There are some people who might be wondering yet again just how market-savvy Chartered Semiconductor's senior management is. Having experienced the most savage rights issue in recent Asian history, it has now announced a key agreement with IBM that has seen its stock price jump 22% in a day to S$1.20.
Indeed, one may ask surely these events are in the wrong order If Chartered had concluded and announced its IBM agreement before it announced its massive rights issue, the reaction and huge subsequent destruction of value may have been somewhat more muted.
The market has clearly grabbed the IBM news in the hope it has given Chartered a strategic boost that may allow...
