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Why Intel Stock Is Soaring Today

TheMotleyFool

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Shares of Intel (NASDAQ: INTC) are spiking Tuesday, up 7.4% as of 11:38 a.m. ET. The jump comes as the S 500 (SNPINDEX: ^GSPC) lost 0.3% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 1.1%.

The struggling chipmaker's stock is flying higher after it was revealed that the Japanese conglomerate SoftBank is taking a major stake in Intel.

The companies announced this morning that SoftBank would take a $2 billion equity stake in Intel at a price of $23 per share. This makes SoftBank the fifth-largest shareholder, owning about 2% of the chipmaker.

Source Fool.com