Intel jumps over 4% as hedge fund urges 'alternatives'

Tuesday, 29. December 2020 19:34

Shares of Intel climbed over 4% on Tuesday following news that hedge fund Third Point has urged the company to consider "strategic alternatives" and divesting "failed acquisitions."

"Without immediate change at Intel, we fear that America’s access to leading-edge semiconductor supply will erode, forcing the US to rely more heavily on a geopolitically unstable East Asia to power everything from PCs to data centers to critical infrastructure and more," Third Point's Dan Loeb said in a letter seen by US media.

Intel was up 4.07% to $48.98 per share at 1:30 pm ET.

Related Links: Intel Corporation
Author:
Breaking the News / JC