Shares fell about 8% after hours, a continuation of the near-term decline in Intel’s share price that started earlier this month when the company disclosed that its foundry business has been incurring greater losses, and might take longer to reach breakeven, than previously anticipated.
Why did Intel stock take a hit Wednesday?
Shares of Intel Corp. took a hit Wednesday after the semiconductor giant disclosed that a U.S. government ruling would prevent the export of some of the company's products to a customer in China. Intel said that the U.S. Department of Commerce revoked certain licenses for exports of certain items to a customer in China.
Did Intel misrepresent its business prospects?
SAN DIEGO-- (BUSINESS WIRE)---- $INTC #INTC--Robbins LLP is Investigating the Allegations that Intel Corporation (INTC) Misrepresented its Business Prospects. The U.S. Commerce Department revoked Intel and Qualcomm export licenses to Chinese firm Huawei after the blacklisted telecommunications firm unveiled a new AI-powered laptop.
