Intel Corporation (NASDAQ: INTC)
Intel Corporation is having an overwhelmingly rough day in the market today. The stock was already trading slightly in the red at the opening bell. Shortly after the trading session started, the stock took a bit of a dive further into the red. And then things went from bad to worse minutes ago as the stock started spiking further downward. Below, we'll talk about what we're seeing from INTC, why, and what we'll be watching for ahead.
What We're Seeing From INTC
As mentioned above, Intel Corporation isn't having the best of days in the market today. When the trading session started for the day, the stock was already trading in the red before falling further and further into losses. From there, the stock traded relatively flat, holding onto its losses. And then yet another downward spike began minutes ago. At the moment (1:51), INTC is trading at $35.08 per share after a loss of $0.83 per share (2.31%) thus far today.
Why The Stock Is Falling
As is almost always the case, our partners at Trade Ideas were the first to inform us of the declines on INTC. As soon as we were notified of the spike downward, the CNA Finance team started working to see why the stock was making a run for the bottom. It didn't take long to dig up the story. It seems as though a downgrade is the reason for the losses.
Minutes ago, analysts at Jefferies weighed in on the stock. Unfortunately, they didn't have a positive view to share. The analysts made the decision to downgrade Intel Corporation, dropping their rating on the stock from a buy to a hold. While we are still digging into the story, we are expecting that this may have something to do with the early morning announcement of Intel's acquisition of Mobileye.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on INTC. In particular, we'll be digging deeper into the analyst downgrade as well as following the company's acquisition of MBLY. We'll continue to follow the story and bring it to you as it evolves.
Update 2:06: We have been able to confirm that the downgrade has to do with concerns that Jefferies has with regard to the Mobileye acquisition. We will continue to follow the story closely and bring you the news as it breaks!
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