CNBC : Intel stock closed down 28.58% on Friday, its worst day since the 1970s and wiping ~$12B off US government's stake, after issuing weaker-than-expected guidance — Intel shares plummeted 29% on Friday, their worst day since the 1970s, after the chipmaker issued weaker-than-expected guidance due …
Intel stock closed down 28.58% on Friday, its worst day since the 1970s and wiping ~$12B off US government's stake, after issuing weaker-than-expected guidance (CNBC)
In short
The chipmaker faced its most devastating market decline in roughly five decades after releasing downbeat guidance. Friday's trading session concluded with shares down by 28.58%, representing an overall drop of nearly 29%. Consequently, the massive equity sell-off inflicted an estimated $12 billion loss on the U.S. government's stake.
Key points
- Disappointing corporate guidance sparked an immediate and historic drop in the chipmaker'…: Disappointing corporate guidance sparked an immediate and historic drop in the chipmaker's equity valuation.
- Federal investments in the semiconductor firm suffered substantial losses totaling around…: Federal investments in the semiconductor firm suffered substantial losses totaling around $12 billion during the session.
- Intel shares tumbled by nearly 29% overall as market confidence suffered a multi-decade l…: Intel shares tumbled by nearly 29% overall as market confidence suffered a multi-decade low.