Intel’s 28.58% Drop Cuts Federal Stake Value by $12 Billion
Photo: TokenPost
Intel shares plunged 28.58% Friday, shrinking the market value of the U.S. government's roughly 10% Intel holding by about $12 billion as the company's fourth-quarter outlook missed market expectations. The stock closed at $65.76, its steepest one-day decline since the 1970s. The government's investment remained profitable despite the drop. Nvidia's Intel holding lost about $6 billion in value. Intel projected fourth-quarter revenue of $15 billion to $16 billion, below the $17.1 billion market expectation. Its adjusted earnings-per-share forecast of 25 cents also trailed the 43-cent expectation.
Source: TokenPost
