Intel Stock Gains for a Second Day in a Row
Intel (INTC) stock was set for one of its best two-day stretches in recent years, as investors reacted to a series of measures the chip maker plans to take to weather its crisis.
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Intel (INTC) stock was set for one of its best two-day stretches in recent years.
The shares recently stood about 4 % higher, at $21.585, in morning trading, previously surged about 6.4% on Monday.#intel #chips #semiconductors pic.twitter.com/M50UbXUayz— The_Journalbiz (@the_journalbiz) September 17, 2024
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Intel said it would further separate its chip-manufacturing and design operations as part of a new raft of measures to weather one of the most significant crises in its five-decade history.
- The shares recently stood about 3.2% higher, at $21.585, in morning trading, as they surged about 6.4% on Monday.
Intel also is pausing factory projects in Germany and Poland for two years, and putting a manufacturing project in Malaysia on hold until demand picks back up, Chief Executive Pat Gelsinger said in an interview. The company also will slash the number of office locations, he said.
The manufacturing operations started to report separate financial results this year, but they will now become an independent subsidiary under Intel.
The biggest two-day gain in the past half-decade was 14.3%, recorded in March 2020, according to LSEG data
