This is the error messages shown in Android Studio 1.4 console
emulator: WARNING: Increasing RAM size to 1GB
emulator: device fd:560
HAXM is not
You should run HAXM installer from and during installation set amount of RAM available to HAXM to 1024 MB or more.
If there is not extras/intel directory then launch Android SDK Manager, go to Extras, select Intel x86 Emulator Accelerator (HAXM Installer) and press Install.