Intel Corp shares gain 8% on Nasdaq over potential takeover speculations; stock down 60% in 2024 | Stock Market News
Source: Live Mint
Intel Corp. shares were trading over 8 per cent on Friday, January 17, as media reports emerged that the chipmaking giant is a potential acquisition target.
Intel Corp. shares were trading 8.21 per cent higher at $21.29 as of 11:38 a.m. (EST), compared to $19.67 at the previous US market close. The company’s shares jumped 7.6 per cent in the early trading session, reported the news agency Bloomberg on Friday.
Tech news site SemiAccurate, which publishes a newsletter founded by Charlie Demerjian, said that it was “read an email about a company trying to acquire Intel, whole,” reported the news agency.
The news portal also said that the “mystery company”, which is allegedly looking to acquire Intel “, has the resources to pull it off,” according to the agency report.
Intel did not immediately respond to the agency’s queries on the development.
Intel’s Woes
One of the most prominent chipmakers, Intel, has been facing some headwinds in recent years to keep up in a highly competitive and evolving industry. The company shares have plunged 60 per cent in the last year, with Intel’s current valuation at $85 billion, as per the agency report.
Intel’s Chief Executive Officer, Pat Gelsinger, was forced to leave the company after the board of directors lost confidence in the executive’s plans of turning around the firm, according to multiple media reports.
Wall Street today
Key benchmark indices on Wall Street gained on Friday; the S&P 500 and the Dow Jones Industrial Average are set to mark their biggest weekly gains since November 2024, as investors expect a range of policy changes under the Trump administration, according to a Reuters report.
At 9:49 a.m. (EST), the Dow Jones Industrial Average gained 0.82 per cent to 43,508.16 points, compared to 43,153.13 points at the previous market close.
The S&P 500 rose 0.89 per cent to 5,990.17 points, compared to 5,937.34 points at the previous market close. The Nasdaq Composite index gained 1.30 per cent to open at 19,588.75 points at the US market open today, compared to 19,338.29 points at the previous market close.
