Why Intel Stock Sank Today
(NASDAQ: INTC) stock lost ground in Tuesday's trading. The company's share price closed out the daily session down 3.3%. Meanwhile, the S 500 index and Nasdaq Composite index ended the day up 0.5% and 0.6%, respectively.
Intel stock fell today after it was revealed that the company had only received $7.9 billion in direct funding through the CHIPS Act. Previously, the company had been on track to receive an $8.5 billion grant.
Intel stock gained ground yesterday after it was announced that its federal funding dispersals through the CHIPS Act had been finalized. But with an announcement that it published today, the semiconductor company revealed that it had only received $7.9 billion in funding through the legislation -- short of the $8.5 billion in direct funding that had previously been outlined. The chip giant had also been on track to receive up to $11 billion in additional loans through the CHIPS Act, and it remains to be seen what happens with that funding.
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%.
