What's Going On With Intel Stock?
Portfolio Pulse from Henry Khederian
Intel Corp (NASDAQ: INTC) shares are down 4.1% to $19.65 following disappointing Q2 earnings and a major restructuring plan. The company reported earnings of 2 cents per share, missing the 10-cent estimate and marking an 84.62% decline from the previous year. Intel announced a $10 billion cost-reduction plan, including a 15% workforce reduction and suspension of its dividend by Q4 2024. Analysts have mixed reactions, with BofA Securities downgrading Intel to Underperform and lowering its price target to $23.
August 09, 2024 | 3:35 pm
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Intel shares are down 4.1% following disappointing Q2 earnings and a major restructuring plan. The company reported earnings of 2 cents per share, missing the 10-cent estimate and marking an 84.62% decline from the previous year. Intel announced a $10 billion cost-reduction plan, including a 15% workforce reduction and suspension of its dividend by Q4 2024. Analysts have mixed reactions, with BofA Securities downgrading Intel to Underperform and lowering its price target to $23.
The disappointing earnings report and significant restructuring plan, including workforce reduction and dividend suspension, are likely to negatively impact Intel's stock price in the short term. The downgrade by BofA Securities and lowered price targets from other analysts further contribute to the negative sentiment.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100