proxies from its stockholders to establish the requisite quorum for the conduct of business at the Special Meeting of Stockholders."



See AMD's definitive proxy statement (PDF) and AMD's webcast of the Special Meeting of Stockholders.

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UPDATED: February 10, 2009 - 12:51pm CST
The Wall Street Journal is reporting the vote today was for shareholder approval to spin-off AMD's manufacturing division. AMD failed to get the required number of votes and has now adjourned the vote looking for time to reach out to additional shareholders to obtain the quorum for doing this kind of business.

According to a release by AMD, the company had 42% of outstanding shares voting with 97% of those indicating they wanted to spin off the company. AMD needs more than 50% to conduct this kind of business.

At the time of this update, AMD's share price had fallen 8.05% on the day to $2.17, after reaching a low price today of $2.00 which occurred about the time of AMD's adjournment. AMD's stock price had fallen to an all-time low of $1.62 in mid/late November.

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Opinion



This story is included today at TG Daily because I felt it was important to convey something casual observers of AMD's actions might not see. This adjournment may indicate much more about the current state of AMD and its management than may be perceived by those who see AMD via their press releases and that outward appearance.



As example of the possible current confusion going on at AMD, yesterday they announced three new Socket AM3 CPUs. Websites carried that story prior to AMD's official press release which occurred later in the day, and TG Daily reported on it as well. However, when AMD did issue their press release, its content ran in contrast with the earlier reports, as well as its own reports relating to CPU abilities, availability and pricing. For example, they list the 720 as a Black Edition, though their pricing page does not and early websites reporitng on 720 did not indicate it as a Black Edition either.



AMD's price list, updated yesterday, does not list two of the CPUs stated in yesterday's press release as being available at all -- let alone immediately available. As such, no specs were given on those CPUs, where were the Phenom II X4 910 and Phenom II X4 805 at 2.6 GHz and 2.5 GHz respectively.



These minor faux pas may well indicate AMD is having some internal issues in coordinating between its various divisions. In this most recent CPU release it involves at a minimum those responsible for issuing price lists, press releases and processor specs. They were not getting together as they should to present a solid outward message.

And with regards to the adjournment / postponement of AMD's stockholder meeting, this may be part of what's happening as well.