Why Intel Stock Is Sinking Today
(NASDAQ: INTC) stock is seeing a big sell-off in Wednesday's trading due to chip foundry news. The semiconductor company's share price was down 7.1% as of 3 p.m. ET.
Intel is losing ground following recent comments from a member of Taiwan Semiconductor Manufacturing's board of directors. The official denied reports that TSMC is considering taking over Intel's chip foundry business.
Intel has the distinction of being one of the world's only major chip designers to also manufacture most of its own chips. The company is also making a push to grow its chip manufacturing unit as a foundry services provider for third parties. The problem is that Intel's foundry unit has been racking up huge losses and looking shaky when it comes to hitting tech milestones and winning major fab contracts.
Source Fool.com
Intel Corp. Stock
Our community is currently high on Intel Corp. with 47 Buy predictions and 24 Sell predictions.
On the other hand, the target price of 74 € is below the current price of 78.19 € for Intel Corp., so the potential is actually -5.36%.
