Why Intel Stock Surged Today
Shares of Intel (NASDAQ: INTC) rose on Tuesday after Reuters reported that hedge fund Third Point wants the chip giant to consider strategic alternatives, including a possible shift away from manufacturing. Third Point reportedly owns about $1 billion of Intel stock. As of 2:35 p.m. EST, shares of Intel were up about 4.25%.
Third Point is highly concerned about losses of key chip designers, saying that they were "demoralized" at Intel. The hedge fund also pointed to Intel falling behind other semiconductor manufacturers and losing market share to Advanced Micro Devices.
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Source Fool.com
