Intel Corporation Stock Takes A Royal Beating
If you own Intel (INTC) stock you might want to stop reading right about now. Shares were down more than $3 per share at one point today after Intel missed their fourth-quarter numbers. Shares are currently down nearly 12% for the day.
Invstors were looking for answers a day after Intel stunned the Street with a fourth-quarter miss and a bleak outlook for the current quarter. Intel shares tanked as the predictable downgrades poured in. Citigroup cut the stock to hold on concerns about the chipmaker’s near-term profitability and ability to estimate reseller inventories. UBS and Piper Jaffray did the same, citing the potential for weakening growth and gross margins. In midday trading Friday, Intel shares were down $2.98, or nearly 12%, to $22.54. That followed the stock’s 9% drop in extend trading Tuesday after the release of the financial results.
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