Re: AMD
I haven't read all the responses so this may have been discussed.
People are starting to believe AMD will have to come to market with a financing. AMD has done several convertible offerings the past few years, and they'll probably choose that structure again since it is less dilutive than selling straight equity and has lame covenants/restrictions relative to a debt offering.
If they do a convertible offering, the convert arb guys who buy the paper will pound the stock getting their hedge off.
So, the big put buyers may be front running the convert arb guys.
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