Why Intel Stock Plummeted Again Today
(NASDAQ: INTC) stock got hit hard again in Monday's trading. The semiconductor company's share ended the daily session down 6.4%, according to data from S&P Global Market Intelligence. Meanwhile, the S 500, Nasdaq Composite, and Dow indexes closed out the session down 3%, 3.4%, and 2.6%, respectively.
After a brutal sell-off last Friday, Intel stock lost ground again today amid a pullback for the broader market stemming from a reaction to carry trading using the Japanese yen. The chip specialist's share price was likely also negatively impacted by bearish research notes from analysts following last week's very disappointing second-quarter report.
Intel stock hit a fresh 10-year low on Monday, but it was far from the only company to see a significant valuation contraction. The broader market sank following selling action and concerns about risks associated with "carry trade" strategies using the Japanese yen. Due to low interest rates in the country, some investors have been borrowing the country's currency and then pouring it into the "Magnificent Seven" and other growth-oriented stocks.
Source Fool.com
Intel Corp. Stock
Our community is currently high on Intel Corp. with 46 Buy predictions and 25 Sell predictions.
On the other hand, the target price of 70 € is below the current price of 87.66 € for Intel Corp., so the potential is actually -20.15%.
