Shares of Advanced Micro Devices Inc. AMD, +6.38% soared 6.2% in active afternoon trade, enough to pace the chip sector's gainers and to put them on track to close at an 8-month high. Trading volume was 72.1 million shares, making the stock the most actively traded on major U.S. exchanges. The company disclosed Monday that Chief Executive Devinder Kumar executed stock that made him over $3 million.
In an S-4 filing with the Securities and Exchange Commission, the company said Kumar exercised options on May 30 to buy 127,735 AMD shares at $3.90 each and simultaneously executed a pre-scheduled sale of 127,735 shares at $28.30. The stock closed May 30 at $28.30, after trading in an intraday range of $27.60 to $28.56, which would imply a gain of about $3,116,734. Following the trades, Kumar owned 582,255 AMD shares, the filing said, which represents about 0.
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