The shares got a bid in trading on Tuesday after news emerged that activist investor Daniel Loeb of Third Point had acquired a large stake in the chipmaker and was pushing it to explore strategic alternatives.
The shares were up as much as 5.7% in afternoon trade After it was reported by Reuters Webb’s hedge fund owns nearly $ 1 billion in the $ 200 billion company.
Lube, who recently paid
(DIS) to focus more on the broadcast platform and Permanently suspend their earnings, Intel is urging (stock ticker: INTC) to hire an investment advisor to help the chipmaker decide whether it should remain a fully-fledged hardware manufacturer and whether it should pull out some of its recent acquisitions.
(AMZN) instead of letting them send their manufacturing overseas.
(TSM). Intel shares are trading at nearly 10 times future earnings, making them look like dilapidated stocks like
General Electric (GE)And the
Instead of its peers, who trade with up to 50 times the profits.
In last month’s cover story, Barron In detail how Intel It doesn’t deserve its low rating and has better days ahead.
In Tuesday’s statement, Intel said It “welcomes input from all investors regarding enhancing shareholder value” and it looks forward to doing business with Third Point.
In a letter to Omar Ishraq, Intel chairman, Loeb wrote that Intel’s review is a national security concern.
“ Without immediate change at Intel, we fear that America’s access to leading semiconductor supplies will be eroded, forcing the United States to rely more on geopolitically unstable East Asia to power everything from computers to data centers to critical infrastructure and more. A lot, “he wrote.
Write to Carlton English at [email protected]