BUZZ-Adeia hits record high after reaching licensing deal with AMD

Reuters03-10
BUZZ-<a href="https://laohu8.com/S/ADEA">Adeia</a> hits record high after reaching licensing deal with <a href="https://laohu8.com/S/AMD">AMD</a>

** Shares of Adeia ADEA.O jumping to a record high, last up 9% at $21.60, after the IT services firm announced a licensing agreement with chipmaker AMD AMD.O

** ADEA is also on track for a record high close as well as a biggest daily pct gain since December; AMD is up 2.2% to $196.8 and is set to snap to straight session of losses

** Co said it entered a multi-year agreement with AMD for access to ADEAs comprehensive semiconductor intellectual property portfolio. The agreement also resolves all outstanding litigation between both companies, the statement said

** "Resolving our disputes allows both companies to move forward and creates an opportunity for exploring future collaborations on advanced semiconductor technologies," said ADEA CEO Paul Davis

** 4 analysts cover ADEA, rating it "buy" and giving it a median PT of $28.50

** Adea is up 25.8% YTD vs NASDAQ Composite Index's .IXIC down 3.7% decrease

(Reporting by Chibuike Oguh in New York)

((Email: Chibuike.Oguh@thomsonreuters.com; Phone: +332-219-1834; Reuters Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))

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