Intel's Stock Plummets After Earnings: What To Know
Portfolio Pulse from Erica Kollmann
Intel Corporation (NASDAQ: INTC) shares are plummeting after the company reported worse-than-expected Q2 results, including a 0.9% decrease in sales and earnings of 2 cents per share. The company also suspended its quarterly dividend and announced a $10 billion cost-reduction plan, which includes a headcount reduction of over 15%. Analysts have downgraded the stock and lowered price targets. Intel's stock has lost 39.74% year-to-date and is currently oversold with an RSI of 18.35.
August 02, 2024 | 4:42 pm
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Intel's stock is falling sharply after the company reported disappointing Q2 results, suspended its quarterly dividend, and announced a $10 billion cost-reduction plan, including a significant headcount reduction. Analysts have downgraded the stock and lowered price targets.
The disappointing Q2 results, suspension of the dividend, and significant cost-reduction plan, including a headcount reduction, are negative signals for investors. The downgrades and lowered price targets from multiple analysts further contribute to the negative sentiment, leading to a likely short-term decline in Intel's stock price.
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