Why Intel Stock Jumped Today
(NASDAQ: INTC) stock gained ground Monday following reports that Apollo Global Management is interested in making a big investment in the company. The semiconductor specialist's share price closed out the daily session up 3.3%. Shares had been up as much as 4.5% earlier in the day.
On Sunday, Bloomberg published a report stating that Apollo was interested in investing as much as $5 billion in Intel. The news followed reports published last Friday that Qualcomm was interested in acquiring parts of Intel's business or pursuing a full-on merger.
Intel's business has been struggling as it aims to fend off competition, gain ground in artificial intelligence (AI), and build up its third-party chip fabrication business. Along with worse-than-expected earnings and forward guidance, the second-quarter report published by the company in August arrived with news that the company is pursuing major restructuring initiatives and plans to lay off 15% of its global workforce. At the same time, the company is also facing the need to make big investments if it hopes to be a real player in AI and improve and ramp up its fabrication capabilities.
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%.
